36428198 2025-01-01 2025-12-31 36428198 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 36428198 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 36428198 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 36428198 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 36428198 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_4 36428198 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_5 36428198 2025-01-01 2025-12-31 1 36428198 2024-01-01 2024-12-31 36428198 2025-12-31 36428198 2024-12-31 36428198 2025-01-01 fsa:ContributedCapitalMember 36428198 2025-01-01 fsa:SharePremiumMember 36428198 2025-01-01 fsa:RetainedEarningsMember 36428198 2025-01-01 fsa:ProposedDividendRecognisedInEquityMember 36428198 2025-01-01 36428198 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 36428198 2025-01-01 2025-12-31 fsa:SharePremiumMember 36428198 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 36428198 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 36428198 2025-12-31 fsa:ContributedCapitalMember 36428198 2025-12-31 fsa:SharePremiumMember 36428198 2025-12-31 fsa:RetainedEarningsMember 36428198 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 Regnskabsklasse B Erklæring om udvidet gennemgang true 2026-04-09 Andreas von Buchwald The Executive Board and Board of Directors have today considered and adopted the Annual Report of Nordic Knowledge Partners ApS 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 financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. København 2026-04-09 Andreas von Buchwald Executive Officer Søren Friis Christian von Buchwald Andreas von Buchwald Chairman Casper Bondo Henningsen Rasmus Forup Helmich To the shareholder of Nordic Knowledge Partners ApS Opinion We have performed an extended review of the Financial Statements of Nordic Knowledge Partners ApS for the financial year 1 January - 31 December 2025, which comprise 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.Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company 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 extended review in accordance with the Danish Business Authority’s Assurance Standard for Small Enterprises and FSR – Danish Auditors’ standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ”Practitioner’s responsibilities for the extended review of the Financial Statements” section of our report. We are independent of the Company 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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 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 responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion.An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained. An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our extended review 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 extended review, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2026-04-09 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Søren Alexander State Authorised Public Accountant mne42824 Nordic Knowledge Partners ApS Trørødvænget 17 2950 Vedbæk 36428198 Rudersdal Strandvejen 44 2900 Hellerup Key activitiesNordic Knowledge Partners (NKP) provides high-value intelligence to private equity funds, M&A advisory firms, and lenders through the M&A Insights platform (tailored feeds, web app, mobile app, and confidential briefings). Functioning as an integrated team intelligence layer, NKP creates visibility for more than 200 clients in traditionally opaque markets - embedding early signal, market context, and structured data directly into professional workflows. Access is purely subscription (recurring revenue) based, ensuring analytical independence and long-term alignment with clients and key stakeholders in the ecosystem.Development in the year2025 was a year of structural expansion and commercial strengthening for NKP M&A Insights. We further improved our platform and consolidated our position across the Nordics and DACH as a critical team intelligence layer for private equity funds, M&A advisory firms, and lenders, while successfully launching and scaling our UK & Ireland coverage.Recurring subscription revenue continued to grow meaningfully during 2025, with Annual Recurring Revenue (ARR) increasing materially year-over-year. Momentum accelerated into year-end, and as of January 2026, ARR stood approximately 50% higher than the corresponding period the year before. The development was supported by solid gross and net retention among existing clients, alongside a meaningful intake of new logos.During the year, we updated our pricing and packaging framework to ensure continued alignment with client footprint and team size. This has strengthened pricing integrity while maintaining strong net revenue retention.The launch of UK & Ireland coverage has exceeded expectations, both in terms of subscriber uptake and intelligence density. Combined with deeper coverage in the Nordics and DACH, and the launch of Benelux coverage in March 2026, NKP M&A Insights now operates a fully integrated Northern European intelligence footprint.Continued investment in our platform and proprietary data infrastructure has increased analytical depth and operational efficiency. Our business model remains 100% recurring, with predictable revenue characteristics and a healthy and scalable profitability profile.The income statement of the Company for 2025 shows a profit of DKK 3,961,563, and at 31 December 2025 the balance sheet of the Company shows an equity of DKK 4,144,114. The results are satisfactory.Entering 2026, NKP is well positioned to continue scaling its footprint, deepen client relationships, and further expand its role as the leading primary intelligence layer for Northern European M&A markets.Targets and expectations for the year aheadNKP expects high growth in subscription sales and a positive net result for 2026, continuing the positive trajectory and profitability profile from previous years.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 12823820 9459976 7740054 5953360 0 10658 5083766 3495958 178018 148701 140108 26339 5121676 3618320 1160113 796763 3961563 2821557 4039711 2910950 -78148 -89393 689989 1745583 1103960 0 206697 199318 173683 212112 2174329 2157013 11590996 8537249 13765325 10694262 13765325 10694262 104403 103604 0 0 0 0 4039711 2910950 4144114 3014554 8052754 5640888 84005 73697 1160113 1400187 324339 564936 9621211 7679708 9621211 7679708 13765325 10694262 103604 0 0 2910950 3014554 799 78148 0 0 78947 0 0 0 2910950 2910950 0 0 -78148 4039711 3961563 0 -78148 78148 0 0 104403 0 0 4039711 4144114 7623614 5862133 116440 91227 7740054 5953360 10 8 Rental and lease obligationsThe company has a lease with a notice period until May 2026. The rental obligation during the period amounts to DKK 314.550Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Buchwald Holding ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.Other financial obligationsSubsequent to the balance sheet date, the Company has entered into a binding lease agreement for office premises which is non‑cancellable until 1 November 2029. The total lease commitment amounts to DKK 1,878.120. The Annual Report of Nordic Knowledge Partners ApS 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 selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in DKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. RevenueServices are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Services in the form of subscriptions to the Company's products are recognized on an ongoing basis over the subscription period. Other services are recognized in line with the performance of the service to which the contract relates. Revenue is recognized when it can be measured reliably and it is probable that the economic benefits, including payments, will accrue to the Company. Direct expensesDirect expenses includes the consulting fees paid during the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, direct expenses and other external expenses. 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. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Buchwald Holding ApS. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3-5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation.If so, the asset is written down to its lower recoverable amount. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value.