v3.25.4

Tax on Profit/(Loss) for the Year and Deferred Tax (Tables) | 12 Months Ended
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Dec. 31, 2025
Deferred tax expense (income) [abstract] |
Summary of Tax on Profit/Loss and Deferred Tax |
(EUR’000) |  | 2025 |  |  | 2024 |  |  | 2023 |
Tax on profit/(loss) for the year |  |  |  |  |  |  |  |  |
Current tax (expense)/income |  |  | (12,556 | ) |  |  | (3,289 | ) |  |  | (5,377 | )
Current tax, adjustments to prior years |  |  | 513 |  |  |  | (126 | ) |  |  | 3,904 |
Deferred tax, movement for the year |  |  | (3,410 | ) |  |  | (2,035 | ) |  |  | (1,044 | )
Deferred tax, adjustments to prior years |  |  | 70 |  |  |  | 607 |  |  |  | (4,786 | )
|  |  | (15,383 | ) |  |  | (4,843 | ) |  |  | (7,303 | )
Tax for the year can be explained as follows |  |  |  |  |  |  |  |  |
Profit/(loss) before tax |  |  | (212,651 | ) |  |  | (373,241 | ) |  |  | (474,144 | )
Tax at the Danish corporation tax rate of 22% |  |  | 46,783 |  |  |  | 82,113 |  |  |  | 104,312 |
Tax effect of: |  |  |  |  |  |  |  |  |
Non-deductible costs |  |  | 29,358 |  |  |  | (9,740 | ) |  |  | (8,494 | )
Additional tax deductions |  |  | 37,715 |  |  |  | 3,161 |  |  |  | 9,077 |
Impact from associates |  |  | 3,588 |  |  |  | (4,413 | ) |  |  | (4,047 | )
Prior year adjustments |  |  | 583 |  |  |  | 481 |  |  |  | (1,294 | )
Other effects including effect of different tax rates |  |  | (2,121 | ) |  |  | 182 |  |  |  | (882 | )
Deferred tax assets, not recognized |  |  | (131,289 | ) |  |  | (76,627 | ) |  |  | (105,975 | )
Tax on profit/(loss) for the year |  |  | (15,383 | ) |  |  | (4,843 | ) |  |  | (7,303 | )
Effective tax rate |  |  | 7.23 | % |  |  | 1.30 | % |  |  | 1.54 | %
Development in deferred tax assets/(liabilities) |  |  |  |  |  |  |  |  |
January 1, |  |  | (7,258 | ) |  |  | (5,830 | ) |  |  | — |
Deferred income tax (expense)/income, through profit or loss |  |  | (3,340 | ) |  |  | (1,428 | ) |  |  | (5,830 | )
Foreign exchange translation |  |  | 975 |  |  |  | — |  |  |  | — |
December 31, |  |  | (9,623 | ) |  |  | (7,258 | ) |  |  | (5,830 | )
Specification of deferred tax assets/(liabilities) |  |  |  |  |  |  |  |  |
Tax deductible losses |  |  | 430,011 |  |  |  | 434,997 |  |  |  | 521,697 |
Other temporary differences, assets |  |  | 291,759 |  |  |  | 164,479 |  |  |  | 16,256 |
Deferred tax assets, not recognized |  |  | (721,631 | ) |  |  | (599,476 | ) |  |  | (537,953 | )
Other temporary differences, liabilities |  |  | (9,762 | ) |  |  | (7,258 | ) |  |  | (5,830 | )
Total deferred tax assets/(liabilities) at December 31 |  |  | (9,623 | ) |  |  | (7,258 | ) |  |  | (5,830 | )

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