CI Artemis II K/S
Gdanskgade 18, 12.
2150 Nordhavn
CVR No. 40978720
Annual report 2025
The Annual General Meeting adopted the
annual report on 18.03.2026
Chairman of the General Meeting
CI Artemis II K/S | Contents 1
Contents
Fund details 2
Statement by the General Partner on the annual report 3
Management commentary 4
Independent auditor's report 7
Statement of comprehensive income 10
Statement of financial position as at 31.12.2025 11
Statement of changes in net assets attributable to the Limited Partners 13
Statement of cash flows 14
Table of notes 15
Notes to the financial statements 16
Appendix 1 - Information according to the Alternative Investment Fund
Managers Directive (unaudited)
32
Supplementary report on disclosures in accordance with the SFDR
(unaudited)
33
CI Artemis II K/S | Fund details 2
Fund details
Fund
Business Registration No.: 40978720
Date of foundation: 03.12.2019
Registered office: Copenhagen
Financial period: - 01.01.2025 31.12.2025
Phone number: +4570705151
URL: www.cip.com
General Partner
CI Artemis II GP
Board of Directors in CI Artemis II GP
Thomas Hinrichsen
Ulrik Kloss Fenneberg
Fund Manager
Copenhagen Infrastructure Partners P/S
Approved Manager of Alternative Investment Funds (Danish FSA number: 23104)
Auditors
Denmark
CI Artemis II K/S | Statement by the General Partner on the annual report 3
On behalf of CI Artemis II GP ApS
CI Artemis II K/S | Management commentary 4
Management commentary
Financial highlights
EUR
2025
'000
EUR
2024
'000
EUR
2023
'000
2022
EUR'000
2021
EUR'000
Key figures
Operating profit/(loss) (EBIT) 12,150 9,654 (25,714) 16,556 7,102
Financial results, net 11 23 20 8 (7)
Increase / (decrease) in net
assets attributable to Limited
Partners
12,161 9,677 (25,694) 16,564 7,096
Net Assets attributable to
Limited Partners
92,808 94,316 114,801 150,516 158,144
Total Assets 92,854 94,365 114,837 150,552 158,165
Ratios
Liquidity ratio (%) 3,371.70 4,214.29 5,255.56 5,277.94 9,456.94
Solvency ratio (%) 99.95 99.95 99.97 99.98 99.99
Return on equity (%) 13.00 9.26 (19.37) 10.73 4.46
Financial highlights are defined and calculated as below.
Ratios Calculation formula Ratios reflect
Liquidity ratio (%) Current assets x 100
Current liabilities
The Fund’s financial strength
Solvency ratio (%) Net assets x 100
Total assets
The Fund’s financial strength
Return on equity (%) Profit for the period x 100
Average net assets
The Fund’s profitability
Primary activity
CI Artemis II K/S (CI A II) was established in December 2019 and is managed by Copenhagen Infrastructure
Partners P/S. The General Partner of CI A II is CI Artemis II GP ApS.
At the end of 2025 the Limited Partners have committed EUR 310m to CI A II for infrastructure investments in
primarily Germany.
CI Artemis II K/S | Management commentary 5
Investments
At the end of 2024, CI A II had reached final investment decision (FID) on 3 investments, BorWin1, BorWin2,
HelWin2 and DolWin2.
In Q1 2020, CI A II acquired a 51% share in the offshore transmission assets BorWin1, BorWin2, HelWin2 and
DolWin2 of approximately 34% (economic ownership). All assets are fully operational.
Development in activities and finances
Market conditions remained overall stable in 2025, with no significant shifts in interest rates or inflation,
supporting a steady economic outlook for Germany and reflecting a consistent trend throughout the year. The
interest rate increased slightly by 0.1%, leading to a modest upward adjustment in the CI Artemis Fund’s discount
rate. Meanwhile, inflation expectations for Germany in 2026 were revised up by 0.1% compared to the forecast,
while longer-term projections remained stable. The Fund’s overall Gross Asset Value (GAV) remained stable
throughout the year.
The income/(loss) from investments (Operating income) in 2025 amounts to EUR 13m (2024: 11m) and the
Profit/(loss) for the period amounts to a gain/(loss) of EUR 12m (2024 9.7m). The gain is due to an increase in
investment income as a result of FV adjustment related to 2025 distribution budget update, updated forecast on
long-term regulatory revenue, and a higher upstream guarantee fee margin. The profit is in line with the
expectation.
Limited Partners’ paid-in capital to the Fund at the end of 2025 amounted to EUR 280m. Net contributed capital
thus equals 90% of the committed capital of EUR 310m. Accumulated distributions to Limited Partners amounted
to EUR 237m since the fund initiation and accumulated net income/(loss) at the end of 2025 amounted to EUR
50m. Net assets attributable to Limited Partners at the end on 2025 amounts to EUR 93m.
Uncertainty relating to recognition and measurement
CI A II invests in infrastructure projects structured to provide stable cash flows, but where transferability and cash
flows may to a certain extent still be affected by changes in market conditions. Consequently, the fair value of the
investments is based on estimates and a number of assumptions made by the Fund Manager and the General
Partner on the balance sheet date.
Events after the balance sheet date
No events have occurred after the balance sheet date to this date which would influence the evaluation of this
annual report.
Corporate social responsibility
An independently assured ESG Report for 2025 represents the Fund’s compliance with the statutory statement on
corporate social responsibility, gender composition of management, data ethics and diversity in accordance with
sections 99a, b and d of the Danish Financial Statements Act
The report is available on: Https://www.cip.com/commitment/esg-reporting/
Gender diversity
Regarding the gender target requirement at the level of the Board of Directors, the highest management body in
the Fund is another company, and as such it is not possible to set target figures. Further, as there are no
employees in the Fund, there is no policy covering gender targets at other management levels.
CI Artemis II K/S | Management commentary 6
Supplementary report on disclosures in accordance with SFDR
This financial product was closed prior to 10 March 2021 before the criteria for “sustainable investment” within
the meaning of Article 2 (17) of EU Regulation 2019/2088 was applicable and/or available. As a result, the
investments underlying this financial product do not take into account the EU criteria for sustainable investment
objective. As such, this financial product is classified as an Article 8 product, which promotes, among other
characteristics, environmental or social characteristics.
The product level periodic disclosure – Annex IV of the Commission Delegated Regulation (EU) 2022/1288, is
found in Appendix 2.
Information according to the Alternative Investment Fund Managers Directive
According to Article 22 of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on
Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations
(EC) No 1060/2009 and (EU) No 1095/2010, Alternative Investment Funds (AIF) must make certain disclosures to
investors in connection with the presentation of financial statements. These disclosures can be found in
Appendix 1.
CI Artemis II K/S | Independent auditor's report 7
Independent auditor's report
CI Artemis II K/S | Independent auditor's report 8
CI Artemis II K/S | Independent auditor's report 9
CVR No. 33963556
Identification No (MNE) mne30131
Identification No (MNE) mne52611
CI Artemis II K/S | Statement of comprehensive income 10
Statement of comprehensive income
Notes
2025
EUR'000
2024
EUR'000
Interest income 4,015 4,677
Unrealised gains from financial assets at fair value 9,196 13,900
Unrealised losses from financial assets at fair value 0 (7,830 )
Operating income/(loss) 13,211 10,747
Administrative expenses 3 (1,061 ) (1,093 )
Operating expenses (1,061 ) (1,093 )
Operating profit/(loss) (EBIT) 12,150 9,654
Financial income 4 15 25
Financial expenses 5 (4 ) (2 )
Increase / (decrease) in net assets attributable to Limited
Partners
Comprehensive income 12,161 9,677
The notes form an integral part of these financial statements.
CI Artemis II K/S | Statement of financial position as at 31.12.2025 11
Statement of financial position as at
31.12.2025
Assets
Notes
2025
EUR'000
2024
EUR'000
Equity investments 6 29,755 24,709
Receivables from investments 6 61,549 67,591
Investments 91,304 92,300
Non-current assets 91,304 92,300
Prepayments 959 1,027
Cash and cash equivalents 591 1,038
Current assets 1,550 2,065
Total assets 92,854 94,365
The notes form an integral part of these financial statements.
CI Artemis II K/S | Statement of financial position as at 31.12.2025 12
Net assets and liabilities
Notes
2025
EUR'000
2024
EUR'000
Limited partnership capital 7 280,256 279,406
Retained earnings (187,448 ) (185,090 )
Net assets attributable to Limited Partners 92,808 94,316
Other payables 8 46 49
Current liabilities 46 49
Total liabilities 46 49
Total liabilities and net assets attributable to Limited
Partners
The notes form an integral part of these financial statements.
CI Artemis II K/S | Statement of changes in net assets attributable to the Limited Partners 13
Statement of changes in net assets
attributable to the Limited Partners
Limited
partnership
capital
EUR'000
Retained
earnings
EUR'000
Total
EUR'000
Net assets 01.01.2025 279,406 (185,090 ) 94,316
Contributions from Limited Partners and General partner 850 0 850
Distributions to Limited Partners 0 (14,519 ) (14,519 )
Profit/(loss) for the period 0 12,161 12,161
Net assets 31.12.2025 280,256 (187,448 ) 92,808
Limited
partnership
capital
EUR'000
Retained
earnings
EUR'000
Total
EUR'000
Net assets 01.01.2024 278,556 (163,755 ) 114,801
Contributions from Limited Partners and General Partner 850 0 850
Distributions to Limited Partners and General Partner 0 (31,012 ) (31,012 )
Profit/(loss) for the period 0 9,677 9,677
Net assets 31.12.2024 279,406 (185,090 ) 94,316
The investors have committed themselves to contributing up to EUR 310m to the Fund. At , the
investors have contributed an amount of EUR 280m causing the balance of undrawn commitment to stand at
EUR 30m.
Distributions to Limited Partners comprise return of capital and realised gain.
Committed capital will be contributed to the Fund when capital is called to serve costs or to perform the
investment activity. The Commitments shall be honoured by payments by the Limited Partners on a pro rata
basis according to their respective Commitments into a Deposit Account of the Limited Partnership as and when
required by a written notice to the Limited Partners. Additional specific conditions for capital contributions or
recycling of distributions are laid out in the Limited Partnership Agreement.
Please refer to note 7 for further information regarding the rights, preferences and restrictions attached to the
shares.
The notes form an integral part of these financial statements.
31.12.2025
CI Artemis II K/S | Statement of cash flows 14
Statement of cash flows
Notes
2025
EUR'000
2024
EUR'000
Operating profit/(loss) (EBIT) 12,150 9,654
Interest income (4,015 ) (4,677 )
Unrealised gains from financial assets at fair value (9,196 ) (13,900 )
Unrealised losses from financial assets at fair value 0 7,830
Change in receivables 68 73
Change in payables (3 ) 13
(996 ) (1,007 )
Received financial income 4 15 25
Paid financial expenses 5 (4 ) (2 )
Cash flows from operating activities (985 ) (984 )
Distributions from equity investments 6 4,150 13,900
Distributions from receivables from investments 6 10,057 17,492
Cash flows from investing activities 14,207 31,392
Contributions from Limited Partners 850 850
Distributions to Limited Partners (14,519 ) (31,012 )
Cash flows from financing activities (13,669 ) (30,162 )
Increase/decrease in cash and cash equivalents (447 ) 246
Cash beginning of year 1,038 792
Cash end of year 591 1,038
The notes form an integral part of these financial statements.
CI Artemis II K/S | Table of notes 15
Table of notes
1 Material accounting principles
2 Material accounting estimates, assumptions and
uncertainties
3 Administrative expenses
4 Financial income
5 Financial expenses
6 Investments
7 Limited Partnership capital
8 Other payables
9 Financial instruments
10 Financial risk management
11 Financial instruments measured at fair value
12 Related parties
13 Contingent liabilities
14 Investors
15 Events after the balance sheet date
16 Authorisation of the annual report for issue
CI Artemis II K/S | Notes to the financial statements 16
Notes to the financial statements
Material accounting principles1
Reporting class
The financial statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU
and additional disclosure requirements of the Danish Financial Statements Act governing reporting class B
enterprises with addition of a few provisions for reporting class C .
The expected lifetime of the Limited Partnership is 24 years from the date of commence as set out in the Limited
Partnership Agreement. The Limited Partnership qualifies as an unregulated alternative investment fund in
compliance with the AIFMD.
The financial period runs from 1 January to 31 December each year. The accounting policies applied to these
financial statements are consistent with those applied last year.
The financial statements are presented in , which is the functional currency of the Fund.
The Fund is determined to be an investment entity in accordance with IFRS 10, Consolidated Financial
Statements, and has therefore accounted for subsidiaries as well as investments in associates and joint ventures
as investments designated at fair value through profit or loss where the relevant criteria under IFRS 10 are met.
EUR
The financial statements are presented on the basis of going concern.
The financial statements are presented on the basis of historical cost convention, except for the investments and
receivables from investments, which are measured at fair value. Historical cost is based on the fair value of the
consideration given in exchange for assets.
All amounts in the financial statements are presented in whole EUR thousands.
Judgements made by the General Partner in the application of IFRS Accounting Standards that have had
significant effects on the financial statements are disclosed, where applicable, in the relevant notes to the
financial statements.
Defining materiality
If a line item is not individually material, it is aggregated with other items and notes of a similar nature in the
financial statements or in the notes. There are substantial disclosure requirements throughout the IFRS
Accounting Standards. Disclosures required by the IFRS Accounting Standards are provided unless the
information is considered immaterial to the economic decision-making of the users of these financial statements
or not applicable.
The material accounting policies are set out below.
Report on the exemption of preparation of consolidated financial statements
does not prepare consolidated financial statements under the provisions of IFRS 10,
Consolidated Financial Statements, as the Limited Partnership qualifies as an investment entity. The definition of
an investment entity is an entity that:
CI Artemis II K/S
CI Artemis II K/S | Notes to the financial statements 17
Obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
Commits to its investor that its business purpose is to invest funds solely for returns from capital appreciation,
investment income or both; and
Measures and evaluates the performance of substantially all its investments on a fair value basis.
In view of the circumstances described below, the General Partner believes that the Fund satisfies the typical
criteria of an investment entity that:
The fund and the investor are not related parties. Please refer to the description in note 12 to the financial
statements.
The Fund's investments take the form of equity instrucment or similar investments, and the purpose of the
Fund is to obtain a return on the invested capital in the form of capital appreciation, investment income or
both.
The fund has more than one investment, which are measured at fair value.
Standards and Interpretations not yet in force
All of the new and amended Standards and Interpretations which are relevant to the Fund, and which came into
force with effect for financial years beginning have been applied when preparing the financial
statements.
These standards have not had a significant impact on the Fund’s financial statements.
01.01.2025
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 to:
present specified categories and defined subtotals in the statement of profit and loss
provide disclosures on management-defined performance measures (MPMs) in the notes to the financial
statements
improve aggregation and disaggregation
IFRS 18 amendments are effective for reporting periods beginning on or after 1 January 2027, with earlier
application permitted. IFRS 18 will apply retrospectively.
It is expected that the application of these amendments will have an impact on the Fund's financial statements in
future periods.
There are no other Standards, Interpretations or amendments to existing Standards that are not yet effective that
would be expected to have a significant impact on the Fund.
Material accounting judgment and estimates
As part of the preparation of the financial statements, the Fund Manager and the General Partner made
CI Artemis II K/S | Notes to the financial statements 18
judgements and estimates which affect the application of the fund's accounting policies and reported amounts of
assets, liabilities, income and expenses. The most significant accounting judgements are evident from note to
the financial statements.
2
These judgements and estimates include considerations about the future - such as climate-related risks and
opportunities that may impact financial reporting. Actual results may differ from these estimates. All estimates
and underlying assumptions are reviewed on an ongoing basis and, where appropriate, reflect the Fund’s risk
management practices and climate-related commitments. Revisions to estimates are recognized prospectively.
Recognition and measurement
Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Fund, and the value of the asset can be measured reliably. Assets are derecognised in the
balance sheet when it is no longer probable that future economic benefits will flow to the Fund.
Liabilities are recognised in the balance sheet when the Fund has a legal or constructive obligation as a result of
an event prior to or on the balance sheet date, and it is probable that future economic benefits will flow out of
the Fund, and the value of the liability can be measured reliably. Liabilities are derecognised in the balance sheet
when it is no longer probable that economic benefits will have to be given up to settle the liability.
Financial assets are recognised at fair value through profit or loss when the Fund becomes party to the
contractual provisions of the instrument. Recognition takes place on the trade date when the Fund purchases or
sells an investment under a contract whose terms require delivery of the investment within the time frame
established by the market.
Financial assets are derecognised when the contractual rights to the cash flows from the investments have
expired or the Fund has transferred substantially all risks and rewards of ownership .
On initial recognition, assets and liabilities are measured at cost, however, investment assets are measured at fair
value on initial recognition, typically equalling contributions and direct transaction costs. Subsequent to initial
recognition, all financial assets at fair value through profit or loss are measured at fair value. Gains and losses
arising from changes in the fair value of the 'financial assets at fair value through profit or loss' category are
presented in the statement of comprehensive income within net increase/(decrease) in unrealised gains/(losses)
from financial assets at fair value at the period in which they arise.
Income is recognised in the statement of comprehensive income when earned, whereas costs are recognised by
the amounts attributable to this financial period.
All financial liabilities are subsequently measured at amortised cost.
Foreign currency translation
The functional currency reflects the currency in which the Limited Partners have committed themselves to the
Fund as well as the currency in which the Fund pays the Fund Manager for carrying out investment related
services. Investments and loans are carried out in different currencies and hence considered less relevant in
terms of influencing the choice of functional currency. The financial statements of the Fund are presented in the
currency unit which is the Fund’s functional and presentation currency.
On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that have not been
EUR
CI Artemis II K/S | Notes to the financial statements 19
settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect at the payment date or the
rate at the balance sheet date are recognised in the statement of comprehensive income as financial income or
financial expenses.
Statement of comprehensive income
Revenue recognition
Dividend income is recognised when the Fund’s rights to receive the payments have been established.
Interest on receivables from investments at fair value through profit or loss is accrued on a time-proportionate
basis. The interest is calculated based on outstanding amount.
Operating income from receivables and investments
Operating income from receivables and investments consist of unrealised fair value adjustments, dividends,
accrued interest, net foreign exchange gains or losses related to receivables and investments and profit or loss
from the disposal of portfolio investments or receivables.
Administrative expenses
All expenses are recognised in the statement of comprehensive income on an accrual basis.
Administrative expenses comprise expenses incurred during the reporting period not directly related to the
Fund’s investment activities. The Fund pays the Fund Manager an annual fee for carrying out investment related
activities and administration. The fee is calculated in accordance with the criteria set out in the Limited
Partnership Agreement.
Administrative expenses which can be directly allocated to specific investments are recognised in the underlying
project companies.
Administrative expenses that do not relate to the Fund’s investment activities or is investment specific are
recognised as expense by the Fund. Such costs comprise among others financial, legal and tax advisory, audit,
bookkeeping, travel costs and General Partner fee.
Financial income and expenses
Financial income and expenses comprise interest income and various expenses, and net exchange rate adjust-
ments on transactions in foreign currencies.
Interest income and interest expenses are recognised on an accrual basis.
Taxation
Under current Danish law governing the Fund, it is not independently taxable because the Fund’s profit/loss for
the year is included in the Limited Partners’ taxable income.
Statement of Financial Position
Investments and receivables from investments
Financial assets and liabilities are recognised at fair value through profit or loss when the Fund becomes party to
the contractual provisions of the instrument. Recognition takes place on the commitment date when the Fund
purchases or sells an investment under a contract whose terms require delivery of the investment within the time
frame established by the market.
CI Artemis II K/S | Notes to the financial statements 20
On initial recognition, investments and receivables from investments are measured at fair value and
subsequently measured at fair value with recognition of fair value adjustments through profit or loss. Receivables
from investments are measured at fair value through profit or loss under IFRS 9.
Financial assets and liabilities are derecognised when the contractual rights to the cash flows from the
investments have expired or the Fund has transferred substantially all risks and rewards of ownership.
Investments consist of equity investments and receivables from investments consist of loans. Furthermore,
investments consist of capitalised development costs.
For further information about the measurement of fair values, please refer to note 11.
Prepayments
Prepayments comprise incurred costs relating to subsequent financial periods. Prepayments are measured at
cost.
Cash and cash equivalents
Cash comprises cash in bank deposits. The balance of cash and cash equivalents in the statement of cash flows is
equal with the cash balance reported in the statement of financial position.
Other financial liabilities
Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.
Net assets attributable to Limited Partners
Net assets attributable to Limited Partners are classified as a financial liability under IFRS Accounting Standards,
due to the finite life and contractual payment provisions to each of the Limited Partners within the LPA.
Cash flow statement
The cash flows statement of the Fund is presented using the indirect method and shows cash flows from
operating, investing, and financing activities as well as the Fund’s cash at the beginning and the end of the
financial period.
Cash flows from operating activities are calculated as the operating profit/loss adjusted for non-cash operating
items and working capital changes.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
investment.
Cash flows from financing activities comprise cash changes in the size or composition of the contributed capital
and cash payment of distributions to the Limited Partners.
Cash comprises cash in bank deposits.
Material accounting estimates, assumptions, and uncertainties2
The Fund develops and invests in infrastructure assets (unlisted equity investments and receivables), the market
price of which depends both on entity-specific affairs and market conditions, including power prices, commodity
prices, exchange rates and construction risks within the different investments. For further information about the
impact of accounting estimates on the annual report, please refer to the Sensitivity analysis section at note 11.
CI Artemis II K/S | Notes to the financial statements 21
Furthermore, the valuation and hence fair value of the long-term receivables are affected by changes in the risk-
free interest rate and the general cost of risk in the market. As a result, income from investments, including the
unrealised value adjustments and the fair value of investments are subject to estimation and uncertainty. For
further information about the financial risks related to the investments, please refer to note 10.
This uncertainty may be higher during periods of high volatility in the financial markets, and economic trends
affect earnings of the underlying companies as well. Furthermore, the uncertainty is affected by the construction
risk within the different investments, and the uncertainty related to the construction of the projects taking place
within relevant time frames or milestones.
The methods applied in and the assumptions underlying the determination of the fair value in unlisted equity
investments and receivables are described in note 11 to the financial statements.
Administrative expenses3
The Fund has no employees.
Administrative expenses include management fee for the period to Copenhagen Infrastructure Partners P/S, in
accordance with the Limited Partnership Agreement and management agreement. For further information about
management fee, please refer to note . Also, administrative expenses include fee to administration, audit,
advisors, organisation expenses and other professional fees.
12
According to Article 107 of the AIFMD Level 2 Regulation and paragraph 61 section 3 (5 and 6) of the Alternative
Investment Fund Managers etc. Act, alternative investment funds must disclose information about the total
remuneration of the entire staff of the Fund Manager and the number of beneficiaries. Furthermore,
remuneration to material risk-takers must be disclosed.
The Fund Manager must also disclose the information necessary to provide an understanding of the risk profile
of the Fund and the measures that the Fund Manager takes to avoid or manage conflicts of interest between the
Fund Manager and the Limited Partners. The Board of Directors has adopted a remuneration policy in order to
ensure that the employees and Management are remunerated according to the Danish Executive Order on
remuneration policy and disclosure requirements on remuneration for managers of alternative investment funds,
etc.
The remuneration policy ensures, among other matters, that the following is applied in relation to remuneration
at the Fund Manager:
Promoting of sound and effective risk management, which does not encourage excessive risktaking.
Consistency with the principles regarding the protection of the Limited Partners and measures in order to
avoid conflicts of interest.
In accordance with paragraph 61 section 3 (5 and 6) of the Alternative Investment Fund Managers etc. Act,
information regarding salaries paid to employees of the fund manager is disclosed in the Annual Report for
for Copenhagen Infrastructure Partners P/S and CVR Reg. No. 37 99 40 06.
2025
No carried interest was paid out by the Fund during the financial period.
CI Artemis II K/S | Notes to the financial statements 22
Financial income4
2025
EUR'000
2024
EUR'000
Interest income from assets not measured at fair value through profit or loss 15 25
Financial income 15 25
Financial expenses5
2025
EUR'000
2024
EUR'000
Other interest expenses and fees 4 1
Other interest 0 1
Interest expenses for financial liabilities 4 2
Investments6
Equity
Investments
EUR'000
Receivables
from
investments
EUR'000
Fair value at 01.01.2025 24,709 67,591
Distributions (4,150) (10,057)
Fair value adjustments 9,195 4,015
Fair value at 31.12.2025 29,754 61,549
Equity
Investments
EUR'000
Receivables
from
investments
EUR'000
Fair value at 01.01.2024 32,539 80,406
Distributions (13,900) (17,492)
Fair value adjustments 6,070 4,677
Fair value at 31.12.2024 24,709 67,591
For an overview of the final investment made by the Fund refer to the table below. The portfolio investments as
at 31.12.2025 are including the following investments.
CI Artemis II K/S | Notes to the financial statements 23
Investments Corporate form Registered in
Equity
interest
%
Profit/(loss)*
EUR'000
Equity*
EUR'000
Portfolio
investment Country Asset type
Initial date of
Investment
CI Artemis II HoldCo ApS Denmark 100.00 4,166 36,122 Artemis II Germany Operational Q4 2014
* Based on unaudited financial statements as at 30.09.2025 or latest available reporting.
The Fund invest through a string of entities. Hence, the actual ownership of the portfolio investment may vary from the ownership percentage disclosed above depending on
the ownership structure in the investment.
Since the Fund’s main activity is investing in infrastructure investments, listing all investment entities related to the Fund would result in a comprehensive list consisting of
multiple pages of entities. In order to maintain the clarity and readability of the annual report, the list of entities to which the Fund has an equity interest has been limited to
the entities to which the Fund has a direct ownership. Furthermore, it is considered that listing all entities would fill the annual report with immaterial information.
Consistently with the accounting policies, the Fund regularly adjusts the value of the investments to the best estimate of fair value. This means that the proportionate share
of profit or loss of the investments is not recognised in profit or loss of the Fund, but rather as a fair value adjustment of the investment.
The methods applied by the Fund to measure investments are evident from note to the financial statements.11
CI Artemis II K/S | Notes to the financial statements 24
Limited partnership capital7
The Limited Partnership is owned by the Limited Partners in proportion to their respective capital commitments.
The Limited Partnership capital has not been divided into share classes.
Other payables8
2025
EUR'000
2024
EUR'000
Other vendors and other liabilities 46 49
Other payables 46 49
The carrying amount of payables relates to investments, legal fees, auditor’s fees, travel costs etc. The amount
recognised is equal to the fair value of the liabilities.
Other payables fall due for payment within 12 months.
Financial instruments9
Classes of financial instruments:
2025
EUR'000
2024
EUR'000
Equity investments 29,755 24,709
Receivables from investments 61,549 67,591
Financial assets measured at fair value through profit or loss 91,304 92,300
Other payables 46 49
Financial liabilities measured at amortised cost 46 49
All financial liabilities are due for payment within 12 months.
No provisions for expected credit loss have been recognised. Refer to note 10 for further.
Financial risk management10
The General Partner is ultimately responsible for the overall risk management within the Fund but has delegated
the responsibility to the Fund Manager.
The Fund pursues an investment strategy approved by the Limited Partners and invests in both greenfield and
operating infrastructure asset.
The Fund’s risk management processes include identification, measurement, monitoring, reporting and
mitigation of the identified risks to minimise the potential negative effects at fund level.
CI Artemis II K/S | Notes to the financial statements 25
Key financial risk factors and exposure regarding the financial statements for can be categorised as follows:2025
Financial risk factors
Liquidity risks
Less than 1
year
EUR'000
Between 1
year and 5
years
EUR'000
After 5 years
EUR'000
Total
EUR'000
Other payables 46 0 0 46
31.12.2025 46 0 0 46
Less than 1
year
EUR'000
Between 1
year and 5
years
EUR'000
After 5 years
EUR'000
Total
EUR'000
Other payables 49 0 0 49
31.12.2024 49 0 0 49
Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its
obligations in full as they fall due or can only do so on terms that are materially disadvantageous.
The Fund invests in equity securities that are not traded in an organized market and may be illiquid. As a result,
the Fund may not be able to quickly liquidate its investments in these instruments at an amount close to their fair
value to meet significant unplanned liquidity requirements.
As of 31.12.2025, the Fund held EUR 91.3m (31.12.2024: EUR 92.3m) in investments that it considered to be
illiquid.
The Fund’s liquidity management is based on the maturity of assets, liabilities and undrawn commitment. Assets
mainly mature in more than 12 months, except for cash and cash equivalents and other receivables which are
expected to mature within 12 months. Other payables and credit facility liabilities are expected to mature within
12 months.
The Fund’s liquidity risk is considered not significant based on the above explanation.
Credit risks
Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has
entered into with the Fund. The credit risks of the Fund are considered limited.
The Fund's credit risk primarily arises from:
Cash at banks
Other receivables
CI Artemis II K/S | Notes to the financial statements 26
The majority of the Fund’s receivable is receivables from investments which are measured at fair value and,
therefore, no provision for expected credit loss (ECL) is recognised. Historically, no losses on other receivables
have been realised, hence no provisions for expected credit loss have been recognised in the statement of com-
prehensive income. Any such provision would be considered insignificant as the cred-it risks of the Fund are
considered limited.
Management manages its credit risk exposure by transacting the majority of the Fund’s contractual commitment
activities with well-established banks, regulated exchanges and business partners which the Management con-
sider to be reputable.
The Fund has limited exposure against credit risk related to cash and receivables, because they only have cash in
well-established banks and receivables. Furthermore, the Fund has historically not experienced any credit losses.
Hence, no additional disclosure related to ECL provided.
Investments are progressing as planned and following the outlined budget. The Fund invests in infrastructure
projects in a combination of loan and equity through loans through equity investments. Infrastructure projects
are characterised by a stable and solid income when the project reaches FID. There is no indication towards that
projects are in a state where they will not be able to meet the obligation against the Fund.
The Fund is not exposed to any significant credit risk from a single counterparty at 31.12.2025, since the portfolio
of the Fund consists of a number of counterparties and infrastructure projects. The Fund Manager regularly
assesses the risk related to single exposures taking into account current market developments, inflation,
performance of investments, interest rate, price movements etc.
Interest rate risk
The Fund has issued loans with a fixed interest rate to infrastructure companies where the Fund holds the
majority or a substantial part of the shares. Loans have only been provided to companies in the Copenhagen
Infrastructure Partners structure. No fair market value adjustments are made specifical-ly on such issued loans as
the fair market value is assessed on an investment level which can comprise a combination of both equity and
loan. Furthermore, these loans are not given with purpose of divesting these to external parties, why best
estimate of future cash flows is that these are going to be paid back to the Fund. Therefore, the interest rate risk
on the individual issued loan is considered limited.
Currency risk
The Fund is denominated in EUR. A majority of cash flows take place in EUR, incl. cashflows to investment.
Consequently, the Limited Partners have very limited exposure to currency risk through the Fund. No hedging is
made at fund level. No derivatives have been recognized on the balance sheet date in the Fund.
If the foreign exchange rates to which the Fund is exposed moved by +/- 10%, the estimated effect on profit/
would be as follows +/- EUR 0m.
Commodity and power prices
The Fund’s indirect power price exposure is mitigated via power price agreements and/or instruments in the
project’s capital structure. The Fund’s indirect outright power price exposure are considered as low. Other hedges
of commodities and power prices are recognised in the underlying entity structures, not in the Fund.
CI Artemis II K/S | Notes to the financial statements 27
When the Fund has an indirect outright power price and commodity price exposure changes in such risk factors
impact the fair value of the individual investment.
Financial instruments measured at fair value11
The fair value of the investments is measured on a quarterly basis, or more frequently if significant changes
occur.
The Fund Manager has implemented procedures and methodology to ensure that the valuation is carried out
consistently over time and across investments.
Methods applied in and assumptions underlying the determination of fair values of investments
The fair value of investment and receivable from investments has been estimated by applying methods that best
reflect the risks and the stage of each investment, e.g. assumptions related to power prices, inflation rates,
technical availability and discount rate.
In general, the fair value is determined in accordance with IPEV Valuation Guidelines and generally accepted
valuation techniques, including DCF models, benchmarking or other relevant methods. The valuation approach
incorporates all of the factors that market participants would take into account in pricing a transaction, such as
cash flows, discount rates and yield curves assumptions.
The valuation of equity investments and receivables from investments is based on the same methods, as equity
investments and receivables from investments are exposed to the same risks, regardless of the funding method.
Fair value hierarchy for financial instruments measured at fair value in the balance sheet
Below, financial instruments measured at fair value are classified using the fair value hierarchy:
Quoted prices in active markets for identical instruments (Level 1)
Quoted prices in active markets for similar assets or liabilities or other valuation methods under which all
material inputs are based on observable market data (Level 2)
Valuation techniques under which any material inputs are not based on observable market data (Level 3)
All investments are classified as Level 3 investments and there have not been any transfers between the levels
during the financial year.
Material unobservable inputs for Level 3
Financial instruments measured at fair value in the balance sheet are based on valuation techniques that include
material unobservable input. Material unobservable inputs mean in this context that the valuation is dependent
on a return requirement that contains a number of components that cannot be observed on trading markets, for
example project-specific risks and illiquidity prices.
CI Artemis II K/S | Notes to the financial statements 28
Level 1
EUR'000
Level 2
EUR'000
Level 3
EUR'000
Total
EUR'000
2025
Unlisted shares, equity investments 0 0 29,755 29,755
Receivables from investments 0 0 61,549 61,549
Financial assets measured at fair value
through profit or loss
0 0 91,304 91,304
Level 1
EUR'000
Level 2
EUR'000
Level 3
EUR'000
Total
EUR'000
2024
Unlisted shares, equity investments 0 0 24,709 24,709
Receivables from investments 0 0 67,591 67,591
Financial assets measured at fair value
through profit or loss
0 0 92,300 92,300
Material unobservable inputs
Fair value of the assets is determined based on both forward-looking information, current market and
geopolitical conditions, actuals e.g., contributions and distributions etc. as well as status on the specific assets.
Valuations are conducted by an inhouse valuation expert team and approved quarterly in the Copenhagen
Infrastructure Partners Valuation Committee and subsequently by the Board of Directors as part of the quarterly
report. A number of material unobservable input is applied in the valuation and is ongoingly assessed on a on a
Fund specific level. An elaboration of the assessed material unobservable inputs is outlined below.
Discount rate
The discount rate used to value investments and receivables from investments after COD is considered the most
material unobservable input, and the applied range for the discount rate is between 8-9% (2024: 7-8%).
The equity discount rate comprises of two parts. The first part is a standard discount rate model (“Capital asset
pricing model”) comprising risk free rate, systematic risk (beta) and market risk premium and the second element
is additional infrastructure specific risk factors comprising alpha adjustments, illiquidity risk premium. Each
element is described below.
The risk free rate is the yield of a risk free investment with a maturity equal to the duration of the investment.
Duration is the present value weighted average time until cash flows are received. Beta measures the degree of
systematic risk of the asset. Beta is releveraged according to amount of debt in the project. The market risk
premium is the return premium above the risk free rate for the theoretical market portfolio. The approach to
determine the market risk premium is based on an average from multiple answers from different countries.
Alpha adjustment is added to the equity discount rate to reflect project specific and price risks. An alpha
adjustment will be applied to reflect the company specific risks that are not reflected in the beta, which typically is
based on more mature comparable companies. For a corporate investment, the total alpha adjustment is
estimated based on the implied discount rate at the acquisition date and the alpha will be adjusted based
different milestones. Examples of milestones could be revenue targets, EBITDA-margin or IPO date depending on
the business case. As the corporate matures and executes on its business plan, the alpha adjustment will be
reduced based on milestones identified at the acquisition date. However, even for a fully matured company there
CI Artemis II K/S | Notes to the financial statements 29
might still be an alpha adjustment to reflect differences in risks compared to peer group.
Debt discount rates likewise comprise two legs. The first element is a standard debt discount rate model
comprising risk free rate and credit spread and the second element is additional infrastructure specific risk
factors comprising illiquidity risk premium. Risk free rate and illiquidity risk premium follows the description
above for equity discount rate whereas the credit spread depicts the yield between the risk-free rate and a debt
investment with the same maturity but a lower corporate credit rating. The Scope’s credit rating framework is
applied in determination of the credit spread for each investment.
Regulatory Return on Equity (ROE)
Every 5 years the allowed regulatory Return on Equity (ROE) (determined using the Capital Asset Pricing Model) is
adjusted to adapt to changes in financial markets (risk-free rate, Market Risk Premium and beta). For the period
2024-2028 the ROE was set by BNetzA at 5.07%. For each future 5-year period from 2029 to 2043, the ROE
assumption is updated to 5.4%, 7.0% and 7.8% respectively, based on the current forecast of the risk-free rate
proxy (10-year look-back-period applied).
Inflation
Inflation forecasts are based on a combination of short-term data sourced from the Bloomberg Bank Composite
Inflation Tool combined with the long-term central bank forecasts (e.g., Bank of England, Federal Reserve Bank,
European Central Bank) for the countries from which materials are sourced, as well as data relating to specific
commodities. Changes to inflation are considered in determining the discount rates as the changes to inflation
can impact risk-free rate and through that the discount rate applied for the individual asset.
Sensitivity analysis
The fair value of the Fund’s investments is affected by developments in the applied discount rate. A decline or
increase in the material unobservable inputs stated above and changes in macroeconomic conditions might have
a direct effect on the valuation of the investments. Due to the nature of the investments, the effects are subject
to some uncertainty as other factors can in some scenarios have a reverse effect.
The table below presents the effect of changing the assumptions behind the valuation techniques adopted based
on reasonable possible alternative assumptions for those investments whose fair values are recognized in whole
or in part using valuation techniques based on assumptions that are not supported by prices or other inputs
from observable current market transactions in the same instrument.
Asset type
Fair value at
31.12.2025
Valuation
Technique
Unobservable
Input
Reasonable possible
shift
+/- (absolute value)
Change in
Valuation +/-
Operational projects 91,304,000 Discounted cash flow Discount rate (+/- 1%) 8.217.360/
(7.304.320)
Inflation (+/- 1%) 8.308.664/
(7.486.928)
The inputs above are considered the most material unobservable input due to the nature of the investments.
CI Artemis II K/S | Notes to the financial statements 30
Related parties12
Related parties with a controlling interest
The Limited Partnership has no investors or related parties with a controlling interest.
Related party transactions
2025
EUR'000
2024
EUR'000
The General Partner receives a fee for its obligation towards as
per limited partnership agreement
CI Artemis II K/S
Payment to the General Partner 1 1
Copenhagen Infrastructure Partners P/S (the Fund Manager) is considered a
related party of the Fund due to its role as being Fund Manager
Management fee 850 920
Management fee is a fixed fee until the Fund's termination.
Receivables from investments
Loans have been granted on market terms, which are expected to be settled by future cash payments. The Fund
has no guarantees or similar collateral in connection with loans. For further information on receivables from
investments refer to note .6
2025
EUR'000
Net contributions at 01.01.2025 236,000
Net contributions at 31.12.2025 236,000
Committed loan capital 236,000
Outstanding commitment at 31.12.2025 0
There are no other key relationships, which are considered material to the financial statements
Contingent liabilities13
There are no guarantees or contingent liabilities of the Fund. No provisions for expected credit loss have been
recognised. Please refer to note 6 for further.
Investors14
The Limited Partnership has registered the following Limited Partner as holding more than 5% of the voting rights
or nominal value of the contributed capital:
Limited Partner Residence Ownership percentage
PensionDanmark,
pensionsforsikringsaktieselskab
Langelinie Allé 43,
DK-2100 Copenhagen,
Denmark
85.00
PFA Pension, forsikringsaktieselskab Sundkrogsgade 4,
DK-2100 Copenhagen,
Denmark
15.00
CI Artemis II K/S | Notes to the financial statements 31
Events after the balance sheet date15
No events have occurred after the balance sheet date to this date which would influence the evaluation of this
annual report.
Authorisation of the annual report for issue16
At the meeting held on 27 February 2026 the General Partner authorised this annual report for issue on 20 March
2026.
The annual report will be submitted to the Limited Partnership’s Limited Partners for adoption at the Annual
General Meeting on 20 March 2026.
CI Artemis II K/S | Appendix 1 - Information according to the Alternative Investment Fund Managers Directive (unaudited) 32
Appendix 1 - Information according to
the Alternative Investment Fund
Managers Directive (unaudited)
According to Article 22 of the Alternative Investment Fund Managers Directive, Alternative Investment Funds
(AIF) must make certain disclosures to investors in connection with the presentation of financial statements.
During the financial period covered by the financial statements, there have been no significant changes in the
matters below:
The Fund’s Investment strategy;
Valuation principles of the Fund’s investments;
The percentage of the AIF’s assets which are subject to special arrangements arising from their illiquid nature;
New arrangements for managing the Fund’s liquidity;
The Fund's risk profile and the risk management systems implemented by the Fund Manager used to manage
the Fund's risks;
There have been no amendments to the maximum level of leverage which the Fund Manager can use on
behalf of the Fund. Nor has there been any changes in the right to use collateral or any guarantee accordance
with the agreement allowing for the leverage.
Leverage Ratio
In accordance with the AIFM Law, the AIFM will for each fund provide to competent authorities and investors the
level of leverage of each fund both on a gross and on a commitment method basis in accordance with the gross
method as set out in Article 7 of the AIFM Law and the commitment method as set out in Article 8 of the AIFM
Law.
The leverage employed by the Fund as per , was 99.4% of the Fund’s net asset value based on the
gross method and 99.9 % of the Fund’s net asset value based on the commitment method.
31.12.2025
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 33
Supplementary report on disclosures in
accordance with the SFDR (unaudited)
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 34
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 35
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 36
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 37
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 38
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 39
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 40
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 41
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 42
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 43
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 44
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 45
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 46
CI Artemis II K/S | Supplementary report on disclosures in accordance with the SFDR (unaudited) 47