Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 Regnskabsklasse B Revisionspåtegning true 35864504 2025-12-31 35864504 2024-12-31 35864504 2025-01-01 fsa:ContributedCapitalMember 35864504 2025-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 35864504 2025-01-01 fsa:RetainedEarningsMember 35864504 2025-01-01 fsa:ProposedDividendRecognisedInEquityMember 35864504 2025-01-01 35864504 2025-12-31 fsa:ContributedCapitalMember 35864504 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 35864504 2025-12-31 fsa:RetainedEarningsMember 35864504 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 35864504 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 35864504 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 35864504 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 35864504 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 35864504 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 35864504 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 35864504 2025-12-31 relatedEntityIdentifier_sub_3 fsa:SubsidiaryMember 35864504 2025-12-31 relatedEntityIdentifier_sub_4 fsa:SubsidiaryMember 35864504 2025-12-31 relatedEntityIdentifier_sub_5 fsa:SubsidiaryMember 35864504 2025-12-31 relatedEntityIdentifier_sub_6 fsa:SubsidiaryMember 35864504 2025-12-31 relatedEntityIdentifier_sub_7 fsa:SubsidiaryMember 35864504 2025-12-31 relatedEntityIdentifier_sub_8 fsa:SubsidiaryMember 35864504 2025-12-31 relatedEntityIdentifier_sub_9 fsa:SubsidiaryMember 35864504 2025-01-01 2025-12-31 35864504 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 35864504 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 35864504 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 35864504 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 35864504 2025-01-01 2025-12-31 1 35864504 2024-01-01 2024-12-31 35864504 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 35864504 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 35864504 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 35864504 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 35864504 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 35864504 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 35864504 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 35864504 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 35864504 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_3 fsa:SubsidiaryMember 35864504 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_4 fsa:SubsidiaryMember 35864504 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_5 fsa:SubsidiaryMember 35864504 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_6 fsa:SubsidiaryMember 35864504 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_7 fsa:SubsidiaryMember 35864504 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_8 fsa:SubsidiaryMember 35864504 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_9 fsa:SubsidiaryMember iso4217:DKK pure xbrli:pure

Leadership Pipeline Institute International A/S

Bredgade 30, DK-1260 København K

Annual Report for 2025

CVR No. 35 86 45 04

The Annual Report was presented and adopted at the Annual General Meeting of the company on 14/04/2026

2026-04-14

Søren Christoffersen

Chairman of the general meeting

Contents
Management’s statement and Auditor’s report
Management’s statement 1
Independent Auditor’s report 2
Company information
Company information 4
Financial Statements
Income statement 1 January - 31 December 5
Balance sheet 31 December 6
Statement of changes in equity 8
Notes to the Financial Statements 9
Management’s statement
1
The Executive Board and Board of Directors have today considered and adopted the Annual Report of Leadership Pipeline Institute International 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 Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025.
We recommend that the Annual Report be adopted at the Annual General Meeting.
København K , 14 April 2026 2026-04-14
Executive Board
Kent Oksfelt Jonasen
Executive Officer
Board of Directors
Stephen John Drotter Anders Uffe Ibsen Kent Oksfeldt Jonasen
Chairman
Independent Auditor’s report
2
To the shareholder of Leadership Pipeline Institute International A/S
Opinion
In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.
We have audited the Financial Statements of Leadership Pipeline Institute International 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 a summary of significant accounting policies (”the Financial Statements”).
Basis for Opinion
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 Financial Statements” section of our report. We are independent of the Company 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of 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 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 Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s 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 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 these 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 Company’s internal control.
Independent Auditor’s report
3
  • 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 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 Company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and contents of the Financial Statements, including the 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 audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. 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.
Hillerød , 14 April 2026 2026-04-14
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Michael Blom
State Authorised Public Accountant
mne32797
Company information
4
The Company Leadership Pipeline Institute International A/S
Bredgade 30
DK- 1260 København K
CVR No: 35 86 45 04
Financial period: 1 January - 31 December
Municipality of reg. office: Copenhagen
Board of Directors Stephen John Drotter, chairman
Anders Uffe Ibsen
Kent Oksfeldt Jonasen
Executive Board Kent Oksfelt Jonasen
Auditors PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Rønnebærvænget 1, 1.
DK- 3400 Hillerød
Bankers Danske Bank
Munkeengen 30
DK- Hillerød 3400
Income statement 1 January - 31 December
5
(DKK) Note 2025 2024
Revenue 15,323,619 8,521,001
Other external expenses - 10,812,948 - 6,419,365
Gross profit 4,510,671 2,101,636
Income from investments in subsidiaries 2,092,244 1,313,305
Financial income 3 38,427 80,830
Financial expenses 4 - 352,631 - 313,174
Profit/loss before tax 6,288,711 3,182,597
Tax on profit/loss for the year 5 - 927,642 - 411,384
Net profit/loss for the year 5,361,069 2,771,213
Distribution of profit
(DKK) 2025 2024
Proposed distribution of profit
Proposed dividend for the year 6,000,000 3,000,000
Reserve for net revaluation under the equity method 2,047,672 - 4,373,094
Retained earnings - 2,686,603 4,144,307
5,361,069 2,771,213
Balance sheet 31 December
6
Assets
(DKK) Note 2025 2024
Investments in subsidiaries 6 8,785,848 4,394,362
Fixed asset investments 8,785,848 4,394,362
Fixed assets 8,785,848 4,394,362
Trade receivables 6,614,717 1,485,083
Receivables from group enterprises 4,664,499 6,516,199
Other receivables 81,692 33,581
Prepayments 0 170,066
Receivables 11,360,908 8,204,929
Cash at bank and in hand 52,080 148,401
Current assets 11,412,988 8,353,330
Assets 20,198,836 12,747,692
Balance sheet 31 December
7
Liabilities and equity
(DKK) Note 2025 2024
Share capital 500,000 500,000
Reserve for net revaluation under the equity method 1,641,599 59,430
Retained earnings 1,531,677 4,218,280
Proposed dividend for the year 6,000,000 3,000,000
Equity 9,673,276 7,777,710
Provisions relating to investments in participating interests 358,143 0
Provisions 358,143 0
Trade payables 999,316 326,787
Payables to group enterprises 7,148,472 3,945,269
Corporation tax 927,642 411,384
Other payables 52,198 286,542
Deferred income 7 1,039,789 0
Short-term debt 10,167,417 4,969,982
Debt 10,167,417 4,969,982
Liabilities and equity 20,198,836 12,747,692
Key activities 1
Staff 2
Contingent assets, liabilities and other financial obligations 8
Related parties 9
Accounting policies 10
Statement of changes in equity
8
(DKK) Share capital Reserve for net revaluation under the equity method Retained earnings Proposed dividend for the year Total
Equity at 1 January 500,000 59,430 4,218,280 3,000,000 7,777,710
Ordinary dividend paid 0 0 0 - 3,000,000 - 3,000,000
Exchange adjustments relating to foreign entities 0 - 465,503 0 0 - 465,503
Net profit/loss for the year 0 2,047,672 - 2,686,603 6,000,000 5,361,069
Equity at 31 December 500,000 1,641,599 1,531,677 6,000,000 9,673,276
Notes to the Financial Statements
9
1. Key activities
The company sells leadership and specialist development solutions directly to clients and via licensees.
2. Staff
2025 2024
Average number of employees 0 0
3. Financial income
(DKK) 2025 2024
Interest from group enterprises 10,109 0
Other financial income 370 10,166
Exchange gains 27,948 70,664
38,427 80,830
4. Financial expenses
(DKK) 2025 2024
Interest to group enterprises 55,046 188,389
Exchange loss 297,585 124,785
352,631 313,174
5. Income tax expense
(DKK) 2025 2024
Current tax for the year 927,642 411,384
927,642 411,384
Notes to the Financial Statements
10
6. Investments in subsidiaries
(DKK) 2025 2024
Cost at 1 January 480,432 473,685
Additions for the year 372,870 6,747
Cost at 31 December 853,302 480,432
Value adjustments at 1 January 3,913,930 6,308,027
Exchange adjustment - 465,503 - 6,924
Net profit/loss for the year 2,092,244 1,313,305
Dividend to the Parent Company - 3,899,072 - 3,700,478
Value adjustments at 31 December 1,641,599 3,913,930
Equity investments with negative net asset value amortised over receivables 5,932,804 0
Equity investments with negative net asset value transferred to provisions 358,143 0
Carrying amount at 31 December 8,785,848 4,394,362
Positive differences arising on initial measurement of subsidiaries at net asset value 307,440 0
Investments in subsidiaries are specified as follows:
Name Place of registered office Share capital Owner­ship
LPI A-S USA LLC USA USD 0 100 %
Leadership Pipeline Institute Norge AS Norway NOK 50.000 100 %
Leadership Pipeline Institute Netherlands B.V. Netherlands EUR 10.000 100 %
Leadership Pipeline Institute Sweden AB Sweden SEK 200.000 100 %
Leadership Pipeline Institute Hong Kong Limited Hong Kong USD 74,000 51 %
LPI-Institute US LLC USA USD 0 100 %
LPI Institute Shanghai Shanghai CNY 0 51 %
LPI UK & Ireland Ltd. United Kingdom GBP 100 100 %
Leadership Pipeline Institute Canada Inc. Canada CAD 100 100 %
7. Deferred income
Deferred income consists of payments received in respect of income in subsequent years.
Notes to the Financial Statements
11
8. Contingent assets, liabilities and other financial obligations
Other contingent liabilities
Leadership Pipeline Institute International A/S has no contingent liabilities as of 31 December 2025.
The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Human Capital Invest ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability.
9. Related parties and disclosure of consolidated financial statements
Consolidated Financial Statements
The Company is included in the Group Annual Report of the Parent Company.
Name Place of registered office
Leadership Pipeline Institute A/S Copenhagen
Notes to the Financial Statements
12
10. Accounting policies
The Annual Report of Leadership Pipeline Institute International A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.
The accounting policies applied remain unchanged from last year.
The Financial Statements for 2025 are presented in DKK.
Consolidated financial statements
With reference to section 110 of the Danish Financial Statements Act, no consolidated financial statements are prepared.
Recognition and measurement
Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.
Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.
Translation policies
Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.
Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.
Fixed assets acquired in foreign currencies are measured at the transaction date rates.
Income statement
Revenue
Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.
Notes to the Financial Statements
13
10. Accounting policies (continued)
Revenue is measured at the consideration received and is recognised exclusive of VAT.
Other external expenses
Other external expenses comprise expenses related to distribution, sales, advertising, administration, premises and bad debts etc.
Income from investments in subsidiaries
The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year.
Financial income and expenses
Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.
Tax on profit/loss for the year
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.
The Company is jointly taxed with Danish Group Companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.
Balance sheet
Investments in subsidiaries
Investments in subsidiaries are recognised and measured under the equity method.
The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.
The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.
Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.
Receivables
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.
Prepayments
Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.
Dividend
Dividend distribution proposed by Management for the year is disclosed as a separate equity item.
Notes to the Financial Statements
14
10. Accounting policies (continued)
Current tax receivables and liabilities
Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.
Financial liabilities
Debts are measured at amortised cost, substantially corresponding to nominal value.
Deferred income
Deferred income comprises payments received in respect of income in subsequent years.