Green Therma ApSAktiv

The company's purpose is to complete the development and commercialization of an innovative geothermal solution for the district heating sector as well as industrial process heat and potentially for use in the production of district cooling and power and desalination of seawater.

The income statement for 2025 shows a loss of DKK 29,436 thousand against a loss of DKK 8,733 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 15,166 thousand. Key Developments in 2025 During the financial year, the following significant steps were taken toward achieving the Company’s purpose: •Partnerships and Agreements Progress was made in establishing strategic partnerships and agreements to validate the viability of the Heat4Ever solution with DualVac pipe technology. These initiatives will continue into 2026. •Establishment of U.S. Subsidiary In May, a subsidiary was incorporated in the United States to develop a future pipeline of geothermal projects based on Green Therma’s Heat4Ever technology. •Grant and Demonstration Project in Aalborg In June, Green Therma and its project partners secured a grant of up to DKK 84 million to execute a full-scale demonstration project of the Heat4Ever technology in Aalborg. A 30-year heat supply agreement was signed with Aalborg Varme A/S. Green Therma’s net investment in the project including grants received, is estimated at approximately DKK 67 million. On December 31, 2025 the capitalized value of the project amounts to DKK 1.8 million.The project is expected to be completed begining of 2027 and fully operational during 2027. •Acquisition of Geotherma AS In December 2025, Green Therma acquired 100% of the shares in Geotherma AS, the formal owner of Green Therma’s patented technology. The acquisition

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