26040299 2024-10-01 2025-09-30 26040299 2024-10-01 2025-09-30 1 26040299 2024-10-01 2025-09-30 1 26040299 2024-10-01 2025-09-30 2 26040299 2024-10-01 2025-09-30 3 26040299 2024-10-01 2025-09-30 4 26040299 2024-10-01 2025-09-30 5 26040299 2024-10-01 2025-09-30 6 26040299 2024-10-01 2025-09-30 1 26040299 2023-10-01 2024-09-30 26040299 2025-09-30 26040299 2024-09-30 26040299 2024-09-30 fsa:ContributedCapitalMember 26040299 2024-09-30 fsa:ReserveForDevelopmentExpenditureMember 26040299 2024-09-30 fsa:RetainedEarningsMember 26040299 2024-10-01 2025-09-30 fsa:ReserveForDevelopmentExpenditureMember 26040299 2024-10-01 2025-09-30 fsa:RetainedEarningsMember 26040299 2025-09-30 fsa:ContributedCapitalMember 26040299 2025-09-30 fsa:ReserveForDevelopmentExpenditureMember 26040299 2025-09-30 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2025-12-18 Michael Bondo Andersen The Board of Directors and the Executive Board have today considered and approved the annual report of Gatehouse Satcom A/S for the financial year 01.10.2024 - 30.09.2025. 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 30.09.2025and of the results of its operations for the financial year 01.10.2024 - 30.09.2025. 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. Aalborg Kenney Schmidt Christiansen CEO Michael Bondo Andersen Chairman Jakob Axel Nielsen Vice chairman Nina Christiane Movin Board member Petar Popovski Board member Søren Bondo Andersen Board member Anders Jeppe Skovgaard Nielsen Board member To the shareholders of Gatehouse Satcom A/S We have audited the financial statements of Gatehouse Satcom A/S for the financial year01.10.2024 - ​30.09.2025, 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 at30.09.2025and of the results of its operations for the financial year 01.10.2024 - 30.09.2025 in accordance with the Danish Financial Statements Act. 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 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. 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. 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. Aalborg Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Lars Birner Sørensen State Authorised Public Accountant mne11671 Financial highlights2024/25​DKK'0002023/24​DKK'0002022/23​DKK'0002021/22​DKK'0002020/21​DKK'000Key figuresGross profit/loss31,34126,36733,01424,14523,296Operating profit/loss3,6122,3717,5703,3542,811Net financials122(275)(369)(186)(126)Profit/loss for the year3,1491,7065,6422,7552,404Total assets52,60847,11148,17640,38634,282Investments in property, ​plant and equipment00001,643Equity31,18028,03126,30320,68317,911RatiosReturn on equity (%)10.646.2824.0214.2814.38Equity ratio (%)59.2759.5054.6051.2152.25Financial 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 * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesThe company’s core objective is to design and deliver market-leading products within the satellite communication​sector. We serve our clients through the supply of high-quality products and the integration of these solutions to meet specific operational requirements. Description of material changes in activities and financesThe company has realized a profit/loss of the year of DKK 3,149k. On 30 September 2025, equity totals DKK 31,180 and the solvency ratio stands at 59,27%. Research and development activitiesGatehouse Satcom has incurred research and development costs in 2024/25, which mainly relate to development​of software products in the satelite communication sector. Research and development costs relate to development of new software that supports the growth of the existing activities. The ongoing research and development will contribute to an increase in the company's activity level in the coming years. ​ ​Development projects in progress comprise projects related to development of communication technology for the market. The products are expected to be taken into usage in 2025 and ending of 2026. ​​Cost for the projects are primarily internal wages and external expenses. ​ ​The management has not identified any indicators of impairment. The projects are expected to contribute to future positive cashflow and are upon completion expected to be a large part of the primary activities. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 31341000 26367000 26497000 23996000 1232000 0 3612000 2371000 405000 374000 283000 649000 3734000 2096000 585000 390000 3149000 1706000 3149000 1706000 3149000 1706000 17253000 18485000 13714000 210000 30967000 18695000 213000 0 213000 0 31180000 18695000 3021000 2364000 2055000 4673000 9757000 9095000 962000 876000 761000 1838000 287000 96000 16843000 18942000 4585000 9474000 21428000 28416000 52608000 47111000 500000 500000 24154000 14582000 6526000 12949000 31180000 28031000 7740000 6399000 7740000 6399000 2248000 2168000 2248000 2168000 4264000 4606000 1057000 1916000 573000 761000 1980000 1587000 3155000 1643000 411000 0 11440000 10513000 13688000 12681000 52608000 47111000 500000 14582000 12949000 28031000 9572000 -9572000 0 3149000 3149000 500000 24154000 6526000 31180000 1 Staff costs2024/25​DKK'0002023/24​DKK'000Wages and salaries24,79722,348Pension costs1,3101,267Other social security costs39038126,49723,996Average number of full-time employees3232 32 32 2 Other financial income ​2024/25​DKK'0002023/24​DKK'000Financial income from group enterprises131141Other interest income274233405374 3 Other financial expenses2024/25​DKK'0002023/24​DKK'000Financial expenses from group enterprises0353Other interest expenses7150Exchange rate adjustments132181Other financial expenses8065283649 4 Intangible assetsCompleted development projects​DKK'000Development projects in progress​DKK'000Cost beginning of year43,334210Additions013,504Cost end of year43,33413,714Amortisation and impairment losses beginning of year(24,849)0Amortisation for the year(1,232)0Amortisation and impairment losses end of year(26,081)0Carrying amount end of year17,25313,714 5 Development projectsCompleted development projects​Completed development projects comprise communication technology that have been taken into usage as of 30th of September 2025.​​The company has developed new technology related to the NB-IoT project, which is expected to be a significant factor in the industry for the coming years. Management anticipates the useful life to be 15 years, however with uncertainty related to the number of years. ​​Development projects in progress ​Development projects in progress comprise the project development of communication technologies in 5G NB-IoT, New Radio and BGAN. The products within are expected to be taken into usage in 2025 and end of 2026 and development progress according to the project plan. ​ ​The projects are estimated to contribute to future positive cashflow and are upon completion expected to be a large part of the primary activities, resulting in a significant income stream from 2026 onwards. The value of the recognized development projects depends on the Company's ability to continue developing technology, as well as​attracting enough customers to generate positive earnings that could yield the total investment. Initial market research have resulted in satisfying sales potential to yield the recorded value. ​ ​Costs for the projects are primarily related to internal wages and secondary external expenses, which can be accurately measured. The entity have sufficient resources to continue developing the projects, until the project is taken into the operations. ​ 6 Financial assetsDeposits​DKK'000Additions213Cost end of year213Carrying amount end of year213 7 Contract work in progress2024/25​DKK'0002023/24​DKK'000Contract work in progress22,97435,916Progress billings regarding contract work in progress(21,976)(33,159)Transferred to liabilities other than provisions1,0571,9162,0554,673 8 Joint taxation contribution receivableTax receivable recognized in the balance sheet fully relates to the use of the tax credit scheme under Ligningsloven § 8X whereby the company can be paid the tax value of fiscal deficits which arise from costs for research and development. Based on the review of the criteria for application of the scheme, it is the management's opinion that the company is entitled to use the scheme. ​​Whether the criteria for applying the scheme are met is based on management judgement. ​As a result, there may be a risk that the tax authorities consider that the criteria are not met. If applicable, the receivable will have to be refunded in whole or in part via the income statement in subsequent financial years 9 Non-current liabilities other than provisionsDue after more than 12 months​2024/25​DKK'000Outstanding after 5 years​2024/25​DKK'000Other payables2,2482,2482,2482,248 10 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where GateHouse Holding A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore 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. 11 Assets charged and collateralA floating charge has been granted to the company’s banking institution over a nominal amount of DKK 15,000k. As at 30 September 2025, the outstanding bank debt balance is DKK 0. 12 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​GateHouse Holding A/S, Aalborg This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Derivative financial instruments are recognised under other receivables or other ​payables.​​Changes in the fair value of derivative financial instruments classified as and complying with the requirements for​hedging the fair value of a recognised asset or a recognised liability are recorded in the income statement together with changes in the value of the hedged asset or the hedged liability. ​​Changes in the fair value of derivative financial instruments classified as and complying with the requirements for​hedging future transactions are recognised directly in equity. When the hedged transactions are realised, the accumulated changes are recognised as part of cost of the relevant financial statement items. ​​For derivative financial instruments that do not comply with the requirements for being treated as hedging ​instruments, changes in fair value are recognised currently in the income statement as financial income or ​financial expenses. Public grantsPublic grants are recognised when a final commitment has been received from the grantor and it is probable that​the conditions of the grant will be fulfilled. Grants are recognised as income in the income statement as earned. Grants awarded for acquisition of assets are recognised as deferred income in the balance sheet, which is taken to income on a straight-line basis over the useful life of the asset. Gross profit or lossGross profit or loss comprises revenue, own work capitalised, other operating income, and external expenses. RevenueRevenue from sales of software products and advisory services is recognised in the income statement when ​delivery and the risk transition to the buyer has taken place. Revenue from sales of support and maintenance ​is recognised in the income statement over the support and maintenance period. Royalty income is recognised ​in profit or loss over the period to which royalties relate. 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 capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, 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 incomeOther financial income comprises interest income, including interest income on receivables from group enterprises. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, transactions in foreign currencies, and amortisation of financial liabilities. Tax on profit/loss for the yearTax 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). Intangible assetsIntangible assets comprise development projects completed in progress. 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 under 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 3-15 years. ​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Contract work in progressContract 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. Usually, the stage of completion is determined as the ratio of actual 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 under 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. Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises bank deposits. Deferred taxDeferred 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 or the planned settlement of each liability. ​​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. Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. true Grundlag for konklusion Konklusion 2025-12-03 2025-12-03 true 2023-10-01 2024-09-30 Aalborg 9000 26, 4. sal Østre Havnepromenade Aalborg Nørresundby 9400 Regnskabsklasse B Revisionspåtegning 2025-09-30 2024-10-01 6 Strømmen Gatehouse Satcom A/S 26040299 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab