BeGreen A/S
Constantin Hansen Gade 25, 1799 Copenhagen V,
Denmark  
CVR no. 43 69 28 36
The Annual Report is adopted and approved at the Annual  
General Meeting on 23 June 2026.
Annual Report  
2025  
Chair  
Christoffer Kjærgaard Danielsen
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Contents  
Management review  
Financial statements  
Additional information  
Executive review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03  
Key figures and ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05  
Financial performance and outlook . . . . . . . . . . . . . . . . . . . . . 06  
Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08  
Statement of profit or loss and  
other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . 10  
Statement by the Board of Directors  
and the Executive Board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28  
Statement of financial position . . . . . . . . . . . . . . . . . . . . . . . . . 11  
Statement of cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12  
Statement of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . 13  
Notes to the financial statements . . . . . . . . . . . . . . . . . . . . . . . 14  
Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26  
Independent auditor’s report. . . . . . . . . . . . . . . . . . . . . . . . . . . 29  
2
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Executive review (1/2)  
Our business  
of BeGreen. This included the appointment of  
an interim Executive Board and the divestment  
of the Company’s activities in Poland. BeGreen  
operates in a market characterised by challenging  
conditions, as is the case across the renewable  
energy sector. Against this backdrop, the  
interim leadership was tasked with stabilising  
the organisation, addressing key structural  
and operational matters, and preparing the  
Company for its next phase. This included  
simplifying the business and strengthening  
the foundation for future development by  
prioritising those projects with the strongest  
long-term value and execution conditions.  
The Board of Directors remains committed  
to positioning BeGreen for renewed growth  
as market conditions improve and new  
within solar, combined with access to Equinor’s  
technical, financial and organisational capabilities.  
Together, BeGreen’s project pipeline, existing  
portfolio and experienced organisation represent  
an important contribution to Equinor’s broader  
Energy Transition Plan.  
Development of renewable energy projects is  
growing more complex, and balancing project risk.  
Returns will be a defining feature for successful  
developers. With BeGreen’s proven expertise in  
development and construction, the high-quality  
project portfolio, and our committed owner,  
BeGreen is however, ideally positioned to take  
advantage of opportunities the market challenges  
provide while weathering challenges. BeGreen  
will over the coming year continue to develop  
our position as a reliable supplier of clean energy  
while maturing and investing in the portfolio to  
grow into a sizable Integrated Power Producer.  
Focus will be on safe and efficient operations while  
enhancing the robustness and profitability of our  
renewable projects.  
BeGreen is a renewable energy company  
focused on the development, construction and  
operation of onshore energy assets – primarily  
solar and battery energy storage systems  
(BESS) – supporting the green transition.  
We conduct our business through BeGreen  
A/S in Denmark and BeGreen AB in Sweden,  
as well as several wholly owned subsidiaries in  
both countries. Through 2025 the subsidiary in  
Germany was divested and the activity in Poland  
was sold and the Polish entity is being closed.  
Market outlook  
We expect the challenging market situation to  
persist into 2026. The geopolitical situation is  
uncertain, and may affect economic growth, energy  
consumption and development of renewable  
energy. In addition, solar capture rates have come  
under pressure in several markets, reflecting  
increasing penetration of solar generation and  
resulting price cannibalisation during peak  
production hours. This continues to impact the  
revenue outlook for solar projects and reinforces  
the importance of integrating flexibility, including  
battery storage. As a result of the challenging  
situation we impair DKK 357 million on the total  
value of the project portfolio.  
Our projects are developed in close collaboration  
with our stakeholders – including landowners,  
local communities and municipalities. At  
the same time, we take an active ownership  
role, ensuring that projects are realised and  
operated from a long-term perspective.  
Safety, security and sustainability are  
integrated into all aspects of our activities  
and are fundamental to how we develop,  
own and operate our assets.  
permanent Executive management was  
in place at the beginning of 2026.  
Strategic development  
and portfolio focus  
BeGreen has evolved from a solar PV developer  
into an integrated power producer, developing,  
constructing and operating renewable energy  
assets across technologies.  
At the same time, energy security and the cost  
of energy remain high on the political agenda  
in Denmark, with broad cross-party focus on  
strengthening the energy system and accelerating  
the green transition.  
Restructuring and leadership transition  
In February 2025, the Board of Directors  
refocused BeGreens pipeline and organisation  
This development builds on a strong track record  
3
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Executive review (2/2)  
Our development in a tough year  
2024 was a challenging year for the entire  
renewables sector characterized by declining  
electricity prices and increased cost. This continued  
into 2025 and was joined by delayed approval  
processes within the Danish Municipalities,  
partly due changes in the political leadership,  
first through local elections in November 2025  
and the General Elections to Parliament held in  
March 2026. There were also constraints related  
to the development of grid infrastructure and  
the processing of grid connection applications.  
In early 2026, this included a temporary  
During 1Q of 2025, BeGreen decided to downsize  
the organisation to better adapt to the market  
conditions. More than 30 employees were  
dismissed. Equinor, BeGreen’s owner, is committed  
to supporting BeGreen through the cycle, and after  
the political landscape in Denmark has settled after  
both local and general elections, we believe the  
project pipeline will move forward during 2026.  
pause in parts of the grid connection process,  
which further impacted project timelines.  
Nevertheless, BeGreen concluded construction  
of the Ingerslev Å Solar PV, and the park  
started producing in 2Q 2025. In 3Q BeGreen’s  
Board of Directors approved the Ingerslev  
Å BESS project – a battery extension to  
the existing solar PV at Ingerslev Å.  
4
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Key figures and ratios  
Company figures  
Ratios  
DKK '000  
2025  
2024  
2023  
%
2025  
2024  
2023  
Results  
Financial ratios  
EBITDA margin  
Revenue  
99,996  
126,789  
8,140  
167,858  
170,105  
9,641  
5,623  
165,273  
(8,262)  
(0.1)  
95.3  
(0.1)  
97.7  
(3,465.6)  
97.5  
Staff costs  
Solvency ratio  
Development expenses  
Net interest-bearing debt/EBITDA  
Return on equity  
(50.1)  
(72)  
(70.5)  
(131.4)  
(38.6)  
(7.0)  
Operating profit/(loss) before depreciation and  
amortisation (EBITDA)  
(140,355)  
(496,423)  
(476,967)  
50  
(191,363)  
(2,158,017)  
(2,083,180)  
96  
(194,870)  
(244,692)  
(223,343)  
87  
Operating profit/(loss) before tax  
Profit/(loss) for the year  
Number of employees, end of the year  
Cash flow  
Cash flow from operating activities  
Cash flow from investing activities  
Cash flow from financing activities  
Cash flow for the year  
(73,326)  
(26,667)  
41,709  
(58,284)  
293  
(69,719)  
(246,188)  
371,937  
56,030  
(27,247)  
(88,231)  
203,300  
87,822  
Investment in property, plant and equipment  
132  
2,979  
Financial position  
Equity  
662,424  
695,029  
124,361  
(70,315)  
1,584,830  
1,621,803  
188,404  
3,212,010  
3,295,006  
85,043  
Total assets  
Net working capital  
Net interest bearing debt  
(134,910)  
(75,267)  
5
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Financial performance and outlook  
The Company's main activity  
BeGreen's main operations in 2025 consist of  
developing and constructing solar PV parks in  
Denmark.  
Financial results  
of negative EBITDA of DKK 140-160 million, but did  
not meet its guidance on Profit before tax of DKK  
115-130 million due to impairments on  
investments in subsidiaries.  
December 2025 amounts to DKK 662 million (2024:  
DKK 1,585 million). During 2025, BeGreen received  
a capital increase of DKK 91 million. Dividends of  
DKK 537 million were paid during the period.  
2025 is the third financial year of BeGreen A/S. The  
financial statements are prepared in accordance  
with IFRS Accounting Standards.  
Throughout 2024, BeGreen had activities in Poland  
and Operation & Maintenance activities in  
Denmark. These were divested in early 2025, and  
activities in Germany have been terminated. The  
companies owned by BeGreen in Poland and  
Germany are being sold or liquidated.  
In 2025, BeGreen achieved a negative EBITDA of  
DKK 140 million (2024: DKK -191 million) and a  
negative profit before tax of DKK 496 million (2024:  
DKK -2,158 million).  
Market conditions for PV projects remained  
challenging. Electricity prices continued to  
fluctuate, and the number of hours with negative  
electricity prices increased significantly in both  
Eastern Denmark (DK2) and Western Denmark  
(DK1) during the period.  
Revenue in 2025 amounted to DKK 100 million,  
compared to DKK 168 million in 2024, reflecting the  
divestment of the Polish and O&M activities. Staff  
costs were reduced to DKK 127 million (2024: DKK  
170 million), in line with the organisational  
downsizing carried out in Q1 2025.  
The Swedish activities will continue at a lower pace  
and with a smaller organisation than in 2024. The  
solar PV park Ingerslev Å in Denmark commenced  
construction during 2024 and began production in  
Q2 2025, operated by BeGreen.  
Total assets at 31 December 2025 amount to DKK  
695 million (2024: DKK 1,622 million), of which  
investments in subsidiaries amount to DKK 527  
million (2024: DKK 1,245 million). The reduction  
reflects impairments and the divestment and  
liquidation of foreign subsidiaries.  
The significant improvement in profit before tax  
compared to 2024 is primarily driven by a  
During 2025, the focus was on consolidation of the  
organisation and maturing projects in the pipeline  
towards final investment decisions. During 2Q  
2025, the Ingerslev Å Battery Energy Storage  
System (BESS) was approved and is planned to be  
in production in 3Q 2026.  
substantial reduction in depreciation, amortisation  
and impairment losses, which decreased from DKK  
1,976 million in 2024 to DKK 360 million in 2025. In  
2024, BeGreen impaired its investments in  
subsidiaries by DKK 1,736 million, mainly due to  
lower electricity prices and delays in approval  
processes — an extraordinary charge that did not  
recur at the same scale in 2025.  
Cash and cash equivalents at 31 December 2025  
amount to DKK 86 million (2024: DKK 144 million).  
Cash flow from operating activities was DKK -73  
million (2024: DKK -70 million), reflecting continued  
investment in development activities.  
Cash flow from financing activities of DKK 42  
million primarily relates to the capital increase  
received during the year. BeGreen's equity at 31  
As such BeGreen met the high end of its guidance  
6
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Financial performance and outlook  
Financial and operating outlook of 2026  
Looking ahead, BeGreen intends to continue  
developing and constructing solar PV parks in  
Denmark, while also adding BESS to its pipeline.  
The latest price outlook for 2026 and onwards  
indicates a gradual improvement in power prices,  
which may have a positive impact on the value of  
investments in subsidiaries.  
Overall, the Company expects continued  
improvement in financial performance as the  
portfolio matures and market conditions normalize.  
Revenue from the BESS at Ingerslev Å is also  
expected to be generated from 3Q 2026 in the local  
investment vehicle. 2026 and 2027 are expected to  
be years with deficit where focus is on developing  
and constructing new projects, while operating the  
ones we have in production effectively. Equinor is  
supporting the company with capital and expertise  
in order for BeGreen to invest in new projects to be  
self sustained in terms of cash flow and profitability  
over time.  
Following the reassessment and calibration of  
BeGreen's project pipeline to reflect current market  
conditions, the pace of development will be more  
measured than previously planned. The  
organization was downsized accordingly in Q1  
2025 and is now sized for the current activity level.  
For 2026, BeGreen will continue to focus on  
developing its pipeline projects with limited  
revenue generating activities from BESS  
construction activities corresponding to  
approximately DKK 42 - 47 million. On this basis  
Management expect an EBIT loss in the range DKK  
110 - 120 million. Our investment in Ingerslev Å  
solar park will deliver its first full year of electricity  
production with a positive cash flow generation of  
approximately DKK 20 million, which will not be  
fully reflected in BeGreen A/S financial performance  
as investments are measured at cost.  
7
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Risks  
Main risk  
Risk Description  
Mitigation  
Risk assessment  
BeGreen as a developer and operator of energy parks is exposed to uncertainty in the pace of  
battery storage deployment approvals, competitive pressure from aggregators and adjacent  
markets, evolving regulation, ancillary services saturation, and unpredictable weather patterns.  
Price cannibalization driven by increasing renewable energy deployment, slower-than-expected  
growth in base demand, rising frequency of negative pricing periods, and uncertainty regarding  
future offshore wind contracts and their impact on price formation.  
BeGreen continues to strengthen internal price projection capabilities and site selection  
criteria. Regulatory monitoring and proactive engagement in regulatory processes.  
Hedging through maintenance of diversified production assets and exploration of  
enhanced offtake solutions. Active engagement with industry associations and political  
stakeholders to promote increased demand for green energy. Continuous monitoring of  
price projections in cooperation with energy market specialists.  
Residual exposure remains elevated due to pricing volatility and regulatory  
uncertainty despite hedging and diversification.  
Market  
Risk  
The development of energy project are exposed to the risk of lengthy and politically sensitive  
planning processes, delays in grid connections due to high demand on transmission and  
distribution operators, and supply chain constraints for renewables equipment driven by  
geopolitical factors, which all can impact project timelines and economics.  
BeGreen ensures a transparent stakeholder engagement throughout all project phases.  
Prudent contingency planning and implementation of structured monthly project reviews.  
Clear prioritization frameworks with enhanced project management governance.  
Grid connection delays and geopolitical supply chain pressures continue to threaten  
timelines notwithstanding enhanced governance.  
Project  
Development  
risks  
BeGreen is exposed to the risk of forced labour and other human rights infringements in  
complex global supply chains, particularly in regions with limited transparency. Onsite labour  
rights risks arising from the use of foreign contractors who may lack familiarity with local labour  
and health and safety regulations.  
Implementation of comprehensive supplier due diligence, including human rights and  
traceability assessments and integrity due diligence procedures. Inclusion of strong  
contractual compliance requirements in all relevant agreements. Active monitoring and  
control of contractor obligations and establishment of on-site grievance mechanisms.  
Due diligence framework is maturing but inherent supply chain transparancy limits  
full assurance.  
Human Rights  
risks  
Certain parts of BeGreen’s projects are considered critical infrastructure and are generally,  
exposed to risks of unauthorized access to BeGreen's data and systems by malicious actors,  
which includes potential data breaches in violation of applicable data protection legislation and  
could cause IT system failures disrupting production, project development, or causing financial  
and reputational harm.  
BeGreen is implementing and strengthening physical and digital security measures in  
accordance with the regulatory requirements.  
Evolving cyber threat landscape sustains material residual risk despite strengthened  
controls and unauthorised access.  
Security risks  
Safety risks  
During the construction phase of projects the main safety risks relate to heavy lifting perations,  
high-voltage and medium-voltage electrical works, working at height during substation  
construction, and traffic-related risks associated with significant logistics activity by third-party  
contractors.  
BeGreen has implemented a stringent HSE governance covering all project phases,  
which are subject to review and approval prior to commencement of works, through  
visible and proactive management leadership on site with regular HSE engagement.  
Inherent hazard severity is significant, but the comprehensive HSE governance  
requirements, and proactive HSE leadership reduce residual risk to a low level.  
8
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Statement of profit or loss and other comprehensive income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10  
Statement of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11  
Statement of cash flow. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12  
Statement of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13  
Notes to the financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14  
Note 1  
Note 2  
Note 3  
Note 4  
Note 5  
Note 6  
Note 7  
Note 8  
Note 9  
Note 10  
Note 11  
Note 12  
Note 13  
Note 14  
Note 15  
Note 16  
Note 17  
Note 18  
Note 19  
Corporate information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14  
Basis of preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14  
Revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15  
Staff costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15  
Fees to auditors appointed at the Annual General Meeting . . . . . . . . . . . . . . . . . . . . . . . .16  
Financial income and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16  
Income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16  
Deferred tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17  
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18  
Property, plant and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19  
Investment in subsidiaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20  
Trade receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20  
Contract balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21  
Contingent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21  
Right-of-use assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22  
Commitments and collaterals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23  
Related parties and ownership structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23  
Events after the balance sheet date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23  
Group company overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24  
Financial  
statements  
2025  
Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26  
BeGreen A/S was established on 7 December 2022.  
This is the third annual report for the Company.  
9
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Statement of profit or loss and other comprehensive income  
DKK '000  
Notes  
3
2025  
2024  
Revenue  
99,996
466
167,858
3,220
Other operating income  
Direct costs  
(85,190)
(126,789)
(28,838)
(149,995)
(170,105)
(42,341)
Staff costs  
4
Other external expenses  
Operating profit/(loss) before depreciation,  
amortisation and impairment losses  
(140,355)
(191,363)
Depreciation, amortisation and impairment losses  
9,10,11  
(359,831)
(1,975,568)
Operating profit/(loss)  
(500,186)
(2,166,931)
Financial income  
6
6
4,480
(717)
13,061
(4,147)
Financial expenses  
Profit/(loss) before tax  
(496,423)
(2,158,017)
Tax on profit for the year  
7
19,456
74,837
Profit/(loss) for the year  
(476,967)
(2,083,180)
Other comprehensive income  
(476,967)
(2,083,180)
Profit/(loss) for the year attributable to:  
Shareholders of BeGreen A/S  
(476,967)
(2,083,180)
10  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Statement of financial position  
DKK '000  
Notes  
2025  
2024  
DKK '000  
Notes  
2025  
2024  
Assets  
Equity and liabilities  
Non-current assets  
Goodwill  
Equity  
9
10  
11  
-
6,337
-
10,318
Share capital  
Retained earnings  
Total equity  
500
661,924
500
1,584,330
Property, plant and equipment  
Investment in subsidiaries  
Other receivables  
526,947
6,154
1,244,655
6,135
662,424
1,584,830
Non-current liabilities  
Lease liabilities  
Deferred tax asset  
8
1,977
408
15  
3,352
6,423
Total non-current assets  
541,415
1,261,516
Total non-current liabilities  
3,352
6,423
Current assets  
Trade receivables  
Current liabilities  
Trade payables  
12  
13  
51
1,803
3,110
4,459
-
13,563
Contract assets  
-
Liabilities to group enterprises  
Contract liabilities  
335
Receivables from group enterprises  
Income tax receivable  
Other receivables  
67,370
183,243
13  
15  
8
3,027
-
2,560
-
-
23,565
Lease liabilities  
2,349
3,247
Corporation tax payable  
Other liabilities  
6,566
-
Prepayments  
584
1,426
12,852
29,253
14,092
30,550
Cash and cash equivalents  
Total current assets  
Total assets  
85,609
143,893
Total current liabilities  
153,614
695,029
360,287
1,621,803
Total liabilities  
32,605
36,973
Total liabilities and equity  
695,029
1,621,803
11  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Statement of cash flows  
DKK '000  
Notes  
2025  
2024  
DKK '000  
Notes  
2025  
2024  
Operating profit/(loss)  
(500,186)
(2,166,931)
Capital increase  
45,000
(3,291)
375,000
(3,063)
Adjustments:  
Repayment of lease liabilities  
Cash flow from financing activities  
Depreciation, amortisation and impairment losses  
Non-cash remuneration  
9,10,11  
359,831
47,000
1,975,568
81,000
12,776
-
41,709
371,937
4
Changes in working capital  
Other non-cash items  
1,634
Cash flow for the year  
(58,284)
143,893
56,031
87,862
(8,933)
Cash and cash equivalents, 1 January  
Cash and cash equivalents, 31 December  
Financial income received  
6
6
4,480
13,061
(4,147)
18,954
(69,719)
85,609
143,893
Financial expenses paid  
(717)
Taxes received  
17  
23,565
Cash flow from operating activities  
(73,326)
Purchase of property, plant and equipment  
Acquisition of subsidiaries and activities  
Capital contribution to subsidiaries  
10  
11  
(293)
-
(132)
-
(26,355)
(19)
(241,291)
(4,765)
Change in other financial assets  
Cash flow from investing activities  
(26,667)
(246,188)
12  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Statement of changes in equity  
2025  
DKK '000  
Share  
capital  
Share  
premium  
Retained  
earnings  
Proposed  
dividends  
Equity  
Equity at 1 January 2025  
500
3,711,296
(2,126,966)
-
1,584,830
Capital increase  
-
45,000
46,260
(1,013,666)
-
-
536,699
(536,699)
-
91,260
(476,967)
Loss for the year  
-
-
-
Extraordinary dividends paid during the period  
Equity at 31 December 2025  
-
(536,699)
500
3,756,296
-3,094,372
662,424
Share capital consists of 500,003 shares of nom 1 DKK. No shares have special rights.  
The shares are non-negotiable securities.  
2024  
DKK '000  
Share  
capital  
Share  
premium  
Retained  
earnings  
Prosposed  
dividens  
Equity  
Equity at 1 January 2024  
57
3,336,296
(124,343)
-
3,212,010
Capital conversion  
443
-
375,000
(443)
81,000
-
-
-
456,000
Capital increase  
-
-
Loss for the year  
-
(2,083,180)
-
(2,083,180)
Equity at 31 December 2024  
500
3,711,296
(2,126,966)
-
1,584,830
Share capital consists of 500,002 shares of nom 1 DKK. No shares have special rights.  
The shares are non-negotiable securities.  
13  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Notes to the parent company financial statements  
1
Corporate information  
Pursuant to sections § 112 of the Danish Financial Statements Act, the company has not prepared consolidated financial  
statements.  
Name  
BeGreen A/S  
New and amended standards and interpretations not yet effective  
BeGreen has adopted all new, amended or revised accounting standards and interpretations (IFRS) as endorsed by the EU  
effective as of 1 January 2025.  
Address  
Constantin Hansen Gade 25, 1799 København V, Denmark  
43 69 28 36  
CVR no.  
Established  
Financial year  
Board of Directors  
7 December 2022  
New accounting standards not yet adopted  
1 January - 31 December 2025 (3rd financial year)  
The IASB has issued a number of new or amended accounting standards and interpretations effective after 1 January  
2026. The approved, though not yet effective, standards and IFRICs will be applied as they become mandatory for the  
Company.  
Vivek Mahajan (chairman)  
Ingrid Fossgard-Moser  
Anders Bade  
Line Heldal Bakkevig  
Hilde Alexandra Grønland Kuburic  
IFRS 18: Presentation and Disclosure in Financial Statements  
IFRS 18 introduces new requirements on presentation within the statement of profit or loss, including specified totals and  
subtotals. It also requires disclosure of management-defined performance measures and includes new requirements for  
aggregation and disaggregation of financial information based on the identified ‘roles’of the primary financial statements  
and the notes.  
Executive Board  
Auditors  
Peter Lun Obling  
Lars Raagaard Troen Sørensen  
EY Godkendt Revisionspartnerselskab  
Værkmestergade 25  
8000 Aarhus, Denmark  
IFRS 19: Subsidiaries without public accountability: Disclosures  
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements  
while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards.  
To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have  
public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements,  
available for public use, which comply with IFRS accounting standards.  
The Company’s main operations consist of developing and constructing of solar PV parks  
in Denmark as well as ownership of shares in subsidiaries in Denmark, Germany, Poland  
and Sweden.  
IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application  
permitted.  
2
Basis of preparation  
Introduction  
Besides IFRS 18 and IFRS 19 as described above, management does not expect any other new or amended standards and  
IFRICs to materially affect the coming financial years.  
BeGreen’s Financial Statements for 2025 have been prepared in accordance with IFRS. Accounting Standards  
(IFRS) as adopted by the EU and additional Danish disclosure requirements in the Danish Financial Statement  
Act applicable for reporting class C (medium) entities. The financial statements are presented in Danish  
kroner (DKK) and all values are rounded to the nearest thousand (DKK 000) except when indicated otherwise.  
The Financial Statements have been prepared on a Going Concern basis and under the historical cost convention.  
Translation of Foreign Currencies  
Transactions in foreign currencies are translated at the exchange rates prevailing at the dates of transaction. Gains and  
losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised  
in financial income or financial expenses in the income statement.  
Significant accounting policies and estimates  
A detailed description of the accounting policies applied and critical estimates made with respect to specific reported  
amounts, is presented in the relevant notes. The purpose of this is to create full transparency of the disclosed amounts by  
providing a total description of the relevant accounting policy, the critical estimates and the numerical information for  
each note.  
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 transaction date rates are recognised in financial income and expenses in the income statement.  
14  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Significant accounting policies  
Accounting policies, judgements as an element in significant accounting policies as well as critical accounting estimates  
3
Revenue  
are described in the notes.  
Accounting policiy  
Management’s estimates are based on assumptions which Management considers reasonable, but which are inherently  
BeGreen A/S develop and construct solar parks and BESS in Denmark, Sweden and the UK.  
uncertain and unpredictable. In connection with the financial reporting for 2025, the following critical estimates have  
Revenue for 2025 amounts to DKK 100 million (2024 DKK 167,9 million) and consists of revenue from construction of solar  
parks, revenue from labour hire to third parties and management services to its Danish subsidiaries.  
been made:  
Note  
Income tax and deferred tax  
Investment in subsidiaries  
Right-of-use assets  
7, 8  
11  
Asset management services are services conducted to own subsidiaries or affiliates.  
Revenue from asset management services is recognized when the services have been delivered.  
Revenue  
10,15  
DKK '000  
2025  
2024  
Significant accounting policies  
Judgements as an element in significant accounting policies  
Critical accounting estimates  
Net revenue consists of:  
Revenue from constructions contracts  
Revenue from asset management services  
Revenue recognition  
93,103  
6,893  
158,994  
8,864  
Capital Managment  
The main objective when determining an appropriate capital structure is to ensure that the BeGreen Group maintains  
seamless and scalable access to capital, along with sufficient financial reserves, to support our continued strategy to  
developing BeGreens project pipeline. The Group operates a two-layered capital structure. BeGreen A/S constitutes the  
top-layer of the capital structure, which includes loans and capital contribution from Equinor Group and subsequently  
subordinated to the project-level financing at the bottom layer. The latter is predominantly Equinor Group financing of  
renewable energy projects either under construction or in operation. Equinor har further issued a support letter, which  
confirm Equinor will provide the required funds to support the continued development of BeGreen Group project  
pipeline and construction activities.  
99,996  
167,858  
On time  
6,893  
8,864  
158,994  
77,800  
1,800  
Over time  
93,103  
Secured revenue  
Service agreement, 2025  
Service agreement, 2026  
Construction contracts, 2025  
Construction contracts, 2026  
35,749  
-
-
-
-
76,000  
-
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. BeGreen A/S' exposure to the risk of changes in foreign exchange rates derives primarily from  
those of the Group’s operating activities in which trade receivables, accounts payables and derivatives held for trading are  
denominated in a currency other than the functional currency.  
46,514  
15  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
4
Staff costs  
5
Fees to auditors appointed at the Annual General Meeting  
Audit fees and services  
Accounting policiy  
DKK '000  
2025  
2024  
Staff costs comprised of salaries and wages, pensions, social security costs and other employee related expenses.  
Bonuses are included in salaries and wages.  
Statutory audit fees  
763  
652  
123  
The Board of Directors is employed and remunerated in the Equinor Group. Remuneration to the Board of Directors paid  
by BeGreen A/S amounted to DKK 0 thousand for 2025 (2024: Five member, DKK 0 thousand).  
Other assurance services  
-
-
Tax and VAT advisory services  
-
2025  
2024  
Other services  
46  
275  
Total fees to auditors appointed at the Annual General Meeting  
809  
1,050  
Other  
employ-  
ees  
Extended  
Manage-  
ment  
Other  
employ-  
ees  
Staff costs  
DKK '000  
Manage-  
ment  
Total  
Total  
Salaries and  
wages, etc.  
2,001  
74  
104,341  
8,169  
106,342  
8,243  
85,514  
523  
66,064  
9,506  
151,578  
10,029  
Pension plans  
Other social  
security costs  
-
-
3,011  
9,193  
3,011  
9,193  
30  
18  
566  
596  
Other staff costs  
7,884  
7,902  
Total staff costs  
2,075 124,714 126,789  
86,085  
84,020 170,105  
Number of employees, end  
of year  
2
2
66  
66  
68  
68  
3
3
93  
86  
96  
89  
Average number of full-time  
employees  
Salaries and wages included in ''Contract assets and liabilities" amounts to DKK 2.1 million (2024: DKK 3.6 million).  
Management compensation comprises short-term employee benefits (salaries, holiday pay, company car, etc.) of DKK  
2.0 million and post-employment benefits (pensions) of DKK 0.1 million. Management does not receive other long-term  
benefits, termination benefits, or share-based payment as defined under IAS 24.  
In 2023, BeGreen was acquired by Equinor Renewables Denmark A/S (Equinor ASA as ultimate parent company). Part of  
the total purchase price was paid during 2025. In 2025 the last payment with the former owners of BeGreen amounts to  
DKK 47 million (2024: DKK 81 million)."  
16  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
6
Financial income and expenses  
7
Income tax  
Accounting policiy  
Accounting policies  
Financial income and expenses are comprised of interest income and expenses, gains and  
losses on payables and transactions denominated in foreign currencies as well as surcharges and refunds under the on-  
account tax scheme etc.  
Income tax  
Tax expense for the year includes current and deferred tax. Tax is recognised in the statement of profit or loss, except  
when the tax relates to items recognised directly in equity, in which case the tax is recognised directly in equity.  
Financial income and expenses  
DKK '000  
2025  
2024  
Current income tax  
BeGreen and its Danish subsidiaries are subject to the Danish rules on joint taxation.  
Financial income  
Current Danish income tax is allocated between the jointly taxed companies in proportion to their taxable income.  
Companies with tax loss carry-forwards receive joint taxation contributions from companies that have used these losses  
to reduce their own taxable profits  
(full absorption). Current tax assets and tax liabilities arising from current or prior periods are recognised at the amounts  
expected to be received from or paid to the relevant tax authority.  
Interest income  
781  
3,518  
2,517  
10,544  
-
Interest income, group entities  
Currency gains realised/unrealised  
Total financial income  
181  
4,480  
13,061  
Tax for the period is recognised in the income statement.  
Financial expenses  
The tax rates applied are those in force at the date of the statement of financial position.  
Interest expenses on lease liabilities  
Other financial expenses  
525  
192  
-
674  
603  
Currency loss realised/unrealised  
Total financial expenses  
2,870  
Tax on profit/(loss) for the year  
DKK '000  
2025  
2024  
717  
4,147  
Tax on taxable income for the year, current tax  
Tax adjustments relating to previous year, current tax  
Tax adjustment relating to deferred tax  
17,896  
23,555  
(1,693)  
-
1,569  
(9)  
51,297  
Tax adjustment relating to previous year, deferred tax  
Total tax on profit/(loss) for the year  
1,678  
19,456  
74,837  
Tax on profit/(loss) for the year is calculated as follows:  
17  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
7
Income tax – Continued  
8
Deferred tax  
Effective tax rate  
Accounting policies  
DKK '000  
2025  
2024  
Deferred tax assets, including the tax value of tax loss carry-forwards, are recognized to the extent that future taxable  
income is likely to be available against which the differences can be used – either as a set-off against tax on future income  
or as a set-off against deferred tax liabilities.  
Profit/(loss) before tax  
(496,423)  
22%  
(2,158,017)  
22%  
Company's weighted average rate  
Deferred tax assets are examined at each reporting date and are recognised only to the extent that future taxable profits  
are likely to allow the recovery of the deferred tax asset.  
Calculated tax on profit/(loss) for the year before tax  
Tax on profit/(loss) for the year  
Effective tax rate  
109,213  
19,456  
4%  
474,764  
74,837  
4%  
Deferred tax assets and deferred tax liabilities are measured at the tax rates expected to apply in the year when the asset  
is realised, or the liability is settled on the basis of the tax rates (and tax legislation) in force at the date of the statement of  
financial position.  
Profit/(loss) before tax  
(496,423)  
403,405  
(2,158,017)  
1,816,757  
Deferred tax assets and deferred tax liabilities are offset if a legal right to do so exists, and the deferred tax is attributable  
to the same legal tax entity.  
Non-deductible expenses / non-taxable income  
93,018  
341,260  
Deferred tax liabilities are attributable to the following:  
Reconciled tax rate  
21%  
22%  
Deferred tax  
DKK '000  
2025  
2024  
Deferred tax adjustment previous year  
Fixture and fittings, other equipment  
Right of use assets  
(9)  
(120)  
-
(281)  
(1,751)  
1,967  
(1,138)  
1,255  
Lease liabilities  
Other liabilities  
2,090  
2,453  
Contract assets  
(101)  
(1,980)  
408  
Deferred tax assets/(liabilities) at 31 December  
1,977  
Changes during the year  
1,569  
52,965  
18  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Goodwill  
DKK '000  
9
Goodwill  
2025  
2024  
Accounting policies  
Cost at beginning at 1 January  
Impairment at 1 January  
235,880  
235,880  
Goodwill arises from purchase of the former BeGreen’s “platform”mainly consisting of employees, know-how, contracts  
and the BeGreen Brand. Goodwill is measured as the difference between the total of the fair value of the consideration  
transferred compared to the fair value of identifiable net assets on the date of the acquisition.  
(235,880)  
-
(235,880)  
-
Impairments during the year  
-
Carrying amount at 31 December  
-
Impairment of goodwill  
Goodwill was tested for impairment at 31 December 2024. The tests resulted in an impairment of DKK 236 million. The  
carrying amount of goodwill after impairment is DKK 0 million.  
Goodwill arises from purchase of the former BeGreen’s “platform”mainly consisting of employees, know-how, contracts  
and the BeGreen Brand. The Platform was purchased during 2023. Carrying amount of investments in subsidiaries  
included in the impairment test is DKK 1,244 million (2024: DKK 2,852 million).  
As goodwill relates to the “platform”, goodwill is allocated to the BeGreen group as one cash generating unit, developing,  
constructing and producing green electricity. BeGreen group level is assessed to be the lowest level CGU to which  
goodwill is allocated and monitored by Management.  
The annual impairment test is an assessment of whether the cash generating unit will be able to generate sufficient  
positive net cash flow in the future to support the carrying amount of the assets related to the unit.  
The recoverable amount is estimated using an income-approach and is based on discounted cash flow projections. The  
applied pre-tax discount rates used for the impairment test are 6.9-9.6% (2024: 8.2-11.5%). Cash flow projections are  
based on business cases and budgets approved by Management. The forecast period for the projects are 20-40 years  
depending on the expected lifetime of each of BeGreen’s solar PV parks.  
The key assumptions for the DCF model are:  
•
•
•
•
•
Project timelines, development costs, and probability of success  
New pipeline growth and development timelines  
Project capital expenditures and operational expenses  
Inflation and power prices  
Discount rate  
19  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
10 Property, plant and equipment  
Accounting policies  
The basis of depreciation is calculated considering the asset’s residual value less any impairment losses. The residual value is  
determined at the date of acquisition and reassessed annually. When the residual value exceeds the carrying amount of the  
asset, depreciation is discontinued.  
Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the  
purchase price and any costs directly attributable to the acquisition until the date on which the assets are available for use.  
Depreciation is provided on a straight-line basis over the expected useful lives of the assets.  
The expected useful lives are as follows:  
If the depreciation period or the residual value is changed, the changes are accounted for as accounting estimates, and  
the effect on depreciation is recognised prospectively.  
- Fixture and fittings, other equipment  
- Leased offices and equipment  
3-5 years  
3-5 years  
Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price  
and the carrying amount at the date of disposal.  
The useful life is reassessed annually and adjusted as necessary. The residual value of an asset is taken into account when  
determining the depreciable amount of the asset.  
Gains and losses are recognised in the consolidated statement of profit or loss as other operating income or operating  
costs in the period of disposal.  
2025  
2024  
Right-of-use  
Property, plant and equipment  
DKK '000  
Fixture and fittings,  
other equipment  
Right-of-use  
assets  
Fixture and fittings,  
other equipment  
Total  
assets  
Total  
Cost at beginning at 1 January  
Additions during the year  
6,201  
293  
12,642  
-
18,843  
293  
6,069  
132  
-
14,092  
-
20,161  
132  
Disposals and adjustments during the year  
Total cost at 31 December  
(1,309)  
5,185  
(1,233)  
11,409  
(2,542)  
(1,450)  
(1,450)  
16,594  
6,201  
12,642  
18,843  
-
225  
225  
Total depreciations and impairment at 1 January  
Disposals during the year  
(3,842)  
379  
(4,683)  
20  
(8,525)  
399  
(3,059)  
-
(2,226)  
225  
(5,285)  
225  
Depreciations during the year  
(557)  
(1,574)  
(2,131)  
(783)  
(2,682)  
(3,465)  
Total depreciations and impairment at 31 December  
(4,020)  
(6,237)  
(10,257)  
(3,842)  
(4,683)  
(8,525)  
1,165  
5,172  
6,337  
Carrying amount at 31 December  
1,165  
5,172  
6,337  
2,359  
7,959  
10,318  
20  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Investment in subsidiaries  
DKK '000  
11 Investment in subsidiaries  
2025  
2024  
Accounting policies  
Cost at 1 January  
3,030,402  
26,356  
2,901,655  
128,747  
Investments in subsidiaries are measured at cost. If there is any indication that a company’s value is lower than the future  
earnings of the company, an impairment test of the Company is performed.  
Additions during the year  
Disposals during the year  
Cost at 31 December  
(851,196)  
-
If the carrying amount exceeds the future earnings of the company (recoverable amount), the investment is written down  
to this lower value. Investments in subsidiaries with a negative net asset value are measured at DKK 0, and the carrying  
amount of any receivables from these entities is reduced to the extent that they are considered uncollectible.  
2,205,562  
3,030,402  
Total impairment at 1 January  
(1,785,747)  
(646,932)  
290,160  
(49,524)  
Impairment losses during the year  
(1,736,223)  
Impairment of investment in subsidiaries  
As investments in subsidiaries is grouped to represents individual pipeline projects, every pipeline project group of  
entities is allocated as one cash generating unit "CGU", developing, constructing and producing green electricity for the  
individual pipeline project. The pipeline project group of entities level is assessed to be the lowest level CGU monitored by  
Management.  
Reversal of impairment in previous years  
Reversal of impairment loss on disposed assets  
Total impairment at 31 December  
-
-
463,904  
(1,678,615)  
(1,785,747)  
632,619  
1,244,655  
The annual impairment test is an assessment of whether the CGU will be able to generate sufficient positive net cash  
flow in the future to support the carrying amount of the assets related to the unit.  
Carrying amount at 31 December  
526,947  
1,244,655  
The recoverable amount is estimated using an income-approach and is based on discounted cash flow projections. The  
applied pre-tax discount rates used for the impairment test are 6.9-9.6% (2024: 8.2-11.5%). Cash flow projections are  
based on business cases and budgets approved by Management. The forecast period for the projects are 20-40 years  
depending on the expected lifetime of each of BeGreen’s solar PV parks and BESS.  
The key assumptions for the DCF model are:  
•
•
•
•
•
Project timelines, development costs, and probability of success  
New pipeline growth and development timelines  
Project capital expenditures and operational expenses  
Inflation and power prices  
Discount rate  
The key tricker of impairments in 2025 is political uncertainties of project business cases. Reversal of impairments is also  
predominantly due to reduced political uncertainties of project business cases.  
21  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
12 Trade receivables  
13 Contract balances  
Accounting policies  
Accounting policies  
The customer credit risk is assessed on a transaction-by-transaction basis. An impairment analysis is performed at each  
reporting date.  
Contract work in progress are measured at the selling price of the work carried out. The selling price is measured based  
on the stage of completion at the balance sheet date and the total  
estimated income from the individual contracts in progress.  
The company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected  
loss allowance for all trade receivables and contract assets.  
The stage of completion for the individual project is usually calculated as the ratio between costs incurred and total  
budgeted costs. In some projects, where costs cannot be used as a basis, the ratio between completed sub-activities and  
the total project is used instead.  
Receivables are measured at amortised cost less expected credit losses.  
The individual work in progress is recognized in the balance sheet under contract assets or liabilities other than provision  
depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative.  
Cost of manufactured goods and work in progress included in contract assets consists of costs of raw materials,  
consumables, direct labour costs and indirect production costs. Indirect production costs comprise indirect materials  
and labour costs.  
2025  
Trade receivables  
DKK '000  
Expected  
credit loss  
Carrying amount  
Total  
Current  
51  
-
51  
Contract balances  
DKK '000  
2025  
2024  
2024  
Contract assets/(liabilities) beginning of period  
Additions during the year  
202,110  
59,326  
-
202,110  
-
Trade receivables  
DKK '000  
Expected  
credit loss  
Carrying amount  
1,803  
Total  
Completed projects during the year  
Contract assets at 31 December  
(247,619)  
13,817  
202,110  
Current  
-
1,803  
Contract liabilities:  
No receivables are overdue.  
Prepayments DEPC contracts  
Prepayments BESS contracts  
Total contract assets/(liabilities)  
-
(16,844)  
(199,000)  
-
(3,027)  
3,110  
22  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
14 Contingent liabilities  
Accounting policies  
For identified leases, a right-of-use asset and corresponding lease liability are recognised on the lease commencement  
date. Upon initial recognition, the right-of-use asset is measured at cost corresponding to the lease liability recognised,  
adjusted for any lease prepayments or directly related costs, including dismantling and restoration costs.  
Contingent liabilities comprise obligations that arise from past events and whose existence will be confirmed only by the  
occurrence or non-occurrence of one or more uncertain future events not fully within the control of the entity; or  
present obligations that arise from past events but are not recognised because the outflow of resources embodying  
economic benefits will probably not be required to settle the obligation, or because the amount of the obligation  
cannot be measured with sufficient reliability.  
The lease liability is measured at the present value of lease payments of the lease period and is discounted using the interest  
rate implicit in the lease contract. In cases where the implicit interest rate cannot be determined, an appropriate incremental  
BeGreen borrowing rate of 1% is used.  
Contingent liabilities  
The Entity participates in a Danish joint taxation arrangement where Danske Commodities A/S (CVR 28 11 39 51) serves as  
the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is  
therefore secondarily liable for income taxes etc. for the jointly taxed entities, which is limited to the equity interest by which  
the entity participates in the Group, as well as secondarily liable for obligations, if any, relating to the withholding of tax on  
interest, royalties and dividend for the joint ly taxed entities. The jointly taxed entities’total known net liability under the joint  
taxation arrangement is disclosed in the administration company’s financial statements.  
In determining the lease period extension, options are only included if it is reasonably certain they will be utilised.  
At subsequent measurement, the right-of-use asset is measured less accumulated depreciation and impairment losses and  
adjusted for any remeasurements of the lease liability. Depreciation is charged using the straight-line method over the  
lease term or the useful life of the right-of-use asset, whichever is shortest.  
The lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or  
modifications made to the contract. Right-of-use assets and lease liabilities are not recognised for low value lease assets or  
leases with a term of 12 months or less. These are recognised as an expense on a straight-line basis over the term of the lease.  
Extension options are only included in the lease term if the lease is reasonably certain to be extended.  
15 Right-of-use assets and liabilities  
Accounting policies  
Contractual maturity of lease liabilities  
DKK '000  
BeGreen has lease contracts for various items of corporate offices, office equipment and other operating equipment  
used in its operations. Leases of offices and equipment generally have lease terms between 3 and 5 years. The Group’s  
obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Group is restricted from  
assigning and sublease the leased assets.  
2025  
2024  
0-1 year  
2,349  
3,352  
3,141  
7,335  
1-5 years  
There are lease contracts that include extension and termination options and variable lease payments, which are further  
discussed below.  
Total undiscounted lease liabilities at 31 December  
5,701  
10,476  
The company also has lease contracts with lease terms of 12 months or less and leases of office equipment with low value.  
The company applies the ‘short-term lease’and ‘lease of low value assets’recognition exemptions for these leases.  
Current/non-current classification (discounted)  
Current  
2,349  
3,352  
2,560  
6,423  
Non-current  
Whether a contract contains a lease, is assessed at contract inception. If an asset is identified and the customer has the  
right to obtain substantially all the economic benefits from the use of the asset throughout the period of use, and has the  
right to operate the asset without having the right to change those operating instructions, the contract contains a lease.  
23  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
The following table provides the total amount of transactions that have been entered into with  
Lease effects recognised in profit or loss and cash flow  
related parties for the relevant financial year.  
DKK '000  
2025  
2024  
674  
Related party transactions  
DKK '000  
Interests expenses on lease liabilities  
525  
2025  
2024  
Expenses relating to variable lease payments not included in the measure-  
ment of lease liabilities  
-
108  
80  
83  
Capital contribution from Equinor  
Dividend payment  
91,260  
536,699  
23,565  
575  
456,000  
-
Expenses relating to short-term leases  
Depreciation of right-of-use assets  
Total profit or loss for leases  
2,134  
2,682  
Joint taxation contribution from Danske Commodities A/S  
Sale of services  
19,069  
621  
(2,767)  
(3,519)  
Staff costs  
5,831  
5,576  
Cash flow  
Total cash outflow for leases  
3,282  
3,900  
18 Events after the balance sheet date  
16 Commitments and collaterals  
Gørløse  
BeGreen A/S has issued a declaration of support in which they guarantee to provide liquidity  
to subsidiaries that enable them to meet their current obligations.  
At year-end 2025, BeGreen's application for a battery storage project in Gørløse was awaiting assessment by Hillerød  
Municipality. The application was reviewed by the Municipality in March 2026, at which point it was decided that the  
application would be assigned the lowest priority among all pending local development plan applications. For this reason,  
BeGreen no longer considers the project to be realisable and accordingly expects to recognise a full impairment of the  
project (negative impact of approximately DKK 36 million).  
The company has provided a bank guarantees to its bank provider Nordea at a value of DKK 33.4 million (2024: DKK 4 million).  
The company has contractual commitments at a value of DKK 45 million against suppliers of spare parts and services in relation  
to the construction of Ingerslev Å BESS.  
Landerupgaard  
17 Related parties and ownership structure  
Following the local elections in November 2025, a new municipal council was constituted in Fredericia Municipality in  
January 2026. As part of the coalition agreement, the council resolved to remove the previously proposed 'opportunity  
zones' for renewable energy, within which BeGreen's Landerupgaard project is located. In light of this development,  
BeGreen no longer considers the project to be realisable and accordingly expects to recognise a full impairment of the  
project (negative impact of approximately DKK 6 million).  
Controlling interest  
Equinor Renewables Denmark A/S, Ny Carlsberg Vej 80, 1799 København V (Parent)  
Other related parties:  
- Equinor ASA (Ultimate parent)  
- Equinor Brazil  
- Equinor US  
- Danske Commodities A/S  
- Group enterprises  
Capital increase and loan financing in subsidiary  
Following the balance sheet date, BeGreen A/S has resolved to carry out a capital increase of DKK 20 million and loan  
financing of DKK 40 million in its subsidiary BeGreen 2024-52 ApS. The capital increase is expected to be completed in  
June 2026, subject to approval at an extraordinary general meeting.  
- Board of Director, Executive Board and Executive Management  
No other material events have occurred after the reporting date.  
24  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
19 Group company overview  
The table below provides information about the Group’s legal structure at 31 December 2025:  
Company  
Owner share  
Share capital  
Company  
Owner share  
Share capital  
Parent  
BeGreen A/S  
BeGreen Holding 2021-39 ApS  
Komplementarselskabet BeGreen 2021-39 ApS  
BeGreen 2021-39 P/S  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
40.000 DKK  
40.000 DKK  
400.000 DKK  
40.000 DKK  
40,000 DKK  
400,000 DKK  
40,000 DKK  
40,000 DKK  
400,000 DKK  
40,000 DKK  
40,000 DKK  
400,000 DKK  
40,000 DKK  
40,000 DKK  
7,250 DKK  
100%  
500,002 DKK  
Subsidiaries  
BeGreen Holding 2021-40 ApS  
Komplementarselskabet BeGreen 2021-40 ApS  
BeGreen 2021-40 P/S  
Denmark  
BeGreen Holding 2018-30 ApS  
Komplementarselskabet BeGreen 2018-30 ApS  
BeGreen 2018-30 K/S  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
50,000 DKK  
50,000 DKK  
7,250 DKK  
BeGreen Holding 2021-41 ApS  
Komplementarselskabet BeGreen 2021-41 ApS  
BeGreen 2021-41 P/S  
BeGreen Holding 2020-34 ApS  
Komplementarselskabet BeGreen 2020-34 ApS  
BeGreen 2020-34 K/S  
40,000 DKK  
40,000 DKK  
7,250 DKK  
BeGreen Holding 2021-42 ApS  
Komplementarselskabet BeGreen 2021-42 ApS  
BeGreen 2021-42 P/S  
BeGreen Holding 2020-36 ApS  
Komplementarselskabet BeGreen 2020-36 ApS  
BeGreen 2020-36 K/S  
40,000 DKK  
40,000 DKK  
7,250 DKK  
BeGreen Holding 2022-44 ApS  
Komplementarselskabet BeGreen 2022-44 ApS  
BeGreen 2022-44 K/S  
BeGreen Holding 2021-38 ApS  
Komplementarselskabet BeGreen 2021-38 ApS  
BeGreen 2021-38 P/S  
40,000 DKK  
40.000 DKK  
400.000 DKK  
BeGreen Holding 2022-45 ApS  
Komplementarselskabet BeGreen 2022-45 ApS  
BeGreen 2022-45 K/S  
40,000 DKK  
40,000 DKK  
7,250 DKK  
25  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Company  
Owner share  
Share capital  
Company  
Owner share  
Share capital  
BeGreen Holding 2022-46 ApS  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
40,000 DKK  
40,000 DKK  
7,250 DKK  
40,000 DKK  
40,000 DKK  
7,250 DKK  
40,000 DKK  
40,000 DKK  
7,250 DKK  
40,000 DKK  
40,000 DKK  
7,250 DKK  
60,001 DKK  
40,000 DKK  
40,000 DKK  
8,170 DKK  
Sweden  
BeGreen Sweden AB  
Komplementarselskabet BeGreen 2022-46 ApS  
BeGreen 2022-46 K/S  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
25,000 SEK  
BeGreen Sweden 2023-51 AB  
BeGreen Holding 2022-47 ApS  
Komplementarselskabet BeGreen 2022-47 ApS  
BeGreen 2022-47 K/S  
BeGreen Sweden 2024-53 AB  
BeGreen Sweden 2024-54 AB  
BeGreen Sweden 2024-55 AB  
BeGreen Holding 2022-48 ApS  
Komplementarselskabet BeGreen 2022-48 ApS  
BeGreen 2022-48 K/S  
BeGreen Sweden 2024-57 AB  
BeGreen Sweden 2024-58 AB  
BeGreen Sweden 2024-59 AB  
BeGreen Holding 2022-50 ApS  
Komplementarselskabet BeGreen 2022-50 ApS  
BeGreen 2022-50 K/S  
BeGreen Sweden 2024-60 AB  
BeGreen Sweden 2024-61 AB (in liquidation)  
BeGreen Sweden 2024-62 AB (in liquidation)  
BeGreen Sweden 2024-63 AB (in liquidation)  
BeGreen Sweden 2024-64 AB (in liquidation)  
BeGreen Sweden 2024-65 AB (in liquidation)  
BeGreen Sweden 2024-66 AB (in liquidation)  
BeGreen Sweden 2020-35 AB  
BeGreen 2024-52 ApS  
BeGreen Holding 2024-56 ApS  
Komplementarselskabet BeGreen 2024-56 ApS  
BeGreen 2024-56 K/S  
Germany  
BeGreen Sweden 2022-49 AB  
BeGreen Germany Renewable GmbH i.L. (in liquidation)  
100%  
100%  
25,000 EUR  
10,000 PLN  
20 Consolidated Financial Statements  
Poland  
BeGreen Poland 2021-43 Sp.z o.o. (in liquidation)  
The Company is included in the Consolidated Financial Statements of Equinor ASA, Forusbeen 50,  
4035 Stavanger Org.nr. 981 009 713.  
26  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Definitions  
EBITDA and EBITDA margin  
Profit or loss before depreciation and amortisation, financial income and expenses, and tax  
as a percentage of revenue.  
Number of employees, end of the year  
Total number of employees end of year.  
Solvency ratio  
Equity at year-end as a percentage of total assets.  
Net-interest bearing debt  
Interest-bearing debt less interest-bearing assets and cash and cash equivalents  
Return on equity  
Profit or loss after tax for the year as a percentage of average equity.  
27  
 
Management review  
Financial statements  
Additional information  
Annual Report 2024  
Additional  
information  
Statement by the Board of Directors and the Executive Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29  
Independent auditor’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30  
28  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Executive Board:  
Peter Lun Obling
Statement by the  
Board of Directors and  
the Executive Board  
Lars Raagaard Troen Sørensen
The Board of Directors and the Executive Board  
have today considered and approved the Annual  
Report of BeGreen A/S for the financial year 1  
January 2025 - 31 December 2025.  
and of the Company’s financial position, as well as  
a description of the key risks and uncertainties  
facing the Company. We recommend that the  
annual report be approved at the Annual General  
Meeting.  
Board of Directors:  
The annual report has been prepared in  
accordance with IFRS Accounting Standards as  
adopted by the EU and additional requirements in  
the Danish Financial Statements Act.  
Copenhagen, 22 June 2026
Vivek Mahajan
(Chairman)
Ingrid Fossgard-Moser
Anders Bade
In our opinion, the Financial Statements give a true  
and fair view of the financial position of the  
Company at 31 December 2025 and of the results  
of the Company’s operations, as well as the cash  
flows for the financial year 1 January 2025 - 31  
December 2025.  
Line Heldal Bakkevig
Hilde Alexandra Grønland Kuburic
In our opinion, the Management's Review gives a  
true and fair view of the development in the  
operations and financial circumstances of the  
Company, of the results for the year, of cash flows  
29  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Independence  
Independent  
auditor’s report  
We are independent of the Company 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.  
Statement on the Management’s review  
Management is responsible for the Management's review.  
Our opinion on the financial statements does not cover the Management's review, and we do not express any  
assurance conclusion thereon.  
To the shareholders  
of BeGreen A/S  
In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in  
doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our  
knowledge obtained during the audit, or otherwise appears to be materially misstated.  
Opinion  
Moreover, it is our responsibility to consider whether the Management's review provides the information required  
under the Danish Financial Statements Act.  
We have audited the financial statements of BeGreen A/S for the financial year 1 January – 31 December  
2025, which comprise income statement, statement of comprehensive income, balance sheet,  
statement of changes in equity, cash flow statement and notes, including material accounting policy  
information. The financial statements are prepared in accordance with IFRS Accounting Standards as  
adopted by the EU and additional requirements of the Danish Financial Statements Act.  
Based on our procedures, we conclude that the Management's review is in accordance with the financial statements  
and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not  
identify any material misstatement of the Management's review.  
In our opinion, the financial statements give a true and fair view of the financial position of the  
Company at 31 December 2025 and of the results of the Company's operations and cash flows for the  
financial year 1 January – 31 December 2025 in accordance with IFRS Accounting Standards as adopted  
by the EU and additional requirements of the Danish Financial Statements Act.  
Management’s responsibilities for the financial statements  
Management is responsible for the preparation of financial statements that give a true and fair view in  
accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish  
Financial Statements Act and for 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.  
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a  
basis for our opinion.  
In preparing the financial statements, Management is responsible for assessing the 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 Company  
or to cease operations, or has no realistic alternative but to do so.  
30  
 
Management review  
Financial statements  
Additional information  
Annual Report 2025  
Auditor’sresponsibilitiesfortheauditofthefinancialstatements  
Our objectives are to obtain reasonable assurance as to whether the  
financial statements as a whole are free from material misstatement,  
whether due to fraud or 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 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 the financial  
statements.  
•
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 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 Company to cease to continue as a going concern.  
Aarhus, 22 June 2026
EY Godkendt Revisionspartnerselskab CVR no. 30 70 02 28
Steen Skorstengaard
State Authorized Public Accountant mne19709
Christian Damgaard Nielsen
State Authorized Public Accountant mne52576
As part of an audit conducted in accordance with ISAs and additional  
requirements applicable in Denmark, we exercise professional  
judgement and maintain professional scepticism throughout the audit.  
We also:  
•
Evaluate the overall presentation, structure and contents of the  
financial statements, including the note disclosures, and whether  
the financial statements represent the underlying transactions and  
events in a manner that gives a true and fair view.  
•
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.  
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.  
•
•
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 Company’s internal control.  
Evaluate the appropriateness of accounting policies used and the  
reasonableness of accounting estimates and related disclosures  
made by Management.  
31  
 
BeGreen A/S  
Constantin Hansen Gade 25  
1799 Copenhagen V  
Denmark  
Tel. +45 44 45 46 45  
www.begreen.dk  
CVR no. 43 69 28 36  
Annual Report for the year ending  
31 December 2025