35848843 2025-01-01 2025-12-31 35848843 2025-01-01 2025-12-31 2 35848843 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 35848843 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_2 35848843 2025-01-01 2025-12-31 1 35848843 2024-01-01 2024-12-31 35848843 2025-12-31 35848843 2024-12-31 35848843 2025-01-01 fsa:ContributedCapitalMember 35848843 2025-01-01 fsa:RetainedEarningsMember 35848843 2025-01-01 35848843 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 35848843 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 35848843 2025-12-31 fsa:ContributedCapitalMember 35848843 2025-12-31 fsa:RetainedEarningsMember 35848843 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 35848843 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 35848843 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 35848843 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 35848843 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 35848843 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 35848843 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 35848843 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse B Revisionspåtegning false 2026-03-24 Thomas Christiansen The Executive Board has today considered and adopted the Annual Report of Trackunit America 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. Aalborg 2026-03-24 Søren Brogaard Michael Tritschler CEO CFO To the shareholder of Trackunit America ApS Opinion 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.We have audited the Financial Statements of Trackunit America 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”). 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’ 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 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, 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. 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 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.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. Hellerup 2026-03-24 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Søren Ørjan Jensen Henrik Berring Rasmussen State Authorised Public Accountant State Authorised Public Accountant mne33226 mne34157 Trackunit America ApS Gasværksvej 24, 4. 9000 Aalborg 35848843 Aalborg Strandvejen 44 2900 Hellerup Key activitiesThe purpose for Trackunit America ApS is to hold shares in subsidiaries.Development in the yearThe income statement of the Company for 2025 shows a loss of TDKK 87, and at 31 December 2025 the balance sheet of the Company shows an equity of TDKK 1,037,907.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. -71000 -56000 42000 37000 -113000 -93000 -26000 -17000 -87000 -76000 -87000 -76000 1038790000 1038790000 1038790000 1038790000 1038790000 1038790000 25000 14000 25000 14000 12000 4000 37000 18000 1038827000 1038808000 50000 50000 1037857000 1037944000 1037907000 1037994000 59000 47000 861000 767000 920000 814000 920000 814000 1038827000 1038808000 50000 1037944000 1037994000 0 -87000 -87000 50000 1037857000 1037907000 0 0 37000 33000 5000 4000 42000 37000 -25000 -14000 -1000 -3000 -26000 -17000 1038790000 1038790000 1038790000 1038790000 1038790000 1038790000 Investments in subsidiaries are specified as follows:kUSD 100kCAD 8,431 Trackunit Inc. USA 1.00 Trackunit Canada Inc. Canada 1.00 Charges and securityThe following assets have been placed as security with bankers:Shares in subsidiaries with a total carrying amount of1,038,7901,038,790 Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the Danish jointly taxed incomes etc of the Danish group. The total amount of corporation tax payable is disclosed in the Annual Report of Galaxy Holdco 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. Consolidated Financial StatementsTrackunit America ApS is included in the Group Annual Report of the Parent Company of the smallest and largest group:Trackunit ApSGalaxy UK Topco LimitedGasværksvej 24, 4., 9000 Aalborg2 More London Riverside, London SE1 2AP, UK The Annual Report of Trackunit America 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 Financial Statements for 2025 are presented in TDKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of Trackunit ApS, Aalborg, CVR No. 20750170, the Company has not prepared consolidated financial statements. Recognition and measurementThe Financial Statements have been prepared under the historical cost method.Revenues 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 policiesTransactions 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.Income statements of foreign subsidiaries that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Other external expensesOther external expenses comprise expenses for office expenses, etc. Gross lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of other external expenses. Income from investments in subsidiariesDividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. 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 Danish entities. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. 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. 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.