33946201 2025-01-01 2025-12-31 1 33946201 2025-01-01 2025-12-31 33946201 2025-01-01 2025-12-31 2 33946201 2025-01-01 2025-12-31 1 33946201 2025-01-01 2025-12-31 1 33946201 2025-01-01 2025-12-31 2 33946201 2025-01-01 2025-12-31 3 33946201 2024-01-01 2024-12-31 33946201 2025-12-31 33946201 2024-12-31 33946201 2024-01-01 d:ContributedCapitalMember 33946201 2024-01-01 d:RetainedEarningsMember 33946201 2024-01-01 2024-12-31 d:RetainedEarningsMember 33946201 2025-01-01 d:ContributedCapitalMember 33946201 2025-01-01 d:RetainedEarningsMember 33946201 2025-01-01 2025-12-31 d:RetainedEarningsMember 33946201 2025-12-31 d:ContributedCapitalMember 33946201 2025-12-31 d:RetainedEarningsMember 33946201 2025-01-01 d:AcquiredIntangibleAssetsMember 33946201 2025-01-01 d:GoodwillMember 33946201 2025-01-01 2025-12-31 d:AcquiredIntangibleAssetsMember 33946201 2025-01-01 2025-12-31 d:GoodwillMember 33946201 2025-12-31 d:AcquiredIntangibleAssetsMember 33946201 2025-12-31 d:GoodwillMember 33946201 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 33946201 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 33946201 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 33946201 2025-01-01 d:InvestmentsInGroupEnterprisesMember 33946201 2025-12-31 d:InvestmentsInGroupEnterprisesMember 33946201 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 33946201 2025-01-01 2025-12-31 d:SubsidiaryMember 1 33946201 2025-12-31 d:SubsidiaryMember 1 33946201 2025-01-01 2025-12-31 d:SubsidiaryMember 2 33946201 2025-12-31 d:SubsidiaryMember 2 33946201 2025-01-01 2025-12-31 d:SubsidiaryMember 3 33946201 2025-12-31 d:SubsidiaryMember 3 33946201 2025-01-01 33946201 2024-01-01 33946201 2025-12-31 d:IntangibleAssetsMember 33946201 2024-12-31 d:IntangibleAssetsMember 33946201 2025-12-31 d:PropertyPlantAndEquipmentMember 33946201 2024-12-31 d:PropertyPlantAndEquipmentMember 33946201 2025-12-31 d:ReceivablesMember 33946201 2024-12-31 d:ReceivablesMember iso4217:DKK xbrli:pure (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 33946201 EET Danmark A/S Bregnerødvej 133 D 3460 Birkerød 2011-09-16 Rudersdal 45821919 www.eet.dk (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Dirch Passers Allé 36 Dirch Passers Allé 36 2000 Frederiksberg 2000 Frederiksberg Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-05-08 Jan Holmetoft Iversen Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2026-05-08 2026-05-08 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of EET Danmark A/S 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 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 fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Birkerød Jan Holmetoft Iversen CEO Søren Drewsen Chair Pernilla Aadal Lund Jan Holmetoft Iversen To the shareholder of EET Danmark A/S We have audited the financial statements of EET Danmark A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and 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. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe 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 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 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 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 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 audit of the fi­nan­cial state­ments to ob­tain suf­fi­cient ap­pro­priate audit evi­dence re­gar­ding the con­soli­dated fi­nan­cial in­for­ma­tion of the en­tities or busi­ness units as a basis for for­ming an opin­ion on the fi­nan­cial state­ments. We are re­spon­sible for the di­rec­tion, su­per­vision and re­view of the audit work per­formed. 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 Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen Ole Becker Christian Carlsbæk State Authorised Public Accountant mne33732 State Authorised Public Accountant mne50651 It is the objective of the company to sell and market Information & Communications Technology products mainly within consumer electronics, camera surveillance and upgrade products. The main market is Denmark. The income statement for 2025 shows a loss of DKK 9,012 thousand against a loss of DKK 17,163 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 159,446 thousand. The Company's net profit is affected by the merger/acquisitions through goodwill amortization of approx. DKK 29.5 million leading to a negative net result for the year. Adjusting for that, the performance for 2025 is in line with management's expectations as described in the published annual report for 2024. No events materially affecting the Company's financial position have occurred subsequent to the financial year end. 36518000 35472000 24182000 22644000 24281000 34355000 -11945000 -21527000 291000 0 2054000 6124000 718000 1862000 -10318000 -17265000 -1306000 -102000 -9012000 -17163000 -9012000 -17163000 38645000 44688000 64060000 78309000 102705000 122997000 21000 31000 21000 31000 6580000 6289000 6580000 6289000 109306000 129317000 92013000 72937000 70000 163000 92083000 73100000 92083000 73100000 201389000 202417000 600000 600000 158846000 167858000 159446000 168458000 6112000 9405000 6112000 9405000 6656000 6418000 6656000 6418000 3054000 231000 15095000 11569000 11026000 6336000 29175000 18136000 35831000 24554000 201389000 202417000 600000 185021000 -17163000 600000 167858000 -9012000 600000 158846000 The share capital consists of 600,000 shares of DKK 1. The shares have not been divided into classes. The share capital has remained unchanged for the past 5 years, The annual report of EET Danmark A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. In accordance with section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The Company and its subsidiaries are included in the consolidated financial statement for EET A/S. The accounting policies used in the preparation of the financial statements are consistent with those of last year. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are reflected in the consolidated cash flow statement for the EET A/S. 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 financial resources will flow out of the Company, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement of assets and liabilities after initial recognition is effected as described below for each item. In recognising and measuring assets and liabilities, any gains, losses and risks occurring prior to the presentation of the annual report that evidence conditions existing at the balance sheet date are taken into account. Income is recognised in the income statement when earned. Furthermore, costs incurred to achieve earnings for the year are recognised in the income statement, including depreciation/amortisation, impairment losses and provisions as well as reversal of entries as a result of changed accounting estimates, which were formerly recognised in the income statement. Reporting currencyThe financial statements are presented in Danish kroner (DKK'000). Intra-group business combinationsFor vertical and downstream intra-group mergers the group method is applied for the combination of the entities. Thereby, the entities are combined at the revaluation value recognised in the consolidated financial statements or which would have been recognised in the consolidated financial statements for the parent company included in the merger. The group method is applied as if the entities had been combined from the date when the parent company acquired the equity investments in the entities included in the merger, and therefore, the comparative figures were restated. 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. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of goods for resale and finished goods is recognised in revenue 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. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.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 and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. 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 and impairment of intangible assets and property, plant and equipment.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:Goodwill 5 years Customer relationship 10 years Fixtures and fittings, other plant and equipment 3-5 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 income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. 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.The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Goodwill is measured at cost less accumulated amortisation and impairment losses. 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, which is 5 years. Customer relationship is measured at cost less accumulated amortisation and impairment losses. Customer relationship is amortised on a straight-line basis over the amortization period, which is 10 years. Property, plant and equipmentItems of property, plant and 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. Equity investments in group entities are measured according to the equity method.On initial recognition, equity investments in group entities are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations.The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement.Dividend received is deduced from the carrying amount.Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of intangible assets and property, plant and equipment 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. 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 or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Given the nature of the Group's cash pool arrangement, cash pool balances are not considered cash, but are recognised under "Receivables from group entities". Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". 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.Joint taxation contributions payable or receivable are recognised in the balance sheet as amounts owed by or to group enterprises. Other payablesOther payables are measured at net realisable value. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 20524000 18949000 1504000 1373000 265000 256000 1889000 2066000 24182000 22644000 30 29 Pursuant to section 98b (3) of the Danish Financial Statements Act, remuneration to the Executive Board has not been disclosed. No remuneration has been paid to the Board of Directors. 1956000 4529000 98000 1595000 718000 1862000 2425000 -3503000 -3293000 3401000 -438000 0 49247000 145465000 0 3979000 49247000 149444000 4559000 67156000 6043000 18228000 10602000 85384000 38645000 64060000 77000 26000 51000 46000 10000 -26000 30000 21000 5270000 5270000 1019000 413000 -122000 1310000 6580000 Convena Distribution AB 100.00 Convena Distribution UK Ltd. 100.00 Convena International AB 100.00 Prepayments include accrual of expenses relating to subsequent financial years. 9405000 6004000 6112000 9405000 8195000 11776000 -1340000 -2220000 -743000 -151000 Rent and lease agreements (operating lease) amount to approx. DKK 313 thousand (2024: DKK 1,732 thousand) The Parent Company has an obligation in respect of the right to return goods sold for the company's customers. The Company is jointly taxed with other Danish subsidiaries within the EET Group. The Company has joint and several unlimited liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties in the joint taxation. Any subsequent corrections of the consolidated taxable income and withholding taxes, etc. could lead to an increased liability for the Company. The Company is jointly and severally liable for the Group's bank loans with a nominal value of DKK 3,517 million (EUR 471 million) at 31 December 2025. Information about consolidated financial statements ParentDomicile Mgt Holdco ApS, ultimate parentBregnerødvej 133 D, 3460 Birkerød, Denmark Related party transactions EET Danmark A/S was engaged in the below related party transactions: DKK'00020252024Purchases from group enterprises414,851368,415Interest income, group entities1,9561,462Management fee to related parties25,88425,179 Payables to group entities15,09511,569 Ownership The following shareholders are registered in the Company's register of shareholders as holding minimum 5% of the votes or minimum 5% of the share capital: NameDomicile EET Group A/SBregnerødvej 133 D, 3460 Birkerød, Denmark