Annual Report
2025
Margrethepladsen 4, 3rd floor
DK-8000 Aarhus
CVR no. 38 17 51 30
Energy A/S
Management's review .......................................... 3
Letter from the Chair & CEO ................................................4
Performance highlights 2025 ...............................................6
Five-year financial highlights & key ratios .......................7
Business and strategy ......................................... 8
MFT Energy at a glance ..........................................................9
MFT Energy DNA .................................................................... 10
MFT Energy power .................................................................. 11
MFT Energy gas .......................................................................12
MFT Energy environmentals ................................................13
Envision ‘28 update ................................................................14
Fueling people excellence ....................................................15
Enhancing our technological foundation ........................ 17
Accelerating global growth .................................................18
Moving into assets ..................................................................19
ESG ...................................................................... 20
Building on our sustainability commitments .................21
Environmental .......................................................................... 22
Social ...........................................................................................24
Governance...............................................................................26
Commitment to UN SDGs ................................................... 27
Performance ........................................................ 28
Financial review .......................................................................29
Corporate matters ............................................. 32
Risk management ...................................................................33
Board of Directors .................................................................. 38
Executive Leadership ............................................................ 39
Financial Statements ......................................... 40
Income statement .................................................................. 42
Balance sheet ..........................................................................43
Statement of cash flows .....................................................44
Statement of changes in equity .......................................45
Notes to financial statements ...........................................47
Statements ......................................................... 87
Management's statement ...................................................88
Independent auditor's report ............................................. 89
Content
MFT Energy A/S Annual Report 2025
2
Eivind Kolding,
Chair of the Board of Directors
Bo Palmgren,
Group CEO
2025 marked the first full year of our three-year
strategy, Envision ’28, which sets a clear direction for
our long-term ambitions across people, technology,
global growth, and our ambition to enter the trading of
physical energy assets.
Throughout 2025, we took important steps to support
the execution of Envision ’28. We further expanded our
automated and algorithmic trading capabilities, apply-
ing knowledge from established areas of MFT Energy
to new commercial opportunities. Together, these
efforts strengthened our platform and positioned us to
pursue growth opportunities aligned with our strategy.
During the year, we continued our ambition to build
the best place for the best people, reaching 193 col-
leagues globally. We extended initiatives to support a
growing and increasingly global workforce and proudly
announced 18 additional partners in MFT Energy.
Aligned with our strategic priorities, we welcomed two
new members to our Executive Leadership team: Sara
Aboali Andersen as VP, People Operations, and Tine
Grønbæk Jørgensen as VP, US Trading, both reinforcing
key focus areas within Envision ’28. Additionally, we
added two new members to our Board of Directors:
former Sydbank CEO Karen Frøsig and DTU associate
professor of Scientific Computing, Allan Peter Engsig-
Karup, bringing strong financial, compliance, and
technology expertise to our Board.
Technology remains a key enabler of value creation at
MFT Energy. During 2025, we strengthened our techno-
logical foundation by reorganizing development teams,
improving data orchestration, and further advancing
our automated and algorithmic trading setup. These
efforts reinforce our belief that algorithmic trading will
continue to play a central role in MFT Energy’s future
and provide a competitive edge in increasingly complex
and interconnected markets.
On the commercial side, we continued to expand
MFT Energy’s global footprint by strengthening our
presence in North America, where trading performance
improved during the year. We also expanded our
presence in the Asia-Pacific region with an increased
focus on the power market in New Zealand. Within our
environmentals business, we made solid progress and
further strengthened our position across power and
gas certificates.
A key component of Envision ’28 is our ambition to
move into the trading of physical energy assets. In
2025, we signed an agreement to acquire a majority
stake in Northium Energy, a Danish Battery Energy
Storage System (BESS) developer with a strong and
growing pipeline of projects in the Nordics. At MFT
Energy, we are proud of the role we play in facilitating
the green transition, and the acquisition of Northium
“Looking back at 2025, it becomes
clear that it was a year of seeding
rather than harvesting. The de-
cisions made during the year
strengthen our resilience and
expand our opportunities as we
look ahead.”
Eivind Kolding, Chair of the Board of Directors
Energy further strengthens this role. Battery storage
will be a crucial technology in securing the stability
of power systems as the share of renewable energy
continues to increase globally.
After eight consecutive years of strong profitability,
our earnings for 2025 did not meet our expectations
or reflect our long-term ambitions, with an operating
result (EBIT) of EUR 3m. The year was characterized by
calmer market conditions and lower volatility across
several core markets, resulting in less profitable trading
opportunities compared to previous years. We used
this period to further invest in people, technology, and
new strategic initiatives, viewing 2025 as a year of
seeding rather than harvesting.
As we enter 2026, our focus is clear: to translate
the foundation we have established into results.
We continue to have a strong trading engine at the
core of our business, and we are excited about the
significant steps we are taking within both BESS and
environmentals. We remain committed to balancing
energy markets across time zones and regions while
“I am proud of our people and the
momentum we have built around
our Envision ’28 strategy. The
need for trading in global energy
markets has never been greater,
and I am very optimistic about MFT
Energy’s future and the role we will
play in the years ahead.”
Bo Palmgren, Group CEO
supporting the green transition, as the growing share
of renewables introduces both increased complexity
and new opportunities. In the year ahead, we will
continue to scale trading automation, strengthen risk
management, and further develop our people.
On behalf of the Executive Leadership team and the
Board of Directors, we would like to thank our talented
colleagues for their dedication and effort throughout
2025. We are continually impressed by the grit we see
every day, the hunger to succeed, and the unity that
defines MFT Energy. We are confident in our journey
ahead and optimistic about the opportunities that lie
before us in 2026.
MFT Energy A/S Annual Report 2025
5
Performnce highlights 2025
3
46
2025
EBIT
2024
mEUR
mEUR
62
56
2025
Equity ratio
2024
%
%
2025 2025
2025
Tonnes CO
2
e (market-based)
2024
2024
2024
2,856
2,783
Scope 1, 2 and 3 Helth self-ssessment survey
15
18
Tonnes CO
2
e (market-based)
Average CO
2
e emissions per FTE Gender diversity t executive mngement level
7
2025
Scalability
%
58
2024
%
2025 2025 2025
1
Tax contribution
mEUR
11
2024 2024 2024
mEUR
men
7
men
8
women
2
women
0
8.0 7.3
7.37.7
Scores are based on employees’ self-assessment on a scale from 1–10
Physicl helth
Mentl well-being
MFT Energy A/S Annual Report 2025
6
Five-year financial highlights & key ratios
GROUP
EUR ‘000
Income statement
Net trading income (Gross profit) 37,713 80,124 101,525 641,864 83,702
Operating profit before financial income and
expenses and tax (EBIT) 2,766 46,427 71,742 576,194 65,390
Net financials (311) 907 (3,295) (3,065) (1,573)
Profit before tax (EBT) 2,455 47,334 68,447 573,129 63,817
Profit for the year 1,904 36,776 51,952 446,737 49,907
Profit for the year attributable to
- Shareholders of MFT Energy A/S 1,775 30,935 36,471 260,214 34,587
- Non-controlling interests 129 5,841 15,481 186,523 15,320
Balance sheet
Balance sheet total 302,171 363,192 391,743 910,263 481,328
Equity 185,835 204,849 206,653 483,050 61,409
Equity attributable to
- Shareholders of MFT Energy A/S 140,640 147,426 133,624 288,778 45,000
- Non-controlling interests 45,195 57,423 73,029 194,272 16,409
Current asset investments 8,417 45,173 64,416 348,888 0
Cash and cash equivalents 81,142 55,570 106,164 134,344 34,511
Cash flows
Cash flows from operating activities 12,443 (35,842) 26,071 476,936 22,494
Cash flows from investing activities 26,951 (2,386) 283,297 (349,067) (977)
- of this investments in intangible assets 0 43 0 0 0
- of this investments in property, plant and
equipment
68 24 257 115 60
Cash flows from financing activities (13,822) (12,365) (337,548) (28,036) 376
Change in cash and cash equivalents
for the year 25,572 (50,594) (28,180) 99,833 21,893
GROUP
EUR ‘000
Key ratios
Scalability 7.3% 57.9% 70.7% 89.8% 78.1%
Equity ratio 61.5% 56.4% 52.8% 53.1% 12.8%
Return on equity 1.0% 17.9% 15.1% 164.1% 140.6%
GROUP
Environmental, social and governance data
Employees (FTE) - average for the year 185 156 136 94 70
Employees (headcount) - end of year 193 176 155 130 87
Employee turnover, % 13.5% 18.7% 11.9% 8.3% 3.8%
Total CO
2
e emissions (tonnes) * 2,856 2,783 2,675 2,038 -
Average CO
2
e emissions (tonnes) per FTE* 15 18 20 22 -
For definitions of financial ratios, please refer to note 31.
*MFT Energy started measuring the parameters in 2022, hence there is no data for prior periods. In 2025, we have updated our emission factors to improve accu-
racy and recalculated previous years.
MFT Energy A/S Annual Report 2025
7
9 MFT Energy at a glance
10 MFT Energy DNA
11 MFT Energy power
12 MFT Energy gas
13 MFT Energy environmentals
14 Envision ‘28 update
15 Fueling people excellence
17 Enhancing our technological
foundation
18 Accelerating global growth
19 Moving into assets
Business and
strategy
Annual Report 2025
8
MFT Energy A/S
At MFT Energy, we trade to make markets efficient
and facilitate the green transition. Founded in 2017
in Aarhus, Denmark, we have grown into a global
energy trading company. By the end of 2025, our team
counted 193 dedicated professionals working across
our offices in Denmark, Türkiye, Singapore, Australia,
Japan, and North America.
We are a technology-driven trading company with
expertise in trading power, gas, and environmental
products, making markets efficient by seamlessly
matching supply and demand across time and location.
Our trading teams combine strong market expertise
with advanced models, supported by proprietary
automated and algorithmic trading systems, to develop
and execute effective strategies across both physical
and financial markets, covering short and long-term
products.
Our trading teams are supported by a strong opera-
tional backbone of specialized departments, includ-
ing People Operations, Finance, Risk & Treasury,
Market Access, Technology, Legal & Compliance and
Leadership. Each team contributes with essential
expertise – from governance to ensuring market access
to financial oversight, technology, and strategic leader-
ship – enabling our traders to focus on identifying and
seizing opportunities in dynamic energy markets.
MFT Energy at a glance
MFT Partnership model
At MFT Energy, we believe great results are created
together - through teamwork, shared goals, and a
common vision. Our MFT Partnership model is a cor-
nerstone of this philosophy and a defining part of how
we build both our business and our culture. It gives
high-performing colleagues across both trading and
support functions the opportunity to become partners
of MFT Energy, sharing the success they create and
contributing to our ongoing growth as one team.
The MFT Partnership model recognizes the vital role
every part of MFT Energy plays in driving our collective
achievements. It strengthens unity, engagement, and
accountability by aligning individual ambition with
collective success and ensuring that growth is shared
across the organization. By the end of 2025, 69 of our
193 employees were partners.
Power
Supply
Industrial
consumers
Demand
People Operations Technology Finance, Risk & TreasuryLegal & Compliance Market Access Leadership
Wholesale trading
of power, gas and
environmentals
Trading
Teams
Households &
businesses
Gas
Market
MFT Energy A/S Annual Report 2025
9
Our purpose
We trade to make markets efficient and
to facilitate the green transition.
MFT Energy DNA
Our vision
Together, we envision leading the
future of energy trading.
Our mission
We innovate energy trading through our
people and technology.
Our values
Grit. Hunger. Unity.
10
MFT Energy A/S Annul Report 2025
MFT Energy power
In 2025, we operated in a more complex and challenging power market
environment than in previous years. While overall trading conditions were
less favorable due to continued market normalization, our European short-
term power trading delivered solid results. Investments in automation and
data-driven tools further enhanced our responsiveness and ability to act
quickly on market signals. Traded volumes increased by 10.9%, reaching 122
TWh in 2025, driven by growth across all regions.
European markets
While volatility continued to normalize in European power markets, the
markets still offered opportunities for some of our trading teams. Our
increased use of algorithmic trading strategies helped us react quickly to
the evolving market dynamics. These capabilities, combined with a deep
market understanding and experience, kept our European operations
profitable in a more normalized environment.
Markets outside Europe
Outside Europe, we continued to build our capabilities and foundation in
Asia-Pacific (APAC) and North America – regions that remain central to our
long-term growth ambitions. We are confident that the APAC and North
America regions hold significant potential and that the foundations we
further enhanced in 2025 will enable us to capture increasing value in the
years ahead.
Ready for 2026
We maintain a positive outlook for our power trading activities. Increasing
renewable penetration is expected to continue driving volatility and
creating new trading opportunities for our power trading teams across
our regions. We will keep investing in automation, data, and our people to
further strengthen our ability to generate value across power markets.
122
TWh traded
compared to 110
in 2024
80
employees
compared to 71 in
2024
40
active power
trading markets
compared to 39
in 2024
26
exchanges
compared to 23
in 2024
Power trading
established in 2017
MFT Energy A/S Annual Report 2025
11
MFT Energy gas
In 2025, European gas markets experienced more stable trading condi-
tions, continuing the normalization seen over the past years. However,
price formation remained sensitive to uncertainty related to supply
dynamics, storage levels, and geopolitics. Liquefied Natural Gas (LNG)
further strengthened its role in Europe’s gas supply and has now become
the dominant source, accounting for approximately 40% of total supply in
2025. The increase in LNG imports more than offset the continued decline
in pipeline gas deliveries throughout the year.
Gas storage levels across the EU remained below 2024 levels throughout
the year, reflecting a tighter supply-demand balance. By year-end, EU gas
storages were 62% full, compared to 72% at the same time last year, enter-
ing 2026 with greater uncertainty.
Our traded gas volumes increased by 259% compared to 2024, reflecting
higher activity in the US gas market, where unit pricing is significantly
lower than European prices.
Ready for 2026
Looking ahead, we remain focused on maintaining flexibility in our gas
trading activities. As structural changes in the global gas market continue,
uncertainty about LNG supply, storage dynamics, and global demand and
supply will remain key drivers going forward. To stay competitive, we will
continue to invest in our analytical tools and people. These initiatives will
position us to remain agile and capture opportunities across markets and
market conditions.
1,772
TWh traded
compared to 494
in 2024
25
employees
compared to 29
in 2024
6
exchanges
compared to 7
in 2024
15
active gas
trading markets
compared to 14
in 2024
Gas trading
established in 2019
MFT Energy A/S Annual Report 2025
12
Environmentals trading
established in 2023
MFT Energy environmentals
In 2025, our environmentals team focused on strengthening MFT Energy's
market position and building long-term value across power and gas certi-
ficates through a proactive approach and by leveraging our ability to take
positions in complex and evolving markets. During the year, we broadened
our market reach by identifying new demand channels for renewable gas,
particularly within compliance-driven demand across heavy industry, road
transport, and maritime sectors.
Supported by strong market insight and agile execution, we scaled the
business significantly, expanding our counterparty base and increasing
traded volumes by more than 77% year-on-year.
Ready for 2026
Looking ahead, we aim to further strengthen our foundation in the envi-
ronmentals sector by deepening our presence across heavy industry, road
transport, and maritime sectors. Our focus will be on developing strategic
partnerships and creating long-term value, positioning MFT Energy as a
reliable and active contributor to the renewable energy transition.
3
employees
compared to 3
in 2024
4
TWh traded
compared to 2
in 2024
MFT Energy A/S Annual Report 2025
13
Envision ‘28 update
2025 marked the first year of our new strategy,
Envision ‘28. In 2025, we focused on further building
the foundation for long-term success by executing
enabling initiatives and seeing some of the first results
outlined in the strategy. At its core, Envision ’28 is
guided by a set of strategic priorities that direct our
focus and resources.
The following section outlines key actions and initia-
tives taken in 2025 for each of these four priorities.
Together, we envision
leading the future of
energy trading
Fueling people
excellence
Moving
into assets
Accelerating
global growth
Enhancing our
technological
foundation
Our people are the key to our
success and unique culture. We aim
to be the best place for the best
people and as we expand, attracting
and nurturing top talent globally
remains our focus.
We will enable the green transition
by managing batteries and
renewable assets through trading
and optimization, leveraging
our expertise.
Global expansion and regional
optimization through strengthening
trading operations and exploring
opportunities for growth in power,
gas, and environmentals.
Nurture innovation and
growth by standardizing
our technical foundation,
streamlining core systems,
and enabling self-service
access to data.
Envision ‘28
MFT Energy A/S Annual Report 2025
14
At MFT Energy, our goal is clear: we aim to be the best
place for the best people. This ambition is grounded in
our vision and values, which shape everything we do.
One of our core values, unity, reminds us that we are
all in this together, and that collaboration and shared
ownership are key to our continued success.
Organizational growth and onboarding
MFT Energy continues to grow, and in 2025, our
workforce increased by 17 colleagues across our offices
around the globe. To support this growth, we reviewed
and optimized our onboarding process to ensure a
more structured and effective introduction to MFT
Energy as a company, our teams, and the unique MFT
Energy culture.
Throughout 2025, we placed particular emphasis on
cultural activities designed to help new employees feel
part of MFT Energy more quickly, creating engagement
and a sense of belonging. We prioritized initiatives
that bring people together across borders and teams,
ranging from International Weeks in celebration of our
international diversity to Appreciation Days recognizing
dedication and achievements.
Leadership
At the beginning of 2025, we expanded our Executive
Leadership team, reflecting our commercial ambitions
and our commitment to people as the main driver of
our performance. Tine Grønbæk Jørgensen stepped
into the role as Vice President, US Trading, to drive
the commercial agenda in the North American power
market. This strategic move reinforces our focus and
commitment to North America as a growth market for
MFT Energy. Sara Aboali Andersen was elevated to
Vice President, People Operations, reflecting that our
people and culture are fundamental drivers of long-
term performance in the trading industry.
Scaling for the future
During 2025, our primary focus was on strengthening
the foundation to support a global workforce, with a
strategic priority placed on implementing a new people
platform that establishes the groundwork for more
scalable and future-ready people processes. Our new
HR system enables us to apply industry best practices,
streamline and automate key HR processes, and make
more informed, data-driven decisions.
Learning and development
In 2025, we expanded our structured approach to
developing our people. In mid-2025, we launched our
comprehensive MFT Development Tool, outlining the
capabilities and behaviors expected at each specialist
level. The tool supports leaders in having structured
and meaningful development conversations, helping
them clarify expectations and plan individual devel-
opment paths together with their team members.
This enables us to motivate, retain, and grow talented
people across the organization and ensures they con-
tinue to see a long-term future at MFT Energy.
Fueling people excellence
MFT Energy A/S Annual Report 2025
15
MFT Health
At MFT Energy, we prioritize a people-first approach,
recognizing that employee well-being is essential to
building and sustaining a high-performance culture and
team. Reflecting this belief, we launched MFT Health
in late 2024, our comprehensive program dedicated to
supporting the physical, mental, and overall well-being
of all employees. The program includes a broad range
of activities, from physical sessions like yoga and
biweekly CrossFit classes led by our CEO to health
checks and inspiring talks by health professionals.
Over the course of 2025, we continued to expand the
program, and in line with our ambition to be the best
place for the best people, we introduced a new benefit
under the MFT Health initiative: one hour per week to
exercise during work hours. The initiative was designed
to make it easier for employees to prioritize their
health while balancing their responsibilities.
Outlook
In 2026, we will further solidify our foundation and
support global growth by focusing on talent acquisi-
tion, leadership development, and employer branding.
As part of this, our ambition is to build leadership
capabilities that will ensure MFT Energy has firmly
anchored leadership imperatives. We will also conduct
a comprehensive review of our recruitment process to
improve its quality, providing an improved experience
for applicants and ensuring MFT Energy attracts and
selects the right talent. Furthermore, we will review
and optimize our offline and online presence to boost
our employer brand and position MFT Energy as the
best place for the best people.
MFT Energy A/S Annual Report 2025
16
Technology remains a key enabler of our value
creation, and 2025 marked a year with deep focus
on selected projects at MFT Energy: deep integration
between Technology and trading domains, strengthen-
ing our foundation, and continuing to bridge the gap
between technical excellence and business impact.
Technology evolution
The Technology department has historically been
working on multiple domains, products, and priorities
to meet a complex and diversified trading landscape.
In 2025, we reorganized our Technology department
around trading domains, with developers co-located
alongside traders and analysts. This proximity enables
immediate feedback loops, sharper focus, and faster
iterations. By encouraging deep specialization in a
single domain, we have accelerated our time to market,
and technology has become more integrated than ever
into MFT Energy’s value creation.
Foundations for innovation
We continuously explore new technologies and
ways of working. This approach has led to a diverse
technical stack that required significant support and
maintenance, while exhibiting increased cognitive load.
In 2025, we focused on turning this diversity into a
strength by building a unified technology foundation
that empowers teams to move fast while maintaining
consistency, quality, and stability.
To support scale, we consolidated our core technolo-
gies and made them available in a self-service, stan-
dardized manner. This initiative, rooted in the principles
of platform engineering, allows developers and analysts
to access ready-to-use infrastructure and tools instant-
ly, resulting in a significant reduction in time to market.
A key milestone of this effort was the rollout of a
central data orchestration service, which provides full
visibility of data assets, pipelines, and their depen-
dencies. This ensures that complex data pipelines can
process vast amounts of information efficiently without
manual intervention or over-provisioning, and it im-
proves overall reliability and cross-team collaboration,
making it easier to respond to issues quickly.
Outlook
Looking ahead, the Technology department will con-
tinue advancing along two complementary priorities:
foundation and business impact. One priority focuses
on strengthening our resilient, standardized, and
secure self-service platform by deepening our focus on
ensuring that our systems, technologies, and hardware
operate seamlessly. The other priority deepens our
integration with trading teams.
Together, these efforts will ensure that technology
remains at the heart of MFT Energy’s growth – agile, re-
liable, and deeply connected to the business it powers.
Enhancing our technological foundation
MFT Energy A/S Annual Report 2025
17
Meet Stine beyond the screen.
Click here to discover her story.
In 2025, we took several steps to strengthen our global
footprint and further diversify and position MFT Energy
for global growth. The strategic priority "Accelerating
global growth" remains a key commercial priority under
Envision ’28, with a continued focus on scaling our
activities in North America and APAC, while further
deepening our capabilities and market reach across
European power, gas, and environmental trading.
Accelerating global growth is not only about entering
new markets and trading products, but also about
building a scalable and robust platform that supports
sustainable growth across market conditions. In 2025,
we continued to invest in market access, analytical
capabilities, and organizational readiness across
regions. We also made solid progress within environ-
mentals trading and further advanced our presence in
North America and the APAC region, laying a strong
foundation for the next phase of global growth. With
market access in place and teams established across
our global regions, MFT Energy enters the next phase
of Envision ’28 with a scalable platform, diversified
earnings potential, and a strong foundation for
accelerating global growth.
North America
In North America, we finalized several essential market
access processes and continued to expand our trading
teams. This enabled us to further deepen and improve
our technical foundation and expand our financial and
physical power trading, while also initiating US gas
trading.
Our North American trading teams now operate from a
solid foundation, supported by extensive market data,
advanced modeling, and a deep understanding of the
highly complex North American power markets. During
the year, we continued to develop the collaboration
between trading and Technology by adding local tech-
nical presence in North America in line with our strat-
egy of enabling trading teams to focus on innovation,
strategy development, and trading performance.
Looking ahead to 2026, our North American trading
teams will maintain a strong focus on our technical
foundation. This will allow us to continue to scale our
activities and capture the opportunities across the
North American power and gas markets.
Asia-Pacific
In the APAC region, we began expanding our regional
focus to include the New Zealand power market. As
a result, we now trade power across Japan, Australia,
and New Zealand, strengthening our presence in stra-
tegically important markets across the region.
With all targeted market access processes completed
in line with our strategy, our focus will shift toward
strengthening trading capabilities and analytical tools.
This positions us well to capture the growing potential
Accelerating global growth
across the APAC region and further scale our activities
in the coming years.
Europe
In Europe, we continued to invest in our core power
and gas trading capabilities, with a strong emphasis
on developing our people, enhancing analytical models,
and further automating trading strategies across both
short-term and forward markets. Despite more normal-
ized market conditions, we successfully implemented
several strategic priorities and continued to strengthen
our competitive position in the European markets.
Within environmentals trading, we made solid progress
by scaling our activities, primarily driven by increasing
compliance-related demand from the transport sector.
This resulted in a broader counterparty base and
higher traded volumes, further positioning environmen-
tals as a strategically important growth area for MFT
Energy.
Looking into 2026, we will continue to enhance our
position in European energy certificates markets, main-
taining our focus on scaling the business case, where
we see solid momentum and long-term potential.
Stine joined MFT Energy in 2024,
shortly after completing her Master
of Physics. Today, she is using
her physics skills in her role as an
Analyst.
Stine Svanum Frederiksen
Analyst
MFT Energy A/S Annual Report 2025
18
Moving into assets is a core strategic priority under
Envision ’28. Expanding selectively into asset-backed
activities enables us to apply our core strengths within
short-term trading, optimization, and market analyt-
ics. One asset class of particular strategic interest
is Battery Energy Storage Systems (BESS). As power
systems integrate an increasing share of intermittent
renewable generation, BESS will play a key role in
balancing the grid, reducing volatility, and enabling a
more efficient utilization of renewable energy. We see
significant potential in leveraging our trading capabili-
ties to optimize BESS assets and contribute to a more
stable and sustainable energy system.
Acquisition of Northium Energy
In 2025, we took an important step within this stra-
tegic priority by signing an agreement to acquire a
majority stake in Northium Energy, a Danish BESS
developer with a strong and growing pipeline of
battery projects in Denmark. This step marked MFT
Energy’s first move into the asset space and represent-
ed a key milestone in delivering on Envision ’28.
Northium Energy focuses on the development and
operation of BESS projects, with a strategy of selec-
tively divesting some projects while retaining others in
its own portfolio. Its Danish pipeline was progressing
well in 2025, and the first projects are expected to
materialize in the coming years.
With the acquisition of Northium Energy, MFT Energy
has positioned itself to capture value across multiple
parts of the battery value chain, not only through
trading and optimization, but also through develop-
ment and ownership. Over the past year, we have
deepened our understanding of the European BESS
landscape, and we see BESS development as an
increasingly attractive opportunity as storage solutions
will become essential to system stability and renew-
able integration.
Outlook
The acquisition of Northium Energy establishes a
strong foundation for MFT Energy’s move into assets.
It enables us to leverage our trading and optimization
engine, strengthening our position in an increasingly
complex and evolving energy system.
Moving into assets
MFT Energy A/S Annual Report 2025
19
MFT Energy A/S Annual Report 2025
21
MFT Energy A/S Annual Report 2025
22
*The spend-based method estimates emissions by multiplying total expenditure for the given category by a relevant emission factor, whereas the distance-based method multiplies distance travelled by transport mode emission factor.
GHG per turnover: totl CO
2
e divided by net trding income
GHG per FTE: totl CO
2
e divided by verge employees (FTE) for the yer
2025 2024
Electricity (total)
Share of renewable, % 62.3% 51.2%
Greenhouse gas emission
Scope 1 (tonnes) 0 0
Scope 2 (tonnes) 35 30
Scope 3 (tonnes) 2,821 2,753
GHG per Net Trading Income 7.6% 3.5%
GHG per FTE 15 18
MFT Energy A/S Annual Report 2025
23
MFT Energy A/S Annual Report 2025
24
* Mødrene tager slæbet«: Kvinder bliver oftere hjemme med syge børn - Finans
MFT Energy A/S Annual Report 2025
25
MFT Energy A/S Annual Report 2025
26
MFT Energy A/S Annual Report 2025
27
Financial review
2025 did not meet our financial expectations. We
faced a market that was, at the same time, calmer in
terms of fundamentals and more challenging in terms
of geopolitics. Neither did the year live up to our long-
term strategic ambitions, but we nevertheless contin-
ued to invest in our people, technology, and business.
2025 was a year of seeding rather than harvesting.
The market normalization experienced since 2022
continued into 2025, though political uncertainties
increased. Hence, in 2025, the power and gas markets
again experienced relatively low volatility, which, par-
ticularly for power, was below that of 2024. While the
markets thus offered fewer opportunities to trade, the
number of players and the resources available to them
also likely increased, fueling stronger competition.
Furthermore, the clearest difference to 2024 was that
markets were influenced by several geopolitical events
throughout 2025, making volatility less fundamental
and thus harder to analyze and predict.
These developments impacted all segments of the
business, be it intraday, day-ahead or forward man-
dates, power or gas, and Europe, APAC, or the US.
While we continued to invest in and build on our capa-
bilities, in line with our Envision ’28 strategy, we have
also realigned trading mandates and support teams to
be less sensitive to geopolitical events.
Trading volumes
Both volumes and number of trades are up across all
product segments and geographies, mostly with sig-
nificant double-digit percentage increases, bar APAC,
which shows single digit reductions. The increased
gas and non-Europe volumes are, in part, a reflection
of increased activity in the US gas market, where unit
pricing is significantly below European prices, thus
driving up traded volumes.
Income statement (EUR ‘000)
4
Net trading income (gross profit) 37,713 80,124
Operating profit before financial income and expenses and tax (EBIT) 2,766 46,427
Scalability (EBIT as a percentage of net trading income/gross profit) 7.3% 57.9%
Profit before tax (EBT) 2,455 47,334
Profit for the year 1,904 36,776
2025
2024
Volume by segment (TWh)
110
Power
494
Gas
2
Environmentals
122
Power
1,772
Gas
4
Environmentals
14
Other
Volume by area (TWh)
63
Non-Europe
543
Europe
1,216
Non-Europe
696
Europe
2025
2024
Trading volumes
Net trading income (gross profit)
Trading for the year generated a net trading income of
EUR 37.7m, which compares to EUR 80.1m in 2024.
The decline in net trading income, despite the increase
in volumes reported above, is a reflection of the contin-
ued market normalization and related development in
spreads as well as success rates in trading strategies
and results.
MFT Energy continues to pursue a strategy of diversifi-
cation in our trading in terms of both geographies and
products. Thus, for example, 2025 marked a significant
increase in our environmentals trading and results.
Operating profit (EBIT)
We report an operating profit (EBIT) of EUR 2.8m,
which compares to EUR 46.4m in 2024.
The result is well below the expected range of EUR
25m to 75m laid out in the 2024 Annual Report.
However, in that report, we also highlighted that the
risks to the expectation were geopolitics and less than
expected fundamental volatility, which are indeed the
main drivers of the lower than expected 2025 result.
Our total costs increased by 4% and scalability de-
clined to 7%, compared to 58% in 2024. Clearly, the
reduced scalability is driven by the lower net trading
income and our operational gearing rather than the
development in costs year-over-year; indeed, the cost
level in 2025 was below planned levels.
MFT Energy A/S Annual Report 2025
29
Assets Liabilities
0
50
100
150
200
250
300
350
400
Equity Other gross working
capital and other
Other gross working
capital and other
Inventory
Cash and Cash eq. Incl.
Current Asset Investments
Collaterals related to
trading and other receivables
2025 20252024 2024
Assets Liabilities
Despite the focus on costs, we continued to invest
in our people, technology and business to seed
for the future as envisioned for ’28 in our strategy.
Consequently, average FTEs increased by 18%.
Profit before tax
Pre-tax profits landed at EUR 2.5m, which compares to
EUR 47.3m in 2024. Thus, net financial income was a
cost of EUR 0.3m in 2025, comparing to an income of
EUR 0.9m in 2024.
Profit for the year
Net profit for 2025 is reported at EUR 1.9m compared
to EUR 36.8m in 2024. As noted above, this is below
expectations.
Tax amounts to EUR 0.6m compared to EUR 10.6m in
2024. Most of our taxes are paid in Denmark, where we
have over the last years been a significant tax contrib-
utor, thus being just outside the top 100 tax contribu-
tors in Denmark for 2024.
Cash flow
Operating activities generated a positive net cash flow
of EUR 12.4m, compared to an outflow of EUR 35.8m in
2024. The main driver is a positive development in net
working capital, influenced by lower inventory, partially
offset by mainly income taxes paid.
Cash flow from investing activities was an inflow of
EUR 27.0m, driven by lower investments in current
assets, partially offset by a net purchase of shares in
subsidiaries. This compares to an outflow of EUR 2.4m
in 2024.
Cash flow from financing activities constitutes an
outflow of EUR 13.8m, almost as in 2024, where the
outflow was 12.4m, and in both years mainly explained
by dividends.
In total, the change in cash and cash equivalents was
an inflow of EUR 25.6m, compared to an outflow of
EUR 50.6m in 2024.
When we exclude the highly liquid current asset invest-
ments, the change in cash and cash equivalents and
current asset investments was an outflow of EUR 11.2m,
which compares to an outflow of EUR 69.8m in 2024.
Capital structure
Total assets amounted to EUR 302m versus EUR 363m
in 2024. The main drivers of the reduction are related
to working capital, including inventory, whereas cash
and cash equivalents and current asset investments
account for EUR 11.2m of the reduction, as noted
above, offset by increased collaterals.
On the liabilities side of the balance sheet, working
capital items similarly account for the majority of the
reduction in total liabilities, whereas equity is reduced
by EUR 19.0m, of which non-controlling interests
account for EUR 12.2m and retained earnings account
for EUR 6.8m. This movement in equity is explained by
dividends paid as well as repurchases of shares from
minorities, with a modest offsetting contribution from
profit for the year.
The profit for the year, with drivers as explained above,
is also the explanation of the reduction in return on
equity, which at 1.0% is well below that of 2024 at
17.9%. However, despite the reduction in total equity,
Main movements in the Balance sheet (EURm)
MFT Energy A/S Annual Report 2025
30
Equity, return on equity and equity ratio, 2021-2025
the equity ratio has improved to 61.5% in 2025, com-
pared to 56.4% in 2024.
Hence, despite a year with results below expectations,
MFT Energy enters 2026 with a strong balance sheet,
ready for the trading opportunities we may identify in
the market.
Outlook for 2026
We expect the general market conditions and volatility
in 2026 to remain comparable to 2025, which implies a
fundamental volatility and price level on par with 2025,
but also continued geopolitical uncertainty.
We will continue executing according to our Envision
’28 strategy, which includes diversification, now also
into assets. We expect an EBIT in the range of EUR 10m
to EUR 50m, the breadth of the range explained by
geopolitics.
As for 2025, geopolitical events as well as natural
events remain major uncertainties, which can signifi-
cantly impact this expectation.
Subsequent events
As noted in the Letter from the Chair and CEO and
the Envision '28 update (see pages 4 and 14), MFT
Energy entered into an agreement in 2025 to acquire
68% of Northium Energy ApS, a Danish Battery Energy
Storage Systems (BESS) developer with a strong and
expanding pipeline of BESS projects. The agreement
was completed on 5 January 2026, at which point MFT
Energy gained control. Please refer to note 29 ‘Business
combination after the reporting period’ on page 85 for
the financial details of the acquisition.
EURm
2021 2022 2023 2024 2025
0
100
200
300
400
500
600
0%
20%
60%
40%
80%
100%
120%
140%
160%
180%
Equity ratio (%) Return on equity (%)Equity
MFT Energy A/S Annual Report 2025
31
Risk management
In 2025, the global energy markets entered a phase
of stabilization, yet underlying geopolitical frictions
and fast-moving technological developments contin-
ue to shape trading conditions. Our approach to risk
management reflects this duality – we maintain control
discipline while enabling agility and innovation. Risk
oversight at MFT Energy is built to evolve on this basis.
From control to capability
The risk function has transitioned into a strategic
capability embedded across the business. Each trading
area partners with a dedicated Risk Business Partner
to ensure market opportunities, counterparty expo-
sures, and liquidity commitments are assessed and
approved. This proactive approach shifts the dialogue
from reactive risk monitoring to forward-looking capital
allocation.
Intelligent risk infrastructure
Building on the foundation established in previous
years, we have continued to improve our risk platform
with automated controls and intelligent analytics.
Our data-mesh platform feeds our risk models and
dashboards, enabling the identification of stress points
across currencies, counterparties, and portfolios. These
tools increase transparency and speed, provide consis-
tency across regions and asset classes, and preserve
independence in second-line control.
Governance anchored in accountability
Risk governance remains defined by clear ownership
and escalation paths. The Board of Directors sets
the risk appetite and delegates a clear mandate to
the Group CEO. The Group CEO empowers the Risk
Committee – chaired by the CFO – to allocate risk
capital, implement governance, and oversee adherence
to the mandate. Independent daily monitoring of risk
metrics, including value-at-risk (VaR) measurement,
ensures ongoing alignment with the defined risk appe-
tite. Quarterly reviews by the Risk Committee translate
governance into actionable oversight – linking risk
appetite, performance, and capital use.
Operational resilience and cyber preparedness
We maintain and routinely update our Business
Continuity Plans with clear ownership and accountabili-
ty across the organization.
Given elevated risks from geopolitics, climate-related
events, and cyber threats that can impair infrastructure
and communications, we apply a prevention-led, resil-
ience-first approach: We reduce disruption risk through
robust controls and access governance, and ensure
continuity through defined emergency response plans,
documented workarounds, and prioritized recovery pro-
cedures. We continue to enhance our security posture
by implementing best-practice–aligned operational and
cyber controls.
Evolving credit and collateral practices
Expansion into environmental and structured products
introduces more variable exposures across markets
and counterparties. Exchange and bilateral margin
requirements adjust with market conditions. Our focus
is on forecasting collateral needs, maintaining conser-
vative liquidity buffers, and optimizing collateral usage
to support disciplined growth while manag-
ing volatility and concentration risk. We pair
this with robust counterparty onboarding and
monitoring grounded in our credit risk policy and
know-your-counterparty policy (KYC).
Risk identification
Analytical tools are used
to identify risks that could
potentially prevent MFT
Energy from achieving its
strategic targets.
Risk monitoring
Monitoring of
accepted positions.
Risk assessment
Risks are assessed according
to MFT Energy’s risk
assessment guidelines.
Risk mitigation
Risks are either accepted,
avoided, or mitigated.
Risk communication
Risk reporting
Risk documentation
MFT Energy A/S Annual Report 2025
33
Mandates and governance
Reports and monitoring
Responsibility Tasks
Board of Directors
• Has overall responsibility for MFT Energy’s affairs.
• Decides on the overall risk appetite.
• Appoints independent Risk & Audit Committee.
• The Risk & Audit Committee reviews and advises on the effectiveness of risk management,
procedures, and capital allocation.
• Determines the risk capacity.
• Allocates risk capital to the company’s operations.
• Delegates a clear risk mandate to the Group CEO governing all risk policies.
Risk Committee
• Distributes risk capital to trading mandates in compliance with the risk mandate issued by
the Board of Directors and Group CEO.
• Implements proper risk governance.
• Makes decisions based on the information provided by the Risk team.
• Approves or rejects trading mandate requests.
• Allocates risk capital based on expected return and risk.
• Decides on mitigating actions and priorities covering all risks across MFT Energy.
Risk Team
• Ensures compliance with the mandates given by the Risk Committee by monitoring the
approved mandates and implementing mitigating actions when necessary.
• Facilitates dialogue with trading teams and Risk Committee covering trading mandates
and operational risks.
• Monitors trading mandate performance and risks.
• Prepares risk reporting.
• Carries out risk mitigation instructions according to policies and as received by the Risk
Committee.
Risk governance framework
Delivering Envision ’28: Advancing risk excellence
Risk management continues to underpin MFT Energy’s
growth ambitions. In 2025, we strengthened continuity,
scaled data and controls, and deepened integration
between the Risk team and the business units. Under
Envision ’28, our aim is to be at the forefront of indus-
try practice, continuously improving our framework,
benchmarking against leading standards, and delivering
insights, adaptability, and resilience.
MFT Energy A/S Annual Report 2025
34
HighLow
Orgniztionl risk
Mrket risk
Liquidity risk
Currency risk
Credit risk
Opertionl nd IT risk
Regultory risk
Medium
Impact
Key risks
Finncil risk Other risk
Likelihood
HighLow Medium
Kasper has a Master's degree in
Finance and Accounting and joined
our team in 2022. With several
years of experience within both gas
trading and risk management, he
plays an important part in our daily
operations and strategic projects
within risk management.
Meet Kasper beyond the screen.
Click here to discover his story.
Kasper Svendsen
Lead, Risk Management & Partner
Key risk categories
MFT Energy is exposed to a range of risk factors, which
are assessed based on the probability of occurrence
and potential damage, followed by appropriate risk
mitigation measures based on the risk appetite. While
many risks cannot be fully mitigated, many can still be
anticipated and managed effectively.
Below are the identified risk factors along with their re-
spective assessments: Market risk, liquidity risk, credit
risk, currency risk, organizational risk, operational and
IT risk, and regulatory risk.
MFT Energy A/S Annual Report 2025
35
Key risks – financial
Key risk and risk level Risk Mitigation and actions
1. Mrket risk
MFT Energy is exposed to price changes in the
power and gas markets. MFT Energy defines
market risk as the risk that the value of a
position changes because of changing market
prices.
Volatility is driven by constant changes in sup-
ply and demand in the power and gas markets,
as well as changes in foreign exchange rates
and other economic or political factors.
• Holding and managing market risks are sources of competitive advantage for MFT Energy and an integral part of our business model.
• Risk and trading limits are set to contain risk within the boundaries of the risk appetite and risk policy of MFT Energy.
• To ensure that trading mandates are kept within agreed risk limits, all positions are monitored daily as part of the second line of defense, where a range of tools, risk
metrics, and warning mechanisms are in place to enable swift and prompt response to any potential excess risk (unmandated risk taking).
• Trading mandates and positions are evaluated and adjusted as part of an ongoing process to optimize the portfolio of trading mandates against both risk strategy and
market conditions.
2. Liquidity risk
Liquidity risk is the risk that MFT Energy is
unable to meet its payment obligations as they
fall due or cannot obtain sufficient funding at
reasonable terms to meet current or future
commitments.
• To support a solid capital structure and a strong liquidity position, MFT Energy diversifies its funding sources and maintains access to multiple financial counterparties
and banking relationships, thereby reducing concentration risk.
• Liquidity forecasts are calculated daily at Group level to ensure that adequate liquidity is always available and that the liquidity position and utilization remain within
approved limits.
• The Group maintains strategic and operational thresholds for its overall liquidity position and liquidity buffers, supported by a formal monitoring and reporting frame-
work. Deviations from target levels result in predefined escalation procedures and mitigating actions are triggered.
3. Credit risk
Credit risk is the risk of financial loss arising
from a counterparty’s failure to meet its
contractual obligations when due, whether in
full or in part. This can occur for a variety of
reasons, such as financial distress, bankruptcy,
or a change in the regulatory environment.
• A credit risk policy outlines the principles, guidelines, and procedures for managing credit risk.
• Credit risk is mainly mitigated by collateral agreements and where appropriate, the use of bank guarantees to reduce exposure in the event of counterparty default.
• The credit risk is considered relatively low as MFT Energy’s counterparties primarily consist of Transmission System Operators (TSOs), exchanges, clearing banks, and
large energy and utility companies.
4. Currency risk
Currency risk is the risk of financial loss due
to fluctuations in exchange rates between
currencies. The risk arises when the Group
holds assets or liabilities or has future cash
flows denominated in a currency other than the
functional currency.
• MFT Energy has a currency risk policy requiring all foreign exchange exposures to be hedged as they arise.
• As a global company, MFT Energy is exposed to currency risk, however the residual currency risk is currently not considered significant due to the application of the
above-mentioned policy.
Likelihood
Impact
Likelihood
Impact
Likelihood
Impact
Likelihood
Impact
MFT Energy A/S Annual Report 2025
36
Key risks – other
Key risk and risk level Risk Mitigation and actions
. Orgniztionl risk
Organizational risk encompasses the potential
loss of critical expertise due to key employee
turnover, challenges in attracting specialized
talent, and limitations in scaling people pro-
cesses to support global growth.
• Retention through the MFT Partnership Model: Our partnership model gives high-performing employees a vested, long-term interest in MFT Energy’s success, strengthen-
ing loyalty and reducing turnover.
• Targeted talent acquisition and employer branding: Investments in targeted search & select and employer branding to develop a talent pipeline.
• Succession planning and leadership pipeline: A proactive succession planning framework ensuring business continuity while developing a leadership pipeline.
• Scalable people processes: The implementation of an HR system enables automation, best-practice processes, and data-driven decisions, reducing organizational bottle-
necks during global growth.
• Learning & Development: Our MFT Development Tool clarifies expectations, and strengthens retention through internal mobility and long-term development
opportunities.
• MFT Health: Investments in physical, mental, and social well-being serve as a prerequisite for sustaining high performance long-term.
• Flexible and attractive working conditions: Remote work options and globally aligned benefits positioning MFT Energy as an attractive employer.
• Comprehensive and culture-driven onboarding: A strengthened onboarding process ensuring faster integration and early engagement for new employees.
• Corporate culture initiatives to support MFT Energy’s celebrative and appreciative work environment based on our values grit, hunger, and unity.
6. Opertionl nd IT risk
Operational risk relates to the risk of financial
losses because of system or human errors,
including insufficient internal procedures.
• MFT Energy continues its efforts to develop and implement internal procedures and systems to mitigate potential risk, and principles are outlined in an operational risk
policy.
• Risk assessments are conducted regularly to both create risk awareness and to help minimize the risk of human errors by implementing automation of procedures and
tasks, setting up warnings and alerts.
• IT and cyber security measures have been strengthened in response to heightened geopolitical tensions, including improved monitoring and awareness training.
• Business continuity plans are updated to mitigate disruptions or geopolitical escalations.
7. Regultory risk
The regulation of the energy markets is
evolving on a continuous basis. Rules and
regulations are up for review and changes may
influence the company’s ability to act on the
markets, both in positive and negative ways.
Accordingly, regulatory risk is the risk of MFT
Energy not being able to comply with laws,
standards, or regulations related to our activi-
ties that could have a financial, reputational, or
organizational impact.
• Developments in the regulatory requirements are monitored closely via industry associations to ensure and maintain compliance in all relevant markets.
• European regulations REMIT, MAR, and EMIR and certain provisions under MiFID II govern MFT Energy’s European trading activities. These regulations set out rules on
market abuse, transaction reporting, and risk mitigation.
• The regulatory framework for MFT Energy’s trading operations outside the EU consists of regulations that cover comparable domains within trading compliance.
• MFT Energy ensures that appropriate policies and compliance manuals are in place for all trading teams and markets and that updates take place on a continuing basis.
• Anti-market abuse training has been executed throughout the organization, covering all markets where MFT Energy has trading activities.
• New regulations on IT security have entered into force and MFT Energy has established appropriate procedures and controls in this respect.
• MFT Energy’s compliance program also includes procedures and controls within privacy rules, economic crime and ethics.
• MFT Energy’s Code of Conduct is established as a framework to ensure that our business activities are aligned with MFT Energy’s values, principles, and commitments.
• Compliance reporting is presented to the Executive Leadership and the Board of Directors on a regular basis.
Likelihood
Impact
Likelihood
Impact
Likelihood
Impact
MFT Energy A/S Annual Report 2025
37
Executive BoardBoard of Directors
Eivind Kolding
Chair
Danish, born in 1959
Board Member since 2021
Independent
Committee memberships
-
Competencies
• Executive management
• Strategic planning
• Mergers and acquisitions
• Change management
• Private equity
Directorship and other offices
• NTG, Chair
• NNIT, Vice Chair
• The LEO Foundation, Vice Chair
• Danish Ship Finance, Chair
• DAFA Group, Chair
• Altor Fund Manager AB, Board
Member
• Erhvervslivets Tænketank,
Advisory Board Member
• Frankly, Chair
Simon Rathjen
Deputy Chair
Danish, born in 1986
Board Member since 2022
Not independent
Committee memberships
Risk & Audit Committee
Competencies
• Innovation
• Energy trading
• Business strategy
Directorship and other offices
• MFT Energy, Founder
• MFT Energy US Inc, Director
Heidi Frederikke Sigdal
Board member
Danish, born in 1978
Board Member since 2022
Independent
Committee memberships
-
Competencies
• Communication and media advisor
• Positioning and branding
Directorship and other offices
• By HeidiFrederikke, Founder
• Sigdal & Guldager, Co-founder
Per Schnack
Board member
Danish, born in 1961
Board Member since 2022
Independent
Committee memberships
Risk & Audit Committee
Competencies
• Capital markets
• Risk and audit management
• Legal and compliance
Directorship and other offices
• Jyske Bank, Board Member
• Jyske Bank Audit Committee,
Chair
• Jyske Bank Risk Committee,
Member
Allan Peter Engsig-Karup
Board member
Danish, born in 1977
Board Member since 2025
Independent
Committee memberships
-
Competencies
• Strategic research and tech inno-
vation
• Scientific computing for
engineering applications
• AI & scientific machine learning
• Advanced software engineering
• Mathematical modeling of complex
systems and algorithms
Directorship and other offices
• Associate Professor in Scientific
Computing, Technical University of
Denmark
• Research Engineer, Director, SimCorp
• BIT Foundation, Chair
• Scientific advisor for Tech Startups
Karen Frøsig
Board member
Danish, born in 1958
Board Member since 2025
Independent
Committee memberships
-
Competencies
• Executive management
• Finance
• Legal and compliance
Directorship and other offices
• ECCO Holding A/S, Vice Chair
• ECCO Sko A/S, Vice Chair
• BTS Lichtenstein, Board Member
• Flügger Group A/S, Chair
Bo Palmgren
Group CEO
Dnish, born in 1982
Group CEO since 2023
Committee memberships
-
Competencies
• Executive mngement
• Business strtegy
• Energy trding
• Risk mngement
MFT Energy A/S Annual Report 2025
38
Executive Ledership
From left to right:
Mehmet Kuyucuoglu, VP, APAC Trading
Sara Aboali Andersen, VP, People Operations
Thomas Brebøl Christensen, VP, CFO
Bo Palmgren, Group CEO
Tore Høffner Andersen, VP, Legal & Compliance
Tine Grønbæk Jørgensen, VP, US Trading
Jacob Vald Guldberg, VP, CIO & Algorithmic Trading
Cagdas Ozan Ates, VP, COO
MFT Energy A/S Annual Report 2025
39
Income statement and comprehensive income ............................................................................................................................... 42
Balance sheet .................................................................................................................................................................................................... 43
Statement of cash flows .............................................................................................................................................................................44
Statement of changes in equity ..............................................................................................................................................................45
Notes to the financial statements
Note 1 Basis of preparation ................................................................................................................................................................. 47
Note 2 Critical accounting estimates and judgments ...............................................................................................................48
Note 3 Impact of new accounting standards ............................................................................................................................... 49
Note 4 Net trading income ..................................................................................................................................................................49
Note 5 Financial risk management ...................................................................................................................................................50
Note 6 Staff costs ................................................................................................................................................................................... 54
Note 7 Other operating expenses .................................................................................................................................................... 56
Note 8 Financial income and expenses ........................................................................................................................................... 57
Note 9 Income tax expenses ..............................................................................................................................................................58
Note 10 Intangible assets ......................................................................................................................................................................59
Note 11 Property, plant and equipment ............................................................................................................................................. 61
Note 12 Leases ........................................................................................................................................................................................... 62
Note 13 Deferred tax ............................................................................................................................................................................... 63
Contents
Note 14 Investments in subsidiaries ..................................................................................................................................................64
Note 15 Non-controlling interests .......................................................................................................................................................66
Note 16 Inventories ..................................................................................................................................................................................68
Note 17 Trade receivables ......................................................................................................................................................................69
Note 18 Fair value measurement .........................................................................................................................................................70
Note 19 Financial assets and financial liabilities ........................................................................................................................... 74
Note 20 Offsetting financial assets and financial liabilities ...................................................................................................... 76
Note 21 Other receivables ..................................................................................................................................................................... 78
Note 22 Current asset investments ....................................................................................................................................................78
Note 23 Share capital .............................................................................................................................................................................. 79
Note 24 Provisions ..................................................................................................................................................................................... 80
Note 25 Cash flow specifications ......................................................................................................................................................... 81
Note 26 Contingent liabilities, commitments and contingencies ............................................................................................82
Note 27 Related party transactions ...................................................................................................................................................83
Note 28 Fee to auditors appointed at the annual general meeting .......................................................................................84
Note 29 Business combination after the reporting period.........................................................................................................85
Note 30 Subsequent events ..................................................................................................................................................................85
Note 31 Definitions of financial ratios ...............................................................................................................................................86
MFT Energy A/S Annual Report 2025
41
GROUP PARENT
EUR ’000 Notes 2025 2024 2025 2024
Net trading income 4 37,713 80,124 32,039 71,066
Other external expenses (9,527 ) (9,801 ) (8,331) (8,084)
Staff costs 6 (24,551 ) (23,130 ) (12,349) (9,744)
Other operating income 0 0 25,043 20,943
Other operating expenses 7 0 0 (32,054) (72,962)
Depreciation, amortization and impairment losses (869 ) (766 ) (257) (322)
Operating profit before financial income
and expenses and tax (EBIT) 2,766 46,427 4,091 897
Income from investments in subsidiaries 14 0 0 1,361 30,392
Financial income 8 3,809 5,640 3,070 5,591
Financial expenses 8 (4,120 ) (4,733 ) (6,619) (6,725)
Profit before tax (EBT) 2,455 47,334 1,903 30,155
Tax on profit for the year 9 (551 ) (10,558 ) (128) (51)
Profit for the year 1,904 36,776 1,775 30,104
Profit for the period attributable to:
Shareholders of MFT Energy A/S 1,775 30,935
Non-controlling interests 129 5,841
GROUP PARENT
EUR ’000 Notes 2025 2024 2025 2024
Profit for the year 1,904 36,776 1,775 30,104
Other comprehensive income
Items that may be reclassified to profit
or loss
Exchange differences on translation of
foreign operations (169 ) (117 ) (169) (117)
Other comprehensive income for the
period, net of tax (169 ) (117 ) (169) (117)
Total comprehensive income for the period 1,735 36,659 1,606 29,987
Total comprehensive income for the period
attributable to:
Shareholders of MFT Energy A/S 1,606 30,818
Non-controlling interests 129 5,841
Extraordinary dividend after year end 30 8,250 0 8,250 0
Total extraordinary dividend after year end
per share in EUR 16 0 16 0
Income statement
for the year ended December 31, 2025
Statement of comprehensive income
for the year ended December 31, 2025
MFT Energy A/S Annual Report 2025
42
GROUP PARENT
EUR ’000 Notes 2025 2024 2025 2024
ASSETS
Non-current assets
Intangible assets 10 45 71 0 0
Property, plant and equipment 11 96 180 46 78
Right-of-use assets 12 1,280 1,059 683 373
Deferred tax assets 13 11 668 11 668
Equity investments in subsidiaries 14 0 0 162,773 162,401
Deposits 411 376 261 232
Other receivables 21 6,115 3,588 5,101 2,849
Total non-current assets 7,958 5,942 168,875 166,601
Current assets
Inventories 16 32,332 59,625 32,332 59,625
Trade receivables 17 29,714 68,676 26,622 66,638
Receivables from group enterprises 133 0 38,772 14,480
Income tax receivables 5,419 447 228 92
Derivatives 18, 19 87,109 91,239 83,674 89,902
Prepayments 1,393 771 1,155 539
Other receivables 21 48,554 35,749 43,615 34,469
Current asset investments 22 8,417 45,173 8,417 45,173
Cash and cash equivalents 81,142 55,570 63,487 49,562
Total current assets 294,213 357,250 298,302 360,480
Total assets 302,171 363,192 467,177 527,081
GROUP PARENT
EUR ’000 Notes 2025 2024 2025 2024
EQUITY
Share capital 23 68 68 68 68
Reserves and retained earnings 140,572 147,358 140,572 147,358
Equity attributable to MFT Energy A/S's
shareholders 140,640 147,426 140,640 147,426
Equity attributable to non-controlling
interests 45,195 57,423 0 0
Total equity 185,835 204,849 140,640 147,426
LIABILITIES
Non-current liabilities
Lease liabilities 12 838 220 488 115
Payables to group enterprises 0 0 217,169 226,954
Provisions, non-current 24 0 3,348 0 3,348
Total non-current liabilities 838 3,568 217,657 230,417
Current liabilities
Borrowings 19 0 11 0 0
Lease liabilities 12 483 864 223 269
Trade payables 31,433 28,143 29,981 26,693
Payables to group enterprises 0 1,616 0 1,636
Derivatives 18, 19 79,993 116,756 77,280 116,634
Corporate tax liabilities 79 0 0 0
Provisions 24 0 2,978 0 2,978
Other liabilities 3,510 4,407 1,396 1,028
Total current liabilities 115,498 154,775 108,880 149,238
Total liabilities 116,336 158,343 326,537 379,655
Total liabilities and equity 302,171 363,192 467,177 527,081
Balance sheet
at December 31, 2025
MFT Energy A/S Annual Report 2025
43
GROUP PARENT
EUR ’000 Notes 2025 2024 2025 2024
Cash flows from operating activities
Net profit for the year 1,904 36,776 1,775 30,104
Adjustments 25 4,295 10,482 5,362 (28,164)
Changes in net working capital 25 12,119 (60,710 ) 19,499 (67,902)
Cash flows from operating activities
before financial income and expenses 18,318 (13,452 ) 26,636 (65,962)
Interest received 3,809 5,640 3,070 5,591
Interest paid (4,120 ) (4,733 ) (6,619) (6,725)
Income taxes paid (5,564 ) (23,297 ) (264) 3,325
Net cash flow from operating activities 12,443 (35,842 ) 22,823 (63,771)
Cash flows from investing activities
Payments for intangible assets 10 0 (43 ) 0 0
Payments for property, plant and equipment 11 (68 ) (24 ) 0 (19)
Current asset investments, purchases (425,229 ) (716,096 ) (425,229) (716,096)
Current asset investments, sales 461,985 735,339 461,985 735,339
Payment of deposits (35 ) 46 (29) 45
Purchase of minority shares (13,177 ) (23,052 ) (13,177) (22,409)
Sale of minority shares 3,476 1,444 3,476 97
Dividend received from subsidiaries 0 0 10,930 11,763
Net cash flow from investing activities 26,952 (2,386 ) 37,956 8,720
GROUP PARENT
EUR ’000 Notes 2025 2024 2025 2024
Cash flows from financing activities
Proceeds from borrowings 19 (11 ) 11 0 0
Principal elements of lease payments 12 (694 ) (629 ) (210) (259)
Change in loans with group enterprises (133 ) 5,286 (35,713) 17,431
Dividends paid to shareholders (10,931 ) (12,132 ) (10,931) (12,132)
Dividends paid to non-controlling interests (2,053 ) (4,901 ) 0 0
Net cash flow from financing activities (13,822 ) (12,365 ) (46,854) 5,040
Change in cash and cash equivalents 25,572 (50,594 ) 13,925 (50,011)
Cash and cash equivalents at January 1 55,570 106,164 49,562 99,573
Cash and cash equivalents at December 31 81,142 55,570 63,487 49,562
Statement of cash flows
for the year ended December 31, 2025
MFT Energy A/S Annual Report 2025
44
GROUP
EUR ’000 Share capital
Foreign currency
translation
differences
Retained
earnings
Equity
attributable to
owners of the
parent company
Non-controlling
interests
Total
equity
At January 1, 2024 68 7 133,549 133,624 73,029 206,653
Profit for the period 0 0 30,934 30,934 5,841 36,775
Other comprehensive income 0 (117 ) 0 (117 ) 0 (117 )
Total comprehensive income 0 (117 ) 30,934 30,817 5,841 36,658
Transactions with owners in their capacity as owners
Extraordinary dividend paid 0 0 (12,132 ) (12,132 ) (4,901 ) (17,033 )
Share-based payments 0 0 179 179 0 179
Other equity movements 0 0 (5,062 ) (5,062 ) (16,546 ) (21,608 )
At December 31, 2024 68 (110 ) 147,468 147,426 57,423 204,849
At January 1, 2025 68 (110 ) 147,468 147,426 57,423 204,849
Profit for the period 0 0 1,775 1,775 129 1,904
Other comprehensive income 0 (169 ) 0 (169 ) 0 (169 )
Total comprehensive income 0 (169 ) 1,775 1,606 129 1,735
Transactions with owners in their capacity as owners
Extraordinary dividend paid 0 0 (10,931 ) (10,931 ) (2,053 ) (12,984 )
Share-based payments 0 0 125 125 0 125
Other equity movements 0 0 2,414 2,414 (10,304 ) (7,890 )
At December 31, 2025 68 (279 ) 140,851 140,640 45,195 185,835
Statement of changes in equity, Group
for the year ended December 31, 2025
MFT Energy A/S Annual Report 2025
45
PARENT
EUR ’000 Share capital
Foreign currency
translation
differences
Reserve for net
revaluation under
the equity method
Retained
earnings
Total
equity
At January 1, 2024 68 7 122,193 11,356 133,624
Profit for the period 0 0 18,698 11,406 30,104
Other comprehensive income 0 (117) 0 0 (117)
Total comprehensive income 0 (117) 18,698 11,406 29,987
Transactions with owners in their capacity as owners
Extraordinary dividend paid 0 0 0 (12,132) (12,132)
Share-based payments 0 0 0 179 179
Other equity movements 0 0 (4,955) 723 (4,232)
At December 31, 2024 68 (110) 135,936 11,532 147,426
At January 1, 2025 68 (110) 135,936 11,532 147,426
Profit for the period 0 0 (9,569) 11,344 1,775
Other comprehensive income 0 (169) 0 0 (169)
Total comprehensive income 0 (169) (9,569) 11,344 1,606
Transactions with owners in their capacity as owners
Extraordinary dividend paid 0 0 0 (10,931) (10,931)
Share-based payments 0 0 0 125 125
Other equity movements 0 0 (2,587) 5,001 2,414
At December 31, 2025 68 (279) 123,780 17,071 140,640
Statement of changes in equity, Parent
for the year ended December 31, 2025
MFT Energy A/S Annual Report 2025
46
1 Basis of operation
The consolidated financial statements of MFT Energy A/S ('the
Parent Company') and its subsidiaries ('the Group' or 'MFT
Energy') for the year ended December 31, 2025 were autho-
rized for issue in accordance with a resolution of the Board of
Directors and Executive Management on April 21, 2026.
The significant accounting policies adopted in the preparation
of the consolidated financial statements and the separate
financial statements are stated in this note and as part of the
disclosures in the following notes. These policies have been
consistently applied to all the years presented, except for the
adoption of new standards effective as of January 1, 2025.
Please refer to note 3 for a description of new accounting
standards and interpretations.
The consolidated financial statements cover the Group con-
sisting of MFT Energy A/S and its subsidiaries while the sepa-
rate financial statements cover MFT Energy A/S.
Basis of preparation
The consolidated financial statements of the Group and the
separate financial statements have been prepared in accor-
dance with IFRS accounting standards as adopted by the EU
as well as additional Danish disclosure requirements applying
to entities of reporting class C for large enterprises.
The financial statements have been prepared on a historical
cost basis, except for the following financial assets and liabili-
ties, which are measured at fair value:
• Contracts for sale and purchase of gas, power and capaci-
ties not entered into for the Group’s own use
• Derivative financial instruments
The consolidated financial statements and the separate finan-
cial statements are presented in Euro (EUR) and all values are
rounded to the nearest thousands, except when otherwise
indicated.
Principles of consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has control.
The Group controls an entity where the Group is exposed to,
or has rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through its
power to direct the activities of the entity. Subsidiaries are
fully consolidated from the date on which control is trans-
ferred to the Group. They are deconsolidated from the date
that control ceases.
The acquisition method of accounting is used to account for
business combinations by the Group.
Intercompany transactions, balances and unrealized gains on
transactions between group companies are eliminated. Unreal-
ized losses are also eliminated unless the transaction provides
evidence of an impairment of the transferred asset. Account-
ing policies of subsidiaries have been changed where neces-
sary to ensure consistency with the policies adopted by the
Group.
Non-controlling interests in the results and equity of subsidiar-
ies are shown separately in the consolidated statement of
profit or loss, statement of comprehensive income, statement
of changes in equity and balance sheet, respectively.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the
Group’s entities are measured using the currency of the pri-
mary economic environment in which the entity operates (‘the
functional currency’). The consolidated financial statements
and the separate financial statements are presented in Euro
(EUR), which is MFT Energy A/S’s functional and presentation
currency.
Transactions and balances
Foreign currency transactions are translated into the func-
tional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from
the settlement of such transactions, and from the translation
of monetary assets and liabilities denominated in foreign cur-
rencies at year-end exchange rates, are recognized in profit or
loss.
The results and financial position of foreign operations that
have a functional currency different from Euro are translated
into Euro as follows:
• assets and liabilities for each balance sheet presented are
translated at the closing rate at the date of the balance
sheet
• income and expenses for each statement of profit or loss
and statement of comprehensive income are translated at
average exchange rates, and
• all resulting exchange differences are recognized in other
comprehensive income.
On consolidation, exchange differences arising from the trans-
lation of any net investment in foreign entities are recognized
in other comprehensive income. When a foreign operation is
sold, the associated exchange differences are reclassified to
profit or loss as part of the gain or loss on sale.
Other external expenses
Other external expenses comprise expenses related to prem-
ises, consultants, marketing as well as office expenses, etc.
Deposits
Deposits consist of lease deposits, etc. and are measured at
amortized cost.
Prepayments
Prepayments consist of prepaid expenses concerning acquisi-
tions, insurance premiums, subscriptions, and interest.
Other liabilities
Other liabilities consist of salary-related items, among others,
and are measured at amortized cost.
MFT Energy A/S Annual Report 2025
47
Notes to the financial statements
The preparation of MFT Energy A/S’s consolidated and sepa-
rate financial statements requires the use of accounting esti-
mates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgment in
applying the Group’s accounting policies.
This note provides an overview of the areas that involved a
high degree of judgment or complexity, and of items which are
more likely to be materially adjusted due to estimates and
assumptions turning out to be wrong. Detailed information
about each of these estimates and judgments is included in
the description below. Climate changes are not expected to
have an impact on critical accounting estimates or judgments.
Critical accounting estimates and judgments
Estimates/
judgment
Impact from
estimates and
judgments
Valuation of derivatives Estimate Moderate
Onerous contracts Estimate Low
2 Critical accounting estimates and judgments
Estimates and judgments
Valuation of derivatives and commodity contracts not
entered into for the Group's own use
In some cases, the fair values of derivatives are estimated
using internal models due to the absence of quoted prices or
other observable, market-corroborated data. This primarily
applies to the Group's long-term, structured derivative con-
tracts or contracts in illiquid markets. The majority of these
contracts are valued using models 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 volatility 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 based on historical and long-term pric-
ing relationships. The use of alternative estimates or valuation
methodologies may result in significantly different values for
such derivatives. Please refer to note 18 for a more detailed
description and a display of the fair value hierarchy.
Onerous contracts
The Group also trades capacities for which no active market
exists. As there is, thus, no explicit or observable input, the
prices are estimated. Only contracts that are entered into for
the Group's own use have been subject to such estimates. The
onerous contracts provided for are related to the abovemen-
tioned capacities. The contracts are estimated based on
spreads observable in the market at the balance sheet date
supplemented by a management estimate based on the sub-
sequent development in the market.
The estimates are based on the future spreads between the
given market areas, which may result in different values for
these contracts.
MFT Energy A/S Annual Report 2025
48
Notes to the financial statements
New standards and interpretations not yet adopted
MFT Energy has adopted relevant new or amended standards
(IFRS) and interpretations (IFRIC) as adopted by the EU and
which are effective for the financial year 1 January – 31
December 2025. The following have been adopted:
• Amendments to IAS 21 ‘The Effects of Changes in Foreign
Exchange Rates’: Lack of Exchangeability (1 January 2025).
The Group has assessed that the new or amended standards
and interpretations have not had any material impact on the
consolidated financial statements or the separate financial
statements in 2025.
Certain new accounting standards, amendments to accounting
standards and interpretations that have been published are
not mandatory for 31 December 2025 reporting periods and
have not been early adopted by the Group. These standards
include:
§
Accounting policies
Net trading income
MFT Energy routinely enters into sale and purchase trans-
actions for physical delivery of energy commodities. All
transactions for physical delivery of a non-financial item are
considered within the scope of IFRS 9 due to the fact that
the Group has a practice of entering into offsetting con-
tracts before the delivery date. Consequently, they are
measured at fair value on initial recognition and subse-
quently measured at fair value through profit and loss.
For contracts whose fair value cannot be determined solely
based on observable market data, any difference between
the transaction price and transaction date fair value deter-
mined by applying a valuation model is deferred and recog-
nized over the term of the contract.
A portion of the sale and purchase transactions for physi-
cal delivery of energy commodities takes the form of
capacity 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 contract as well as facts and circumstances
of how the contract is included in MFT Energy’s business
activity on a group basis.
Gains and losses arising from trading with energy commod-
ity derivatives, including futures, options, swaps, and cer-
tain forward sales and purchases, are excluded from reve-
nue and presented separately. Likewise, energy commodity
contracts with physical delivery and a net settlement
option or past practice of settlement of contracts in net
cash or other financial instruments are also to be excluded
from revenue and treated within the scope of IFRS 9 Finan-
cial instruments.
Given the nature of MFT Energy's business model and the
standard contracts with counterparties, all gains and
losses arising from trading with energy commodity deriva-
tives are accounted for using IFRS 9 Financial instruments.
4 Net trading income
• Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7
‘Financial Instruments: Disclosures’: Classification and Mea-
surement of Financial Instruments (1 January 2026).
• Annual Improvements to IFRS – Volume 11 (amendments to
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7) (1 January 2026).
• Amendments to IFRS 9 and IFRS 7: Contracts Referencing
Nature-dependent Electricity (1 January 2026).
• IFRS 18 ‘Presentation and Disclosure in Financial Statements’
(1 January 2027).
• IFRS 19 ‘Subsidiaries without Public Accountability: Disclo-
sures’ (1 January 2027).
• Amendments to IAS 21: Translation to a Hyperinflationary
Presentation Currency (1 January 2027).
The listed amendments are not expected to have a material
impact on the recognition and measurement of the balance
sheet for the Group. The Group is analyzing the impact of IFRS
18 on the Group’s primary financial statements and notes. The
analysis is not yet completed.
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Net trading income from energy commodities 37,713 80,124 32,039 71,066
37,713 80,124 32,039 71,066
3 Impact of new accounting standards
MFT Energy A/S Annual Report 2025
49
Notes to the financial statements
5 Financial risk management
The Group's risk management is predominantly controlled by
the risk team under the supervision of the Risk Committee and
policies approved by the Board of Directors and the Board's
Risk and Audit Committee.
The Board of Directors provides written principles for the over-
all risk management appetite covering areas such as market
risk, foreign exchange risk, credit risk, and the use of derivative
financial instruments. The Risk and Audit Committee, a sub-
committee of the Board of Directors, meets quarterly with the
Group CFO to review risk and financial reporting and to pro-
vide status on ongoing matters. The Risk and Audit Committee
cooperates closely with the Risk Committee, chaired by the
CFO and also has the Group CEO as a member. The Risk Com-
mittee has the responsibility for ensuring that the level of risk
is within the approved limits and policies while the Risk and
Audit Committee ensures that the risk taken is within the
overall risk capacity. New risk limits and policies are assessed
by the Risk and Audit Committee before being granted final
approval by the Board of Directors.
The risk team headed by the CFO constitutes the second line
of defense, while the operating units constitute the first line of
defense. The risk team monitors, identifies, performs stress
tests, and evaluates risk based on live data from the operating
units. The risk team works closely together with both the
finance and treasury teams on the monitoring and assessment
of currency and liquidity risk.
When all relevant criteria are met, hedge accounting is applied
to remove the accounting mismatch between the hedging
instrument and the hedged item. Hedging is used to decrease
or eliminate market and currency risk. The use of hedging is
closely determined under the trading mandate issued to each
trading team by the Risk Committee.
The Group is exposed to market risk, currency risk, credit risk,
and liquidity risk.
Market risk
MFT Energy's most significant market risk relates to changing
commodity prices and foreign currency risk.
Market risk is the risk of losses or gains caused by changes in
the market value of the Group's financial assets and liabilities
resulting from changes in market prices or rates. Market risk
affects the Group's financial statements through the valuation
of the Group's financial instruments.
The Group's risk management is intended to ensure proper
oversight of all market risks, both trading-related market risks
and non-trading-related market risks, for instance foreign
exchange or interest rate risks, etc. The market risk framework
is designed to systematically identify, assess, and report mar-
ket risk by continuously monitoring the trading activities of the
Group. As part of the risk management position limits are set,
thus limiting the positions MFT Energy can take in a specific
market and tenor. Furthermore, in order to lock in current gains
and prevent excessive losses, stop-loss limits are in place to
force MFT Energy to close positions in case certain loss limits
are reached over a period of time. Different limits have been
set for each trading team and for the Group to reflect the dif-
ferent exposures and risks.
MFT Energy is focused on short-term trading. The maturity of
its financial instruments supports this short-term focus as the
instruments primarily mature within 12 months. Please refer to
the 'Liquidity risk' section for an overview of the maturity of
financial instruments.
Commodity price risk
Commodity price risk is the risk that the fair value or future
cash flows of an exposure will fluctuate because of changes in
underlying commodity prices. MFT Energy's exposure to the
risk of changes in commodity prices and volumes relates to
the trading performed by MFT Energy in the markets.
The risk linked to commodity prices is different depending on
whether it is a long or short-term position.
The table below is prepared on an 'all else equal' assumption.
Only the commodity price is subject to change. The percent-
age change in commodity prices used to determine sensitivity
is estimated by the leadership as a probable scenario, taking
into consideration the historical volatility and the markets that
have been calm recently.
Sensitivity by commodity
GROUP
Impact on profit or
loss before tax
EUR ’000 2025 2024
Power, increase of 20%, (10%) (102) 640
Power, decrease of 20%, (10%) 384 (640)
Gas, increase of 20%, (10%) (1,922) 5,619
Gas, decrease of 20%, (10%) 1,699 (5,919)
MFT Energy A/S Annual Report 2025
50
Notes to the financial statements
5 Financial risk management (continued)
The sensitivity analysis shows the impact on profit or loss
before tax. The effect on profit or loss after tax will be 78% of
the profit or loss before tax. The effect on equity will be equiv-
alent to the value of profit or loss after tax.
The Group is actively using forward contracts to hedge posi-
tions and mitigate market risk related to long positions. All
hedge positions are in accordance with the written principles
approved by the Risk Committee. The commodity price risk
related to gas inventory is hedged using forward contracts.
MFT Energy applies hedge accounting to fair value hedges on
inventory. Any ineffectiveness of a hedge position is recog-
nized in the income statement once occurred.
The Group does not consider the ineffective part of the hedge
position to be material as the hedge policy and the Group
determine that the nominal positions need to be fully hedged.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future
cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. MFT Energy's exposure to foreign cur-
rency risk is derived from the Group's trading activities in
which trade receivables, trade payables, and derivatives are
denominated in a currency other than the functional currency.
MFT Energy manages its foreign currency risk through an
active economic hedging strategy, in accordance with the
guidelines approved by the Risk Committee, and the risk is
continuously monitored by the risk team in close collaboration
with the treasury team. The exposure is not considered mate-
rial at group level.
The day-to-day commercial business is exposed to a wide
range of different currencies. However, there is no single cur-
rency exposure that is considered material. The functional cur-
rency of most of the entities in the Group is EUR since the
majority of the activities are performed in market areas where
commodity products are traded in EUR.
The following table only contains the exposure of the Group.
The table discloses the net monetary amount in currencies
other than the functional currency.
Monetary items and sensitivity of the Group
EUR ’000 2025 2024
Cash and
receiv-
ables
Potential
volatil-
ity of
exchange
rate*
Impact
on profit
or loss
before
tax
Cash and
receiv-
ables
Potential
volatil-
ity of
exchange
rate*
Impact
on profit
or loss
before
tax
DKK/EUR 5,425 1% 54 2,975 1% 29
USD/EUR 10,488 5% 499 9,810 5% 467
GBP/EUR 10,542 5% 502 7,637 4% 294
CZK/EUR 5,938 2% 116 1,254 2% 25
AUD/EUR 4,736 3% 138 5,666 3% 165
BGN/EUR 1,386 1% 14 485 1% 5
NZD/EUR 1,784 6% 101 0 0% 0
JPY/EUR 1,526 4% 59 5,767 7% 377
CAD/EUR 1,357 2% 27 1,853 2% 36
* Changes in the exchange rate in the opposite direction yield an inverse result.
Interest rate risk
The exposure to the risk of changes in interest rates relates
primarily to interest-bearing assets and liabilities in the Group
with a floating rate. The exposure is not considered material
as the Group is primarily financed by its own equity. Please
refer to the section on Liquidity risk for an overview of the
maturity of the financial liabilities. The majority of the liabilities
are maturing within 12 months, while the risk of material
changes in interest rates is considered low.
Credit risk
Credit risk arises from cash and cash equivalents and deposits
with banks and financial institutions, as well as credit expo-
sures from counterparties, including outstanding receivables.
The credit risk is managed on a consolidated basis and moni-
tored by the treasury team, in close collaboration with the risk
team, in accordance with the written principles and policies of
MFT Energy. The treasury team monitors the credit risk daily
and is actively optimizing bank collaterals and bank guaran-
tees made to counterparties in close collaboration with the
risk and finance teams.
MFT Energy A/S Annual Report 2025
51
Notes to the financial statements
5 Financial risk management (continued)
MFT Energy makes numerous trades with commodity
exchanges that are generally settled at fair value on a daily
basis. The leadership considers its credit risk exposure to com-
modity exchanges to be insignificant due to the daily settle-
ment. The trades entered into are in general performed under
standard agreements that allow netting statements. These
agreements are mitigating the credit risk of the Group.
Please refer to note 20 for detailed information about offset-
ting of financial assets and liabilities.
Trade receivables
To measure the expected credit losses, trade receivables have
been grouped based on shared credit risk characteristics and
the days past due. No loss allowances were made in 2025 and
2024. The Group has never suffered any realized credit losses
from any counterparties. Trade receivables primarily consist of
receivables from commodity exchanges, clearing houses and
TSOs. The Group has made a credit risk assessment of the
open financial positions at the balance sheet date. No provi-
sions were needed as the risk is deemed immaterial.
Trade receivables are written off if there is no reasonable
expectation of recovery. Indicators of no reasonable expecta-
tion of recovery include, for example, the failure of a debtor to
engage in a repayment plan with the Group or failure to make
contractual payments for a period longer than 90 days past
due.
A considerable part of MFT Energy’s counterparties are cov-
ered by standard agreements. Such agreements contain regu-
lations on credit, payment, and offsetting. This means that
MFT Energy is less exposed to credit risk than if trading with
fewer or no standardized terms. The minimal risk and low risk
categories cover TSOs, exchanges, and other A-rated counter-
parts. MFT Energy assesses that these counterparts carry no
or only limited credit risk as they are part of public security of
supply or have high credit ratings. The category, "Not rated”,
covers counterparts with minor claims that have not been for-
mally classified in the year-end process or counterparties with
no formal rating. MFT Energy carries out an evaluation of the
credit risk of all counterparts before trading is commenced.
Liquidity risk
Liquidity risk is the risk that MFT Energy has insufficient funds
to meet its financial obligations. The liquidity risk is monitored
on a daily basis, and daily cash flow forecasts are produced,
ensuring the availability of required liquidity in the Group. This
is ensured by appropriate cash management and maintaining
adequate liquidity reserves at any time through a combination
of readily available cash and committed credit facilities. The
available cash is monitored daily to ensure that the reserves at
all times are in accordance with the written principles and poli-
cies set by the Board of Directors.
MFT Energy purchases money market funds in order to miti-
gate the risk and ensure interest income for the excess liquid-
ity. Management considers its credit risk exposure to be insig-
nificant due to the nature and the liquidity in the market for
money market funds.
The Group regularly enters into commodity derivative transac-
tions which, according to their terms, require daily margin
calls. To comply with risk limits, the market risk of such deriva-
tives is reduced through offsetting positions. The terms of
these offsetting positions may not require daily margin calls, or
no margin calls at all. Movements in the market prices for the
underlying derivatives may, therefore, have an adverse impact
on the Group's liquidity position, irrespective of the fact that
market price movements do not result in a loss. The Group
assesses that the current credit lines are sufficient to fulfill the
obligations under such margin call agreements for possible
changes in the market prices. The Risk Team has implemented
a series of warnings and stop-loss limits that ensure positions
are closed at the right time if the market develops in a direc-
tion that exposes the Group too much.
Maturities of financial liabilities
The amounts disclosed in the following tables are the contrac-
tual undiscounted cash flows. Balances due within 12 months
equal their carrying balances as the impact of discounting is
not significant.
Credit quality of the Group’s counterparties
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Minimal risk (A rated) 88,287 228,145 84,046 225,937
Low risk (B rated) 75,994 4,153 72,682 4,153
High risk (C rated) 104 0 104 0
Not rated 15,525 12,127 10,597 8,941
Total 179,910 244,425 167,429 239,031
MFT Energy A/S Annual Report 2025
52
Notes to the financial statements
5 Financial risk management (continued)
Contractual maturities of financial liabilities
GROUP
EUR ’000 < 1 year 1 - 2 years 2 - 5 years > 5 years
Total
contractual
cash flows
Carrying
amount
At December 31, 2025
Trade payables 31,433 0 0 0 31,433 31,433
Borrowings 0 0 0 0 0 0
Lease liabilities 483 471 367 0 1,321 1,321
Derivatives held for trading 79,993 0 0 0 79,993 79,993
Payables to group enterprises 0 0 0 0 0 0
Other liabilities 3,510 0 0 0 3,510 3,510
115,419 471 367 0 116,257 116,257
At December 31, 2024
Trade payables 28,143 0 0 0 28,143 28,143
Borrowings 11 0 0 0 11 11
Lease liabilities 864 216 4 0 1,084 1,084
Derivatives held for trading 116,756 0 0 0 116,756 116,756
Payables to group enterprises 1,616 0 0 0 1,616 1,616
Other liabilities 4,407 0 0 0 4,407 4,407
151,797 216 4 0 152,017 152,017
Contractual maturities of financial liabilities
PARENT
EUR ’000 < 1 year 1 - 2 years 2 - 5 years > 5 years
Total
contractual
cash flows
Carrying
amount
At December 31, 2025
Trade payables 29,981 0 0 0 29,981 29,981
Lease liabilities 223 237 251 0 711 711
Derivatives held for trading 77,280 0 0 0 77,280 77,280
Payables to group enterprises 0 221,534 0 0 221,534 217,169
Other liabilities 1,396 0 0 0 1,396 1,396
108,880 221,771 251 0 330,902 326,537
At December 31, 2024
Trade payables 26,693 0 0 0 26,693 26,693
Lease liabilities 269 115 0 0 384 384
Derivatives held for trading 116,634 0 0 0 116,634 116,634
Payables to group enterprises 1,636 231,516 0 0 233,152 228,590
Other liabilities 1,028 0 0 0 1,028 1,028
146,260 231,631 0 0 377,891 373,329
MFT Energy A/S Annual Report 2025
53
Notes to the financial statements
6 Staff costs
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Wages and salaries 23,203 21,955 11,319 8,889
Share-based payments 125 179 125 179
Pension cost, defined contribution plans 1,044 840 769 590
Other social security costs 179 156 136 86
24,551 23,130 12,349 9,744
Average number of employees 185 156 98 78
Wages and salaries, pension contributions and other social
security costs are considered to be short-term employee ben-
efits.
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Wages and salaries 1,801 2,018 1,801 2,018
Pension contribution 42 6 42 6
Other social security costs 18 8 18 8
Total compensation key management personnel 1,861 2,032 1,861 2,032
Executive Board and Board of Directors
Wages and salaries 664 574 664 574
Pension contribution 13 10 13 10
Total compensation Executive Board and Board of
Directors 677 584 677 584
Remuneration of the Executive Board and Board of Directors is disclosed together in accordance with section 98 B(3) of the Dan-
ish Financial Statements Act.
Key management personnel compensation
Key management personnel consists of the Executive Leader-
ship, Executive Board and the Board of Directors. The compen-
sation paid or payable to key management personnel for
employee services are all allocated to group companies and
are shown below:
MFT Energy A/S Annual Report 2025
54
Notes to the financial statements
6 Staff costs (continued)
Share-based payments
Warrant program
The Parent Company has established a warrant program in
order to motivate and retain certain key employees. In Decem-
ber 2025, 3,340 warrants were granted under the program
(December 2024: 1,897). The warrants granted in 2025 are
exercisable within 1 year as of January 2029 or upon an exit
event, whichever is earlier. The program sets out a vesting
period of three years. Settlement is in shares of MFT Energy
A/S.
The warrants are granted in accordance with the authoriza-
tions given to the Board of Directors by the shareholders. The
Board of Directors has fixed the terms of and size of the
grants, taking into account authorization from the sharehold-
ers, the Group’s guidelines for incentive pay, an assessment of
expectations of the recipient’s work efforts and contribution to
the Group’s growth, as well as the need to motivate and retain
the recipient. The grant takes place on the establishment of
the program. The warrants granted are subject to the provi-
sions of the Danish Public Companies Act regarding termina-
tion of employees prior to their exercise of warrants in the
case of recipients covered by the Act.
The fair value of the warrants has been determined based on a
Black-Scholes option pricing model. The data input for the
pricing model is based on historical share prices of a peer
group with the same vesting period.
In 2025, the fair value of warrants recognized in the income
statement amounts to EUR 125k (2024: EUR 179k). Key man-
agement personnel are not included in the warrant program,
unless the warrants were granted prior to their appointment
to key management. The employees that have been given war-
rants have the option to buy the predefined amount of shares
at a predefined value. The value that the employees are able
to buy the share for is equivalent to the market price.
The Board of Directors is covered by a comparable warrant
program. Once a member of the Board has been a Board Mem-
ber for 12 months, the warrants will be granted. The key terms
for the program are the same as for the employees. In Decem-
ber 2025, 0 warrants were granted under the program
(December 2024: 42).
Number of shares
GROUP & PARENT
2025
Board of
Directors Employees
Outstanding at the beginning of the period 399 5,179
Granted during the period 0 3,340
Forfeited during the period (98) (299)
Outstanding at the end of the period 301 8,220
Weighted-average remaining contractual life 1 year 2 years
GROUP & PARENT
2024
Board of
Directors Employees
Outstanding at the beginning of the period 357 4,036
Granted during the period 42 1,897
Forfeited during the period 0 (754)
Outstanding at the end of the period 399 5,179
Weighted-average remaining contractual life 2 years 3 years
At 31 December 2025, none of the warrants were exercisable. A total of 1,766 warrants will become exercisable from 1 January
2026 in accordance with the terms of the warrant agreement.
MFT Energy A/S Annual Report 2025
55
Notes to the financial statements
6 Staff costs (continued) 7 Other operating expenses
PARENT
EUR ’000 2025 2024
Reimbursements to subsidiaries (32,054) (72,962)
(32,054) (72,962)
§
Accounting policies
Staff costs
Staff costs comprise direct wages and salaries, pension
contributions, social security contributions, sick leave, and
bonuses, which are recognized in the year in which the
associated services are rendered by employees of the
Group.
Employee benefits - Pensions
For defined contribution plans, the Group and the Parent
Company pay contributions to publicly or privately admin-
istered pension insurance plans on a mandatory, contrac-
tual or voluntary basis. MFT Energy has no further payment
obligations once the contributions have been paid. The
contributions are recognized as employee benefits
expenses when they are due. Prepaid contributions are rec-
ognized as assets to the extent that a cash refund or a
reduction in the future payments is available.
Share-based payments
A number of employees have been granted equity-settled
warrants. Issued warrants become exercisable after a cer-
tain period of time or upon an earlier exit event subject to
the employee still being employed at the exercise date.
The grant date fair value is recognized as a compensation
expense over the vesting period with a corresponding
entry in equity. At the end of each period, MFT Energy
revises its estimates of the number of warrants that are
expected to vest based on service conditions. Adjust-
ments, if any, are recognized in profit or loss, with a corre-
sponding adjustment of equity.
§
Accounting policies
Other operating expenses
MFT Energy A/S has entered into gross profit-split agree-
ments with its subsidiaries. As part of its daily operations,
the primary portion of the gross profit is realized by MFT
Energy A/S on behalf of its subsidiaries and transferred
directly to the respective subsidiary on a monthly basis.
The realized gross profit is considered an operating
expense in MFT Energy A/S when the gross profit realized
for the year traded on behalf of the subsidiaries is positive,
and it consists solely of reimbursements to the
subsidiaries.
MFT Energy A/S Annual Report 2025
56
Notes to the financial statements
8 Financial income and expenses
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Financial income
Interest income, banks 882 1,506 754 1,262
Financial income, investments 1,060 2,290 1,059 2,290
Financial income, other 1,546 1,758 1,257 1,953
Gains on exchange forward derivatives 0 86 0 86
Foreign exchange rate gains 321 0 0 0
Total financial income 3,809 5,640 3,070 5,591
Financial expenses
Interest on borrowings 4 0 4 0
Interest on lease liabilities 124 46 35 17
Total interest expense related to financial
liabilities not at fair value through profit
or loss 128 46 39 17
Interest expense, group enterprises 193 669 2,450 2,769
Interest expense, income tax 15 114 0 0
Financial expenses, guarantees 2,204 2,023 2,204 2,023
Financial expenses, bonds 0 1 0 1
Financial expenses, other 1,276 1,211 1,224 1,086
Foreign exchange rate losses 0 669 398 829
Loss on exchange forward derivatives 304 0 304 0
Total financial expenses 4,120 4,733 6,619 6,725
§
Accounting policies
Financial income and expenses
Financial income and expenses comprise interest income
and interest expenses, realized and unrealized exchange
rate adjustments, fair value adjustment of current asset
investments as well as interest on extra payments and
repayment under the on-account taxation scheme and
interest in respect of lease liabilities.
Other financial income primarily comprises realized gains
on exchange forward derivatives as well as interest
income. Other financial expenses primarily comprise real-
ized and unrealized exchange rate adjustments as well as
interest expenses and realized losses on exchange forward
derivatives.
Foreign currency translation
Foreign currency translation of receivables from and pay-
ables to subsidiaries is recognized in the income statement
of MFT Energy A/S under financial income or financial
expenses. This is only relevant to the Parent Company.
MFT Energy A/S Annual Report 2025
57
Notes to the financial statements
9 Income tax expenses
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Current tax
Current tax on profit for the year (106) 9,366 (529) (1,141)
Deferred income tax 657 1,192 657 1,192
Income tax expense 551 10,558 128 51
GROUP
EUR ’000 2025 2024
Reconciliation of effective tax rate
Tax at the Danish tax rate of 22% (2024: 22%) 540 10,413
Tax effects of amounts which are not deductible (taxable) in calculating
taxable income:
Non-deductible expenses 14 104
Other adjustments (3) 41
Income tax expense 551 10,558
Effective tax rate 22% 22%
PARENT
EUR ’000 2025 2024
Reconciliation of effective tax rate
Tax at the Danish tax rate of 22% (2024: 22%) 419 6,662
Tax effects of amounts which are not deductible (taxable) in calculating
taxable income:
Income from investments in subsidiaries (299) (6,686)
Non-deductible expenses 8 75
Income tax expense 128 51
Effective tax rate 7% 0%
with respect to situations in which applicable tax regula-
tion is subject to interpretation and considers whether it is
probable that a taxation authority will accept an uncertain
tax treatment. The Group measures its tax balances either
based on the most likely amount or the expected value,
depending on which method provides a better prediction
of the resolution of the uncertainty.
The Group is within the scope of the OECD Pillar Two
model rules as implemented in the jurisdictions in which
the Group operates. The Group has applied the mandatory
temporary exception under IAS 12 Income Taxes and there-
fore does not recognize or disclose information about
deferred tax assets and liabilities related to Pillar Two
income taxes. Based on the Group’s current assessment of
the impact of the enacted legislation, management does
not expect the Pillar Two income taxes to have a material
impact on the Group’s consolidated financial statements.
Deferred income tax is provided in full, using the liability
method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in
the consolidated financial statements. A deferred income
tax asset or liability is also not accounted for if it arises
from the initial recognition of an asset or liability in a trans-
action other than a business combination that, at the time
of the transaction, affects neither accounting nor taxable
profit or loss. Deferred income tax is determined using tax
rates (and laws) that have been enacted or substantively
enacted by the end of the reporting period and are
expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is
settled.
§
Accounting policies
Income tax expenses
The income tax expense or credit for the period is the tax
payable on the current period's taxable income, based on
the applicable income tax rate for each jurisdiction,
adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences and to unused tax
losses.
The current income tax charge is calculated on the basis of
the tax laws enacted or substantively enacted at the end
of the reporting period in the countries where the company
and its subsidiaries generate taxable income. The leader-
ship periodically evaluates positions taken in tax returns
MFT Energy A/S Annual Report 2025
58
Notes to the financial statements
10 Intangible assets
PARENT
EUR ’000 Software Total
Cost:
At January 1, 2025 6 6
At December 31, 2025 6 6
Accumulated amortization and impairment losses:
At January 1, 2025 6 6
Amortization charge 0 0
At December 31, 2025 6 6
Carrying amount at December 31, 2025 0 0
Cost:
At January 1, 2024 6 6
At December 31, 2024 6 6
Accumulated amortization and impairment losses:
At January 1, 2024 6 6
Amortization charge 0 0
At December 31, 2024 6 6
Carrying amount at December 31, 2024 0 0
GROUP
EUR ’000
Incorporeal
rights Software Total
Cost:
At January 1, 2025 114 6 120
Additions
Disposals
0
(19)
0
0
0
(19)
At December 31, 2025 95 6 101
Accumulated amortization and impairment losses:
At January 1, 2025 43 6 49
Amortization charge 7 0 7
At December 31, 2025 50 6 56
Carrying amount at December 31, 2025 45 0 45
Cost:
At January 1, 2024 71 6 77
Additions 43 0 43
At December 31, 2024 114 6 120
Accumulated amortization and impairment losses:
At January 1, 2024 35 6 41
Amortization charge 8 0 8
At December 31, 2024 43 6 49
Carrying amount at December 31, 2024 71 0 71
MFT Energy A/S Annual Report 2025
59
Notes to the financial statements
10 Intangible assets (continued)
Software
Software comprises the cost associated with acquiring soft-
ware licenses.
Incorporeal rights
Incorporeal rights comprise the cost associated with acquiring
the rights for trading on exchanges.
§
Accounting policies
Intangible assets
Intangible assets are measured at cost less accumulated
amortization and less any accumulated impairment losses.
Cost comprises the cost of acquisition and expenses
directly related to the acquisition up until the time when
the asset is ready for use.
Amortization methods and useful lives
The Group amortizes intangible assets with a limited useful
life, using the straight-line method over the following peri-
ods:
Software 3 years
Incorporeal rights 10 years
MFT Energy A/S Annual Report 2025
60
Notes to the financial statements
GROUP
EUR ’000
Other fixtures,
fittings and
equipment
Leasehold
improvements Total
Cost:
At January 1, 2025 375 136 511
Additions 68 0 68
At December 31, 2025 443 136 579
Accumulated depreciation and impairment losses:
At January 1, 2025 262 69 331
Depreciation charge 131 21 152
At December 31, 2025 393 90 483
Carrying amount at December 31, 2025 50 46 96
Cost:
At January 1, 2024 370 117 487
Additions 5 19 24
At December 31, 2024 375 136 511
Accumulated depreciation and impairment losses:
At January 1, 2024 153 49 202
Depreciation charge 109 20 129
At December 31, 2024 262 69 331
Carrying amount at December 31, 2024 113 67 180
PARENT
EUR ’000
Other fixtures,
fittings and
equipment
Leasehold
improvements Total
Cost:
At January 1, 2025 154 136 290
Additions 0 0 0
At December 31, 2025 154 136 290
Accumulated depreciation and impairment losses:
At January 1, 2025 143 69 212
Depreciation charge 11 21 32
At December 31, 2025 154 90 244
Carrying amount at December 31, 2025 0 46 46
Cost:
At January 1, 2024 154 117 271
Additions 0 19 19
At December 31, 2024 154 136 290
Accumulated depreciation and impairment losses:
At January 1, 2024 106 49 155
Depreciation charge 37 20 57
At December 31, 2024 143 69 212
Carrying amount at December 31, 2024 11 67 78
11 Property, plant and equipment
MFT Energy A/S Annual Report 2025
61
Notes to the financial statements
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Amounts recognized in the balance sheet
Right-of-use assets
Properties 1,280 1,059 683 373
1,280 1,059 683 373
Additions to the right-of-use assets 320 309 0 0
Lease liabilities
Current 483 864 223 269
Non-current 838 220 488 115
1,321 1,084 711 384
Amounts recognized in the income statement
The income statement shows the following amounts
relating to leases:
Depreciation charge of right-of-use assets
Properties 710 632 227 263
710 632 227 263
Interest expense on lease liabilities 66 46 35 17
Expenses relating to short-term leases 61 75 49 63
Expenses relating to leases of low-value assets 6 17 6 82
Total cash outflow for leases 843 770 317 425
Please refer to note 5 for a disclosure of contractual maturities of the financial liabilities.
11 Property, plant and equipment (continued) 12 Leases
§
Accounting policies
Property, plant and equipment
Property, plant and equipment are stated at historical cost
less depreciation. Historical cost includes expenditure that
is directly attributable to the acquisition of the items.
The assets’ residual values and useful lives are reviewed,
and adjusted if appropriate, at the end of each reporting
period.
An asset’s carrying amount is written down immediately to
its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by compar-
ing proceeds with the carrying amount. These are included
in profit or loss.
Depreciation methods and useful lives
Depreciation is calculated using the straight-line method
to allocate the cost of the assets, net of their residual val-
ues, over their estimated useful lives as follows:
Leasehold improvements 3-5 years
Other fixtures, fittings and equipment 3-5 years
Impairment of assets
Other non-current assets are tested for impairment when-
ever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment
loss is recognized for the amount by which the asset’s car-
rying amount exceeds its recoverable amount. The recover-
able 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 separately
identifiable cash inflows which are largely independent of
the cash inflows from other assets or groups of assets
(cash-generating units). Non-financial assets that suffered
an impairment are reviewed for possible reversal of the
impairment at the end of each reporting period.
MFT Energy A/S Annual Report 2025
62
Notes to the financial statements
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Deferred tax
Deferred tax at the beginning of period (668) (1,897) (668) (1,860)
Deferred tax recognized in the income statement 657 1,229 657 1,192
Deferred tax at year end (11) (668) (11) (668)
Deferred tax relates to:
Property, plant and equipment (11) (12) (11) (12)
Deferred tax on accrued expenses 0 (1) 0 (1)
Provisions 0 (655) 0 (655)
Total (11) (668) (11) (668)
Of which presented as deferred tax assets 11 668 11 668
12 Leases (continued) 13 Deferred tax
§
Accounting policies
Leases
MFT Energy leases various properties. Property contracts
are typically made for one to three years but may have
extension and termination options.
Assets and liabilities arising from a lease are initially mea-
sured on a present value basis. Lease liabilities include the
net present value of fixed payments (including in-sub-
stance fixed payments); and the exercise price of a pur-
chase option if the Group is reasonably certain of exercis-
ing that option. Lease payments to be made under
reasonably certain extension options are also included in
the measurement of the liability.
The lease payments are discounted using the interest rate
implicit in the lease or lessee’s incremental borrowing rate
if the implicit interest rate cannot be readily determined.
Lease payments are allocated between principal and
finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability for
each period.
Right-of-use assets are measured at cost which comprises
the amount of the initial measurement of the lease liability;
any initial direct costs; the estimated restoration costs and
any lease payments made at or before the commencement
date less any lease incentives received.
Right-of-use assets are depreciated over the lease term on
a straight-line basis.
Payments associated with short-term leases of property
and all leases of low-value assets are recognized on a
straight-line basis as an expense in profit or loss. Short-
term leases are leases with a lease term of 12 months or
less without a purchase option. Low-value assets comprise
IT equipment and small items of office furniture.
§
Accounting policies
Deferred tax
Deferred tax assets are recognized only if it is probable
that future taxable amounts will be available to utilize
those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is
a legally enforceable right to offset current tax assets and
liabilities and where the deferred tax balances relate to
the same taxation authority. Current tax assets and tax lia-
bilities are offset where the entity has a legally enforce
able right to offset and intends either to settle on a net
basis, or to realize the asset and settle the liability simulta-
neously.
Current and deferred tax is recognized in profit or loss,
except to the extent that it relates to items recognized in
other comprehensive income or directly in equity. In this
case, the tax is also recognized in other comprehensive
income or directly in equity, respectively.
MFT Energy A/S Annual Report 2025
63
Notes to the financial statements
PARENT
EUR ’000 2025 2024
Cost at January 1 26,465 4,153
Additions for the year 13,177 22,409
Disposals for the year (649) (97)
Cost at December 31 38,993 26,465
Value adjustments at January 1 135,936 122,200
Profit for the year 1,361 30,392
Dividend to the Parent Company (10,930) (11,763)
Other adjustments (2,587) (4,893)
Value adjustments at December 31 123,780 135,936
Carrying amount at December 31 162,773 162,401
14 Investments in subsidiaries
Name
Place of
registered office Share capital
Votes and
ownership
MFT Energy 1 ApS Denmark DKK 55,626 98.3%
MFT Energy 2 ApS Denmark DKK 50,000 93.0%
MFT Energy 3 ApS Denmark DKK 50,000 60.0%
MFT Energy 4 ApS Denmark DKK 50,000 100.0%
MFT Energy 5 ApS Denmark DKK 50,000 60.9%
MFT Energy 6 ApS Denmark DKK 56,000 71.2%
MFT Energy 7 ApS Denmark DKK 40,000 75.5%
MFT Energy 9 ApS Denmark DKK 40,000 100.0%
MFT Energy Kosovo L.L.C Kosovo EUR 1,000 60.9%
MFT Energy Switzerland GmBH Switzerland CHF 20,000 100.0%
MFT Energy US Inc. USA USD 1,000 100.0%
MFT Energy US POWER LLC USA USD 0 100.0%
MFT Energy US 1 LLC USA USD 0 71.1%
MFT Energy US 2 LLC USA USD 0 94.0%
MFT Energy APAC Holding Pte. Ltd. Singapore SGD 0 80.0%
MFT Energy PTE. LTD. Singapore SGD 1 100.0%
MFT Energy Singapore Pte. Ltd. Singapore SGD 2 75.2%
MFT Energy Australia Pty. Ltd Australia AUD 100 71.2%
MFT Energy See Enerji A.S. Turkey TRY 2,000,000 60.9%
MFT Energy APAC 3 KK Japan JPY 5,000,000 80.0%
MFT Energy New Zealand Limited New Zealand NZD 0 71.2%
Investments in subsidiaries are specified as follows:
MFT Energy A/S Annual Report 2025
64
Notes to the financial statements
14 Investments in subsidiaries (continued)
§
Accounting policies
Investments in subsidiaries
The accounting policies below are only relevant to the
preparation of the separate financial statements.
Investments in subsidiaries are recognized using the equity
method of accounting. Consequently, investments are ini-
tially recognized at cost and subsequently adjusted to rec-
ognize MFT Energy A/S’s share of the post-acquisition
profits or losses of the investee in other comprehensive
income. Dividends received are recognized as a reduction
in the carrying amount of the investment. Where the recov-
erable amount of the subsidiary is lower than cost, the car-
rying amount of the subsidiaries is written down to this
lower value.
Where MFT Energy A/S’s share of losses in a subsidiary
equals or exceeds its interest in the entity, including any
other unsecured long-term receivables, MFT Energy A/S
does not recognize further losses, unless it has incurred
obligations or made payments on behalf of the subsidiary.
Unrealized gains on transactions between MFT Energy A/S
and its subsidiaries are eliminated to the extent of MFT
Energy A/S’s interest in these subsidiaries. Unrealized
losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred.
Accounting policies of equity-accounted investees have
been changed where necessary to ensure consistency with
the policies of MFT Energy A/S.
MFT Energy A/S Annual Report 2025
65
Notes to the financial statements
15 Non-controlling interests
A significant part of the Group’s activities are performed
through five subsidiaries with significant non-controlling inter-
ests. Set out in the following table is summarized financial
information for each subsidiary that has non-controlling inter-
ests that are material to the Group. The amounts disclosed for
each subsidiary are before intercompany eliminations.
2025
EUR ’000 MFT Energy 1 ApS MFT Energy 2 ApS MFT Energy 3 ApS MFT Energy 5 ApS MFT Energy 6 ApS
Non-controlling interests’ ownership at year-end 1.7% 7.0% 40.0% 39.1% 28.8%
Summarized balance sheet
Current assets 1,179 209 10 14 140
Current liabilities 736 90 45 28 293
Current net assets 443 119 (35) (14) (153)
Non-current assets 57,737 16,284 13,619 10,415 115,592
Non-current liabilities 487 0 0 0 0
Non-current net assets 57,250 16,284 13,619 10,415 115,592
Summarized statement of comprehensive income
Gross profit 11,543 1,724 818 65 5,450
Profit for the period 5,076 814 388 (33) 338
Other comprehensive income 0 0 0 0 0
Total comprehensive income 5,076 814 388 (33) 338
Profit allocated to non-controlling interests 75 143 155 123 642
Dividends paid to non-controlling interests 271 181 60 68 1,312
Summarized cash flows
Cash flows from operating activities 2,583 (1,046) 432 135 810
Cash flows from investing activities 0 0 0 0 0
Cash flows from financing activities (2,562) 1,054 (433) (135) (777)
Net increase/(decrease) in cash and cash equivalents 21 8 (1) 0 33
MFT Energy A/S Annual Report 2025
66
Notes to the financial statements
15 Non-controlling interests (continued)
2024
EUR ’000 MFT Energy 1 ApS MFT Energy 2 ApS MFT Energy 3 ApS MFT Energy 5 ApS MFT Energy 6 ApS
Non-controlling interests’ ownership at year-end 3.9% 1.5% 40.0% 39.1% 36.9%
Summarized balance sheet
Current assets 8 7 49 224 426
Current liabilities (2,641) (1,755) (39) (70) (324)
Current net assets (2,633) (1,748) 10 154 102
Non-current assets 62,105 19,927 13,335 10,826 118,286
Non-current liabilities (646) 0 0 0 (1,249)
Non-current net assets 61,459 19,927 13,335 10,826 117,037
Summarized statement of comprehensive income
Gross profit 29,360 10,507 794 1,784 15,950
Profit for the period 17,748 7,401 426 1,560 9,918
Other comprehensive income 0 0 0 0 0
Total comprehensive income 17,748 7,401 426 1,560 9,918
Profit allocated to non-controlling interests 1,017 570 170 718 3,683
Dividends paid to non-controlling interests 412 1,597 171 304 2,277
Summarized cash flows
Cash flows from operating activities 12,253 8,091 (169) 609 1,415
Cash flows from investing activities 0 0 0 0 0
Cash flows from financing activities (12,258) (8,093) 171 (609) (1,441)
Net increase/(decrease) in cash and cash equivalents (5) (2) 2 0 (26)
MFT Energy A/S Annual Report 2025
67
Notes to the financial statements
16 Inventories
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Gas storage at weighted average cost 34,890 45,259 34,890 45,259
Certificates inventories 974 0 974 0
Adjustment from fair value hedging (3,532) 14,366 (3,532) 14,366
Total inventories 32,332 59,625 32,332 59,625
Inventories consist of gas and certificates intended for resale.
The expenses associated with the gas trading inventories and
certificates are recognized as 'net trading income' in the
income statement. The outflow from our gas storages recog-
nized during the year amounted to EUR 104,083k (2024: EUR
99,994k).
There has been no write-down of inventories to net realizable
value during 2025 and 2024.
The Group has designated the spot component of gas swap
contracts as the hedging instrument. The cumulative fair value
adjustment recognized in inventories as of 31 December 2025
amounts to a negative EUR 3,532k (2024: EUR 14,366k). As
further described in note 5, the Group hedges the price risk of
gas inventory. These contracts are designated as fair value
hedges of the gas inventory.
§
Accounting policies
Inventories
The gas storage recognized in inventories is acquired and
used for trading. Inventories are measured at the lower of
cost under the weighted average cost method adjusted
with gains and losses from hedging instruments and net
realizable value. The net realizable value of inventories is
calculated at the amount expected to be generated by
sale of the inventories in the process of normal trading
operations with deduction of selling expenses.
MFT Energy A/S hedges the fair value of its inventory of
gas and applies fair value hedge accounting. Consequently,
changes in the fair value of the hedged item attributable
to the gas price risk are recorded as an adjustment to the
carrying value of the inventory. The carrying amount of
inventory is recognized in profit or loss when the gas is
sold, along with any fair value adjustments from fair value
hedges.
Certificate inventories are measured at the lower of cost
according to FIFO and net realizable value. The net realiz-
able value of certificate inventories is calculated at the
amount expected to be generated by sales during normal
operations less selling expenses. The net realizable value is
determined allowing for market illiquidity, obsolescence
and development in expected sales.
Fair value hedges that qualify for hedge accounting
Changes in the fair value of derivatives that are designated
and qualify as fair value hedges are recognized in profit or
loss. Changes in the fair value of the hedged item attribut-
able to the hedged risk is recorded as part of the carrying
amount of the hedged item and is also recognized in profit
or loss. The gain or loss relating to the ineffective portion is
recognized in profit or loss within fair value adjustment of
financial and physical energy contracts.
If the hedge no longer meets the criteria for hedge
accounting, the adjustment of the carrying amount of a
hedged item is recognized in profit or loss at the time
when the hedged item is recognized in profit or loss.
The cumulative fair value adjustment recognized in the carry-
ing amount of inventories during 2025 amounted to a nega-
tive EUR 17,898k (2024: 23,734k). The Group is hedging
according to the written principles set out by the Risk Com-
mittees, hence, all the storages are hedged off unless other-
wise stated in the mandates given. The fair value adjust-
ments, as well as any ineffectiveness, are included in the
line-item net trading income from financial and physical
energy contracts, along with the adjustment of the other
trades and hedge positions.
MFT Energy A/S Annual Report 2025
68
Notes to the financial statements
17 Trade receivables
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Trade receivables from contracts 29,714 68,676 26,622 66,638
Loss allowance 0 0 0 0
Net trade receivables 29,714 68,676 26,622 66,638
Due to the short-term nature of the current receivables, their
carrying amount is considered to be the same as their fair
value.
Please refer to note 5 for a description of the expected credit
losses and risks regarding trade receivables.
§
Accounting policies
Trade receivables
Trade receivables are amounts due from commodities as
part of the ordinary course of business. Trade receivables
are recognized initially at the amount of consideration that
is unconditional. The Group holds the trade receivables
with the objective of collecting the contractual cash flows
and therefore measures them subsequently at amortized
cost using the effective interest method, less allowance for
lifetime expected losses. MFT Energy applies the IFRS 9
simplified approach to measuring expected credit losses
which uses a lifetime expected loss for all trade receiv-
ables.
Impairment losses on trade receivables are presented as
net impairment losses within operating profit. Subsequent
recoveries of amounts previously written off are recognized
as a reduction of costs against the same line item.
MFT Energy A/S Annual Report 2025
69
Notes to the financial statements
18 Fair value measurement
Derivative financial instruments in MFT Energy mainly consist
of commodity derivatives that are traded as part of the
Group’s ordinary business activity.
Trading activities are undertaken by using a range of contract
types in combination to create incremental gains by arbitrag-
ing prices between markets, locations and time periods. Finan-
cial risks relating to the financial instruments are managed on
a portfolio basis.
The Group measures the following financial assets and liabili-
ties at fair value:
• Gas derivatives
• Power derivatives
• Foreign currency derivatives
• Current asset investments
This section explains estimates made in determining the fair
value of the financial instruments that are recognized and
measured at fair value through profit and loss in the financial
statements. To provide an indication about the reliability of
the inputs used in determining fair value, the Group has classi-
fied its financial instruments into three levels prescribed under
the accounting standards.
Exchange-traded derivatives, foreign currency contracts as
well as some current asset investments are valued using clos-
ing prices provided by the exchanges at the balance sheet
date. These derivatives are categorized as Level 1 of the fair
value hierarchy. Exchange-traded derivatives are typically con-
sidered settled through the payment or receipt of variation
margin.
Over-the-counter (OTC) financial swaps and physical commod-
ity sale and purchase contracts including commodity forwards
are generally valued using readily available information in the
public markets and, if necessary, quotations provided by bro-
kers and price index developers. These quotes are corrobo-
rated with market data and are predominantly categorized as
Level 2 of the fair value hierarchy.
Valuation processes
The valuation process of the derivatives includes input from
relevant employees of MFT Energy, and the final valuation is
verified and approved by the risk management function. In
order to minimize the use of subjective estimates or modifica-
tions of parameters and calculation models, it is MFT Energy's
policy to determine fair values based on the external informa-
tion that most accurately reflects the market values. The
Group uses pricing services and benchmark services to
increase the data quality. MFT Energy's policy is to recognize
transfers into and out of fair value hierarchy levels at the end
of each reporting period.
MFT Energy A/S Annual Report 2025
70
Notes to the financial statements
18 Fair value measurement (continued)
GROUP
2025
EUR ’000
Quoted prices
in active
markets
Level 1
Significant
observable
inputs
Level 2
Un-
observ able
input
Level 3 Total
Financial assets
Power trading derivatives 8,040 230 0 8,270
Gas trading derivatives 447 78,392 0 78,839
Foreign currency derivatives 0 0 0 0
Current asset investments 8,417 0 0 8,417
Total financial assets at fair value 16,904 78,622 0 95,526
Financial liabilities
Power trading derivatives 8,131 475 0 8,606
Gas trading derivatives 420 70,844 0 71,264
Foreign currency derivatives 123 0 0 123
Total financial liabilities at fair value 8,674 71,319 0 79,993
GROUP
2024
EUR ’000
Quoted prices
in active
markets
Level 1
Significant
observable
inputs
Level 2
Un-
observ able
input
Level 3 Total
Financial assets
Power trading derivatives 10,406 1,242 0 11,648
Gas trading derivatives 0 79,410 0 79,410
Foreign currency derivatives 181 0 0 181
Current asset investments 45,173 0 0 45,173
Total financial assets at fair value 55,760 80,652 0 136,412
Financial liabilities
Power trading derivatives 9,744 46 0 9,790
Gas trading derivatives 0 106,966 0 106,966
Foreign currency derivatives 0 0 0 0
Total financial liabilities at fair value 9,744 107,012 0 116,756
The below table sets out the fair value hierarchy for assets
and liabilities measured at fair value in the balance sheet:
MFT Energy A/S Annual Report 2025
71
Notes to the financial statements
18 Fair value measurement (continued)
PARENT
2025
EUR ’000
Quoted prices
in active
markets
Level 1
Significant
observable
inputs
Level 2
Un-
observ able
input
Level 3 Total
Financial assets
Power trading derivatives 4,834 422 0 5,256
Gas trading derivatives 447 77,971 0 78,418
Foreign currency derivatives 0 0 0 0
Current asset investments 8,417 0 0 8,417
Total financial assets at fair value 13,698 78,393 0 92,091
Financial liabilities
Power trading derivatives 5,893 281 0 6,174
Gas trading derivatives 420 70,563 0 70,983
Foreign currency derivatives 123 0 0 123
Total financial liabilities at fair value 6,436 70,844 0 77,280
PARENT
2024
EUR ’000
Quoted prices
in active
markets
Level 1
Significant
observable
inputs
Level 2
Un-
observ able
input
Level 3 Total
Financial assets
Power trading derivatives 10,311 0 0 10,311
Gas trading derivatives 0 79,410 0 79,410
Foreign currency derivatives 181 0 0 181
Current asset investments 45,173 0 0 45,173
Total financial assets at fair value 55,665 79,410 0 135,075
Financial liabilities
Power trading derivatives 9,668 0 0 9,668
Gas trading derivatives 0 106,966 0 106,966
Foreign currency derivatives 0 0 0 0
Total financial liabilities at fair value 9,668 106,966 0 116,634
MFT Energy A/S Annual Report 2025
72
Notes to the financial statements
18 Fair value measurement (continued)
§
Accounting policies
Fair value measurement
The Group measures some financial instruments, such as
derivatives, 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 measurement date. The
fair value measurement is based on the presumption that
the transaction to sell the asset or transfer the liability
takes place either:
• in the principal market for the asset or liability, or
• in the absence of a principal market, in the most advanta-
geous market for the asset or liability.
The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pric-
ing the asset or liability, assuming that market participants
act in their best economic interest.
Commodity contracts which allow for physical settlement,
but are considered not entered into for the purpose of the
Group’s own use, are measured similarly to financial com-
modity contracts.
MFT Energy uses valuation techniques that are appropriate
in the circumstances and for which sufficient data is avail-
able to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable
inputs.
All assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorized
according to the fair value hierarchy, described as follows,
based on the lowest level input that is significant to the fair
value measurement as a whole:
• Level 1 - quoted and unadjusted market prices in active
markets for identical assets or liabilities
• Level 2 - valuation techniques for which the lowest level
input that is significant to the fair value measurement is
directly or indirectly observable
• Level 3 - valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable.
Derivative financial instruments and commodity con-
tracts not held for own use
Financial derivatives are initially recognized at fair value on
the date the derivative contract is entered into and are sub-
sequently remeasured at fair value at the end of the report-
ing period. The subsequent accounting treatment depends
on whether the derivatives are designated as hedging
instruments and, if so, the nature of the item being hedged.
If derivatives are not designated as hedging instruments,
they are classified as ‘held for trading’ for accounting pur-
poses and initially recognized at fair value with subsequent
remeasurement at fair value through profit and loss and rec-
ognized in the balance sheet.
Derivatives may be designated as hedging instruments, and
the Group may designate derivatives as either:
• hedges of the fair value of recognized assets or liabilities
or a firm commitment (fair value hedges), or
• hedges of a particular risk associated with the cash flow
of recognized assets and liabilities and highly probable
forecast transactions (cash flow hedges).
At inception of the hedging relationship, the Group docu-
ments the economic relationship between hedging instru-
ments and hedged items, including whether changes in the
cash flow of the hedging instruments are expected to offset
changes in the cash flow of hedged items. The Group docu-
ments its risk management objective and strategy for under-
taking its hedging transactions.
The full fair value of a hedging instrument is classified as a
non-current asset or liability when the remaining maturity of
the hedged item is more than 12 months; it is classified as a
current asset or liability when the remaining maturity of the
hedged item is less than 12 months.
MFT Energy A/S Annual Report 2025
73
Notes to the financial statements
19 Financial assets and financial liabilities
The Group and the Parent Company hold the following financial instruments:
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Financial assets
Financial assets measured at fair value through profit
and loss
Derivatives and commodity contracts not entered
into for own use 87,109 91,239 83,674 89,902
Derivatives in hedge accounting, inventory (3,532) 14,366 (3,532) 14,366
Current asset investments 8,417 45,173 8,417 45,173
91,994 150,778 88,559 149,441
Financial assets at amortized cost
Deposits 411 376 261 232
Trade receivables 29,714 68,676 26,622 66,638
Receivables from group enterprises 133 0 38,772 14,480
Other receivables 56,062 40,108 49,871 37,857
Cash and cash equivalents 81,142 55,570 63,487 49,562
167,462 164,730 179,013 168,769
Financial assets 259,456 315,508 267,572 318,210
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Financial liabilities
Financial liabilities measured at fair value through
profit and loss
Derivatives and commodity contracts not entered into
for own use 79,993 116,756 77,280 116,634
79,993 116,756 77,280 116,634
Financial liabilities at amortized cost
Trade payables 31,433 28,143 29,981 26,693
Borrowings 0 11 0 0
Payables to group enterprises 0 1,616 217,169 228,590
Lease liabilities 1,321 1,084 711 384
Other payables 3,510 4,407 1,396 1,028
36,264 35,261 249,257 256,695
Financial liabilities 116,257 152,017 326,537 373,329
MFT Energy A/S Annual Report 2025
74
Notes to the financial statements
19 Financial assets and financial liabilities (continued)
GROUP
2025 2024
EUR ’000 Current
Non-
current Total Current
Non-
current Total
Borrowings
Other 0 0 0 11 0 11
Payables to group enterprises 0 0 0 1,616 0 1,616
0 0 0 1,627 0 1,627
PARENT
2025 2024
EUR ’000 Current
Non-
current Total Current
Non-
current Total
Borrowings
Payables to group enterprises 0 217,169 217,169 1,636 226,954 228,590
0 217,169 217,169 1,636 226,954 228,590
In terms of borrowings, the fair values are not materially differ-
ent from their carrying amounts, since the interest payable on
those borrowings is either close to current market rates or the
borrowings are of a short-term nature.
Payables to group enterprises carry a fixed rate, but the out-
standing amount is changing continuously.
§
Accounting policies
Trade and other payables
These amounts represent liabilities for goods and services
provided to the Group prior to the end of the financial year
which are unpaid. The amounts are unsecured and are usu-
ally paid within 30 days of recognition. Trade and other
payables are presented as current liabilities unless pay-
ment is not due within 12 months after the reporting
period. They are recognized initially at their fair value and
subsequently measured at amortized cost using the effec-
tive interest method.
Borrowings
Borrowings are initially recognized at fair value, net of
transaction costs incurred. Borrowings are subsequently
measured at amortized cost. Any difference between the
proceeds (net of transaction costs) and the redemption
amount is recognized in profit or loss over the terms of the
borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recog-
nized as transaction costs of the loan to the extent that it
is probable that some or all of the facility will be drawn
down. In this case, the fee is deferred until the draw-down
occurs. To the extent there is no evidence that it is proba-
ble that some or all of the facility will be drawn down, the
fee is capitalized as prepayment for liquidity services and
amortized over the term of the facility to which it relates.
MFT Energy A/S Annual Report 2025
75
Notes to the financial statements
20 Offsetting financial assets and financial liabilities
GROUP
2025
Related amounts not set
off in the balance sheet
EUR ’000
Gross
amounts Offsetting
Net amounts
presented in
the balance
sheet
Cash
collateral
(received/
pledged)
Net
amount
Financial assets
Trade receivables 253,348 (223,634) 29,714 19,151 48,865
Derivatives held for trading 484,715 (397,606) 87,109 0 87,109
Total financial assets 738,063 (621,240) 116,823 19,151 135,974
Financial liabilities
Trade payables 255,067 (223,634) 31,433 (6,141) 25,292
Derivatives held for trading 477,599 (397,606) 79,993 (22,288) 57,705
Total financial liabilities 732,666 (621,240) 111,426 (28,429) 82,997
GROUP
2024
Related amounts not set
off in the balance sheet
EUR ’000
Gross
amounts Offsetting
Net amounts
presented in
the balance
sheet
Cash
collateral
(received/
pledged)
Net
amount
Financial assets
Trade receivables 396,672 (327,996) 68,676 7,789 76,465
Derivatives held for trading 605,300 (514,061) 91,239 0 91,239
Total financial assets 1,001,972 (842,057) 159,915 7,789 167,704
Financial liabilities
Trade payables 356,139 (327,996) 28,143 (8,246) 19,897
Derivatives held for trading 630,817 (514,061) 116,756 (32,410) 84,346
Total financial liabilities 986,956 (842,057) 144,899 (40,656) 104,243
Offsetting of financial assets and liabilities in the financial
statements requires the following criteria to be fulfilled:
• that MFT Energy currently has a legally enforceable right to
set off the recognized amounts, and
• that MFT Energy intends either to settle on a net basis, or
to realize the assets and settle the liabilities simultaneously.
In the event that a counterparty or the Group defaults, further
offsetting will take place.
This note discloses the offsetting in the financial statements,
further netting according to enforceable master netting agree-
ments and similar agreements (i.e. in the event of default) and
collateral provided or received under such agreements.
MFT Energy A/S Annual Report 2025
76
Notes to the financial statements
20 Offsetting financial assets and financial liabilities (continued)
PARENT
2025
Related amounts not set
off in the balance sheet
EUR ’000
Gross
amounts Offsetting
Net amounts
presented in
the balance
sheet
Cash
collateral
(received/
pledged)
Net
amount
Financial assets
Trade receivables 241,663 (215,041) 26,622 17,785 44,407
Derivatives held for trading 474,141 (390,467) 83,674 0 83,674
Total financial assets 715,805 (605,509) 110,296 17,785 128,081
Financial liabilities
Trade payables 245,022 (215,041) 29,981 (3,770) 26,211
Derivatives held for trading 467,747 (390,467) 77,280 (21,853) 55,427
Total financial liabilities 712,769 (605,508) 107,261 (25,623) 81,638
PARENT
2024
Related amounts not set
off in the balance sheet
EUR ’000
Gross
amounts Offsetting
Net amounts
presented in
the balance
sheet
Cash
collateral
(received/
pledged)
Net
amount
Financial assets
Trade receivables 393,446 (326,808) 66,638 7,789 74,427
Derivatives held for trading 603,962 (514,060) 89,902 0 89,902
Total financial assets 997,408 (840,868) 156,540 7,789 164,329
Financial liabilities
Trade payables 353,501 (326,808) 26,693 (8,246) 18,447
Derivatives held for trading 630,694 (514,060) 116,634 (32,410) 84,224
Total financial liabilities 984,195 (840,868) 143,327 (40,656) 102,671
§
Accounting policies
Offsetting financial assets and financial liabilities
Financial assets and financial liabilities are offset, and the
net amount is reported in the balance sheet where the
Group currently has a legally enforceable right to offset
the recognized amounts and there is an intention to settle
on a net basis or realize the asset and settle the liability
simultaneously.
MFT Energy enters into master netting agreements with
counterparties to manage the credit risks associated pri-
marily with over-the-counter commodity trading. These
master netting agreements enable MFT Energy and its
counterparties to set off financial liabilities against finan-
cial assets in the ordinary course of business as well as in
case of default. Contracts which do not meet the offset-
ting criteria because the offsetting right is not uncondi-
tional are disclosed in the notes.
MFT Energy A/S Annual Report 2025
77
Notes to the financial statements
21 Other receivables 22 Current asset investments
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Deposits related to trading 47,579 35,484 43,227 34,244
Other receivables 7,090 3,853 5,489 3,074
Other receivables, net 54,669 39,337 48,716 37,318
GROUP & PARENT
EUR ’000 2025 2024
Investment funds 8,417 45,173
Total current asset investments 8,417 45,173
Deposits related to trading are cash amounts that need to be
provided to specific counterparties in order to initiate a trad-
ing position and cover margin calls.
To mitigate risk and ensure interest income on excess liquidity, the Group invests in money market funds that can be converted
into cash with a few days and is being settled at market value.
§
Accounting policies
Other receivables
Other receivables consist of deposits related to trad-
ing, VAT receivable and miscellaneous receivables.
Other receivables are measured at amortized cost.
Deposits represent the amount of cash required for
trading positions with certain counterparties.
§
Accounting policies
Current asset investments
Current asset investments include investment funds that
are initially recognized at fair value, with any transaction
costs recognized directly in the income statement. Subse-
quently, these investments are measured at fair value, with
any changes in value recognized in the income statement,
reflecting gains or losses from price fluctuations during the
period.
The investment funds are held within a business model
that allows for their sale at any given time, providing flexi-
bility for realization of gains based on market conditions.
All gains or losses arising from changes in fair value are
recognized in the income statement as they occur.
MFT Energy A/S Annual Report 2025
78
Notes to the financial statements
23 Share capital
GROUP & PARENT
2025 2024
Number
of shares
EUR ’000
Nominal
value
Number
of shares
EUR ’000
Nominal
value
The share capital consists of:
Ordinary shares 510,206 68 510,206 68
Ordinary shares at December 31 510,206 68 510,206 68
No shares carry any special rights.
EUR per share 2025 2024
Total dividend paid out for the year 21.4 23.8
Total dividend proposed for the year 0 0
The dividend distributed has no tax implications for the Group
or the Parent Company.
Capital management
The capital structure is managed by MFT Energy A/S and cov-
ers the capital used in day-to-day operations throughout the
Group as well as planned capital returns to shareholders.
The capital management objectives are to safeguard the abil-
ity to continue as a going concern and to provide sufficient
returns for shareholders and benefits for other stakeholders,
at the same time as an optimal capital structure is maintained
to reduce the cost of capital and increase the return of
invested capital.
The long-term objective relating to the capital structure is to
maintain a solvency ratio that is compliant with covenants and
sufficient to operate in the current and future market condi-
tions. This will primarily be achieved through the consolidation
of future results. The solvency ratio at December 31, 2025
amounted to 61.5% (December 31, 2024: 56.4%).
§
Accounting policies
Equity reserves
Share capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new shares are shown
in equity as a deduction, net of tax, from the proceeds.
Foreign currency translation reserve
Exchange differences arising on translation of the Parent
Company and of foreign controlled entities into EUR are
recognized in other comprehensive income and accumu-
lated in a separate reserve within equity. The cumulative
amount is reclassified to profit or loss when the net invest-
ment is disposed of.
Dividends
Provision is made for the amount of any dividend declared,
being appropriately authorized and no longer at the discre-
tion of the entity, on or before the end of the reporting
period but not distributed at the end of the reporting
period. Payments of dividends are subject to debt cove-
nants.
Non-controlling interests
Equity attributable to non-controlling interests is recog-
nized as a separate item within consolidated equity. Trans-
actions with non-controlling interests, including purchases
and sales, are treated as equity transactions. Any gain or
loss on such transactions is re-attributed between equity
attributable to owners of the Parent Company and
non-controlling interests.
MFT Energy A/S Annual Report 2025
79
Notes to the financial statements
24 Provisions
2025 GROUP & PARENT
EUR ’000
Other
provisions
Onerous
contracts Total
Provisions at January 1, 2025 3,348 2,978 6,326
Additions for the year 0 0 0
Utilized amounts (3,348) (2,978) (6,326)
Reversal of provisions made in previous years 0 0 0
Provisions at December 31, 2025 0 0 0
Current/non-current classification:
Non-current provisions 0 0 0
Current provisions 0 0 0
Provisions at December 31, 2025 0 0 0
2024 GROUP & PARENT
EUR ’000
Other
provisions
Onerous
contracts Total
Provisions at January 1, 2024 0 8,405 8,405
Additions for the year 3,348 2,978 6,326
Utilized amounts 0 (5,725) (5,725)
Reversal of provisions made in previous years 0 (2,680) (2,680)
Provisions at December 31, 2024 3,348 2,978 6,326
Current/non-current classification:
Non-current provisions 3,348 0 3,348
Current provisions 0 2,978 2,978
Provisions at December 31, 2024 3,348 2,978 6,326
Provisions consists of onerous contracts and comprise con-
tracts for which the unavoidable costs related to purchase of
commodities exceed the economic benefits of such commodi-
ties. The estimates performed for the above provisions are
explained in note 2.
Other provisions are future contractual commitments.
§
Accounting policies
Provisions
Provisions are recognized when, due to an event occur-
ring on or before the reporting date, the Group has a
legal or constructive obligation, and it is probable that
the Group will have to give up future economic benefits
to meet the obligation.
Provisions are measured on the basis of Management’s
best estimate of the expected expenditure for settle-
ment of the relevant obligation and are discounted if
deemed material.
MFT Energy A/S Annual Report 2025
80
Notes to the financial statements
GROUP PARENT
EUR ’000 Borrowings Leases Total Borrowings Leases
Payables
to group
enterprises Total
Net debt:
At January 1, 2024
Cash flows
0
11
1,469
(770)
1,469
(759)
0
0
644
(425)
209,906
0
210,550
(425)
Additions without cash effect 0 385 385 0 165 18,684 18,849
At December 31, 2024 11 1,084 1,095 0 384 228,590 228,974
Cash flows (11) (843) (854) 0 (317) 0 (317)
Additions without cash effect 0 1,080 1,080 0 644 (11,421) (10,777)
At December 31, 2025 0 1,321 1,321 0 711 217,169 217,880
Net debt reconciliation
This section sets out an analysis of net debt and the move-
ments in net debt for each of the periods presented.
§
Accounting policies
Statement of cash flows
The cash flow statement shows the Group's cash flows for
the year broken down by operating, investing and financing
activities, changes for the year in cash and cash equiva-
lents as well as the Group's cash and cash equivalents at
the beginning and end of the year.
Cash flows from operating activities are calculated as the
net profit/loss for the year adjusted for changes in working
capital and non-cash operating items such as share-based
payment expenses, depreciation, amortization, and impair-
ment losses. Working capital comprises current assets less
short-term debt, excluding items included in cash and cash
equivalents.
Cash flows from investing activities comprise cash flows
from acquisitions and disposals of intangible assets, prop-
erty, plant and equipment as well as fixed asset invest-
ments.
Cash flows from financing activities comprise cash flows
from the raising and repayment of long-term debt and prin-
cipal element on lease payments as well as payments to
and from shareholders.
Cash and cash equivalents
Cash and cash equivalents comprise cash and bank bal-
ances.
25 Cash flow specifications
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Adjustments
Financial income (3,809) (5,640) (3,070) (5,591)
Financial expenses 4,120 4,733 6,619 6,725
Depreciation, amortization and impairment charges 869 766 257 322
Income from investments in subsidiaries 0 0 (1,361) (30,392)
Share-based remuneration 125 179 125 179
Income tax 1,328 10,558 785 51
Other adjustments 1,662 (114) 2,007 542
4,295 10,482 5,362 (28,164)
Changes in net working capital
Change in inventories 27,293 (28,683) 27,293 (28,683)
Change in trade receivables 38,962 (51,532) 40,016 (51,524)
Change in derivatives as an asset 4,130 51,494 6,228 52,729
Change in other operating assets (15,954) (19,137) (12,014) (25,803)
Change in trade payables 3,290 (7,347) 3,288 (7,975)
Change in derivatives as a liability (36,763) (3,352) (39,354) (3,289)
Change in other operating liabilities (8,839) (2,153) (5,958) (3,357)
12,119 (60,710) 19,499 (67,902)
MFT Energy A/S Annual Report 2025
81
Notes to the financial statements
26 Contingent liabilities, commitments and contingencies
Contingent liabilities
GROUP & PARENT
EUR ’000 2025 2024
Charges and security
The following assets have been provided as security to the main bank facilities:
Security comprising simple claims 4,284 4,291
Pledged assets 41,712 13,590
Total charges and security 45,996 17,881
Charges and security
The Parent Company has provided all its trade receivables as
security for all outstanding amounts related to its main bank
facility. The security is capped at EUR 4,284k and the present
value of the security is EUR 29,714k in the Group. The pledged
assets consist of cash accounts as security for guarantee facil-
ities and the present value of the security is EUR 41,712k.
The Parent Company has provided letters of support to certain
subsidiaries, with an aggregate amount of EUR 8,325k on
December 31, 2025. The financial support is to ensure that the
subsidiaries are able to meet their obligations and other liabili-
ties as they fall due. Based on management's assessment, no
provision has been recognized in respect of these letters of
support.
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Rental and lease obligations
MFT Energy has the following lease obligations under
operating leases. Total future lease payments are:
Within 1 year 14 10 14 8
14 10 14 8
Other contingent liabilities
The Group has other contingent liabilities which are not recog-
nized in the balance sheet but are relevant for the assessment
of the Company’s financial position. Other contingent
liabilities comprise material contractual obligations where the
Group is unconditionally committed to payment. The total
other commitments amount to EUR 18,680k.
The Group enterprises are jointly and severally liable for tax on
the jointly taxed incomes, etc. of the Group. The total amount
of corporation tax payable is disclosed in the Annual Report of
MFT Energy Holding ApS, which is the administration company
for joint taxation purposes. Moreover, the group enterprises
are jointly and severally liable for Danish withholding taxes by
way of dividend tax, tax on royalty payments and tax on
unearned income. Any subsequent adjustments of corporation
taxes and withholding taxes may increase the Company's lia-
bility.
The Danish entities of the Group are jointly and severally liable
for VAT on the joint registration of VAT. MFT Energy A/S is the
administration company for the joint VAT purposes.
MFT Energy A/S Annual Report 2025
82
Notes to the financial statements
27 Related party transactions
Name of entity Type Place of business
MFT Energy Holding ApS Ultimate parent company Denmark
The Group is controlled by the following entity:
Related parties are defined as parties with control or signifi-
cant influence, including group enterprises. Other related par-
ties comprise the Board of Directors and the Executive Board
together with their immediate families.
Furthermore, other related parties include companies in which
the aforementioned individuals have significant influence, joint
control or control.
Transactions with members of the Board of Directors and the
Executive Board are disclosed in the table for key management
personnel.
Information about remuneration to key management personnel
has been disclosed in note 6.
Investments in subsidiaries are set out in note 14.
Transactions with other related parties
GROUP PARENT
EUR ’000 2025 2024 2025 2024
The following transactions occurred with related parties:
MFT Energy Holding ApS
Proceeds from group enterprises (19,536) 6,162 (19,536) 6,162
Dividend paid 10,926 12,132 10,926 12,132
Financial expenses 193 728 193 728
Other related parties*
Other external expenses 77 138 77 138
Financial expenses 0 1 0 1
Proceeds from loans with other related parties
Dividend paid
0
5
0
0
0
5
0
0
* Other related parties comprise Rathjen Invest ApS, VORUP INVEST ApS, NOAK Holding ApS, BRAA Holding A/S, NORDAL CLAUSEN HOLDING
ApS, Tore Invest ApS, Hviid Østergaard ApS, Forsom Invest ApS, SP50 Invest ApS, BOAK Invest, Ates Invest ApS, Per Hjorth Poulsen Holding ApS,
2xBC Invest ApS, Convexitysg Pte Ltd. and Amiki Group v/Kim Østergaard.
MFT Energy A/S Annual Report 2025
83
Notes to the financial statements
27 Related party transactions (continued)
GROUP PARENT
EUR ’000 2025 2024 2025 2024
Key management personnel
Purchase of services 7 38 7 38
Group enterprises
Income statement
Sale of services 17,691 16,459
Purchase of services 32,054 69,574
Financial expenses 2,447 2,100
Balance sheet
Trade receivables (24,159) (10,329)
Loans obtained from group enterprises 9,785 5,619
Trade payables 1,769 1,483
Dividend paid 10,926 12,132
Dividend received 10,930 11,763
The Parent Company's loans from group enterprises are repayable from 2027 and carry a fixed rate. The outstanding amount is
continuously changing due to the reimbursements from subsidiaries.
28 Fee to auditors appointed at the annual general meeting
GROUP PARENT
EUR ’000 2025 2024 2025 2024
PricewaterhouseCoopers
Audit fee 212 220 82 72
Other assurance services 0 26 0 26
Tax advisory services 18 42 11 34
Other services 90 75 52 41
320 363 145 173
MFT Energy A/S Annual Report 2025
84
Notes to the financial statements
29 Business combination after the reporting period
Notes to the financial statements
MFT Energy A/S entered into an agreement in 2025 to acquire
68% of Northium Energy ApS, which is a Danish Battery Energy
Storage Systems (BESS) developer with a strong and expand-
ing pipeline of battery projects. The acquisition was completed
on 5 January 2026, when control transferred to the Group. The
EUR ’000
Purchase consideration:
Cash paid 55
Contingent consideration 4,954
Total purchase consideration 5,009
The assets and liabilities recognized as a result of the acquisition are as follows:
Cash 12
Deferred tax asset 7
Financial assets 1
Inventories 3
Loans (128)
Other payables (18)
Other receivables 20
Plant and equipment 66
Net identifiable liabilities (37)
Less: Non-controlling interests 12
Add: Contractual rights 1,687
Add: Other intangible assets 3,347
Net assets acquired 5,009
transaction was structured as a share purchase and no new
shares were issued as part of the consideration.
Details of the purchase consideration and the net assets
acquired are as follows:
The purchase price allocation is preliminary and may be sub-
ject to adjustment during the measurement period.
No goodwill was recognized in connection with the acquisi-
tion, as the purchase consideration was allocated to the fair
value of identifiable net assets acquired.
The recognized intangible assets primarily relate to contrac-
tual rights and the project pipeline.
Non-controlling interests
Non-controlling interests have been recognized at their pro-
portionate share of the acquiree’s identifiable net liabilities.
Acquisition-related costs
Acquisition-related costs have been recognized in profit or
loss as incurred.
Purchase consideration
The total purchase consideration is settled in cash and a con-
tingent consideration.
The purchase price includes contingent consideration in the
form of earn-out arrangements. The earn-outs are payable in
cash to the seller only if certain future conditions are met and
payments are received by the acquired company. The range of
outcomes for the earn-outs is estimated to be between EUR 0
million and EUR 8.7 million. The contingent consideration is
related to the future successful development and divestment
of projects as well as potential future payments following such
divestments.
The contingent consideration was recognized at fair value at
the acquisition date as part of the purchase consideration and
is subsequently remeasured at fair value through profit or loss.
30 Subsequent events
Subsequent to the reporting date, MFT Energy A/S acquired
68% of the share capital of Northium Energy ApS. For further
information, refer to note 29.
In March 2026, an extraordinary dividend of EUR 8,250k was
approved in MFT Energy A/S. The distribution is not consid-
ered to have a material effect on the Group’s or the Parent
Company’s financial position.
No other events have occurred since the balance sheet date
which could materially impact the Group's or the Parent Com-
pany's financial position.
MFT Energy A/S Annual Report 2025
85
31 Definitions of financial ratios
The financial ratios have been calculated in accordance with
the recommendations of the CFA Society Denmark.
Scalability = Earnings before interest and tax (EBIT) x 100
Net trading income (gross profit)
Equity ratio = Equity at year end x 100
Total assets
Return on equity =
Profit for the year x 100
Average equity
Average number of employees = Calculated as average number of full-time employees
MFT Energy A/S Annual Report 2025
86
Notes to the financial statements
Executive Board
Board of Directors
MFT Energy A/S Annual Report 2025
88
MFT Energy A/S Annual Report 2025
89
CVR No 33 77 12 31
mne28705
mne35811
MFT Energy A/S Annual Report 2025
90
CVR No 38 17 51 30
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