26224128 2025-01-01 2025-12-31 26224128 2025-01-01 2025-12-31 0 26224128 2025-01-01 2025-12-31 1 26224128 2025-01-01 2025-12-31 0 26224128 2025-01-01 2025-12-31 0 26224128 2025-01-01 2025-12-31 1 26224128 2025-01-01 2025-12-31 2 26224128 2024-01-01 2024-12-31 26224128 2025-12-31 26224128 2024-12-31 26224128 2024-12-31 fsa:ContributedCapitalMember 26224128 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 26224128 2024-12-31 fsa:RetainedEarningsMember 26224128 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 26224128 2024-12-31 26224128 2025-12-31 fsa:ContributedCapitalMember 26224128 2025-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK 2025-01-01 2026-04-22 Regnskabsklasse B true Selskabsoplysninger INITTO A/S Selskabsoplysninger INITTO A/S 2900 Hellerup Philip Heymans Allé 15 26224128 2026-04-22 Thomas Julian Gravers Annual report 30700228 EY Godkendt revisionspartneselskab Cortex park vest 3 5230 Odense m xWizard version 1.1.1508.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion mne10777 mne40824 0 The Board of Directors and the Board of Management have today considered and approved the annual   report of Initto A/S for the financial year 1 January - 31 December 2025. 2025-12-31 The annual report has been prepared in accordance with the Danish Financial Statements Act. It is our opinion that 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.   Further, in our opinion, the Management's review gives a fair review of the matters discussed in the   Management's review.   We recommend that the annual report is approved at the Annual General Meeting. Hellerup 2026-04-22 Rahool Suhas Joshi Thomas Julian Gravers Chair Andreas Janholt Rahool Suhas Joshi Independent auditor's report Independent auditor's report (continued) Independent auditor's report (continued) To the shareholders of Initto A/S Opinion   We have audited the financial statements of Initto A/S for the financial year 01.01.2025 - 31.12.2025,  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 at  31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in  accordance with the Danish Financial Statements Act.   Basis for opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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's responsibilities for the financial statements   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.   Auditor’s responsibilities for the audit of the financial statements   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.   Statement on the management commentary   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.   Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Anders Oldau Gjelstrup State-Authorised Public Accountant Jakob Lindberg State-Authorised Public Accountant Management's review Principal activities of the Company   The primary purpose of Initto A/S has been to provide assistance with IT-solutions, development and   maintenance of existing software and with related services. However, since 2023 no business activities   have taken place.   Development in activities and financial matters and expectations for the future   Result for the year, which is proposed distributed to retained earnings, showed a negative result of   DKK 2 thousand compared to a net profit of DKK 17 thousand in 2024.   Equity amounted to DKK 23,216 thousand as at 31 December 2025 compared to DKK 23,218 thousand   as at 31 December 2024.   A result of approximately DKK 0 thousand is expected for 2026.   Events after the reporting date   After the reporting date, there have been no events that significantly affected the Company’s financial   position at 31 December 2025.   0 0 34000 40000 -34000 -40000 25000 62000 -9000 22000 -7000 5000 -2000 17000 -2000 17000 20696000 20696000 20696000 20696000 2000 0 2000 0 2557000 2561000 2559000 2561000 23255000 23257000 1611000 1611000 21605000 21607000 23216000 23218000 0 5000 39000 34000 39000 39000 23255000 23257000 1611000 0 21607000 -2000 23218000 -2000 1611000 21605000 23216000 1 Accounting policies The annual report is presented in Danish kroner. 1 Accounting policies - continued The annual report of Initto A/S for 2025 has been prepared in accordance with the Danish Financial   Statements Act, reporting class B with addition of certain provisions for reporting class C.   In accordance with the Danish Financial Statements Act § 110 no consolidated financial statements has   been prepared.   General about recognition and measurement   Income is recognised in the income statement as and when it is earned.   Any costs, including depreciations, amortisation, impairment, provisions and reversals due to changed   accounting estimates of amounts previously recognised in the income statement, are also recognised in   the income statement.   Foreign currency translation   Transactions denominated in foreign currencies are translated at the exchange rates 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.   Receivables, payables and other monetary items denominated in foreign currencies are translated at the   exchange rates at the reporting date. The difference between the exchange rates at the reporting date   and at 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.   Income statement Revenue   Revenue from assistance with IT development is recognised as production is performed (the production   method) and is calculated as the sales price of the production performed during the financial year.   Revenue is recognised when the total income and costs of the individual case and the stage of   completion at the balance sheet date can be measured reliable and it is probable that the economic   benefits, including payments, will flow to the company.   Revenue is recognised net of VAT, duties and sales discounts.   Gross profit   Revenue and other external costs are presented as Gross profit in the income statement in accordance   with the Danish Financial Statements Act § 32.   Staff costs and other administrative costs   Staff costs comprise wages and salaries, including holiday allowance and pensions, other social   security costs, accommodation etc., for the Company's employees.   Other external costs comprise administrative expenses.   Other financial income and expenses   Other financial income and expenses comprise interest income expense, realised and unrealised gains   and losses related to financial assets and liabilities and foreign exchange rate adjustments, amortisation   of financial assets and liabilities.   Tax on profit for the year   Tax for the year comprises current tax for the year and changes in deferred tax. The tax expense   relating to the profit/loss for the year is recognised in the income statement.   Statement of financial position Investments in subsidiaries   Investments in subsidiaries are measured at cost. If there is an indication of impairment, an impairment   test is performed. Investments are written down to the lower of the recoverable amount and the   carrying amount. If the basis for a previous write down is no longer present the write down is reversed   and recognised in the income statement.   Receivables   Receivables are measured at amortised cost.   Write-down is made for bad debt losses when there is objective evidence that a receivable has been   impaired.   Prepayments   Prepayments, recognised as assets, comprise costs incurred concerning subsequent financial years.   Corporation tax and deferred tax   Current tax payable and receivable is recognised in the statement of financial position as tax computed   on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid   to the administration company.   Liabilities   Financial liabilities comprising trade payables and payables to group enterprises are recognised at cost,   corresponding to the proceeds received less transaction costs paid. In subsequent periods, financial   liabilities are measured at amortised cost.   2 Staff costs No remuneration is paid to the Company's Management. 3 Contractual obligations and contingencies, etc.   The Company participates in a Danish joint taxation arrangement where Geely Financials Denmark A/S   serves as the administration company. According to the joint taxation provisions of the Danish   Corporation Tax Act, the Company 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.   4 Consolidated financial statements   The company is included in the consolidated financial statements of Saxo Bank A/S, Philip Heymans Allé   15, 2900 Hellerup. The consolidated financial statements for Saxo Bank A/S are available on:   www.home.saxo/about-us/investor-relations.