Margrethepladsen 4, 3rd floor, 8000 Aarhus C, CVR no. 38 17 42 07
MFT Energy Holding ApS
Annual Report 2025
The Annual Report was presented and
adopted at the Annual General Meeting
of the Company on 4 May 2026.
Tore Høffner Andersen
Chairman of the General Meeting
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Contents
Financial highlights and key ratios ............................................................................................................................................. 4
Management's review .................................................................................................................................................................... 5
Management's statement on the annual report .................................................................................................................. 15
Independent auditors report ...................................................................................................................................................... 16
Consolidated financial statements
Income statement .......................................................................................................................................................................... 19
Statement of comprehensive income ..................................................................................................................................... 20
Balance sheet .................................................................................................................................................................................. 21
Statement of cash flows ............................................................................................................................................................. 23
Statement of changes in equity ............................................................................................................................................... 24
Notes to the consolidated financial statements
Note 1 – Basis of preparation ................................................................................................................................................... 25
Note 2 – Critical accounting estimates and judgments .................................................................................................. 27
Note 3 – Impact of new accounting standards .................................................................................................................. 28
Note 4 – Net trading income .................................................................................................................................................... 28
Note 5 – Financial risk management ...................................................................................................................................... 29
Note 6 – Staff costs ..................................................................................................................................................................... 33
Note 7 – Financial income and expenses .............................................................................................................................. 36
Note 8 – Income tax expenses ................................................................................................................................................. 37
Note 9 – Intangible assets ........................................................................................................................................................ 38
Note 10 – Property, plant, and equipment ........................................................................................................................... 40
Note 11 – Leases ............................................................................................................................................................................. 41
Note 12 – Deferred tax ............................................................................................................................................................... 43
Note 13 – Non-controlling interests ....................................................................................................................................... 44
Note 14 – Inventories ................................................................................................................................................................... 46
Note 15 – Trade receivables ...................................................................................................................................................... 47
Note 16 – Fair value measurement .......................................................................................................................................... 47
Note 17 – Financial assets and financial liabilities ............................................................................................................. 51
Note 18 – Offsetting financial assets and financial liabilities ....................................................................................... 52
Note 19 – Other Receivables .................................................................................................................................................... 54
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Note 20 – Current asset investments ................................................................................................................................... 54
Note 21 – Share capital ............................................................................................................................................................... 55
Note 22 – Provisions .................................................................................................................................................................... 56
Note 23 – Cash flow specifications ........................................................................................................................................ 58
Note 24 – Contingent liabilities, commitments, and contingencies ............................................................................ 59
Note 25 – Related party transactions ................................................................................................................................... 60
Note 26 – Fee to auditors appointed at the annual general meeting ......................................................................... 61
Note 27 – Business combination after reporting period .................................................................................................. 61
Note 28 – Subsequent events .................................................................................................................................................. 62
Note 29 – Definitions of financial ratios ............................................................................................................................... 62
Parent company financial statements
Income statement (parent) ........................................................................................................................................................ 63
Balance sheet (parent) ................................................................................................................................................................ 64
Statement of changes in equity (parent) .............................................................................................................................. 65
Notes to the Parent company financial statements
Note 1 – Staff cost ....................................................................................................................................................................... 66
Note 2 – Financial income .......................................................................................................................................................... 66
Note 3 – Tax on profit/loss for the year ............................................................................................................................... 66
Note 4 – Investments in subsidiaries ..................................................................................................................................... 66
Note 5 – Share capital ................................................................................................................................................................ 67
Note 6 – Distribution of profit .................................................................................................................................................. 68
Note 7 – Contingent assets, liabilities, and financial obligations ................................................................................ 68
Note 8 – Related party transactions ...................................................................................................................................... 68
Note 9 – Accounting policies (parent) ................................................................................................................................... 69
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Financial highlights and key ratios
EUR '000 2025 2024 2023 2022 2021
Income Statement
Net trading income (Gross profit) 37.713 80.124 101.525 641.864 83.702
Profit before financial income and expenses and tax (EBIT) 2.672 46.287 69.643 576.178 65.376
Net financials -25 2.440 -2.138 -3.065 -1.647
Profit before tax (EBT) 2.647 48.727 67.505 573.113 63.729
Profit for the year 2.048 37.862 50.764 446.725 49.823
Profit for the year attributable to
- Shareholders in MFT Energy Holding ApS 1.935 32.006 35.265 254.998 33.813
- Non-controlling interests 113 5.856 15.499 191.727 16.010
Balance Sheet
Balance sheet total 303.900 380.682 430.724 910.012 481.098
Equity 182.359 223.955 252.467 482.790 61.162
Equity attributable to
- Shareholders in MFT Energy Holding ApS 136.532 166.458 179.371 288.517 43.865
- Non-controlling interest 45.827 57.497 73.096 194.273 17.297
Current asset investments 8.417 45.173 64.416 348.888 0
Cash and cash equivalents 82.111 72.811 150.393 134.741 34.517
Cash flows
Cash flows from operating activities 13.464 -29.751 18.075 476.454 22.494
Cash flows from investing activities 27.860 -2.386 284.093 -349.074 -977
- hereof investments in intangible assets -19 43 0 0 0
- hereof investments in property, plant and equipment 68 24 257 115 60
Cash flows from financing activities -32.024 -45.445 -286.516 -27.156 376
Change in cash and cash equivalents for the year 9.300 -77.582 15.652 100.244 21.893
Key ratios
Scalability 7,1% 57,8% 68,6% 89,8% 78,1%
Equity ratio 60,0% 58,8% 58,6% 53,1% 12,7%
Return on equity 1,0% 15,9% 13,8% 164,3% 141,2%
Environmental, social and governance data
Number of employees - average for the year 185 156 136 94 70
Total number of FTE´s 193 176 155 130 87
Employee turnover, % 13,5% 18,7% 11,9% 8,3% -
Total CO2 emissions (tonnes)* 2.856 2.783 2.675 2.038 -
Average CO2 emissions (tonnes) per FTE* 15 18 20 22 -
For a definition of financial key figures and ratios, please refer to note 29.
*MFT Energy started measuring the parameters in 2022, hence there is no data for prior periods.
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Management's review
Key activities of the group
The principal activities of the Group are trading with commodities.
Development in the year
The income statement of the Group for 2025 shows a profit of TEUR 2,048 and at 31 December 2025 the balance sheet
of the Group shows equity of TEUR 182,359.
During the year an intra group merger between MFT Energy Holding ApS, MFT-E-A ApS, MFT-E-B ApS, MFT-E-C ApS and
MFT-E-D ApS has been carried out with MFT Energy Holding ApS as the continuing Company.
The past year and follow-up on development expectations from last year
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 continued 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. As a
result, power and gas markets again experienced relatively low volatility, particularly in power markets where volatility
was below 2024 levels. While this resulted in fewer trading opportunities, the number of market participants and
available capital increased, leading to stronger competition. Furthermore, geopolitical events had a more pronounced
impact on markets compared to 2024, making volatility less fundamentally driven and more difficult to analyze and
predict.
These developments impacted all segments of the business across products, geographies, and trading horizons. While
we continued to invest in and build our capabilities in line with our Envision ’28 strategy, we also realigned trading
mandates and support functions to reduce sensitivity to geopolitical-driven market conditions.
Despite these market conditions, both trading volumes and the number of trades increased across most product
segments and geographies, generally with significant double-digit percentage increases. This was supported by
continued investments in digitalization, technology, and market access, as well as ongoing diversification across
geographies and products.
Given the lower volatility and more competitive market environment, the Group delivered an operating profit (EBIT) of
EUR 2.7 million in 2025, compared to EUR 46.3 million in 2024. This was below the expected range of EUR 25 million to
EUR 75 million, which was based on assumptions of higher fundamental volatility.
Despite the lower earnings, the Group continued to invest in its strategic priorities under Envision ’28.
The Group delivered a Return on Equity of 1.0% and further strengthened its capital structure, achieving an equity ratio of
60.0%, reflecting a robust balance sheet and positioning the Group well for future opportunities.
Key Risk Categories
MFT Energy is exposed to a range of risk factors, which are assessed 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, several risks can still both be anticipated and managed effectively.
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Below are the identified risk factors along with their respective assessments:
1. Market risk
2. Liquidity risk
3. Credit risk
4. Currency risk
5. Organizational risk
6. Operational and IT risk
7. Regulatory risk
Market 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 supply and demand in the power and gas markets, as well as changes in
foreign exchange rates and other economic or political factors.
Mitigation and actions:
• 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 M
FT
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
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.
Mitigation and actions:
• 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 framework. Deviations from target levels result in predefined
escalation procedures and mitigating actions are triggered.
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.
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Mitigation and actions:
• 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
Currency risk
Currency risk is the risk of financial loss due to fluctuations in exchange rates between currencies. Currency risk arises
when a company or investor holds assets or liabilities or has future cash flows denominated in a currency other than the
functional currency.
Mitigation and actions:
• MFT Energy has a currency risk policy which requires all currency exposure to be hedged at the point in time
when it arises
• 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.
Organizational 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 processes to support global growth.
Mitigation and actions:
• Retention through the MFT Partnership Model: Our partnership model gives high-performing employees a
vested, long-term interest in MFT Energy’s success, strengthening loyalty and reducing turnover.
• Targeted talent acquisition and employer branding: Investments in targeted search & select and an employer
branding strategy 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 bottlenecks 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
Operational and IT risk
Operational risk relates to the risk of financial losses because of system or human errors, including insufficient internal
procedures.
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Mitigation and actions:
• 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
Regulatory 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
activities that could have a financial, reputational, or organizational impact.
Mitigation and actions:
• 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.
Corporate Responsibility
Statement of corporate social responsibility, cf. section 99b of the Financial Statements Act
At MFT Energy, our commitment to sustainability is an ongoing priority and extends beyond the environment.
Our approach to sustainability balances the following three priorities:
• Environmental responsibility: Enable the societal green transition through flexible and efficient energy market
trading, while also managing our own environmental impacts
• Social commitment: Cultivating a diverse and inclusive workplace while attracting and retaining talent
• Strong governance: Upholding integrity, transparency, and responsible practices in all aspects of business
operations
We go beyond compliance, pursue continuous improvement, and align our actions with clear ambitions.
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Reporting framework: Adapting to evolving rules
In 2025, our preparations for the Corporate Sustainability Reporting Directive (CSRD) progressed as planned. We
updated our Double Materiality Assessment (DMA), a cornerstone of CSRD, and developed the framework to support
reporting under CSRD. However, 2025 brought significant changes to the sustainability reporting agenda. The European
Commission presented its Omnibus Simplification Package (the “Omnibus”), which initially delayed the CSRD
requirements for wave 2 companies, including MFT Energy, and then reduced the number of companies in scope of
mandatory CSRD reporting going forward. As a result, MFT Energy is no longer within the scope of CSRD reporting. In
addition, the European Commission proposes adopting a voluntary reporting standard as a delegated act for companies
with up to 1,000 employees based on the European Financial Reporting Advisory Group’s (EFRAG) voluntary sustainability
reporting standard for non-listed small and medium enterprises (VSME). Until the delegated act is finalized, the
Commission has issued an intermediary recommendation that companies outside the CSRD scope can use the VSME
standard
Following the Omnibus, we decided to pause the preparations and evaluate alternative reporting frameworks. We
considered several options, including continuing implementation of the full CSRD and both the Basic and Comprehensive
Modules of the VSME standard. The 2025 update of the DMA from 2022 identified fewer material sustainability matters
and generally lower impact, which supports the VSME as a suitable framework for MFT Energy at this stage. As the
voluntary standard is not yet finalized, our sustainability framework this year is inspired by the Basic and Comprehensive
Modules of the VSME standard, while fully meeting the requirements of section 99b of the Danish Financial Statements
Act. Assuming that the regulatory path becomes clearer and the voluntary standard recommended by the Commission is
finalized, we will make the decision in 2026 whether to adopt it partially or fully.
Regardless of where the regulatory path is moving, our commitment to sustainability remains intact. Our sustainability
practices go beyond compliance, and we strive to improve across environmental, social, and governance matters.
Our sustainability framework will therefore continue to center on the three ambitions mentioned previously in this
section. All three focus areas will be elaborated on the following pages.
The responsibility for sustainability is anchored at MFT Energy’s Board of Directors and Executive Leadership.
Environmental
Energy consumption, and hence the energy sector, is a big driver of climate change, but the energy sector is also central
to the solution. According to the International Energy Agency (IEA), the sector accounts for about 75% of global
greenhouse gas (GHG) emissions. Decarbonizing the sector relies on scaling renewable energy sources, such as wind and
solar, and ensuring a flexible energy system to maintain reliability*.
At MFT Energy, we continue to support the green transition by ensuring liquid and efficient energy markets, which enable
the increase in renewable energy sources. Every day, we do numerous cross-border trades. We move energy from regions
with high supply to regions with low supply. The high supply in a certain region can be caused by several factors, but
often, it is driven by overproduction from renewable energy sources. Through trading, we take part in facilitating the
green transition by moving the overproduction of renewable energy to other regions and supporting market liquidity. This
supports the United Nations Sustainable
Development Goal 7, which aims to ensure universal access to affordable, reliable, sustainable, and modern energy, while
significantly increasing the share of renewable energy in the global energy mix.
Greenhouse gas emissions
While the wider energy sector is a major source of global emissions, MFT Energy’s own footprint is relatively small and
predominantly falls within Scope 3, mainly from purchased goods and services and business travel. Consequently, we
have not adopted a standalone climate transition plan for emissions mitigation. However, we are still aware of the
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negative effects that our GHG emissions have on the environment and climate. Accordingly, we aim to reduce annual
GHG emissions per FTE. This also supports the United Nations Sustainable Development Goal 13, which focuses on
addressing climate change and its effects.
In 2025, emissions per average FTE declined to 15 tCO2e, reflecting improved intensity. At the same time, scope 2 and 3
emissions increased by 2.3% compared to 2024, primarily due to business growth, including a higher average FTE count
and expanded business activity.
Accounting for MFT Energy’s scope 1, 2, and 3 emissions follows the prescriptions of the Greenhouse Gas Protocol, and
calculations are based on the latest emission factors from the Carbon Database Initiative (CaDI). Consequently, we
updated our emission factors in 2025 to improve accuracy, which resulted in a recalculation of previous emission
inventories.
Scope 1: Emissions from own operations
As MFT Energy does not yet own or operate assets producing direct CO2e emissions, such as onsite combustion, boilers,
or company cars, we can report zero scope 1 emissions.
Scope 2: Emissions from electricity and heating
In accordance with the Greenhouse Gas Protocol, MFT Energy discloses Scope 2 emissions using both a market-based
and location-based method. For both methods, we apply the activity-based method, multiplying electricity and heating
consumption (kWh) by relevant emission factors. For internal use, we use the market-based approach to track our
emissions to reflect our choices regarding electricity purchases. In 2025, our scope 2 emissions were 35 tCO2e, a 16.7%
increase compared to 2024. 62% of our electricity consumption is used at our headquarters in Denmark (89.7 MWh),
which is therefore our largest lever. As a result, 100% of our electricity purchased at our headquarters is now from
renewable sources, leading to zero emissions using the market-based approach.
Scope 3: Other indirect emissions
For Scope 3 emissions, we report on the following categories: purchased goods and services, fuel- and energy-related
activities, business travel, and employee commuting. The spend-based method* is applied to purchased goods and
services and business travel, the activity-based method to fuel- and energy-related activities and the distance-based
method to employee commuting.
In 2025, Scope 3 emissions amounted to 2,821 tCO2e, accounting for 98.8% of our total emissions. Purchased goods and
services account for the largest share of 93.4%. We view climate action as a joint effort between MFT Energy, our
employees, and business partners. As part of our initiative MFT Health, we ran a month-long bike-to-work team challenge
to shift commuting from cars to bikes or walking, helping to reduce emissions from employees commuting and promote
healthier habits.
Our commitment to the environment
At MFT Energy, environmental considerations extend beyond emissions. We integrate them into our day-to-day
operations wherever possible. One area we have focused on is the principle of circular economy:
• IT equipment: As an energy trading company, IT equipment is essential to our operations. When devices reach
end-of-use at MFT Energy, the equipment enters our take-back agreement. We partner with an ISO-certified
provider to take back our hardware. This partner reuses and refurbishes what is possible and recycles the rest
responsibly.
• Catering and food waste: In 2025, we changed our lunch provider. A key reason was their use of reusable, zero-
waste containers and a take-back system for leftovers, which are delivered to a third-party company for biogas
production. We also encourage employees to take home leftover lunches to minimize waste.
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• Waste sorting: MFT Energy primarily produces household waste. In 2025, we began working with our landlord
to enable waste sorting at our headquarters
In line with our efforts to limit single-use materials, this year's Christmas gifts were delivered unwrapped. Through our
provider’s agreement with Klimatræ, 184 trees were planted instead of gift-wrapping, supporting broader climate change
efforts.
Outlook
It remains our ambition to reduce our total GHG emissions per FTE going forward and minimize our environmental
footprint. During 2026, we will continue exploring different initiatives to support this ambition.
Social
At MFT Energy, our employees are our greatest asset and main enabler of future growth. Loss of critical expertise due to
key employee turnover or challenges in attracting talent with essential skills poses an organizational risk. Consequently,
our employees are an integral part of our strategy. We aim to be the best place for the best people. To achieve this, we
continue to prioritize initiatives that foster an environment that supports development, well-being, respect, and
inclusiveness, both professionally and personally.
A diverse and inclusive workplace
At MFT Energy, we recognize the value of having a diverse workforce. Our understanding of diversity goes beyond
gender, and we are proud to represent 29 nationalities across our six offices worldwide. We also draw on more than 60
distinct educational backgrounds, with 75% of employees holding a master’s degree or higher. This global, academically
diverse workforce strengthens our capability base, expands our talent pipeline, enables flexible working conditions, and
provides personal development opportunities.
While our understanding of diversity goes beyond gender, we recognize that our industry remains male-dominated, with
the imbalance starting at the educational institutions from which we recruit. Accordingly, MFT Energy has set a 20%
target for women in our workforce by 2027, reflecting the composition of the educational institutions. In 2025, 17% of our
employees were women, and we are still working on showing different career paths within the energy trading industry
and breaking down barriers. In 2025, we achieved a balanced gender distribution on the Board of Directors with 33.3%
being women*. We will continue monitoring this to strive to maintain gender equality. In 2025, with the appointments of
our Vice Presidents of US Trading and People Operations, respectively, women now represent 22% of the Executive
Leadership team, compared to no women in 2024.
At MFT Energy, our recruitment and promotion processes are solely based on competencies and qualifications. To support
a strong process, we implemented blind screening in our recruitment process in 2024. By removing identifying information
during the initial stages, including names, age, gender, and nationality, we ensure that our focus stays on skills,
experience, and alignment with our values. We continued this practice throughout 2025.
Being an inclusive workplace where everyone feels welcome is crucial for performance. In 2025, we invested in Danish
lessons for all international employees. The initiative supports integration into Danish society, while also strengthening
cross-company collaboration, integration, and connection in line with our values.
The above initiatives support our focus on the United Nations’ Sustainable Development Goal 5, gender equality, and
ensure commitment to preventing all forms of gender discrimination as well as equal opportunities for leadership at all
levels.
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Employee well-being and development
Our people’s dedication and expertise drive our vision to lead the future of energy trading. We recognize that employee
well-being is essential to building and sustaining a high-performance culture and teams. In 2025, we introduced and
maintained four pillars that turn this commitment into practice:
• MFT Health: A program focused on employees’ physical and mental health
• MFT Workspace: Our long-standing flexibility model that allows employees to shape their workday and work
from home or another suitable location so they can remain productive while enjoying greater autonomy.
• Unlimited child’s sick days: To support families in balancing work and family life and being a workplace that
cares about the well-being of both our employees and their loved ones, we introduced unlimited child’s sick
days. According to recent figures from Statistics Denmark, women still take most child’s sick days.* For every 10
days a woman is absent, men are on average absent 6.2 days due to child sickness. By offering unlimited child’s
sick days, we aim to reduce this imbalance and ensure that caregiving responsibilities do not hinder equal
opportunities at work.
• Performance review: To strengthen our focus on employee development, we updated our performance review
process. Key changes include enhanced questions, clearer guidelines, a revised structure, and integration with
the MFT Development Tool.
Other initiatives supporting our ambition to be the best place for the best people include the implementation of a new
HR system, and MFT Energy’s partnership model.
Outlook
In 2025, we maintained a high employee Net Promoter Score (eNPS) of 39, and our internal employee survey confirmed
satisfaction with MFT Energy as an employer. We see this as evidence that the initiatives are working, while we recognize
there is always room for improvement. Looking ahead, we will continue to invest in our people and foster an inclusive,
equal-opportunity workplace with employees’ well-being at its core.
Governance
The energy markets are highly regulated, and our commitment to being compliant with rules and legislation governing our
business is non-negotiable. It is not just a legal obligation to MFT Energy; it is also an integral part of our values and
license to operate. We take our participation in the energy markets and the rules that govern them very seriously,
committing ourselves to conduct all business in line with applicable national and international legislation and to always
act with honesty, integrity, and transparency.
Compliance
As the regulation of the energy markets continues to evolve, we work proactively to minimize the regulatory risk of not
being able to comply with legislation, standards, and regulations. Our Compliance team maintains a high level of
compliance by continuously updating internal policies and guidelines to align with the latest legislation and regulations,
as well as conducting internal training to ensure employees are made aware of updates and changes relevant to their
area of expertise.
Some of the key initiatives in 2025 include:
• Policy framework: Annual review of all policies within the Compliance framework, including areas such as Anti-
Market Abuse, Anti-Bribery and Corruption, Compliance manuals, GDPR, and our Code of Conduct, to ensure
alignment with current legislation and market standards.
• Act on Strengthened Preparedness in the Energy Sector: Final implementation of the Danish Act on
Strengthened Preparedness in the Energy Sector, including development of new policies and frameworks, and
training specifically for the Board of Directors and Leadership, as well as all employees.
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• Anti-Market Abuse: Training provided to all relevant teams across the EU, APAC, and North America. In the EU,
the training focused on MAR and REMIT, whereas training in APAC and North America focused on regional and
international legislation and regulation.
• Review and update of the Compliance Risk Assessment framework: The Compliance Risk Assessment framework
has been updated to make sure all relevant matters are considered in the different legislation and regional
areas, when the complete risk is assessed.
Anti-bribery and corruption
MFT Energy is committed to conducting business honestly and ethically. Our Anti-Bribery and Corruption policy (ABC)
sets a zero-tolerance standard toward bribery and corruption. Given our business model, operating on liberalized markets
and registered exchanges, we assess the risk of bribery and corruption to be limited, but it is still our intention to make
sure that incidents are prevented.
The ABC policy was updated in 2025 and communicated to all employees. The key takeaways are included in our Code of
Conduct, which is an integrated part of our onboarding program. Furthermore, all employees are required to stay up to
date with the policy.
In 2025, we received no reports of bribery or corruption cases. We will continue to monitor this area, reinforce awareness,
and update the policy as needed.
Human rights
At MFT Energy, we make a great effort to ensure a non-discriminatory, safe, and healthy environment, where everyone is
treated with respect and dignity, in line with fundamental human and labor rights. While we do not have a formal human
rights policy, our Code of Conduct defines how employees are expected to act toward one another and the broader
society. The risk of MFT Energy violating human rights is considered minimal as we do not operate in an industry or areas
where there is a risk of violating human rights. In addition, all counterparties are subject to a Know-Your-Counterparty
assessment, further minimizing the risk.
In 2025, no human rights violations were recorded. We will continue to monitor this area and consider the necessity of an
explicit policy.
Whistleblower scheme
An internal whistleblower scheme has been in place at MFT Energy since 2021. It is hosted by an independent third party
to ensure the integrity of the reporting process. It allows for anonymous reports on any misconduct in all areas, including
human rights, discrimination, corruption, and market abuse. No reports were received in 2025.
Statement on data ethics, cf. section 99d of the Financial Statements Act
Data ethics
Data is central to MFT Energy’s business model. We rely on market data, such as weather forecasts and historical price
information, in our daily operations. We never acquire data illegally or from sources that we cannot validate. We also
process personal data about employees and people with whom we collaborate. Protection of privacy and personal data is
a fundamental right, and we treat it accordingly. We process the data with absolute confidentiality and in compliance
with the General Data Protection Regulation (GDPR) as well as national legislation. With the growing use of Artificial
Intelligence (AI), MFT Energy adopted an AI Usage Policy in 2024, covering language models and coding assistants. The
policy sets expectations and safeguards to ensure that AI is used ethically, responsibly, and securely.
MFT Energy Holding ApS
Annual Report 2025
14
Outlook 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 significantly impact this
expectation.
Subsequent events
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 27 ‘Business combination after the
reporting period’ for the financial details of the acquisition.
MFT Energy Holding ApS
Annual Report 2025
15
Management's statement on the annual report
The Board of Directors and Executive Board have today considered and adopted the Annual
Report of MFT Energy Holding ApS for the financial year January 1 – December 31, 2025.
The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted
by the EU and further requirements in the Danish Financial Statements Act, and the Parent Company Financial
Statements have been prepared in accordance with the Danish Financial Statements Act.
Management’s Review has been prepared in accordance with the Danish Financial Statements Act.
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair
view of the financial position at December 31, 2025 of the Group and the Parent Company and of the results of the
Group and Parent Company operations and cash flows for 2025.
In our opinion, Management’s Review includes a true and fair account of the development in the operations and financial
circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group
and the Parent Company.
We recommend that the Annual Report for adoption at the Annual General Meeting.
Aarhus, May 4, 2026
Executive Board
Bo Palmgren
CEO
Board of Directors
Simon Fisker Rathjen Bo Palmgren Cagdas Ozan Ates
Chair
Jacob Vald Guldberg
MFT Energy Holding ApS
Annual Report 2025
16
Independent auditor’s report
To the Shareholders of MFT Energy Holding ApS
Opinion
In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position at 31
December 2025 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31
December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the
Danish Financial Statements Act.
Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company’s
financial position at 31 December 2025 and of the results of the Parent Company’s operations for the financial year 1
January to 31 December 2025 in accordance with the Danish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of MFT Energy
Holding ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet,
statement of changes in equity and notes, including material accounting policy information, for both the Group and the
Parent Company, as well as statement of comprehensive income and cash flow statement for the Group (“the financial
statements”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further described in the
“Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the
Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing
so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the
Danish Financial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated
Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the
requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s
Review.
MFT Energy Holding ApS
Annual Report 2025
17
Management’s Responsibilities for the Financial Statements
Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial
Statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and
further requirements in the Danish Financial Statements Act, and for such internal control as Management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the
Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we
exercise professional judgment and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s and the Parent Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing
the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that gives a
true and fair view.
MFT Energy Holding ApS
Annual Report 2025
18
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the
Consolidated Financial Statements. We are responsible for the direction, supervision and review of the audit
work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
Trekantsomraadet, May 4, 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Lasse Berg Jesper Simmelkjær Berg
State Authorized Public Accountant State Authorized Public Accountant
mne35811 mne51511
MFT Energy Holding ApS
Annual Report 2025
19
Income statement
for the year ended December 31, 2025
EUR '000 Notes 2025 2024
Net trading income 4 37.713 80.124
Other external expenses -9.621 -9.941
Staff costs 6 -24.551 -23.130
Depreciation, amortization and impairment losses -869 -766
Operating profit before financial income and expenses
and tax (EBIT) 2.672 46.287
Financial income 7 4.015 6.448
Financial expenses 7 -4.040 -4.008
Profit before tax (EBT) 2.647 48.727
Tax on profit for the year 8 -599 -10.865
Profit for the year 2.048 37.862
Profit for the period attributable to:
Shareholders of MFT Energy Holding ApS 1.935 32.006
Non-controlling interests 113 5.856
2.048 37.862
MFT Energy Holding ApS
Annual Report 2025
20
Statement of comprehensive income
for the year ended December 31, 2025
EUR '000 Notes 2025 2024
Profit for the year 2.048 37.862
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations -169 -117
Other comprehensive income for the period, net of tax -169 -117
Total comprehensive income for the period 1.879 37.745
Total comprehensive income for the period attributable to:
Shareholders of MFT Energy Holding ApS 1.766 31.889
Non-controlling interests 113 5.856
1.879 37.745
MFT Energy Holding ApS
Annual Report 2025
21
Balance sheet
at December 31, 2025
EUR '000 Notes 2025 2024
Assets
Non-current assets
Intangible assets 9 45 71
Property, plant and equipment 10 96 180
Right-of-use assets 11 1.280 1.059
Deferred tax assets 12 11 668
Deposits 411 376
Other receivables 19 7.004 3.748
Total non-current assets 8.847 6.102
Current assets
Inventories 14 32.332 59.625
Trade receivables 15 29.714 68.676
Income tax receivables 5.419 485
Derivatives 16, 17 87.109 91.239
Prepayments 1.393 771
Other receivables 19 48.558 35.800
Current asset investments 20 8.417 45.173
Cash and cash equivalents 82.111 72.811
Total current assets
295.053 374.580
Total assets 303.900 380.682
MFT Energy Holding ApS
Annual Report 2025
22
Balance sheet
at December 31, 2025
EUR '000 Notes 2025 2024
Equity
Share capital 21 9 10
Reserves and retained earnings 136.523 166.448
Equity attributable to MFT Energy Holding ApS's shareholders 136.532 166.458
Equity attributable to non-controlling interests 45.827 57.497
Total equity 182.359 223.955
Liabilities
Non-current liabilities
Borrowings, non-current 17 3.962 0
Lease liabilities 11 838 220
Provisions 22 0 3.348
Total non-current liabilities 4.800 3.568
Current liabilities
Borrowings, current 17 1.283 11
Lease liabilities 11 483 864
Trade payables 31.433 28.143
Derivatives 16, 17 79.993 116.756
Corporate tax liabilities 33 -
Provisions 22 0 2.978
Other liabilities 3.516 4.407
Total current liabilities 116.741 153.159
Total liabilities 121.541 156.727
Total liabilities and equity 303.900 380.682
MFT Energy Holding ApS
Annual Report 2025
23
Statement of cash flows
for the year ended December 31, 2025
EUR '000 Notes 2025 2024
Cash flows from operating activities
Net profit for the year 2.048 37.862
Adjustments 23 3.906 9.255
Changes in net working capital 23 13.059 -62.505
Cash flows from operating activities
before financial income and expenses 19.013 -15.388
Interest received 4.015 6.448
Interest paid -4.040 -4.008
Income taxes paid -5.524 -16.803
Net cash flow from operating activities 13.464 -29.751
Cash flows from investing activities
Payments for intangible assets 9 19 -43
Payments for property, plant and equipment 10 -68 -24
Current asset investments, purchases -425.229 -716.096
Current asset investments, sales 461.985 735.339
Payment of deposits -35 46
Purchase of shares in subsidiaries -13.177 -23.052
Sale of shares in subsidiaries 4.365 1.444
Net cash flow from investing activities 27.860 -2.386
Cash flows from financing activities
Proceeds from borrowings 17 5.234 11
Principal elements of lease payments 11 -694 -629
Capital reduction -6.425 0
Dividends paid to shareholders -28.080 -39.920
Dividends paid to non-controlling interests
-2.059 -4.907
Net cash flow from financing activities -32.024 -45.445
Change in cash and cash equivalents 9.300 -77.582
Cash and cash equivalents at January 1 72.811 150.393
Cash and cash equivalents at December 31 82.111 72.811
MFT Energy Holding ApS
Annual Report 2025
24
Statement of changes in equity
for the year ended December 31, 2025
Foreign currency
translation
differences
Retained
earnings
Equity
attributable to
owners of the
parent company
Non-controlling
interests
MFT Energy Holding ApS
Annual Report 2025
25
Note 1 – Basis of preparation
The consolidated financial statements of MFT Energy Holding ApS ('the Parent Company') and its subsidiaries ('the Group'
or 'MFT Energy') for the year ended December 31, 2025 were authorized for issue in accordance with a resolution of the
Board of Directors and Executive Management on May 4, 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 consisting of MFT Energy Holding ApS and its subsidiaries while
the separate financial statements cover MFT Energy Holding ApS.
Basis of preparation
The consolidated financial statements of the Group and the separate financial statements have been prepared in
accordance 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
liabilities, which are measured at fair value:
• Contracts for sale and purchase of gas, power and capacities not entered into for the Group’s own use
• Derivative financial instruments
The consolidated financial statements and the separate financial 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 transferred 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.
Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred
asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement
of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet, respectively.
MFT Energy Holding ApS
Annual Report 2025
26
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
primary 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 Holding ApS’s
functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional 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 currencies 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 translation 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.
Pooling of interests
Intragroup business combinations are accounted for under the pooling-of-interests method. Under this method, the
enterprises are combined at carrying amounts, and no differences are identified. Any consideration which exceeds the
carrying amount of the acquired enterprise is recognised directly in equity. The pooling-of-interests method is applied
at the date of acquisition, and comparative figures have not been restated.
In the financial year 2025 a business combination between MFT Energy Holding ApS, MFT-E-A ApS, MFT-E-B ApS,
MFT-E-C ApS and MFT-E-D ApS has been carried out with MFT Energy Holding ApS as the continuing Company.
Other external expenses
Other external expenses comprise expenses related to premises, 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 acquisitions, insurance premiums, subscriptions, and
interest.
Other liabilities
Other liabilities consist of salary-related items, among others, and are measured at amortized cost.
MFT Energy Holding ApS
Annual Report 2025
27
Note 2 – Critical accounting estimates and
judgments
The preparation of MFT Energy Holding ApS’s consolidated and separate financial statements requires the use of
accounting estimates 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.
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
contracts 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 pricing relationships. The use of alternative estimates or valuation methodologies may result in
significantly different values for such derivatives. Please refer to note 16 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 abovementioned 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 subsequent 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.
Impact from
Estimate/ e stimate and
Critical accounting e stimates and judgements judgement judgements
Valuation of derivatives Estimate Mode rate
One rous contracts Estimate Low
MFT Energy Holding ApS
Annual Report 2025
28
Note 3 – Impact of new accounting standards
New standards and interpretations not yet adopted
MFT Energy has adopted relevant new or amended standards (IFRS) and interpretation (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:
• Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’: Classification and
Measurement 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: Disclosures’ (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.
Note 4 – Net trading income
Accounting policies
Net trading income
MFT Energy routinely enters into sale and purchase transactions 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 contracts before the delivery date. Consequently, they are
measured at fair value on initial recognition and subsequently 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 determined by applying a valuation model is deferred and
recognized over the term of the contract.
EUR '000 2025 2024
Net trading income from energy commodities 37.713 80.124
37.713 80.124
MFT Energy Holding ApS
Annual Report 2025
29
A portion of the sale and purchase transactions for physical 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
physical 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 commodity derivatives, including futures, options, swaps, and
certain forward sales and purchases, are excluded from revenue 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
Financial 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 derivatives are accounted for using IFRS 9 Financial instruments.
Note 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 overall 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
subcommittee of the Board of Directors, meets quarterly with the Group CFO to review risk and financial reporting and
to provide 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 Committee 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.
MFT Energy Holding ApS
Annual Report 2025
30
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 market 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 different 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
percentage 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.
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 equivalent to the value of profit or loss after tax.
The Group is actively using forward contracts to hedge positions 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 recognized 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 currency 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.
Sensitivity by commodity
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
Impact on profit or loss
before tax
MFT Energy Holding ApS
Annual Report 2025
31
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 material at group level.
The day-to-day commercial business is exposed to a wide range of different currencies. However, there is no single
currency exposure that is considered material. The functional currency 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.
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 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
exposures from counterparties, including outstanding receivables.
The credit risk is managed on a consolidated basis and monitored 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 guarantees made to counterparties in close
collaboration with the risk and finance teams.
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 commodity exchanges to be insignificant due to the daily
settlement. 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 18 for detailed information about offsetting of financial assets and liabilities.
Monetary items and sensitivity of the Group
EUR '000
Cash and
receivables
Potential
volatility of
exchange
rate*
Impact on
profit or loss
before tax
Cash and
receivables
Potential
volatility of
exchange
rate*
Impact on
profit or loss
before tax
DKK/EUR 5.776 1% 57 3.017 1% 30
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.
2025
2024
MFT Energy Holding ApS
Annual Report 2025
32
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 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 provisions 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
expectation 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 covered by standard agreements. Such agreements contain
regulations 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 counterparts. 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 formally 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 policies set by the Board of
Directors.
MFT Energy purchases money market funds in order to mitigate the risk and ensure interest income for the excess
liquidity. Management considers its credit risk exposure to be insignificant due to the nature and the liquidity in the
market for money market funds.
The Group regularly enters into commodity derivative transactions which, according to their terms, require daily
margin calls. To comply with risk limits, the market risk of such derivatives 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 direction that exposes the Group too much.
Credit quality of the Group's counterparties
EUR '000 2025 2024
Minimal risk (A rated) 88.287 228.145
Low risk (B rated) 75.994 4.153
High risk (C rated) 104 0
Not rated 16.417 12.338
Total 180.802 244.636
MFT Energy Holding ApS
Annual Report 2025
33
Maturities of financial liabilities
The amounts disclosed in the following tables are the contractual undiscounted cash flows. Balances due within 12
months equal their carrying balances as the impact of discounting is not significant.
Note 6 – Staff costs
Wages and salaries, pension contributions and other social security costs are considered to be short-term employee
benefits.
Contractual maturities of financial liabilities
< 1 year 1 - 2 year 2 - 5 year > 5 years
Total
contractual
cash flows
Carrying
amount
At December 31, 2025
Trade payables 31.433 0 0 0 31.433 31.433
Borrowings 1.283 1.283 2.679 0 5.245 5.245
Lease liabilities 483 471 367 0 1.321 1.321
Derivatives held for trading 79.993 0 0 0 79.993 79.993
Other liabilities 3.516 0 0 0 3.516 3.516
116.708 1.754 3.046 0 121.508 121.508
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
Other liabilities 4.407 0 0 0 4.407 4.407
150.181 216 4 0 150.401 150.401
EUR '000
EUR '000 2025 2024
Wages and salaries 23.203 21.955
Share-based payments 125 179
Pension cost, defined contribution plans 1.044 840
Other social security costs 179 156
24.551 23.130
Average number of employees 185 156
MFT Energy Holding ApS
Annual Report 2025
34
Key management personnel compensation
Key management personnel consists of the Executive Leadership, Executive Board and the Board of Directors. The
compensation paid or payable to key management personnel for employee services are all allocated to group
companies and are shown below:
Share-based payments
Warrant program
MFT Energy has established a warrant program in order to motivate and retain certain key employees. In December
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 authorizations 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
shareholders, 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 provisions of the Danish Public
Companies Act regarding termination 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
management 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 warrants 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
Member for 12 months, the warrants will be granted. The key terms for the program are the same as for the
employees. In December 2025, 0 warrants were granted under the program (December 2024: 42).
EUR '000 2025 2024
Wages and salaries 1.150 1.292
Pension contribution 31 31
Other social security costs 4 4
Total compensation key management personnel 1.185 1.327
MFT Energy Holding ApS
Annual Report 2025
35
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
administered pension insurance plans on a mandatory, contractual 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 recognized 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
certain 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. Adjustments, if any, are recognized in profit or loss, with a corresponding
adjustment of equity.
2025
Number of s hares
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 years 3 years
2024
Number of s hares
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
GROUP
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.
GROUP
MFT Energy Holding ApS
Annual Report 2025
36
Note 7 – Financial income and expenses
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 realized and unrealized exchange rate adjustments as well as interest expenses
and realized losses on exchange forward derivatives.
EUR '000 2025 2024
Financial income
Interest income, banks 1.068 2.298
Financial income, investments 1.060 2.290
Financial income, other 1.565 1.774
Gains on exchange forward derivatives 0 86
Foreign exchange rate gains 322 0
Total financial income 4.015 6.448
Financial expenses
Interest on borrowings 4 0
Interest on lease liabilities 124 46
Total interest expense related to financial liabilities
not at fair value through profit or loss 128 46
Interest expense, income tax 15 115
Financial expenses, guarantees 2.204 2.023
Financial expenses, bonds 0 1
Financial expenses, other 1.389 1.152
Foreign exchange rate losses 0 671
Loss on exchange forward derivatives
304 0
Total financial expenses 4.040 4.008
MFT Energy Holding ApS
Annual Report 2025
37
Note 8 – Income tax expenses
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 leadership
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation 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 therefore 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
EUR '000 2025 2024
Current tax
Current tax on profit for the year -58 9.672
Deferred income tax 657 1.192
Income tax expense
599 10.864
EUR '000 2025 2024
Reconciliation of effective tax rate
Tax at the Danish tax rate of 22% (2024: 22%) 582 10.720
Tax effects of amounts which are not deductible (taxable) in calculating taxable income:
Non-deductible expenses 14 105
Other adjustments 3 40
Income tax expense
599 10.865
Effective tax rate 23% 22%
MFT Energy Holding ApS
Annual Report 2025
38
liability is also not accounted for if it arises from the initial recognition of an asset or liability in a transaction 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.
Note 9 – Intangible assets
EUR '000 Software Total
Cost:
At January 1, 2025 114 6 120
Additions 0 0 0
Disposals -19 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
Incorporeal
rights
MFT Energy Holding ApS
Annual Report 2025
39
Software
Software comprises the cost associated with acquiring software 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 Holding ApS
Annual Report 2025
40
Note 10 – Property, plant, and equipment
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.
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
MFT Energy Holding ApS
Annual Report 2025
41
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 comparing proceeds with 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
values, 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 whenever 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
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less
costs of disposal and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are 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.
Note 11 – Leases
EUR '000 2025 2024
Amounts recognized in the balance sheet
Right-of-use assets
Properties 1.280 1.059
1.280 1.059
Additions to the right-of-use assets 320 309
Lease liabilities
Current 483 864
Non-current 838 220
1.321 1.084
MFT Energy Holding ApS
Annual Report 2025
42
Please refer to note 5 for a disclosure of contractual maturities of the financial liabilities.
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 measured on a present value basis. Lease liabilities include the net
present value of fixed payments (including in-substance fixed payments); and the exercise price of a purchase option if the
Group is reasonably certain of exercising 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.
EUR '000 2025 2024
Amounts recognized in the income statement
The income statements shows the following amounts relating to leases:
Depreciation charge of right-of-us e assets
Properties 710 632
710 632
Interest expense on lease liabilities 66 46
Expenses relating to short-term leases 61 75
Expenses relating to leases of low-value assets 6 17
Total cash outflow for leases 843 770
MFT Energy Holding ApS
Annual Report 2025
43
Note 12 – Deferred tax
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 liabilities
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to
realize the asset and settle the liability simultaneously.
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.
EUR '000 2025 2024
Deferred tax
Deferred tax at the beginning of period -668 -1.897
Deferred tax recognized in the income statement 657 1.229
Deferred tax at year end -11 -668
Deferred tax relates to:
Property, plant and equipment
-11 -12
Deferred tax on accrued expenses 0 -1
Provisions 0 -655
Total -11 -668
Of which presented as deferred tax assets 11 668
MFT Energy Holding ApS
Annual Report 2025
44
Note 13 – Non-controlling interests
A significant part of the Group’s activities are performed through five subsidiaries with significant non-controlling
interests. Set out in the following table is summarized financial information for each subsidiary that has non-
controlling interests that are material to the Group. The amounts disclosed for each subsidiary are before
intercompany eliminations.
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 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
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
21 8 -1 0 33
2025
Summarized statement of
comprehensive income
Net increase/(decrease) in cash and
cash equivalents
MFT Energy Holding ApS
Annual Report 2025
45
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 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
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 1.107 570 170 718 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
-5 -2 2 0 -26
Net increase/(decrease) in cash and
cash equivalents
Summarized statement of comprehensive
income
2024
MFT Energy Holding ApS
Annual Report 2025
46
Note 14 – Inventories
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 recognized 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.
The cumulative fair value adjustment recognized in the carrying amount of inventories during 2025 amounted to a
negative EUR 17,898k (2024: 23,734k). The Group is hedging according to the written principles set out by the Risk
Committees, hence, all the storages are hedged off unless otherwise stated in the mandates given. The fair value
adjustments, 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.
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
realizable 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 attributable 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.
EUR '000 2025 2024
Gas storage at weighted average cost 34.890 45.259
Certificates inventories 974 0
Adjustment from fair value hedging -3.532 14.366
Total inventories 32.332 59.625
MFT Energy Holding ApS
Annual Report 2025
47
Note 15 – Trade receivables
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 life-time expected losses. MFT Energy applies the IFRS 9
simplified approach to measuring expected credit losses which uses a lifetime expected loss for all trade receivables.
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.
Note 16 – 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
arbitraging prices between markets, locations and time periods. Financial risks relating to the financial instruments are
managed on a portfolio basis.
The Group measures the following financial assets and liabilities 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 classified 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
closing 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 considered settled through the payment or receipt
of variation margin.
EUR '000 2025
2024
Trade receivables from contracts 29.714 68.676
Loss allowance 0 0
Net trade rece ivables 29.714 68.676
MFT Energy Holding ApS
Annual Report 2025
48
Over-the-counter (OTC) financial swaps and physical commodity sale and purchase contracts including commodity
forwards are generally valued using readily available information in the public markets and, if necessary, quotations
provided by brokers and price index developers. These quotes are corroborated 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
modifications of parameters and calculation models, it is MFT Energy's policy to determine fair values based on the
external information 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.
The below table sets out the fair value hierarchy for assets and liabilities measured at fair value in the balance sheet:
Quoted prices
in active
markets
Significant
observable
inputs
Unobser-
vable input
EUR '000 Level 1 Level 2 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 71.264
Foreign currency derivatives 123 0 0 123
Total financial liabilities at fair value 8.674 71.319 0 79.993
2025
MFT Energy Holding ApS
Annual Report 2025
49
Accounting policies
Fair value measurement
The Group measures 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 advantageous 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
pricing 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 similar to financial commodity contracts.
MFT Energy uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
avail- able to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized ac-
cording 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.
Quoted prices
in active
markets
Significant
observable
inputs
Unobservable
input
EUR '000 Level 1 Level 2 Level 3 Total
Financial assets
Power trading derivatives 10.406 1242 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
2024
MFT Energy Holding ApS
Annual Report 2025
50
Derivative financial instruments and commodity contracts not held for own use
Financial derivatives are initially recognized at fair value on the date the derivative contract is entered into and are
subsequently remeasured at fair value at the end of the reporting period. The subsequent accounting treatment
depends on whether the derivatives are designated as hedging instrument 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 purpose and initially recognized at fair value with subsequent remeasurement at fair value through profit
and loss and recognized 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 documents the economic relationship between hedging
instruments 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 documents its risk management objective and strategy
for undertaking 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 Holding ApS
Annual Report 2025
51
Note 17 – Financial assets and financial liabilities
The Group and the Parent Company hold the following financial instruments:
EUR '000 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
Derivatives in hedge accounting, inventory -3.532 14.366
Current asset investments 8.417 45.173
91.994 150.778
Financial assets at amortized cost
Deposits 411 376
Trade receivables 29.714 68.676
Other receivables 56.955 40.319
Receivables from group enterprises 0 0
Current asset investments 0 0
Cash and cash equivalents 82.111 72.811
169.191 182.182
Financial assets 261.185 332.960
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
79.993 116.756
Liabilities at amortized cost
Trade payables 31.433 28.143
Borrowings 5.245 11
Lease liabilities 1.321 1.084
Corporate tax liabilities 33 0
Other liabilities 3.516 4.407
41.548 33.645
Financial liabilities 121.541 150.401
MFT Energy Holding ApS
Annual Report 2025
52
In terms of borrowings, the fair values are not materially different 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.
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 usually paid within 30 days of recognition. Trade and other
payables are presented as current liabilities unless payment 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 effective 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 recognized 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 probable 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.
Note 18 – Offsetting financial assets and financial
liabilities
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
agreements and similar agreements (i.e. in the event of default) and collateral provided or received under such agree-
ments.
EUR '000
Current
Non-current Total Current Non-current Total
Borrowings
Other 1.283 3.962 5.245 11 0 11
1.283 3.962 5.245 11 0 11
2025
2024
MFT Energy Holding ApS
Annual Report 2025
53
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.
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
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
Related amounts not set off in
the balance sheet
Related amounts not set off in
the balance sheet
2025
2024
MFT Energy Holding ApS
Annual Report 2025
54
MFT Energy enters into master netting agreements with counterparties to manage the credit risks associated primarily
with over-the-counter commodity trading. These master netting agreements enable MFT Energy and its counterparties to
set off financial liabilities against financial assets in the ordinary course of business as well as in case of default.
Contracts which do not meet the offsetting criteria because the offsetting right is not unconditional are disclosed in the
notes.
Note 19 – Other Receivables
Deposits related to trading are cash amounts that need to be provided to specific counterparties in order to initiate a
trading position and cover margin calls.
Accounting policies
Other receivables
Other receivables consist of deposits related to trading, 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.
Note 20 – Current asset investments
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
Current assets investments
Current asset investments include investment funds that are initially recognized at fair value, with any transaction
costs recognized directly in the income statement. Subsequently, 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 flexibility
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.
EUR '000 2025 2024
Deposits related to trading 47.579 35.484
Other receivables 7.983 4.064
Other receivables, net 55.562 39.548
EUR '000 2025 2024
Investment funds 8.417 45.173
Total current asset investments 8.417 45.173
MFT Energy Holding ApS
Annual Report 2025
55
Note 21 – Share capital
The dividend distributed has no tax implications for the Group or the Parent Company. All covenants are also complied
with.
Capital management
The capital structure is managed by MFT Energy A/S and covers 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 ability 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 conditions. This will primarily be achieved
through the consolidation of future results. The solvency ratio at December 31, 2025 amounted to 60.0% (December
31, 2024: 58.8%).
Accounting policies
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.
EUR '000 EUR '000
Number of
shares
Nominal
value
Number of
shares
Nominal
value
The share capital consists of:
Ordinary shares 6.987.265 9 7.172.450 10
Ordinary shares at December 31 6.987.265 9 7.172.450 10
During the year, the Parent company completed a capital reduction whereby the number of ordinary shares was
reduced from 7.172.450 to 6.987.265.
2025 2024
Total dividend paid out for the year 4,3 6,2
Total dividend proposed for the year 0 0
2025
2024
EUR per share
No shares carry any special rights.
MFT Energy Holding ApS
Annual Report 2025
56
Reserve for loans to shareholders
The reserve for loans issued to shareholders for the purchase of shares in connection with the share purchase programs
is mandatory according to the section on legal shareholder loans of the Danish Companies Act. The reserve may only be
reduced or eliminated by repayment of the issued loans.
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 accumulated in a separate reserve within equity. The cumulative amount
is reclassified to profit or loss when the net investment is disposed of.
Dividends
Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion
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 covenants.
Non-controlling interests
Equity attributable to non-controlling interests is recognized as a separate item within consolidated equity. Transactions
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.
Note 22 – Provisions
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
MFT Energy Holding ApS
Annual Report 2025
57
Provisions consists of onerous contracts and comprise contracts for which the unavoidable costs related to purchase of
commodities exceed the economic benefits of such commodities. 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 occurring 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 settlement of the
relevant obligation and are discounted if deemed material.
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
MFT Energy Holding ApS
Annual Report 2025
58
Note 23 – Cash flow specifications
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 equivalents as well as the Group's cash and cash equivalents at the
beginning and end of the year.
EUR '000 2025 2024
Adjustme nts
Financial income -4.015 -6.448
Financial expenses 4.040 4.008
De preciation, amortization and impairme nt charge s 869 766
Share -base d re muneration 125 179
Income tax 1.280 10.865
O the r adjustments 1.6 07 -115
3.906 9.255
Ch ang e s in ne t wo rking cap ital
Change in inventories 27.293 -28.683
Change in trade re ceivables
38.962 -51.532
Change in derivatives as an asse t 4.130 51.494
Change in other ope rating asse ts -16.636 -19.310
Change in trade payable s 3.290 -7.353
Change in derivatives as a liability -36.763 -3.352
Change in other ope rating liabilities -7.217 -3.769
13.059 -62.505
Net debt reconciliation
This se ction sets out an analysis of ne t debt and the movements in net de bt for e ach of the pe riods pre sente d.
EUR '000 Borrowings Le as e s Total
Net debt:
At January 1, 2024 0 1.46 9 1.46 9
Cash flows 11 -770 -759
Additions without cash e ffect 0 385 385
At De cembe r 31, 2024 11 1.084 1.095
Cash flows 5.234 -843 4.391
Additions without cash e ffect 0 1.080 1.080
At De cembe r 31, 2025 5.245 1.321 6.566
MFT Energy Holding ApS
Annual Report 2025
59
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 impairment
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, property,
plant and equipment as well as fixed asset investments.
Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal
element on lease payments as well as payments to and from shareholders.
Cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances.
Note 24 – Contingent liabilities, commitments, and
contingencies
Contingent liabilities
Charges and security
The Group has provided all its trade receivables in MFT Energy A/S 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 facilities and the present value of the
security is EUR 41,712k.
The Group 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 liabilities as they fall due. Based on management's assessment, no provision has been recognized in respect of
these letters of support.
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 30.713
Total charges and security
45.996 35.004
EUR '000 2025 2024
Rental and lease obligations
MFT Energy Holding has the following lease obligations under operating leases. Total future lease payments are:
Within 1 year 14 10
Between 1 and 5 years
0 0
14 10
MFT Energy Holding ApS
Annual Report 2025
60
Other contingent liabilities
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 liability.
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.
The Group has other commitments that are not recognized in the statement of financial position but are relevant to
the assessment of the Group’s financial position. These comprise material contractual commitments. Total other
commitments amount to EUR 18,680k.
Note 25 – Related party transactions
Related parties are defined as parties with control or significant influence, including group enterprises. Other related
parties 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.
Transactions with other related parties
EUR '000 2025 2024
The following transactions occurred with related parties:
Other related parties*
Purchase of services 77 147
Financial expenses 113 1
Proceeds from loans with other related parties 18 0
Dividend paid 5 0
EUR '000 2025 2024
Key management personnel
Purchase of services 7 38
* 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 Holding ApS
Annual Report 2025
61
Note 26 – Fee to auditors appointed at the annual
general meeting
Note 27 – Business combination after reporting
period
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 expanding pipeline of battery projects. The
acquisition was completed on 5 January 2026, when control transferred to the Group. The 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 subject to adjustment during the measurement period.
No goodwill was recognized in connection with the acquisition, as the purchase consideration was allocated to the
fair value of identifiable net assets acquired.
EUR '000 2025 2024
PricewaterhouseCoopers
Audit fee 223 230
Other assurance services 0 26
Tax advisory services 18 42
Other services 116 202
357 500
Purchase consideration: EUR '000
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
MFT Energy Holding ApS
Annual Report 2025
62
The recognized intangible assets primarily relate to contractual rights and the project pipeline.
Non-controlling interest
Non-controlling interests have been recognized at their proportionate 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 contingent 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.
Note 28 – 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 27.
On 1 April 2026, a capital reduction was resolved, comprising a distribution to the shareholders of nominal TEUR 0.4
at a rate of TEUR 279.8.
No further events have occurred since the balance sheet date which could materially impact the Group’s or the Parent
Company’s financial position.
Note 29 – Definitions of financial ratios
The financial ratios have been calculated in accordance with the recommendations of the CFA Society Denmark.
Average number of employee s = Calculated as average numbe r of full-time employee s.
Equity at year end x 100
Total asse ts
Profit for the year x 100
Average e quity
Scalability
Equity ratio
Re turn on e quity
=
=
=
Earnings before intere st and tax (EBIT) x 100
Net trading income (gross profit)
MFT Energy Holding ApS
Annual Report 2025
63
Income statement (parent)
for the year ended December 31, 2025
EUR '000 Notes 2025 2024
Gross profit/loss
Income from investment in subsidiaries 4
Financial income 2
Financial expenses
Profit/loss for the year
Tax on profit/loss for the year 3
Profit/loss for the year
-140
30.089
1.536
-3
31.482
-307
31.175
-88
1.786
398
-112
1.984
-49
1.935
MFT Energy Holding ApS
Annual Report 2025
64
Balance sheet (parent)
at December 31, 2025
Assets
EUR '000
Notes 2025 2024
Investments in subsidiaries
4
Other receivables
Fixed asset investments
Fixed assets
Receivables from group enterprises
Corporation tax
Other receivables
Cash and cash equivalents
Current assets
Assets
Liabilities and equity
EUR '000
Notes
2025 2024
Share capital 5
Reserve for net revaluation under the equity method
Retained earnings
Equity
Borrowings
Trade payables
Payables to group enterprises
Other liabilities
Short-term debt
Total liabilities and equity
Contingent assets, liabilities and other financial obligations 7
Related parties 8
Accounting policies 9
10
140.889
25.560
166.459
0
0
0
0
0
166.459
9
133.566
2.957
136.532
5.245
0
130
5
5.380
141.912
147.353
160
147.513
147.513
1.643
38
24
17.241
18.946
166.459
140.004
888
140.892
140.892
0
45
6
969
1.020
141.912
MFT Energy Holding ApS
Annual Report 2025
65
Statement of changes in equity (parent)
for the year ended December 31, 2025
EUR '000
Share capital
Share premium
account
Reserve for net
revaluation
under the
equity method
Retained
earnings
Total
Equity at January 1, 2024
Extraordinary dividend paid
Other equity movements
Net profit/loss for the year
Equit
y at December 31, 2024
Equity at January 1, 2025
Capital reduction
Extraordinary dividend paid
Equity impact from merger
Other equity movements
Net profit/loss for the year
Equity at December 31, 2025
179.372
-39.920
-4.168
31.175
166.459
52.268
-39.920
0
13.212
25.560
127.094
0
-4.168
17.963
140.889
0
0
0
0
0
10
0
0
0
10
10
0
0
0
0
0
0
0
0
0
0
0
140.889
0
0
0
1.817
-9.140
25.560
-6.425
-28.080
-37
864
11.075
166.459
-6.425
-28.080
-37
2.681
1.935
136.5322.957133.56609
MFT Energy Holding ApS
Annual Report 2025
66
Note 1 – Staff cost
Note 2 – Financial income
Note 3 – Tax on profit/loss for the year
Note 4 – Investments in subsidiaries
2025 2024
Average number of employees 0 0
EUR '000 2025 2024
Interest income, group enterprises 193 685
Financial income, other 205 851
398 1.536
EUR '000 2025 2024
Current tax for the year 49 307
49 307
EUR '000 2025 2024
Cost at January 1 6.463 6.463
Additions for the year 0 0
Disposals for the year -25 0
Cost at December 31 6.438 6.463
Value adjustments at January 1 140.889 127.094
Net profit/loss for the year 1.786 30.089
Dividend to the Parent company -10.926 -12.126
Other adjustments 1.816 -4.168
Value adjustments at December 31 133.566 140.889
Carrying amount at December 31 140.004 147.352
MFT Energy Holding ApS
Annual Report 2025
67
Investments in subsidiaries are specified as follows:
Note 5 – Share capital
During the year, the Parent company completed a capital reduction whereby the number of ordinary shares was
reduced from 7.172.450 to 6.987.265. The nominal value was reduced from 9,606 to 9,358.
Name
Place of
registered
office
Votes and
ownership
MFT Energy A/S Denmark 99,55%
MFT Energy ShareCo ApS Denmark 84,00%
MFT Energy 1 ApS Denmark 97,90%
MFT Energy 2 ApS Denmark 92,58%
MFT Energy 3 ApS Denmark 59,73%
MFT Energy 4 ApS Denmark 99,55%
MFT Energy 5 ApS Denmark 60,64%
MFT Energy 6 ApS Denmark 70,85%
MFT Energy 7 ApS Denmark 74,82%
MFT Energy Kosovo L.L.C Kosovo 60,64%
MFT Energy US Inc. USA 99,55%
MFT Energy US POWER LLC USA 99,55%
MFT Energy US 1 LLC USA 70,47%
MFT Energy US 2 LLC USA 93,58%
MFT Energy APAC Holding Pte. Ltd. Singapore 79,64%
MFT Energy PTE. LTD. Singapore 99,55%
MFT Energy Singapore Pte. Ltd. Singapore 74,86%
MFT Energy Australia Pty. Ltd Australia 70,88%
MFT Energy See Enerji A.S. Turkey 60,64%
MFT Energy APAC 3 KK Japan 79,64%
MFT Energy New Zealand Limited New Zealand 70,88%
EUR '000
Number of
shares
Nominal
value
The share capital consists of:
Ordinary shares 7.172.450 10
Capital reduction -185.185 0
Ordinary shares at December 31 6.987.265 9
2025
No shares carry any special rights.
MFT Energy Holding ApS
Annual Report 2025
68
Note 6 – Distribution of profit
Note 7 – Contingent assets, liabilities, and
financial obligations
The Group has provided its shares in the Danish subsidiaries as security for all the outstanding amounts to its main bank
facility.
Contingent liabilities
The group companies are jointly and severally liable for tax on the jointly taxed incomes, etc. of the Group. The total
amount of corporation tax receivable by the Group amounts to TEUR 1.898. Moreover, the group companies 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 liability.
Note 8 – Related party transactions
Transactions
The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance
with section 98(c)(7) of the Danish Financial Statements Act.
EUR '000 2025 2024
Reserve for net revaluation under the equity method -9.140 17.963
Extraordinary dividend
-28.080 -39.920
Retained earnings 39.155 53.132
1.935 31.175
EUR '000 2025 2024
Charges and securities
The following assets have been placed as security with bankers:
Pledged assets 0 17.123
0 17.123
MFT Energy Holding ApS
Annual Report 2025
69
Note 9 – Accounting policies (parent)
The separate financial statements of MFT Energy Holding ApS for 2025 have been prepared in accordance with the
provisions of the Danish Financial Statements Act applying to medium sized enterprises of reporting class C.
The accounting policies applied remain unchanged from last year.
The Financial Statements for 2025 are presented in TEUR.
Foreign currencies
Euro (EUR) is used as the presentation currency. All other currencies are regarded as foreign currencies.
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange
differences arising due to differences between the transaction date rates and the rates at the dates of payment are
recognised in financial income and expenses in the income statement. Where foreign exchange transactions are
considered hedging of future cash flows, the value adjustments are recognised directly in equity.
Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet
date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at
the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial
income and expenses in the income statement.
Fixed assets acquired in foreign currencies are measured at the transaction date rates.
Income statement
Other external expenses
Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc.
Gross profit/loss
With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of
other external expenses.
Income from investments in subsidiaries
The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the
profit for the year.
Financial income and expenses
Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.
Tax on profit/loss for the year
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to
the profit/loss for the year is recognised in the income statement, whereas the tax attributable to equity transactions
is recognised directly in equity.
The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to
enterprises in proportion to their taxable incomes.
MFT Energy Holding ApS
Annual Report 2025
70
Balance sheet
Investments in subsidiaries
Investments in subsidiaries are recognised and measured under the equity method.
The item “Investments in subsidiaries” in the balance sheet includes the proportionate ownership share of the net
asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of
acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining
value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.
The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net
revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent
Company and adjusted for other equity movements in the subsidiaries.
Subsidiaries with a negative net asset value are recognised at EUR 0. Any legal or constructive obligation of the
Parent Company to cover the negative balance of the enterprise is recognised in provisions.
Receivables
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which
corresponds to nominal value less provisions for bad debts.
Equity
Dividend
Dividend distribution proposed by Management for the year is disclosed as a separate equity item.
Current tax receivables and liabilities
Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the
year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment
under the on-account taxation scheme are recognised in the income statement in financial income and expenses.
Financial debts
Debts are measured at amortised cost, substantially corresponding to nominal value.
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2025-01-012025-12-312024-01-012024-12-312026-05-04894500OT15Y2RNUWZ985MFT Energy Holding ApSReporting class C, large enterprise38174207Margrethepladsen4, 3rd floor8000Aarhus CDenmark2026-05-04529900VSWLQF0O3GA946Strandvejen 442900 HellerupOpinionBasis for Opinion2026-05-04mne3581133771231PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskabmne5151133771231PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab--6,4256,425-6,425894500OT15Y2RNUWZ9852025-01-012025-12-31cmn:ConsolidatedMember894500OT15Y2RNUWZ9852025-01-012025-12-31cmn:ConsolidatedMember1894500OT15Y2RNUWZ9852025-01-012025-12-31cmn:ConsolidatedMember2894500OT15Y2RNUWZ9852025-01-012025-12-31894500OT15Y2RNUWZ9852024-01-012024-12-31894500OT15Y2RNUWZ9852025-12-31894500OT15Y2RNUWZ9852024-12-31894500OT15Y2RNUWZ9852023-12-31894500OT15Y2RNUWZ9852023-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852023-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852023-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852025-01-012025-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852025-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852025-01-012025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852025-01-012025-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852025-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852025-01-012025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852025-01-012025-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852025-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852024-01-012024-12-31cmn:ConsolidatedMember894500OT15Y2RNUWZ9852025-01-012025-12-31cmn:ConsolidatedMember1894500OT15Y2RNUWZ9852025-01-012025-12-31cmn:ConsolidatedMember1894500OT15Y2RNUWZ9852025-01-012025-12-31cmn:ConsolidatedMember2894500OT15Y2RNUWZ9852025-01-012025-12-31cmn:ConsolidatedMember3894500OT15Y2RNUWZ9852025-01-012025-12-31cmn:ConsolidatedMember4iso4217:EURxbrli:pure