Agreena ApS

Agreena's revenue recognition and valuation of inventory​Agreena's revenue recognition and valuation of inventory is linked to the development of the Voluntary Carbon Market (VCM), which is characterized by ongoing market development. This influences Agreena's financial performance. Revenue recognition, particularly for service fees received as a share of issued certificates (recognized as "Prepayments"), is subject to the following: ​ ​● Market Development and Pricing: VCM pricing is subject to market evolution. Agreena's financial outcomes are influenced by this market development. ​ ​● Verification and Certification: Revenue recognition is influenced by the verification and certification of carbon sequestration by recognized third-party standards. While Agreena adheres to established m…

Unusual circumstances affecting recognition and measurement

Agreena’s revenue recognition remains fundamentally linked to the evolution of the Voluntary Carbon Market (VCM). While the market continues to undergo structural development and maturation, Management has ensured that the accounting methodologies applied throughout 2025 remain robust and aligned with current market conditions. ​ ​For the 2025 reporting period, Management has assessed the underlying estimates and determined that they reflect fair value in accordance with the Group’s conservative financial framework. Unlike the previous period, no further write-downs were deemed necessary, as current valuation models and recognition practices are considered to accurately represent the Group’s performance and the prevailing market e…

In H1 2026, the Group initiated a comprehensive strategic reset to transition from a high-growth model to a breakeven-oriented operational framework. This pivot focuses resources on the Group’s core European carbon operations. As part of this transition: ​ ​- Divestment: It has been decided that Field Margin Ltd. will undergo a Management Buy-Out (MBO). This allows the farm management software to develop under independent leadership while streamlining Agreena's portfolio. ​ ​- Organizational Rightsizing: To align the cost base with the new commercial strategy, Management has executed a workforce reduction of approximately 50%. This restructuring ensures the organization is appropriately scaled to achieve its 2026 operational goals and long-term fiscal sustainability. ​ ​To support this transition, Agreena has secured new convertible loan notes from its existing investor base. This financing reinforces the continued commitment of our primary stakeholders and provides the necessary liquidity to execute the Group’s 2026 commercial initiatives and the shift toward a self-sustaining financial model.

The Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint ​taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the ​jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on interest, royalties and ​

dividends for these entities.

19 Assets charged and collateral

As security for debt to credit institutions, a floating charge of nominal EUR 5 million, EUR 7 million and 6,67 million has been provided as colleteral. The assets charged includes goodwill, other rights, other fixed assets, operating materials and equipment, inventories and trade receivables with a carrying amount of EUR 12,897 at 31.12.2025.…