Beta. Registrerede ejere og personsøgning kommer snart.
Rådgivende ingeniøraktiviteter inden for byggeri og anlægsarbejder
CVR 37 65 57 08AktieselskabKøbenhavn VStiftet 2016
The Group develops and commercialises innovative technologies and solutions that can have a large impact on climate change mitigation.
Oplysningerne er hentet 10. november 2026.
Alle 136 poster fra 7 regnskabsår. Tryk på en fremhævet post for at se, hvad den betyder
| Post | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Ændring2024-2025 |
|---|---|---|---|---|---|---|---|---|
| Resultat | ||||||||
| Value of key figure or financial ratio | -118 mio. | -109 mio. | -56,3 mio. | - | - | - | - | - |
| Results from net financials | -19,2 mio. | -13,4 mio. | -7,3 mio. | - | - | - | - | - |
| Investment in property plant and equipment | -1,3 mio. | -2,0 mio. | -5,5 mio. | -4,2 mio. | -8,2 mio. | - | - | - |
| -398.000 | 2,1 mio. | 22,3 mio. | 25,7 mio. | 11,6 mio. | 14,3 mio. | 6,1 mio. | - | |
Omsætningen minus udgifterne til varer, materialer og andre eksterne omkostninger som fx husleje. Lønnen er ikke trukket fra endnu. Små virksomheder må vise bruttofortjenesten i stedet for omsætningen. | ||||||||
| Personaleomkostninger | 115 mio. | 110 mio. | 98,8 mio. | 74,7 mio. | 42,7 mio. | 7,5 mio. | 5,5 mio. | +4,9% |
| Af- og nedskrivninger af materielle og immaterielle anlægsaktiver | 2,5 mio. | 1,7 mio. | -20,1 mio. | 2,4 mio. | 90,0 mio. | 112.000 | 117.000 | +50,6% |
| -118 mio. | -109 mio. | -56,3 mio. | -53,7 mio. | -4,1 mio. | 6,7 mio. | 433.000 | - | |
| Indtægter af kapitalandele i tilknyttede virksomheder | 0 | -109.000 | 0 | - | - | - | - | - |
| Andre finansielle indtægter | 3,3 mio. | 5,9 mio. | 4,2 mio. | 361.000 | 0 | 208.000 | 0 | −43,3% |
| Nedskrivning af finansielle aktiver | 497.000 | 1,2 mio. | 175.000 | - | - | - | - | −58,5% |
| Andre finansielle omkostninger | 22,1 mio. | 17,9 mio. | 11,3 mio. | 4,0 mio. | 4,0 mio. | 258.000 | 214.000 | +22,9% |
| -137 mio. | -122 mio. | -63,7 mio. | -57,3 mio. | -2,5 mio. | 6,7 mio. | 219.000 | - | |
| Skat af årets resultat | -5,0 mio. | -29,1 mio. | -18,1 mio. | -25,0 mio. | -35,5 mio. | - | - | - |
| -132 mio. | -93,4 mio. | -45,5 mio. | -32,3 mio. | -2,3 mio. | 5,0 mio. | 162.000 | - | |
| Profit loss attributable to minority interest | 13,0 mio. | 1,2 mio. | -11,6 mio. | - | - | - | - | +947,5% |
| Profit loss after attributable to minority interest | - | -93,4 mio. | -45,5 mio. | - | - | - | - | - |
| Adjustments | 19,1 mio. | -34,8 mio. | -60,2 mio. | - | - | - | - | - |
| Adjustments for decrease increase in working capital | -9,3 mio. | 41,5 mio. | -1,2 mio. | - | - | - | - | - |
| Betalt skat, netto | -5,5 mio. | -5,5 mio. | -5,5 mio. | 5,5 mio. | 5,5 mio. | - | - | - |
| Køb af immaterielle anlægsaktiver | 130 mio. | 137 mio. | 243 mio. | -167 mio. | -115 mio. | - | - | −5,1% |
| Køb af materielle anlægsaktiver | 1,3 mio. | 2,0 mio. | 5,5 mio. | -4,2 mio. | -7,9 mio. | - | - | −36,3% |
| Interest received | 11,3 mio. | 28,4 mio. | 60,9 mio. | - | - | - | - | −60,1% |
| Incurrence of debt to participating interests | 30,0 mio. | 0 | - | - | - | - | - | - |
| Cash capital increase | 6.000 | 371 mio. | 201 mio. | - | - | - | - | −100,0% |
| Lønninger | 105 mio. | 99,2 mio. | 84,8 mio. | 63,8 mio. | 36,5 mio. | 6,7 mio. | 5,3 mio. | +5,6% |
| Pensioner | 7,4 mio. | 6,9 mio. | 11,2 mio. | 9,2 mio. | 4,8 mio. | 578.000 | 85.000 | +7,7% |
| Andre omkostninger til social sikring | 1,3 mio. | 1,2 mio. | 974.000 | 811.000 | 305.000 | 43.000 | 8.000 | +9,5% |
| Andre personaleomkostninger | 1,5 mio. | 2,3 mio. | 1,8 mio. | 935.000 | 1,1 mio. | 123.000 | 94.000 | −35,4% |
| Vederlag til ledelsen | 8,6 mio. | 8,5 mio. | 7,9 mio. | - | - | - | - | +1,1% |
| Renteindtægter fra tilknyttede virksomheder | 0 | 0 | 0 | - | 2,7 mio. | 208.000 | 0 | - |
| Other adjustments of finance income | 3,3 mio. | 5,9 mio. | 4,2 mio. | - | - | - | - | −43,3% |
| Renteomkostninger til tilknyttede virksomheder | 0 | 0 | - | - | - | 0 | 11.000 | - |
| Øvrige reguleringer af finansielle omkostninger | 22,1 mio. | 17,9 mio. | - | - | - | - | - | +22,9% |
| Aktuel skat | -5,5 mio. | -5,5 mio. | -5,5 mio. | -5,5 mio. | -5,5 mio. | 1,7 mio. | 58.000 | - |
| Regulering af udskudt skat | 485.000 | -23,6 mio. | -12,6 mio. | -19,5 mio. | -30,0 mio. | -3.000 | -1.000 | - |
| Advance invoicing contract work in progress | 44,7 mio. | 74,0 mio. | 500.000 | - | - | - | - | −39,6% |
| Depreciation amortisation expense and impairment losses of property plant and equipment and intangible assets | 2,5 mio. | 1,7 mio. | -20,1 mio. | 2,4 mio. | 90,0 mio. | - | - | +50,6% |
| Writedowns of current assets | 0 | -25,2 mio. | -22,1 mio. | - | - | - | - | - |
| Adjustments of profit loss from participating interests after tax | -138.000 | 0 | - | - | - | - | - | - |
| Adjustmentsf interest and similar expenses | -21,5 mio. | -17,9 mio. | 0 | 0 | 1,5 mio. | - | - | - |
| Adjustments of tax expense | -5,0 mio. | -29,1 mio. | -18,1 mio. | -25,0 mio. | -35,5 mio. | - | - | - |
| Decrease increase in inventories | -13,9 mio. | -6,3 mio. | 6,0 mio. | -8,6 mio. | 0 | - | - | - |
| Decrease increase in receivables | -2,1 mio. | -8,7 mio. | -8,9 mio. | -5,2 mio. | -9,1 mio. | - | - | - |
| Decrease increase in trade payables | 15,8 mio. | 3,2 mio. | -9,6 mio. | -4,5 mio. | 0 | - | - | +389,4% |
| Other adjustments for decrease increase in working capital | -5,3 mio. | 47,1 mio. | 4,1 mio. | - | - | - | - | - |
| Purchase of investments | - | 0 | 291.000 | -893.000 | -961.000 | - | - | - |
| Sale of investments | - | 0 | 8.000 | 0 | - | - | - | - |
| Adjustments of profit from associates after tax | - | 0 | -175.000 | -64.000 | 822.000 | - | - | - |
| Indtægter af kapitalandele i tilknyttede og associerede virksomheder | - | - | -175.000 | 64.000 | -822.000 | - | - | - |
| Other adjustments | - | - | 142 mio. | 0 | - | - | - | - |
| Raising of debt to credit institutions | - | - | 0 | -171.000 | 171.000 | - | - | - |
| Overført til reserve for nettoopskrivning | - | - | 0 | 64.000 | -824.000 | - | - | - |
| Overført til overført resultat | - | - | -57,1 mio. | -31,3 mio. | -37,2 mio. | - | - | - |
| Transferred to from minority interests | - | - | 11,6 mio. | -1,1 mio. | -55,5 mio. | - | - | - |
| Tax expense on ordinary activities | - | - | - | - | -265.526 | 1,7 mio. | 57.000 | - |
| Andre renteomkostninger | - | - | - | - | 1,1 mio. | 258.000 | 203.000 | - |
| Balance | ||||||||
| Acquired intangible assets | 2,0 mio. | 2,1 mio. | 0 | - | - | - | - | −5,9% |
| Development projects in progress and prepayments for intangible assets | 849 mio. | 720 mio. | 586 mio. | 346 mio. | 181 mio. | - | - | +18,0% |
| Immaterielle anlægsaktiver | 851 mio. | 722 mio. | 586 mio. | 346 mio. | 181 mio. | - | - | +17,9% |
| Grunde og bygninger | 7,4 mio. | 7,7 mio. | 8,0 mio. | 8,3 mio. | 0 | - | - | −3,7% |
| Produktionsanlæg og maskiner | 4,9 mio. | 160.000 | 220.000 | 205.000 | 54.000 | - | - | +2.932,5% |
| Andre anlæg, driftsmateriel og inventar | 1,7 mio. | 1,9 mio. | 2,6 mio. | 2,3 mio. | 29.000 | 54.000 | 88.000 | −11,1% |
| Indretning af lejede lokaler | 298.000 | 541.000 | 719.000 | 924.000 | 751.000 | 0 | - | −44,9% |
| Property plant and equipment in progress | 492.000 | 0 | - | - | - | - | - | - |
| Prepayments for property plant and equipment | 0 | 5,3 mio. | 6,9 mio. | - | - | - | - | −100,0% |
| Materielle anlægsaktiver | 14,8 mio. | 15,6 mio. | 18,5 mio. | 11,7 mio. | 8,2 mio. | 54.000 | 88.000 | −5,7% |
| Kapitalandele i tilknyttede virksomheder | 0 | 0 | 0 | 0 | 0 | 118 mio. | 15,6 mio. | - |
| Langfristede tilgodehavender hos tilknyttede virksomheder | 0 | 0 | 0 | - | - | - | - | - |
| Kapitalandele i associerede virksomheder | 0 | 138.000 | 288.000 | 323.000 | 258.000 | 30.000 | - | −100,0% |
| Deposita | 1,6 mio. | 1,6 mio. | 1,5 mio. | - | - | - | - | +1,5% |
| Finansielle anlægsaktiver | 1,6 mio. | 1,7 mio. | 1,8 mio. | 1,7 mio. | 721.000 | 118 mio. | 15,6 mio. | −6,6% |
| Anlægsaktiver | 868 mio. | 740 mio. | 606 mio. | 360 mio. | 189 mio. | 118 mio. | 15,7 mio. | +17,3% |
| Råvarer og hjælpematerialer | 8,9 mio. | 0 | - | - | - | - | - | - |
| Work in progress | 18,7 mio. | 37,1 mio. | 31,3 mio. | 8,6 mio. | 0 | - | - | −49,6% |
| Forudbetalinger for varer | 10,0 mio. | 14,4 mio. | 5,4 mio. | 0 | - | - | - | −30,7% |
| Varebeholdninger | 37,5 mio. | 51,5 mio. | 36,7 mio. | 8,6 mio. | 0 | - | - | −27,0% |
| Tilgodehavender fra salg og tjenesteydelser | 3,9 mio. | 11,6 mio. | 1,5 mio. | 883.000 | 9,2 mio. | 1,1 mio. | 439.000 | −66,5% |
| Igangværende arbejder for fremmed regning | 2,6 mio. | 4,0 mio. | 514.000 | 9,6 mio. | 0 | - | - | −34,9% |
| Tilgodehavender hos tilknyttede virksomheder | 0 | 0 | 0 | 0 | 0 | 49,8 mio. | 719.000 | - |
| Udskudte skatteaktiver | 85,2 mio. | 85,7 mio. | 62,1 mio. | 49,5 mio. | 30,0 mio. | 1.000 | 0 | −0,6% |
| Tilgodehavende selskabsskat | 5,5 mio. | 5,5 mio. | 5,5 mio. | 5,5 mio. | 5,5 mio. | 5,6 mio. | 2,3 mio. | 0,0% |
| Andre tilgodehavender | 19,7 mio. | 8,8 mio. | 34,1 mio. | 20,5 mio. | 14,8 mio. | 0 | - | +124,0% |
| Periodeafgrænsningsposter | 2,3 mio. | 2,5 mio. | 6,9 mio. | 3,6 mio. | 5,1 mio. | 1,6 mio. | 0 | −6,7% |
| Tilgodehavender | 119 mio. | 118 mio. | 113 mio. | 91,3 mio. | 66,7 mio. | 58,1 mio. | 3,5 mio. | +1,0% |
| Likvide beholdninger | 160 mio. | 366 mio. | 184 mio. | 127 mio. | 385 mio. | 28,4 mio. | 33,5 mio. | −56,4% |
| 317 mio. | 536 mio. | 333 mio. | 227 mio. | - | - | - | −40,9% | |
| 1,18 mia. | 1,28 mia. | 939 mio. | 587 mio. | 607 mio. | 205 mio. | 52,7 mio. | −7,1% | |
| Virksomhedskapital | 3,2 mio. | 3,2 mio. | 2,7 mio. | 2,3 mio. | 2,3 mio. | 1,7 mio. | 980.000 | 0,0% |
| Overkurs | 0 | 0 | 0 | - | - | - | - | - |
| Reserve for development expenditure | 663 mio. | 562 mio. | 457 mio. | 308 mio. | 159 mio. | - | - | +18,0% |
| Overført resultat | 123 mio. | 356 mio. | 155 mio. | 161 mio. | 341 mio. | 192 mio. | 48,2 mio. | −65,3% |
| Minority interests | 17,8 mio. | 18,4 mio. | 46,9 mio. | 35,3 mio. | 36,4 mio. | - | - | −3,1% |
| 807 mio. | 939 mio. | 661 mio. | 506 mio. | 591 mio. | 193 mio. | 49,2 mio. | −14,1% | |
| Other provisions | 3,7 mio. | 9,2 mio. | 13,3 mio. | 31,4 mio. | 51,2 mio. | - | - | −59,7% |
| Hensatte forpligtelser | 3,7 mio. | 9,2 mio. | 13,3 mio. | 31,4 mio. | 51,2 mio. | 0 | 3.000 | −59,7% |
| Leasingforpligtelser, langfristet | 26,9 mio. | 23,4 mio. | 20,3 mio. | 17,7 mio. | 15,4 mio. | - | - | +15,0% |
| Longterm payables to participating interests | 205 mio. | 157 mio. | - | - | - | - | - | +30,5% |
| Longterm deferred income | 104 mio. | 92,8 mio. | 207 mio. | - | - | - | - | +12,2% |
| Langfristede gældsforpligtelser | 336 mio. | 273 mio. | 227 mio. | 17,7 mio. | 15,4 mio. | 206.000 | 117.000 | +23,0% |
| Shortterm contract work in progress liabilities | 424.000 | 715.000 | 500.000 | 842.000 | 5,5 mio. | - | - | −40,7% |
| Leverandører af varer og tjenesteydelser | 12,7 mio. | 25,5 mio. | 27,5 mio. | 23,6 mio. | 24,5 mio. | 306.000 | 13.000 | −50,3% |
| Gæld til tilknyttede virksomheder | 0 | 0 | - | - | - | 0 | 22.000 | - |
| Skyldigt sambeskatningsbidrag | 0 | 0 | 0 | 0 | 0 | 7,2 mio. | 2,4 mio. | - |
| Anden gæld, kortfristet | 5,9 mio. | 4,9 mio. | 7,6 mio. | - | - | - | - | +21,2% |
| Periodeafgrænsningsposter | 18,3 mio. | 22,3 mio. | 2,1 mio. | 3,4 mio. | 1,6 mio. | - | - | −17,7% |
| 37,4 mio. | 53,4 mio. | 102 mio. | 31,5 mio. | 16,0 mio. | 11,2 mio. | 3,3 mio. | −30,0% | |
| 373 mio. | 327 mio. | 265 mio. | 49,2 mio. | 16,0 mio. | 11,4 mio. | 3,4 mio. | +14,3% | |
| Passiver i alt | 1,18 mia. | 1,28 mia. | 939 mio. | 587 mio. | 641 mio. | 205 mio. | 52,7 mio. | −7,1% |
| Cash and cash equivalents concerning cashflow statement | 160 mio. | 366 mio. | 184 mio. | 127 mio. | 385 mio. | - | - | −56,4% |
| Nominal value of issued shares | 3,2 mio. | 3,2 mio. | 2,7 mio. | - | - | - | - | 0,0% |
| Tilgodehavender hos associerede virksomheder | - | 0 | 2,3 mio. | 0 | 275.000 | 20.000 | - | - |
| Property plant and equipment in progress and prepayments for property plant and equipment | - | - | 6,9 mio. | 0 | 7,4 mio. | - | - | - |
| Andre langfristede tilgodehavender | - | - | 1,5 mio. | 1,4 mio. | 463.000 | 0 | - | - |
| Tilgodehavender hos ejere og ledelse | - | - | 0 | 1,8 mio. | 1,8 mio. | 0 | - | - |
| Forudbetalinger fra kunder, langfristet | - | - | 142 mio. | 0 | - | - | - | - |
| Langfristet gæld med forfald efter fem år | - | - | 162.664 | 0 | 0 | 0 | - | - |
| Gæld til banker, kortfristet | - | - | - | 0 | 171.000 | 0 | 1.000 | - |
| Other shortterm payables | - | - | - | - | 3,8 mio. | 3,7 mio. | 922.000 | - |
| Andre kapitalinteresser | - | - | - | - | - | 30.000 | 30.000 | - |
| Tilgodehavender hos kapitalinteresser | - | - | - | - | - | 20.111 | 13.000 | - |
| Hensættelse til udskudt skat | - | - | - | - | - | 0 | 3.000 | - |
| Pengestrømme | ||||||||
| Cash flow from operating activities before financial items | -122 mio. | -86,6 mio. | -107 mio. | - | - | - | - | - |
| Pengestrømme fra driften | -117 mio. | -81,1 mio. | -98,8 mio. | -85,3 mio. | -12,4 mio. | - | - | - |
| Other cash flows from used in investing activities | -30.000 | 2,4 mio. | 0 | - | - | - | - | - |
| Pengestrømme fra investeringer | -120 mio. | -108 mio. | -187 mio. | -173 mio. | -124 mio. | - | - | - |
| Pengestrømme fra finansiering | 30,0 mio. | 371 mio. | 343 mio. | -171.000 | 475 mio. | - | - | −91,9% |
| Net increase decrease in cash and cash equivalents | -206 mio. | 182 mio. | 56,6 mio. | -258 mio. | 339 mio. | - | - | - |
| Other cash flows from used in operating activities | - | 0 | 2,7 mio. | 2,3 mio. | -544.000 | - | - | - |
| Other cash flows from used in financing activities | - | 0 | 142 mio. | - | - | - | - | - |
| Andre tal | ||||||||
| Value of key figure or financial ratio | 846,7 | 1.002,3 | 884,6 | 719,8 | 1.248,3 | - | - | - |
| Equity ratio | 66,6 | 72,2 | 65,4 | 80,3 | 78,3 | - | - | - |
| Return on equity | -13,9 | -12 | -10,5 | -6,2 | -26,9 | - | - | - |
| 127 | 128 | 119 | 89 | 13 | 6 | 3 | −0,8% | |
| Number of issued shares | 3.233.808 | 3.233.808 | - | - | - | - | - | - |
| Nøgleforhold (beregnet af Tjekker) | ||||||||
| 68,1% | 73,7% | 70,4% | 86,3% | 97,4% | 94,4% | 93,5% | −5,5 pp | |
| -15,1% | -11,7% | -7,8% | -5,9% | -0,6% | 4,2% | - | −3,5 pp | |
Kilde: årsrapporterne hos Erhvervsstyrelsen · tallene er for hele koncernen. Virksomheden oplyser kun bruttofortjeneste, ikke omsætning. Det må mindre virksomheder. Poster uden dansk navn står, som de hedder i indberetningen. Tal, der er fordelt på fx egenkapitalens kolonner, står i selve årsrapporten.
Regnskabsårene 2019-2025
| Post | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Bruttofortjeneste | 6.050.000 | 14.298.917 | 11.561.179 | 25.664.000 | 22.283.000 | 2.120.000 | -398.000 |
| Årets resultat | 162.000 | 5.047.674 | -2.252.394 | -32.308.000 | -45.512.000 | -93.357.000 | -132.042.000 |
Beløb i kr. som indberettet · koncerntal
Fra årsrapporten for 2025, i virksomhedens egne ord
For terms and definitions, please see the accounting policies.
The Group develops and commercialises innovative technologies and solutions that can have a large impact on climate change mitigation. The key activities of the Group relate to design of floating foundations for offshore wind power, development of a low-cost hydrogen electrolyzer, and development of pyrolysis units for carbon removal and production of green fuels. The technology related activities take place in the subsidiaries of Stiesdal A/S while Stiesdal A/S provides strategic and administrative support as well as necessary infrastructure.
The financial statements of Stiesdal A/S include deferred tax assets of DKK 85.2m relating to accumulated tax losses. The tax assets are recognised based on management’s expectations of future taxable income, as outlined in business plans and forecasts, reflecting the planned commercial deployment and scaling of the Group’s climate technology platforms.Realisation is expected within 5–6 years through utilisation within the joint taxation scheme, supported by sector growth, increasing market readiness, and the Group’s planned commercial activities. While the timing remains subject to external risks, the Stiesdal Group’s technologies target high-impact markets aligned with global climate priorities.
In 2025, market developments across the climate technology sectors in which Stiesdal A/S operates continued to show strong long-term potential. However, short-term structural challenges led to slower-than-expected market growth, particularly in the green hydrogen sector, where delayed implementation of the Renewable Energy Directive III caused cautious investment behavior and postponed firm sales orders.
De originale dokumenter hos Erhvervsstyrelsen
Årsrapport 2025
Offentliggjort 08.05.2026
Årsrapport 2024
Offentliggjort 30.04.2025
Årsrapport 2023
Offentliggjort 03.07.2024
Årsrapport 2022
Offentliggjort 01.05.2023
Årsrapport 2021
Offentliggjort 02.05.2022
Årsrapport 2020
Offentliggjort 21.04.2021
Årsrapport 2019
| Omsætning | Ikke oplyst |
|---|---|
| Bruttofortjeneste | -398.000 kr. |
| Driftsresultat | -118 mio. kr. |
| Resultat før skat | -137 mio. kr. |
| Årets resultat | -132 mio. kr. |
Af hver 100 kr., virksomheden ejer, er 68 kr. betalt af ejerne selv og 32 kr. lånt eller skyldt til andre.
| Aktiver i alt | 1,18 mia. kr. |
|---|---|
| Egenkapital | 807 mio. kr. |
| Gæld og forpligtelser | 377 mio. kr. |
Throughout 2025, the company made significant investments to advance the development of its core climate technologies across floating offshore wind, green hydrogen, and carbon removal, preparing for commercial deployment of the technologies. Despite a complex market environment, the company’s long-term growth trajectory therefore remains strong.Subsidiary highlightsIn 2025, Stiesdal Offshore made significant progress on its Tetra foundation concept for floating offshore wind, advancing the TetraSub towards commercial readiness. The company strengthened collaboration with key supply chain partners and began fabrication of the first commercial-scale TetraSub. While the broader floating offshore wind market continues to develop at a measured pace, the year saw several encouraging signs of progress. Notably, the Pentland project secured a Contract for Difference in the UK’s AR7 auction, with results confirmed in January 2026. The project’s selection of the TetraSub as its foundation technology, provides an important reference point for the continued development of the concept. CI V, the minority shareholder of Stiesdal Offshore, provided a DKK 60 million shareholder loan, with the first tranche drawn in December 2025. Subject to CI V providing the credit facility, Stiesdal A/S, as lender, agreed that its existing DKK 58 million loan to Stiesdal Offshore would be converted into equity to further support development. The credit facility ensures that Stiesdal Offshore can operate independently of the Stiesdal Group’s financing.Stiesdal SkyClean made progress in stabilizing operations of its 20 MW pyrolysis plant in Vrå. While technical and cost-related challenges early in the year led to additional development expenditures, the plant achieved performance in line with targets, confirming the economic viability of the pyrolysis technology. The core pyrolysis technology is considered substantially developed, with ongoing investments focusing on refinement and optimization of sub-processes. Stiesdal SkyClean is well-positioned to benefit from the Danish government’s forthcoming pyrolysis support scheme, expected to be tendered at the beginning of 2027, with terms anticipated to be attractive for the industry.Stiesdal Hydrogen delivered its first updated 3.1 MW HydroGen Electrolyzer (Series-1) and supported a customer in finalizing engineering for a conditional 31 MW hydrogen plant in Europe. The company’s flexible setup, based on industrial partnerships, proved advantageous during a year of low activity in core markets. This slowdown was primarily due to delays in the transposition of end-user targets for green hydrogen consumption under the Renewable Energy Directive III (REDIII) into national law. The expected finalization of REDIII implementation in EU member states, led by Germany, during the first half of 2026, is anticipated to increase end-user commitment to off-taking green hydrogen. This is expected to create a more positive outlook for the maturation of hydrogen projects and for demand for electrolyzers.Financial performance and capital structureAcross the subsidiaries, Stiesdal A/S continued to play a central role in creating operational and strategic synergies through shared service functions. This enables efficient allocation of capital and optimal utilization of resources across the group. The company recorded a net profit of DKK 12.8 m in 2025 (2024 DKK 67 m), while the Stiesdal Group recorded a net loss of DKK 132 m. Operational expenditures were managed prudently, and financial performance is considered aligned with expectations for a group in a development and scaling phase. Equity in Stiesdal A/S as of 31 December 2025 amounted to DKK 1.132 m.Capitalised development costs in 2025 amounted to DKK 129.3 m across the Stiesdal Group, reflecting investments to advance the development of its core climate technologies.During the year, Stiesdal A/S provided credit facilities to Stiesdal SkyClean and Stiesdal Hydrogen, supporting the capitalization of subsidiaries via the parent company. To ensure liquidity through 2026, Stiesdal A/S secured a new convertible loan from the existing shareholders amounting to minimum DKK 63 m in March 2026.
Following the execution of the convertible loan notes, the Stiesdal Group’s available cash position is deemed sufficient to support and strengthen the foundation for the Company’s next phase of development, given the projected level of activity.Following significant investments in 2025, 2026 will consequently focus on technology maturation and ensuring the bankability of the Group’s technologies, positioning the subsidiaries strongly as market demand is projected to accelerate from 2027. The Group expects a net loss before tax in the range of DKK 100–120m for 2026.
While external factors such as political uncertainty and market delays may impact timelines, we remain committed to scaling high-impact solutions that can materially contribute to the global climate agenda - and unlock significant long-term commercial opportunities.
Subsequent to the financial year-end, the parent company, Stiesdal A/S, issued convertible loan notes. Following this issuance, the Stiesdal Group’s available cash position is considered sufficient to support the company’s next phase of development, in line with the projected level of activity.
At year-end 2025 the board of directors has been authorised to issue 45.000 warrants entitiling the holders to subscribe for shares in Stiesdal A/S.According to existing investor agreements 217,608 warrants has been issued. Warrants are exercisable until July 2026.
The accounting policies used in the preparation of the financial statements are consistent with those of last year.
The consolidated financial statements comprise the Parent Company and group entities controlled by the Parent Company.Control means a parent company’s power to direct a group entity’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment.In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions.Entities over whose financial and operating policy decisions the group exercises significant influence are classified as associates. Significant influence is assumed to exist if the Parent Company directly or indirectly holds or controls 20% or more of the voting power of the investee, but does not control the investee.The existence of potential voting rights which may presently be exercised or be converted into additional voting rights in considered when assessing if significant influence exists.Preparation of consolidated financial statementsThe consolidated financial statements are prepared as a consolidation of the parent company's and the individual group entities' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains if they do not reflect impairment.In the consolidated financial statements, the accounting items of group entities are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of group entities which are not wholly-owned are included in the group's profit/loss and equity, respectively, but are disclosed separately.Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders.Investments in associates and joint ventures are recognised in the consolidated financial statements using the equity method.
On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' equity interest.
Work performed on own account and risk and recognised as assets includes staff costs regarding work performed in the financial year in relation to the construction of one or more assets recognised in the balance sheet.
The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year.Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments.Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders.
Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value.
In the Financial Statements, a tax asset of DKK 85.2 m is recognised. The value of the asset is contingent on the Group’s future earnings capacity and is expected to be utilised in the joint taxation with the group companies from 2028 to 2031. The asset reflects management’s expectation of Group's future taxable income, based on a robust commercialisation plan across the Group’s climate technology platforms. Due to timing uncertainties it has been decided not to recognise further tax assets in 2025.
Realisation is supported by the sector’s long development cycles, increasing market readiness, and
strong investor backing. While timing remains subject to external risks, the Group’s technologies
target high-impact markets aligned with global climate priorities.
Regarding development projects in progress, we refer to note 9.
None recognised tax assets for the group amounts to DKK 26.1 m in 2025. (2024: 0 DKK)
Stiesdal Offshore:
Capitalised development costs of DKK 21.5 m recognised during the year relate to the development of the company’s core innovation, the Tetra foundation concept – a modular, industrially manufactured floating foundation designed to reduce cost, complexity, and execution risk across the floating wind value chain, while remaining adaptable to different turbine sizes and water depths.
Based on the completed and ongoing demonstration activities, the core technological feasibility of the Tetra concept is considered demonstrated. Capitalised development costs relate to further optimisation, validation, and industrialisation, as the technology has not yet been introduced as a mature commercial product in the market.
Management has significant expectations for the development project, supported by budgets and market surveys, reflecting expectations for the global deployment of floating offshore wind.
In addition to potential CIP projects, Stiesdal Offshore is in continuous dialogue with multiple potential customers regarding the use of the Tetra concept in future projects. These ongoing commercial interactions support the expectation that the developed technology can be applied across multiple projects and markets, generating economic benefits through repeated deployment and licensing.
The carrying amount of capitalised development costs totaling 216.2 m has been assessed for impairment, with no impairment identified, given the expected future economic benefits from the Tetra concept.
Stiesdal SkyClean:
Capitalised development costs of DKK 68.8m recognised during the year relate to the development of the SkyClean core concept, a pyrolysis process that converts organic waste from agriculture and forestry into biochar, gas, and oil by heating it to high temperatures in the absence of oxygen.
All capitalised costs relate to the initial development of the concept, as the technology has not yet been introduced as a mature commercial product. Following the successful completion of the final 500-hour test on the 20 MW full-scale plant by the end of 2025, the technical feasibility of the SkyClean concept has been demonstrated through the successful scale-up of the core pyrolysis concept from pilot testing to the 20 MW full-scale plant in Vrå.
Management assesses that the SkyClean concept is expected to generate probable future economic benefits, supported by budgets and market analyses. The concept and technology align with the strategic priorities of the EU, as pyrolysis can provide sustainable fuels and gases, durable carbon removal, and improvements in agricultural land and farming practices. Commercialisation of the technology is contingent on the Danish national pyrolysis strategy, which aims to scale biochar production through supportive regulation, financial incentives, and market development. The prioritisation of biomass pyrolysis was confirmed under “The Agreement on a Green Denmark” (Grøn trepart), in which the government has allocated DKK 10 billion to subsidise biomass pyrolysis deployment from 2027 to 2045. The company is well positioned to benefit from the forthcoming pyrolysis support scheme, expected to be tendered in early 2027, which is anticipated to stimulate market activity and support industry scale-up.
Note19provides more details on security for loans, etc. as regards property, plant and equipment.
Equity investments in associated enterprises comprise of 0.70 % ownership of TetraSpar Demonstrator ApS with 28.35 % voting share.
Cash at 31 December 2025 amounts to DKK 159,762 thousand.
Cash compose of cash amounting to DKK 136,626 thousand and a security account amounting to DKK 23,136 thousand.
At 31 December 2025, the Group recognised a deferred tax asset of DKK 85,232 thousand, primarily related to tax loss carryforwards.The asset reflects management’s expectation of future taxable income, based on a robust commercialisation plan across the Group’s climate technology platforms.
Further information appears in the note "Information on uncertainty with respect to recognition and measurement"
Lease liabilities relate to the lease of assets recognised as intangible fixed assets. It is management's expectation to repay the lease liabilities from 2029 and forward.
Deferred income relates to advanced license fees. It is management's assessment the prepayments will be recognised in the income statement after 5 years from the balance sheet date.
Other contingent liabilities
Lease liabilities573175422108
Rent liabilities3,4464,1953,3484,148
Other contingent liabilities5907559075
4,609
4,445
4,360
4,331
Group
Stiesdal A/S has given letters of support to the following subsidiaries for the financial year 2026:
Stiesdal SkyClean A/S, CVR no. 40 63 05 54 (DKK 30 m)
Stiesdal Hydrogen A/S, CVR no. 41 82 86 92 (DKK 70 m)
As part of a strategic supply agreement designed to support scalable growth, the Group may reimburse a portion of a joint CAPEX investment, contingent on future order volumes to the supplier in the period from 2026 to 2027. The reimbursement is covered by the security account mentioned in note 13.
As management company, the Company is jointly taxed with other Danish group entities. The Company is jointly and severally with other jointly taxed group entities for payment of income taxes and withholding taxes falling due for payment in the group of jointly taxed entities.
The group has not provided any security or other collateral in assets at 31 December 2025.
The parent Company has not provided any security or other collateral in assets at 31 december 2025.
Related party transactions
DKK'00020252024Parent Company
Financial income from group entities8,86233,578Financial expenses from group entities1280
Receivables from group entities180,06269,476Payables to group entities30,8360
Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Stiesdal A/S for the financial year 1 January - 31 December 2025.
The annual report is 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 of the Group and the Company at 31 December 2025 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January - 31 December 2025.
Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.
We recommend that the annual report be approved at the annual general meeting.
We have audited the consolidated financial statements and the parent company financial statements of Stiesdal A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are 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 of the Group and the Parent Company at 31 December 2025, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.
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 consolidated financial statements and the parent Company financial statements" (herinafter collectively referred to as "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.IndependenceWe 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.
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 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.
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 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 the financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement 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 note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.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 group 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.
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 form of assurance conclusion thereon.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.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, 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.
The annual report of Stiesdal A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities.
Reporting currencyThe financial statements are presented in Danish kroner (DKK'000).
The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of finished goods is recognised in revenue when supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.Income from customised service contracts involving a high degree of customisation is recognised as revenue by reference to the stage of completion. Accordingly, revenue corresponds to the market value of the contract work performed during the year (percentage-of-completion method). This method is used where the total income and expenses and the degree of completion of the contract can be measured reliably.Where income from a contract cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.
The items revenue, cost of sales, work performed for own account and capitalised, other operating income and external expenses have been aggregated into one item in the income statement called gross profit/loss in accordance with section 32 of the Danish Financial Statements Act.
Includes income from activities that are secondary to the Company’s main operations, such as gains on disposals of assets and public grants. Grants are recognised when there is reasonable assurance that the conditions will be met.
Cost of sales includes the cost of goods used in generating the year's revenue.
Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.
Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees.
The item comprises amortisation/depreciation and impairment of intangible assets and property, plant and equipment.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Acquired intangible assets 5 years
Land and buildings 30 yearsPlant and machinery 3-5 yearsFixtures and fittings, other plant and equipment 5 yearsLeasehold improvements 5 yearsPrepayments for property, plant and equipment 3-5 years
The item includes dividend received from group entities and associates in so far as the dividend does not exceed the accumulated earnings in the group entity and associate in the period of ownership.
Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc.
The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated.The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.On payment of joint taxation contributions, the Danish corporate income tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income.Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.
Acquired intangible assets comprise acquired intangible rights, including software licences and distribution rights.Development costs comprise expenses and salaries attributable to development activitiesDevelopment projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are identifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.
Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses.
The Company has chosen IAS 17 as interpretation for classification and recognition of leases.On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to the ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of the future lease payments. In calculating the net present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for in the same way as the Company's other assets.The capitalised residual lease liability is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.
In the parent company investments in group entities and associates are measured at cost. Dividends received that exceed the accumulated earnings in the group entity or the associate during the period of ownership are treated as a reduction in the cost of acquisition.
The carrying amount of intangible assets, property, plant and equipment, investments in group entities and associates is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists.
Inventories are measured at cost and where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined takinginto account marketability, obsolescence and development in the expected selling price. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and saleries.
The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.
Service supplies and contract work in progress for third parties are measured at the market value of the work performed less progress billings. The market value is calculated based on the stage of completion at the balance sheet date and the total expected income from the relevant contract. The stage of completion is calculated based on the expenses incurred relative to the expected total expenses relating to the relevant contract.Where the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser.Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement.The value of work in progress less progress billings is classified as assets when the selling price exceeds progress billings and as liabilities when progress billings exceed the market value.
Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years.
Cash comprise of cash.
Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.As management company for all the entities in the joint taxation arrangement, the parent company is liable for payment of the group entities' income taxes vis à vis the tax authorities as the group entities pay their joint taxation contributions. Joint taxation contributions payable or receivable are recognised in the balance sheet as income tax receivables or payables.
The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value.
Deferred incomeDeferred income recognised as a liability comprises payments received concerning grants related to development projects in progress. The grants will be recognised as income as the related developmentprojects are amortised.
The financial ratios stated under "Financial highlights" have been calculated as follows:Current ratioCurrent assets x 100Current liabilitiesEquity ratioEquity excl. non-controlling interests, year-end x 100Total equity and liabilities, year-endReturn on equityProfit/loss for the year after tax excl. non-controlling interests x 100Average equity excl. non-controlling interests
Kilde: årsrapporten hos Erhvervsstyrelsen
Offentliggjort 10.08.2020
Årsrapport 2018
Offentliggjort 03.06.2019
Årsrapport 2017
Offentliggjort 11.06.2018
Årsrapport 2016
Offentliggjort 02.06.2017
The carrying amount of capitalised development costs totaling 436.6 m has been assessed for impairment, with no impairment identified, given the expected future economic benefits from the SkyClean Concept.
Stiesdal Hydrogen:
Capitalised development costs of 39 m recognised during the year reflect the development of the 3.1 MW HydroGen Concept, with the first Series 1 units being delivered at the end of 2025. All capitalised development costs relate to the design, development, and validation of the electrolyzer unit.
Following the delivery of the four-unit pilot series in 2023–24, Stiesdal Hydrogen delivered its first updated 3.1 MW HydroGen Electrolyzer in 2025. Based on completed and ongoing demonstration activities, management considers that the core technological feasibility of the HydroGen Concept has been demonstrated, based on completed 0-series and 1-series demonstration activities.
Additional capitalisation of development costs relates to further optimisation, including specific technology development of sub-components.
Management assesses that the HydroGen Electrolyzer is expected to generate probable future economic benefits, supported by budgets and market analyses. Green hydrogen is essential for decarbonising hard-to-abate sectors such as steel, chemicals, aviation, and heavy transport, where direct electrification is not feasible. Green hydrogen production, including Stiesdal’s electrolyzer technology, aligns with the EU’s strategic priorities under the Renewable Energy Directive III (RED III), which sets targets for the deployment of Renewable Fuels of Non-Biological Origin (RFNBOs).
The carrying amount of capitalised development costs totaling DKK 196.5 m has been assessed for impairment, with no impairment identified, given the expected future economic benefits from the HydroGen Electrolyzer.
Stiesdal Storage:
Stiesdal Storage remains hibernated with no immediate plans for reactivation. The GridScale technology and concept remain integral assets to Stiesdal.