Sitecore Danmark A/S
Vester Farimagsgade 3, 5., 1606 Copenhagen V
CVR no. 31 57 98 64
Annual Report 2024/25
01.07.2024 - 30.06.2025
Approved at the Company's annual general meeting on 9 December 2025
Chair of the meeting:
Victoria Forsberg
Contents
Statement by the Board of Directors and the Executive Board 2
Independent auditor's report 3
Management's review 5
Financial statements 1 July 2024 - 30 June 2025 7
Income statement 7
Balance sheet 8
Statement of changes in equity 9
Notes to the financial statements 10
Sitecore Danmark A/S
Annual report 2024/25
1
Statement by the Board of Directors and the Executive Board
Today, the Board of Directors and the Executive Board have discussed and approved the annual report of
Sitecore Danmark A/S for the financial year 1 July 2024 - 30 June 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 of the Company at
30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 - 30 June 2025.
Further, in our opinion, the Management's review gives a fair review of the development in the Company's
operations and financial matters and the results of the Company's operations and financial position.
We recommend that the annual report be approved at the annual general meeting.
Copenhagen, 9 December 2025
Executive Board:
Derek Alwright
Managing Director
Board of Directors:
Michael Edward Bannon Derek Alwright Darren Paul Bruton
Chair
Sitecore Danmark A/S
Annual report 2024/25
2
Independent auditor's report
To the shareholder of Sitecore Danmark A/S
Opinion
We have audited the financial statements of Sitecore Danmark A/S for the financial year 1 July 2024 - 30 June
2025, comprising income statement, balance sheet, statement of changes in equity and notes, including
accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements
Act.
In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and
financial position at 30 June 2025 and of the results of the Company's operations for the financial year 1 July
2024 - 30 June 2025 in accordance with the Danish Financial Statements Act.
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 responsibility 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 that 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 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 in Denmark will always detect a material misstatement when it
exists. Misstatements may 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 financial statement users
made 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 company 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
Sitecore Danmark A/S
Annual report 2024/25
3
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.
• 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.
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.
Statement on the Management's review
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
Statement Act. We did not identify any material misstatement of the Management's review.
Copenhagen, 9 December 2025
KPMG
Statsautoriseret Revisionspartnerselskab
CVR no. 25 57 81 98
Martin Eiler
State Authorised Public Accountant
mne32271
Sitecore Danmark A/S
Annual report 2024/25
4
Company details
Name
Sitecore Danmark A/S
Address, Postal code, City
Vester Farimagsgade 3, 5., 1606 Copenhagen V
CVR no.
31 57 98 64
Established
24 June 2008
Registered office
Copenhagen
Financial year
1 July 2024 - 30 June 2025
Website
www.sitecore.net
Telephone
+45 70 23 66 60
Board of Directors
Michael Edward Bannon, Chair
Derek Alwright
Darren Paul Bruton
Executive Board
Derek Alwright , Managing Director
Auditors
KPMG
Statsautoriseret Revisionspartnerselskab
Dampfærgevej 28, 2100 Copenhagen Ø
Sitecore Danmark A/S
Annual report 2024/25
Management's review
5
Business review
The Company’s primary activity has been in line with previous years, consisting of the sale of Sitecore’s DXP
solutions and related services in Denmark, Norway and Finland.
Financial review
For fiscal year 2025, the income statement reports a profit of DKK’000 1,402 compared to DKK’000 2,573 in
the prior year. The decrease in profit of DKK‘000 1,171 is primarily due to the increase in tax expense of
DKK’000 381 and decrease in financial income of DKK’000 839.
The Company operates under a service agreement with Sitecore Ireland Ltd which influences the company’s
financial performance.
The balance sheet at 30 June 2025 shows equity of DKK’000 24,363 (DKK’000 22,769 at 30 June 2024). The
DKK’000 1,594 increase in equity is primarily due to the profit during the year of DKK’000 1,402 and group
share-based payment transactions of DKK’000 192.
Management considers the Company’s financial performance in the year satisfactory.
The Company has received a letter of support, including subordination of intercompany debt, from the ultimate
parent Sitecore Holding II A/S. Management assess no risks regarding the Company’s going concern ability.
Reference is made to note 3.
Events after the balance sheet date
There are no significant events after the balance sheet date.
Sitecore Danmark A/S
Annual report 2024/25
Management's review
6
Income statement
Note DKK'000 2024/25 2023/24
Gross profit
8,532 14,610
4 Staff costs (6,807) (13,007)
Profit before net financials
1,725 1,603
5 Financial income 265 1,104
6 Financial expenses (133) (60)
Profit before tax
1,857 2,647
7 Tax for the year (455) (74)
Profit for the year
1,402 2,573
Recommended appropriation of profit
Retained earnings 1,402 2,573
1,402 2,573
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
7
Balance sheet
Note DKK'000 2025 2024
ASSETS
Non-current assets
Financial assets
Contract Assets (Unbilled receivables), long
69
406
Prepayments, long
1,657
2,426
1,726
2,832
Total non-current assets
1,726
2,832
Current assets
Receivables
Trade receivables 20,383 18,386
Contract Assets (Unbilled receivables) 5,419 1,150
Receivables from group enterprises 45,424 29,709
Prepayments 1,871 2,018
73,097 51,263
Cash
9,538 29,032
Total current assets
82,635 80,295
TOTAL ASSETS 84,361 83,127
EQUITY AND LIABILITIES
Equity
8 Share capital 500 500
Retained earnings 23,863 22,269
Total equity
24,363 22,769
Liabilities
Non-current liabilities
9 Deferred tax 110 95
Deferred income , long 6,211 197
Total non-current liabilities
6,321 292
Current liabilities
Deferred income 35,981 46,981
Trade payables 50 181
Payables to group enterprises 12,980 1,288
Payable to group enterprises concerning corporate tax 1,007 1,456
Other payables 3,659 10,160
Total current liabilities
53,677 60,066
Total liabilities
59,998 60,358
TOTAL EQUITY AND LIABILITIES
84,361 83,127
1 Accounting policies
2 Recognition and measurement uncertainties
3 Capital matters
10 Contingent liabilities
11 Collateral
12 Related parties
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
8
Statement of changes in equity
DKK'000 Share capital
Retained
earnings Total
Equity at 1 July 2024
500 22,269 22,769
Appropriation of profit — 1,402 1,402
Group share-based payment transactions, net of deferred tax — 192 192
Equity at 30 June 2025
500 23,863 24,363
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
9
1 Accounting policies
The annual report of Sitecore Danmark A/S for 2024/25 has been prepared in accordance with the provisions in
the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain
provisions applying to reporting class C entities.
Changes in accounting policies
The accounting policies used in the preparation of the financial statements are consistent with those of last year.
Reporting currency
The financial statements are presented in Danish Kroner (DKK'000).
Foreign currency translation
On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the
transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the
date of payment are recognized in the income statement as financial income or financial expenses.
Receivables and payables and other monetary items denominated in foreign currencies are translated at the
exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and
the date at which the receivable or payable arose or was recognized in the most recent financial statements is
recognized in the income statement as financial income or financial expenses.
Income statement
Gross Profit
The Company has decided to aggregate certain items of the income statement in accordance with the provisions
of section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of revenue,
costs of sales and other external expenses.
Revenue
Revenue is mainly derived from fees charged for Software as a Service (SaaS), software subscriptions and
licenses, cloud hosting, software maintenance, and services (consulting, education, and other). The Group have
chosen IFRS 15 as interpretation for revenue recognition for which the accounting policies are as follows:
SaaS
SaaS is a way of delivering software applications over the internet as a service. Unlike a term license
arrangement hosted by Sitecore, customers access the software through the internet where it is owned, delivered,
and managed remotely by Sitecore. Outside of the SaaS arrangement, there is no stand-alone value to the
customer as they never control or own the software. Sitecore’s SaaS arrangements typically have minimum
commitments from one to three years.
Software subscription and license
Software license revenue represents fees earned from the license or sale of software to customers for use on the
customer’s premises. In these arrangements, the customer has the right to use and take possession of the
software for installation on the customer’s premises or on hardware of third-party hosting providers unrelated to
Sitecore or hosted in Sitecore’s managed cloud environment. Software licenses are sold as perpetual licenses or
as term subscription licenses, limiting possession of the software to a specified term, typically a period of one to
three years.
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
Notes to the financial statements
10
1 Accounting policies (continued)
For multi-element contracts, the basis for determining the transaction price for revenue recognition is an
assessment of the standalone selling prices for the identified performance obligations, including rebates,
discounts, and allowances.
Cloud hosting
Hosting services include hosting, monitoring, managing the installation of Sitecore software on Microsoft
Azure’s cloud platform. Hosting arrangements typically have minimum commitments from one to three years.
Software maintenance
Maintenance revenue represents fees earned from providing customers with technical product support and
unspecified future software updates, upgrades, and enhancements on an if-and-when available basis.
Services
Services revenue represents fees earned from consulting and education services.
Identify the contract:
We combine contracts entered into with the same customer within the same month if they are economically
interrelated. Significant judgment is required in determining if contracts are interrelated. Considerations include:
• Multiple contracts were negotiated as a single package with a single business objective,
• Price in one contract is tied to a price or performance of the other contract.
Identify performance obligations:
Our contracts with customers often include promises to transfer multiple software offerings and services to a
customer. Determining whether software and services are considered distinct performance obligations that
should be accounted for separately versus together may require judgement.
Contract elements discussed above in the Classes of Revenue section above generally qualify for accounting
purposes as separate performance obligations, except for promised software and services which may represent a
single performance obligation.
We frequently grant customers options to purchase additional software and services in future at a price defined
in current contracts. Significant judgment is required in determining if such options represent a material right
that the customer would not otherwise receive without entering into the current contract. Judgment includes
evaluation if the discount on an optional purchase is greater than the discount included in the current purchase as
well as in relation to a range of discounts historically provided to a similar class of customers or in a similar deal
size.
Determine the transaction price:
Significant judgments are required to determine the amount of consideration to be received by Sitecore in
exchange for software and services. These include estimates of concessions based on prior history, evaluation of
rights of return and customer acceptance clauses in contracts, and assessment of variable consideration.
Our customer contracts do not have significant financing components. Customers are generally invoiced in
advance with payment due 30 days after the invoice date.
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
Notes to the financial statements
11
1 Accounting policies (continued)
Allocate the transaction price:
Fixed term subscription and perpetual license performance obligations are sold for a broad range of amounts
(that is, selling price is highly variable) and a representative standalone selling price is not discernible from past
transactions or other observable evidence. As a result, the standalone selling price for fixed term subscriptions
or perpetual licenses included in a contract with multiple performance obligations is determined by applying a
residual approach whereby performance obligations with observable standalone selling prices are first allocated
a portion of the transaction price based on their respective standalone selling prices, with the residual amount of
the transaction price allocated to the fixed term subscription or perpetual license.
Standalone selling price for all SaaS, Cloud Hosting, Maintenance Services and other Services are determined
based on observable pricing.
Recognize Revenue:
SaaS and cloud hosting revenue are recognised evenly over time as services are provided. Our performance
obligation for SaaS arrangements is a right to access and use of our software for a certain term and with hosting
arrangements it is to host the software for a certain term. Performance for both types of obligations is measured
on a time elapsed basis. Therefore, revenue is recognised ratably over the contract term.
Software subscription and license revenue is recognised at a point in time, when the license key is delivered to
the customer enabling the customer to download the software, but not earlier than the start of the contractual
license term. Revenue for license renewals is recognised at the start of the renewal period. Where a license is
sold as part of a bundle and is not considered distinct in the context of the contract, revenue is recognized
ratably over the subscription period for which the bundled services are provided.
Maintenance revenue is recognised ratably over the term of the support arrangement, as the performance
obligation is satisfied over time. Maintenance services are a stand-ready performance obligation to provide
technical product support and unspecified updates, upgrades, and enhancements on a when-and-if- available
basis. Customers simultaneously receive and consume the benefits of these support services as Sitecore
performs.
Education service revenue is recognised over time as services are delivered. Consulting services revenue is
recognised over time based on percentage of completion method measuring performance progress based on
actual time incurred compared to the estimated budgeted time required to fully deliver a service. Significant
judgment is required in estimating budgeted time. We use hour history with similar projects when estimating
total budgets required to deliver a consulting service.
Costs to obtain a contract:
The Company recognizes an asset for the incremental costs of obtaining contracts with customers that are
directly associated with the contract if those costs are expected to be recoverable and records them in “Deferred
Expenses” in the consolidated balance sheet. Incremental costs of obtaining contracts are those costs that the
Company incurs to obtain a contract with a customer that would not have been incurred if the contract had not
been obtained.
The costs capitalised are primarily sales commissions paid to our sales force personnel as well as third party
partners. Capitalised costs may also include portions of fringe benefits and payroll taxes associated with
compensation for incremental costs to acquire customer contracts and incentive payments to partners.
Capitalised costs to obtain a contract are amortized over the expected period of benefit, which we have
determined to be 4 years. Amortisation of capitalised costs are presented in sales and marketing expense in our
consolidated statements of profit and loss. Sales and partner commissions payable are presented in Accrued and
Other Payables and Trade Payables, respectively.
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
Notes to the financial statements
12
1 Accounting policies (continued)
Other operating income and operating expenses
Other operating income and operating expenses comprise items of a secondary nature relative to the Company's
core activities, including gains and losses on the sale of non-current assets.
Cost of sales
Cost of sales includes the intercompany expenses on distribution and cost of services in generating the year’s
revenue.
Other external expenses
Other external expenses include the year's expenses relating to the Company’s core activities, including
expenses relating to sale, advertising, administration, bad debts etc.
Staff costs
Staff costs include wages and salaries, including compensated absence and pensions, as well as other social
security contributions, etc. made to the entity’s employees.
Share-based payments
The Sitecore Group operates equity-settled, share-based compensation plans, under which entities within the
group benefit from services provided by employees who are granted consideration in the form of equity
instruments issued by the Company’s ultimate parent, Sitecore Holdings II A/S. Grants to employees of the
Company are recognised in an amount equal to the fair value of the employee services received in exchange for
the share-based compensation. Grants to employees of a subsidiary of the Company are recognised as a capital
contribution from the Company’s ultimate parent and a corresponding increase in the Company’s investment in
the subsidiary. The total amount is determined by reference to the grant date fair value of equity settled grants
and the end of period fair value for cash settled grants.
Financial income and expenses
Financial income and expenses are recognized in the income statement at the amounts that relate to the financial
reporting period. The items comprise interest income and expenses, e.g. from group entities, exchange gains and
losses.
Tax for the year
Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax
adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognized in the
income statement, whereas the portion that relates to transactions taken to equity is recognized in equity.
The entity is jointly taxed with other Danish group entities. The total Danish income tax charge is allocated
between profit/loss-making Danish entities in proportion to their taxable income (full absorption).
Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates
applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge
according to the rates applicable to interest surcharges to the management company.
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
Notes to the financial statements
13
1 Accounting policies (continued)
Balance sheet
Receivables
Receivables are initially recognised at fair value adjusted for any transaction costs. Subsequently, receivables
are measured at amortised cost, which usually corresponds to the nominal value.
The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime
expected loss allowance for all trade and unbilled receivables. To measure the expected credit losses, trade and
unbilled receivables have been grouped based on the days past due. Expected loss in the first 12 month is
estimated, and the receivables are monitored on an ongoing basis. If higher credit risk is identified for specific
customer(s) or credit risk is significantly changed the expected credit loss in the lifetime is measured.
Receivable balances are written off when there is no reasonable expectation of recovery.
Contract assets (Unbilled receivables)
Contract assets represent revenue recognized for contracts that have not yet been invoiced to customers,
typically for multi-year arrangements. When we have unconditional rights to consideration, except for the
passage of time, a receivable will be recorded on the balance sheets.
Prepayments
Prepayments are expenses paid for, but not yet incurred, in the current reporting period.
Cash
Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor
risks of changes in value.
Income taxes and deferred tax
Current tax payables and receivables are recognized 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 recognized 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 crystallize as current tax. Deferred tax assets are recognized at the expected value
of their utilization; 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 recognized in the income
statement.
Liabilities
Financial liabilities are recognized at the date of borrowing at the net proceeds received less transaction costs
paid. On subsequent recognition, financial liabilities are measured at amortized cost, corresponding to the
capitalized value, using the effective interest rate. Accordingly, the difference between the proceeds and the
nominal value is recognized in the income statement over the term of the loan.
Other liabilities are measured at net realizable value.
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
Notes to the financial statements
14
1 Accounting policies (continued)
Deferred income
Deferred income consist of contract liabilities and reflect invoices due or payments received in advance of
revenue recognition. Our contract balances will be reported as net contract assets or liabilities on a contract-by-
contract basis at the end of each reporting period.
2 Recognition and measurement uncertainties
Revenue recognition:
Revenue recognition requires management to make judgments which are based on assumptions on historical and
forecast information, as well as on regional and industry economic conditions in which we or our clients
operate. A short description of main judgments made in relation to revenue recognition as follows:
– Assessing whether it is probable that the consideration from contract with clients will be collected
requires judgment and might impact the timing and amount of revenue recognition
– Establishing whether distinct goods or services are considered to be separate performance obligation
requires judgment and might impact the timing and amount of revenue recognition
– The allocation of total transaction fee of a client contract to the distinct deliverables requires judgment
in determining an apportionment which reflects the fair value measurement of each performance
obligation. This may impact the timing and amount of revenue recognized.
– Determining whether different contracts with the same client are accounted for as one agreement
involves the use of judgment as it requires us to assess whether the contracts are negotiated together or
linked in any other way. The timing and amount of revenue recognition can vary depending on whether
two contracts are accounted for separately or as one single arrangement.
3 Capital matters
Intercompany payables as reflected on the balance sheet will be repaid to group entities as funds become
available, and do not have to be repaid sooner than the company has liquidity to do so. Intercompany
receivables may not be repaid to the Company until the respective counterparty has the liquidity to do so. The
Company has received a declaration of financial support from its parent company, Sitecore Holdings II A/S
committing to provide sufficient resources to settle any liabilities as they fall due if the Company does not have
sufficient resources of its own. All internal debt of the Company and other group entities is subordinated to
other liabilities, and no internal debt will be called or required to be repaid between the Company of any group
entities unless and until the individual entity has sufficient liquidity to do so. This declaration is effective for at
least 12 months from approval of the Company's annual report.
4 Staff costs
2024/25 2023/24
Wages/salaries 6,336 12,291
Pensions 435 706
Other staff costs 36 10
6,807 13,007
Average number of full-time employees 5 7
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
Notes to the financial statements
15
Group Share based Compensation
Share-based payments to employees are made by the Group under a Share Option incentive plan, a Management
Incentive Program (“MIP”), and an Employee Incentive Plan (“EIP”). The Share Option plan is a performance-
based plan wherein certain employees are offered Class A share options subject to certain vesting conditions.
The MIP is a co-investment plan wherein key employees make a personal investment in the Group by
purchasing restricted Class A or B shares which are subject to a repurchase option at a price determined based
upon certain conditions. The EIP is an incentive program where the Group, upon the event of a sale or IPO, will
pay a bonus to the employee based on the number of options held, up to a pre-defined cap. Share Option grants,
MIP investments, and EIP grants fully vest upon an IPO or change in control as defined in the plan documents.
Share Option Plan
Share Options are granted to employees under the 2016 Global Share Incentive Plan. Option grants are subject
to continued employment with 50% designated as Time Options that vest over five years (1/5th vest on each
anniversary of the grant date), and 50% designated as Performance Options that vest subject to the Group’s
sponsor achieving a certain rate of return on investment. Unexercised options expire 10 years from the grant
date.
Management Incentive Plan
The MIP is designed to align the performance of the Group with the remuneration of key employees. Under the
MIP, employees make a personal investment in the Group by purchasing Class A or Class B shares. Class B
shares were added to the plan in FY21 .
Under the MIP, Class A shares are subject to a repurchase option at a price equal to original cost if the employee
terminates under conditions defined as a Bad Leaver, or at current fair market value if the employee terminates
under conditions defined as a Good Leaver. The Good Leaver determination is primarily determined based on
whether the employee leaves (a) involuntarily but without cause or (b) voluntarily after an employment of five
years or more (three years if shares were issued to holder as part of the purchase consideration in an
acquisition).
Class B shares are divided into 50% Time Vesting shares and 50% Performance Vesting shares that vest in the
same pattern as the Time Options and Performance Options described above.
Employee Incentive Plan (“EIP”)
Grants made under the EIP only vest in the event of an exit, through a sale or an IPO, meeting a specific
financial valuation and only provided that the select employee is employed with the Group at the relevant time
of exit. Provided the conditions are met, the Group will pay a cash bonus to the employee based on the number
of incentive options held, up to a pre-defined cap. In the event an employee leaves the Group prior to an exit, all
incentive options are cancelled with no compensation.
5 Financial income
2024/25 2023/24
Interest income, bank 265 163
Interest income, group entities — 628
Exchange gain
—
313
265 1,104
6 Financial expenses
2024/25 2023/24
Interest expenses, group entities — 59
Other financial expenses 2 1
Exchange losses 131 —
133 60
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
Notes to the financial statements
16
7 Tax for the year
2024/25 2023/24
Tax expense for the year
440 567
Tax expense adjustments for previous year —
-537
Deferred tax for the year
15 44
455 74
8 Share capital
The Company's share capital has remained DKK 500 thousand with a nominal value of DKK 1 over the past 5
years. No shares are assigned special rights.
9 Deferred tax
DKK'000 2025 2024
Deferred tax at 1 July
95
-459
Deferred tax for the year, recognised in equity —
510
Deferred tax for the year
15 44
Deferred tax at 30 June
110 95
10 Contingent liabilities
The Company is jointly taxed with its Danish parent, Sitecore Holding II A/S, which acts as management
company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes
as well as withholding taxes on interest, royalties and dividends falling due for payment.
11 Collateral
Sitecore Corporation A/S has a owner's mortgage of EUR 6 million to Wilmington Trust (London) Limited.
Sitecore Danmark A/S has issued a negative pledge under group company’s loan agreement and provided it’s
intercompany receivables and shares as security for the same credit facilities
12 Related parties
Sitecore Danmark A/S is part of the consolidated financial statements of Sitecore Holding II A/S, registered
office, which is the smallest group in which the Company is included as a subsidiary.
Information about consolidated financial statements
Parent Domicile
Requisitioning of the parent
company's consolidated financial
statements
Sitecore Holding II A/S Copenhagen, Denmark www.cvr.dk
Sitecore Danmark A/S
Annual report 2024/25
Financial statements 1 July 2024 - 30 June 2025
Notes to the financial statements
17
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2024-07-012025-06-302023-07-012024-06-302025-12-09Reporting class B2008-06-242025-12-0931579864Sitecore Danmark A/SVester Farimagsgade 3, 5.1606 Copenhagen VOpinionBasis for Opinion2025-12-09315798642024-07-012025-06-30315798642023-07-012024-06-30315798642025-06-30315798642024-06-30315798642024-06-30fsa:ContributedCapitalMember315798642024-07-012025-06-30fsa:ContributedCapitalMember315798642025-06-30fsa:ContributedCapitalMember315798642024-06-30fsa:RetainedEarningsMember315798642024-07-012025-06-30fsa:RetainedEarningsMember315798642025-06-30fsa:RetainedEarningsMember315798642024-07-012025-06-301315798642024-07-012025-06-301315798642024-07-012025-06-302315798642024-07-012025-06-303315798642024-07-012025-06-301iso4217:DKKxbrli:pure