36951842 2025-01-01 2025-12-31 36951842 2025-01-01 2025-12-31 2 36951842 2025-01-01 2025-12-31 1 36951842 2025-01-01 2025-12-31 1 36951842 2025-01-01 2025-12-31 2 36951842 2025-01-01 2025-12-31 3 36951842 2025-01-01 2025-12-31 4 36951842 2025-01-01 2025-12-31 1 36951842 2024-01-01 2024-12-31 36951842 2025-12-31 36951842 2024-12-31 36951842 2025-01-01 d:ContributedCapitalMember 36951842 2025-01-01 d:ReserveForUnpaidContributedCapitalMember 36951842 2025-01-01 d:ReserveForDevelopmentExpenditureMember 36951842 2025-01-01 d:RetainedEarningsMember 36951842 2025-01-01 2025-12-31 d:ReserveForUnpaidContributedCapitalMember 36951842 2025-01-01 2025-12-31 d:RetainedEarningsMember 36951842 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 36951842 2025-12-31 d:ContributedCapitalMember 36951842 2025-12-31 d:ReserveForUnpaidContributedCapitalMember 36951842 2025-12-31 d:ReserveForDevelopmentExpenditureMember 36951842 2025-12-31 d:RetainedEarningsMember 36951842 2025-01-01 d:CompletedDevelopmentProjectsMember 36951842 2025-01-01 d:DevelopmentProjectsInProgressMember 36951842 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 36951842 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressMember 36951842 2025-12-31 d:CompletedDevelopmentProjectsMember 36951842 2025-12-31 d:DevelopmentProjectsInProgressMember 36951842 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 36951842 2025-01-01 d:LeaseholdImprovementsMember 36951842 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 36951842 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 36951842 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 36951842 2025-12-31 d:LeaseholdImprovementsMember 36951842 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 36951842 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 36951842 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 36951842 2025-01-01 d:OtherLongtermPayablesMember 36951842 2025-12-31 d:OtherLongtermPayablesMember 36951842 2025-01-01 d:HolidayAllowanceLiabilitiesLongtermMember 36951842 2025-12-31 d:HolidayAllowanceLiabilitiesLongtermMember iso4217:DKK xbrli:pure false Crowe false 2026-04-20 33256876 Henrik Frøsig 2025-12-31 33256876 Regnskabsklasse B Crowe Revisionspåtegning Rygårds Allé 104 2900 Hellerup 2025-01-01 2024-01-01 2024-12-31 true false CaseWare-FSR false false Annual report The supervisory board and executive board have today discussed and approved the annual report of Grad 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 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 at the Annual General Meeting. Max Tomas Lundberg Director Max Thomas Lundberg chairman Jimmy Fussing Nielsen Tommy Frejlev Andersen Stefan Gustav Gunnar Persson To the shareholder of Grad ApS Opinion We have audited the financial statements of Grad ApS 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.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 2026-04-20 Jamal Naveed Broholt Janjooa Statsautoriseret revisor mne49080 Søren Jonassen Statsautoriseret Revisor mne18488 Grad ApS Vesterbrogade  149 1620  København V 36951842 Copenhagen Crowe 33256876 Rygårds Allé 104 2900 Hellerup Business reviewThe Company’s activities include design, development and sales of innovative cooling solutions for the beverage industry. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 4.925.024, and the balance sheet at 31 December 2025 shows equity of DKK 14.701.409. Development in activities and financial and economic positionDuring the year Grad has continued investing in its cutting edge design and technology. Together with the current product portfolio, we believe that these investments in development projects put Grad in a satisfying position within our industry in the short as well as long term. The annual report of Grad ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities, 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. 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. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, other operating income, costs of raw materials and consumables and other external expenses. Income from the sale of merchandise 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.Grants received from coorporation partners to cover investments are recognised as income concurrently with depreciation on eligible investments. Costs of sales and consumables include the raw materials and consumables used in generating the year’s revenue. Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible- and tangible assets, government grants as well as payroll refunds. Indemnities are recognised when it is more probable than not that the company is going to be indemnified. Other external expenses include other production, sales, delivery and administrative costs, including it, marketing, premises, lease expenses, etcPayments related to operating leases and other lease agreements are expensed in the Income Statement over the contract period. The Company’s total liability concerning operating and other lease agreements are stated under contingencies, etc. 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. Depreciation, amortisation and impairment comprise the year's depreciation, amortisation and impairment of tangible assests. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. 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 projectsDevelopment costs comprise costs, wages/salaries and amortisation losses that are directly and indirectly attributable to the company's development activities.Development 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 is usually five 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. Items of  plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation 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.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 5 years Leasehold improvements 3-5 years Assets costing less than DKK 34.400 are expensed in the year of acquisition.The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward. The other securities include rent deposit expected to be held to maturity and are measured at amortised cost. The carrying amount of intangible assets, items of property, plant and equipment and investments in subsidiaries, associates and participating interests is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount.The recoverable amount is the higher of the net present value and the value in use less expected costs to sell. The net present value is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life. 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 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. Cash and cash equivalents deposits at banks. Reserve for development costsAn amount corresponding to capitalised development costs is recognised in the reserve. The reserve is reduced as development costs are amortised.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. Provisions comprise expected expenses relating to warranty commitments etc. Provisions are recognised when, as a result of a past event, the company has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. 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.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 is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.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.Other liabilities, which include bank debt, prepayments from customers, trade payables, deferred income and other payables, are measured at amortised cost, which is usually equivalent to nominal value. Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years. 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. Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date. 7380341 14776733 9095450 7864882 4742275 4751538 -6457384 2160313 88500 269937 359452 660096 -6728336 1770154 -1803312 300815 -4925024 1469339 48747 0 -4973771 1469339 9018624 7682616 3854852 5128368 12873476 12810984 1768861 2628711 9207 18330 1778068 2647041 162648 119523 162648 119523 14814192 15577548 1703033 3294807 1703033 3294807 3027996 2761701 149454 410040 0 6272792 848067 0 100036 148645 4125553 9593178 298972 2174 6127558 12890159 20941750 28467707 91615 91615 0 6272792 10041314 9992567 4568480 3269459 14701409 19626433 0 955245 141143 0 141143 955245 604909 1159586 415578 400750 1020487 1560336 502601 0 72184 427308 744240 1490539 2371195 2106467 1190862 1388607 197629 912772 5078711 6325693 6099198 7886029 20941750 28467707 91615 6272792 9992567 3269459 -6272792 6272792 48747 -4973771 91615 0 10041314 4568480 8135653 7026325 535796 458095 112169 73044 311832 307418 9095450 7864882 14 13 -848067 0 -955245 300815 23408430 5128368 0 3854852 5128368 -5128368 28536798 3854852 -15725814 0 -3792360 0 -19518174 0 9018624 3854852 Development projects cover the development of the Company’s new products. Being a growth and development company there is inherent uncertainty as to the future commercial success and future profitability. Based on the success of the products launched to date and the expectation that the Company will be profitable in 2026 and forwards, Management assess that the value of future likely earnings at least equal the carrying value at 31 December 2025 of completed and ongoing development projects. 4775844 68428 80943 0 4856787 68428 2147133 50098 940793 9123 -3087926 59221 1768861 9207 119523 43125 162648 162648 2052961 1107510 502601 0 400750 415578 0 0 As security for debt of t.kr. 1,523, the Company has given a financial creditor charge of a nominal  amount of t.kr. 2,671.    The company charge includes the following assets, whose carrying amounts of which at the balance  sheet date are:  Completed development projects9.018.624Development projects in progress3.854.852Other fixtures and fittings, tools and equipment1.768.861Inventories1.703.033Trade receivables3.012.096Other receivables144.277 The Company has entered into a lease agreement with a total commitment of t.kr. 201.