37618772 2025-01-01 2025-12-31 37618772 2025-01-01 2025-12-31 2 37618772 2025-01-01 2025-12-31 1 37618772 2025-01-01 2025-12-31 1 37618772 2025-01-01 2025-12-31 2 37618772 2025-01-01 2025-12-31 3 37618772 2025-01-01 2025-12-31 4 37618772 2025-01-01 2025-12-31 1 37618772 2024-01-01 2024-12-31 37618772 2025-12-31 37618772 2024-12-31 37618772 2025-01-01 d:ContributedCapitalMember 37618772 2025-01-01 d:SharePremiumMember 37618772 2025-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 37618772 2025-01-01 d:OtherStatutoryReservesMember 37618772 2025-01-01 d:RetainedEarningsMember 37618772 2025-01-01 2025-12-31 d:ContributedCapitalMember 37618772 2025-01-01 2025-12-31 d:SharePremiumMember 37618772 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 37618772 2025-01-01 2025-12-31 d:OtherStatutoryReservesMember 37618772 2025-01-01 2025-12-31 d:RetainedEarningsMember 37618772 2025-12-31 d:ContributedCapitalMember 37618772 2025-12-31 d:SharePremiumMember 37618772 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 37618772 2025-12-31 d:OtherStatutoryReservesMember 37618772 2025-12-31 d:RetainedEarningsMember 37618772 2025-01-01 2025-12-31 1 37618772 2024-01-01 2024-12-31 1 37618772 2025-01-01 d:CompletedDevelopmentProjectsMember 37618772 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 37618772 2025-12-31 d:CompletedDevelopmentProjectsMember 37618772 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 37618772 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 37618772 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 37618772 2025-01-01 d:LongtermDebtToBanksMember 37618772 2025-12-31 d:LongtermDebtToBanksMember 37618772 2025-01-01 d:LongtermDebtToOtherCreditInstitutionsMember 37618772 2025-12-31 d:LongtermDebtToOtherCreditInstitutionsMember 37618772 2025-01-01 d:HolidayAllowanceLiabilitiesLongtermMember 37618772 2025-12-31 d:HolidayAllowanceLiabilitiesLongtermMember xbrli:pure iso4217:DKK 2024-01-01 33256876 true CaseWare-FSR 2025-01-01 Revisionspåtegning 2024-12-31 Crowe 33256876 Crowe Statsautoriseret Revisionsinteressentskab Rygårds Allé 104 2900 Hellerup 2025-12-31 Kim Hamby Håkonsson Regnskabsklasse B true false 2026-03-19 false false false Annual report 10 The supervisory board and executive board have today discussed and approved the annual report of Airofit A/S for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Christian Tullberg Poulsen Director Christian Tullberg Poulsen Kim Hamby Håkonsson chairman Søren Rump Kristian Sjøgren Thorsen To the shareholders of Airofit A/S Opinion We have audited the financial statements of Airofit A/S for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equi­ty and notes. The financial statements are prepared under the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the com­pany's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the audit of the financial statements” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and 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 the financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. 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 company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the audit of the Financial Statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. 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. Statement on management's reviewManagement is responsible for management's review.Our opinion on the financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, 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 Statements Act. We did not identify any material misstatement of management's review. Hellerup 2026-03-19 Søren Jonassen Statsautoriseret revisor mne18488 Airofit A/S Titangade  11 2200  København N 37618772 Copenhagen Crowe 33256876 Rygårds Allé 104 2900 Hellerup Business reviewAirofit A/S designs and develops smart Respiratory Muscle Training (“RMT”) devices and related digital solutions. Airofit A/S is a Danish corporation established in 2016. During 2025, the company focused on product development, platform consolidation and commercial readiness. The company’s next-generation smart respiratory muscle trainer, Airofit ELITE®, is ready for sale from 1 February 2026. In parallel, the company finalized the development of AiroQur, a respiratory muscle training solution aimed at the healthcare and rehabilitation segment. AiroQur is ready for commercial sale and is expected to be introduced to the European market from 2026, followed by a planned expansion to the U.S. market, subject to regulatory approvals and market rollout plans. Airofit A/S designs and develops the majority of its technology platform in-house, including hardware, firmware, software applications and data-driven training services. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 5.956.511, and the balance sheet at 31 December 2025 shows equity of DKK 29.393.593.The loss do not meet the expectations for the year.   The market for smart respiratory muscle training solutions remains at an early stage with limited direct competition. Management expects additional competitors to enter the respiratory training market in the coming years, which may increase awareness and adoption of respiratory muscle training across both performance-oriented and medical segments. Airofit A/S continues to focus on building a strong market position through proprietary technology, scientific validation and differentiated digital training solutions. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. OutlookThe company plans to scale its manufacturing and logistics capabilities to support the commercial launch of Airofit ELITE® from 1 February 2026 and the market introduction of AiroQur. Over a multi-year horizon, management expects growth in production capacity and sales, subject to successful commercialization of both product lines and the company’s ability to penetrate new customer segments and geographic markets. Particular focus will be placed on expansion within the European healthcare market and subsequent entry into the U.S. market. Key success factors include regulatory readiness, operational efficiency, scalability of production, and supply chain stability. The company's knowledge resources if of particular importance to its future earningsThe company’s knowledge resources are of particular importance to its future earnings potential. Airofit A/S holds a portfolio of intellectual property rights related to its hardware devices, software platforms and digital services. This includes patents, copyrights, trademarks and other intellectual property rights in the EU, the U.S. and other jurisdictions.   Airofit ELITE® is the company’s next-generation smart respiratory muscle training device, commercially available from 1 February 2026. The product combines intelligent resistance technology with a guided training application that tracks user performance, baseline capacity and training progression. The training protocols embedded in the application are based on established respiratory muscle training methodologies and input from medical professionals and performance experts. AiroQur is a respiratory muscle training solution developed for the healthcare and rehabilitation segment and is ready for commercial sale. The solution supports structured respiratory training in a clinical or supervised setting and enables monitoring of patient compliance and progression through digital tools. Market introduction is planned initially in Europe, followed by expansion to the U.S. market. The company’s long-term mission is to become a leading provider of respiratory muscle training solutions and to help people breathe better across both performance and healthcare applications through the Airofit Breathing Universe. The annual report of Airofit A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to en­ter­pri­ses of re­por­ting class B, as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in DKK Pursuant to sections §110 subsection 1, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. Gross profit reflects an aggregation of revenue and other operating income less costs of raw materials and consumables and other external expenses. Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Indemnities are recognised when it is more probable than not that the company is going to be indemnified. Other operating expenses comprise items of a secondary nature relative to the company's activities, including losses on the sale of intangible assets and items of property, plant and equipment. Other external costs include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Other external costs also comprise research and development costs that do not qualify for capitalisation. Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. Financial income and expenses are recognized in the income statement with the amounts relating to the financial year. Financial items comprise interest income and expenses as well as supplements and reimbursement under the advance tax scheme, etc. The company is subject to the Danish rules on compulsory joint taxation.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Development projects, patents and licencesDevelopment costs comprise costs, wages/salaries and amortisation losses that are directly and indirectly attributable to the company's development activities.Developments projects recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.Following the completion of the development work, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period 10 years.Gains and losses on the disposal of development projects, patents and licences are determined as the difference between the selling price less costs to sell and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as other operating income or other operating expenses, respectively. Other plant, equipment and fixtures and fittings are measured at cost less accumulated amortization and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:Useful lifeOther fixtures and fittings, tools and equipment 2-5 years Assets costing less than DKK 34.400 are expensed in the year of acquisition.Gains and losses on the sale of items of property, plant and equipment are calculated as the difference between the selling price, less costs to sell, and the carrying amount at the time of sale.   Gains or losses on the sale of items of property, plant and equipment are recognised in the income statement under other operating income or other operating expenses, respectively. Investments in subsidiaries, associates and participating interests are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method. Negative goodwill is recognised in the income statement on acquisition. Where the negative goodwill relates to contingent liabilities having been taken over, the negative goodwill is not recognised until the contingent liabilities have been settled or no longer exist.Investments in subsidiaries, associates and participating interests with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions.Acquirees are accounted for using the purchase method, see the above description of consolidated financial statements and calculation of goodwill. Stocks are mea­sured at cost using the FIFO method.  Where the net realisable value is lower than the cost, inventories are recognised at this lower value.The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs.The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct cost of labour and production/production overheads.The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements. Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Reserve for development costsAn amount corresponding to capitalised development costs is recognised in the reserve. The reserve is reduced as development costs are amortised.Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method in the company's financial statements comprises net revaluation of investments in subsidiaries, participating interests and associates relative to the cost.DividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, the financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest method. Accordingly, the difference between the net proceeds and the nominal value is recognised in the income statement over the term of the loan.Liabilities, which include debt to suppliers and other debt, are measured at amortized cost, which usually corresponds to nominal value. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.  1822017 7875000 4224036 4117000 2968104 1717000 220371 0 -5590494 2041000 22616 41000 23456 0 1393469 2204000 -6937891 -122000 -981380 -24000 -5956511 -98000 22616 28000 745561 528000 -6724688 -654000 20122727 19166000 20122727 19166000 732029 945000 732029 945000 1050340 1028000 131852 128000 1182192 1156000 22036948 21267000 1702507 809000 661336 582000 1570334 2252000 3934177 3643000 617531 227000 658500 444000 816333 162000 8668 12000 178837 191000 2279869 1036000 17527454 903000 23741500 5582000 45778448 26849000 1319542 897000 50340 28000 15695727 14950000 12327984 -14177000 29393593 1698000 0 156000 0 156000 6409125 9888000 714127 2304000 90200 87000 7213452 12279000 4581148 6663000 48 1032000 3113065 3113000 1083733 1064000 393409 844000 9171403 12716000 16384855 24995000 45778448 26849000 896694 0 27724 14950166 -14177080 422848 34708541 0 0 0 0 0 0 0 -3597400 2118611 22616 745561 -6724688 -34708541 34708541 1319542 0 50340 15695727 12327984 4166715 4044000 57321 73000 4224036 4117000 8 9 The net result for the year has been significantly impacted by non-recurring income, which, in management’s assessment, is not expected to recur. The accrual for UK VAT after Brexit has been finally adjusted in 2024 to the actual amount reported by FedEX to the UK authorities ( included under the gross profit line item) 0 1928000 60289 73000 1333180 2131000 1393469 2204000 -816333 -162000 -156379 150000 -8668 -12000 26536317 3710604 30246921 -7369438 -2754756 -10124194 20122727 1524044 1524044 578667 213348 -792015 732029 15607922 9961298 3552173 0 3247499 1743102 1028975 0 86981 90200 0 90200 The company has rental contract for officespace with a total commitment of TDKK 190 equal to 3 month rent.Contingent liabilities related to group enterprisesThe company has provided a guarantee for the subsidiary's bank loan. As pr. 31 December 2025 the total loan amount is TDKK 0. The company has pledged its inventory, accounts receivable, intellectual property rights, and furniture and fixtures as collateral, with a total carrying amount of DKK 8 million, to secure the loan of DKK 10,1 million from its banking institution.