Jettime a/s - Annual Report for 1 October 2024


Contents


Management’s statement and Auditor’s report
Management’s statement		1
Independent Auditor’s report		2
Management’s review
Company information		4
Financial Highlights		5
Management's review		6
Financial Statements
Income statement 1 October 2024 - 30 September 2025		19
Balance sheet 30 September 2025		20
Statement of changes in equity		22
Cash flow statement 1 October 2024 - 30 September 2025		23
Notes to the Financial Statements		24


Management’s statement

The Executive Board and Board of Directors have today considered and adopted the Annual Report of Jettime a/s for the financial year 1 October 2024 - 30 September 2025.

The Annual Report is prepared in accordance with the Danish Financial Statements Act.

In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 30 September 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2024/25.

In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.

We recommend that the Annual Report be adopted at the Annual General Meeting.

Kastrup

, 7 January 2026

Executive Board

Anders Torbjörn Fred

Jonas Elholm Andreasen

CEO

CFO

Board of Directors

Peter Schäfer

Lars Thuesen

Ingolf Bernhard Pedersen

Chairman


Independent Auditor’s report

To the shareholders of Jettime a/s

Opinion

In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 September 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 October 2024 - 30 September 2025 in accordance with the Danish Financial Statements Act.

We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Jettime a/s for the financial year 1 October 2024 - 30 September 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”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 Group 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.

Statement on Management’s Review

Management is responsible for Management’s Review.

Our opinion on the Financial Statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act.

Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.

Management’s responsibilities for the Financial Statements

Management is responsible for the preparation of consolidated financial statements and parent company 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 Group’s and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.


Independent Auditor’s report

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 Group’s and the Parent 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 Group’s and the Parent 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 Group and the Parent 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 group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. 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.

Hellerup , 7 January 2026

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab

CVR No 33 77 12 31

Jacob F Christiansen		Jakob Thisted Binder
State Authorised Public Accountant		State Authorised Public Accountant
mne18628		mne42816


Company information

The Company

Jettime a/s

Amager Strandvej 390-392

DK- 2770 Kastrup

Telephone: +45 32 46 73 00

Website: www.jettime.com

CVR No: 41 41 06 39

Financial period: 1 October 2024 - 30 September 2025

Incorporated: 8 June 2020

Municipality of reg. office: Tårnby

Board of Directors

Peter Schäfer, chairman

Lars Thuesen

Ingolf Bernhard Pedersen

Executive Board

Anders Torbjörn Fred

Jonas Elholm Andreasen

Auditors

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab

Strandvejen 44

DK- 2900 Hellerup


Financial Highlights

Seen over a 5-year period, the development of the Group is described by the following financial highlights:

Group

(Mio.DKK)		2024/25		2023/24		2022/23		2021/22		2021
		12 months		12 months		12 months		12 months		1 months

Key figures

Profit/loss

Revenue

1,976

1,994

1,708

1,044

40

Gross profit

416

343

276

212

6

Profit/loss of primary operations

75

48

27

43

- 3

Net profit/loss for the year

57

53

15

33

- 3

Balance sheet

Balance sheet total

661

615

516

474

240

Investment in property, plant and equipment

34

26

10

8

0

Equity

74

46

1

- 14

- 46

Cash flows

Cash flows from:

- operating activities

19

214

91

131

- 12

- investing activities

22

-123

- 56

- 26

0

- financing activities

-39

-30

- 12

- 27

0

Change in cash and cash equivalents for the year

2

61

23

78

- 12


Number of employees		482		449		405		181		77

Ratios

Gross margin

21.1 %

17.2 %

16.2 %

20.3 %

15.0 %

Operating margin

3.8 %

2.4 %

1.4 %

4.0 %

- 6.0 %

Current ratio

133.5 %

90.5 %

117.3 %

104.0 %

56.0 %

Solvency ratio

11.2 %

7.5 %

0.2 %

- 3.0 %

- 19.2 %

Average number of Boeing 737 aircraft

12

11

10

7

5

Number of Boeing 737 aircraft, year end

14

11

8

5

Financial ratios are calculated in accordance with the Danish Society of Financial Analysts' guidelines. For terms and definitions, please see the accounting policies.


Management's review

Key activities

Business Model and Market Position

Jettime operates exclusively within the Business-to-Business (B2B) segment, focusing on delivering tailored air transport solutions to a clearly defined customer base. The Company’s primary market consists of Nordic tour operators, who are offered full charter aircraft services designed to meet seasonal and operational requirements. These partnerships form the backbone of Jettime’s business model and reflect its strong presence in the Nordic leisure travel sector.

In addition to this core market, Jettime serves other European airlines by providing ad-hoc or short- to medium-term capacity solutions under ACMI agreements (Aircraft, Crew, Maintenance, and Insurance). These arrangements allow partner airlines to maintain operational continuity during a specific season or unforeseen disruptions. Furthermore, Jettime offers ad-hoc full charter services for specific customer needs, ensuring flexibility and responsiveness across diverse operational scenarios.

During 2024/25 the charter market has reduced, but having the ACMI as an alternative market has shown its strengths and Jettime has been able to adapt to changing market conditions.

Group Structure

The Jettime Group is organized to ensure operational efficiency and regulatory compliance while maintaining local presence. The parent company, Jettime A/S, serves as the operational hub of the Group. This centralized structure allows Jettime to maintain consistent standards and leverage economies of scale across its operations and countries.

Supporting Jettime A/S are two wholly owned subsidiaries: Jettime OY in Finland and Jettime AB in Sweden. These entities exist primarily to meet local presence and a Nordic DNA in each of the key markets and operate exclusively as crewing companies. They do not conduct independent commercial activities; instead, they provide aircraft and flight crew resources to the local markets via Jettime A/S and through intercompany agreements.

Strategic Foundations

Jettime’s strategy is anchored in building and maintaining long-term partnerships with customers and suppliers. This approach has proven its resilience through periods of significant industry disruption and market volatility. By prioritizing trust, reliability, strong partner relations and collaboration, Jettime has created a business model that delivers stability and mutual value even in challenging conditions.

The Company was re-established in summer 2020 as a direct response to the post-pandemic competitive landscape. The airline industry faced an unprecedented downturn requiring exceptional agility. Jettime’s ambition was to leverage this environment of consolidation and transformation fast to create a lean, adaptable organization capable of thriving in a rapidly changing market.

This strategic vision emphasizes operational flexibility, cost efficiency, and scalability, enabling Jettime to respond quickly to customer needs and market shifts. By focusing on core competencies, charter operations supported by ACMI solutions, the Company has positioned itself as a reliable partner for tour operators and Nordic airlines seeking dependable capacity, local service and on time performance without the burden of long-term commitments.

Jettime’s model also reflects a commitment to continuous improvement and compliance with international standards, as demonstrated by its IOSA certification. This foundation supports sustainable growth and reinforces Jettime’s reputation as a trusted, quality-driven operator in especially the Nordic and also in European markets.


Management's review

Operational Progress and Milestones

After navigating a challenging hibernation period during the pandemic, Jettime successfully resumed operations in summer 2021. This restart required significant planning to ensure operational readiness, compliance, and customer confidence. The ability to relaunch services under such conditions demonstrated Jettime’s resilience and committed employees in an industry still recovering from unprecedented disruption.

Since the restart, Jettime has focused on strengthening its customer base, expanding relationships with Nordic tour operators, and securing ACMI agreements with Nordic airlines. These efforts have been supported by investments in aircraft, technology, and people, ensuring that the Company can deliver reliably and efficiently even during periods of market volatility.

A major milestone in Jettime’s journey was the achievement of IOSA (IATA Operational Safety Audit) certification in September 2022, a globally recognized standard for airline safety and quality. This certification not only validates Jettime’s commitment to operational and safety excellence but also enhances its credibility with partners and regulators. The certification was successfully renewed in early 2024, reinforcing Jettime’s position as a trusted and compliant operator.

Throughout this period, Jettime has had to balance growth initiatives with external challenges, including lingering post-pandemic effects and geopolitical disruptions such as the Ukraine conflict. These factors have impacted the broader aviation industry, requiring continuous adaptation in areas such as fuel cost management, route planning, and crew deployment. Despite these headwinds, Jettime has maintained a clear focus on operational reliability, customer relations and satisfaction, and strategic agility.

Looking ahead, Jettime continues to build on these achievements by optimizing its operational platform, leveraging its IOSA certification, and pursuing opportunities created by ongoing industry consolidation. These efforts position the Company to scale effectively and capture new market segments while maintaining its reputation for safety, flexibility, and service quality.

Market Position and Competitive Edge

Jettime occupies a well-defined niche within the Nordic and European aviation markets, positioning itself as a specialized, agile, and independent privately owned operator with deep expertise in charter and ACMI services. This focus allows the Company to deliver tailored solutions that meet the unique needs of tour operators and airlines seeking flexible capacity and reliability.

The Nordic charter market remains Jettime’s core strength, where the Company is recognized for its reliability, adaptability, and ability to deliver high-quality service in the local language under varying operational conditions. Jettime’s reputation is built on its proven capability to respond quickly to changing customer requirements, whether that involves adjusting schedules, replicating partner service concepts, or deploying aircraft and crew on short notice. This operational agility is a critical differentiator in an industry where responsiveness and cost efficiency are paramount.

Beyond its core market, Jettime has established credibility as a trusted ACMI provider for European airlines. These partnerships often arise during periods of peak demand, fleet transitions, or unexpected disruptions, and Jettime’s ability to integrate seamlessly into partner operations has earned it a reputation for professionalism and reliability. The Company’s IOSA certification further strengthens this position, signaling compliance with the highest international safety and quality standards.

Looking forward, Jettime is well-positioned to capitalize on industry consolidation and evolving market dynamics. Its adaptability, proven track record, and commitment to safety and service excellence make it a preferred partner for customers seeking dependable air transport solutions in a complex and changing environment.


Management's review

Development in activities and financial matters

The financial year 2024/25, Jettime’s sixth year of operations, continued to be influenced by external factors such as the lingering effects of volatile travel demand and elevated inflationary pressures across the aviation sector. These conditions contributed to a challenging fleet utilization during the winter season, a challenge faced by many operators in the market. Despite these headwinds, Jettime delivered solid progress, expanding its operations and strengthening its customer relationships.

Throughout the year, Jettime focused on controlled growth, gradually improving fleet utilization, increasing staffing levels to meet customer demand, and securing agreements for additional aircraft to support future demand. This strategic approach ensured operational stability while positioning the Company for continued expansion.

Operational performance reflected this progress. Total flight production reached 36.146 block hours, a significant increase of more than 5% compared to 34,301 block hours in 2023/24. This growth underscores Jettime’s ability to scale operations effectively and meet rising customer demand. At year-end, the fleet comprised 14 Boeing 737 NG aircraft, an increase of 3 aircraft from previous year, but with preparations underway for further fleet development to balance demand and capacity.

Human capital development was another key focus area. The average number of employees during 2024/25 was 482, up from 449 in 2023/24, while the year-end headcount rose to 482, compared to 457 the previous year. This increase reflects Jettime’s commitment to building a robust workforce capable of supporting operational growth and maintaining service excellence.

Financial results demonstrated resilience and upward momentum. Consolidated revenue for 2024/25 amounted to DKK 1.976 million, a slight decrease from DKK 1,994 million in 2023/24 due to more ACMI traffic. Profit before tax improved to DKK 70 million, compared to DKK 44 million the prior year, signaling enhanced operational efficiency and disciplined cost management. Equity strengthened markedly, rising from DKK 46 million at the end of 2023/24 to DKK 74 million at the close of 2024/25, supported by positive earnings. Cash reserves also improved, reaching DKK 167 million as of 30 September 2025, up from DKK 165 million a year earlier. The total balance sheet grew significantly to DKK 661 million, compared to DKK 621 million in 2023/24.

Management regards these results as satisfactory, particularly given the backdrop of controlled growth during a period still shaped by challenging market dynamics and geopolitical uncertainties, including war-related effects on global markets. The performance reflects Jettime’s ability to adapt, maintain financial stability, and execute its strategic priorities effectively.

Capital resources and liquidity

As of 30 September 2024, the Company’s equity amounted to DKK 46 million. During the financial year 2024/25, equity increased significantly by DKK 30 million, resulting in a closing equity position of DKK 74 million as of 30 September 2025.

The Company maintains a strong capital structure with no external financial debt. Furthermore, the Company has extended loans to related entities totaling DKK 34 million, reflecting its ability to support affiliated operations without compromising its own financial stability.

Management regards these results as satisfactory. Further, management has assessed the Company’s liquidity position and concluded that the combination of current free cash reserves and expected cash flows from planned operations will be sufficient to fund all operational and strategic requirements throughout the financial year 2025/26. This assessment underscores the Company’s robust financial flexibility and prudent liquidity management.

Investments

During the financial year, the Group made total investments of DKK 84 million, reflecting its commitment to maintaining operational reliability and supporting long-term strategic objectives. A significant portion of these investments, amounting to DKK 53 million, was allocated to deposits and maintenance costs associated with operationally leased aircraft.


Management's review

Risks

Price risks

The Company is exposed to price volatility primarily through its consumption of jet fuel and the purchase of CO₂ emission quotas, both of which are subject to significant fluctuations in global energy markets. To mitigate this exposure, the Company pursues an active hedging strategy, aiming to secure energy prices for more than 90% of its anticipated consumption through hedging contracts.

As a general practice, the Company enters into long-term flight agreements with charter operators. Energy price hedging is typically executed either by the Company at the time of contracting—usually at the charter operator’s expense—or directly by the charter operators themselves, who in such cases assume full responsibility for the associated price risk. This approach ensures a high degree of predictability in operating costs and reduces vulnerability to sudden market shifts.

Foreign currency risks

A substantial portion of the Company’s cost base, including jet fuel purchases, lease payments, and other aircraft-related expenses, is denominated in USD. Consequently, fluctuations in the USD exchange rate can materially impact the Company’s profit or loss, cash flows, and equity position.

To manage this risk, the Company adheres to a strict policy of hedging commercial currency exposures. Hedging is primarily achieved through natural hedging, by balancing USD-denominated costs with USD income streams or assets and financial instruments, such as forward exchange contracts and options, to cover expected USD costs within the next 12 months.

The Company does not engage in speculative currency transactions, ensuring that all hedging activities are aligned with operational requirements rather than profit-seeking motives.

Credit risks

Credit risk arises mainly from the Company’s financial assets recognized on the balance sheet. However, the Company’s exposure is considered minimal, as trading terms generally require prepayment from customers prior to flight operations. This policy significantly reduces the likelihood of material credit losses and ensures a strong cash position throughout the operating cycle.

Recognition & measurement

The principles for recognition & measurement are described in the accounting policies in note 1 & note 23.

Subsequent events

No events have occurred after the balance sheet date which affect the Annual Report or the Company’s financial position.

Outlook

The Company have experienced a significant drop in demand for charter flights, especially from Sweden and Finland, however demand for ACMI flights is strong and the Company expects a significant increase in its ACMI production for 2025/26.

The Company expects revenue of around DKK 1.800 million and a profit before tax of between DKK 30 to 50 million in 2025/26.


Management's review

Corporate Social Responsibility

As described under Principal Activities in the Management’s Review, Jettime operates within a business model that prioritizes operational efficiency, customer relations & satisfaction, and responsible growth. Over the past year, the Company has expanded its production capacity and increased its fleet size to meet growing demand. While this development strengthens Jettime’s market position, the Company remains fully aware of the aviation industry’s responsibility to accelerate the transition toward a more environmentally sustainable operation and acknowledges its own role in driving this change.

Jettime’s CSR framework is based on the principles of the United Nations Sustainable Development Goals, with particular emphasis on Goal 12, which focuses on ensuring sustainable consumption and production patterns, and Goal 8, which promotes decent work and economic growth. These goals provide the framework for integrating sustainability into Jettime’s operations, supply chain, and workforce practices.

The Company’s societal impact is multifaceted. As an employer, Jettime is committed to providing safe, fair, and inclusive working conditions. As a purchaser, it seeks to engage suppliers who adhere to ethical and environmental standards. And as a provider of air transport solutions, Jettime strives to deliver services that meet customer expectations while minimizing environmental impact. At the same time, the Company recognizes that its most significant environmental challenge lies in its reliance on fossil fuels, which results in CO₂ emissions. Addressing this issue is central to Jettime’s sustainability strategy.

Jettime is dedicated to continuous improvement in both climate and environmental performance and social responsibility. On the environmental side, the Company focuses on operational measures to reduce fuel consumption and emissions, explores partnerships and technologies that support sustainable aviation, and monitors and reports its environmental performance to ensure transparency and accountability. On the social side, Jettime promotes decent work conditions to a Nordic standard, supports diversity and inclusion, and contributes positively to the communities in which it operates.

The Company’s sustainability efforts are concentrated on practical and operational initiatives designed to lower CO₂ emissions from flight operations. These include optimizing flight planning and maintenance schedules to reduce fuel burn, introducing onboard initiatives that minimize plastic waste and promote recycling, and engaging in new technologies aimed at reducing environmental impact. Several of these initiatives are visible to passengers, reinforcing Jettime’s commitment to responsible service and stakeholder engagement.

Jettime views sustainability not only as an environmental imperative but also as a driver of long-term profitability and resilience. By aligning financial growth with responsible practices, the Company ensures that its success benefits stakeholders, society, and the environment alike.

Risk Matrix

As part of its commitment to corporate social responsibility, Jettime has conducted a thorough assessment of the potential adverse impacts associated with its operations. This evaluation covered key areas including climate and environmental impact, social conditions, employee welfare, human rights, and anti-corruption practices.

Through this process, Jettime identified eight distinct CSR-related risks linked either to the Company’s own production activities or to its suppliers and products. These risks represent areas where heightened attention and proactive management are required to ensure compliance with ethical standards and sustainability objectives.

Each of these identified risks will be addressed in detail throughout this report, outlining the measures Jettime has implemented—or plans to implement—to mitigate potential negative consequences and strengthen responsible business practices across its value chain.


Management's review

Throughout the financial year, Jettime has maintained a strong focus on mitigating two key risk factors identified as having a high likelihood of impact, fossil fuel consumption and CO₂ emissions, and sustainability of onboard food and products. These areas remain central to Jettime’s environmental strategy, given their direct influence on climate impact and customer perception. In parallel, IT security and data protection have been prioritized as critical components of operational resilience, with significant improvements implemented to safeguard sensitive information and ensure compliance with evolving regulatory requirements.

Jettime’s sustainability roadmap for the period 2021–2025 has proven reachable targets:

• A 10% reduction in CO₂ emissions per passenger seat kilometer, reflecting the Company’s commitment to improving fuel efficiency and reducing its carbon footprint.
• A 50% reduction in single-use plastic products onboard, underscoring Jettime’s dedication to minimizing waste and promoting responsible consumption.

While fossil fuels remain indispensable for operating an aircraft fleet, Jettime firmly believes that continuous improvements can be made to reduce fuel consumption and, consequently, lower overall CO₂ emissions. Initiatives include optimizing flight planning, software solutions, and improvements to aircraft aerodynamic and weight. These efforts not only contribute to environmental goals but also support cost optimization and long-term competitiveness.

The onboard service experience represents a highly visible aspect of Jettime’s sustainability work. Over the past year, the Company has replaced a significant range of plastic items with more sustainable alternatives, such as biodegradable materials and reusable solutions. In addition, the meals served on board are free of red meat and our supplier produces the meals using windpower and hold the ISO 14001 certification. These measures are designed to reduce environmental impact while maintaining the quality and comfort expected by our guests on board.

To ensure that sustainability objectives translate into tangible results, Jettime has embedded relevant components of its CSR strategy within the operational departments and teams responsible for implementation. These teams are actively driving projects aimed at reducing CO₂ emissions and eliminating single-use plastics. Oversight and accountability for the overall sustainability plan rest with executive management team, ensuring that progress is monitored, reported, and aligned with strategic priorities.


Management's review

In addition to these initiatives, Jettime had previously commenced preparations to comply with the EU Corporate Sustainability Reporting Directive (CSRD) by the financial year 2025–2026. This process involves identifying and prioritizing areas most relevant to Jettime’s business in terms of environmental and social impact, assessing opportunities for improvement, and addressing obligations. Due to the EU Omnibus package, Jettime is no longer included in the scope for CSRD but although external reporting requirements have been reduced, Jettime will continue to reduce its CO2 emissions and societal impacts. Looking ahead, Jettime will continue to explore innovative solutions to further reduce its environmental footprint, strengthen IT security measures, and enhance the sustainability of onboard services. By integrating these efforts into its core business strategy, Jettime aims to deliver long-term value for stakeholders while contributing positively to global sustainability objectives.

1. Fossil fuel consumptions & CO2 emissions

Reducing carbon dioxide emissions is a fundamental priority in Jettime’s environmental strategy. CO₂ remains the most significant environmental factor for Jettime and the airline industry as a whole. To ensure compliance and transparency, Jettime operates under the EU Emissions Trading System (EU ETS), as defined by EU Directive 2003/87/EC. This regulation requires airlines to monitor, report, and verify their CO₂ emissions, creating a structured framework for accountability.

The work on the improvement measures to achieve lower fuel consumption and CO2 emissions are concentrated on 3 different initiatives;

• Split Scimitar Winglets (Aerodynamic, Weight and Efficiency Improvement)

Jettime’s efforts to reduce fuel consumption and associated emissions are anchored in a combination of technological upgrades, operational improvements, and digital innovation. One major initiative focuses on aerodynamic enhancements through the use of winglets. All Jettime aircraft are equipped with winglets that improve lift and reduce drag, resulting in fuel savings and a reduction in CO₂ emissions of up to 1.8 percent according to Boeing’s official calculations. To further enhance efficiency, Jettime is investing in Split Scimitar Winglets, which provide an additional 1.8 percent reduction in fuel burn and emissions. Management has committed to installing advanced split scimitar winglets on all new aircraft added to the fleet from 2025 onward. Currently, 11 of the 14 aircraft in the fleet are equipped with Split Scimitar Winglets, and the remaining 3 are scheduled for retrofitting during this winter. This investment not only reduces environmental impact but also improves cost efficiency, reinforcing Jettime’s competitive position.

• Cooperation with FuelVision (fuel efficiency application)

Operational behavior is another critical area of focus. Jettime has strengthened its collaboration with FuelVision, a leading fuel optimization platform. Through the FuelVision application, pilots receive actionable insights and adopt best practices during flight operations, such as single-engine taxiing, optimized flap retraction, and idle descent procedures. To ensure consistency, these procedures have been fully integrated into Jettime’s operational procedures manuals and pilot training programs, making them a standard part of flight operations.

Looking ahead, Jettime is committed to continuous improvement and is actively exploring additional initiatives to further reduce emissions and weight of the aircraft. These include advanced route optimization using sophisticated flight planning tools, weight reduction programs through smarter cabin configurations like light weight seats and the adoption of Sustainable Aviation Fuel (SAF) as availability increases.

• Fleet Renewal

At year-end, Jettime operated 1 B737-700 and 13 B737-800 aircraft. Three aircraft has been added to the fleet during this financial year, with two more additions and three redeliveries planned for this winter.


Management's review

The passenger load factor decreased compared to the previous financial year (from 89% to 88%). This reduction results in a slightly increased CO₂ emissions per Passenger Seat Kilometer (PSK). Our target was to achieve a 10% reduction in CO₂ emissions per PSK by the end of 2025, based on the 2018 baseline. So far, we have reached a 9.0% reduction, with an average PSK emission of 66.5 grams of CO₂ during this financial year.

This progress is driven by several initiatives that enhance fuel efficiency and reduce environmental impact. The introduction of split scimitar winglets has improved aerodynamic performance, while minimizing positioning flights has reduced unnecessary fuel consumption. Additionally, the incorporation of FuelVision procedures into pilot operations has optimized fuel management across our network. These measures collectively reinforce our commitment to sustainability and operational excellence.

2. On-Board food and products

Jettime has continued to strengthen its commitment to sustainability by implementing significant changes in onboard service delivery and operational practices. The meals served and the products used in the dry store have been progressively replaced with environmentally responsible alternatives, reflecting the growing availability of sustainable options from our suppliers and aligning with our long-term environmental objectives.

All guest meals served onboard exclude meat from four-legged animals, a deliberate choice to reduce the environmental impact associated with livestock production. Instead, we offer hot dishes featuring lots of vegetables combined with chicken or fully vegetarian options, ensuring both nutritional quality and variety. During this financial year, we introduced an expanded range of meal choices, all adhering to this principle. Our food supplier plays a critical role in supporting these efforts, holding ISO 14001 certification and operating exclusively on wind energy in its production processes. This partnership underscores our commitment to sourcing responsibly and reducing the carbon footprint of our supply chain.

In addition to changes in meal composition, Jettime has taken steps to eliminate single-use plastics wherever possible. Food boxes and bowls are now made from degradable materials, and cutlery has been replaced with EU-certified wooden products. Within the dry store assortment, only plastic glasses remain (however the number of glass alternatives have been reduced) as no suitable alternative has yet been identified. We continue to work closely with suppliers to find viable solutions that meet both safety and sustainability standards.

To further engage passengers in our sustainability journey, both pilots and cabin crew conduct a mandatory “green briefing” on every flight. This initiative enhances the guest experience by providing insight into Jettime’s environmental programs and also encourage our guests to consider the food waste and demonstrating our commitment to becoming a more sustainable airline.

Beyond onboard service, we have made significant progress in reducing paper usage through digitalization. The introduction of Electronic Flight Bags has replaced paper manuals for both pilots and cabin crew, eliminating approximately 20 kilograms of paper from each aircraft. This reduction not only streamlines operational processes but also lowers aircraft weight, contributing to measurable decreases in annual CO₂ emissions. Combined with other initiatives, this step reflects our holistic approach to sustainability, addressing both operational efficiency and environmental impact.

Jettime’s efforts in these areas are part of a broader strategy to integrate sustainability into every aspect of our operations. By continuously innovating and collaborating with responsible partners, we aim to deliver a superior guest experience while reducing our environmental footprint.


Management's review

3. Maintenance Repair (MR) waste – lubricants/chemicals

Jettime operates its own dedicated Technical Department at Copenhagen Airport (CPH), responsible for the maintenance and servicing of the airline’s fleet. As part of these activities, Jettime’s licensed mechanics routinely handle various types of waste materials, including lubricants, hydraulic fluids, and other chemical substances. These materials, if not managed properly, can pose significant health hazards to personnel and create environmental risks such as soil or water contamination. Therefore, strict adherence to safety and environmental standards is essential during all maintenance operations.

To minimize these risks and ensure compliance with environmental regulations, Jettime has established a formal partnership with Stena Recycling, a recognized environmental service provider. Stena Recycling oversees the correct collection, storage, and disposal of hazardous waste and chemicals generated during technical maintenance. This collaboration guarantees that problematic substances are managed in accordance with best practices and legal requirements, thereby reducing the potential for environmental harm and safeguarding employee health.

During the financial year 2024/25, no major incidents or spillages were recorded in connection with Jettime’s technical maintenance activities. This supports the effectiveness of the company’s preventive measures and its commitment to maintaining high safety and environmental standards.

In addition to maintenance operations, Jettime also prioritizes waste management on board its aircraft. Cabin crew members follow established waste-sorting procedures as part of their daily routines. This includes the systematic separation of recyclable materials such as metal cans from general waste, supporting Jettime’s broader sustainability objectives and reducing the environmental footprint of its in-flight services.

4. Employee strikes

Employee strikes represent a significant operational risk for any airline, as they can severely disrupt flight schedules, compromise service quality, and negatively impact the overall passenger experience. For Jettime, maintaining reliability and fulfilling its customer promise is a top priority, and any interruption caused by industrial action could have far-reaching consequences for both reputation and financial performance.

Since Jettime’s inception, the company has successfully avoided strikes across all employee groups, reflecting a culture of dialogue and collaboration. This track record demonstrates Jettime’s commitment to fostering a positive working environment and addressing employee concerns proactively before they escalate into disputes. Jettime offers working conditions well above average Europe standards. The “Nordic way” may be more expensive vs. competitors but ensures job motivation and retention.

Jettime operates under seven collective agreements covering distinct employee groups across three countries—Denmark, Sweden, and Finland. These agreements provide a structured framework for negotiations and dispute resolution, reducing the likelihood of conflicts. Currently, all cooperation takes place within the boundaries of national legislation and sector-specific agreements, ensuring that employee rights are respected while maintaining operational stability. Jettime anticipates continued constructive engagement with these unions in the years ahead.

To further mitigate the risk of potential strikes, Jettime has implemented comprehensive policies focused on workplace safety, fair working conditions, and employee well-being. These policies are designed to ensure compliance with national labor standards and to strengthen the dialogue between management and staff.

In addition to union partnerships, Jettime strengthened its position by joining key employer organizations. Jettime AB is a member of “Svenskt Näringsliv” in Sweden, while the parent company Jettime A/S is a member of “Dansk Industri” and “Brancheforeningen for Dansk Luftfart” in Denmark. These memberships provide Jettime with access to industry expertise, legal support, and collective bargaining resources, enhancing the company’s resilience against potential labor disputes. By leveraging these networks, Jettime ensures that it remains well-prepared to manage any challenges related to employee relations, thereby safeguarding operational continuity and customer satisfaction.


Management's review

5. Physical Working Environment

Jettime recognizes its responsibility as an employer to provide safe, healthy, and supportive working conditions for all employees. A well-functioning physical work environment is essential not only for employee well-being but also overall job satisfaction. The company continuously strives to maintain high standards in workplace safety and ergonomics, ensuring that employees can perform their duties in a secure and comfortable setting.

To formalize this commitment, Jettime has a comprehensive Health, Safety, and Environment (HSE) Policy, supported by a dedicated Health, Safety, and Environment Committee. This committee plays a central role in monitoring compliance with relevant legislation and internal policies, addressing health, safety, and environmental aspects across all work areas. The committee includes representatives from four distinct employee groups, as well as Jettime Oy in Finland, ensuring broad representation and inclusivity. Meetings are held quarterly, providing a structured forum for dialogue, evaluation of workplace conditions, and identification of improvement opportunities.

Jettime also prioritizes employee health beyond the workplace. Employees in Denmark and Finland benefit from private health insurance coverage, which offers access to a wide range of treatments and preventive services. This insurance is fully funded by Jettime through the company’s pension scheme or direct payment , reflecting a strong commitment to employee welfare and long-term health support.

In addition, Jettime maintains an open and constructive dialogue with union representatives to safeguard labor rights and prevent violations. Should any potential issue arise concerning an employee’s terms of employment, Jettime works closely with the relevant union to ensure a fair and transparent resolution. This collaborative approach reinforces trust between management and employees and underscores Jettime’s dedication to ethical employment practices.

By combining proactive health and safety measures, comprehensive insurance benefits, and strong union cooperation, Jettime ensures that its physical working environment meets the highest standards of safety, compliance, and employee care.


Management's review

6. Bribery and Corruption

Jettime maintains a strict Code of Conduct that sets clear expectations for ethical behavior across all business relationships. This code explicitly addresses anti-corruption and anti-bribery principles, ensuring that both Jettime employees and external partners adhere to the highest standards of integrity. The Code of Conduct is not merely a guideline—it is a contractual requirement for relevant suppliers and subcontractors, forming a cornerstone of Jettime’s compliance framework.

Operating primarily within the Nordic region, Jettime benefits from a regulatory environment characterized by strong governance and rigorous enforcement of anti-corruption laws. Local authorities in Denmark, Sweden, and Finland impose strict compliance obligations, which significantly reduce the likelihood of corruption or bribery within Jettime’s operations. Based on this context, management assesses the overall risk of involvement in corrupt practices as very limited. Nevertheless, Jettime adopts a proactive stance to ensure that this risk remains minimal.

As part of its procurement and supplier management processes, Jettime requires all relevant subcontractors to sign the Code of Conduct during contract negotiations. This step ensures that suppliers commit to the same ethical standards as Jettime, including zero tolerance for bribery, corruption, and any form of unethical business conduct. Jettime expects its partners to demonstrate integrity consistently, not only in dealings with Jettime but across all aspects of their operations.

To reinforce these commitments, Jettime conducts ongoing monitoring and follow-up with suppliers. This includes reviewing compliance with anti-corruption measures as well as broader ethical practices such as anti-competitive behavior, anti-trust compliance, and avoidance of monopoly practices. During the financial year 2024/25, Jettime identified no breaches in these areas, confirming the effectiveness of its governance approach. The company anticipates that this strong compliance record will continue, supported by robust internal controls and transparent supplier relationships.

By embedding anti-corruption principles into its operational framework and supplier agreements, Jettime safeguards its reputation, ensures compliance with legal requirements, and promotes fair competition. This approach reflects Jettime’s broader commitment to responsible business practices and sustainable partnerships.

7. Human Rights Compliance

Jettime does not maintain a standalone human rights policy; however, as an operator in the Nordic region where human rights protections are deeply embedded in law and culture adherence to these is considered a fundamental and non-negotiable aspect of our operations. The Nordic countries are recognized globally for their strong regulatory frameworks and high standards of labor rights, equality, and social responsibility. Consequently, management assesses the risk of Jettime’s activities negatively impacting human rights as very low. Despite this, Jettime remains committed to adhering to all relevant legislation, both locally and internationally, and integrates human rights considerations into its broader governance and operational practices.

To strengthen transparency and accountability, Jettime launched a formal Whistleblower Reporting Platform in September 2022. Accessible via the company intranet, this platform provides employees with a secure and confidential channel to report concerns related to bribery, corruption, discrimination, or potential human rights violations. The system is administered by an independent external law firm to ensure impartiality and trust. During the financial year 2024/25—and in previous years—no reports were filed, reflecting both the effectiveness of Jettime’s preventive measures and the company’s strong ethical culture.

Jettime also prioritizes fair working conditions through proactive engagement with labor unions. In the coming year Jettime will commence renewal of five of the seven collective agreements.

The company’s Employee Handbook outlines general corporate policies applicable to all employees, complemented by Jettime’s Just Culture Policy. This policy encourages openness and learning by allowing employees to report safety-related issues anonymously and without fear of reprisal. By fostering transparency and accountability, Jettime promotes a safer and more communicative work environment where errors and incidents are addressed constructively.

Gender composition


Management's review

Jettime is committed to promoting diversity and equal opportunities across all levels of the organization. At the end of the financial year 2024/25, the gender composition was as follows:

Jettime’s Senior Management is defined by the Company’s Executive Team – consisting of the CEO, CCO, VP Technical, VP Flight Operations and VP Finance & Business Support,, VP Management Support and Head of Sales.

Jettime has set these diversity targets:

• Board of Directors: At least one person of each gender by the end of 2028.
• Senior Management: At least two persons of each gender.

These targets were not met during the financial year 2024/25, as no changes or new appointments occurred at the Board level. However, each Board meeting includes participation from senior management, ensuring female representation in strategic discussions. Jettime continues to work toward achieving these goals through leadership development programs and inclusive recruitment practices.

To support gender balance, Jettime conducts internal leadership training for mid-level managers, aiming to prepare both male and female employees for advancement to senior roles. Additionally, Jettime strives to ensure that both genders are represented in final job interviews for new hires, reinforcing its commitment to diversity. Despite these efforts, challenges remain—particularly in pilot recruitment, where the availability of qualified female candidates is extremely limited industry-wide.


Management's review

8. Data exposure & data ethics

Jettime places the highest priority on safeguarding data and ensuring compliance with all applicable regulations. As part of its commitment to data protection, Jettime fully adheres to the General Data Protection Regulation (GDPR). This includes conducting regular internal audits according to a fixed schedule, overseen by system owners, to verify compliance and identify areas for improvement. These audits ensure that personal data is handled responsibly and that all processes align with legal requirements and best practices.

In addition to GDPR compliance, Jettime is actively working toward implementing NIS2 compliance, which introduces enhanced cybersecurity obligations for organizations operating in critical sectors. This initiative reflects Jettime’s proactive approach to strengthening resilience against cyber threats and ensuring robust protection of sensitive information.

Operating within a highly regulated industry, Jettime has already established stringent standards for IT security. These measures encompass secure system architecture, controlled access protocols, and continuous monitoring to prevent unauthorized data breaches. Recognizing the evolving nature of cyber risks, Jettime is currently evaluating additional steps to further enhance its IT security and data protection framework. This includes adopting advanced technologies, improving incident response capabilities, and reinforcing employee awareness through targeted training programs.

Data ethics and governance are embedded in Jettime’s IT Policy Manual, specifically in Section 9, which outlines the company’s data policy. This section provides clear guidelines on how to protect personal and confidential information, manage access rights, and ensure responsible data handling across all operations. Jettime is committed to maintaining transparency and accountability in data management and is actively working to strengthen these principles.

To support these efforts, Jettime collaborates with external IT security experts, leveraging their specialized knowledge to assess vulnerabilities and implement best-in-class solutions. Furthermore, Jettime has established Data Processing Agreements (DPAs) with all relevant suppliers, ensuring that third-party partners adhere to the same high standards of data protection and security.

By combining regulatory compliance, robust IT security measures, and strong ethical governance, Jettime ensures that all data—whether internal or customer-related—is managed securely and responsibly. These initiatives underscore Jettime’s dedication to protecting privacy, maintaining trust, and meeting the highest standards of digital integrity.


Income statement 1 October 2024 - 30 September 2025

19

Group

Parent company

(TDKK)

Note

2024/25

2023/24

2024/25

2023/24

Revenue

2

1,976,204

1,993,733

1,976,203

1,993,733

Direct expenses

- 1,488,286

- 1,580,076

- 1,488,286

- 1,580,076

Other external expenses

- 71,442

- 70,725

- 116,782

- 101,301

Gross profit				416,476		342,932		371,135		312,356

Staff expenses

3

- 334,031

- 289,452

- 289,681

- 259,536

Amortisation, depreciation and impairment losses of intangible assets and property, plant and equipment

- 7,580

- 5,325

- 7,580

- 5,325

Profit/loss before financial income and expenses				74,865		48,155		73,874		47,495

Income from investments in subsidiaries

0

862

582

Income from investments in associates

- 95

- 288

- 95

- 288

Financial income

4

4,237

3,746

4,233

3,732

Financial expenses

5

- 8,563

- 7,624

- 8,548

- 7,649

Profit/loss before tax				70,444		43,989		70,326		43,872

Tax on profit/loss for the year

6

- 13,723

9,022

- 13,605

9,139

Net profit/loss for the year		7		56,721		53,011		56,721		53,011


Balance sheet 30 September 2025

Assets

Group

Parent company

(TDKK)

Note

2024/25

2023/24

2024/25

2023/24

Acquired licenses

0

Acquired trademarks

3,328

4,483

3,328

4,483

Acquired other similar rights

54,135

129,858

54,135

129,858

Intangible assets		8		57,463		134,341		57,463		134,341

Land and buildings

9,114

10,049

9,114

10,049

Other fixtures and fittings, tools and equipment

181

254

181

254

Airplanes

40,555

9,842

40,555

9,842

Property, plant and equipment in progress

22,819

25,300

22,819

25,300

Property, plant and equipment		9		72,669		45,445		72,669		45,445

Investments in subsidiaries

10

0

2,175

1,296

Investments in associates

11

1,145

1,240

1,145

1,240

Receivables from group enterprises

12

34,142

30,000

34,142

30,000

Deposits

12

40,647

20,975

40,647

20,975

Other receivables

12

152,067

140,570

152,067

140,570

Fixed asset investments				228,001		192,785		230,176		194,081

Fixed assets				358,133		372,571		360,308		373,867

Inventories		13		16,411		8,722		16,411		8,722

Trade receivables

30,278

7,608

30,186

7,608

Receivables from group enterprises

0

1,072

Receivables from associates

809

0

809

0

Other receivables

15,013

12,728

14,720

12,385

Deferred tax asset

14

21,912

18,918

21,912

18,918

Corporation tax

168

204

0

Prepayments

51,779

29,423

51,779

29,423

Receivables				119,959		68,881		119,406		69,406

Cash at bank and in hand				166,706		164,590		165,933		163,177

Current assets				303,076		242,193		301,750		241,305

Assets				661,209		614,764		662,058		615,172


Balance sheet 30 September 2025

Liabilities and equity

Group

Parent company

(TDKK)

Note

2024/25

2023/24

2024/25

2023/24

Share capital

1,000

Reserve for net revaluation under the equity method

0

2,175

1,296

Reserve for hedging transactions

1,127

- 5,317

1,127

- 5,317

Reserve for exchange rate conversion

- 3

- 20

0

Retained earnings

71,683

49,962

69,505

48,646

Equity				73,807		45,625		73,807		45,625

Other provisions

15

267,292

223,043

267,292

223,043

Provisions				267,292		223,043		267,292		223,043

Corporation tax

18,416

7,256

18,416

7,256

Long-term debt		16		18,416		7,256		18,416		7,256

Prepayments received from customers

92,600

90,720

92,600

90,720

Trade payables

86,161

82,019

86,051

81,559

Payables to group enterprises

0

5,606

3,762

Other payables

122,933

166,101

118,286

163,207

Short-term debt				301,694		338,840		302,543		339,248

Debt				320,110		346,096		320,959		346,504

Liabilities and equity				661,209		614,764		662,058		615,172

Uncertainty relating to recognition and measurement

1

Contingent assets, liabilities and other financial obligations

19

Related parties

20

Fee to auditors appointed at the general meeting

21

Subsequent events

22

Accounting Policies

23


Statement of changes in equity

22

Group

(TDKK)

Share capital

Reserve for hedging transactions

Reserve for exchange rate conversion

Retained earnings

Total

Equity at 1 October	1,000	- 5,317	- 20	49,962	45,625
Exchange adjustments	0	0	17	0	17
Extraordinary dividend paid	0	0	0	- 35,000	- 35,000
Fair value adjustment of hedging instruments	0	8,261	0	0	8,261
Tax on equity movements	0	- 1,817	0	0	- 1,817
Net profit/loss for the year	0	0	0	56,721	56,721
Equity at 30 September	1,000	1,127	- 3	71,683	73,807

Parent company

(TDKK)

Share capital

Reserve for net revaluation under the equity method

Reserve for hedging transactions

Retained earnings

Total

Equity at 1 October	1,000	1,296	- 5,317	48,646	45,625
Exchange adjustments	0	17	0	0	17
Extraordinary dividend paid	0	0	0	- 35,000	- 35,000
Fair value adjustment of hedging instruments	0	0	8,261	0	8,261
Tax on equity movements	0	0	- 1,817	0	- 1,817
Net profit/loss for the year	0	862	0	55,859	56,721
Equity at 30 September	1,000	2,175	1,127	69,505	73,807


Cash flow statement 1 October 2024 - 30 September 2025

23

Group

(TDKK)

Note

2024/25

2023/24

Result of the year

56,721

53,011

Adjustments

17

25,662

484

Change in working capital

18

- 51,942

183,832

Cash flow from operations before financial items 30,441 237,327

Financial income

4,237

3,746

Financial expenses

- 8,563

- 7,624

Cash flows from ordinary activities 26,115 233,449

Corporation tax paid

- 7,259

- 19,639

Cash flows from operating activities 18,856 213,810

Purchase of intangible assets

75,723

- 97,268

Purchase of property, plant and equipment

- 33,649

- 25,550

Fixed asset investments made etc

- 19,672

- 53

Cash flows from investing activities 22,402 - 122,871

Repayment of payables to group enterprises

- 4,142

- 30,000

Dividend paid

- 35,000

0

Cash flows from financing activities - 39,142 - 30,000

Change in cash and cash equivalents 2,116 60,939

Cash and cash equivalents at 1 October

164,590

103,651

Cash and cash equivalents at 30 September 166,706 164,590

Cash and cash equivalents are specified as follows:

Cash at bank and in hand

166,706

164,590

Cash and cash equivalents at 30 September 166,706 164,590

The accumulated cost for purchases of CO2 quotas in the financial year, which has still not been utilized are presented as part of the investing activities in the cash flow statement. The cost price for utilized Co2-quotas in the financial year are presented as operating cash flow.


Notes to the Financial Statements

1.

Uncertainty relating to recognition and measurement

In connection with the preparation of the financial statements, management applies accounting estimates and judgements. Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group accrues for future aircraft maintenance. The future costs for aircraft maintenance is subject to accounting estimates. Such accounting estimates are subject to more uncertainty due to i.e. changes in pricing for the separate events. The Group has recognized a receivable regarding future maintenance (prepayments) which is expected to offset future aircraft costs. The utilization of the receivable is subject to uncertainty due to the expected share of future maintenance costs to be covered by the receivable etc.

The Group has recognised a deferred tax asset which are expected to be utilized within a short period of time. The tax asset primarily relates to accruals for future maintenance. Uncertainty exist in relation to the exact timing of the utilization.

2.

Revenue

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Geographical segments

Revenue, Scandinavia

1,976,204

1,993,733

1,976,203

1,993,733

		1,976,204		1,993,733		1,976,203		1,993,733

Business segments

Charter and ad hoc

1,731,200

1,911,944

1,731,200

1,911,944

ACMI

245,004

81,789

245,003

81,789

		1,976,204		1,993,733		1,976,203		1,993,733


Notes to the Financial Statements

25

3.

Staff expenses

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Wages and salaries

300,030

261,732

262,127

235,903

Pensions

29,337

23,832

24,483

20,363

Other social security expenses

4,664

3,888

3,071

3,270

		334,031		289,452		289,681		259,536

Including remuneration to the Executive Board and Board of Directors:

Executive board

3,755

Board of directors

2,471

6,226 6,226

Including remuneration to the Executive Board and Board of Directors 4,700 4,700

Average number of employees		482		449		402		396

4.

Financial income

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Interest from group enterprises

1,208

1,746

1,208

1,746

Other financial income

3,029

2,000

3,025

1,986

		4,237		3,746		4,233		3,732

5.

Financial expenses

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Other financial expenses

4,617

6,238

4,593

6,198

Exchange loss

3,946

1,386

3,955

1,451

		8,563		7,624		8,548		7,649


Notes to the Financial Statements

26

6.

Income tax expense

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Current tax for the year

17,865

7,433

17,747

7,316

Deferred tax for the year

- 2,449

- 18,918

- 2,449

- 18,918

Adjustment of tax concerning previous years

669

0

669

0

Adjustment of deferred tax concerning previous years

- 545

0

- 545

0

		15,540		-11,485		15,422		-11,602

thus distributed:

Income tax expense

13,723

- 9,022

13,605

- 9,139

Tax on equity movements

1,817

- 2,463

1,817

- 2,463

		15,540		-11,485		15,422		-11,602

7.

Profit allocation

Parent company

(TDKK)

2024/25

2023/24

Extraordinary dividend paid

35,000

0

Reserve for net revaluation under the equity method

862

582

Retained earnings

20,859

52,429

56,721 53,011


Notes to the Financial Statements

27

8.

Intangible fixed assets

Group

Parent company

(TDKK)

Acquired licenses

Acquired trademarks

Acquired other similar rights

Acquired licenses

Acquired trademarks

Acquired other similar rights

Cost at 1 October	559	6,250	129,858	559	6,250	129,858
Additions for the year	0	0	35,790	0	0	35,790
Disposals for the year	0	0	- 111,513	0	0	- 111,513
Cost at 30 September	559	6,250	54,135	559	6,250	54,135

Impairment losses and amortisation at 1 October	559	1,767	0	559	1,767	0
Amortisation for the year	0	1,155	0	0	1,155	0
Impairment losses and amortisation at 30 September	559	2,922	0	559	2,922	0

Carrying amount at 30 September	0	3,328	54,135	0	3,328	54,135

Amortised over	3-8 years	5 years		3-8 years	5 years

9.

Property, plant and equipment

Group

(TDKK)

Land and buildings

Other fixtures and fittings, tools and equipment

Airplanes

Property, plant and equipment in progress

Cost at 1 October	14,000	4,722	15,393	25,300
Additions for the year	0	0	0	33,649
Transfers for the year	0	0	36,130	- 36,130
Cost at 30 September	14,000	4,722	51,523	22,819

Impairment losses and depreciation at 1 October	3,951	4,468	5,551	0
Depreciation for the year	935	73	5,417	0
Impairment losses and depreciation at 30 September	4,886	4,541	10,968	0

Carrying amount at 30 September	9,114	181	40,555	22,819

Amortised over	15 years	3-5 years	3-10 years


Notes to the Financial Statements

28

9.

Property, plant and equipment (continued)

Parent company

(TDKK)

Land and buildings

Other fixtures and fittings, tools and equipment

Airplanes

Property, plant and equipment in progress

Cost at 1 October	14,000	4,722	15,393	25,300
Additions for the year	0	0	0	33,649
Transfers for the year	0	0	36,130	- 36,130
Cost at 30 September	14,000	4,722	51,523	22,819

Impairment losses and depreciation at 1 October	3,951	4,468	5,551	0
Depreciation for the year	935	73	5,417	0
Impairment losses and depreciation at 30 September	4,886	4,541	10,968	0

Carrying amount at 30 September	9,114	181	40,555	22,819

Amortised over	15 years	3-5 years	5 years

10.

Investments in subsidiaries

Parent company

(TDKK)

2024/25

2023/24

Cost at 1 October

0

Cost at 30 September 0 0

Value adjustments at 1 October

1,296

699

Exchange adjustment

17

15

Net profit/loss for the year

862

582

Value adjustments at 30 September 2,175 1,296

Carrying amount at 30 September 2,175 1,296

Investments in subsidiaries are specified as follows:

Name

Place of registered office

Ownership

Jettime OY

Finland

100 %

Jettime AB

Sweden

100 %


Notes to the Financial Statements

29

11.

Investments in associates

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Cost at 1 October

2,250

Cost at 30 September		2,250		2,250		2,250		2,250

Value adjustments at 1 October

- 1,010

- 722

- 1,010

- 722

Net profit/loss for the year

127

- 66

127

- 66

Amortisation of goodwill

- 222

Value adjustments at 30 September		- 1,105		- 1,010		- 1,105		- 1,010

Carrying amount at 30 September		1,145		1,240		1,145		1,240

Positive differences arising on initial measurement of associates at net asset value		2,224		2,224		2,224		2,224

Investments in associates are specified as follows:

Name

Place of registered office

Share capital

Ownership

Fuel Vision ApS

Copenhagen

TDKK 53

25 %

12.

Other fixed asset investments

Group

Parent company

(TDKK)

Receivables from group enterprises

Deposits

Other receivables

Receivables from group enterprises

Deposits

Other receivables

Cost at 1 October	30,000	20,975	140,570	30,000	20,975	140,570
Exchange adjustment	0	- 848	- 6,212	0	- 848	- 6,212
Additions for the year	24,142	21,241	47,203	24,142	21,241	47,203
Disposals for the year	- 20,000	- 721	- 29,494	- 20,000	- 721	- 29,494
Cost at 30 September	34,142	40,647	152,067	34,142	40,647	152,067

Carrying amount at 30 September	34,142	40,647	152,067	34,142	40,647	152,067

Other receivables consists of receivables regarding future maintenance. Of other receivables on TDKK 152,067, TDKK 43,849 is falling due within 1 year.


Notes to the Financial Statements

30

13.

Inventories

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Raw materials and consumables

16,411

8,722

16,411

8,722

		16,411		8,722		16,411		8,722

14.

Deferred tax asset

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Deferred tax asset at 1 October

18,918

0

18,918

0

Amounts recognised in the income statement for the year

4,808

16,455

4,266

16,455

Amounts recognised in equity for the year

-1,814

2,463

-1,272

2,463

Deferred tax asset at 30 September		21,912		18,918		21,912		18,918

The recognised tax asset primarily relates to accruals for future aircraft maintenance. The recognised tax asset is expected to be used within a short period of time.

15.

Other provisions

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Accrued delay costs

12,523

12,153

12,523

12,153

Provision, aircraft maintenance

254,769

210,890

254,769

210,890

		267,292		223,043		267,292		223,043

The provisions are expected to mature as follows:

Within 1 year

65,189

108,142

65,189

108,142

Between 1 and 5 years

202,103

114,901

202,103

114,901

After 5 years

0

		267,292		223,043		267,292		223,043


Notes to the Financial Statements

31

16.

Long-term debt

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.

The debt falls due for payment as specified below:

Corporation tax

After 5 years

0

Between 1 and 5 years

18,416

7,256

18,416

7,256

Long-term part		18,416		7,256		18,416		7,256

Within 1 year

0

		18,416		7,256		18,416		7,256

17.

Cash flow statement - Adjustments

Group

(TDKK)

2024/25

2023/24

Financial income

- 4,237

- 3,746

Financial expenses

8,563

7,624

Depreciation, amortisation and impairment losses, including losses and gains on sales

7,580

5,325

Income from investments in associates

95

288

Tax on profit/loss for the year

13,723

- 9,022

Other adjustments

-62

15

25,662 484

18.

Cash flow statement - Change in working capital

Group

(TDKK)

2024/25

2023/24

Change in inventories

- 7,689

- 867

Change in receivables

- 59,617

124,745

Change in other provisions

44,249

- 113,650

Change in trade payables, etc

- 37,146

184,799

Fair value adjustments of hedging instruments

8,261

- 11,195

- 51,942 183,832


Notes to the Financial Statements

19.

Contingent assets, liabilities and other financial obligations

Group

Parent company

(TDKK)

2024/25

2023/24

2024/25

2023/24

Rental and lease obligations

Lease obligations under operating leases. Total future lease payments:

Within 1 year

187,452

140,948

187,452

140,948

Between 1 and 5 years

536,059

446,856

536,059

446,856

After 5 years

168,596

172,575

168,596

172,575

		892,107		760,379		892,107		760,379

Aircraft leases		879,769		745,815		879,769		745,815

Rental of property, hangar, etc		12,339		14,564		12,339		14,564

Guarantee obligations

Foreign payment guarantees		3,330		3,326		3,330		3,326

Other contingent liabilities

As of 30 September 2025 the company has pledged balances in bank accounts as security for bank facilities and issued payment guarantees. The pledged accounts amounts to TDKK 13,430 as of 30 September 2025.

The company is taxed jointly with the parent company JT3H ApS and other danish group companies. The current tax expense is allocated among the companies of the Danish tax pool in proportion to their taxable income (full absorption with refunds for the losses).

20.

Related parties

Basis

Controlling interest

JT3H ApS, c/o Nosca A/S, Østergade 4, 4690 Haslev

Jettime A/S is part of the consolidated report for JT3H ApS

Majority shareholder and ultimate owner

Transactions

Transactions are conducted on market terms and conditions.

21.

Fee to auditors appointed at the general meeting

With reference to section 96(3) of the Danish Financial Statements Act, note with fee to auditor appointed at the general meeting is included in the consolidated financial statements of JT3H ApS.


Notes to the Financial Statements

22.

Subsequent events

No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.


Notes to the Financial Statements

23.

Accounting policies

The Annual Report of Jettime a/s for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.

The Consolidated Financial Statements and the Parent Company Financial Statements for 2024/25 are presented in TDKK.

Changes in accounting policies

In 2024/25 Management has decided to the change the accounting policies for presentation of Co2 quotas from a net to a gross basis.

Due to the change in the accounting policies the comparative figures has been restated. As a result there has been an increase of the Group's assets and liabilities of TDKK 93,837 as of 30 September 2024. The change has no effect on profit of the year or the equity.

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.

Basis of consolidation

The Consolidated Financial Statements comprise the Parent Company, Jettime a/s, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.

On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.

The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation.

Leases

Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group.

The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.

All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.


Notes to the Financial Statements

23.

Accounting policies (continued)

All leases of aircrafts are considered operating leases.

Translation policies

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.

Derivative financial instruments

Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively.

Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting.

Hedge accounting

Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.

Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.

Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement.

Segment information on revenue

Information on business segments and geographical segments based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments.

Income statement

Revenue

Income from the sale of charter and ACMI flights is recognised in the income statement on the departure date.

Income from the sale of duty-free and non-duty-free goods, included and reported as “Ancillary and Other”, is recognised in the income statement on delivery date. Revenue is recognised exclusive of VAT, taxes and sales discounts.


Notes to the Financial Statements

23.

Accounting policies (continued)

Direct expenses

Production costs
Production costs comprise e.g. costs of fuel, charges in connection with air transport and other costs of maintenance and operation of the aircraft fleet including lease costs.

Lease costs
The Company has entered into agreements on operating leases of aircraft. Payments relating to operating leases are recognized in the income statement over the term of the lease.

Other external expenses

Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.

Staff expenses

Staff costs comprise wages, salaries, pension and social security costs to own staff and hired full-time consultants.

Amortisation, depreciation and impairment losses

Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. CO2-quotas are expensed as production costs when utilized.

Income from investments in associates

The item “Income from investments in associates” in the income statement includes the proportionate share of the profit for the year.

Financial income and expenses

Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments.

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 wholly owned Danish and other Danish group companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.

Balance sheet

Intangible fixed assets

Acquired trademarks and acquired licenses are measured at the lower of cost less accumulated amortisation and recoverable amount. Acquired trademarks are amortised on a straight-line basis over its useful life, which is assessed to be 5 years. Acquired licenses are amortised over the licence period; however not exceeding 3-8 years.

Other similar rights consist of CO2-quotas. The CO2-quotas are measured at cost. The cost price for CO2-quotas are recognized based on the expected average price for the CO2-quotas used in the financial year. CO2-quotas are expensed when utilized over production costs in the financial statements.


Notes to the Financial Statements

23.

Accounting policies (continued)

Property, plant and equipment

Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.

Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.

Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:

Buildings

15 years

Other fixtures and fittings, tools and equipment

3-5 years

Airplanes

3-10 years

Airplanes consists of fixed installations on the leased aircrafts and the useful lives are based on the lease period according to the lease agreement.

The fixed assets’ residual values are determined at nil.

Impairment of fixed assets

The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.

If so, the asset is written down to its lower recoverable amount.

Investments in associates

Investments in associates are recognised and measured under the equity method.

The item “Investments in associates” 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 associates 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 associates.

Associates 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.

Other fixed asset investments

Other fixed asset investments consist of Deposits, Receivable future maintenance and Receivables from group enterprises.

Deposits are initially recognized at cost. Subsequently, deposits denominated in foreign currencies are measured at the exchange rate at the balance sheet date.

Receivable future maintenance comprises the contribution made to lessors for future maintenance work which is recognized to the extent that the payments are expected to be reimbursed at the time of incurrence of future maintenance costs.


Notes to the Financial Statements

23.

Accounting policies (continued)

Inventories

Inventories are measured at the lower of cost under the FIFO method and net realisable value.

The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.

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 subsequent financial years.

Provisions

Other provisions consist of provision for future maintenance work on aircrafts, provision for the costs of returning aircraft on operating leases and accrued delay costs. Provisions are initially recognized at cost and are subsequently measured at net realisable value or value in use.

Deferred tax assets and liabilities

Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.

Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.

Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.

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

Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.

Other debts are measured at amortised cost, substantially corresponding to nominal value.

Cash Flow Statement

With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.


Notes to the Financial Statements

23.

Accounting policies (continued)

The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.

Cash flows from operating activities

Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.

Cash flows from investing activities

Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.

Cash flows from financing activities

Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.

Cash and cash equivalents

Cash and cash equivalents comprise ”Cash at bank and in hand”.

The cash flow statement cannot be immediately derived from the published financial records.

Financial Highlights

Explanation of financial ratios

Gross margin

Gross profit x 100 / Revenue

Operating margin

Operating profit/loss x 100 / Revenue

Current ratio

Current assets at year end x 100 / Total current liabilities at year end

Solvency ratio

Equity at year end x 100 / Total assets at year end