35528415 2025-01-01 2025-12-31 2 35528415 2025-01-01 2025-12-31 3 35528415 2025-01-01 2025-12-31 5 35528415 2025-01-01 2025-12-31 6 35528415 2025-01-01 2025-12-31 35528415 2025-01-01 2025-12-31 1 35528415 2024-01-01 2024-12-31 35528415 2025-12-31 35528415 2024-12-31 35528415 2025-01-01 d:AcquiredIntangibleAssetsMember 35528415 2025-12-31 d:AcquiredIntangibleAssetsMember 35528415 2025-01-01 2025-12-31 d:AcquiredIntangibleAssetsMember 35528415 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 35528415 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 35528415 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 35528415 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 35528415 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 35528415 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 35528415 2025-12-31 d:OtherLongtermPayablesMember 35528415 2025-01-01 d:ContributedCapitalMember 35528415 2024-01-01 d:ContributedCapitalMember 35528415 2025-01-01 2025-12-31 d:ContributedCapitalMember 35528415 2024-01-01 2024-12-31 d:ContributedCapitalMember 35528415 2025-12-31 d:ContributedCapitalMember 35528415 2024-12-31 d:ContributedCapitalMember 35528415 2025-01-01 2025-12-31 d:SharePremiumMember 35528415 2024-01-01 2024-12-31 d:SharePremiumMember 35528415 2025-01-01 d:RetainedEarningsMember 35528415 2024-01-01 d:RetainedEarningsMember 35528415 2025-01-01 2025-12-31 d:RetainedEarningsMember 35528415 2024-01-01 2024-12-31 d:RetainedEarningsMember 35528415 2025-12-31 d:RetainedEarningsMember 35528415 2024-12-31 d:RetainedEarningsMember 35528415 2025-01-01 2025-12-31 1 35528415 2025-01-01 2025-12-31 1 35528415 2025-01-01 2025-12-31 2 35528415 2025-01-01 2025-12-31 3 35528415 2025-01-01 2025-12-31 4 iso4217:DKK xbrli:pure Årsrapport 15915641 Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab Østbanegade, 123 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 35528415 NLIR ApS Hirsemarken 1 3520 Farum 2013-11-01 Farum Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab 15915641 René Jakobsen statsautoriseret revisor mne10023 Østbanegade 123 2100 København Ø Danmark +45 33 30 15 15 ck@ck.dk 2026-05-05 Peter Bak Tøttrup Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2026-04-29 Farum 2026-04-29 Grundlag for konklusion Konklusion 3571026 4138776 10899189 8671165 110647 61713 -7438810 -4594102 22410 111911 524895 406623 -7941295 -4888814 -1228323 -803919 -6712972 -4084895 -6712972 -4084895 100000 125000 100000 125000 386712 146133 386712 146133 97714 80343 97714 80343 584426 351476 1127731 855487 1127731 855487 1891478 1966664 1060557 143325 1228323 803919 104277 322241 163598 170081 4448233 3406230 1009703 11352992 6585667 15614709 7170093 15966185 0 189459 189459 155887 6868859 345346 7058318 1740351 2553532 1740351 2553532 780570 716856 0 1264957 782736 445169 3070654 3046283 450436 881070 5084396 6354335 6824747 8907867 7170093 15966185 10501063 8435857 244950 126313 153176 108995 10899189 8671165 16 13 524895 406623 524895 406623 250000 250000 125000 25000 150000 100000 183566 326226 509792 37433 85647 123080 386712 80343 17371 97714 97714 780570 0 189459 189458 0 1 189459 189459 0 9327624 0 9327624 6868859 1626130 -6712972 -4084895 0 9327624 155887 6868859 Today, the Board of Directors and the Managing Director have approved the annual report of NLIR ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Peter Bak Tøttrup Tom Olesen Peter Bak Tøttrup Maik Peter Müller Fabian Peters We have audited the financial statements of NLIR 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, for the Company. 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 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 OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism 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 Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the companyThe company's purpose is to produce and sell optical products. Significant changes in the company's activities and financial mattersThe gross profit for the year totals DKK 3.571thousand against DKK 4.139thousand last year. Profit or loss from ordinary activities after tax totals DKK -6.713thousand against DKK -4.085thousand last year. Management considers the net profit or loss for the year satisfactory. The company has presented its accounts on a going concern basis. The owners have committed to capital support and liquidity support if this becomes necessary. Management therefore presents the financial statements on the assumption that the activities will continue. 1.Uncertainties relating to going concernThe company has presented its accounts on a going concern basis. The owners have committed to capital support and liquidity support if this becomes necessary. Management therefore presents the financial statements on the assumption that the activities will continue. 8.Charges and securityThe company has deposited a total of DKK 3.000 in collateral for debt. The collateral provides a business lien on the above-mentioned intangible assets, tangible fixed assets, and simple receivables from goods and services. 9.Contractual obligations and contingencies, etc. DKK in thousands Lease liabilities124.799 Total contractual obligations124.799 Total contingent liabilities0 Total contractual obligations and contingent liabilities124.799 Rent obligation:The company has signed leases with 6 months' notice. As per 31 December 2025 the liability represents DKK 125 thousand. The annual report for NLIR ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external costs include expenses for distribution, sales, advertising, administration, and premises. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating to foreign currency. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Intangible assetsDevelopment projects, patents, and licencesPatents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years. Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-5years0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. Costs of manufactured goods and work in progress comprise the cost of raw materials, consumables, direct wages, and indirect production costs. Indirect production costs comprise indirect materials and wages, maintenance and depreciation of machinery, factory buildings, and equipment used in the production process, and costs for factory administration and factory management. Borrowing expenses are not recognised in cost. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Contract work in progressContract work in progress is measured at the selling price of the work performed. The selling price is measured on the basis of the stage of completion on the reporting date and the total expected income from the individual work in progress. The stage of completion is calculated as the share of costs incurred in proportion to the estimated total costs of the individual work in progress. When the selling price of the individual work in progress cannot be determined reliably, the selling price is measured at the costs incurred or at net realisable value, if this is lower. The individual work in progress is recognised in the statement of financial position under accounts receivables or liabilities. Net assets consist of the sum of the work in progress, where the selling price of the work performed exceeds invoicing on account. Net liabilities consist of the sum of the work in progress, where invoicing on account exceeds the selling price. Costs in connection with sales work and the procurement of contracts are recognised in the income statement when incurred. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.