Quantum Mobility Denmark ApS

The primary activities of the Entity involve the ownership and management of its subsidiary companies, the Umove Group. ​​The main activity of the Group is to provide public transport services for the Public Transport Authorities (PTAs) of​the Regions and Municipalities in Denmark. Umove operates as a full-service mobility provider, responsible for vehicle procurement, depot operations, driver management and contract compliance across all geographic areas of operation.

Development in activities and finances

The income statement of the Group for 2025 shows a deficit of TDKK 171,502, and at 31 December 2025 the balance sheet of the Group shows negative equity of TDKK 103,040. ​​Further see note 1 regarding information about the loss of more than 50% of the share capital. ​Umove provided transport services for four out of five regional Public Transport Authorities, and 2025 was characterized by continued growth and accelerated electrification across all regions of operation. ​ ​Sealand — Movia Contracts A22 and A23 ​During 2025, Umove expanded its operations on Sealand, adding more than 100 new electric buses in the Greater Copenhagen area and West Sealand, covering the municipalities of Kastrup, Bagsværd, Slangerup, Hvidovre and Kalundborg. Operations unde…

Outlook2026 will be characterised by significant operational growth across both Sealand and Jutland, with mobilisation of new and expanded contracts representing the largest single-year fleet deployment in Umove's history. ​​On Sealand, the primary focus will be the mobilisation of new operations in the Greater Copenhagen area and West Sealand under Movia contracts A22 and A23. ​​In Jutland, 2026 marks a substantial step-change in scale. Umove will commence operations with more than 100 new electric buses in the Djurs and Aarhus areas, representing the largest contract mobilisation the Group has undertaken in the region to date. Additionally, Umove has expanded its presence in Skive and Holstebro, where a further 19 electric buses will be added to operations, further reinforcing Umove's position as the operator of Denmark's largest fleet of electric buses. ​​The outlook is subject to normal execution risk associated with the simultaneous mobilisation of multiple large contracts and the continued delivery and commissioning of electric vehicles. ​ ​EBIT in 2026 is expected to be a loss at the level of mDKK 25 to 30

2026 will be characterised by significant operational growth across both Sealand and Jutland, with mobilisation of new and expanded contracts representing the largest single-year fleet deployment in Umove's history. ​​On Sealand, the primary focus will be the mobilisation of new operations in the Greater Copenhagen area and West Sealand under Movia contracts A22 and A23. ​​In Jutland, 2026 marks a substantial step-change in scale. Umove will commence operations with more than 100 new electric buses in the Djurs and Aarhus areas, representing the largest contract mobilisation the Group has undertaken in the region to date. Additionally, Umove has expanded its presence in Skive and Holstebro, where a further 19 electric buses will be added to operations, further reinforcing Umove's position as the operator of Denmark's largest fleet of electric buses. ​​The outlook is subject to normal execution risk associated with the simultaneous mobilisation of multiple large contracts and the continued delivery and commissioning of electric vehicles. ​ ​EBIT in 2026 is expected to be a loss at the level of mDKK 25 to 30

Profit/loss for the year in relation to expected developments

The expected EBIT for 2025 was mDKK 45-50. The Group did not reach its financial target for the year. Performance was adversely affected by the following factors: ​• Elevated interest rates, which increased the cost of financing the Group’s EV fleet investments ​• Negative indexation effects of Driver salaries and negative contract revenue adjustments ​• One-off implementation costs related to the introduction of new operational and IT systems across several depots ​ ​Management views most of the above factors as primarily temporary or non-recurring in nature, however the challenge with the Driver salary index is an ongoing discussion with the PTAs. The underlying commercial position​of the Group’s contract portfolio remains strong, and the Group enters 2026 with a larger contracted revenue base following the new awards in 2025.

There has been no material uncertainty regarding recognition and measurement in the Annual Report.

No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.

21 Assets charged and collateral

Quantum Mobility Denmark ApS has placed shares in group enterprises as collateral for debt to other credit institutions.​​The following assets have been placed as security with mortgage credit institutes, bankers and credit institutes: ​ ​Mortgage deed with a nominal value of TDKK 1,613,071 (2024: TDKK 1,354,003) in the group's machinery with a carrying amount of TDKK 1,629,837 (2024: TDKK 1,512,090) ​ ​Company charges with a nominal value of TDKK 65.000 (2024: TDKK 44,000) in the group's immaterial rights, operating equipment, inventory, and claims with a carrying amount of TDKK 325.032 (2024: TDKK 320,756) ​ ​Mortgage deed with a nominal value of TDKK 175,863 (2024: TDKK 83,810) in the group's land an d buildings with a carrying amount of TDKK 218,059 (2024: TDKK 214,998)