Entity details

Statement by Management

Independent auditor's report

Management commentary

Income statement for 2024/25

Balance sheet at 31.05.2025

Statement of changes in equity for 2024/25

Notes

Accounting policies

Entity details

Entity

Auxo ApS

Lillebæltsvej 62

6715Esbjerg N

Business Registration No.: 34877939

Registered office: Esbjerg

Financial year: 01.06.2024- 31.05.2025

Board of Directors

Lars Thorsgaard Jensen, chairman

Thomas Osmund Jensen

Jacob Østergaard Bergenholtz

Executive Board

Thomas Osmund Jensen

Klaus Pierre Bisgaard Rasmussen

Casper Dahl Thomsen

Auditors

Deloitte Statsautoriseret RevisionspartnerselskabCity Tower, Værkmestergade 2 8000 Aarhus C

Statement by Management

The Board of Directors and the Executive Board have today considered and approved the annual report of Auxo ApS for the financial year 01.06.2024 - 31.05.2025.

The annual report is presented in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.05.2025and of the results of its operations for the financial year 01.06.2024 - 31.05.2025.

We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.

We recommend the annual report for adoption at the Annual General Meeting.

Esbjerg, 20.10.2025

Executive Board

Thomas Osmund Jensen

Klaus Pierre Bisgaard Rasmussen

Casper Dahl Thomsen

Board of Directors

Lars Thorsgaard Jensen

chairman

Thomas Osmund Jensen

Jacob Østergaard Bergenholtz

Independent auditor's report

To the shareholders of Auxo ApS

Opinion

We have audited the financial statements of Auxo ApS for the financial year01.06.2024 - 31.05.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant 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 Entity’s financial position at31.05.2025and of the results of its operations for the financial year 01.06.2024 - 31.05.2025 in accordance with the Danish Financial Statements Act.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's responsibilities for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’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 Entity’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 Entity to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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 commentary

Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.

Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.

Aarhus, 20.10.2025

Deloitte

Statsautoriseret Revisionspartnerselskab

CVR No. 33963556

Jacob Nørmark

State Authorised Public Accountant

Identification No (MNE) mne30176

Management commentary

Financial highlights

Key figures

Gross profit/loss

97,912

80,352

50,137

28,772

16,130

Operating profit/loss

36,153

22,855

25,152

15,101

7,331

Net financials

(1,049)

(294)

(346)

(207)

(114)

Profit/loss for the year

27,242

17,658

19,327

11,568

5,606

Total assets

144,719

88,451

47,346

31,314

11,301

Investments in property, plant and equipment

3,686

4,303

230

681

Equity

64,920

39,613

23,358

14,003

2,436

Ratios

Return on equity (%)

52.12

56.08

103.46

140.74

163.30

Equity ratio (%)

44.86

44.79

49.33

44.72

21.56

The company has merged with the former 'Aveo ApS' in the financial year 2023/24. The merger took place with accounting effect from 01.06.2023, and therefore with effect for the full financial year 2023/24. The merger has been carried out in accordance with the book-value method, thus leading to a lack of comparability with the financial year 2022/23 and previous financial years.

Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.

Return on equity (%) :

Profit/loss for the year * 100Average equity

Equity ratio (%) :

Equity * 100Total assets

Primary activities

The company's activities comprise web and marketing solutions to small and medium-sized businesses in Denmark. Our primary focus is consulting, delivery and optimization of online marketing - we have an analytical approach and a good understanding of what works and how the customer can use their website, Facebook, LinkedIn etc. tostrengthen and grow their business.

Development in activities and finances

The financial year of 2024/25 has primarily been used to merge the two companies of ErhvervsWebdesign and Aveo. Management is very satisfied with the progress made during the financial year and the merger is fully completed and the merged companies are fully integrated. Furthermore, the company acquired Ravn Hjemmesider thus expanding its footprint in the market. Ravn Hjemmesider is also fully integrated into Auxo. During the financial year, work in progress increased significantly from DKK 55.9 million to DKK 105.0 million. This development primarily reflects strong sales growth and an increase in ongoing customer projects. Management views this as a positive investment in future earnings and long-term growth for the company.

Profit/loss for the year in relation to expected developments

The company achieved EBITDA of 39.0 mDKK in the financial year 2024/25. This is an increase of 57% compared to 2023/24. Furthermore, the company managed to generate a profit after tax for the year of 27.2 mDKK increasing 54% from 17.7 mDKK in 2023/24. Management considers this result satisfactory. Equity increased to 64.9 mDKK as of 31 May 2025 from 39.6 mDKK as of 31 May 2024.

Outlook

For the financial year 2025/26 the company expects to realize EBITDA between 47.5 – 52.5 mDKK while lifting profit for the year to 27.5 – 32.5 mDKK.

Research and development activities

The company has intangible assets that are recognised at cost of both internal development and purchased services. The projects consist of a proprietary CRM platform for the company's management of customers and contracts. The platform already leads to significant efficiencies in customer case management and is also expected to do so in the future.

Events after the balance sheet date

No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.

Income statement for 2024/25

Gross profit/loss

97,911,523

80,351,725

Staff costs

(58,865,995)

(55,524,304)

Depreciation, amortisation and impairment losses

(2,892,380)

(1,971,958)

Operating profit/loss

36,153,148

22,855,463

Other financial income

701,988

122,111

Other financial expenses

(1,751,360)

(416,194)

Profit/loss before tax

35,103,776

22,561,380

Tax on profit/loss for the year

(7,861,917)

(4,903,697)

Profit/loss for the year

27,241,859

17,657,683

Balance sheet at 31.05.2025

Assets

Completed development projects

4,684,430

4,752,017

Acquired intangible assets

1,313,607

Development projects in progress

530,198

Intangible assets

5,998,037

5,282,215

Other fixtures and fittings, tools and equipment

3,233,058

2,705,803

Leasehold improvements

39,293

157,157

Property, plant and equipment

3,272,351

2,862,960

Deposits

1,269,345

1,217,066

Financial assets

1,269,345

1,217,066

Fixed assets

10,539,733

9,362,241

Trade receivables

15,399,804

14,517,443

Contract work in progress

105,032,707

55,909,295

Receivables from group enterprises

13,072,205

Other receivables

273,988

557,990

Prepayments

278,121

950,483

Receivables

134,056,825

71,935,211

Cash

122,278

7,153,850

Current assets

134,179,103

79,089,061

Assets

144,718,836

88,451,302

Equity and liabilities

Contributed capital

100,000

Reserve for development expenditure

3,653,855

4,120,128

Retained earnings

46,166,426

35,392,479

Proposed dividend

15,000,000

Equity

64,920,281

39,612,607

Deferred tax

977,000

1,389,000

Provisions

977,000

1,389,000

Joint taxation contribution payable

7,643,539

3,785,258

Non-current liabilities other than provisions

7,643,539

3,785,258

Bank loans

9,297,769

12,419,661

Lease liabilities

2,797,643

1,967,813

Prepayments received from customers

685,703

Contract work in progress

10,431,781

6,295,456

Trade payables

1,434,107

976,422

Payables to group enterprises

29,788,452

Joint taxation contribution payable

4,135,043

4,466,962

Other payables

12,498,786

11,695,359

Deferred income

108,732

5,842,764

Current liabilities other than provisions

71,178,016

43,664,437

Liabilities other than provisions

78,821,555

47,449,695

Equity and liabilities

144,718,836

88,451,302

Uncertainty relating to recognition and measurement

Unrecognised rental and lease commitments

Other unrecognised commitments

Contingent liabilities

Assets charged and collateral

Non-arm’s length related party transactions

Group relations

Statement of changes in equity for 2024/25

Equity beginning of year

100,000

4,120,128

35,392,479

39,612,607

Other entries on equity

(1,934,185)

Transfer to reserves

(466,273)

466,273

Profit/loss for the year

12,241,859

15,000,000

27,241,859

Equity end of year

100,000

3,653,855

46,166,426

15,000,000

64,920,281

Notes

1 Uncertainty relating to recognition and measurement

It is important to note the following uncertainty with regard to recognition and measurement, as it has had a significant influence on the revenue, assets and liabilities recognised in the financial statements: Trade receivables and work in progress are recognised at selling price with deductions for expected losses. There is an inherent uncertainty in these items as the valuation is based on the customers' future ability and willingness to pay. In addition, there is uncertainty associated with work in progress and the revenue recognized, because the calculation is based on estimates of the total resource consumption of each project between financial years. Contract work in progress is measured at the selling price of the work carried out at the balance sheet date. The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. The stage of completion is determined as fixed ratios depending on the categorization of each service provided and the general consumption of resources associated with the stage of each service to total budgeted consumption of resources.

2 Staff costs

Wages and salaries

55,257,049

53,347,724

Pension costs

2,147,801

1,154,401

Other social security costs

1,461,145

1,022,179

58,865,995

55,524,304

Average number of full-time employees

123

119

Executive Board

4,329,430

3,333,771

4,329,430

3,333,771

3 Depreciation, amortisation and impairment losses

Amortisation of intangible assets

1,340,365

766,467

Depreciation of property, plant and equipment

1,552,015

1,205,491

2,892,380

1,971,958

4 Other financial income

Financial income from group enterprises

672,205

Other interest income

98,262

Exchange rate adjustments

190

446

Other financial income

29,593

23,403

701,988

122,111

5 Other financial expenses

Financial expenses from group enterprises

503,452

Other interest expenses

1,177,102

396,447

Other financial expenses

70,806

19,747

1,751,360

416,194

6 Proposed distribution of profit and loss

Ordinary dividend for the financial year

15,000,000

Extraordinary dividend distributed in the financial year

4,300,000

Retained earnings

12,241,859

13,357,683

27,241,859

17,657,683

7 Intangible assets

Cost beginning of year

7,309,332

530,198

Transfers

1,136,385

(1,136,385)

Additions

1,450,000

606,187

Cost end of year

8,445,717

1,450,000

Amortisation and impairment losses beginning of year

(2,557,315)

Amortisation for the year

(1,203,972)

(136,393)

Amortisation and impairment losses end of year

(3,761,287)

(136,393)

Carrying amount end of year

4,684,430

1,313,607

8 Development projects

The company's intangible assets are recognized at cost of both internal development and purchased services. The projects consist of a proprietary CRM platform for the company's management of customers and contracts. The platform already leads to significant efficiencies in customer case management and is also expected to do so in the future. The value of the projects going forward are primarily based on management's expectations of future utilization, considering the general expectations of the company's future development.

9 Property, plant and equipment

Cost beginning of year

4,060,827

589,343

Additions

3,686,406

Disposals

(2,350,085)

Cost end of year

5,397,148

589,343

Depreciation and impairment losses beginning of year

(1,355,024)

(432,186)

Depreciation for the year

(1,434,151)

(117,864)

Reversal regarding disposals

625,085

Depreciation and impairment losses end of year

(2,164,090)

(550,050)

Carrying amount end of year

3,233,058

39,293

Recognised assets not owned by entity

2,864,936

10 Financial assets

Cost beginning of year

1,217,066

Additions

52,279

Cost end of year

1,269,345

Carrying amount end of year

1,269,345

11 Contract work in progress

Contract work in progress

206,766,050

155,028,746

Progress billings regarding contract work in progress

(112,165,124)

(105,414,907)

Transferred to liabilities other than provisions

10,431,781

6,295,456

105,032,707

55,909,295

12 Prepayments

Prepayments consist of various prepayments of lease payments, insurance, etc.

13 Deferred tax

Intangible assets

946,000

1,162,000

Property, plant and equipment

586,000

451,000

Receivables

61,000

209,000

Liabilities other than provisions

(616,000)

(433,000)

Deferred tax

977,000

1,389,000

Beginning of year

1,389,000

1,037,000

Recognised in the income statement

(412,000)

352,000

End of year

977,000

1,389,000

14 Non-current liabilities other than provisions

Joint taxation contribution payable

7,643,539

7,643,539

No non-current liabilities are due more than five years after the balance sheet date.

15 Other payables

VAT and duties

5,766,842

7,319,803

Wages and salaries, personal income taxes, social security costs, etc payable

395,159

2,943,974

Holiday pay obligation

3,842,471

644,042

Other costs payable

2,494,314

787,540

12,498,786

11,695,359

16 Deferred income

Deferred income consists of accrued subscription payments from customers.

17 Unrecognised rental and lease commitments

Liabilities under rental or lease agreements until maturity in total

7,533,300

13,231,900

18 Other unrecognised commitments

The Entity does not have significant financial commitments or otherwise unusual commitments for the industry that are not regonised in the balance sheet or not disclosed elsewhere in the notes, with reference to note 17.

19 Contingent liabilities

Other contingent liabilities

477,000

Contingent liabilities

477,000

The Entity participates in a Danish joint taxation arrangement where MC Pluto Holding ApSserves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity istherefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.

20 Assets charged and collateral

Bank loans of DKK 9,298k are secured by way of a deposited mortgage deed, nominal DKK 10,000k. The companycharge provided comprises goodwill, intellectual property rights, other plant, fixtures and fittings, tools and equipment, vehicles and other ancillary materials, inventories and trade receivables. The total carrying amount ofthe comprised assets is DKK 15,807k. The comapny has provided supplementary collateral for business lease agreements with Krone Capital A/S with entry in leasing assets capped at nomimal DKK 3.000k.

21 Non-arm’s length related party transactions

Only related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year.

22 Group relations

Name and registered office of the Parent preparing consolidated financial statements for the largest and smallestgroup: MC Pluto Holding ApS, Avderødvej 27C , 2980 Kokkedal (Denmark)

Accounting policies

Basis for financial statements

This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).

The accounting policies applied to these financial statements are consistent with those applied last year.

Recognition and measurement

Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.

Income statement

Gross profit or loss

Gross profit or loss comprises revenue, own work capitalised, other operating income, cost of sales and other external expenses.

Revenue

Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.

Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).

Own work capitalised

Own work capitalised comprises staff costs and other costs incurred in the financial year and recognised in cost for proprietary intangible assets and property, plant and equipment.

Other operating income

Other operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including salary refunds.

Cost of sales

Cost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns.

Other external expenses

Other external expenses include expenses relating to the Entity’s normal activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.

Staff costs

Staff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff.

Depreciation, amortisation and impairment losses

Depreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year.

Other financial income

Other financial income comprises interest income, including interest income on receivables from group enterprises, exchange gains on transactions in foreign currencies, etc.

Other financial expenses

Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, exchange losses on payables and transactions in foreign currencies, etc.

Tax on profit/loss for the year

Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.

The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).

Balance sheet

Intellectual property rights etc

Intellectual property rights etc. comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.

Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced as the development projects are amortised and written down.

The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. If the useful life cannot be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 7 years.

Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.

Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.

Property, plant and equipment

Plant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. . The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:

Other fixtures and fittings, tools and equipment

4-5 years

Leasehold improvements

4-5 years

Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.

Receivables

Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.

Contract work in progress

Contract work in progress is measured at the selling price of the work carried out at the balance sheet date. The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. The stage of completion is determined as fixed ratios depending on the categorization of each service provided and the general consumption of resources associated with the stage of each service to total budgeted consumption of resources. If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value. Each contract in progress is recognised in the balance sheet in receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative.

Costs of sales work and of securing contracts, and finance costs are recognised in the income statement as incurred. However, costs which arise directly from securing contracts and which are expected to be recovered, are recognised over the term of the contract.

Prepayments

Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.

Cash

Cash comprises bank deposits.

Dividend

Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity.

Deferred tax

Deferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.

Lease liabilities

Lease liabilities relating to assets held under finance leases are recognised in the balance sheet as liabilities other than provisions, and, at the time of inception of the lease, measured at the present value of future lease payments. Subsequent to initial recognition, lease liabilities are measured at amortised cost. The difference between present value and nominal amount of the lease payments is recognised in the income statement as a financial expense over the term of the leases.

Other financial liabilities

Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.

Prepayments received from customers

Prepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.

Joint taxation contributions payable or receivable

Current joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax.

Deferred income

Deferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.

Cash flow statement

Referring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of MC Pluto Holding ApS, Business Reg. No. 43980971.

Contents

Entity details

Entity

Board of Directors

Executive Board

Auditors

Statement by Management

Executive Board

Board of Directors

Independent auditor's report

Opinion

Basis for opinion

Management's responsibilities for the financial statements

Auditor's responsibilities for the audit of the financial statements

Statement on the management commentary

Management commentary

Financial highlights

Return on equity (%) :

Equity ratio (%) :

Primary activities

Development in activities and finances

Profit/loss for the year in relation to expected developments

Outlook

Research and development activities

Events after the balance sheet date

Income statement for 2024/25

Balance sheet at 31.05.2025

Assets

Equity and liabilities

Statement of changes in equity for 2024/25

Notes

1 Uncertainty relating to recognition and measurement

2 Staff costs

3 Depreciation, amortisation and impairment losses

4 Other financial income

5 Other financial expenses

6 Proposed distribution of profit and loss

7 Intangible assets

8 Development projects

9 Property, plant and equipment

10 Financial assets

11 Contract work in progress

12 Prepayments

13 Deferred tax

14 Non-current liabilities other than provisions

15 Other payables

16 Deferred income

17 Unrecognised rental and lease commitments

18 Other unrecognised commitments

19 Contingent liabilities

20 Assets charged and collateral

21 Non-arm’s length related party transactions

22 Group relations

Accounting policies

Basis for financial statements

Recognition and measurement

Income statement

Gross profit or loss

Revenue

Own work capitalised

Other operating income

Cost of sales

Other external expenses

Staff costs

Depreciation, amortisation and impairment losses

Other financial income

Other financial expenses

Tax on profit/loss for the year

Balance sheet

Intellectual property rights etc

Property, plant and equipment

Receivables

Contract work in progress

Prepayments

Cash

Dividend

Deferred tax

Lease liabilities

Other financial liabilities

Prepayments received from customers