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2023-07-01 2024-06-30 cmn:ConsolidatedMember 3 41305754 2024-07-01 2025-06-30 cmn:ConsolidatedMember 2 41305754 2023-06-30 cmn:ConsolidatedMember iso4217:DKK xbrli:pure Regnskabsklasse B 2025-09-25 Årsrapport 30700228 EY Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1441.0, by EasyX Aps. www.easyx.eu 2023-07-01 2024-06-30 Revisionspåtegning Grundlag for konklusion Konklusion 2025-10-29 Layal Sarhan Management's statement   Today, the Board of Directors and the Managing Director have approved the annual report of   Mdundo.com A/S for the financial year 2024/25.   The annual report has been prepared in accordance with the Danish Financial Statements Act.   We consider the chosen accounting policy to be appropriate, and 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 June 2025, and of the results of the   Group and the Company's operations as well as the consolidated cash flows for the financial year 1 July   2024 – 30 June 2025.   Further, in our opinion, the Management's review gives a true and fair review of the matters discussed   in the Management's review.   We recommend that the annual report be approved at the Annual General Meeting.   Charlottenlund, 25th September 2025 Martin Møller Nielsen Jesper Vesten Drescher Jaikaran Singh Sawhny Joseph Hundah Kristopher Mawijena Kris Senanu To the Shareholders of Mdundo.com A/S   Opinion   We have audited the consolidated financial statements and the parent company financial statements of   Mdundo.com A/S for the financial year 1 July 2024 to 30 June 2025, which comprise a summary ofsignificant accounting policies, income statement, balance sheet, statement of changes in equity and   notes for both the Group the Parent Company, as well as consolidated statement of cash flows. The   consolidated financial statements and the parent company financial statements are prepared under the   Danish Financial Statements Act.   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 June 2025, and   of the results of the Group and the Company's operations as well as the consolidated cash flows for the   financial year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial Statements Act.   2024-07-01 2025-06-30 Basis for conclusion   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 Consolidated   Financial Statements and the Parent Company 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.   Management’s Responsibilities for the Consolidated Financial Statements and the Parent Company   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 consolidated financial statements and parent company financial statements that are free   from material misstatement, whether due to fraud or error.   In preparing the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial   statements unless Management either intends to liquidate the Group or the Company or to cease   operations, or has no realistic alternative but to do so.   Statement on Management’s Review   Management is responsible for Management’s Review.   Our opinion on the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial   statements, our responsibility is to read Management’s Review and, in doing so, consider whether   Management’s Review is materially inconsistent with the consolidated financial statements and the   parent company 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, we conclude that Management’s Review is in accordance with   the financial statements and has been prepared in accordance with the requirements of the Danish   Financial Statement Act. We did not identify any material misstatement of Management’s Review.   Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent   Company Financial Statements   Our objectives are to obtain reasonable assurance about whether the consolidated financial statements   and the parent company 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 consolidated financial statements and parent company financial statements.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in   Denmark, we exercise professional judgment and maintain professional skepticism throughout the   audit. We also:    Identify and assess the risks of material misstatement of the consolidated financial statements   and the parent company financial statements, whether due to fraud or error, design and   perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient   and appropriate to provide a basis for our opinion. The risk of not detecting a material   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 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 consolidated financial statements and the parent company 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 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 consolidated financial   statements and the parent company 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   Company to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the consolidated financial   statements and the parent company financial statements, including the disclosures, and   whether the consolidated financial statements and the parent company 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.   Frederiksberg EY Godkendt Revisionspartnerselskab 30700228 Peter Andersen State Authorised Public Accountant mne34313 Mdundo.com A/S Jagtvænget 2 2920 Charlottenlund 41305754 Income statement:   Financial Highlights   Revenue for the financial year amounted to DKK 11.0 million compared to DKK 11.9  million in FY 2023/24. The shortfall was primarily driven by ongoing billing challenges   with two major telecom partners, which together accounted for the majority of   subscription revenue. These issues sit within the partners’ systems and remain outside   Mdundo’s direct control, though a resolution would have a positive impact on future   growth. In addition, African advertising markets experienced sharp declines in CPMs,   particularly in Nigeria, reducing network-driven ad revenues despite stable demand. To  mitigate these challenges, management has launched new telco and wallet integrations,   shifted focus towards direct advertising sales, and optimised its marketing setup to   deliver consistent performance at lower acquisition costs.   EBITDA ended at DKK -5.5 million, an improvement from DKK -6.4 million in the  previous year, but slightly below the guided range of DKK -4 to -5 million. The result   includes a one-off adjustment of DKK 0.4 million due to an unexpected provision on   Cash at year-end was DKK 4.7 million, compared to DKK 11.1 million in June 2024. In  addition DKK 0.8 million is held with the company’s operating partner in Nigeria, which is   withdrawable at any time and booked as a trade receivable, total cash and cash   equivalents amounted to DKK 5.5 million. The increased cash reduction compared to   the previous year reflects lower revenue during the period, combined with unusually   strong collections in FY 2023/24 due to a high ending trade receivables balance from   the previous financial year. Cash burn decreased from DKK 3.5 million in the first half of   FY 2024/25 to DKK 2.9 million in the second half, demonstrating improved collections   and cost discipline.   Going concern, the budget assumes a minimum 9% increase in revenue, primarily from  subscription growth, and up to 25% reduction in operating expenses. Trade receivables   and payables are expected to follow the same nature as in previous years. Based on   these assumptions and the current cash position, management expects the company to   have sufficient liquidity to fund operations through to 30 June 2026. In the event that   revenue growth is not achieved in line with the budget, management has prepared   measures to further improve the cash position, including additional cost reductions and   prioritisation of commercial activities with the highest expected return. Management   and the Board are also monitoring the situation closely and evaluating potential actions,   including a capital injection as part of the ongoing strategic ownership review. On this   basis, management believes the company has a reasonable expectation that it can   continue as a going concern for the foreseeable future.   Subscription Business   Subscription revenue grew 18% year-on-year despite billing disruptions. Three new   telecom partnerships were launched, including MTN Cameroon, marking entry into the   francophone market. By year-end, Mdundo Premium was distributed through eight   operators with a combined reach of over 352 million customers. The integration with   Opera MiniPay introduced wallet-based payments, and further focus on card payments   and diaspora subscriptions. The company has also demonstrated the ability to achieve   consistent performance with much more limited marketing budgets, driven by growth   from partners at a significantly lower customer acquisition cost. Management considers   the resolution of billing issues with existing partners and the continued diversification of   payment methods the most important operational priority for the year ahead.   Advertising Business   Advertising revenue declined by 51% compared to FY 2023/24. Direct ad sales fell by   14%, while network advertising was significantly impacted by declining CPMs across   African markets, particularly Nigeria. To mitigate these developments, Mdundo increased  its focus on direct performance campaigns and long-term partnerships. During the year,   new campaigns were executed with regional and international clients, and additional   resources were added in Tanzania and South Africa to strengthen direct sales; however,  this has not yet translated into the expected revenue uplift in these markets.   User Growth   MAUs grew to 40.5 million by June 2025, up 14% compared to last year, surpassing the   company’s target of 40 million. Growth was supported by a strong catalogue of African   music and continued product optimisation for low-end devices. The launch of a   Progressive Web App targeting African diaspora communities outside the continent   provides an additional channel for growth and monetisation.   Product Development   During the financial year, Mdundo made significant progress in strengthening its   product to enhance user engagement and support monetisation. The company   launched a Progressive Web App (PWA) targeting the African diaspora outside the   continent. Integrations with telecom operators remained a major focus, with   development resources allocated to MTN Cameroon and Vodacom South Africa.   Further improvements were made to user-facing features including enhanced   subscription flows, top charts, and content discoverability tools, ensuring that the   service remains relevant and competitive. These improvements support the company’s   focus on more reliable billing flows, improved user monetisation, and diaspora   engagement.   Licensing and Content Development   Mdundo continues to expand its catalogue and strengthen its licensing operations   across Africa. The total songs available on the service is now 839k directly from artists,   complemented by 3.9 million licensed global tracks. A key priority was to deepen the   platform’s hyperlocal music offering, with a particular focus on genres such as Fuji,   Highlife, Luo (Ohangla), Singeli, Kalenjin, and Bongo Flava. DJ Mixes remain a   cornerstone of the Mdundo Premium offering, and continued investments were made   to expand and refresh this catalogue. Royalty distributions to artists exceeded DKK 4.8,   underlining Mdundo’s role in providing sustainable income opportunities for African   creators. These initiatives strengthen Mdundo’s positioning as the most locally relevant   music service in Africa, while addressing catalogue completeness and improving   long-term subscription and advertising monetisation.   Organisation and Operations   Operational discipline was maintained throughout the year, with improvements in   EBITDA reflecting cost control and reduced marketing expenditure in markets where   customer acquisition costs were high. Key hires were made in licensing, sales, and   product to strengthen the organisation’s ability to deliver on strategic priorities,   especially within direct ad sales and payment diversification.   The company also implemented a leaner operating model with a lower cost base   compared to the previous year. Management reduced headcount in Kenya from 18 to 12   people redirecting the focus from licensing operations and marketing activities towards   product development and sales execution. Operating expenses were brought down by   19%, with administrative and overhead costs reduced by DKK 0.9M. Trade receivables   remained stable, with no long outstanding debts beyond the provision already   recognised, reflecting stronger financial discipline. Promotional spending, historically   focused on our subscription service, was cut significantly, but without a material   reduction in revenue, demonstrating greater marketing effectiveness. At the same time,   targeted increases in sales expenditure have been directed towards strengthening the   sales organisation with the aim of re-building momentum and improving client   acquisition across advertisers and telcos. Overall, these actions illustrate management’s   determination to respond decisively to market conditions, while ensuring the   organisation remains focused on driving future growth.   The company has begun embedding AI tools across licensing, product, sales, and   marketing to increase efficiency and output. The focus is on using AI to drive business   impact within current restrictions, cut manual work, speed up decision-making, and   strengthen creativity. Management views AI as a practical tool to raise productivity while   improving the quality and speed of execution across the organisation.   Market Environment   The global recorded-music market delivered its tenth consecutive year of growth in   2024, increasing by 4.8% to US$29.6 billion. Streaming surpassed US$20 billion and   now accounts for 69% of recorded-music revenues, with subscriptions representing   51%. Sub-Saharan Africa (SSA) was among the fastest-growing regions, expanding by   22.6% and crossing US$100 million in revenues, with South Africa contributing around   75%. These developments reinforce Mdundo’s focus on scalable, low-cost streaming   models and subscription-led monetisation aligned to regional market dynamics.   The mobile ecosystem in SSA continues to expand and will remain the foundation for   music consumption. By 2030, 4G is expected to cover around 50% of connections and   5G around 17%. Smartphone adoption is forecast to rise materially, and mobile data   usage per connection is projected to quadruple compared to 2023. At the same time,   affordability challenges and a persistent usage gap continue to shape the opportunity.   These realities validate Mdundo’s strategy of prioritising lightweight user experiences,   offline functionality, and close integration with telco partners.   Macroeconomic headwinds, however, remain a significant challenge. Currency volatility,   particularly in Nigeria and Tanzania, and a weaker advertising market with a high  increasing supply of advertising inventory across the continent. On the telecom side,   rising operational costs, driven by energy price volatility, import inflation, and weak   infrastructure, squeeze margins. Added to this are new regulatory burdens like high   spectrum fees and taxation which further restrict operational flexibility.   Management recognises that lower advertising yields, billing frictions, and limited   monetisation per user reflect structural features of the African digital economy. In   response, Mdundo is actively diversifying revenue beyond volatile channels by   expanding wallet and card payments and developing diaspora-focused subscriptions.   These initiatives are designed to reduce exposure and build more predictable revenue   streams.   Despite near-term pressures, the long-term fundamentals of the African market remain   intact. Recorded music is growing faster in SSA than in any other region, smartphone   penetration and data usage are rising, and African music continues to attract global   demand. With its scaled audience, established telco and wallet integrations, and a   leaner cost base, Mdundo is positioned to benefit disproportionately as these   fundamentals continue to unfold.   10965000 -3169000 11929000 -4219000 12590000 -5201000 7258000 -5475000 2300000 -3740000 depreciation and amortisation (EBITDA) depreciation and amortisation (EBITDA) depreciation and amortisation (EBITDA) depreciation and amortisation (EBITDA) depreciation and amortisation (EBITDA) -5517000 -7873000 -125000 -6397000 -8680000 -504000 -7688000 -9923000 -186000 -7967000 -10153000 645000 -6276000 -8401000 -1000 Earnings before interest and taxes (EBIT) Earnings before interest and taxes (EBIT) Earnings before interest and taxes (EBIT) Earnings before interest and taxes (EBIT) Earnings before interest and taxes (EBIT) -8663000 -9752000 -10211000 -9683000 -8403000 21483000 28835000 36199000 43895000 51370000 equipment equipment equipment equipment equipment 2000 2000 6000 0 14000 10162000 18803000 28470000 38870000 48517000 Total cash flows Total cash flows Total cash flows Total cash flows Total cash flows -5088000 -1376000 0 -4013000 -501000 0 8822000 -516000 0 -22460000 -545000 -6460000 -633000 35751000 28658000 0 -6465000 -4513000 8307000 -23005000 12 18 18 18 21 Acid test ratio Acid test ratio Acid test ratio Acid test ratio Acid test ratio -28.9 75400 -35.4 148400 -41.3 264900 -75.4 526000 -162.6 1131000 Solvency ratio   47,3   65,2   78,6   89,0   94,0   Book value per share   1,00   1,84   2,79   3,81   4,76   Earnings per share ratio before dilution   -0,85   -0,96   -1,00   -0,95   -1,04   Earnings per share ratio after dilution   -0,85   -0,96   -1,00   -0,95   -1,04   Total number of shares   1.019.667 1.019.667 1.019.667 1.019.667 1.019.667   Average number of shares in the period 1.019.667 1.019.667 1.019.667 1.019.667   809.800   -59.8 -41.3 -30.3 -22.2 -24.1 Building a Leading Music Service   for Africa   Mdundo.com A/S continues to strengthen its position as one of Africa’s leading music  services. The company’s mission is to provide legal and affordable access to music while   ensuring sustainable income for artists across the continent. Since its IPO in 2020, the   company has scaled from 5 million to 40.5 million monthly active users (MAUs) by June   2025, thereby achieving its user growth target for the financial year.   During the financial year, management focused on expanding the subscription business,   navigating a challenging advertising market, and maintaining strict cost discipline.   Mdundo has established one of the largest music catalogues and audiences in Africa and   built strategic partnerships with leading corporations in telecommunications and   entertainment. However, it has also become clear that the growth in value per user in   Africa is challenged by the current macro economic environment with currency volatility,   tougher customer economics for telecoms and increasing pressure on ROI from   advertising expenditures. The commercial results of the company’s strategic partnerships   depend not only on Mdundo’s execution but also on the strategic priorities of our   partners.   The company acknowledges that some of these challenges are structural to the African   digital economy including low average spend per user and volatility in ad pricing and   therefore require management action rather than reliance on market recovery alone. As a   result, the company is prioritising improvements within its control: Expanding alternative  payment channels, diversifying revenue streams through diaspora markets, strategic   brand partnerships and a very tight cost and cash control.   The broader African music and mobile markets continue to expand, but the   macroeconomic environment has created headwinds that impact near-term performance.   Even in this context, Mdundo’s 14% MAU growth and 18% subscription revenue growth in   FY24/25 demonstrate strong underlying demand and willingness to pay when billing and   distribution channels function effectively. Management is keeping the organisation lean   and disciplined while concentrating resources on the areas of greatest opportunity. This   balance of cost control, operational focus, and continued investment in strategic bets   underpins management’s confidence that Mdundo is positioned to capture the long-term   growth of Africa’s music streaming market. This approach ensures that Mdundo continues   to deliver on immediate priorities such as billing stability and advertising growth, while   maintaining momentum on long-term strategic bets that will drive shareholder value.   account receivables.   Guidance   Y/Y   24/25   23/24   22/23   21/22   20/21   FY 25/26   Change   12-15M   -8%   11.0   11.9M   12.6M   7.3M  2.3M   Revenue   Advertising Revenue   2.9-3.6M   -51%   2.2M   4.5M   8.2M   6M   2.2M   Subscription Revenue   9.1-11.4M   18%   8.7M   7.4M  4.4M   1.3M   0.1M   EBITDA before provision   20%   -5.1M   -6.4M   -7.7M  -8.0M   -6.3M   on account receivables   EBITDA   -2 to -3M   14%   -5.5M   -6.4M   -7.7M  -8.0M   -6.3M   MAUs   45M   12.5%   40.5M   36.0M   26.6M   20.3M   8.7M   Cash   1-2M   -58%   4.7M   11.1M   15.5M   7.2M   30.2M   Cash & Cash Equivalent   -51%   5.5M   11.3M   15.5M   22.4M   30.2M   The company’s near-term focus is built around three  strategic priorities:   Resolving ongoing telco billing challenges and diversifying   payment channels.   Reliability of billing with large telecom partners remains a key driver of stable   subscription revenue. In parallel, the company has begun diversifying into wallets,   cards, and diaspora subscriptions, reducing dependency on single partners.   Optimising cost base and building a leaner organisation.   Management has implemented a slimmer organisational structure with a significantly   lower cost base, ensuring resources are focused on activities that directly drive   revenue and long-term growth. This creates a stronger foundation for achieving   profitability and positive cash-flow while maintaining flexibility in a dynamic operating   environment.   Exploring strategic outcomes from the Deloitte-led review.   In April 2025, the Board initiated a strategic review to assess options including new   strategic investors, consolidation, or changes of ownership, all aimed at accelerating   value creation for shareholders.   Outlook for FY 2025/26   The company expects to return to revenue growth in   FY 2025/26 with guidance of:   Revenue: DKK 12–15 million, up from   DKK 11.0 million in FY 2024/25.   EBITDA: DKK -2 to -3 million, improvement   from DKK -5.5 million in FY 2024/25.   Cash Position: DKK 1-2 million, a reduction   from DKK 4.7 million (and DKK 5.5 million   in cash and cash equivalents) at the end of   FY 2024/25   Management will continue a strong focus on EBITDA improvements, which includes   prioritizing resolving telco billing challenges and diversifying payment channels,   strengthening direct ad sales with key brand partners, and a very tight cost and cash-   control. Furthermore, board and management keep evaluating options in regards to the   strategic review to ensure the best long-term outcome for shareholders.   Accounting policies   Accounting policies   Accounting policies   Accounting policies   Accounting policies   Accounting policies   Accounting policies   The annual report for Mdundo.com A/S has been presented in accordance with the Danish Financial   Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has   decided to comply with certain rules applying to reporting class C enterprises.   true Recognition and measurement in general   Income is recognised in the income statement concurrently with its realisation, including the   recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in   the income statement, including depreciations amortisations, write-downs for impairment, provisions,   and reversals due to changes in estimated amounts previously recognised in the income statement.   Assets are recognised in the statement of financial position when it seems probable that future   economic benefits will flow to the group and the value of the asset can be reliably measured.   Liabilities are recognised in the statement of financial position when it is seems probable that future   economic benefits will flow out of the group and the value of the liability can be reliably measured.   Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are   measured as described below for each individual accounting item.   Upon recognition and measurement, allowances are made for such predictable losses and risks which   may arise prior to the presentation of the annual report and concern matters that exist on the reporting   date.   Foreign currency translation   Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the   transaction. Differences in the rate of exchange arising between the rate at the date of transaction and   the rate at the date of payment are recognised in the profit and loss account as an item under net   financials. If currency positions are considered to hedge future cash flows, the value adjustments are   recognised directly in equity in a fair value reserve.   Receivables, payables, and other foreign currency monetary items are translated using the closing rate.   The difference between the closing rate and the rate at the time of the occurrence or initial recognition   in the latest financial statements of the receivable or payable is recognised in the income statement   under financial income and expenses.   The consolidated financial statements   The consolidated income statements comprise the parent company Mdundo.com A/S and those group   enterprises of which Mdundo.com A/S directly or indirectly owns more than 50 % of the voting rights or   in other ways exercise control.   Consolidation policies   The consolidated financial statements have been prepared as a summary of the parent company's and   the group enterprises' financial statements by adding together uniform accounting records calculated in   accordance with the group's accounting policies.   Investments in group enterprises are eliminated by the proportionate share of the group enterprises'   fair value of net assets and liabilities at the acquisition date.   Non-controlling interests   Non-controlling interests constitute a share of the group's total equity. By distribution of net profit,   profit or loss for the year is distributed on the share attributable to the non-controlling interests and   the share attributable to the parent's shareholders respectively.   Income statement   Revenue   The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue.   Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken   place before the end of the year and if the income can be determined reliably and inflow is anticipated.   Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less   any discounts relating directly to sales.   Cost of sales   Direct costs include royalties, licenses and other costs directly related to revenue.   Other operating income   Other operating income comprises items of a secondary nature as regards the principal activities of the   enterprise, including profit from the disposal of intangible and tangible assets, operating loss and   conflict compensation as well as salary reimbursements received. Compensation is recognized when it   is overwhelmingly probable that the company will receive the compensation.   Other external costs   Other external costs comprise costs incurred for administration, sales, advertising, premises, bad debts   etc.   Staff costs   Staff costs include salaries and wages, including holiday allowances, pensions, and other social security   costs, etc., for staff members.   Depreciation, amortisation, and write-down for impairment   Depreciation and amortisation comprise depreciation on and amortisation of intangible and tangible   assets, respectively.   Financial income and expenses   Financial income and expenses are recognised in the income statement with the amounts concerning   the financial year. Financial income and expenses comprise interest income and expenses, financial   expenses from financial leasing, realised and unrealised capital gains and losses relating to securities,   debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as   surcharges and reimbursements under the advance tax scheme, etc.   Results from investments in group enterprises   After full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity   investment in the individual entities are recognised in the income statement of the parent as a   proportional share of the entities' post-tax profit or loss.   Investments in group enterprises   Investments in group enterprises are recognised and measured by applying the equity method. The   equity method is used as a method of consolidation.   Tax on net profit or loss for the year   Tax for the year comprises the current income tax for the year and changes in deferred tax and is   recognised in the income statement with the share attributable to the net profit or loss for the year and   directly in equity with the share attributable to entries directly in equity.   Statement of financial position   Intangible assets   Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a   straightline basis over the remaining patent period and licenses are amortised over the contract period,   however, for a maximum of 10 years.   Profit and loss from the sale of development projects, patents, and licenses are measured as the   difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or   loss are recognised in the income statement as other operating income or other operating expenses,   respectively.   Development projects, patents, and licences   Development costs comprise external costs.   Clearly defined and identifiable development projects are recognised as intangible assets provided that   they are proven to be technically practicable, that sufficient resources and a potential market or   development opportunity exist, and insofar as the intention is to produce, market or utilise the project.   It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of   certainty indicates that future earnings will cover the costs of production, sales, and administration.   Other development costs are recognised in the income statement concurrently with their realisation.   Development costs recognised in the statement of financial position are measured at cost less accrued   amortisations and write-downs for impairment.   After completion of the development work, capitalised development costs are amortised on a straight-   line basis over the estimated useful economic life. The amortisation period is usually 10 years.   Goodwill   Acquired goodwill is measured at cost less accumulated amortisation. Given that it is impossible to   make a reliable estimate of the useful life, the amortisation period is set at 10 years.   Property, plant, and equipment   Property, plant, and equipment are measured at cost less accrued depreciation and write-down for   impairment.   The depreciable amount is cost less any expected residual value after the end of the useful life of the   asset.   The cost comprises acquisition cost and costs directly associated with the acquisition until the time   when the asset is ready for use.   Depreciation is done on a straight-line basis according to an assessment of the expected useful life:   Useful life   Other fixtures and fittings, tools and equipment   4-8 years   Minor assets with a cost under 34.400 DKK are recognised as costs in the income statement in the year   of acquisition.   Profit or loss derived from the disposal of property, land, and equipment is measured as the difference   between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss   is recognised in the income statement as other operating income or other operating expenses.   Leases   The enterprise will be applying IAS 17 as its base of interpretation for recognition of classification and   recognition of leases.   Investments in group enterprises are recognised in the statement of financial position at the   proportionate share of the enterprise's equity value. This value is calculated in accordance with the   parent's accounting policies with deductions or additions of unrealised intercompany gains and losses   as well as with additions or deductions of the remaining value of positive or negative goodwill   calculated in accordance with the acquisition method.   Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which   represent 10 years. The depreciation period is determined on the basis of an assessment that these are   strategically acquired enterprises with a strong market position and a long-term earnings profile.   Investments in group enterprises with a negative equity value are measured at DKK 0, and any accounts   receivable from these enterprises are written down to the extent that the account receivable is   uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative   balance that exceeds the account receivable, the remaining amount is recognised under provisions.   Newly acquired or newly established companies are recognised in the financial statement as of the time   of acquisition. Sold or liquidated companies are recognised until the date of disposal.   On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book   value method is applied, cf. the above description under Business combinations.   Impairment loss relating to non-current assets   The carrying amount of both intangible and tangible fixed assets as well as equity investments in group   enterprises are subject to annual impairment tests in order to disclose any indications of impairment   beyond those expressed by amortisation and depreciation respectively.   If indications of impairment are disclosed, impairment tests are carried out for each individual asset or   group of assets, respectively. write-down for impairment is done to the recoverable amount if this   value is lower than the carrying amount.   The recoverable amount is the higher value of value in use and selling price less expected selling cost.   The value in use is calculated as the present value of the expected net cash flows from the use of the   asset or the asset group and expected net cash flows from the sale of the asset or the asset group after   the end of their useful life.   Previously recognised impairment losses are reversed when conditions for impairment no longer exist.   Impairment relating to goodwill is not reversed.   Receivables   Receivables are measured at amortised cost which usually corresponds to face value. In order to meet   expected losses, they are written down for impairment to the net realisable value.   Prepayments   Prepayments recognised under assets comprise incurred costs concerning the following financial year.   Cash on hand and demand deposits   Cash on hand and demand deposits comprise cash at bank and on hand.   Equity   Reserve for net revaluation according to the equity method   The reserve for net revaluation according to the equity method comprises net revaluation of equity   investments in subsidiaries, associates and equity interests proportional to cost.   The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in   the accounting estimates.   The reserve cannot be recognised by a negative amount.   Reserve for development costs   The reserve for development costs comprises recognised development costs less related deferred tax   liabilities.   The reserve cannot be used as dividends or for covering losses.   The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned.   This is done by direct transfer to the distributable reserves of the equity.   Reserve for foreign currency translation   The reserve for foreign currency translation arises when translating accounting items in foreign   currency.   The reserve is dissolved once the value adjustments have been applied or reversed.   The reserve is distributable.   Income tax and deferred tax   Current tax liabilities and current tax receivable are recognised in the statement of financial position as   calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income   and for tax paid on account.   Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on   the statement of financial position. Deferred tax is measured at net realisable value.   Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the   value at which they are expected to be realisable, either by settlement against tax of future earnings or   by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are   measured at net realisable value.   Liabilities other than provisions   Liabilities are measured at amortised cost which usually corresponds to the nominal value.   Granted warrants   Granted warrants are classified as equity settled instruments and are not recognised in the financial   statements.   Statement of cash flows   The cash flow statement shows the cash flows of the group for the year, divided in cash flows deriving   from operating activities, investment activities and financing activities, respectively, the changes in the   liabilities, and group’ cash and cash equivalents at the beginning and the end of the year, respectively.   A cash flow statement for the parent has not been prepared as the cash flows of the enterprise are   included in the consolidated cash flow statement, cf. section 86, subsection 4, of the Danish Financial   Statements Act.   The effect on cash flows derived from the acquisition and sale of enterprises appears separately under   cash flows from investment activities. In the statement of cash flows, cash flows derived from acquirees   are recognised as of the date of acquisition, and cash flows derived from sold enterprises are   recognised until the date of sale.   Cash flows from operating activities   Cash flows from operating activities are calculated as the group's share of the profit adjusted for non-   cash operating items, changes in the working capital, and corporate income tax paid.   Cash flows from investment activities   Cash flows from investment activities comprise payments in connection with the acquisition and sale of   intangible assets, property, plant, and equipment, and investments, respectively.   Cash flows from financing activities   Cash flows from financing activities include changes in the size or the composition of the group's share   capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and   payment of dividend to shareholders.   Cash and cash equivalents   Cash and cash equivalents comprise cash on hand and demand deposits.   10965458 83380 5844702 8373103 11928573 248483 5836917 10558847 10231165 83380 5671076 7427374 11420105 248005 5934477 9759215 -3168967 -4218708 -2783905 -4025582 2348003 2177832 557900 525000 2356515 2283669 2245503 2172615 0 0 -2577782 -1796227 0 300730 425489 0 1023098 1526630 32263 268274 133691 0 685752 1350070 -7998244 -9183741 -7998244 -9183742 664913 568444 664913 568444 -8663157 -9752185 -8663157 -9752186 -8663157 -9752186 -8663157 -9752186 2818554 1727430 2818554 1727430 9589299 522419 11572778 630505 9589299 0 11572778 0 12930272 13930713 12407853 13300208 14013 14013 16609 16609 0 0 0 0 0 0 0 0 0 0 855422 855422 12944285 13947322 12407853 14155630 2305809 3462043 1673777 2519404 0 159213 1394992 9001 0 112851 221474 23015 1565453 0 1391507 9001 1223549 0 159074 0 3869015 3819383 4639738 3902027 4670044 11068199 4376418 10523068 8539059 14887582 9016156 14425095 21483344 28834904 21424009 28580725 1019667 2198472 1019667 1347395 1019667 2198472 1019667 1347395 -50164 -72545 0 0 6994297 16508531 6944133 16435986 10162272 18803048 10162272 18803048 9168263 2152809 8501859 1529997 9110411 2151326 8434748 1342917 11321072 21483344 10031856 28834904 11261737 21424009 9777677 28580725 1019667 1347395 -72545 16508531 18803048 0 0 0 0 0 -8663157 -851077 -8663157 0 851077 0 0 22381 0 22381 1019667 2198472 -50164 6994297 10162272 0 1019667 1347395 16435986 18803048 0 0 0 0 0 -8663157 -851077 -8663157 0 851077 0 0 0 22381 22381 1019667 2198472 0 6944133 10162272 -8663157 2481274 1285944 -9752185 2787201 3552399 4895939 3412585 Interest received, etc. Interest received, etc. Interest paid, etc. Interest paid, etc. 300730 -425489 1023097 -1526630 Income tax paid Income tax paid -5020698 -67780 -3916118 -96645 -5088478 -4012763 Sale of intangible assets Sale of intangible assets Purchase of property, plant, and equipment Purchase of property, plant, and equipment 1372903 0 695802 197277 -1979 -3410 -1376313 -500504 -6464791 -4513267 11068199 15503014 66636 78452 4670044 11068199 Notes   Cash position   Cash at year-end was DKK 4.7 million, compared to DKK 11.1 million in June 2024. In addition,   DKK 0.8 million is held with the company’s operating partner in Nigeria, which is withdrawable at   any time and booked as a trade receivable, total cash and cash equivalents amounted to DKK 5.5   million. The increased cash reduction compared to the previous year reflects lower revenue   during the period, combined with unusually strong collections in FY 2023/24 due to a high ending   trade receivables balance from the previous financial year. Cash burn decreased from DKK 3.5   million in the first half of FY 2024/25 to DKK 2.9 million in the second half, demonstrating   improved collections and cost discipline.   Going concern, the board has approved a budget assuming a minimum 9% increase in revenue,   primarily from subscription growth, and up to 25% reduction in operating expenses. Trade   receivables and payables are expected to follow the same nature as in previous years. Based on   these assumptions and the current cash position, management expects the company to have   sufficient liquidity to fund operations through to 30 June 2026. In the event that revenue growth   is not achieved in line with the budget, management has prepared measures to further improve   the cash position, including additional cost reductions and prioritisation of commercial activities   with the highest expected return. Management and the Board are also monitoring the situation   closely and evaluating potential actions, including a capital injection as part of the ongoing   strategic ownership review. On this basis, management believes the company has a reasonable   expectation that it can continue as a going concern for the foreseeable future.   525000 Staff costs   2326658 2138059 557900 21345 39773 0 0 12 18 1 1 Tax on net profit or loss   for the year   Non exempted withholding   664913 568444 664913 568444 All amounts in DKK.   Group   Parent   30/6 2025   30/6 2024   30/6 2025   30/6 2024   4.   Completed development   projects, including patents   and similar rights arising   from development   projects   Cost 1 July 2024   2.112.568   1.673.608   2.112.568   1.673.608   Additions during the year   1.372.903   695.802   1.372.903   695.802   Disposals during the year   -19.757   -256.842   -19.757   -256.842   Cost 30 June 2025   3.465.714   2.112.568   3.465.714   2.112.568   Amortisation and write-   down 1 July 2024   -385.137   -255.567   -385.137   -255.567   Amortisation for the year   -262.023   -189.136   -262.023   -189.136   Reversal of amortisation,   and impairment loss, assets   disposed of   0 59.565   0 59.565   Amortisation and write-   down 30 June 2025   -647.160   -385.138   -647.160   -385.138   Carrying amount, 30 June   2025   2.818.554   1.727.430   2.818.554   1.727.430   In alignment with the company focus, Mdundo has developed several billing integrations for   payment for premium subscriptions including development of customer journey for check out.   The company has developed new customer facing interfaces including Mdundo Hausa, Mdundo   Kalenjin and a native streaming app located at play.mdundo.com.   Management has based on the current activity level made an assessment that there are no   indications of impairment.   All amounts in DKK.   All amounts in DKK.   Group   Parent   30/6 2025   30/6 2024   30/6 2025   30/6 2024   4.   Completed development   projects, including patents   and similar rights arising   from development   projects   Cost 1 July 2024   2.112.568   1.673.608   2.112.568   1.673.608   Additions during the year   1.372.903   695.802   1.372.903   695.802   Disposals during the year   -19.757   -256.842   -19.757   -256.842   Cost 30 June 2025   3.465.714   2.112.568   3.465.714   2.112.568   Amortisation and write-   down 1 July 2024   -385.137   -255.567   -385.137   -255.567   Amortisation for the year   -262.023   -189.136   -262.023   -189.136   Reversal of amortisation,   and impairment loss, assets   disposed of   0 59.565   0 59.565   Amortisation and write-   down 30 June 2025   -647.160   -385.138   -647.160   -385.138   Carrying amount, 30 June   2025   2.818.554   1.727.430   2.818.554   1.727.430   In alignment with the company focus, Mdundo has developed several billing integrations for   payment for premium subscriptions including development of customer journey for check out.   The company has developed new customer facing interfaces including Mdundo Hausa, Mdundo   Kalenjin and a native streaming app located at play.mdundo.com.   Management has based on the current activity level made an assessment that there are no   indications of impairment.   All amounts in DKK.   Group   Parent   30/6 2025   30/6 2024   30/6 2025   30/6 2024   5.   Acquired concessions,   patents, licenses,   trademarks, and similar   rights   Cost 1 July 2024   19.834.797   19.834.797   19.834.797   19.834.797   Cost 30 June 2025   19.834.797   19.834.797   19.834.797   19.834.797   Amortisation and write-   down 1 July 2024   -8.262.018   -6.278.539   -8.262.018   -6.278.539   Amortisation for the year   -1.983.480   -1.983.480   -1.983.480   -1.983.480   Amortisation and write-   down 30 June 2025   -10.245.498   -8.262.019   -10.245.498   -8.262.019   Carrying amount, 30 June   Group   Parent   30/6 2025   30/6 2024   30/6 2025   30/6 2024   5.   Acquired concessions,   patents, licenses,   trademarks, and similar   rights   Cost 1 July 2024   19.834.797   19.834.797   19.834.797   19.834.797   Cost 30 June 2025   19.834.797   19.834.797   19.834.797   19.834.797   Amortisation and write-   down 1 July 2024   -8.262.018   -6.278.539   -8.262.018   -6.278.539   Amortisation for the year   -1.983.480   -1.983.480   -1.983.480   -1.983.480   Amortisation and write-   down 30 June 2025   -10.245.498   -8.262.019   -10.245.498   -8.262.019   Carrying amount, 30 June   2025   9.589.299   11.572.778   9.589.299   11.572.778   6.   Goodwill   Cost 1 July 2024   1.080.863   1.080.863   0 0 Cost 30 June 2025   1.080.863   1.080.863   0 0 Amortisation and write-   down 1 July 2024   -450.358   -342.272   0 0 Amortisation for the year   -108.086   -108.086   0 0 Amortisation and write-   down 30 June 2025   -558.444   -450.358   0 0 Carrying amount, 30 June   2025   522.419   630.505   0 0 All amounts in DKK.   2025   9.589.299   11.572.778   9.589.299   11.572.778   6.   Goodwill   Cost 1 July 2024   1.080.863   1.080.863   0 0 Cost 30 June 2025   1.080.863   1.080.863   0 0 Amortisation and write-   down 1 July 2024   -450.358   -342.272   0 0 Amortisation for the year   -108.086   -108.086   0 0 Amortisation and write-   down 30 June 2025   -558.444   -450.358   0 0 Carrying amount, 30 June   2025   522.419   630.505   0 0 All amounts in DKK.   Group   Parent   30/6 2025   30/6 2024   30/6 2025   30/6 2024   7.   Other fixtures, fittings,   tools and equipment   Cost 1 July 2024   45.853   34.875   0 0 Translation at the exchange   rate at the balance sheet   date 30 June 2025   -8.688   8.999   0 0 Additions during the year   3.410   1.979   0 0 Cost 30 June 2025   40.575   45.853   0 0 Depreciation and write-   down 1 July 2024   -29.244   -21.013   0 0 Translation at the exchange   rate at the balance sheet   date 30 June 2025   5.542   -5.263   0 0 Depreciation for the year   -2.860   -2.968   0 0 Depreciation and write-   down 30 June 2025   -26.562   -29.244   0 0 Carrying amount, 30 June   2025   14.013   16.609   0 0 All amounts in DKK.   Group   Parent   30/6 2025   30/6 2024   30/6 2025   30/6 2024   7.   Other fixtures, fittings,   tools and equipment   Cost 1 July 2024   45.853   34.875   0 0 Translation at the exchange   rate at the balance sheet   date 30 June 2025   -8.688   8.999   0 0 Additions during the year   3.410   1.979   0 0 Cost 30 June 2025   40.575   45.853   0 0 Depreciation and write-   down 1 July 2024   -29.244   -21.013   0 0 Translation at the exchange   rate at the balance sheet   date 30 June 2025   5.542   -5.263   0 0 Depreciation for the year   -2.860   -2.968   0 0 Depreciation and write-   down 30 June 2025   -26.562   -29.244   0 0 Carrying amount, 30 June   2025   14.013   16.609   0 0 All amounts in DKK.   Parent   30/6 2025   30/6 2024   8.   Investments in group enterprises   Cost 1 July 2024   10.979.239   9.274.840   Additions during the year   1.615.560   1.704.399   Cost 30 June 2025   12.594.799   10.979.239   Writedown, opening balance 1 July 2024   -9.673.459   -7.905.180   Translation at the exchange rate at the balance sheet date   -140.985   85.394   Net profit or loss for the year before amortisation of goodwill   -2.469.696   -1.853.673   Writedown 30 June 2025   -12.284.140   -9.673.459   Amortisation of goodwill, opening balance 1 July 2024   -450.358   -342.272   Amortisation of goodwill for the year   -108.086   -108.086   Depreciation on goodwill 30 June 2025   -558.444   -450.358   Offset against receiveables   247.785   0 Set off against debtors and provisions for liabilities   247.785   0 Carrying amount, 30 June 2025   0 855.422   The item includes goodwill with an amount of   522.419   630.505   Financial highlights for the enterprises according to the latest approved annual reports   Carrying   amount,   Equity   Results for   Mdundo.com   interest   Equity   the year   A/S   Mdundo.com Limited, Kenya   100 %   -770.204   -2.469.696   0 9.   Income tax receivables   Income tax receivables 1 July 2024   112.851   12.982   Exchange rate adjustments   -21.384   3.246   Income tax calculated for the current year   -34   -22   Foreign dividend tax paid for the current year   67.780   96.645   159.213   112.851   All amounts in DKK.   10. Equity   Pursuant to the company’s articles of association the board of directors is authorized to issue   warrants with a right for the warrant holders to subscribe up to 1,019,666 shares of nominally   DKK 0.10 in the company.   As of 30 June 2025, there are issued outstanding warrants with the rights to subscribe for   820,000 new shares of DKK 0.10 per share or DKK 82,000 nominal value.   Contingent assets   The Company has unrecognised deferred tax assets of DKK 7.328.306, concerning intangible   assets and loss carryforward, as there is an uncertainty regarding when it can be utilised in future   earnings.   Contingent liabilities   Warranty commitments and other contingent liabilities:   With the intention of maintaining and protecting the investments in Mdundo Limited, a   statement of support valid for the affiliated company has been submitted for 12 months from the   signing of this annual report.   The Group is part of a claim from an artist against a Record Label. The case has not been at pre-   trial yet. Management do not see any relationship between the Group and the claim, and   therefore management does not expect the claim to effect the financial position of the company.   All amounts in DKK.   Group   2024/25   2023/24   12. Adjustments   Depreciation, amortisation, and impairment   2.356.515   2.283.669   Other financial income   -300.730   -1.023.098   Other financial expenses   425.489   1.526.630   2.481.274   2.787.201   13. Change in working capital   Change in receivables   1.156.234   867.888   Change in trade payables   666.404   1.970.975   Other changes in working capital   -536.694   713.536   1.285.944   3.552.399