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REGISTERED NUMBER: 05705750 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Habro Properties Limited

Habro Properties Limited (Registered number: 05705750)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Report of the Directors | 2 |

Report of the Independent Auditors | 4 |

Income Statement | 7 |

Other Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Notes to the Financial Statements | 11 |

Habro Properties Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | F Brokmose

| J Hansen

| M A Avery

| REGISTERED OFFICE: | Second Floor

| 10 Albemarle Street

| London

| W1S 4HH

| REGISTERED NUMBER: | 05705750 (England and Wales)

| AUDITORS: | Krogh & Partners Limited, (Statutory Auditor)

| 823 Salisbury House

| 29 Finsbury Circus

| London

| EC2M 5QQ

Habro Properties Limited (Registered number: 05705750)

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company is to be holding company for Habro Asset Management Ltd. and Habro Property Management Ltd.

REVIEW OF BUSINESS

The results for the year and the financial position at the year end, were considered satisfactory by the directors.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

F Brokmose

J Hansen

M A Avery

Other changes in directors holding office are as follows:

P D Harnan - resigned 31 August 2025

RESULTS AND DIVIDENDS

The Company's loss for the year amounted to GBP 3,368. During the year a dividend of GBP 275,000 has been paid.

POST BALANCE SHEET EVENTS

No post balance sheet events have occurred since 31 December 2025 which require reporting or disclosing in the accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Habro Properties Limited (Registered number: 05705750)

Report of the Directors

for the Year Ended 31 December 2025

AUDITORS

Krogh & Partners Limited, Chartered Accountants & Registered Auditors have signified their willingness to continue in office. A resolution to re-appoint them will be proposed at the Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

F Brokmose - Director

15 May 2026

Report of the Independent Auditors to the Members of

Habro Properties Limited (Registered number: 05705750)

Opinion

We have audited the financial statements of Habro Properties Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Habro Properties Limited (Registered number: 05705750)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit; or

- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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, the directors are responsible for assessing the 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 unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 (UK) 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 these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- |  | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

- |  | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business; |

- |  | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation; |

- |  | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |

- |  | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |

Report of the Independent Auditors to the Members of

Habro Properties Limited (Registered number: 05705750)

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- |  | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |

- |  | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |

To address the risk of fraud through management bias and override of controls, we:

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | enquiring of management as to actual and potential litigation and claims; |

- |  | reviewing correspondence with HMRC and relevant regulators |

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John Lindegaard (Senior Statutory Auditor)

for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

15 May 2026

Habro Properties Limited (Registered number: 05705750)

Income Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | - |  | - |  |

Administrative expenses | 4,732 |  | 17,575 |  |

OPERATING LOSS | (4,732 | ) | (17,575 | ) |

Interest receivable and similar income | - |  | 5 |  |

LOSS BEFORE TAXATION | (4,732 | ) | (17,570 | ) |

Tax on loss | 5 | (1,364 | ) | (4,432 | ) |

LOSS FOR THE FINANCIAL YEAR | (3,368 | ) | (13,138 | ) |

Habro Properties Limited (Registered number: 05705750)

Other Comprehensive Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

LOSS FOR THE YEAR | (3,368 | ) | (13,138 | ) |

OTHER COMPREHENSIVE INCOME |

Unrealised gain on investment | 330,125 |  | 289,649 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 330,125 |  | 289,649 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 326,757 |  | 276,511 |  |

Habro Properties Limited (Registered number: 05705750)

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 6 | - |  | - |  |

Investments | 7 | 703,292 |  | 620,667 |  |

703,292 |  | 620,667 |  |

CURRENT ASSETS

Debtors | 8 | 1,375 |  | 156,331 |  |

Cash at bank | 125,020 |  | 6,836 |  |

126,395 |  | 163,167 |  |

CREDITORS

Amounts falling due within one year | 9 | 8,335 |  | 14,239 |  |

NET CURRENT ASSETS | 118,060 |  | 148,928 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 821,352 |  | 769,595 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 1,000 |  | 1,000 |  |

Revaluation reserve | 504,373 |  | 421,748 |  |

Retained earnings | 315,979 |  | 346,847 |  |

SHAREHOLDERS' FUNDS | 821,352 |  | 769,595 |  |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by:

F Brokmose - Director | J Hansen - Director

M A Avery - Director

Habro Properties Limited (Registered number: 05705750)

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 1,000 |  | 389,985 |  | 502,099 |  | 893,084 |  |

Changes in equity

Dividends | - |  | (400,000 | ) | - |  | (400,000 | ) |

Total comprehensive income | - |  | 356,862 |  | (80,351 | ) | 276,511 |  |

Balance at 31 December 2024 | 1,000 |  | 346,847 |  | 421,748 |  | 769,595 |  |

Changes in equity

Dividends | - |  | (275,000 | ) | - |  | (275,000 | ) |

Total comprehensive income | - |  | 244,132 |  | 82,625 |  | 326,757 |  |

Balance at 31 December 2025 | 1,000 |  | 315,979 |  | 504,373 |  | 821,352 |  |

Habro Properties Limited (Registered number: 05705750)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Habro Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover represents the invoices value of the company's activities and is shown net of Value Added Tax.

| Interest and similar income and charges

| Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

| Foreign currencies

| Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at period end rates. The resulting exchange differences are dealt with in the profit and loss account in the year to which they arise.

| Tangible assets

| Tangible assets are stated at cost, net of depreciation and any provision for impairment.

| Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The rates of depreciation are as follows.

| Establishment |  | 20% per annum |  |

| Office and IT-equipment |  | 33% per annum |  |

| Investments

| Investments in other companies are stated at the Company’s share of the value of the underlying net assets less provisions. The positive revaluation from cost to underlying net assets value is recorded through the revaluation reserve. The negative revaluation is included in the profit and loss account.

| Debtors

| Debtors are valued individually and there are made provision according to this valuation.

| Creditors

| Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

| Taxation

| Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

| Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset.

Habro Properties Limited (Registered number: 05705750)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Consolidation

| The company and its subsidiaries comprised as a small group. The company has therefore chosen not to prepare group accounts in accordance with the provisions provided in section 398 of the Companies Act 2006.

| Financial reporting standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| - the requirements of Section 7 Statement of Cash Flows.

3. | TURNOVER

| Turnover is attributable to the one principal activity of the company which arose wholly in the United Kingdom.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,692 |  | 12,000 |  |

| Social security costs | 33 |  | 401 |  |

1,725 |  | 12,401 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Administration | 1 |  | 1 |  |

5. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | (1,364 | ) | (4,432 | ) |

| Tax on loss | (1,364 | ) | (4,432 | ) |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Unrealised gain on investment | 330,125 |  | - |  | 330,125 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Unrealised gain on investment | 289,649 |  | - |  | 289,649 |  |

Habro Properties Limited (Registered number: 05705750)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | TANGIBLE FIXED ASSETS

| Office

| equipment

| and

| establishment

£ |

| COST

| At 1 January 2025 | 41,789 |  |

| Disposals | (41,789 | ) |

| At 31 December 2025 | - |  |

| DEPRECIATION

| At 1 January 2025 | 41,789 |  |

| Eliminated on disposal | (41,789 | ) |

| At 31 December 2025 | - |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

7. | FIXED ASSET INVESTMENTS

| Participating interest |  |  | 2025 |  |

| £ |  |

| Cost |  |

| At 1 January |  |  | 198,919 |  |

| At 31 December |  |  | 198,919 |  |

| Revaluation |  |

| At 1 January |  |  | 421,748 |  |

| Dividend received |  |  | -247,500 |  |

| Revaluation in the year |  |  | 330.125 |  |

|  | 504,373 |  |

| Net Book Value |  |

| At 31 December 2025 |  |  | 703,292 |  |

| At 31 December 2024 |  |  | 620,667 |  |

| Representing: |  | Class of |  | Proportion |  |

|  | shares |  | of voting |  | Nature of business |  |

|  | held |  | rights held |  |

| Habro Asset Management Limited |  | Ordinary |  | 100% |  | Property management |  |

| Habro Property |  | Ordinary |  | 90% |  | Property management |  |

| Management Ltd |  |

Habro Properties Limited (Registered number: 05705750)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | - |  | 151,774 |  |

| Corporation tax, Group relief | 1,364 |  | 4,432 |  |

| VAT | 11 |  | 125 |  |

1,375 |  | 156,331 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 5,335 |  | 9,767 |  |

| Other taxation and social security | - |  | 222 |  |

| Accruals and deferred income | 3,000 |  | 4,250 |  |

8,335 |  | 14,239 |  |

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,000 | Ordinary | 1 | 1,000 |  | 1,000 |  |

11. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. | PARENT UNDERTAKINGS AND RELATED PARTIES

| The directors regard Habro Holding a/s, a company registered in Denmark, as the ultimate parent and controlling company.

| The immediate holding company is Habro a/s, a company registered in Denmark.

| The financial statements for the group may be obtained from the company's registered office at:

| Habro Holding a/s

| Bredgade 34A

| 1260 København K

| Denmark