Danske Commodities A/S

Kalkværksvej 16, 8000 Aarhus, DK

CVR-no. 28 11 39 51

Annual Report for 2025

The Annual Report is adopted and

approved at the Annual General Meeting

on 24 April 2026.

Chair

Rasmus Steffensen

Annual Report

2025

TABLE OF CONTENTS

Management’s review

Executive review ................................................................................................................................................................................................... 2

Financial highlights and ratios ........................................................................................................................................................................ 3

Statutory reporting on corporate governance .............................................................................................................................................. 6

Risk management ............................................................................................................................................................................................... 11

Management’s statement on the annual report ......................................................................................................................................... 13

Independent auditor’s report .......................................................................................................................................................................... 14

Financial statements

Statement of comprehensive income ............................................................................................................................................................ 16

Balance sheet ...................................................................................................................................................................................................... 17

Statement of changes in equity ...................................................................................................................................................................... 19

Statement of cash flows .................................................................................................................................................................................. 21

Notes to financial statements

Basis of reporting ............................................................................................................................................................................................... 22

Earnings ................................................................................................................................................................................................................ 23

Other financial notes ........................................................................................................................................................................................ 34

Working capital .................................................................................................................................................................................................. 37

Capital employed .............................................................................................................................................................................................. 44

Tax .......................................................................................................................................................................................................................... 51

Other notes........................................................................................................................................................................................................... 52

Annual Report 2025 EXECUTIVE REVIEW 2

EXECUTIVE REVIEW

VARIED PERFORMANCE ACROSS BUSINESS SEGMENTS IN LOW-VOLATILITY MARKETS

In 2025, Danske Commodities delivered a financial re-

sult of EUR 84 million in adjusted profit before tax (re-

ported EUR 40 million according to IFRS Accounting

Standards). The year was characterised by low-volatil-

ity markets, which was partly offset by strong perfor-

mance in power trading and asset management, includ-

ing the largest portfolio in company history at 16 GW.

With adjusted profit before tax of EUR 84 million (re-

ported EUR 40 million in accordance with IFRS Account-

ing Standards), Danske Commodities did not meet its

guidance for the year of EUR 100-200 million. Given the

low-volatility market environment, the earnings are con-

sidered a solid financial result.

Energy markets entered 2025 with elevated uncertainty

driven by global conflicts, trade policy shifts and mac-

roeconomic instability. However, the uncertainty never

materialised into higher volatility, and both gas and

power prices stayed relatively calm throughout the

year. Weather forecast scenarios of heatwaves never re-

alised, reenforcing low volatility and stable spreads. In

general, the markets saw low wind and high solar, but

not enough to significantly increase volatility.

Under these conditions, Danske Commodities saw varied

performance across its business segments. The Brazil

trading business struggled due to unfavourable market

developments in renewables. In addition, gas markets

continued to be structurally challenged during 2025.

While some business segments were challenged, the

Group saw strong performance in the power trading and

asset management segments. Growing renewable pene-

tration set the stage for increased short-term power vol-

atility, which produced positive earnings. Throughout

the year, Danske Commodities was successful in driving

commercial progress on the backdrop of the changing

dynamics in the power market.

COMMERCIAL ADVANCEMENTS IN POWER TRADING AND

ASSET MANAGEMENT

Danske Commodities’ power trading and asset manage-

ment business continued to grow in 2025. On the trading

side, the Group was consistently among the biggest

market participants on traded volume in European

power markets. This was enabled by significant en-

hancements of its algorithmic trading setup, which in-

cluded the establishment of a new eTrading team. Ena-

bled by the strong trading capabilities, Danske Com-

modities saw significant commercial progress in its as-

set management business. During the year, the portfolio

of contracted renewables and flexible power assets

was increased to 16 GW, making it the largest ever in

company history. The growth was enabled by entering

new partnerships and expanding the Group’s collabora-

tion on existing projects, like the Danish Kvosted pro-

ject, where the role as the balancing responsible party

for the solar park was expanded with the optimisation

of a new co-located 200 MWh battery. This makes

Kvosted the largest combined solar and battery park in

the Nordics.

A YEAR OF NEW BEGINNINGS

2025 was a year of new beginings. Danske Commodities

developed a strategic response to the changing markets

with a more focused commercial strategy, aimed at ac-

celerating the business segments where the market po-

tential and its strengths align. During the year, the

Group also moved into a new headquarters in Aarhus,

designed to facilitate innovation and collaboration.

2025 was also the year when former CFO Jakob Søren-

sen stepped into a new role as CEO of Danske Commodi-

ties – a company he joined 20 years ago as employee

no. 5. Today, Danske Commodities employs more than

600 skilled people, gathered from across the world with

a relentless drive to optimise energy markets and create

value for its partners.

OUTLOOK: CHALLENGING MARKET CONDITIONS AHEAD

In 2026, Danske Commodities expects energy markets to

remain characterised by structurally tighter conditions

and intensified competition. However, volatility is ex-

pected to increase compared to 2025 due to the conflict

in the Middle East. Based on this outlook, the antici-

pated profit before tax for 2026 is within the EUR 50-100

million range.

Looking ahead, companies like Danske Commodities,

who can optimise energy markets and help balance sup-

ply and demand at scale, will only become more rele-

vant as the world’s need for energy continues to

grow. With a market-leading trading setup and Equinor

in its corner, Danske Commodities has a strong founda-

tion to create value as one of the industry’s leading en-

ergy trading and optimisation companies.

Annual Report 2025 FINANCIAL HIGHLIGHTS 3

FINANCIAL HIGHLIGHTS AND RATIOS

GROUP FIGURES

EUR '000 2025 2024 2023 2022 2021

Income statement

Trading income and revenue from contracts with

customers

2,424,665 2,425,514 3,070,581 6,555,371 2,451,083

Gross profit 115,960 276,239 410,103 2,178,526 475,666

Profit before financial income

-6,316 162,670 322,767 2,068,955 394,127

Net financials 46,166 39,360 130,432 -77,775 -6,922

Profit before tax (EBT) 39,850 202,030 453,199 1,991,180 387,205

Profit for the year 26,862 149,303 357,120 1,555,794 302,909

Balance sheet

Balance sheet total 3,107,691 3,324,973 4,360,737 14,843,202 7,488,231

Equity 2,060,670 2,185,576 2,795,018 5,688,472 634,498

Cash flow statement

Cash flow from operating activities * 393,094 833,212 3,568,964 -2,222,907 -198,975

Cash flow from investing activities -54,644 3,138 -61,189 -6,203 -3,332

- hereof investments in intangible assets -5,279 -3,658 -4,598 -3,078 -2,513

- hereof investments in property, plant and

equipment

-53,589 -1,379 -2,590 -3,125 -819

Free cash flow 338,450 836,350 3,507,775 -2,229,110 -202,307

Cash flow from financing activities -424,804 -759,142 -4,758,087 -2,294,669 1,404,048

Change in cash and cash equivalents for the year * -87,433 75,864 -1,253,850 39,836 1,204,523

Cash and cash equivalents * 153,107 240,540 170,651 1,424,501 1,384,665

Ratios in %

Cost to income 105.4% 41.1% 21.3% 5.0% 17.1%

Return on capital employed -1.4% 16.1% 9.1% 60.6% 58.7%

Equity ratio 66.3% 65.7% 64.1% 38.3% 8.5%

Average number of employees 602 551 446 374 338

Number of employees, end of year 609 583 487 412 370

The ratios have been prepared in accordance with the definitions set out in note 8.5 in the financial statements.

ADJUSTED PERFORMANCE MEASURES

EUR '000 2025 2024 2023 2022 2021

Gross turnover 20,007,372 19,509,510 40,459,738 67,014,434 32,311,321

Adjusted gross profit 152,763 242,538 307,636 2,405,560 325,472

Adjusted EBT 83,829 176,047 359,077 2,226,558 248,849

Adjusted equity 2,064,686 2,155,289 2,784,998 5,751,868 514,299

Ratios in %

Adjusted cost to income 75.3% 43.6% 25.7% 4.2% 21.4%

Adjusted return on capital employed 8.9% 13.8% 6.4% 68.0% 42.3%

Further explanation of adjusted performance measures is outlined on page 4-5.

* Comparative figures for 2024 have been amended, due to a change in accounting principles regarding the treatment

of restricted cash. See description of the change in section 'Changes to accounting policies in 2025' in note 1.1.

Comparative figures for 2021-2023 have not been amended.

Annual Report 2025 FINANCIAL HIGHLIGHTS 4

ADJUSTED PERFORMANCE MEASURES

Gross turnover, adjusted gross profit and adjusted EBT

are used as alternatives to the financial figures re-

ported in accordance with IFRS Accounting Standards

(as defined in note 8.5). These adjusted performance

measures are used as the primary performance measure

internally in Danske Commodities based on the assess-

ment that adjusted performance measures better reflect

the business performance.

GROSS TURNOVER

Revenue from trading activities is presented net under

IFRS Accounting Standards. To provide readers of the fi-

nancial statements with an insight into Danske Com-

modities’ gross trading and revenue activities, a gross

turnover presentation is included as a part of the ad-

justed performance measures. Gross turnover reflects

sales contracts for physical delivery of non-financial

items consisting of power, gas and certificates, whether

or not it is considered to be a part of trading activities.

The gross turnover amounts to EUR 20,007 million in

2025 compared to the reported trading income and reve-

nue from contracts with customers of EUR 2,446 million

according to IFRS Accounting Standards.

The calculation of the adjusted gross profit and ad-

justed EBT is based on the corresponding reported fig-

ures according to IFRS Accounting Standards. These are

adjusted for the three components, market value of gas

storages, market value of gas flow capacities and re-

classification of amortisations.

MARKET VALUE OF GAS STORAGES

IFRS Accounting Standards require that trading invento-

ries measured at fair value use period-end spot prices.

In the way the Group manages and monitors its stor-

ages, the value will not be realised at the spot price but

at the most favourable forward market price. In the in-

ternal performance measurement reporting Danske

Commodities therefore measures gas storages at an ap-

proximated market value. The market value of the gas

storages is valuated using a storage planning model

with multiple inputs, which are mainly related to stor-

age capacity and physical restrictions from the underly-

ing gas storage contract, forward prices and gas vol-

ume in storage. Any value at initial measurement is de-

ferred over the lifetime of the contracts. The difference

between the gas storage market value and the reported

gas inventory value is reflected in the adjustment to re-

ported gross profit and reported EBT according to IFRS

Accounting Standards.

MARKET VALUE OF GAS FLOW CAPACITIES

Gas flow capacities are considered a part of the trading

portfolio in Danske Commodities on the same terms as

gas forward trades. As Danske Commodities does not

have a practice of net settlement of the gas flow ca-

pacities, IFRS Accounting Standards do not allow gas

flow capacities to be included in the fair value meas-

urement.

However, for performance measures in Danske Commod-

ities, gas flow capacities are valuated based on the

positive price spread between the market areas which

they connect less the price Danske Commodities will

pay for them. Any value at initial measurement is de-

ferred over the lifetime of the contracts. This value is re-

flected in the adjustment to reported gross profit and

reported EBT according to IFRS Accounting Standards.

RECLASSIFICATION OF AMORTISATIONS

In 2019 and 2020, Danske Commodities entered into se-

veral PPAs and gas storage contracts which were al-

ready in operation and favourable, given current market

terms. These contracts were recognised as intangible

assets and amortised over the duration of each con-

tract. As the amortisations are considered an important

part of the performance of these contracts, the amorti-

sations are reclassified from the financial statement

line item ‘depreciation and amortisation’ to ‘gross

profit’.

As shown in the tables, reported gross profit amounted

to EUR 116 million in 2025 according to IFRS Accounting

Standards and is adjusted upwards by EUR 44 million in

relation to gas storages and gas flow capacities and

downward by EUR 7 million in relation to reclassifica-

tion of amortisations, bringing the adjusted gross profit

to EUR 153 million.

REPORTED FIGURES VS. ADJUSTED PERFORMANCE MEASURES

2025

EURm

reported

Reclas-

sification

Gas

storage

Gas flow

capacities

Adjusted

Gross profit 116.0 -7.2 28.7 15.3 152.8

Other operating

income

4.7 4.7

External expenses -30.0 -30.0

Staff costs -83.0 -83.0

Amortisations -13.9 7.2 -6.7

EBIT -6.3 0.0 28.7 15.3 37.7

Net financials 46.2 46.2

EBT 39.9 0.0 28.7 15.3 83.8

2024

EURm

reported

Reclas-

sification

Gas

storage

Gas flow

capacities

Adjusted

Gross profit 276.2 -7.7 -42.0 16.0 242.5

Other operating

income

7.8 7.8

External expenses -26.9 -26.9

Staff costs -81.3 -81.3

Amortisations -13.1 7.7 -5.4

EBIT 162.7 0.0 -42.0 16.0 136.7

Net financials 39.4 39.4

EBT 202.1 0.0 -42.0 16.0 176.1

Annual Report 2025 FINANCIAL HIGHLIGHTS 5

ADJUSTED PERFORMANCE MEASURES – CONTINUED

Reported EBT is EUR 40 million according to IFRS Ac-

counting Standards and adjusted by the EUR 44 million

gas storages and gas flow capacities upward adjust-

ment, the adjusted EBT is EUR 84 million.

Adjusted equity is reported equity according to IFRS Ac-

counting Standards adjusted for the accumulated after-

tax income statement effect of the gas flow capacity

and gas storage adjustment specified in the table

above. With reported equity of EUR 2,061 million in 2025

according to IFRS Accounting Standards, an accumu-

lated gas flow capacity and gas storage upward adjust-

ment of EUR 5 million less 22% tax, the adjustment

amounts to EUR 4 million and an adjusted equity of EUR

2,065 million.

Annual Report 2025 STATUTORY REPORTING ON CORPORATE GOVERNANCE 6

STATUTORY REPORTING ON CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

Danske Commodities’ commitment to ethical standards

and corporate social responsibility is a focus area in the

Group’s activities.

Danske Commodities conducts its business consistently

with the Corporate Social Responsibility Directive and

supports the Paris Agreement and a net-zero future. Fo-

cusing particularly on advancing the Sustainable Devel-

opment Goal (SDG) 7, Danske Commodities’ business

model is guided by the energy transition, and the Group

wishes to play an active role in the expansion of a re-

newables-driven energy system. Danske Commodities

believes that real value lies in the work carried out by

its people, anchored by four main sustainability themes:

ethics, equality, people and planet.

THE GROUP’S MAIN ACTIVITY

Danske Commodities is a tech-driven energy trading

company that trades power and gas on a global scale.

The Group’s trading activities cover time-delimited mar-

kets from forward to day-ahead and intraday. Using

comprehensive data sets, analytical capabilities, auto-

mation and deep market knowledge, Danske Commodi-

ties brings renewables to the market, provides flexibil-

ity, helps create balance and ensures that energy flows

smoothly to meet changing demands. Every day, the

Group uses its market expertise, broad market footprint

and 24-hour trading setup to connect energy producers

and large-scale consumers to wholesale markets

through tailor-made services.

ETHICS

POLICY

At Danske Commodities, ethics and compliance are not

just priorities – they are foundational to how we oper-

ate. We are committed to conducting business with in-

tegrity, transparency, and responsibility, recognising

that this is not only the right way to work, but the only

way to work. This commitment is embedded in our Com-

pliance Programme and Code of Conduct, which to-

gether form the backbone of our ethical framework.

HOW THE POLICIES ARE PUT INTO ACTION

Compliance in practice

At Danske Commodities, our compliance programmes

translates policy into practice through clear expecta-

tions, structured processes, and ongoing support. It en-

sures that all employees understand their responsibili-

ties and act in accordance with applicable laws, inter-

nal standards, and ethical principles. This includes em-

bedding compliance into daily operations, providing ac-

cessible guidance and enabling proactive risk manage-

ment. Regular reviews, cross-functional collaboration

and transparent communication help ensure that com-

pliance is not just a requirement – but a shared respon-

sibility across the organisation.

Training and awareness

Danske Commodities values and invests in targeted

compliance training to build awareness and foster ac-

countability. Programmes are tailored to business needs

and include annual refreshers and onboarding sessions,

helping employees navigate complex regulatory re-

quirements with confidence.

Anti-Bribery & Corruption (‘ABC’)

Danske Commodities maintains a zero-tolerance ap-

proach to bribery and corruption. Our Anti-Bribery and

Corruption (ABC) programme sets out clear policies,

procedures and standards designed to prevent unethical

behaviour across our operations. The programme en-

hances organisational awareness through targeted

training and communication and ensures that controls

are implemented, monitored and continuously improved.

It is structured around four key pillars – prevention, de-

tection, response and oversight – which collectively

support an effective compliance framework and help

ensure alignment with regulatory expectations and

best-practice standards.

Speak up culture

Danske Commodities encourages a culture of openness

and integrity. Through our whistleblower scheme, em-

ployees and third parties can raise concerns confiden-

tially and without fear of retaliation. The initiative –

known as “Speak up, reach out” – is supported by inter-

nal reporting channels and an Ethics Helpline, which

also allows for anonymous disclosures. This ensures

that anyone connected to our business can report uneth-

ical behaviour safely and responsibly.

RISKS

Non-compliance with applicable laws and regulations

can expose Danske Commodities to significant conse-

quences, including legal liability, financial losses, regu-

latory sanctions, reputational harm and adverse effects

on individual employees or teams.

RESULTS IN 2025

 Reviewed, enhanced and implemented compli-

ance programmes relating to Anti-Bribery &

Corruption & Human Rights (‘ABC’), and Anti-

Money Laundering & Sanctions (‘AML’). This in-

cluded updating policies and documentation,

strengthening organisational awareness and

refreshing all related training materials to en-

sure clarity, alignment and effectiveness.

 Successfully implemented a new Learning Man-

agement System (LMS) to support continuous

learning and compliance development. The LMS

rollout expanded training offerings, enabled

targeted and role-specific learning journeys

and improved tracking of employee training

progress and development needs.

 Established guidance and governance for the

responsible and compliant use of AI, ensuring

alignment with the EU AI Act. Focus placed on

enabling the organisation to leverage AI’s ca-

pabilities ethically and securely, while manag-

ing associated risks and maintaining transpar-

ency and accountability.

Annual Report 2025 STATUTORY REPORTING ON CORPORATE GOVERNANCE 7

CORPORATE SOCIAL RESPONSIBILITY – CONTINUED

PRIORITIES FOR 2026

 Reshape the compliance training framework

leveraging the capabilities of the new Learning

Management System by introducing varied and

engaging learning formats (e-learning, work-

shops, microlearning, scenario-based ses-

sions), enhancing knowledge retention, real-

world application and overall training effec-

tiveness.

 As Danske Commodities enters Advance Mode,

the new 2026-2029 corporate strategy, and pur-

sues its ambition to create an even better foun-

dation in the US, expand trading activities, and

grow in existing markets, we will review and

enhance our compliance setup and awareness

across the organisation. This will ensure our

teams are equipped to navigate regulatory

complexities and uphold our standards as we

scale globally.

 Focus on enhancing our competition law com-

pliance setup. This includes reviewing and

strengthening existing controls, ensuring ro-

bustness across jurisdictions and increasing or-

ganisational understanding to safeguard our

business as it grows.

EQUALITY

POLICY

Danske Commodities respects all human rights and is

committed to creating and maintaining an inclusive en-

vironment. The Group values people diversity and is

committed to providing an environment recognised for

its equality, inclusion and diversity.

Danske Commodities treats everyone with fairness, re-

spect and dignity, and does not tolerate discrimination

of colleagues or others affected by its work. Discrimina-

tion includes all unequal treatment, exclusion or prefer-

ence based on race, gender, age, disability, sexual ori-

entation, religion, political views, national or ethnic

origin or any other characteristic that results in compro-

mising the principle of equality.

This means that employees treat everyone with fairness,

respect and dignity, and that the Group bases work-re-

lated decisions on merit and not on other characteris-

tics that result in compromising the principle of equal-

ity.

HOW THE POLICY IS PUT INTO ACTION

Respecting human rights

Danske Commodities respects all internationally recog-

nised human rights, which include the right to freedom

of association, collective bargaining and rights not to

be subject to forced labour or child labour.

Anti-discrimination and harassment

Danske Commodities treats everyone it engages with,

through work or work-related activities, in a respectful

manner. The Group does not tolerate any verbal or phys-

ical conduct that harasses others, disrupts others’ work

performance or creates a hostile work environment.

This means that:

 Danske Commodities’ employees take steps to

create and maintain a good and inclusive

working environment.

 Danske Commodities’ employees never engage

in harassment, bullying, workplace violence or

other behaviour that colleagues or business

partners may regard as threatening or degrad-

ing.

 Offensive messages, derogatory remarks and

inappropriate jokes are never acceptable.

 Danske Commodities’ employees respect the

customs and cultures of those the Group en-

gages with.

Danske Commodities has a zero-tolerance policy for

harassment.

RISKS

Risks of breach of human rights or the principle of

equality are mitigated by leadership, strong values,

clear policies and the opportunity to report any con-

cerns to various internal channels, alternatively an ex-

ternal anonymous Ethics Helpline. Further, Danske Com-

modities has created and implemented a Whistleblower

Unit who will handle cases submitted by employees, if

any.

RESULTS IN 2025

 Creation of the designated Whistleblower Unit

to ensure a safe channel to report any unethi-

cal or legal concerns.

 No violations of human rights cases were re-

ported.

 Continuous implementation of bias blockers in

core people processes.

 A format for driving active allyship across the

organisation has been implemented.

 Leader training session in psychological

safety.

 The leadership training course for new leaders

has been redesigned to include inclusive lead-

ership and psychological safety to ensure that

leaders are equipped to treat employees fairly

and inclusively.

 All employees have been given the opportunity

to participate in a bias training course.

 Scoping of job architecture to facilitate in-

creased pay transparency and equality.

PRIORITIES FOR 2026

 Continue to develop and activate bias blockers

in core people processes to ensure fairness.

 Continue to foster an inclusive culture, working

specifically with psychological safety.

 Continue to drive active allyship across the or-

ganisation to strengthen inclusion.

 Implement job architecture to facilitate in-

creased pay transparency and equality.

 Equip leaders to work actively with psychologi-

cal safety within own team or unit.

 Identify an objective performance evaluation

model.

Annual Report 2025 STATUTORY REPORTING ON CORPORATE GOVERNANCE 8

CORPORATE SOCIAL RESPONSIBILITY – CONTINUED

PEOPLE

POLICY

The primary policy within the people area is the People

Handbook which ensures that all employees are intro-

duced to and are aware of the Group’s culture and val-

ues. Furthermore, the People Handbook provides infor-

mation about all the practicalities employees need to

be aware of as well as overall information on the IT se-

curity policy, processing of personal data and other rel-

evant policies.

HOW THE POLICY IS PUT INTO ACTION

Security and privacy

Danske Commodities protects data confidentiality and

integrity related to all internal and external stakehold-

ers. The Group continues to update and put policies in

place to define and direct the rules or guidelines for the

organisation and employees.

Cyber security

Cyber security is very important and Danske Commodi-

ties continuously assesses and addresses a wide range

of possible cyber threats, including but not limited to

ransomware and DDoS attacks, financial fraud using

phishing and account take-over to transfer money out of

the Group. Protecting and reacting to cyber security

threats continue to be a priority for the Group. Cyber se-

curity awareness training and campaigns are key con-

trols to reduce the risk of human risk and technologies

are put in place and optimised to reduce the risk sur-

face.

Hybrid work

Danske Commodities offers a flexible work environment,

where employees have the opportunity to work from

home (in the country, in which they are employed) up to

two days a week, in alignment with their leader and

their team. Focus remains on how to best facilitate hy-

brid work, as this is important in ensuring the safety and

well-being of employees.

RISKS

With the continued focus on energy markets putting

pressure on all actors in the industry, the focus will re-

main on people’s safety, integrity and motivation.

RESULTS IN 2025

 Employee satisfaction score in the annual peo-

ple survey reached an acceptable level of 78.

 A new Employee Value Proposition (EVP) was

activated under the headline ‘Sustainable high

performance. Together.’ with a clear focus on

making high performance sustainable in the

long run for instance by working actively with

life balance. Examples of EVP activation in-

clude 10 paid Fridays off work called ‘Fuel Fri-

days’, full pension contribution during parental

leave and increased people development

budget.

 Moved to new headquarter which has signifi-

cantly improved physical working conditions.

PRIORITIES FOR 2026

 Maintain a continued focus on employee satis-

faction and motivation in a steady recruitment

scenario.

 Focus on improving the People Development-

score from the Ennova Survey to ensure employ-

ees are fulfilled in their development.

PLANET

POLICY

Danske Commodities’ sustainability focus follows the

ESG-dimensions (Environmental, Social and Govern-

ance) and addresses a variety of internal and external

societal and environmental challenges and strives for

continuous improvement of the Group’s business prac-

tices.

Danske Commodities’ environmental policy is focused

on reducing the Group’s direct environmental footprint

and contributing to a more efficient and sustainable en-

ergy system. The policy is based on the ESG framework

and focuses on three areas.

 Reducing operational emissions: Danske Com-

modities works on monitoring and reducing

Scope 1 and 2 emissions from office operations,

transportation and energy consumption.

 Promoting responsible resource use: Danske

Commodities aims to reduce waste, secure re-

cycling and promote responsible consumption

practices in daily operations, including initia-

tives related to waste sorting.

 Supporting the energy transition: Enabling an

efficient and sustainable energy system

through the Group’s market activities, such as

integrating renewable energy and supporting

system balancing.

This policy describes how Danske Commodities man-

ages its environmental footprint while contributing indi-

rectly to a more efficient and resilient energy system

through its commercial activities.

HOW THE POLICY IS PUT INTO ACTION

The Greenhouse Gas Protocol

Danske Commodities applies the Greenhouse Gas Proto-

col to measure and report the Group’s Scope 1 and 2

emissions. Danske Commodities promotes environmen-

tally friendly transportation, offers remote working flex-

ibility, sorts waste and sources electricity from Danish

wind turbines.

Supporting SDGs

Danske Commodities supports the UN Sustainable De-

velopment Goals (SDGs) and focuses particularly on ad-

vancing SDG 7: ‘Ensure access to affordable, reliable,

sustainable and modern energy for all’.

Local and global engagement

Danske Commodities supports the local community, e.g.

by participating in Climate Alliance Aarhus to promote

the transition to climate-friendly workplaces, and by

supporting vulnerable citizens of Aarhus through en-

gagement with local NGOs and the local homeless shel-

ter.

Annual Report 2025 STATUTORY REPORTING ON CORPORATE GOVERNANCE 9

CORPORATE SOCIAL RESPONSIBILITY – CONTINUED

RISKS

Danske Commodities’ environmental risks primarily re-

late to compliance with evolving ESG and emissions‑re-

lated regulations, which may require additional data,

monitoring and documentation. The Group also faces

operational risks associated with energy use in office

facilities, waste handling and emissions from commut-

ing and business travel. Furthermore, weather variability

and climate‑related changes may influence market dy-

namics and thereby affect the environmental aspects of

the Group’s activities. These risks are assessed as lim-

ited and are managed as part of Danske Commodities’

operational processes.

Succeeding with the sustainability policy requires an ef-

fort from all employees and other stakeholders to drive

change both inside and outside the Group.

RESULTS IN 2025

 Execution of our employee-driven donations

programme to support the local communities

in which Danske Commodities operates. In to-

tal, 40 employees were given the opportunity to

donate EUR 1,000 to a suitable cause.

 Sustainability and responsibility initiatives in

2025 included participating in Football Shirt

Friday to support the Danish Childhood Cancer

Foundation, Pink Wednesday to support Danish

Cancer Society’s research and support for

breast cancer, Aarhus Pride, the World Clean-up

Day and the ‘Vi-cykler-til-arbejde’ campaign.

 The Group has further encouraged volunteering

by arranging for employees to be guest chefs at

a homeless shelter and offering booths at a lo-

cal flea market to promote circular economy.

 Continuation of the commitment to support lo-

cal charities in Aarhus, where Danske Commod-

ities was founded and is headquartered. This

included fulfilment of a total donation com-

mitment of EUR 0.7 million for a new homeless

shelter and EUR 0.1 million for the NGO

High5Girls, supporting female students pursu-

ing STEM education. Approximately half of

these amounts were paid out in 2024 and the

remaining in 2025.

PRIORITIES FOR 2026

 Continue and potentially expand our em-

ployee-driven donations programme to support

the local communities.

 Continue our sustainability and responsibility

initiatives, such as the ‘Vi-cykler-til-arbejde’

campaign.

Annual Report 2025 STATUTORY REPORTING ON CORPORATE GOVERNANCE 10

DATA ETHICS POLICY

Danske Commodities recognises data as a cornerstone

of its value chain and a critical element in its competi-

tive strategy. As a data-driven company, Danske Com-

modities transforms data into knowledge to craft profit-

able trading strategies. The commitment extends be-

yond the operational use of market and asset data, in-

corporating the meticulous handling of personal data.

The data used consist of personal data as well as mar-

ket data and asset data used for the operations of the

Group.

Danske Commodities is dedicated to upholding and

continuously improving data ethics. By integrating

these principles into every facet of its operations,

Danske Commodities aims to foster trust and demon-

strate its commitment to ethical data stewardship.

THE EVOLVING ROLE OF DATA

In the digital era, the strategic importance of data is

paramount. Investment in data capabilities is not just

about harvesting value; it is about wielding data and

analytics as competitive devices in an ethical way.

Danske Commodities commits to a responsible data

power approach, ensuring its actions reflect the highest

ethical standards and respect section 99 d of the Dan-

ish Financial Statements Act. This policy codifies

Danske Commodities’ data ethics principles, guiding the

Group’s endeavours in trading, innovation and business

processes.

2025 IN REVIEW: DATA ETHICS IN ACTION

The past year’s focus has been on internal guidelines

and compliance for treating data as an asset as well as

adapting to Danske Commodities’ new reality as a

global company with a greatly increased number of col-

leagues and a global presence.

DANSKE COMMODITIES’ THREE DATA ETHIC PRINCIPLES

Security and privacy by design

Danske Commodities treats official market data as a

trust, with stringent compliance to data access, sharing

and usage boundaries. Privacy by design is embedded in

the Group’s culture and processes, upheld by mandatory

conducted training that includes data ethics, personal

data handling and its implications in financial and

business reporting.

Integrity and consistent governance

Integrity at Danske Commodities means managing data

in alignment with robust internal governance principles.

This also means ensuring and enforcing the respect of

the internal control framework for significant processes

and systems supporting the Equinor Group reporting as

well as staying strictly within the bounds of all applica-

ble legal principles. Effective data governance assures

consistency and trust, preventing misuse. Integral to

this is risk management and data quality as core gov-

ernance tenets.

Responsibility and impact assessment

As custodians of data integral to Danske Commodities’

value chain, the Group leverages data in the best inter-

est of its counterparties, the markets and society. This

entails responsible deployment of advanced analytics

and machine learning, ensuring fair and unbiased algo-

rithms, and transparency in automated trading activi-

ties.

ENHANCING THE DATA ETHICS FRAMEWORK

To align with best practices, the Group is taking addi-

tional steps:

Stakeholder engagement

Stakeholder feedback is integral to Danske Commodi-

ties’ policy development, ensuring a diverse range of

perspectives from a technical, business and legal point

of view.

Extended training programmes

Danske Commodities has developed and constantly im-

prove on comprehensive data training, emphasising

real-world applications, design philosophies, data han-

dling best practices, as well as security and ethical de-

cision-making in its data ecosystem.

Global standards alignment

The Group’s policies reflect international standards,

adapting to global best practices and legal require-

ments.

Review and update mechanisms

Danske Commodities commits to an annual review of its

Data Ethics Policy, ensuring the policy evolves with

technological advancements (such as developments

within AI) and societal expectations.

Annual Report 2025 RISK MANAGEMENT 11

RISK MANAGEMENT

MARKET RISK

Market risk is the risk of the value of open positions

changing as a result of fluctuating market conditions.

Danske Commodities’ market risk arises in both com-

modity and financial markets with fluctuating energy

prices, production and consumption balancing and for-

eign exchange rates constituting key risk factors. Due to

the potential impact on the Group’s earnings, Danske

Commodities continuously monitors and stress tests

volatility and commodity price developments.

Market risk is governed by the framework outlined in the

Market Risk Policy and Market Risk Manual. The Market

Risk Policy establishes permissible products, regions

and commodities, while the Market Risk Manual speci-

fies detailed mandates within the overarching market

risk appetite. Danske Commodities’ market risk appetite

defines the overall risk limits, determined by allocated

risk capital, ensuring that the aggregation of individual

mandates remains within these boundaries. This frame-

work enables continuous monitoring of the Group’s risk

profile. Open positions are permitted only within estab-

lished mandates, and all trading positions are inde-

pendently monitored by the Risk Management team as

the second line of defence.

All mandates across the business are subject to regular

review and updates to ensure alignment with the de-

fined risk appetite and adaptability to evolving market

conditions. As part of the oversight framework, Danske

Commodities employs tiered warning levels and stop-

loss thresholds to facilitate prompt intervention in case

of mandate breaches. Robust risk management prac-

tices include structured product controls, model valida-

tions and enhanced stress testing, complemented by ad-

ditional risk measures, ensuring comprehensive over-

sight of relevant products and activities.

Foreign exchange risk, to which the daily commercial

business is exposed, is mitigated and hedged on a daily

basis. As foreign exchange risk is not a core business for

Danske Commodities, a hedging strategy anchored in

the Treasury team is pursued to mitigate the foreign ex-

change risk. Hence, currency risk is an insignificant

component of the overall risk appetite at Danske Com-

modities.

CREDIT RISK

Credit risk is the risk of financial loss resulting from a

counterparty failing to meet contractual obligations.

Danske Commodities manages credit risk through a

clearly defined framework of policies and procedures

approved by the Board of Directors and defined by the

Risk Management team.

The financial strength and creditworthiness of a poten-

tial counterparty is assessed before the Group enters

any contract and subsequently the allowed credit line is

monitored daily. If required, security is requested before

or during the contract lifespan.

Thorough Know Your Customer (KYC) and sanctions

screening processes are performed according to the

agreed policy. The KYC process is reviewed regularly,

and sanctions screening is done on a continual basis.

OPERATIONAL AND IT RISK

Danske Commodities is exposed to operational and IT

risks with possible impact on license to operate or fi-

nancial losses. Operational and IT risks can broadly be

defined as risks of inadequate or failed internal pro-

cesses, human errors, system failures or from external

events.

Danske Commodities continues to enhance its organisa-

tional and technical measures to ensure secure and re-

silient operations. Additionally, IT risk management is

matured to be an integral part of the Group’s efforts to

reduce the overall risk exposure.

Organisational measures

Strong crisis management and business continuity

frameworks are maintained, regularly updated and

tested on both a monthly and bi-annual basis across

critical functions. These efforts are actively supported

by IT to ensure operational readiness. To reinforce a cul-

ture of security, all employees are required to review

and acknowledge the standard for acceptable use of IT

in Danske Commodities, with annual cybersecurity

training mandated for all staff.

Technical measures

Internal security capabilities are continuously im-

proved to prevent IT security incidents, detect potential

threats and respond promptly to events. This is achieved

through the efforts of in-house IT security engineers,

complemented by a robust external 24/7 Security Opera-

tions Centre (SOC) that includes an incident response

retainer. Danske Commodities’ services are delivered

through multiple data centres, ensuring redundancy and

operational reliability.

Compliance and Oversight

Danske Commodities is regularly audited and evaluated

by regulatory authorities in jurisdictions where DC oper-

ates as part of the critical energy infrastructure. As part

of its regulatory obligations, the Group continuously

strengthens its internal governance and IT-security

compliance. This includes aligning with internationally

recognised standards and regulatory requirements such

as ISO 27001 and NIS2, enabling Danske Commodities

to effectively demonstrate compliance to both regula-

tors and customers.

Looking ahead, Danske Commodities will continue to in-

vest in security capabilities, ensuring operational ro-

bustness, resilience and compliance across markets in

alignment with evolving threat and regulatory land-

scapes.

Annual Report 2025 RISK MANAGEMENT 12

RISK MANAGEMENT – CONTINUED

LIQUIDITY RISK

Liquidity risk is the risk of Danske Commodities not be-

ing able to meet its liabilities towards counterparties.

Danske Commodities is considered to have low liquidity

risk, being under the ownership of Equinor and given its

solid capital structure. Cash flows from operations,

cash reserves, capital injections and credit facilities

are key aspects that for several years have ensured sta-

ble and adequate liquidity.

Danske Commodities measures its overall liquidity, con-

sisting of free liquidity, including cash collateral, other

deposits and forecasted cash flows, on a daily basis. In

addition, different liquidity outcomes are simulated

through various stress tests. The stress testing process

estimates expected daily and monthly margin calls and

is used in the calculation of a minimum liquidity level,

enabling the Group to better manage liquidity reserves

and withstand market movements at all times.

LEGAL RISK

Contractual relationships with counterparties and busi-

ness partners bear the potential for legal risks.

Danske Commodities’ Legal team is focused on proac-

tive legal work and contributes in a structured way to

identifying, prioritising and managing legal risks and

opportunities in consultation with teams across the en-

tire organisation.

The Group has established a cross functional Market De-

sign Working group. This group supports the business on

new legislation and follows the market situation in

cases of energy crisis and changes in the geopolitical

situation.

The Legal team engages in the ongoing business activi-

ties and decision-making processes at an early stage

and takes part in the approval process for new products.

By drafting and negotiating well-balanced contracts in

accordance with the legal risk tolerance defined by the

Board of Directors in line with local legislation and

practice in the markets in which Danske Commodities

operates, the Group conducts risk assessment on an on-

going basis. As such, the overall level of claims and dis-

putes can be held at a minimum. The legal counsels of

Danske Commodities work closely with professional ex-

ternal advisers when expert knowledge is required.

COMPLIANCE RISK

Compliance risk is the risk posed to Danske Commodi-

ties’ financial, organisational, operational or reputa-

tional standing that could result from a failure to act in

accordance with relevant laws, regulations and pre-

scribed standards.

High ethical standards and compliance with relevant

laws and regulations are fundamental to Danske Com-

modities. Danske Commodities’ Compliance Programme

sets out the framework for operating the Company’s ac-

tivities in an ethical and compliant manner and ensures

that compliance is embedded with all employees and

throughout the organisation, creating a strong culture

of compliance.

The Compliance Programme focuses on preventing, de-

tecting, and handling non-compliant behaviour and is

managed by the Compliance Officer.

Danske Commodities’ policies, standards, procedures

and Code of Conduct are the foundation for the Compli-

ance Programme as they lay out the requirements and

expectations of the Group’s employees and they apply

to all employees. Annual compliance risk assessments

are another important part of the Compliance Pro-

gramme.

Training and education also play a vital role in the

Compliance Programme, ensuring that Danske Commod-

ities’ employees are regularly provided with up-to-date

information and knowledge of compliance issues. Fur-

ther, relevant employees also take part in face-to-face

training sessions conducted by the Compliance team. In

2025, training on the prohibitions of market abuse, com-

petition law and business ethics has taken place.

Monitoring and trade surveillance are also important

parts of the Compliance Programme and ensure compli-

ance with relevant regulations and allow Danske Com-

modities to monitor that its activities are carried out in

a compliant manner. Oversight of the Compliance Pro-

gramme is ensured through regular reporting to Senior

Leadership, the Risk Committee and the Board of Direc-

tors.

Annual Report 2025 MANAGEMENT’S STATEMENT 13

MANAGEMENT’S STATEMENT ON THE ANNUAL REPORT

The Board of Directors and the Executive Board have to-

day considered and approved the Annual Report of

Danske Commodities A/S for the financial year 1 Janu-

ary – 31 December 2025.

The Annual Report has been prepared in accordance

with International Financial Reporting Standards as

adopted by the EU and additional requirements in the

Danish Financial Statements Act.

In our opinion, the Consolidated Financial Statements

and the Parent Company Financial Statements give a

true and fair view of the financial position at 31 Decem-

ber 2025 of the Group and the Parent Company and of

the results of the Group and the Parent Company opera-

tions as well as the cash flows for 2025.

In our opinion, the Management’s Review includes a true

and fair view of the development of the Group’s and the

Parent Company’s operations and financial circum-

stances, of the Group’s and the Parent Company’s re-

sults for the year and of the financial position.

Furthermore, the Management’s Review provides a de-

scription of the most significant risks and elements of

uncertainty facing the Group.

We recommend the Annual Report for adoption at the

Annual General Meeting.

Aarhus, 7 April 2026

Executive Board

Jakob Sørensen Rasmus Steffensen

CEO CFO

Board of Directors

Helle Østergaard Kristiansen Rune Karlsen Olav Kolbeinstveit

Chair Board member Board member

Torbjørn Folgerø Trine Borum Bojsen

Board member Board member

Annual Report 2025 INDEPENDENT AUDITOR’S REPORT 14

INDEPENDENT AUDITOR’S REPORT

To the shareholder of Danske Commodities A/S

Opinion

We have audited the consolidated financial statements

and the parent company financial statements of Danske

Commodities A/S for the financial year 1 January – 31

December 2025, which comprise income statement, bal-

ance sheet, statement of changes in equity and notes,

including material accounting policy information, for

the Group and the Parent Company, and a consolidated

statement of comprehensive income and a consolidated

cash flow statement. The consolidated financial state-

ments are prepared in accordance with IFRS Accounting

Standards as adopted by the EU and additional require-

ments of the Danish Financial Statements Act, and the

parent company financial statements are prepared in

accordance with the Danish Financial Statements Act.

In our opinion, the consolidated financial statements

give a true and fair view of the financial position of the

Group at 31 December 2025 and of the results of the

Group's operations and cash flows for the financial year

1 January – 31 December 2025 in accordance with IFRS

Accounting Standards as adopted by the EU and addi-

tional requirements of the Danish Financial Statements

Act.

Further, in our opinion, the parent company financial

statements give a true and fair view of the financial po-

sition of the Parent Company at 31 December 2025 and

of the results of the Parent Company's operations for

the financial year 1 January – 31 December 2025 in ac-

cordance with the Danish Financial Statements Act.

Basis for opinion

We conducted our audit in accordance with Interna-

tional Standards on Auditing (ISAs) and additional re-

quirements applicable in Denmark. Our responsibilities

under those standards and requirements are further de-

scribed in the "Auditor's responsibilities for the audit of

the consolidated financial statements and the parent

company financial statements" (hereinafter collectively

referred to as "the financial statements") section of our

report. We believe that the audit evidence we have ob-

tained is sufficient and appropriate to provide a basis

for our opinion.

Independence

We are independent of the Group in accordance with the

International Ethics Standards Board for Accountants'

International Code of Ethics for Professional Account-

ants (IESBA Code) and the additional ethical require-

ments applicable in Denmark, and we have fulfilled our

other ethical responsibilities in accordance with these

requirements and the IESBA Code.

Statement on the Management’s review

Management is responsible for the Management's re-

view.

Our opinion on the financial statements does not cover

the Management's review, and we do not express any as-

surance conclusion thereon.

In connection with our audit of the financial state-

ments, our responsibility is to read the Management's

review and, in doing so, consider whether the Manage-

ment's review is materially inconsistent with the finan-

cial statements, or our knowledge obtained during the

audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the

Management's review provides the information required

under the Danish Financial Statements Act.

Based on our procedures, we conclude that the Manage-

ment's review is in accordance with the financial state-

ments and has been prepared in accordance with the re-

quirements of the Danish Financial Statements Act. We

did not identify any material misstatement of the Man-

agement's review.

Management’s responsibilities for the financial state-

ments

Management is responsible for the preparation of con-

solidated financial statements that give a true and fair

view in accordance with IFRS Accounting Standards as

adopted by the EU and additional requirements of the

Danish Financial Statements Act and for the prepara-

tion of parent company financial statements that give a

true and fair view in accordance with the Danish Finan-

cial Statements Act.

Moreover, Management is responsible for such internal

control as Management determines is necessary to ena-

ble the preparation of financial statements that are

free from material misstatement, whether due to fraud

or error.

In preparing the financial statements, Management is

responsible for assessing the Group's and the Parent

Company's ability to continue as a going concern, dis-

closing, as applicable, matters related to going concern

and using the going concern basis of accounting in pre-

paring the financial statements unless Management ei-

ther intends to liquidate the Group or the Parent Com-

pany or to cease operations, or has no realistic alterna-

tive but to do so.

Auditor’s responsibilities for the audit of the financial

statements

Our objectives are to obtain reasonable assurance as to

whether the financial statements as a whole are free

from material misstatement, whether due to fraud or er-

ror, and to issue an auditor's report that includes our

opinion. Reasonable assurance is a high level of assur-

ance, but is not a guarantee that an audit conducted in

accordance with ISAs and additional requirements ap-

plicable in Denmark will always detect a material mis-

statement when it exists. Misstatements can arise from

fraud or error and are considered material if, individu-

ally or in the aggregate, they could reasonably be ex-

pected to influence the economic decisions of users

taken on the basis of the financial statements.

Annual Report 2025 INDEPENDENT AUDITOR’S REPORT 15

INDEPENDENT AUDITOR’S REPORT – CONTINUED

As part of an audit conducted in accordance with ISAs

and additional requirements applicable in Denmark, we

exercise professional judgement and maintain profes-

sional scepticism throughout the audit. We also:

 Identify and assess the risks of material mis-

statement of the financial statements, whether

due to fraud or error, design and perform audit

procedures responsive to those risks and obtain

audit evidence that is sufficient and appropri-

ate to provide a basis for our opinion. The risk

of not detecting a material misstatement re-

sulting from fraud is higher than for one result-

ing from error, as fraud may involve collusion,

forgery, intentional omissions, misrepresenta-

tions or the override of internal control.

 Obtain an understanding of internal control

relevant to the audit in order to design audit

procedures that are appropriate in the circum-

stances, but not for the purpose of expressing

an opinion on the effectiveness of the Group's

and the Parent Company's internal control.

 Evaluate the appropriateness of accounting

policies used and the reasonableness of ac-

counting estimates and related disclosures

made by Management.

 Conclude on the appropriateness of Manage-

ment's use of the going concern basis of ac-

counting in preparing the financial statements

and, based on the audit evidence obtained,

whether a material uncertainty exists related

to events or conditions that may cast signifi-

cant doubt on the Group's and the Parent Com-

pany's ability to continue as a going concern.

If we conclude that a material uncertainty ex-

ists, we are required to draw attention in our

auditor's report to the related disclosures in

the financial statements or, if such disclosures

are inadequate, to modify our opinion. Our con-

clusions are based on the audit evidence ob-

tained up to the date of our auditor's report.

However, future events or conditions may cause

the Group and the Parent Company to cease to

continue as a going concern.

 Evaluate the overall presentation, structure

and contents of the financial statements, in-

cluding the note disclosures, and whether the

financial statements represent the underlying

transactions and events in a manner that gives

a true and fair view.

 Plan and perform the group audit to obtain suf-

ficient appropriate audit evidence regarding

the financial information of the entities or

business units within the group as a basis for

forming an opinion on the group financial

statements and the parent company financial

statements. We are responsible for the direc-

tion, supervision and review of the audit work

performed for purposes of the group audit. We

remain solely responsible for our audit opinion.

We communicate with those charged with governance

regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, in-

cluding any significant deficiencies in internal control

that we identify during our audit.

Aarhus, 7 April 2026

EY Godkendt Revisionspartnerselskab

CVR no. 30 70 02 28

Steen Skorstengaard Henrik Andersen

State Authorised Public Accountant State Authorised Public Accountant

mne19709 mne32084

Annual Report 2025 STATEMENT OF COMPREHENSIVE INCOME 16

STATEMENT OF COMPREHENSIVE INCOME

1 JANUARY – 31 DECEMBER

INCOME STATEMENT

Group Parent

EUR '000 Note 2025 2024 2025 2024

Trading income and revenue from contracts with

customers

2.1 2,424,665 2,425,514 2,436,749 2,425,209

Cost of sales 2.1 -2,308,705 -2,149,275 -2,306,996 -2,148,477

Gross profit 115,960 276,239 129,753 276,732

Other operating income 2.2 4,681 7,754 5,472 9,613

Other external expenses 4.1 -30,030 -26,925 -30,018 -27,017

Staff costs 4.1 -83,031 -81,331 -77,798 -77,239

6.1, 6.2 -13,896 -13,067 -13,697 -12,875

Operating profit (EBIT) -6,316 162,670 13,712 169,214

Share of profit in subsidiaries after tax 6.4 0 0 -14,308 -4,776

Financial income 4.3 57,100 76,950 51,430 71,393

Financial expenses 4.3 -10,934 -37,590 -10,168 -35,737

Profit before tax (EBT) 39,850 202,030 40,666 200,094

Tax on profit for the year 7.1 -12,988 -52,727 -13,804 -50,791

Profit for the year 26,862 149,303 26,862 149,303

STATEMENT OF OTHER COMPREHENSIVE INCOME

Group Parent

EUR '000 2025 2024 2025 2024

Profit for the year 26,862 149,303 26,862 149,303

Items that may subsequently be reclassified to the income statement:

Exchange rate adjustment on translation of foreign operations -1,768 -8,745 -1,768 -8,745

Other comprehensive income (net of tax) -1,768 -8,745 -1,768 -8,745

Total comprehensive income (net of tax) 25,094 140,558 25,094 140,558

Amortisation, depreciation and impairment losses

of intangible assets and property, plant and equipment

Annual Report 2025 BALANCE SHEET 17

BALANCE SHEET

AT 31 DECEMBER

ASSETS

Group Parent

EUR '000 Note 2025 2024 2025 2024

Contractual rights 43,360 50,535 43,360 50,535

Software 14,552 12,806 14,473 12,738

License rights 683 0 0 0

Intangible assets 6.1 58,595 63,341 57,833 63,273

Other fixtures and fittings, tools and equipment 6,176 3,121 6,090 3,022

Right-of-use assets 46,109 1,808 45,120 731

Leasehold improvements 2,468 128 2,375 0

Property, plant and equipment 6.2 54,753 5,057 53,585 3,753

Investments in subsidiaries 6.4 0 0 70,452 75,859

Deferred tax 7.2 12,231 10,338 12,005 10,107

Deposits 1,062 1,333 1,057 1,327

Other non-current assets 13,293 11,671 83,514 87,293

Non-current assets 126,641 80,069 194,932 154,319

Inventories 5.1 209,185 396,695 209,185 396,695

Trade receivables 5.2 441,211 770,352 439,019 769,029

Other receivables 5.3 56,513 55,648 44,180 26,345

Deposits related to trading 5.5 54,316 54,757 52,034 47,796

Receivables from group enterprises 4.2 1,783,028 1,379,725 1,801,646 1,421,485

Corporation tax receivables 7.2 3,925 1,296 0 0

Prepayments 8,374 19,253 6,869 19,253

Derivative financial instruments 3.5 229,789 280,812 165,745 254,108

Current asset investments 6.5 41,602 45,826 0 0

Cash and cash equivalents 5.8 153,107 240,540 115,649 205,835

Current assets 2,981,050 3,244,904 2,834,327 3,140,546

Assets 3,107,691 3,324,973 3,029,259 3,294,865

Annual Report 2025 BALANCE SHEET 18

BALANCE SHEET

AT 31 DECEMBER

LIABILITIES AND EQUITY

Group Parent

EUR '000 Note 2025 2024 2025 2024

Share capital 175,000 175,000 175,000 175,000

Share premium 250,000 1,750,000 250,000 1,750,000

Reserve for currency translation -14,451 -12,683 0 0

Reserve for development costs 0 0 10,972 9,656

Proposed dividend 4.4 1,500,000 150,000 1,500,000 150,000

Retained earnings 150,121 123,259 124,698 100,920

Equity 2,060,670 2,185,576 2,060,670 2,185,576

Provisions 5.6 0 98 0 98

Lease liabilites 6.3 45,503 1,193 44,461 84

Non-current liabilities 45,503 1,291 44,461 182

Trade payables 5.7 487,740 476,389 485,722 474,443

Payables to group enterprises 4.2 141,307 103,939 142,934 107,967

Corporation tax payables 7.2 10,229 6,910 9,344 6,313

Provisions 5.6 717 8,686 717 8,686

Other payables 5.4 22,590 27,387 18,472 23,441

Deposits related to trading 5.5 118,220 157,750 118,220 157,750

Prepayments 93 3,802 69 3,801

Derivative financial instruments 3.5 219,378 352,445 147,510 325,999

Lease liabilities 6.3 1,244 798 1,140 707

Current liabilities 1,001,518 1,138,106 924,128 1,109,107

Liabilities 1,047,021 1,139,397 968,589 1,109,289

Liabilities and equity 3,107,691 3,324,973 3,029,259 3,294,865

Annual Report 2025 STATEMENT OF CHANGES IN EQUITY 19

STATEMENT OF CHANGES IN EQUITY

2025

Group

EUR '000 Share capital Share premium

Reserve for currency

translation

Proposed

dividend

Retained

earnings

Total

Equity at 1 January

175,000

1,750,000

-12,683

150,000

123,259

2,185,576

Net profit for the year

26,862

Other comprehensive income for the year

-1,768

Total comprehensive income for the year

-1,768

26,862

25,094

Proposed capital distribution

-1,500,000

1,500,000

Dividend paid

-150,000

Equity at 31 December

175,000

250,000

-14,451

1,500,000

150,121

2,060,670

2024

Group

EUR '000 Share capital Share premium

Reserve for currency

translation

Proposed

dividend

Retained

earnings

Total

Equity at 1 January

175,000

1,750,000

-3,938

750,000

123,956

2,795,018

Net profit for the year

149,303

Other comprehensive income for the year

-8,745

Total comprehensive income for the year

-8,745

149,303

140,558

Proposed capital distribution

150,000

-150,000

Dividend paid

-750,000

Equity at 31 December

175,000

1,750,000

-12,683

150,000

123,259

2,185,576

Annual Report 2025 STATEMENT OF CHANGES IN EQUITY 20

STATEMENT OF CHANGES IN EQUITY – CONTINUED

2025

Parent

EUR '000 Share capital Share premium

Reserve for net

revaluation under

the equity method

Reserve for

development

costs

Proposed

dividend

Retained

earnings

Total

Equity at 1 January

175,000

1,750,000

9,656

150,000

100,920

2,185,576

Net profit for the year

-14,308

41,170

26,862

Development costs for the year

1,316

-1,316

Other adjustments

16,076

-16,076

Other comprehensive income for the year

-1,768

Total comprehensive income for the year

1,316

23,778

25,094

Proposed capital distribution

-1,500,000

1,500,000

Dividend paid

-150,000

Equity at 31 December

175,000

250,000

10,972

1,500,000

124,698

2,060,670

2024

Parent

EUR '000 Share capital Share premium

Reserve for net

revaluation under

the equity method

Reserve for

development

costs

Proposed

dividend

Retained

earnings

Total

Equity at 1 January

175,000

1,750,000

58,738

8,956

750,000

52,324

2,795,018

Net profit for the year

-4,776

154,079

149,303

Development costs for the year

700

-700

Other adjustments

-45,217

45,217

Other comprehensive income for the year

-8,745

Total comprehensive income for the year

-58,738

700

198,596

140,558

Proposed capital distribution

150,000

-150,000

Dividend paid

-750,000

Equity at 31 December

175,000

1,750,000

9,656

150,000

100,920

2,185,576

The share capital consists of 175,000,000 shares of a nominal value of EUR 1 per share. All shares rank equally.

The share premium amounts to EUR 1,750,000,000 in total at 1 January 2025, and the shares were subscribed for at a subscription rate of 1,100. The

amount is equal to the excess capital that has been paid in at the rate of subscription. The amount has been presented as a separate reserve under

equity and can be used for capital distribution to the equity holder of the parent.

At 31 December 2025 a dividend of EUR 1,500,000,000 has been proposed. The amount is subject to approval at the Annual General Meeting.

Annual Report 2025 STATEMENT OF CASH FLOWS 21

STATEMENT OF CASH FLOWS

Group Parent

EUR '000 Note 2025 2024 2025 2024

Profit for the year 26,862 149,303 26,862 149,303

Non-cash adjustments 5.8 -21,028 17,958 550 32,786

Change in working capital 5.8 354,206 705,509 347,322 697,960

Cash flow from operating activities before

financial income and expenses

360,040 872,770 374,734 880,049

Financial income, received 4.3 57,100 76,950 51,430 71,393

Financial expenses, paid 4.3 -9,855 -36,246 -8,661 -35,942

Cash flow from ordinary activities 407,285 913,474 417,503 915,500

Corporation tax paid -14,212 -85,069 -12,682 -82,976

Corporation tax received 21 4,807 11 4,807

Cash flow from operating activities 393,094 833,212 404,832 837,331

Purchase of intangible assets 6.1 -5,279 -3,658 -4,572 -3,589

Purchase of property, plant and equipment 6.2 -53,589 -1,379 -53,520 -1,315

Capital increase in subsidiaries 6.4 0 0 -9,985 -6,000

Acquisition of subsidiaries 6.4 0 0 -684 0

Dividends received 0 0 0 47,026

Placement in time deposits -41,602 -45,826 0 0

Cash released from time deposits 45,826 54,001 0 0

Cash flow from investing activities -54,644 3,138 -68,761 36,122

Proceeds from borrowings 47,866 643 47,383 624

Movement in group enterprise cash pool -319,560 -7,744 -319,560 -7,744

Dividend payment -150,000 -750,000 -150,000 -750,000

Payment of principal portion of lease liabilities 6.3 -3,110 -2,041 -2,573 -1,747

Cash flow from financing activities -424,804 -759,142 -424,750 -758,867

Net foreign exchange difference on cash and

cash equivalents

-1,079 -1,344 -1,507 205

Change in cash and cash equivalents -87,433 75,864 -90,186 114,791

Cash and cash equivalents at 1 January 240,540 164,676 205,835 91,044

Cash and cash equivalents at 31 December 153,107 240,540 115,649 205,835

Cash and cash equivalents are specified as follows:

Cash at bank and in hand 153,107 240,540 115,649 205,835

Cash and cash equivalents at 31 December 153,107 240,540 115,649 205,835

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 22

NOTES TO FINANCIAL STATEMENTS

BASIS OF REPORTING

1.1 BASIS OF PREPARATION

The consolidated and parent financial statements have

been prepared in accordance with International Finan-

cial Reporting Standards (IFRS Accounting Standards, as

defined in note 8.5) as endorsed by the EU and further re-

quirements in the Danish Financial Statements Act ap-

plying to large enterprises of reporting class C.

The consolidated and parent financial statements have

been prepared on a going concern basis and under the

historical cost convention, with the exception of deriva-

tives, gas trading inventories and certificate trading in-

ventories, which are measured at fair value as disclosed

in notes 3.5, 3.6 and 5.1 and with the exception of invest-

ments in subsidiaries, which are measured under the eq-

uity method as disclosed in note 6.4.

The consolidated financial statements are presented in

euros, which is also the Parent Company’s functional

currency. All values are rounded to the nearest thousand

(EUR’000), except if otherwise indicated.

Accounting policies related to specific line items are

described in the notes to which they relate. The descrip-

tion of accounting policies in the notes form part of the

overall description of accounting policies. Accounting

policies not directly related to a specific line item cov-

ered by a note are presented below.

CHANGES TO ACCOUNTING POLICIES IN 2025

With effect from 2025, Danske Commodities has

changed the classification of cash collaterals for com-

modity derivative transactions in the consolidated bal-

ance sheet from ‘cash and cash equivalents’ to ‘deposits

related to trading’, with no impact on total current as-

sets. These collateral deposits are related to certain re-

quirements set out by exchanges where Danske Com-

modities is participating and have previously been re-

ferred to as restricted cash and cash equivalents. The

reclassification is intended to better reflect the nature

and purpose of the collateral deposits and to provide

more relevant information to stakeholders.

The change also affects the presentation in the consoli-

dated statement of cash flows. With effect from 2025,

the cash flows related to these collateral deposits are

included within cash flows from operating activities as

part of the line-item change in working capital, change

in trade and other receivables.

The change has been retrospectively applied to compar-

ative periods for consistency and comparability. The ef-

fects of 2024 are as follows:

The effects on disclosures 3.4, 3.7, 5.7 and 5.8 have been

corrected.

BASIS FOR CONSOLIDATION

The consolidated financial statements incorporate the

financial information of Danske Commodities A/S, the

Parent Company, and its subsidiaries, together the

Group. Control is achieved where the Group is exposed,

or has rights, to variable returns from its involvement

with an entity and has the ability to affect those returns

through its power over the entity.

The consolidated financial statements are prepared by

combining items of a uniform nature and subsequently

eliminating intercompany transactions and balances

and unrealised intercompany profits and losses.

TRANSLATION OF FOREIGN CURRENCIES

Transactions in foreign currencies are translated at the

exchange rates prevailing at the dates of transaction.

Gains and losses arising due to differences between the

transaction date rates and the rates at the dates of pay-

ment are recognised in financial income or financial ex-

penses in the income statement.

Receivables, payables and other monetary items in for-

eign currencies that have not been settled at the bal-

ance sheet date are translated at the exchange rates at

the balance sheet date. Any differences between the ex-

change rates at the balance sheet date and the transac-

tion date rates are recognised in financial income and

expenses in the income statement.

Foreign subsidiaries are considered separate entities.

The income statements are translated at the average

exchange rate for the period, and the balance sheet

items are translated at the exchange rates at the bal-

ance sheet date.

Foreign exchange differences arising on translation of

the opening equity of foreign entities at the exchange

rates at the balance sheet date and on translation of

the income statements from average exchange rates to

the exchange rates at the balance sheet date are recog-

nised in other comprehensive income.

Group

EUR '000

Decrease in cash and cash equivalents -10,040

Increase in deposits held for trading 10,040

Net effect of total assets 0

Parent

EUR '000

Decrease in cash and cash equivalents -3,398

Increase in deposits held for trading 3,398

Net effect of total assets 0

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 23

1.1 BASIS OF PREPARATION – CONTINUED

CURRENT / NON-CURRENT

The Group presents assets and liabilities in the state-

ment of financial position based on current/non-current

classification. An asset is current when it is:

 expected to be realised or intended to be sold

or consumed in the normal operating cycle

 held primarily for the purpose of trading

 expected to be realised within twelve months

after the reporting period

 cash or cash equivalent unless restricted from

being exchanged or used to settle a liability for

at least twelve months after the reporting pe-

riod

All other assets are classified as non-current.

A liability is current when it is:

 expected to be settled in the normal operating

cycle

 held primarily for the purpose of trading

 due to be settled within twelve months after

the reporting period

 without unconditional right to defer the settle-

ment of the liability for at least twelve months

after the reporting period

The Group classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-

current assets and liabilities.

1.2 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of the Group’s consolidated and Parent

financial statements requires management to make es-

timates and assumptions that can have a significant ef-

fect on the application of policies and reported

amounts of assets, liabilities, income, expenses and re-

lated disclosures.

ESTIMATES

The estimates and underlying assumptions are based on

historical experience and various other factors. Actual

results may differ from these estimates. The estimates

and underlying assumptions are reviewed on an ongoing

basis. Changes in estimates may be necessary if there

are changes in the circumstances on which the estimate

was based or more detailed information becomes avail-

able. Such changes are recognised in the period in

which the estimate is revised.

Estimates used in the preparation of these consolidated

financial statements are prepared based on customised

models, while the assumptions on which the estimates

are based rely on historical experience, external sources

of information and various other factors that manage-

ment assesses to be reasonable under the current condi-

tions and circumstances. These estimates and assump-

tions form the basis of the carrying values of assets and

liabilities when these are not readily apparent from

other sources. Actual results may differ from these esti-

mates. The estimates and underlying assumptions are

reviewed on an on-going basis considering the current

and expected future set of conditions.

The most important matters in understanding the key

sources of estimation uncertainty are described in note

3.6 Fair value measurements.

JUDGEMENTS

The main areas where the Group has made significant

judgements when applying the accounting policies and

that have the most material effect on the amounts pre-

sented in the consolidated financial statements have

been described in the following notes:

 2.1 Trading income and revenue from contracts

with customers

EARNINGS

2.1 TRADING INCOME AND REVENUE FROM CONTRACTS WITH CUSTOMERS

Group Parent

EUR '000 2025 2024 2025 2024

Trading income

Net trading income -18,919 773,018 -16,096 771,024

Net change in fair value of commodity derivatives held for trading

149,624 -811,466 158,885 -809,777

Net change in fair value of inventory held for trading

-69,703

248,751

-69,703

248,751

Revenue from contracts with customers

Sales of climate certificates 597,850 502,443 597,850 502,443

Sales of power and energy-related services 1,765,813 1,712,768 1,765,813 1,712,768

Total 2,424,665 2,425,514 2,436,749 2,425,209

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 24

2.1 TRADING INCOME AND REVENUE FROM CONTRACTS WITH CUSTOMERS

SIGNIFICANT ACCOUNTING JUDGEMENTS

The Group has contracts for the purchase of power with

physical delivery and pay-as-produced features (power

purchase agreements). The Group applies judgement in

assessing whether the contracts are in scope of IFRS 15.

Judgement is applied in assessing the performance ob-

ligations in the contracts and the nature of the busi-

ness.

The Group follows current industry practice for these

types of contracts, ensuring that the accounting meth-

ods align with established standards and practices

within the energy sector. Furthermore, amendments to

IFRS 9 are being implemented as per note 8.3, which will

be considered in the ongoing assessment to ensure com-

pliance with the latest regulatory requirements and

standards.

Whether to account for transactions from contracts with

customers gross or net under IFRS 15 involves the use of

significant accounting judgement. In making the judge-

ment the Group has considered whether it controls the

power volumes prior to onwards sales to the counter-

party. When the Group directs the use of the volumes,

holds the balancing risk and the Group receives all ben-

efits from the sales of power, the Group is considered

the principal in the sale of power, why the revenue is

presented gross.

For some contracts, the Group has concluded that own-

ership of the power volumes has not been transferred to

the Group. Although the Group has been granted the

ability to direct the use of the volumes, the asset owner

receives all the benefits from the sales of these volumes

and holds the related balancing risk, since the Group

only acts as an intermediary between the asset owner

and the market. On that basis, the Group is not consid-

ered the principal in the sale of these power and energy

related services, why the revenue and related cost of

sales is presented net.

ACCOUNTING POLICIES

Trading income

Trading income comprises realised and unrealised fair

value changes as well as realised gains and losses on

commodity derivatives and inventory held for trading.

Net trading income comprises net realised fair value

changes, gains and losses arising from trading within

energy commodity derivatives. The energy commodity

derivatives make up the Group’s trading portfolio which

includes futures, options, swaps, power transport ca-

pacities and certain forward sales and forward pur-

chases commodity contracts that are either financially

or physically settled. As the physically settled con-

tracts are managed on a portfolio basis, a practice of

net settlement is present, and the contracts are consid-

ered in scope of IFRS 9 and treated as derivatives.

Net changes in fair value of commodity derivatives and

net changes in fair value of inventory held for trading

represents changes in the unrealised part of fair value

of commodity derivatives held for trading and inventory

held for trading at the balance sheet date.

Revenue from contracts with customers

Revenue is measured at the contractually agreed price

exclusive of VAT and taxes charged on behalf of third

parties.

Sales agreements are divided into individually identifia-

ble performance obligations when applicable. If a sales

agreement includes several performance obligations,

the sales agreement’s transaction price is allocated to

each performance obligation.

The sales agreements are transacted under EFET (Euro-

pean Federation of Energy Traders) terms and typically

settled within 20-30 days from delivery.

Sales of power and energy-related services

Revenue from the sale of power and energy-related ser-

vices comprises consumption balancing as well as the

sale of power sourced from energy producers and re-

lated services in terms of e.g. production management

and optimisation. The Group considers whether it is act-

ing as principal or agent, based on whether it holds the

main risks and controls the power and services deliv-

ered before transferring it to the counterparty. Revenue

is recognised when control of the power is transferred to

the buyer simultaneously with fulfilment of the related

services, that being when the power is delivered. Agree-

ments for the sale of power and energy-related services

are considered a series of identical goods and services

that are transferred over time and revenue is recognised

at the amount to which the Group is entitled.

Sales of climate certificates

Revenue from the sale of climate certificates comprises

the sale of climate certificates sourced from producers.

As the Group controls the climate certificates before

transferring them to the counterparty, the Group has

concluded that it is acting as principal in these agree-

ments. Revenue is recognised when control of the cli-

mate certificate is transferred to the buyer being when

the certificate is delivered to the buyer. Agreements for

the sale of climate certificates are fulfilled at a point

in time.

Cost of sales

Cost of sales includes the purchase of power and certif-

icates for resale and transportation thereof incurred to

achieve revenue from contracts with customers for the

year.

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 25

2.2 OTHER OPERATING INCOME

ACCOUNTING POLICIES

Other operating income consists primarily of hourly

charges comprising different services invoiced on

hourly basis to group companies.

RISK MANAGEMENT

3.1 MARKET RISK

Danske Commodities’ market risk arises in both com-

modity and financial markets, in which changing com-

modity prices and volumes are key risk factors.

The sensitivity analysis in the following sections relates

to open positions at 31 December 2025 and 31 December

2024. The sensitivity is calculated by adjusting the mar-

ket price used on each individual trade.

The sensitivity shown is based on reasonably possible

changes in the current observable market environment.

The effect of the assumed changes in respective market

risks is prepared on an ‘all else being equal’ basis. The

analysis is based on the financial assets and financial

liabilities held at 31 December 2025 and 31 December

2024. Danske Commodities’ business is focused on

short-term trading, which is reflected in the maturity of

the financial instruments that primarily fall due within

12 months. For more information, refer to note 3.3.

RISK MANAGEMENT PROCEDURES

Danske Commodities’ Board of Directors has developed

and enacted a risk management strategy for commodity

price risk and its mitigation. The risk management strat-

egy also includes limits on foreign currency exposure.

COMMODITY PRICE RISK

Commodity price risk is the risk that the fair value or fu-

ture cash flows of an exposure will fluctuate because of

changes in underlying commodity prices. The Group’s ex-

posure to the risk of changes in commodity prices re-

lates primarily to the trading performed at Danske Com-

modities A/S.

FOREIGN CURRENCY RISK

Foreign currency risk is the risk that the fair value or fu-

ture cash flows of an exposure will fluctuate because of

changes in foreign exchange rates. Danske Commodi-

ties’ exposure to the risk of changes in foreign exchange

rates derives primarily from those of the Group’s opera-

ting activities in which trade receivables, accounts pay-

ables and derivatives held for trading are denominated

in a currency other than the functional currency.

The foreign currency risk is mitigated and hedged via

economic hedges by the Treasury function on a daily ba-

sis in accordance with the mandates, policies and hedg-

ing strategy approved by the Board of Directors.

The risk relates to a wide range of currencies to which

the daily commercial business is exposed. The main un-

derlying currency of the Group’s cash flow is Euro as the

majority of Danske Commodities’ activities are per-

formed in market areas where commodity products are

priced in EUR.

Next to EUR, GBP is the most significant currency to

which Danske Commodities is exposed. The analysis

shows the profit and loss effect from movements in the

GBP/EUR ratio with all other variables held constant.

The assumed percentage is based on what is found to be

a reasonable probable change within a 12-month time

frame.

INTEREST RATE RISK

Interest rate risk is the risk that the future cash flows of

a financial instrument will fluctuate because of change

in market interest rates. Danske Commodities’ exposure

to the risk of changes in market interest rates relates

primarily to interest-bearing floating rate liabilities

and assets. The estimated effect is considering an ef-

fect of one year in profit and loss.

Group Parent

EUR '000

2025 2024 2025 2024

Other income from hourly charge 4,398 7,444 5,308 9,442

Other income 283 310 164 171

Total 4,681 7,754 5,472 9,613

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 26

3.1 MARKET RISK – CONTINUED

The table is calculated on an ‘all else being equal’ ba-

sis. The sensitivity calculation does not account for the

correlation between commodities. For some products,

the value is affected by multiple commodities.

3.2 CREDIT RISK MANAGEMENT

Exposure to credit risk may arise in Danske Commodi-

ties’ trading and treasury operations. Exposure can be

split into exchange and Over-the-counter (OTC). OTC

trading is generally performed under standard agree-

ments such as EFET and ISDA (International Swaps and

Derivatives Association), which feature netting provi-

sions. The Group manages credit risk through a clear

framework of policies and procedures defined by the

Board of Directors, Senior Leadership and the Risk Man-

agement function. Responsibilities are divided between

different business teams, Risk Management, Senior

Leadership and the Board of Directors. A thorough KYC

process is carried out for all counterparties with whom

the Group engages in transactions.

As commodity exchanges generally require variation

margin settlement equal to the fair value, the Group

considers its credit exposure to commodity exchanges

to be insignificant. The margin is handled through clear-

ing banks, which are trusted to ensure a safe process for

all parties.

The credit risk affecting the derivative financial instru-

ments measured at fair value is considered limited

based on the individual counterparty’s ratings with pub-

lic rating agencies. Danske Commodities sets a credit

risk appetite for all counterparties directly dependent

on their credit worthiness. In addition to this, the Group

accepts collateral in the form of cash deposits, prepay-

ment and guarantees to mitigate credit risk. This can al-

low for trading to continue with e.g. CSA (Credit Support

Annex) counterparties when the agreed threshold for

credit exposure is reached.

The majority of the Group’s financial instruments are to-

wards counterparties rated AA, for which the credit risk

is considered low.

Credit risk from the Company’s financial assets primar-

ily concerns derivatives, trade receivables and receiva-

bles from group enterprises. For more information of

credit risk related to receivables, refer to note 5.2.

Group Parent

SENSITIVITY 2025 2024

2025 2024

EUR '000 +/- in %

30% -61,941 -72,805 -61,941 -72,805

Gas price risk (financial instruments) -30% 75,933 125,512 75,933 125,512

30% 58,826 112,859 58,826 112,859

Gas price risk (inventory) -30% -58,826 -112,859 -58,826 -112,859

30% -44,759 -36,688 -22,778 -3,752

Power price risk -30% 74,417 100,604 52,436 67,667

30% 7,638 5,560 7,638 5,560

Certificate price risk -30% -4,458 -2,725 -4,458 -2,725

5% 1,019 -14,121 1,006 -14,124

EUR/GBP currency risk -5% -1,019 14,121 -1,006 14,124

1% 1,614 1,210 1,614 1,210

Interest rate risk -1% -1,614 -1,210 -1,614 -1,210

Effect on profit

before tax

Effect on profit

before tax

Effect on profit

before tax

Effect on profit

before tax

CREDIT QUALITY OF THE GROUP'S COUNTERPARTIES

Group Parent

EUR '000 2025 2024 2025 2024

AA rating 2,073,465 1,796,178 2,045,115 1,709,008

A rating 219,206 370,903 162,433 369,822

BBB rating 240,191 298,613 224,030 288,924

BB rating and lower 109,413 187,561 70,575 173,244

Not rated 78,289 140,402 86,484 158,582

Total at 31 December 2,720,564 2,793,657 2,588,637 2,699,580

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 27

3.3 LIQUIDITY RISK

Liquidity management is executed on an ongoing daily

basis in Danske Commodities’ Treasury function. Daily

cash flow forecasts are produced, ensuring availability

of required liquidity of the Group by appropriate cash

management, and maintaining adequate liquidity re-

serves at any time through a combination of readily

available cash and committed credit facilities provided

by Equinor ASA.

The table below shows Danske Commodities’ financial

liabilities divided into relevant maturity buckets based

on their contractual maturities for all financial liabili-

ties and derivative financial instruments. The amounts

disclosed in the table are the contractual undiscounted

cash flows.

The Group and Parent Company’s committed credit fa-

cilities provided by Equinor ASA comprise a revolving

credit facility and a cash pool overdraft.

The revolving credit facility amounted to EUR 500 mil-

lion at 31 December 2025 (2024: EUR 500 million) and

terminates in September 2026. At 31 December 2025, the

cash pool arrangement with Equinor ASA has an over-

draft limit of EUR 3,000 million (2024: EUR 3,000 million).

The revolving credit facility and the cash pool overdraft

ensures liquidity for the coming year.

As per 31 December 2025, the Group has drawn EUR 0

million (2024: EUR 0 million) of the total available facil-

ities in the amount of EUR 3,500 million (2024: EUR 3,500

million).

Due to the available credit facilities, liquidity risk is not

considered a significant risk factor for Danske Commod-

ities.

For an overview of available cash comprising ‘cash and

cash equivalents’ and ‘group cash pool’ refer to note 3.4.

CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES

Group Parent

EUR '000 2025 2024 2025 2024

Financial instruments, maturity <1 year

Trade payables 487,740 476,389 485,722 474,443

Lease liabilities 2,970 798 2,747 707

Payables to group enterprises 141,307 103,939 142,934 107,967

Deposits related to trading 118,220 157,750 118,220 157,750

Other payables 22,552 27,328 18,472 23,441

Financial instruments, maturity 1-5 years

Lease liabilities 12,346 562 11,453 84

Financial instruments, maturity >5 years

Lease liabilities 51,862 631 51,305 0

Derivative financial instruments, maturity <1 year 157,145 290,381 112,527 267,569

Derivative financial instruments, maturity 1-5 years 65,447 64,225 35,459 60,320

Derivative financial instruments, maturity >5 years -752 374 494 374

Total financial liabilities 1,058,837 1,122,377 979,333 1,092,655

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 28

3.4 CAPITAL RISK MANAGEMENT

For the purpose of the Group’s capital management,

capital includes issued capital, share premium and all

other equity reserves attributable to the equity holder of

the parent.

The Group manages its capital to ensure that entities in

the Group will be able to continue as going concern

while maximising the return to shareholders through the

optimisation of the debt and equity balance.

The capital structure of the Group consists of net debt

and equity of the Group as disclosed in the statement of

equity.

The Group is not subject to any externally imposed capi-

tal requirements. Negative net debt at 31 December

2025 and 2024 are primarily related to excess cash, re-

lated to inflow derived from the extraordinary market

conditions and prices in 2022, deposited in the Group’s

cash pool.

3.5 DERIVATIVE FINANCIAL INSTRUMENTS

Derivative financial instruments in Danske Commodities

mainly consist of commodity derivatives that are traded

as part of the Group’s ordinary business activities as

well as foreign exchange derivatives used for managing

currency risk exposure. Trading activities are undertaken

by using a range of contract types in combination to

create incremental gains by arbitraging prices between

markets, locations and time periods. Foreign currency

derivatives are traded to mitigate the exposure to cur-

rencies denominated in a currency other than EUR. Fi-

nancial risks relating to the financial instruments are

managed on a portfolio basis. The net of these expo-

sures is monitored daily through risk reporting. The

credit risk is assessed separately and presented in a ta-

ble in note 3.2. For further information about offsetting

of financial assets and liabilities, refer to note 5.7.

For information about the methods and assumptions

used in determining the fair value of derivatives, refer to

note 3.6.

ACCOUNTING POLICIES

Derivatives are primarily classified as ‘held for trading’

for accounting purposes and initially recognised and

subsequently measured at fair value through profit and

loss and recognised in the balance sheet as ‘derivative

financial instruments’. Derivative financial instruments

that are held for trading are classified as current assets

and liabilities regardless of their maturity date. Deriva-

tive financial instruments are categorised by means of

shared risk and underlying commodity.

Danske Commodities routinely enters into sale and pur-

chase transactions for physical delivery of energy com-

modities. A considerable part of these transactions for

physical delivery of a non-financial item is considered

within the scope of IFRS 9 since the contracts are capa-

ble of being net settled, and they are consequently ac-

counted for as derivative financial instruments meas-

ured at fair value through profit and loss. The contracts

held for trading are not entered into for the Group’s own

use.

The contracts falling within the 'own use' requirements

mainly consist of long-term power purchase agreements

(PPAs), for which Danske Commodities have taken over

the balancing responsibility. This business activity is

separated from ordinary trading activity in separate

units.

A derivative embedded in a hybrid contract, with a non-

financial host contract, is separated from the host con-

tract and accounted for as a separate derivative if:

 the economic characteristics and risks are not

closely related to the host contract;

 a separate instrument with the same terms as

the embedded derivative would meet the defi-

nition of a derivative;

 and the hybrid contract is not measured at fair

value through profit or loss.

Embedded derivatives are measured at fair value with

changes in fair value recognised in profit or loss.

GEARING RATIO

Group

Parent

EUR '000

2025

2024

2025

2024

Debt *

816,697

771,258

811,018

768,193

Less:

Group cash pool (part of 'receivables from group enterprises')

1,740,514

1,285,681

1,740,514

1,285,681

Cash and cash equivalents

153,107

240,540

115,649

205,835

Net debt

-1,076,924

-754,963

-1,045,145

-723,323

Equity **

2,060,670

2,185,576

2,060,670

2,185,576

Net debt to equity ratio (%)

-52%

-35%

-51%

-33%

** Equity includes share capital, share premium and other equity reserves of the Group.

* Debt is defined as lease liabilities, trade and other payables (excluding derivatives and financial gurantee contracts), prepayments,

deposits related to trading and payables to group enterprises.

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 29

3.5 DERIVATIVE FINANCIAL INSTRUMENTS – CONTINUED

A portion of the sale and purchase transactions for

physical delivery of energy commodities takes the form

of contracts that were entered into and continue to be

held for the purpose of receipt or delivery of the physi-

cal commodity in accordance with the Group’s expected

sale, purchase or usage requirements (‘own use’) and are

not within the scope of IFRS 9. The assessment of

whether a contract is deemed to be ‘own use’ is based

on the nature of the promise within the contract as well

as facts and circumstances of how the contract is in-

cluded in Danske Commodities’ business activity.

3.6 FAIR VALUE MEASUREMENTS

Determining the fair value of the financial instruments

recognised and measured at fair value through profit

and loss in the financial statements may require the use

of estimates. To provide an indication about the relia-

bility of the inputs used in determining fair value, the

Group has classified its financial instruments into the

three levels.

LEVEL 1

Exchange-traded derivatives are valued using closing

prices provided by the exchanges at the balance sheet

date. These derivatives are categorised within level 1 of

the fair value hierarchy.

LEVEL 2

Derivatives designated to level 2 include both power,

gas and certificate trades with a typical contract

length < 1 year. OTC financial swaps and physical com-

modity sale and purchase contracts including commod-

ity forwards and options are generally valuated using

readily available information in the public markets and

if necessary, quotations provided by brokers and price

index developers.

Power capacities and foreign exchange contracts within

Danske Commodities are measured using internal mod-

els. Internal models refer to standard valuation models

that use market forward levels on standard instruments,

as well as incorporating inputs for the volatility of the

underlying indices, markets or commodities.

LEVEL 3

Derivatives within level 3 of the fair value hierarchy in-

cludes derivatives where the unobservable inputs used

in the valuation is significant. These inputs include

price risk premiums, volatility as well as prices estab-

lished through consensus pricing information.

For some markets, there are only observable prices

available for a maximum of three years ahead, after

which there is no active market. Danske Commodities

holds power forward contracts up to a 10-year time

horizon. For OTC commodity derivatives in this time

horizon, the market price used in areas with no observa-

ble prices is calculated based on latest observable

spreads to neighbouring markets with observable

prices.

The valuation of power contracts with a variable deli-

very profile incorporates a risk premium based on ob-

servable market activity for the contracts while ac-

counting for the relationship to the observable base

prices. For the valuation of clean spark spread options

products, the fair value is estimated using simulation

valuation techniques using assumptions developed in-

ternally based on observable market activity. The vola-

tility factor used in the simulation model ranges from

0.24 to 0.43 (2024: 0.35 to 0.53).

Based on the unobservable input parameters above a

reasonable alternative possible assumption is consi-

dered a movement of the unobservable input of 5%.

An increase in the unobservable prices used far out in

time of 5% will decrease the fair value by EUR 3,329

thousand (2024: EUR 3,804 thousand). A decrease of 5%

will increase the fair value by EUR 3,329 thousand (2024:

EUR 3,804 thousand).

An increase of the volatility factor used in simulation

models of 5% will increase the fair value by EUR 160

thousand (2024: EUR 370 thousand). A decrease of 5% de-

creases fair value by EUR 162 thousand (2024: EUR 371

thousand).

VALUATION PROCESSES

The valuation process of the derivatives includes input

from relevant stakeholders of Danske Commodities, and

the final valuation is verified and approved by the Risk

Management function. To minimise the use of subjective

estimates or modifications of parameters and calcula-

tion models, it is Danske Commodities’ policy to deter-

mine fair values based on the external information that

most accurately reflects the market values. The Group

uses pricing services and benchmark services to in-

crease the data quality. Danske Commodities’ policy is

to recognise transfers into and out of fair value hierar-

chy levels at the end of each reporting period.

Transfers in fair value hierarchy

The transfer from level 2 to level 3 relates to financial

instruments whose measurement is now using signifi-

cant unobservable input.

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 30

3.6 FAIR VALUE MEASUREMENTS – CONTINUED

FAIR VALUE HIERARCHY

2025

Quoted prices in active

markets

Significant observable

inputs

Unobservable inputs

EUR '000 Note Level 1 Level 2 Level 3 Total

Financial assets

Gas trading derivatives 0 69,972 312 70,284

Power trading derivatives 0 97,726 20,645 118,371

Trading certificates 0 36,532 30 36,562

Foreign exchange derivatives 0 4,572 0 4,572

Non-financial assets

Gas trading inventories 5.1 0 196,085 0 196,085

Certificate trading inventories

5.1

790

Total financial and non-financial assets 0 405,677 20,987 426,664

Liabilities

Gas trading derivatives 0 72,353 23,783 96,136

Power trading derivatives 8 61,866 27,710 89,584

Trading certificates 0 31,001 531 31,532

Foreign exchange derivatives 0 2,126 0 2,126

Total financial liabilities

167,346

52,024

219,378

2024

Quoted prices in active

markets

Significant observable

inputs

Unobservable inputs

EUR '000 Note Level 1 Level 2 Level 3 Total

Financial assets

Gas trading derivatives 1,449 129,913 359 131,721

Power trading derivatives 543 72,285 26,065 98,893

Trading certificates 0 48,275 0 48,275

Foreign exchange derivatives 0 1,923 0 1,923

Non-financial assets

Gas trading inventories 5.1 0 376,195 0 376,195

Certificate trading inventories 5.1 0 19,207 0 19,207

Total financial and non-financial assets 1,992 647,798 26,424 676,214

Liabilities

Gas trading derivatives 286 154,833 55,905 211,024

Power trading derivatives 42 65,700 27,987 93,729

Trading certificates 0 40,789 0 40,789

Foreign exchange derivatives 0 6,903 0 6,903

Total financial liabilities 328 268,225 83,892 352,445

Group

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 31

3.6 FAIR VALUE MEASUREMENTS – CONTINUED

2025 Parent

Quoted prices in active

markets

Significant observable

inputs

Unobservable inputs

EUR '000 Note Level 1 Level 2 Level 3 Total

Financial assets

Gas trading derivatives 0 69,972 312 70,284

Power trading derivatives 0 35,421 18,899 54,320

Trading certificates 0 36,533 30 36,563

Foreign exchange derivatives 0 4,572 0 4,572

Non-financial assets

Gas trading inventories 5.1 0 196,085 0 196,085

Certificate trading inventories 5.1 0 790 0 790

Total financial and non-financial assets 0 343,373 19,241 362,614

Liabilities

Gas trading derivatives 0 72,353 23,783 96,136

Power trading derivatives 6 16,095 1,621 17,722

Trading certificates 0 31,001 531 31,532

Foreign exchange derivatives 0 2,126 0 2,126

Total financial liabilities 6 121,575 25,935 147,516

2024 Parent

Quoted prices in active

markets

Significant observable

inputs

Unobservable inputs

EUR '000 Note Level 1 Level 2 Level 3 Total

Financial assets

Gas trading derivatives 1,625 130,009 359 131,993

Power trading derivatives 364 50,238 21,315 71,917

Trading certificates 0 48,275 0 48,275

Foreign exchange derivatives 0 1,923 0 1,923

Non-financial assets

Gas trading inventories 5.1 0 376,195 0 376,195

Certificate trading inventories 5.1 0 19,207 0 19,207

Total financial and non-financial assets 1,989 625,847 21,674 649,510

Liabilities

Gas trading derivatives 269 154,838 55,905 211,012

Power trading derivatives 23 39,653 27,619 67,295

Trading certificates 0 40,789 0 40,789

Foreign exchange derivatives 0 6,903 0 6,903

Total financial liabilities 292 242,183 83,524 325,999

LEVEL 3 DERIVATIVES

Group Parent

EUR '000 2025 2024 2025 2024

Fair value contracts at 1 January -57,468 -113,429 -61,850 -113,429

Transfers into level 3 0 276 0 0

Transfers out of level 3 -472 0 -75 0

Settlements 50,841 92,933 50,841 92,933

Gains (losses) recognised in the income statement -33,867 -14,670 -5,762 -14,670

Purchases

11,670

-26,123

9,924

-25,993

Sales -1,741 3,545 228 -691

Net fair value of contracts at 31 December -31,037 -57,468 -6,694 -61,850

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 32

3.6 FAIR VALUE MEASUREMENTS – CONTINUED

SIGNIFICANT ACCOUNTING ESTIMATES

In some cases, the fair values of derivatives are esti-

mated using internal models due to the absence of

quoted prices or other observable, market-corroborated

data. This primarily applies to the Group’s longer-term,

structured derivative contracts or contracts in illiquid

markets. Most of these contracts are valued using mod-

els with inputs that include price curves for each of the

different products. These price curves are built up from

available active market pricing data, including volatil-

ity and correlation, and modelled using the maximum

available market-derived information. Additionally,

when limited data exist for certain products or market

areas, prices are determined using historical and long-

term pricing relationships. The use of alternative esti-

mates or valuation methodologies may result in signifi-

cantly different values for these derivatives.

ACCOUNTING POLICIES

The Group measures financial instruments, such as de-

rivatives, at fair value at each balance sheet date. Fair

value is the price that would be received for selling an

asset or paid for transferring a liability in an orderly

transaction between market participants at the meas-

urement 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 for the asset or liability,

 in the absence of a principal market, in the

most advantageous market for the asset or lia-

bility

The fair value of an asset or a liability is measured us-

ing the assumptions that market participants would use

when pricing the asset or liability, assuming that mar-

ket participants act in their economic 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 selling it to another market participant

that would use the asset in its highest and best use.

Danske Commodities uses valuation techniques that are

appropriate in the circumstances and for which suffi-

cient data are available to measure fair value, maximis-

ing the use of relevant observable inputs and minimis-

ing the use of unobservable inputs.

All assets and liabilities for which fair value is meas-

ured or disclosed in the financial statements are cate-

gorised within the fair value hierarchy, described as fol-

lows, based on the lowest level input that is significant

to the fair value measurement as a whole:

 level 1 – quoted and unadjusted market prices

in active markets for identical assets or liabili-

ties

 level 2 – valuation techniques for which the

lowest level input that is significant to the fair

value measurement is directly or indirectly ob-

servable

 level 3 – valuation techniques for which the

lowest level input that is significant to the fair

value measurement is unobservable

For assets and liabilities that are recognised in the fi-

nancial statements at fair value on a recurring basis,

the Group determines whether transfers have occurred

between levels in the hierarchy by reassessing categori-

sation at the end of each period in which the reassess-

ment is based on the lowest level input that is signifi-

cant to the fair value measurement as a whole.

For the purpose of fair value disclosures, the Group has

determined classes of assets and liabilities on the basis

of the nature, characteristics and risks of the asset or li-

ability and the level of the fair value hierarchy, as ex-

plained above.

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 33

3.7 FINANCIAL ASSETS AND LIABILITIES BY CATEGORY

The carrying amount of financial assets and liabilities

measured at amortised cost is considered a reasonable

approximation of fair value.

3.8 DEFERRED DAY-1 PROFIT OR LOSS

Refer to note 3.6 for information regarding fair value

measurements.

ACCOUNTING POLICIES

The Group uses various valuation techniques to measure

the fair value of financial instruments that are not

traded in an active market. Differences may arise be-

tween the fair value at initial recognition and the

amount determined at initial recognition using the valu-

ation techniques. Any such gains or losses are deferred

and recognised in the income statement over the deli-

very period of underlying contracts.

Group Parent

EUR '000 2025 2024 2025 2024

Financial assets measured at fair value through profit or loss

Derivatives held for trading * 225,217 278,889 161,173 252,185

Derivatives in economic hedges ** 4,572 1,923 4,572 1,923

Financial assets measured at amortised cost

Trade receivables 441,211 770,352 439,019 769,029

Other receivables 16,449 20,312 13,487 0

Receivables from group enterprises 1,783,028 1,379,725 1,801,646 1,421,485

Deposits related to trading 55,378 56,090 53,091 49,123

Current asset investments 41,602 45,826 0 0

Cash and cash equivalents 153,107 240,540 115,649 205,835

Financial assets 2,720,564 2,793,657 2,588,637 2,699,580

Financial liabilities measured at fair value through profit or loss

Derivatives held for trading * 217,252 345,542 145,384 319,096

Derivatives in economic hedges ** 2,126 6,903 2,126 6,903

Financial liabilities measured at amortised cost

Trade payables 487,740 476,389 485,722 474,443

Payables to group enterprises 141,307 103,939 142,934 107,967

Other payables 22,552 27,328 18,472 23,441

Deposits related to trading 118,220 157,750 118,220 157,750

Lease liabilities 46,747 1,991 45,601 791

Financial liabilities 1,035,944 1,119,842 958,459 1,090,391

* Derivative financial instruments consist of swaps, futures, forwards and options related to commodity trading derivatives.

** Derivatives in economic hedges consist of foreign exchange derivatives.

Group Parent

EUR '000 2025 2024 2025 2024

Balance at 1 January 58,943 124,022 55,139 124,022

Profit/loss deferred on new transactions 21,828 18,007 21,342 14,203

Profit/loss recognised in the income statement -40,149 -83,086 -39,784 -83,086

Balance at 31 December 40,622 58,943 36,697 55,139

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 34

OTHER FINANCIAL NOTES

4.1 STAFF COSTS

Refer to note 4.2 for further information regarding the

Group’s share savings programme.

ACCOUNTING POLICIES

Staff costs

Wages, salaries, pension contributions, social security

contributions, sick leave and bonuses are recognised in

the year in which the associated services are rendered

by employees of the Group.

Other external expenses

Other external expenses comprise other operating ex-

penses, including expenses for premises, consultancy,

marketing and office expenses, etc.

4.2 RELATED PARTIES

Danske Commodities A/S is controlled by Equinor Mid-

stream & Trading AS, Forusbeen 50, 4035 Stavanger, Nor-

way. The ownership is registered in the Company’s regis-

ter of shareholders as holding 100% of the votes and

shares. The Group is included in the consolidated finan-

cial statements of its ultimate Parent Company, Equinor

ASA.

The consolidated financial statements of Equinor ASA

can be obtained on request to:

Equinor ASA, Forusbeen 50, 4035 Stavanger, Norway.

OTHER RELATED PARTIES

Other related parties comprise the management of Equi-

nor Midstream & Trading AS and Equinor ASA as well as

the Board of Directors and the Executive Board, together

with their immediate families. Furthermore, other re-

lated parties include companies in which Equinor ASA

and the aforementioned individuals have significant in-

fluence, joint control or control.

The majority of the agreements related to these trans-

actions are renegotiated on a regular basis. There were

no transactions with members of the Board of Directors

and the Executive Board, other than remuneration.

Group Parent

EUR '000 2025 2024 2025 2024

Wages and salaries 73,933 72,392 69,503 69,335

Pensions 5,569 5,009 5,461 4,895

Other staff costs 3,529 3,930 2,834 3,009

Total 83,031 81,331 77,798 77,239

Average number of employees 602 551 573 526

Number of employees, end of the year 609 583 581 558

The Group is controlled by the following entities:

Name Type Place of incoporation Ownership interest

Equinor ASA * Ultimate parent entity Norway 100%

Equinor Midstream & Trading AS ** Immediate parent entity Norway 100%

* The Norwegian State is the majority shareholder of Equinor ASA.

** Equinor ASA holds 100% of the issued ordinary shares of Equinor Midstream & Trading AS (former Equinor Trading International AS).

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 35

4.2 RELATED PARTIES – CONTINUED

The Group holds a Parent Company Guarantee issued by

Equinor ASA of EUR 25 million (2024: EUR 225 million) to

cover ongoing trading commitments.

KEY MANAGEMENT REMUNERATION

During the year changes have been made in key man-

agement personnel. It consisted of three members, as

the CFO was appointed as CEO and the new CFO was

appointed on 1 September 2025 (2024: two members).

Remuneration to six members of the Board of Directors

is paid by the ultimate parent, Equinor ASA. Remunera-

tion to the Board of Directors paid by Danske Commodi-

ties A/S amounted to EUR 0 thousand for 2025 (2024: six

members, EUR 0 thousand).

Remuneration of the Executive Board comprises a base

salary, pension contribution, share-based incentive pro-

grammes and other benefits (car, cash bonus, etc.).

SHARE SAVINGS PROGRAMME

The share savings programme provides employees with

the opportunity to purchase Equinor shares through

monthly salary deductions. If shares are kept for two

full calendar years of continued employment following

the year of purchase, the employees will be allocated

one bonus share for each share purchased. The latest

vesting date for the granted bonus warrants is 2026. The

amount expensed for the Executive Board amounted to

EUR 18 thousand in 2025 (2024: EUR 32 thousand).

Group Parent

EUR '000 2025 2024 2025 2024

Transactions with related parties

Transactions included in 'trading income and revenue from

contracts with customers':

Sales of energy commodities to related parties 362,269 746,208 424,552 835,314

Sales of energy commodities to other related parties 773,308 747,555 773,308 747,555

Purchases of energy commodities from related parties 382,574 982,412 434,953 1,050,757

Purchases of energy commodities from other related parties 21,127 25,567 21,127 25,567

Change in value of derivatives from related parties 54,514 1,154 54,514 1,154

Change in value of derivatives from other related parties -164 139 -164 139

Transactions included in 'cost of sales':

Purchases of energy commodities from other related parties 362,909 381,502 362,909 381,502

Other transactions:

Other purchases from related parties 9,059 9,996 11,711 11,994

Other purchases from other related parties 3,275 1,329 2,152 1,328

Other sales to related parties 6,593 9,714 7,433 9,087

Other sales to other related parties 3,534 4,394 3,133 4,394

Finance expenses to related parties 385 934 385 934

Finance income from related parties 35,306 55,986 36,913 57,548

Finance income from other related parties 141 352 141 352

Capital injection to related parties 0 0 9,986 6,000

Dividend paid to related parties 150,000 750,000 150,000 750,000

Dividend received from related parties 0 0 0 47,026

Related party balances at 31 December

Payables to related parties 44,371 39,413 46,062 43,579

Receivables from related parties 167,307 90,707 185,925 132,713

Payables to other related parties 96,936 64,526 96,872 64,388

Receivables from other related parties 15,721 8,578 15,721 8,332

Fair value of derivatives with related parties, asset 6,430 16,513 6,430 16,513

Fair value of derivatives with related parties, liability 28,735 93,332 28,735 93,332

Fair value of derivatives with other related parties, asset 0 168 0 168

Fair value of derivatives with other related parties, liability 0 4 0 4

Loans to other related parties 1,600,000 1,280,440 1,600,000 1,280,440

REMUNERATION OF THE EXECUTIVE BOARD

Group and Parent

EUR '000 2025 2024

Base salary 1,039 1,090

Other benefits 603 769

Pensions contributions 111 110

Shared-based payments 136 167

Total remuneration 1,889 2,136

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 36

4.2 RELATED PARTIES – CONTINUED

LONG-TERM INCENTIVE PROGRAMME (‘LTI’)

The LTI is calculated as a portion of the CEO’s fixed re-

muneration. On behalf of the CEO, Danske Commodities

A/S acquires shares equivalent to the net annual grant

amount. The shares are subject to a three-year lock-in

period and then released for the CEO’s disposal. If the

lock-in obligations are not fulfilled, the CEO must pay

back the gross value of the locked-in shares limited to

the gross value of the grant amount.

The level of the annual LTI reward is in the range of 20-

30% of the annual base salary for the participant on the

condition the CEO is invited to participate in the LTI

programme. The latest vesting date for granted LTI-pro-

grammes is 2026. The amount expensed for the LTI pro-

gramme amounted to EUR 142 thousand in 2025 (2024:

EUR 134 thousand).

The total recognised expense for the Executive Board

amounts to EUR 160 thousand in 2025 (2024: EUR 167

thousand) and was expensed in the period incurred.

ACCOUNTING POLICIES

Equinor ASA has established share-based incentive pro-

grammes which are equity-settled and in which the Ex-

ecutive Board and employees in the Group can partici-

pate. Danske Commodities compensates its parent en-

tity for the cost of both the LTI and the share savings

programme through intra-group recharges. The re-

charges are linked to the fair value of the programmes

and the vesting period. Recharged costs from the parent

entity are expensed in the period incurred. Costs related

to the share-based programmes are recognised in the in-

come statement within staff costs.

4.3 FINANCIAL INCOME AND EXPENSES

ACCOUNTING POLICIES

Financial income and expenses comprise interest in-

come and interest expenses, the interest element of

lease liabilities, realised and unrealised exchange rate

adjustments as well as surcharges and refunds under

the Tax Prepayment Scheme, etc. Other financial income

and expenses primarily comprise realised gains and

losses on exchange forward derivatives, interest on time

deposits and interest income on cash and cash equiva-

lents.

4.4 DISTRIBUTIONS MADE AND PROPOSED

Proposed dividends on ordinary shares are subject to

approval at the Annual General Meeting and are not

recognised as a liability as of 31 December 2025.

FINANCIAL INCOME

Group Parent

EUR '000 2025 2024 2025 2024

Interest income, group enterprises 35,447 56,338 37,054 57,900

Currency exchange gains 12 1,217 0 1,179

Other financial income 21,641 19,395 14,376 12,314

Total 57,100 76,950 51,430 71,393

FINANCIAL EXPENSES

EUR '000 2025 2024 2025 2024

Interest expense, group enterprises 385 934 385 934

Other financial expenses 4,993 35,947 4,531 34,774

Currency exchange losses 4,747 534 4,575 0

Interst on lease liabilities 809 175 677 29

Total 10,934 37,590 10,168 35,737

Group Parent

EUR '000

2025 2024

Cash dividends on ordinary shares declared and paid:

Final dividend for 2024: 0.86 EUR per share (2023: 4.29 EUR per share) 150,000 750,000 150,000 750,000

Proposed dividends on ordinary shares:

Final cash dividend for 2025: 8.57 EUR per share (2024: 0.86 EUR per

share)

1,500,000 150,000 1,500,000 150,000

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 37

WORKING CAPITAL

5.1 INVENTORIES

Inventories comprise gas and certificates for resale. Ex-

penses relating to the gas trading inventories and cer-

tificates trading inventories are recognised as ‘trading

income’. Expenses relating to other certificates are re-

cognised as ‘cost of sales’.

Costs related to certificate inventories expensed in the

income statement amounts to EUR 611,690 thousand

(2024: EUR 491,176 thousand).

There have been no write-downs on inventory at 31 De-

cember 2025.

ACCOUNTING POLICIES

The trading inventories are acquired with the purpose of

selling in the near future and generating a profit from

fluctuations in price or margin. Therefore, the Group

meets the criteria in IAS 2 for broker-traders.

As a result, trading inventories are measured at fair

value less cost to sell. Changes in fair value are recog-

nised in the income statement within ‘trading income

and revenue from contracts with customers'. The inven-

tories are valuated using the benchmark prices from the

appropriate gas hubs and categorised within level 2 of

the fair value hierarchy.

Certificate inventories, that are not held for trading, are

measured at the lower of cost according to FIFO and net

realisable value. The net realisable value of certificate

inventories is calculated at the amount expected to be

generated by sales during normal operations less-sell-

ing expenses. The net realisable value is determined al-

lowing for marketability, obsolescence and develop-

ment in expected sales.

In the event of a write-down of certificate inventories to

net realisable value, the write-down is expensed in the

period when the loss occurs. Any subsequent reversal of

a write-down, as a result of an increase in the net realis-

able value, will be recognised as a reduction in the

amount of inventory costs recognised in the period when

the increase has occurred.

5.2 TRADE RECEIVABLES

Group Parent

EUR '000 2025 2024 2025 2024

Gas trading inventories 196,085 376,195 196,085 376,195

Certificate trading inventories 790 19,207 790 19,207

Other certificates 12,310 1,293 12,310 1,293

Total 209,185 396,695 209,185 396,695

Group Parent

EUR '000 2025 2024 2025 2024

Trade receivables 442,004 770,669 439,812 769,346

Loss allowance -793 -317 -793 -317

Total receivables 441,211 770,352 439,019 769,029

LOSS ALLOWANCE

Group Parent

EUR '000 2025 2024 2025 2024

Loss allowance at 1 January 317 513 317 513

Loss allowance recognised in profit or loss during the year

793

317

793

317

Unused amounts reversed -317 -513 -317 -513

Total at 31 December 793 317 793 317

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 38

5.2 TRADE RECEIVABLES – CONTINUED

Information about the Group’s exposure to credit risk

and foreign currency risk can be found in notes 3.2 and

3.1. Information about the Group’s gross trade receiva-

bles balances at 31 December can be found in note 5.7.

Danske Commodities has received credit enhancements

such as bank guarantees and margin calls. These credit

enhancements have resulted in a decrease in the ex-

pected credit loss of 128 EUR thousand at 31 December

2025 (2024: 166 EUR thousand).

ACCOUNTING POLICIES

Trade receivables are amounts due from counterparties

for goods sold or services performed in the ordinary

course of business. Trade receivables are measured at

amortised cost less allowance for lifetime expected

credit losses. They are generally due for settlement

within 30 days and are therefore all classified as cur-

rent.

The Group applies the IFRS 9 simplified approach to

measuring expected credit losses which uses a lifetime

expected loss allowance for all trade receivables.

Therefore, the Group does not track changes in credit

risk but instead recognises a loss allowance based on

lifetime expected credit losses at each reporting date.

The Group has established a provision matrix that is

based on its historical credit loss experience, taking for-

ward-looking factors into account. The expected loss

rates are updated at each reporting date. There have

been no significant changes in the estimation tech-

niques and assumptions during the year.

In addition to the lifetime expected credit loss allow-

ance on trade receivables, the Group may also recog-

nise an impairment on a specific debtor if there is any

internal or external information indicating that a loss

will incur. When receivables have been written off, the

Group continues to engage in enforcement activity to

attempt to recover the receivable due. Recoveries made

are recognised in profit or loss.

Impairment losses on trade receivables are presented

as other external expenses within operating profit. Sub-

sequent recoveries of amounts previously written off are

credited against the same line item.

AGING OF TRADE RECEIVABLES, GROSS

2025

Group

EUR '000 Current Between 30 and 60 days More than 60 days Total

Expected loss rate 0% 49% 0%

Carrying amount - trade receivables 1,033,337 480 3,476 1,037,293

Loss allowance 545 235 13 793

2024

Group

EUR '000 Current Between 30 and 60 days More than 60 days Total

Expected loss rate 0% 4% 0%

Carrying amount - trade receivables 1,406,113 2,003 2,432 1,410,548

Loss allowance 236 73 8 317

2025

Parent

EUR '000 Current Between 30 and 60 days More than 60 days Total

Expected loss rate 0% 49% 0%

Carrying amount - trade receivables 1,031,145 480 3,476 1,035,101

Loss allowance 545 235 13 793

2024

Parent

EUR '000 Current Between 30 and 60 days More than 60 days Total

Expected loss rate 0% 4% 0%

Carrying amount - trade receivables 1,404,790 2,003 2,432 1,409,225

Loss allowance 236 73 8 317

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 39

5.3 OTHER RECEIVABLES

ACCOUNTING POLICIES

Other receivables are measured at amortised cost. They

are generally due for settlement within one year and are

therefore all classified as current.

In certain cases, the Group may consider a receivable

to be in default when internal or external information

indicates that the Group is unlikely to receive the out-

standing contractual amounts in full before considering

any credit enhancements held by the Group. A receiva-

ble is written off when there is no reasonable expecta-

tion of recovering the contractual cash flows.

5.4 OTHER PAYABLES

ACCOUNTING POLICIES

Other payables are measured at amortised cost. They

are generally due for settlement within one year and are

therefore all classified as current.

5.5 DEPOSITS RELATED TO TRADING

Deposits relating to trading activities within the Group

are the amounts of cash required to maintain or open a

trading position with certain counterparties. Deposits

related to trading consists of margin calls, clearing

bank margins and cash deposits.

Margin calls are a collateral payment to/from OTC

counterparties to cover changes in the value of underly-

ing assets used in futures/forward contracts. Cash de-

posits are used as collateral in order for the Group to

open a new position with certain counterparties.

Clearing bank margins consists primarily of initial mar-

gin paid to the clearing banks as collateral to cover for

losses of underlying future contracts traded on ex-

changes.

Margin calls are monitored daily by management and

increases/decreases in margin calls are transferred on

a daily basis to ensure credit risk is minimised to the

greatest extent possible under the applicable agree-

ments.

An obligation exists between the parties to repay the

deposit to the counterparty upon settlement of the con-

tracts. There are no other significant terms and condi-

tions associated with the use of collateral.

ACCOUNTING POLICIES

Deposits related to trading are measured at amortised

cost. They are generally due for settlement within one

year and are therefore all classified as current.

Group Parent

EUR '000 2025 2024 2025 2024

VAT receivables 40,064 35,336 30,693 26,345

Other receivables 16,449 20,312 13,487 0

Total 56,513 55,648 44,180 26,345

Group Parent

EUR '000 2025 2024 2025 2024

Staff obligations 19,450 23,431 18,275 22,813

Other payables 3,102 3,897 197 628

VAT payables 38 59 0 0

Total 22,590 27,387 18,472 23,441

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 40

5.6 PROVISIONS

ONEROUS CONTRACTS

Onerous contracts comprise contracts with delivery in

2026. The onerous contracts comprise contracts for

which the unavoidable costs for purchase of commodi-

ties exceed the economic benefits for the same com-

modities.

LITIGATION AND CLAIMS

The Group is party to a limited number of minor court

cases and legal disputes. In the Group’s assessment,

none of these will significantly impact Danske Com-

modities’ financial position, neither individually nor

collectively. The outcome of the claims may depend on

future events which are uncertain by nature.

ACCOUNTING POLICIES

Provisions are recognised when the Group has a present

obligation (legal or constructive) as a result of a past

event, it is probable that an outflow of resources em-

bodying economic benefits will be required to settle the

obligation and a reliable estimate can be made of the

amount of the obligation.

If the Group has a contract that is onerous, the present

obligation under the contract is recognised and meas-

ured as a provision. An onerous contract is a contract

under which the unavoidable costs (i.e. the costs that

the Group cannot avoid because it has the contract) of

meeting the obligations under the contract exceed the

economic benefits expected to be received under it.

Group

Parent

EUR '000

2025 2024 2025 2024

Onerous contracts

At 1 January

293

621

293

621

Utilised amounts

-195

-328

-195

-328

Litigation and claims

At 1 January

8,491

1,300

8,491

1,300

Arising during the year

327

7,191

327

7,191

Reversal of unused amounts

-199

Utilised amounts

-8,000

Total

717

8,784

717

8,784

Current

717

8,686

717

8,686

Non-current

Total

717

8,784

717

8,784

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 41

5.7 OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES

2025

EUR '000

Gross amounts of

recognised financial

asset/liability

Gross amounts offset

in the balance sheet

Net amounts

presented in the

balance sheet

Cash collateral

(received/pledged)

Net amount

Financial assets

Trade receivables 1,037,293 596,082 441,211 96,692 344,519

Derivative financial

instruments

1,153,999 924,210 229,789 21,528 208,261

Deposits related to

trading

474,204 419,888 54,316 0 54,316

Total 2,665,496 1,940,180 725,316 118,220 607,096

Financial liabilities

Trade payables 1,083,823 596,083 487,740 9,496 478,244

Derivative financial

instruments

1,135,248 915,870 219,378 2,124 217,254

Deposits related to

trading

546,447 428,227 118,220 0 118,220

Total 2,765,518 1,940,180 825,338 11,620 813,718

2024

EUR '000

Gross amounts of

recognised financial

asset/liability

Gross amounts offset

in the balance sheet

Net amounts

presented in the

balance sheet

Cash collateral

(received/pledged)

Net amount

Financial assets

Trade receivables 1,410,548 640,196 770,352 136,218 634,134

Derivative financial

instruments

1,597,747 1,316,935 280,812 21,532 259,280

Deposits related to

trading

741,993 687,236 54,757 0 54,757

Total 3,750,288 2,644,367 1,105,921 157,750 948,171

Financial liabilities

Trade payables 1,116,585 640,196 476,389 26,820 449,569

Derivative financial

instruments

1,693,858 1,341,413 352,445 3,760 348,685

Deposits related to

trading

820,508 662,758 157,750 0 157,750

Total 3,630,951 2,644,367 986,584 30,580 956,004

2025 Parent

Related amounts not set off in the balance sheet

EUR '000

Gross amounts of

recognised financial

asset/liability

Gross amounts offset

in the balance sheet

Net amounts

presented in the

balance sheet

Cash collateral

(received/pledged)

Net amount

Financial assets

Trade receivables 1,035,101 596,082 439,019 96,692 342,327

Derivative financial

instruments

1,068,499 902,754 165,745 21,528 144,217

Deposits related to

trading

452,970 400,936 52,034 0 52,034

Total 2,556,570 1,899,772 656,798 118,220 538,578

Financial liabilities

Trade payables 1,081,804 596,082 485,722 9,496 476,226

Derivative financial

instruments

1,041,352 893,842 147,510 2,124 145,386

Deposits related to

trading

528,068 409,848 118,220 0 118,220

Total 2,651,224 1,899,772 751,452 11,620 739,832

Related amounts not set off in the balance sheet

Group

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 42

5.7 OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES – CONTINUED

ACCOUNTING POLICIES

The Group assesses financial assets and liabilities on

an individual basis and uses that assessment as the unit

of account. Financial assets and liabilities are offset,

and the net amount is reported in the balance sheet

when the Group currently has a legally enforceable

right to offset the recognised amounts, and there is an

intention to settle on a net basis or realise the asset

and settle the liability simultaneously.

The Group enters into master netting agreements with

counterparties to manage the credit risks associated

primarily with over-the-counter commodity trading.

These master netting agreements enable the Group and

its counterparties to set off financial liabilities against

financial assets in the ordinary course of business as

well as in case of default. In addition, exchange-traded

commodity derivatives are offset towards collateral re-

ceipts/payments as a result of day-to-day cash settle-

ments based on change in fair value of open derivative

positions.

Amounts which cannot be offset under IFRS Accounting

Standards, but which could be offset if certain condi-

tions arise such as collateral received or pledged, are

presented in the table to show the total net exposure of

the Group.

2024 Parent

Related amounts not set off in the balance sheet

EUR '000

Gross amounts of

recognised financial

asset/liability

Gross amounts offset

in the balance sheet

Net amounts

presented in the

balance sheet

Cash collateral

(received/pledged)

Net amount

Financial assets

Trade receivables 1,409,225 640,196 769,029 136,218 632,811

Derivative financial

instruments

1,551,389 1,297,281 254,108 21,532 232,576

Deposits related to

trading

720,772 672,976 47,796 0 47,796

Total 3,681,386 2,610,453 1,070,933 157,750 913,183

Financial liabilities

Trade payables 1,114,639 640,196 474,443 26,820 447,623

Derivative financial

instruments

1,647,751 1,321,752 325,999 3,760 322,239

Deposits related to

trading

806,255 648,505 157,750 0 157,750

Total 3,568,645 2,610,453 958,192 30,580 927,612

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 43

5.8 CASH FLOW

ACCOUNTING POLICIES

Cash flow statement

The statement of cash flows is compiled using the indi-

rect method, showing cash flows from operating, invest-

ing and financing activities as well as cash and cash

equivalents at the beginning and end of the year for the

Group and the Parent Company, respectively.

Cash flows from operating activities

Cash flows from operating activities are calculated as

the net profit for the year adjusted for changes in work-

ing capital and non-cash operating items such as depre-

ciation, amortisation and impairment losses and provi-

sions.

Cash payments for short-term leases, leases of low

value assets and variable lease payments, which are

not included in the measurement of the lease liability

within operating activities, are classified as cash flows

from operating activities.

Working capital comprises current assets less short-

term debt excluding items included in cash and cash

equivalents.

Cash flows from investing activities

Cash flows from investing activities comprise cash

flows from acquisitions, disposals and other adjust-

ments of intangible assets, property, plant and equip-

ment as well as investments in subsidiaries and current

asset investments.

Cash flows from financing activities

Cash flows from financing activities comprise cash

flows from the raising and repayment of long-term debt,

repayment of lease liabilities, payments to and from

shareholders as well as payments to group cash pool.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and

in hand and short-term deposits with a maturity of three

months or less. The short-term deposits are highly li-

quid, readily convertible to known amounts of cash and

subject to an insignificant risk of changes in value and

are held for the purpose of meeting short-term cash

commitments.

CASH FLOW STATEMENT - NON-CASH ADJUSTMENTS

Group Parent

EUR '000 2025 2024 2025 2024

Financial income -57,100 -76,950 -51,430 -71,393

Financial expenses 10,934 37,590 10,168 35,737

Share of profit in subsidiaries after tax 0 0 14,308 4,776

Amortisation, depreciation, disposals and impairment losses 13,898 13,067 13,700 12,875

Tax on profit for the year 12,988 52,727 13,804 50,791

Exchange rate adjustments -1,748 -8,476 0 0

Total -21,028 17,958 550 32,786

CASH FLOW STATEMENT - CHANGE IN WORKING CAPITAL

Group Parent

EUR '000 2025 2024 2025 2024

Change in inventories 187,510 370,016 187,510 370,016

Change in trade and other receivables 256,124 59,179 259,990 52,042

Change in fair value of derivatives -82,044 459,211 -90,126 458,882

Change in trade and other payables -7,384 -182,897 -10,052 -182,980

Total 354,206 705,509 347,322 697,960

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 44

CAPITAL EMPLOYED

6.1 INTANGIBLE ASSETS

2025 Group

EUR '000

Contractual rights

Software

Software development

projects in progress

License rights

Cost at 1 January 94,618 30,666 1,381 0

Additions - internally developed 0 0 2,143 0

Additions 0 2,410 43 683

Disposals -6,157 -65 0 0

Exchange rate adjustments 1 -2 0 0

Transfers 0 1,492 -1,492

Cost at 31 December 88,462 34,501 2,075 683

Amortisation and impairment losses at 1 January 44,083 19,241 0 0

Amortisation for the year 7,176 2,848 0 0

Reversal of amortisations on disposals for the year

-6,157

-65

Amortisation and impairment losses at 31 December 45,102 22,024 0 0

Carrying amount at 31 December 43,360 12,477 2,075 683

2024 Group

EUR '000

Contractual rights

Software

Software development

projects in progress

Cost at 1 January 94,618 31,945 2,506

Additions - internally developed 0 0 1,419

Additions 0 2,069 170

Disposals 0 -6,062 0

Transfers 0 2,714 -2,714

Cost at 31 December 94,618 30,666 1,381

Amortisation and impairment losses at 1 January 36,364 22,829 0

Amortisation for the year 7,719 2,474 0

Reversal of amortisations on disposals for the year

-6,062

Amortisation and impairment losses at 31 December 44,083 19,241 0

Carrying amount at 31 December 50,535 11,425 1,381

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 45

6.1 INTANGIBLE ASSETS – CONTINUED

Contractual rights consist of power purchase agree-

ments (PPAs) and gas storage contracts which were ac-

quired in 2019 and 2020 from the ultimate Parent Com-

pany Equinor ASA. All the contracts were in operation at

the time of purchase by the Group. All contracts have

been acquired at a price reflecting fair value in the mar-

ket at the date of acquisition.

2025 Parent

EUR '000

Contractual rights

Software

Software development

projects in progress

Cost at 1 January 94,618 30,597 1,381

Additions - internally developed 0 0 2,143

Additions 0 2,386 43

Disposals -6,157 -65 0

Transfers 0 1,492 -1,492

Cost at 31 December 88,461 34,410 2,075

Amortisation and impairment losses at 1 January 44,083 19,240 0

Amortisation for the year 7,175 2,837 0

Reversal of amortisations on disposals for the year

-6,157

-65

Amortisation and impairment losses at 31 December 45,101 22,012 0

Carrying amount at 31 December 43,360 12,398 2,075

2024 Parent

EUR '000 Contractual rights Software

Software development

projects in progress

Cost at 1 January 94,618 31,945 2,506

Additions - internally developed 0 0 1,419

Additions 0 2,000 170

Disposals 0 -6,062 0

Transfers 0 2,714 -2,714

Cost at 31 December 94,618 30,597 1,381

Amortisation and impairment losses at 1 January 36,364 22,829 0

Amortisation for the year 7,719 2,473 0

Reversal of amortisations on disposals for the year

-6,062

Amortisation and impairment losses at 31 December 44,083 19,240 0

Carrying amount at 31 December 50,535 11,357 1,381

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 46

6.1 INTANGIBLE ASSETS – CONTINUED

ACCOUNTING POLICIES

Intangible assets are measured at cost less accumu-

lated amortisation and less any accumulated impair-

ment losses.

Cost comprises the cost of acquisition and expenses di-

rectly related to the acquisition up until the time when

the asset is ready for use.

Software projects containing significant development

aspects are identified as intangible assets when they

are clearly defined, identifiable, provide a development

opportunity for the Group and future use is intended.

Costs related to projects that do not meet the criteria

for recognition in the balance sheet are recognised as

expenses in the income statement as incurred. Develop-

ment costs previously recognised as an expense are not

recognised as an asset in a subsequent period.

Development costs that are directly attributable to the

design and testing of identifiable and unique projects,

including software products controlled by the Group,

are recognised as intangible assets when the following

criteria are met:

 it is technically feasible to complete the soft-

ware and it will be available for use

 management intends to complete the software

and use or sell it

 there is an ability to use or sell the software

 it can be demonstrated how the software will

generate probable future economic benefits

 adequate technical, financial and other re-

sources needed to complete the development

and to use or sell the software are available

 the expenditure attributable to the software

during its development can be reliably meas-

ured

Costs associated with maintaining the assets are re-

cognised as an expense as and when incurred. Directly

attributable costs that are capitalised as part of the as-

sets include employee costs.

Capitalised development costs are recorded as intangi-

ble assets and amortised from the point at which the

asset is ready for use.

Amortisation based on cost reduced by any residual

value is calculated on a straight-line basis over the ex-

pected useful lives of the assets, which are:

Contractual rights: 4-18 years

Software: 3-5 years

License: 7 years

For the parent entity, a reserve is recognised in equity

for software projects that meet the criteria as develop-

ment projects. The amount recognised corresponds to

the amount capitalised as intangible assets for these

projects since 1 January 2016. The reserve is reduced

concurrently with amortisation of the software projects

and presented after tax.

Intangible assets are tested for impairment whenever

events or changes in circumstances indicate that the

carrying amount may not be recoverable. The key as-

sumptions used by management to determine whether

external or internal indicators of impairment on intangi-

ble assets exist are commodity prices, market outlook

and secondary foreign exchange rates.

An impairment loss is recognised for the amount by

which the asset’s carrying amount exceeds its recovera-

ble amount. The recoverable amount is the higher of an

asset’s fair value less costs of disposal and value in

use. For the purposes of assessing impairment, assets

are grouped at the lowest levels for which there are sep-

arately identifiable cash inflows which are largely inde-

pendent of the cash inflows from other assets or groups

of assets (cash-generating units). Intangible assets that

suffered an impairment are reviewed for possible rever-

sal of the impairment at the end of each reporting pe-

riod.

Management assesses the risk of impairment of the

Group’s intangible assets. This requires judgement in re-

lation to the identification of cash-generating units

(CGUs) and other underlying assumptions used.

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 47

6.2 PROPERTY, PLANT AND EQUIPMENT

2025 Group

EUR '000

Other fixtures

and fittings, tools

and equipment

Right-of-use assets

Leasehold

improvements

Cost at 1 January 7,712 8,331 2,172

Additions 5,013 46,044 2,532

Disposals -153 -6,766 -1,996

Exchange rate adjustments -3 -27 -8

Cost at 31 December 12,569 47,582 2,700

Depreciation and impairment losses at 1 January 4,591 6,523 2,044

Depreciation for the year 1,956 1,723 193

Exchange rate adjustments -1 -9 -9

Reversal of depreciation on disposals for the year

-153

-6,764

-1,996

Depreciation and impairment losses at 31 December 6,393 1,473 232

Carrying amount at 31 December 6,176 46,109 2,468

2024 Group

EUR '000

Other fixtures

and fittings, tools

and equipment

Right-of-use assets

Leasehold

improvements

Cost at 1 January 7,757 8,451 2,206

Additions 1,174 205 0

Disposals -1,199 -79 0

Exchange rate adjustments -20 -246 -34

Cost at 31 December 7,712 8,331 2,172

Depreciation and impairment losses at 1 January 4,294 5,292 2,007

Depreciation for the year 1,499 1,333 42

Exchange rate adjustments -3 -23 -5

Reversal of depreciation on disposals for the year

-1,199

-79

Depreciation and impairment losses at 31 December 4,591 6,523 2,044

Carrying amount at 31 December 3,121 1,808 128

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 48

6.2 PROPERTY, PLANT AND EQUIPMENT – CONTINUED

ACCOUNTING POLICIES

Individual components of property, plant and equip-

ment that have different useful lives are accounted for

as separate items, which are depreciated separately.

Property, plant and equipment is measured at cost less

accumulated depreciation and less any accumulated

impairment losses.

Cost comprises the cost of acquisition and expenses di-

rectly related to the acquisition up until the time when

the asset is ready for use.

Depreciation based on cost reduced by any residual

value is calculated on a straight-line basis over the ex-

pected useful lives of the assets, which are:

Other fixtures and fittings, tools and equipment: 3-5

years

Leasehold improvements: 2-5 years

Right-of-use assets, cars: 2-5 years

In the case of changes in the depreciation period or the

residual value, the effect on the depreciation charges is

recognised prospectively as a change in accounting es-

timates if the amount is material.

Carrying amounts of property, plant and equipment are

reviewed on an annual basis to determine whether there

is any indication of impairment other than that ex-

pressed by depreciation. If so, an impairment test is

carried out to determine whether the recoverable

amount is lower than the carrying amount, and the asset

is written down to its lower recoverable amount.

The recoverable amount of the asset is calculated as

the higher of net selling price and value in use. When a

recoverable amount cannot be determined for the indi-

vidual asset, assets are assessed in the smallest group

of assets for which a reliable recoverable amount can

be determined based on an overall assessment.

Right-of-use assets, offices: 5-21 years

2025 Parent

EUR '000

Other fixtures

and fittings, tools

and equipment

Right-of-use assets

Leasehold

improvements

Cost at 1 January 7,562 7,066 1,996

Additions 5,003 45,982 2,535

Disposals -153 -6,766 -1,996

Cost at 31 December 12,412 46,282 2,535

Depreciation and impairment losses at 1 January 4,540 6,335 1,996

Depreciation for the year 1,935 1,590 160

Reversal of depreciation on disposals for the year

-153

-6,763

-1,996

Depreciation and impairment losses at 31 December 6,322 1,162 160

Carrying amount at 31 December 6,090 45,120 2,375

2024 Parent

EUR '000

Other fixtures

and fittings, tools

and equipment

Right-of-use assets

Leasehold

improvements

Cost at 1 January 7,597 6,994 1,996

Additions 1,164 151 0

Disposals -1,199 -79 0

Cost at 31 December 7,562 7,066 1,996

Depreciation and impairment losses at 1 January 4,260 5,217 1,989

Depreciation for the year 1,479 1,197 7

Reversal of depreciation on disposals for the year

-1,199

-79

Depreciation and impairment losses at 31 December 4,540 6,335 1,996

Carrying amount at 31 December 3,022 731 0

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 49

6.3 LEASES

The Group has lease contracts for various items of of-

fice spaces, vehicles and other equipment used in its

operations. Leases of office spaces generally have

lease terms between five and twenty-one years, while

motor vehicles and other equipment generally have

lease terms between one and five years.

The total cash outflows for leases amounted to EUR 3.1

million for the Group and 2.6 million for the Parent in

2025 (2024: EUR 1.7 million for the Group and for the Par-

ent).

ACCOUNTING POLICIES

The Group leases various offices, warehouses, equip-

ment and vehicles.

Leases are recognised as a right-of-use asset and a cor-

responding liability at the date at which the leased as-

set is available for use by the Group. Lease liabilities

are initially recognised at the present value of future

lease payments including payments from extension or

purchase options that are considered reasonably cer-

tain to be exercised.

The lease liability is measured using the implicit bor-

rowing rate in the contracts or, when this is not availa-

ble, the Group’s average incremental borrowing rate at

the date of inception.

Short-term leases and leases of low value of EUR five

thousand and below are accounted for as low-value-as-

sets and recognised as expenses in the income state-

ment on a straight-line basis over the lease term.

Subsequent to initial measurement, the liability will be

reduced with payments made and increased with inter-

est. 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 peri-

odic rate of interest on the remaining balance of the lia-

bility 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 com-

mencement date

The lease assets are depreciated using the straight-line

method over the shorter of the expected lease term and

the useful life of the underlying asset. The lease assets

are tested for impairment whenever there is an indica-

tion that the assets may be impaired. No impairment in-

dicators were identified at 31 December 2025.

CARRYING AMOUNT OF RIGHT-OF-USE ASSETS

Group Parent

EUR '000 2025 2024 2025 2024

Land and buildings 46,004 1,615 45,015 538

Motor vehicles 105 193 105 193

Total 46,109 1,808 45,120 731

AMOUNTS RECOGNISED IN THE INCOME STATEMENT

Group Parent

EUR '000 2025 2024 2025 2024

Depreciation of right-of-use assets 1,723 1,333 1,590 1,197

Interest on lease liabilities 809 175 677 29

Expenses relating to low-value leases 63 45 63 45

Total 2,595 1,553 2,330 1,271

LEASE LIABILITIES

Group Parent

EUR '000 2025 2024 2025 2024

Opening value 1 January 1,991 3,389 791 1,914

New leases 47,866 643 47,383 624

Payment of principal portion of lease liabilities -3,110 -2,041 -2,573 -1,747

Total 46,747 1,991 45,601 791

Current 1,244 798 1,140 707

Non-current 45,503 1,193 44,461 84

Balance at 31 December 46,747 1,991 45,601 791

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 50

6.4 INVESTMENTS IN SUBSIDIARIES

ACCOUNTING POLICIES

Share of profit in subsidiaries after tax

The separate line item ‘share of profit in subsidiaries af-

ter tax’ in the income statement includes the propor-

tionate share of the underlying entities’ profit after tax

for the year.

Investments in subsidiaries

The Parent Company has chosen to apply the equity

method as the measurement method, and investments in

subsidiaries are measured accordingly.

On initial recognition, investments in subsidiaries are

measured at cost plus transaction costs and included in

the line item ‘investments in subsidiaries’ in the balance

sheet.

The total net revaluation of investments in subsidiaries

is transferred upon distribution of profit to ‘reserve un-

der the equity method’ in equity. The reserve is reduced

by dividends distributed to the Parent Company and ad-

justed for other equity movements in the subsidiaries.

Subsidiaries with a negative net asset value are recog-

nised at EUR 0 and any receivables from them are writ-

ten down by the Parent Company’s share of the negative

net asset value. Any legal or constructive obligation of

the Parent Company to cover the negative balance of

the enterprise is recognised in provisions.

Investments in subsidiaries measured at net asset value

are subject to impairment test requirements if there is

any indication of impairment.

6.5 CURRENT ASSET INVESTMENTS

Current asset investment consists of time deposits. The

investments are made for the purpose of receiving cash

flows consisting solely of payments of principal and in-

terest to optimise the return of surplus liquidity and are

measured at amortised cost.

Parent

EUR '000

2025 2024

Cost at 1 January 77,668 71,668

Additions 10,669 6,000

Cost at 31 December 88,337 77,668

Value adjustments at 1 January -1,809 58,738

Exchange rate adjustments -1,768 -8,745

Net profit for the year -14,308 -4,776

Dividend paid 0 -47,026

Value adjustments at 31 December -17,885 -1,809

Carrying amount at 31 December 70,452 75,859

The financial statements of the Parent Company include:

Name

Share capital

Danske Commodities Albania Sh.p.k. Albania tALL 877,805 100%

Danske Commodities APAC Pte. Ltd. Singapore tSGD 17,000 100%

Danske Commodities Australia Pty Limited Australia tAUD 2,000 100%

Danske Commodities BH d.o.o. Bosnia and Herzegovina tBAM 20,561 100%

Danske Commodities Comercializadora de Energia Ltda Brazil tBRL 288,000 100%

Danske Commodities Deutschland GmbH Germany tEUR 25 100%

Danske Commodities DOOEL Skopje North Macedonia tMKD 55,822 100%

Danske Commodities Japan GK Japan tJPY 1,000 100%

Danske Commodities Kosovo SH.P.K. Kosovo tEUR 1 100%

Danske Commodities Poland Sp. Z o. o. Poland tPLN 5 100%

Danske Commodities Sweden AB Sweden tSEK 50 100%

Danske Commodities Turkey Enerji Ticaret A.Ş. Turkey tTRY 61,700 100%

Danske Commodities Ukraine LLC Ukraine tUAH 229 100%

Danske Commodities UK Limited United Kingdom tGBP 0 100%

Votes and

ownership

Place of registered office

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 51

TAX

7.1 TAX ON PROFIT FOR THE YEAR

ACCOUNTING POLICIES

Tax for the year consists of current tax for the year and

deferred tax for the year as well as adjustments of tax

and deferred tax relating to prior years. The tax attribut-

able to the profit for the year is recognised in the in-

come statement, whereas the tax attributable to equity

transactions is recognised directly in equity.

Any changes in deferred tax due to changes to tax rates

are recognised in the income statement.

The Parent Company is subject to the Danish rules on

compulsory joint taxation of the Danish group enter-

prises. The tax effect of the joint taxation is allocated

to enterprises showing profit or loss in proportion to

their taxable incomes. The jointly taxed enterprises

have adopted the on-account taxation scheme.

7.2 DEFERRED TAX

Deferred tax and provision for deferred tax comprise all

temporary differences between the carrying amount and

the tax base of intangible assets, property, plant and

equipment, receivables and short-term debt.

Group Parent

EUR '000 2025 2024 2025 2024

Current tax for the year 15,297 43,676 16,099 41,969

Deferred tax for the year -3,912 3,545 -3,910 3,659

Adjustment of tax relating to prior years -416 5,118 -397 4,553

Adjustment of deferred tax relating to prior years 2,019 388 2,012 610

Total tax for the year 12,988 52,727 13,804 50,791

The total contribution for the year is specified as follows:

Profit for the year before tax 39,850 202,030 40,666 200,094

Adjustments (non-deductible) 10,143 11,038 14,740 7,305

Tax on profit for the year 11,385 47,221 12,189 45,628

Effective tax rate 28.6% 23.4% 30.0% 22.8%

Tax on profit for the year can be explained as follows:

Calculated tax (22%) 8,767 44,447 8,947 44,021

Calculated tax in foreign subsidiaries in relation to 22% -742 346 0 0

Non-deductible costs and non-taxable income 3,360 2,428 3,242 1,607

Effective tax for the year 11,385 47,221 12,189 45,628

Group Parent

EUR '000 2025 2024 2025 2024

Deferred tax at 1 January -10,338 -14,271 -10,107 -14,376

Deferred tax recognised in profit for the year -1,893 3,933 -1,898 4,269

Deferred tax 31 December -12,231 -10,338 -12,005 -10,107

The items are recognised in the balance sheet as follows:

Deferred tax asset

-12,231

-10,338

-12,005

-10,107

Total -12,231 -10,338 -12,005 -10,107

Deferred tax can be explained as follows:

Property, plant and equipment -2,146 -417 -2,146 -417

Intangible assets 3,032 2,582 3,032 2,802

Current liabilities -406 -2,977 -406 -2,977

Derivative financial instruments -12,425 -9,214 -12,210 -9,214

Other -286 -312 -275 -301

Total -12,231 -10,338 -12,005 -10,107

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 52

7.2 DEFERRED TAX – CONTINUED

ACCOUNTING POLICIES

Current tax receivables and liabilities

Current tax receivables and liabilities are recognised in

the balance sheet at the amount calculated on the ba-

sis of the expected taxable income for the year adjusted

for tax on taxable incomes for prior years and tax paid

on account. Tax receivables and liabilities are offset if

there is a legally enforceable right of set-off and an in-

tention to settle on a net basis or simultaneously.

Joint taxation contributions payable and receivable are

recognised in the balance sheet as corporation tax re-

ceivable or corporation tax payable.

Deferred tax assets and liabilities

Deferred tax is recognised in respect of all temporary

differences between the carrying amount and the tax

base of assets and liabilities.

Deferred tax assets, including the tax base of tax loss

carry-forwards, are measured at the value at which the

asset is expected to be realised, either by elimination in

tax on future earnings or by set-off against deferred tax

liabilities.

Deferred tax assets and liabilities are offset within the

same legal tax entity and jurisdiction.

Deferred tax is measured according to the tax rules and

at the tax rates applicable in the respective countries

at the balance sheet date when the deferred tax is ex-

pected to crystallise as current tax.

OTHER NOTES

8.1 AUDITORS’ FEES

Fees to statutory auditors comprise fees to auditors ap-

pointed by the Company at the Annual General Meeting.

Audit related services comprise of services related to

other reporting requirements to group auditors.

8.2 OTHER COMMITMENTS AND CONTINGENT LIABILITIES

GAS STORAGES, GAS CAPACITIES AND CERTIFICATE FOR-

WARDS

The Group has entered into various long-term agree-

ments for storage of gas and gas capacities. The agree-

ments ensure the rights to the capacity or volumes in

question but also impose on the Group the obligation to

pay for the agreed-upon service, irrespective of actual

use.

The Group has also entered into agreements for the pur-

chase of physical certificates at a fixed price.

The terms of the contracts vary, with durations of up to

six years.

GUARANTEES

The Parent Company has provided guarantees and secu-

rities for related parties to third parties with a carrying

amount of EUR 50,350 thousand (2024: EUR 47,064 thou-

sand).

OTHER COMMITMENTS

The Danish group enterprises are jointly and severally li-

able for tax on the taxable income, etc. in the joint tax-

ation. Danske Commodities A/S is the administration

company of the jointly taxed companies. Furthermore,

the Danish group enterprises are jointly and severally li-

able for Danish withholding taxes such as tax on divi-

dend, royalty and interests. Any subsequent adjustments

to corporation tax and withholding taxes may increase

the Company’s obligations.

Group Parent

EUR '000 2025 2024 2025 2024

Statutory audit 693 1,252 693 1,252

Audit related services 175 188 175 188

Total 868 1,440 868 1,440

MATURITY OF GAS STORAGE, GAS CAPACITY AGREEMENTS AND

CERTIFICATES

Group and Parent

EUR '000

2026 59,536

2027 42,601

2028 26,811

2029 9,736

2030 4,822

2031 490

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 53

8.3 STANDARDS ISSUED BUT NOT YET EFFECTIVE

The new and amended standards and interpretations

that are issued, but not yet effective, up to the date of

issuance of the Group’s financial statements are dis-

closed below. The Group intends to adopt these new and

amended standards and interpretations, if applicable,

when they become effective.

IFRS 18: PRESENTATION AND DISCLOSURE IN FINANCIAL

STATEMENTS

In April 2024, the IASB issued IFRS 18, which replaces

IAS 1 Presentation of Financial Statements. IFRS 18

introduces new requirements for presentation within the

statement of profit or loss, including specified totals

and subtotals. Furthermore, entities are required to

classify all income and expenses within the statement

of profit or loss into one of five categories: operating,

investing, financing, income taxes and discontinued op-

erations, whereof the first three are new.

It also requires disclosure of newly defined manage-

ment-defined performance measures, subtotals of in-

come and expenses, and includes new requirements for

aggregation and disaggregation of financial infor-

mation based on the identified ‘roles’ of the primary fi-

nancial statements (PFS) and the notes.

In addition, narrow-scope amendments have been made

to IAS 7 Statement of Cash Flows, which include chang-

ing the starting point for determining cash flows from

operations under the indirect method, from ‘profit or

loss’ to ‘operating profit or loss’ and removing the op-

tionality around classification of cash flows from divi-

dends and interest. In addition, there are consequential

amendments to several other standards.

IFRS 18, and the amendments to the other standards, are

effective for reporting periods beginning on or after 1

January 2027, but earlier application is permitted and

must be disclosed. IFRS 18 will apply retrospectively.

The initial expected material impacts on the Group’s fi-

nancial statements are, as follows:

 Foreign exchange differences will be classified

in the same category as the income and ex-

pense it relates to.

 New disclosure will be added: (a) manage-

ment-defined performance measures; (b) speci-

fied expense by nature if expenses are pre-

sented by function in the operating category of

the statement of profit or loss; and (c) a recon-

ciliation for each line item in the statement of

profit or loss between the restated amounts

presented applying IFRS 18 and the amounts

previously presented applying IAS 1.

IFRS 19: SUBSIDIARIES WITHOUT PUBLIC ACCOUNTABIL-

ITY: DISCLOSURES

In May 2024, the IASB issued IFRS 19, which allows eligi-

ble entities to elect to apply its reduced disclosure

requirements while still applying the recognition, meas-

urement and presentation requirements in other IFRS

accounting standards. To be eligible, at the end of the

reporting period, an entity must be a subsidiary as

defined in IFRS 10, cannot have public accountability

and must have a parent (ultimate or intermediate) that

prepares consolidated financial statements, available

for public use, which comply with IFRS accounting

standards.

IFRS 19 will become effective for reporting periods be-

ginning on or after 1 January 2027, with early applica-

tion permitted.

The amendments are not expected to have a material

impact on the Group’s financial statements.

CLASSIFICATION AND MEASUREMENT OF FINANCIAL IN-

STRUMENTS: AMENDMENTS TO IFRS 9 AND IFRS 7

In May 2024, the IASB issued amendments to IFRS 9 and

IFRS 7.

The amendments clarify that a financial liability is de-

recognised on the ‘settlement date’, i.e., when the re-

lated obligation is discharged, cancelled, expires or the

liability otherwise qualifies for derecognition. It also

introduces an accounting policy option to derecognise

financial liabilities that are settled through an elec-

tronic payment system before settlement date if certain

conditions are met.

The amendments will become effective for reporting pe-

riods beginning on or after 1 January 2026, with early

application permitted.

The amendments are not expected to have a material

impact on the Group’s financial statements.

CONTRACTS REFERENCING NATURE-DEPENDENT ELEC-

TRICITY: AMENDMENTS TO IFRS 9 AND IFRS 7

In December 2024, the IASB issued amendments to IFRS

9 and IFRS 7, to help companies better report the finan-

cial effects of power purchase agreements (PPAs).

The amendments include:

 clarifying the application of the ‘own-use’ re-

quirements;

 permitting hedge accounting if these contracts

are used as hedging instruments; and

 adding new disclosure requirements to enable

investors to understand the effect of these con-

tracts on a company’s financial performance

and cash flows.

The amendments will become effective for reporting pe-

riods beginning on or after 1 January 2026, with early

application permitted.

The Group does not hold PPAs for the intention of using

the power in its own production. Any difference between

the expected purchase under a PPA and the actual pur-

chase does therefore not generate an expectation to

purchase an equivalent volume of electricity.

Therefore, the amendments are not expected to have a

material impact on the Group’s financial statements.

Annual Report 2025 NOTES TO FINANCIAL STATEMENTS 54

8.4 EVENTS AFTER THE BALANCE SHEET DATE

No events have occurred since the balance sheet date

which could materially impact the Group or the Parent

Company’s financial position.

8.5 DEFINITIONS

DEFINITIONS OF FINANCIAL RATIOS

OTHER DEFINITIONS

Danske Commodities refers to the Group.

Danske Commodities A/S refers to the Parent Company.

IFRS Accounting Standards is used synonymously with IFRS® Accounting Standards.

Equity ratio =

Equity x 100

Total assets

Cost to income =

(Gross profit - EBIT) x 100

Gross profit

Return on capital employed =

EBIT x 100

Average total equity plus net interest bearing debt