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title: "Danoil II ApS — Financial report"
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# Danoil II ApS — Financial report

CVR 32932207

## Latest financial period

- 2025 • 2025-01-01 • 2025-12-31 • entity • DKK • 118399000 • 105388000 • -39455000 • 322500000 • 245467000 • 0

## Financial history

- 2024 • 2024-01-01 • 2024-12-31 • entity • DKK • 145199000 • 135285000 • 229395000 • 421950000 • 284922000

- 2023 • 2023-01-01 • 2023-12-31 • entity • DKK • -182000 • 3857000 • 182115000 • 55527000

- 2022 • 2022-01-01 • 2022-12-31 • entity • DKK • -237000 • 929000 • 60816000 • 51670000

- 2021 • 2021-01-01 • 2021-12-31 • entity • DKK • 0 • -155000 • -82000 • 50840000 • 50742000 • 0

- 2020 • 2020-01-01 • 2020-12-31 • entity • DKK • -927000 • -64727000 • -64844000 • 51166000 • 50824000

- 2019 • 2019-01-01 • 2019-12-31 • entity • DKK • -8470000 • -8753000 • 126888000 • 115694000

- 2018 • 2018-01-01 • 2018-12-31 • entity • DKK • -9591000 • -9463000 • 126124000 • 124440000

- 2017 • 2017-01-01 • 2017-12-31 • entity • DKK • -15948000 • -16386000 • 111875000 • 108903000

## Annual report highlights

- primary activities • Deltagelse i olie- og gasudvinding i Solsort Unit. Selskabet deltager i følgende licenser:

- Solsort Unit, ejerandel 13,83 % • entity

- primary activities • Participation in oil and gas exploration as well as production in the Danish part of the North Sea. The Company participates in the following licenses:

- Solsort Unit, 13.83% ownership • entity

- development in activities and financial affairs • Udvindingen af kulbrinter fra Solsort Vest reservoiret overgik til normal drift i 2025 efter starten i 2024. Produktionen nåede sit maksimum i 2025 og vil aftage i de kommende år. • entity

- development in activities and financial affairs • The extraction of hydrocarbons from the Solsort West reservoir transitioned to normal operations in 2025 following its start-up in 2024. Production reached its peak in 2025 and will decline in the coming years.Produktionen fra Solsort Vest udgjorde i 2025 600.000 tdr. råolie og 14,5 mio. m3 eksporteret Naturgas. Den store produktion medførte en omsætning på 340 mio. kr.

In 2025, the production from Solsort Vest reached just under 600,000 tonnes of crude oil and 14.5 million cubic feet of exported natural gas. The high production level resulted in revenue of DKK 340 million.I sensommeren blev der konstateret vandgennembrud i Solsort Vest reservoiret, hvilket kombineret med øvrige produktionsdata gav anledning til en revideret opgørelse af de forventede reserver. Det betyder at forventningerne til Solsort Vest reserverne er nedjusteret fra at være i den midterste del til den laveste del af det projekterede udfaldsrum. Som følge af de nedjusterede reserver er værdien af Solsort Vest projektet reduceret, og der er i regnskabet foretaget en ekstra nedskrivning der afspejler de reducerede reserver. Med de nedjusterede reserver i 2025 er der desuden opstået usikkerhed om, hvorvidt selskabets udskudte skatteaktiv kan udnyttes fuld ud i fremtiden. Som følge heraf er det udskudte skatteaktiv nedskrevet med 81 mio. kr. Resultatet for 2025 er påvirket af ovennævnte faktorer og er derfor betydeligt lavere end det var forventet i årsregnskabet for 2024. Solsort Vest projektets profitabilitet har stadig været tilfredsstillende og investeringerne er tilbagebetalt.

In late summer, water breakthrough was detected in the Solsort Vest reservoir, which, combined with other production data, led to a revised assessment of expected reserves. This means that expectations for Solsort Vest reserves have been adjusted downwards from the middle to the lower end of the projected range. As a result of the reduced reserves, the value of the Solsort Vest project has been decreased, and an additional impairment reflecting the reduced reserves has been recognised in the accounts. Following the revision of reserves in 2025, uncertainty has arisen as to whether the company's deferred tax asset can be fully utilised in the future. Consequently, the deferred tax asset has been written down by DKK 81 million. The result for 2025 has been impacted by the above-mentioned factors and is significantly lower then expected in the 2024 Annual Report. The profitability of the Solsort Vest project has nevertheless remained satisfactory, and the investments have been repaid.Solsort Vests rekordomsætning medfører et resultat af primær drift på 105 mio. kr. Udover nedskrivningen af skatteaktivet kommer den ordinære beregnede skat på årets indkomst, som betyder en samlet skat for året på 140 mio. kr.

Solsort Vest's record revenue resulted in an operating profit of DKK 105 million. In addtion to the impairment of the deferred tax asset, the ordinary tax calculated on the year's income has been recognised, resulting in a total tax expense for the year of DKK 140 million.Årets resultat udviser et underskud på 39 mio. kr. Forventningen til 2026 er et resultat på 0-5 mio. kr.

The loss for the year totals DKK 39 million. Expectations for 2026 total DKK 0-5 million. • entity

- recognition measurement uncertainty • Generelle risici • entity

- recognition measurement uncertainty • General risksDriftsrisikoen for selskabet knytter sig til produktion og priser. Der vurderes ikke at være risiko for afsætningen af den producerede mængde.

Verdensmarkedsprisen på råolie kan ændres betydeligt på kort tid og derved påvirke resultatet kraftigt. Børsprisen på naturgas kan ligeledes være volatil.

Driftsstop kan forekomme, hvilket dog kun vil medføre en udskydelse af indtægten fra oliesalget – ikke reduktion af den endelige indvinding.

Der er tegnet forsikringer til imødegåelse af omkostninger ved skader på produktions- og injektionsbrønde.

The Company’s operating risk relates to production and prices. Sale of the produced quantity is deemed not to be subject to any risk.

The world market price of crude oil can change significantly in a short period of time, thereby greatly affecting the results of operation. The exchange-traded price of natural gas may likewise be volatile.

Downtime may occur, which, however, will only result in a postponement of the income from oil sales – not a reduction in final extraction.

Insurance has been taken out to cover the costs of environmental damage as well as damage to technical facilities, including production and injection wells.Valutarisici

Currency risksDer sælges i USD, og kursudsving i denne vil påvirke resultatet. Der foretages, i lighed med praksis i moderselskabet, ikke valutaafdækning. Naturgas afregnes i Euro, hvilket ikke indebærer valutarisici.

Sales are made in USD, and exchange rate fluctuations will affect the results. In line with the Parent Company's practice, currency hedging is not carried out. Natural gas is settled in EUR, which does not entail any currency risk. • entity

- subsequent events • Der er ikke efter balancedagen indtruffet begivenheder af væsentlig betydning for virksomhedens finansielle stilling. • entity

- subsequent events • No events materially affecting the Company's financial position have occurred subsequent to the financial year end. • entity

- contingent liabilities • Danoil II ApS indgår i sambeskatning med det danske moderselskab og danske søster­selskaber. Selskaberne hæfter ubegrænset og solidarisk for danske selskabsskatter og kildeskatter på udbytte, renter og royalties inden for sambeskatningskredsen.

Danoil II ApS included in join taxation with the Danish Parent Company and Danish Companies within the Group. The companies included in the joint taxation have joint and several unlimited liability for Danish withholding taxes on dividends, interest and royalties. • entity

- assets pledged as security • Virksomheden har ikke stillet pant eller anden sikker­hed i aktiver pr. 31. december 2025.

The Company has not provided any security or other collateral in assets at 31 December 2025. • entity