25698908 2025-01-01 2025-12-31 25698908 2025-01-01 2025-12-31 0 25698908 2025-01-01 2025-12-31 1 25698908 2025-01-01 2025-12-31 2 25698908 2025-01-01 2025-12-31 3 25698908 2025-01-01 2025-12-31 0 25698908 2025-01-01 2025-12-31 1 25698908 2025-01-01 2025-12-31 0 25698908 2024-01-01 2024-12-31 25698908 2025-12-31 25698908 2024-12-31 iso4217:DKK xbrli:pure Regnskabsklasse B 2025-01-01 Annual report 30505247 Novi A/S Niels Jernes Vej 10 9220 Aalborg Øst xWizard version 1.1.1511.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion 2025-12-31 2026-04-22 Jan Dinesen Dencrypt A/S Ringager 4B 2605 Brøndby 25698908 2013-12-20 Kaj Juul-Pedersen chairman Daniel Kjær vice chairman Lars Ramkilde Knudsen Jan Dinesen Søren Sennels COO Christian Jul Jensen CEO EY GODKENDT REVISIONSPARTNERSELSKAB Dirch Passers Allé 36, Postboks 250 2000 Frederiksberg Nykredit Bank MANAGEMENT'S STATEMENT   Today the Board of Directors and Executive Board have discussed and approved the Annual Report of   Dencrypt A/S for the financial year 1 January - 31 December 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 Company's assets, liabilities  and financial position at 31 December 2025 and of the results of the Company's operations for the fi-   nancial year 1 January - 31 December 2025.   The Management Commentary includes in our opinion a fair presentation of the matters dealt with in   the Commentary.   We recommend the Annual Report be approved at the Annual General Meeting. Brøndby 2026-04-22 Søren Sennels COO Christian Jul Jensen CEO Kaj Juul-Pedersen Chairman Daniel Kjær Vice Chairman Lars Ramkilde Knudsen Jan Dinesen INDEPENDENT AUDITOR'S REPORT To the Shareholders of Dencrypt A/S Opinion   We have audited the Financial Statements of Dencrypt A/S for the financial year 1 January - 31  December 2025, which comprise income statement, Balance Sheetand notes, including 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 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 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   our report. We believe that the audit evidence we have obtained is sufficient and appropriate to   provide a basis for our opinion.   Independence   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.   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 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.   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 the financial   statements.   As part of an audit conducted in accordance with ISAs and 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.   Statement on the Management's review   Management is responsible for the Management's review.   Our opinion on the financial statements does not cover the 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 the   Management's review and, in doing so, consider whether the 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 the Management's review provides the   information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the 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 the Management's   review.   Copenhagen 2026-04-22 EY GODKENDT REVISIONSPARTNERSELSKAB 30700228 Mogens Andreasen mne28603 MANAGEMENT REVIEW Principal activities   Dencrypt A/S develops and delivers secure communication solutions. The Company’s solutions combine   usability with advanced encryption technology and are designed to protect against unauthorised   access, including espionage and eavesdropping.   The Company’s products are primarily targeted at governmental and defence organisations, critical   infrastructure operators, law enforcement, public authorities, and private enterprises with a need to   protect confidential information, critical technology, and communication with clients and partners.   The Company’s products include Dynamic Encryption, a patented encryption technology.   Dencrypt is a member of the trade associations Confederation of Danish Industry (DI Digital and DI   Defence and Security), CenSec, IT-Branchen, and Dansk Erhverv.   The Company has offices in Copenhagen and Aalborg.   Development in activities and financial and economic position   During the year, the Company expanded its activities in Denmark and internationally. The user base   for the Dencrypt Communication Solution increased during the year.   The Company continued the development of its product platform. The Dencrypt Connex Platform was   further developed with additional features enabling integration with collaboration solutions and   other communication systems.   Development activities related to further extensions of the solutions have been ongoing during the   year, with the aim of improving usability, functionality, and stability.   During 2025, the Company relocated to new office facilities in the Aalborg and Copenhagen areas due   to increased space requirements.   The Company continues its collaboration with Technical University of Denmark within cryptology. The   collaboration focuses on the development of methods and technologies for future cryptographic   solutions, including quantum-safe communication.   The Company continues to maintain and develop its patent portfolio.   The result for the year is in line with expectations.   The Company reports a net profit of 5.4 DKK million.   Significant events after the end of the financial year   A tax case regarding the company´s income tax is ongoing. The outcome is uncertain and any potential   financial impact is uncertain and cannot be reliable estimated at this time.   28824360 17592392 14648723 7305843 8584117 6575206 6869794 2433069 0 4463 209950 37175 6832619 1434171 5398448 2227582 361000 1866582 5398448 1866582 18642875 1450000 4114568 20923826 0 4727403 25651229 24207443 5361 653024 658385 9908 0 9908 448010 448010 234971 234971 25313838 25896108 5662704 601215 6263919 13524920 105195 13630115 10798354 17062273 42376111 1276662 14906777 40802885 799280 17750806 1957654 799280 20007959 -5697947 20507740 5028000 15109292 4903000 5028000 4903000 895073 1166048 2061121 844811 2485005 3329816 3479062 1701580 0 5039744 214874 1200000 0 1309171 4701037 3588400 14779250 5711228 5294931 17460777 16840371 42376111 20790593 40802885 EQUITY Transferred to reserve for development Retained Share capital costs profit Total Equity at 1 January 2025799.28020.007.959-5.697.94715.109.292Proposed profit allocation5.398.4485.398.448Other legal bindings Capitalized development costs-2.257.1532.257.1530 Equity at 31 December 2025799.28017.750.8061.957.65420.507.740 NOTES   Note   2025   2024   DKK   DKK   Staff costs   1 Average number of employees   19 18 Wages and salaries........................................................  18.903.831   15.255.567   Pensions.....................................................................  49.500   42.834   Social security costs.......................................................  102.901   86.187   Other staff costs...........................................................  0 262.516   Staff costs transferred to intangible fixed assets....................  -4.407.509   -7.062.987   14.648.723   8.584.117   19 18 Tax on profit/loss for the year   2 Calculated tax on taxable income of the year.......................   1.309.171   0 Adjustment of deferred tax..............................................  125.000   361.000   1.434.171   361.000   Intangible assets   3 Development   Development   projects in   projects   Intangible fixed   progress and   completed   assets acquired   prepayments   Cost at 1 January 2025...............................   50.427.175   0 4.727.404   Transfer.................................................   5.020.345   0 -5.020.345   Additions................................................  0 1.450.000   4.407.509   Cost at 31 December 2025.........................  55.447.520   1.450.000   4.114.568   Amortisation at 1 January 2025.....................  29.503.349   0 0 Amortisation for the year............................  7.301.296   0 0 Amortisation at 31 December 2025..............  36.804.645   0 0 Carrying amount at 31 December 2025.........  18.642.875   1.450.000   4.114.568   Property, plant and equipment   4 Other plants,   machinery, tools   Leasehold   and equipment   improvements   Cost at 1 January 2025...................................................   674.827   0 Additions....................................................................  0 653.024   Cost at 31 December 2025.............................................  674.827   653.024   Depreciation and impairment losses at 1 January 2025............   664.919   0 Depreciation for the year................................................   4.547   0 Depreciation and impairment losses at 31 December 2025.....  669.466   0 Carrying amount at 31 December 2025.............................  5.361   653.024   NOTES   Note   Financial non-current assets   5 Rent deposit and   other receivables   Cost at 1 January 2025.......................................................................   234.971   Additions........................................................................................  292.914   Disposals.........................................................................................  -79.875   Cost at 31 December 2025.................................................................  448.010   Carrying amount at 31 December 2025.................................................  448.010   Long-term liabilities   6 Debt   31/12 2025   Repayment   outstanding   31/12 2024   total liabilities   next year after 5 years total liabilities   Mortgage debt......................................  0 0 0 484.791   Other liabilities....................................   895.073   0 895.073   844.811   Accruals and deferred income...................4.645.110 3.479.062   0 7.039.958   5.540.183 3.479.062   895.073 8.369.560   Contingent liabilities   7 The company has signed two lease agreements for rental properties, one of which has a   binding lease period until Januray 31st 2030.   The Company currently has rental commitments for a total of DKK 1.163.493.   A tax case regarding the company´s income tax is ongoing. The outcome is uncertain and any   potential financial impact is uncertain and cannot be reliable estimated at this time.   Charges and securities   8 The company has pledged assets as security for guarantees and debts as of 31 December 2025,   corporate charges have been provided as follows.   For the security of the payment guarantee from Nykredit, the company has provided a   corporate charge of DKK 1,950 thousand, in the company's assets with a carrying amount of   DKK 6.922 thousand at 31 December 2025.   For the security of the payment guarantee from Nykredit, the company has provided a   corporate charge of DKK 3,902 thousand, in the company's assets with a carrying amount of   DKK 6.922 thousand at 31 December 2025.   To secure debt to Nykredit, the company has provided a corporate charge of DKK 1,000   thousand, in the company's assets with a carrying amount of DKK 6.922 thousand at 31   December 2025.   ACCOUNTING POLICIES   The Annual Report of Dencrypt A/S for 2025 has been presented with the provisions of the Danish Financial Statements Act for enterprises in reporting class B as well as provisions applying to reporting   class C entities.   The Annual Report is prepared consistently with the accounting principles applied last year.   The financial statements are presented in Danish Kroner (DKK).   INCOME STATEMENT Gross profit   In pursuance of section 32 of the Danish Financial Statements Act, the company does not dislcose its   revenue. Gross profit reflects an aggregation of revenue less cost of sales and external cost.   Net revenue   Dencrypt A/S has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Net revenue from   sale of service contracts and license subscriptions is recognised in the Income Statement if supply and   risk transfer to purchaser has taken place before the end of the year and if the income can be   measured reliably and is expected to be received. Net revenue is recognised exclusive of VAT, duties   and less discounts related to the sale.   Cost of sales   Cost of sales comprise costs incurred to achieve the net revenue for the year, including royalty,   commission of agent agreements and external license.   Other external expenses   Other external expenses include cost of sales, advertising, administration, buildings, bad debts,   operating lease expenses, etc.   Staff costs   Staff costs comprise wages and salaries, including holiday pay and pensions and other costs for social   security etc. for the company’s employees. Repayments from public authorities are deducted from   staff costs.   Financial income and expenses   Financial income and expenses include interest income and expenses, financial expenses of finance   leases, realised and unrealised gains and losses arising from investments in financial assets, debt and   transactions in foreign currencies, amortisation of financial assets and liabilities as well as charges   and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in   the income statement by the amounts that relate to the financial year.   Tax   Tax for the year includes current tax on the year's expected taxable income and the year's deferred   tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is   recognised in the income statement, whereas the portion that relates to transactions taken to equity   is recognised in equity.   BALANCE SHEET Intangible fixed assets   Patents and licences are measured at the lower of cost less accumulated amortisation and the   recoverable amount. Patents are amortised over the remaining patent period and licences are   amortised over the period of the agreement, however, no more than 7 years.   Development costs comprise costs, including wages and salaries, and amortisation, which directly or   indirectly can be related to the company’s development activities and which fulfil the criteria for   recognition.   Capitalised development costs are measured at the lower of cost less accumulated amortisation or   recoverable amount.   Capitalised development costs are amortised on a straight-line basis over the estimated useful life   after completion of the development work. The amortisation period is 5 years.   Intangible fixed assets are generally written down to the lower of recoverable value and carrying   amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales   price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income   Statement under other operating income or other operating expenses.   Tangible fixed assets   Other plant, fixtures and equipment are measured at cost less accumulated depreciation and   impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition   until the time when the asset is ready to be used.   Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the   assets and their residual value:   Useful life Residual value   Other plant, fixtures and equipment.................................................  2-5 years   0 %   Profit or loss on disposal of tangible fixed assets is stated as the difference between the sales price   less selling costs and the carrying amount at the time of sale. Profit or loss is recognised in the   income statement as other operating income or other operating expenses.   Financial non-current assets   Deposits include rental deposits which are recognised and measured at amortised cost. Deposits are   not depreciated.   Impairment of fixed assets   The carrying amount of intangible fixed and tangible assets together with fixed assets, which are not   measured at fair value, are valued on an annual basis for indications of impairment other than that   reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets,   respectively. If the recoverable amount is lower than the carrying amount, the asset is written down   to the carrying amount.   The recoverable amount is calculated at the higher of net selling price and capital value. The capital   value is determined as the fair value of the expected net cash flows from the use of the asset or   group of assets and the expected net cash flows from sale of the asset or group of assets after the   end of its useful life.   ACCOUNTING POLICIES   Receivables   Receivables are measured at amortised cost which usually corresponds to nominal value. The value is   impairment of financial recievables.   written down to meet expected losses. Dencrypt A/S has chosen IAS 39 as interpretation for   Accruals recognised as assets include costs incurred relating to the subsequent financial year.   Accruals, assets   Cash and Cash Equivalents comprimise cash at bank and in hand.   Cash and cash equivalents   Tax payable and deferred tax   Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated   tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and   taxes paid on account.   Deferred tax is measured on the temporary differences between the carrying amount and the tax   value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected   realisable value of the asset, either by set-off against 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 under the legislation in force   on the balance sheet date will be applicable when the deferred tax is expected to crystallise as   current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the   income statement, except from items recognised directly in equity.   Liabilities   Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less   borrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal   to the capitalised value when using the effective interest, the difference between the proceeds and   the nominal value being recognised in the Income Statement over the term of loan.   Amortised cost for short-term liabilities usually corresponds to the nominal value.   Accruals, liabilities   Accruals recognised as liabilities include payments received regarding income in subsequent years.   Deferred income   subsequent financial reporting years.