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flows Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Værkmestergade 25 Postboks 330, 8100 Aarhus C 2025-07-01 2025-12-31 2024-06-25 2025-06-30 44924749 Nextway Holding ApS Birk Centerpark 40 7400 Herning 2024-06-25 Herning EY Godkendt Revisionspartnerselskab 30700228 Værkmestergade 25 8100 Aarhus C Danmark +45 73 23 30 00 2026-03-27 Thomas Hougaard-Enevoldsen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-03-27 2026-03-27 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Nextway Holding ApS for the financial year 1 July - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Company at 31 December 2025 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 July - 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 be approved at the annual general meeting. Herning Wessel Geoff Pleogmakers Jonas Gunnar Emanuel Bäckman Chairman Lars Erik Rüger Jepsen Wessel Geoff Ploegmakers To the shareholders of Nextway Holding ApS We have audited the consolidated financial statements and the parent company financial statements of Nextway Holding ApS for the financial year 1 July - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 July - 31 December 2025 in accordance with the Danish Financial Statements Act. 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 consolidated financial statements and the parent Company financial statements" (herinafter collectively referred to as "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.IndependenceWe are independent of the Group 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 is responsible for the preparation of consolidated financial statements and parent company 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to 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 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 Group's and the Parent 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 Group's and the Parent 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 Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and per­form the group audit to ob­tain suf­fi­cient ap­pro­priate audit evi­dence re­gar­ding the fi­nan­cial in­for­ma­tion of the en­tities or busi­ness units within the group as a basis for for­ming an opin­ion on the group fi­nan­cial state­ments. We are re­spon­sible for the di­rec­tion, su­per­vision and re­view of the audit work per­formed for pur­poses of the group audit. We re­main solely re­spon­sible for our audit opin­ion.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. 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. Aarhus Steffen Michael Bach State Authorised Public Accountant mne45892 -326061 -240837 19940 27259 -541631 1196159 -3.3 -7.7 50.8 50.0 The financial ratios stated under "Financial highlights" have been calculated as follows:Operating profit/loss Profit/loss before net financials +/- Other operating income and other operating expensesReturn on assets Profit/loss from operating activities x 100Average assetsEquity ratio Equity, year-end x 100Total equity and liabilities, year-end The Nextway Group helps companies harvest the benefits of digitalization by replacing processes involving paper, pdf’s, spreadsheets, and emails with business relevant easy-to-use software. Our mission is to make companies more efficient, and people’s lives at work easier. To many of our customers we deliver, maintain and support business critical software.Our standard products are based on our own software platform Next®, which has a proven performance record in companies throughout the world and in almost any line of business.Headquartered in Denmark and with own staffed offices in Switzerland, Germany, Denmark, and Finland, supplemented by staff in Norway and in Austria, we are operating as an international company, serving European customers on a local and global scale. Our set-up enables us to engage with most of our customers with local staff backed by international specialists. As part of the financial statements for the year, the Nextway Group has capitalized development costs related to internal projects. The recognition and continued valuation of these assets are based on expectations regarding the future commercial viability of the developed solutions. Management performs regular impairment tests and believes the carrying amounts are justified. However, these are subject to estimation uncertainty.Additionally, the Group has recognized goodwill in connection with acquisitions of subsidiaries. The valuation of goodwill is based on expected future cash flows and strategic assumptions. Although no impairment has been recognized as of the balance sheet date, the carrying amount is subject to inherent uncertainty and may be affected by changes in future expectations. The income statement for 2025 shows a loss of EUR 1,011,027 against a loss of EUR 2,807,336 last year, and the balance sheet at 31 December 2025 shows equity of EUR 16,736,397. An up-to-date product portfolio, a growing customer base, a solid backlog, and a strong sales pipe are a solid foundation for the company and the reason for growing activity. We will continue to invest in the right strategic initiatives, enabling us to grow the results as the strategy unwinds in the coming years.Management finds the development satisfactory and sees this as a direct result of focus and commitment in executing strategic initiatives.Future outlookWe expect further growth in activities and investments in the coming period. We will pursue our new 2027 strategy, with new ambitious goals for growth and markets shares in the selected industries and focus areas.We expect a result before depreciation, financial items and tax in the range of EUR 1-3 million for the period 1/1-31/12 2026. As a professional provider of business-critical software, Nextway is dependent on highly skilled and knowledgeable employees throughout the organization. We continuously invest in developing our organization. At the center of these efforts is a set of appreciated core values: Easy, Respectful, Unified, Smart, and Ambitious.Nextway is big enough to matter, and small enough to care. Nextway’s business involves a number of commercial and financial risk elements, but only those considered normal for a software vendor. We focus on our business and do not speculate on financial instruments or financial risks. Nextway is continuously investing in our primary intangible asset – Next. This development is done with own resources and with addition of external parties when required. We believe that developing new products, modules and features is the key to reaching our strategic goals and staying relevant to existing and future customers. No events of any significance affecting the financial position of the company occurred after the end of the financial year. 4137306 8107308 -34275 -933 3328315 6891514 0 0 1948482 3951407 0 0 -1139491 -2735613 -34275 -933 19644 205539 932 7944 345705 446376 145 25 -1465552 -2976450 -33488 6986 -454525 -169114 -6680 1741 -1011027 -2807336 -26808 5245 5113481 5162253 0 0 6574677 6961423 0 0 82015 9900 0 0 17537007 18529289 0 0 149555 79290 0 0 29456735 30742155 0 0 78428 67535 0 0 3295 3299 0 0 81723 70834 0 0 0 0 20377849 20377849 0 0 20377849 20377849 29538458 30812989 20377849 20377849 1170303 1746703 0 0 0 0 4878 0 96648 51163 0 0 0 0 61 0 225517 514151 0 0 508534 405750 0 0 2001002 2717767 4939 0 1426287 1956921 150149 175814 3427289 4674688 155088 175814 32965747 35487677 20532937 20553663 20521 20521 20521 20521 16715876 17727081 20504415 20531401 16736397 17747602 20524936 20551922 2036210 2491224 0 0 2036210 2491224 0 0 4234564 4443036 0 0 0 0 0 1741 1429353 3198649 0 0 209968 210193 0 0 5873885 7851878 0 1741 3598389 2155556 0 0 77718 8601 0 0 513668 444631 8001 0 0 121813 0 0 1163749 1759038 0 0 2965731 2907334 0 0 8319255 7396973 8001 0 14193140 15248851 8001 1741 32965747 35487677 20532937 20553663 20521 17727081 -1011027 0 178 20521 16715876 20521 20531401 -26808 0 178 20521 20504415 -1011027 -2807336 1820018 4026207 154366 -6497 963357 1212374 19644 205539 345705 446376 28439 -13119 608857 984656 653563 1000217 19940 27259 0 29100000 -10942 0 -684445 -30127476 0 9797241 535160 0 69117 20546675 0 -4937 -466043 30338979 -541631 1196159 1956921 0 0 750836 10997 9926 1426287 1956921 The annual report of Nextway Holding ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year.In accordance with the Danish Business Authority’s clarification in May 2021, financial statement items regarding equity investments in associates have been renamed to equity investments in participating interests as the financial statement items must be designated as such when the entity only holds equity investments in associates. Reporting currencyThe financial statements are presented in euros (EUR), as the Company's most significant transactions are settled in EUR. ControlThe consolidated financial statements comprise the Parent Company and group entities controlled by the Parent Company.Control means a parent company’s power to direct a group entity’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment.In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions.Preparation of consolidated financial statementsThe consolidated financial statements are prepared as a consolidation of the parent company's and the individual group entities' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated.Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders. Recently acquired entities are recognised in the consolidated financial statements from the date of acquisition. Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinued operations are presented separately, see below.The date of acquisition is the date when the group actually obtains control of the acquiree.The acquisition method is applied to the acquisition of new entities of which the group obtains control. The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under “Intangible assets”. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition.Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the presentation currency used in the consolidated financial statements are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.The consideration paid for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement.Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the consideration is associated with uncertainty, initial recognition will take place on the basis of provisional amounts. If it turns out subsequently that the identification or measurement of the consideration transferred, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any adjustments are recognised as misstatements.Gains or losses from disposal of group entities which result in loss of control are calculated as the difference between, on the one hand, the fair value of the selling price less selling expenses and, on the other hand, the carrying amount of net assets. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. Foreign group entitiesForeign group entities and associates are considered separate entities. Items in such entities' income statements are translated at an average exchange rate for the month, and balance sheet items are translated at closing rates. Foreign exchange differences arising on translation of the opening equity of foreign group entities to closing rates and on translation of the income statements from average exchange rates to closing rates are taken directly to equity. The Company has chosen IFRS 15 as interpretation for revenue recognition.Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method).Licence income is recognised over the term of the agreement in accordance with the contents of the agreement.Revenue from time limited software licences is accrued and recognised on a straight line basis over the term of the licence according to the terms of the licence agreement.Sale of indefinite software licences is recognised as sale of goods whereby revenue is recognised when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. Income from the provision of services as consultancy hours is recognised as revenue as the services are provided. Accordingly, revenue corresponds to the selling price of services performed during the year (percentage of completion method).Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, cost of sales, work performed for own account and capitalised, other operating income and external expenses have been aggregated into one item in the income statement called gross profit/loss in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items secondary to the principal activities of the Company, including rental income from the temporary lease out of production facilities, compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Work performed on own account and risk and recognised as assets includes staff costs regarding work performed in the financial year in relation to the construction of one or more assets recognised in the balance sheet. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and equipment.The cost net of the expected residual value for completed development projects is amortised over the expected useful life.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Completed development projects 5-10 years Customer relationships 10 years Acquired intangible assets 3-5 years Goodwill 10-20 years Fixtures and fittings, other plant and equipment 3-5 yearsLeasehold improvements 5 years Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. The residual value is expected to be 0 EUR. The item includes dividend received from group entities in so far as the dividend does not exceed the accumulated earnings in the group entity in the period of ownership. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items comprise interest income and expenses, e.g. from group entities and associates, declared dividends from other securities and investments, financial expenses relating to finance leases, realised and unrealised capital gains and losses relating to other securities and investments, exchange gains and losses and amortisation of financial assets and liabilities. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated.The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.On payment of joint taxation contributions, the Danish corporate income tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income.Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, 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. Goodwill is amortised over the expected economic life of the asset, measured by reference to Management’s experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period.Other intangible assets include customer relationships, patents and brand and other intagible asset, including domain and software.Other intangible assets are measured at cost less accumulated amortisation and impairment losses.Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 5 years.Acquired intangible assets include software and trademarks, which are measured at cost less accumulated amortisation and impairment losses. Software is amortised over 3-5 years, whereas trademarks are not amortised.Gains and losses on the sale of intangible assets are recognised in the income statement under "Other operating income" or "Other operating expenses", respectively. Gains and losses are calculated as the difference between the selling price less selling expenses and the carrying amount at the time of sale. Property, plant and equipmentItems of equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases.Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Investments in group entities are measured at cost, which includes the cost of acquisition calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to such lower value.Gains and losses on disposal of group entities and associates are made up as the difference between the sales price and the carrying amount of net assets at the date of disposal including non-amortised goodwill and anticipated costs of disposal. Gains or losses are recognised in the income statement as financial income or financial expenses. The carrying amount of intangible assets and equipment and investments in group entities is assessed for impairment on an annual basis.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.As management company for all the entities in the joint taxation arrangement, the parent company is liable for payment of the group entities' income taxes vis à vis the tax authorities as the group entities pay their joint taxation contributions. Joint taxation contributions payable or receivable are recognised in the balance sheet as income tax receivables or payables. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Deferred incomeDeferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year.Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments.Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. No events materially affecting the Group's and the Company's financial position have occurred subsequent to the financial year-end. 3086002 6416683 0 0 34691 82568 0 0 207622 392263 0 0 3328315 6891514 0 0 58 63 0 0 The remuneration for the company's management is disclosed collectively for the executive board and the board of directors, referring to the Danish Financial Statements Act § 98 b, subsection 3, no. 2, where the remuneration for the company's management in 2025 amounts to a total of 9 thousand EUR. The parent company did not pay any remuneration to Management during the financial year. -47473 120029 0 0 -452417 -290884 -4878 0 45365 0 -1741 0 0 -1741 -26808 5245 9676889 7734914 282932 23411858 79290 413353 0 78607 0 161603 91338 0 0 0 -91338 10181580 7734914 361539 23411858 149555 4514636 773491 273032 4882569 0 553463 386746 6492 992282 0 5068099 1160237 279524 5874851 0 5113481 6574677 82015 17537007 149555 Completed development projects The company continuously recognizes development costs for a number of individual development projects. The development projects are initiated after an assessment phase and based on both the company's own and the customers' identified needs for new products and functionalities in the company's software, etc. In connection with the initiation of a development project, a business plan is prepared and there is an ongoing assessment of whether this business plan is complied with and followed. This assessment including impairment test has been performed for all completed development projects. The recognized costs consist partly of hours incurred within the Group and partly of external costs incurred. All development projects are individually assessed to see whether they meet the criteria for recognition set out in the Danish Financial Statements Act Section 83 and IAS 38 as interpretation. Customer characteristics and product evaluation are both part of each business plan/product in aim to cover the representative market needs for our products and to meet the criteria for recognition set out in the Danish Financial Statements Act Section 88 a. The usual development period typically extends over 1-3 years depending on the individual project. The recognised costs consist partly of hours incurred within the Group and partly of external costs incurred. 898477 229145 9563 0 19940 0 254 207586 927726 21559 830942 225846 9966 0 8522 0 132 207582 849298 18264 78428 3295 Note15provides more details on security for loans, etc. as regards property, plant and equipment. 20377849 20377849 20377849 Nextway Group ApS Herning, Denmark 100.00 19642862 -735092 Nextway Software A/S Herning, Denmark 100.00 3210703 304672 Nextway Software Denmark A/S Herning, Denmark 100.00 1441342 328723 Nextway Software Finland OY Helsinki, Finland 100.00 790336 86162 Nextway Software Norway AS Oslo, Norway 100.00 734336 85506 Nextway Software Sweden AB Malmø, Sweden 100.00 168027 21060 Nextway Software UK Ltd Cranfield, United Kingdom 100.00 35025 2490 Nextway Software Switzerland GmbH Buchs, Switzerland 100.00 974393 161143 Nextway Software Austria GmbH Rankweil, Austria 100.00 -181893 -6018 Nextway Germany GmbH Hamburg, Germany 50.00 99749 119894 The information regarding subsidiaries' equity and results are based on the latest submitted financial statements. Prepayments consist of prepaid expenses related to rent, insurance premiums, subscriptions, etc. Analysis of the share capital: 1,005,854 A shares of EUR 0,01 nominal value each. 1,046,910 B shares of EUR 0,01 nominal value each. 2491224 0 0 0 2036210 2491224 0 4790120 555556 4234564 0 4472186 3042833 1429353 0 209968 0 209968 209968 The provision for deferred tax primarily relates to timing differences in respect of intangible assets, property, plant and equipment and tax loss carry-forwards. Group Rent and lease liabilities include a rent obligation totalling EUR 418 thousand in interminable rent agreements with remaining contract terms of 3-24 months. Furthermore, the Company has liabilities under operating leases for cars and IT equipment and software, totalling EUR 227 thousand with remaining contract terms of 3-48 months. The parent company have not entered any financial obligations. As management company, the Company is jointly taxed with other Danish group entities. The Company is jointly and severally with other jointly taxed group entities for payment of income taxes and withholding taxes falling due for payment in the group of jointly taxed entities. As security for debt to credit institutions, EUR 0 thousand, a corporate mortgage has been granted on assets of the company amounting to EUR 536 thousand, with a total accounting value as of December 31 2025, of EUR 76 thousand. As security for the parent Company's and subsidiaries' debt to credit institutions, the company has provided security or other collateral in its assets for a total amount of EUR 5,073 thousand. The total carrying amount of these assets is EUR 20,378 thousand. Information on the remuneration to management Information on the remuneration to Management appears from note 3, "Staff costs". Significant influence Related partyDomicileBasis for significant influence Main Foundation II Coöperatief U.A.NetherlandMajority owner 1948482 3954484 -19644 -205539 -345705 -446376 -454525 -169114 762250 -483624 607884 -477127 0 -33637018 0 -104789 0 -2247262 0 -750836 0 -2782258 0 -4857647