41484918 2025-01-01 2025-12-31 41484918 2025-01-01 2025-12-31 2 41484918 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 41484918 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 41484918 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 41484918 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 41484918 2025-01-01 2025-12-31 1 41484918 2024-01-01 2024-12-31 41484918 2025-12-31 41484918 2024-12-31 41484918 2025-01-01 fsa:ContributedCapitalMember 41484918 2025-01-01 fsa:RetainedEarningsMember 41484918 2025-01-01 41484918 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 41484918 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41484918 2025-12-31 fsa:ContributedCapitalMember 41484918 2025-12-31 fsa:RetainedEarningsMember 41484918 2024-01-01 fsa:ContributedCapitalMember 41484918 2024-01-01 fsa:RetainedEarningsMember 41484918 2024-01-01 41484918 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 41484918 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 41484918 2024-12-31 fsa:ContributedCapitalMember 41484918 2024-12-31 fsa:RetainedEarningsMember 41484918 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 41484918 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 41484918 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 41484918 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 41484918 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 41484918 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 41484918 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 41484918 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 41484918 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 41484918 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 41484918 2025-01-01 fsa:ParticipatingInterestsMember 41484918 2024-01-01 fsa:ParticipatingInterestsMember 41484918 2025-01-01 2025-12-31 fsa:ParticipatingInterestsMember 41484918 2024-01-01 2024-12-31 fsa:ParticipatingInterestsMember 41484918 2025-12-31 fsa:ParticipatingInterestsMember 41484918 2024-12-31 fsa:ParticipatingInterestsMember 41484918 2025-01-01 2025-12-31 relatedEntityIdentifier_par_1 fsa:PartnershipOrLimitedPartnershipEntitiesInWhichReportingEntityIsPartnerOrGeneralPartnerMember 41484918 2025-12-31 relatedEntityIdentifier_par_1 fsa:PartnershipOrLimitedPartnershipEntitiesInWhichReportingEntityIsPartnerOrGeneralPartnerMember 41484918 2025-01-01 2025-12-31 relatedEntityIdentifier_par_2 fsa:PartnershipOrLimitedPartnershipEntitiesInWhichReportingEntityIsPartnerOrGeneralPartnerMember 41484918 2025-12-31 relatedEntityIdentifier_par_2 fsa:PartnershipOrLimitedPartnershipEntitiesInWhichReportingEntityIsPartnerOrGeneralPartnerMember 41484918 2025-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 41484918 2024-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 41484918 2025-12-31 fsa:ShorttermPayablesToGroupEnterprisesMember 41484918 2024-12-31 fsa:ShorttermPayablesToGroupEnterprisesMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse B Revisionspåtegning true 2026-05-13 Helle Bjørnskov Fischer The Executive Board and Board of Directors have today considered and adopted the Annual Report of Nordisk Games 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 at 31 December 2025 of the Company and of the results of the Company operations for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Valby 2026-05-08 Allan Mathson Hansen CEO Morgan Allan Habedank Allan Mathson Hansen Helle Bjørnskov Fischer Chair To the shareholder of Nordisk Games A/S Opinion 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 have audited the Financial Statements of Nordisk Games 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 a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ 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 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, in our view, 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 in Management’s Review. 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 judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup 2026-05-08 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Kim Danstrup Emil Brogaard State Authorised Public Accountant State Authorised Public Accountant mne32201 mne51543 Nordisk Games A/S Mosedalvej 14 DK-2500 Copenhagen 41484918 Copenhagen Strandvejen 44 2900 Hellerup Key activitiesNordisk Games A/S is the parent company of a European group of gaming studios. Our vision is to build a gaming powerhouse and become a market leader in selected gaming verticals. The purpose is to bring amazing stories to life for gamers and to create leading entertainment IPs of tomorrow.Development in the yearThe Company is a holding company with no revenue from operations. The gross loss for 2025 amounts to MDKK -1.8 (2024: MDKK -0.8). Profit before tax amounted to MDKK -202.6 million (2024: MDKK -46.4 million). The reason for the larger loss can be attributed to impairments on investments in subsidiaries and the loss from divestment of a subsidiary. Net profit for the year amounted to MDKK -181.3 (MDKK -19.3).Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. -1789000 -816000 10962000 14087000 69607000 0 -82358000 -14903000 28757000 41235000 875000 876000 60000000 -43887000 89905000 117542000 -202631000 -46447000 -21350000 -27098000 -181281000 -19349000 -181281000 -19349000 1324412000 1486718000 580467000 580467000 1904879000 2067185000 1904879000 2067185000 5231000 7745000 156000 10650000 123000 17000 22776000 29392000 28286000 47804000 28286000 47804000 1933165000 2114989000 74393000 74393000 51599000 132840000 125992000 207233000 0 1770254000 0 1770254000 781000 191000 1803747000 134720000 2645000 2591000 1807173000 137502000 1807173000 1907756000 1933165000 2114989000 74393000 132840000 207233000 0 100000000 100000000 0 40000 40000 0 -181281000 -181281000 74393000 51599000 125992000 74393000 60984000 135377000 0 93574000 93574000 0 -2369000 -2369000 0 -19349000 -19349000 74393000 132840000 207233000 The company's short-term liabilities amount to TDKK 1,807,173 against current assets of TDKK 28,286 per 31 December 2025. The company's solvency ratio per 31 December 2025 amounts to 6.5% against 9.8% at the end of 2024. The company is financed to a significant extent by operating credits that are made available to the company via Egmont International Holding A/S. After the balance sheet date, on 16 March 2026, Nordisk Games A/S and Egmont International Holding A/S agreed to extend the maturity date of the loan to Group enterprises amounting to TDKK 1,770,220, previously recognized under current liabilities, from 31 March 2026 to 31 March 2031. As a result, the loan will going forward be classified as long-term debt.To secure the financing of the operation, the company has received a letter of support from Egmont International Holding A/S to provide the company with the necessary financial support until one year from the signing date of the financial statements for 2025. 10186000 13123000 723000 905000 53000 59000 10962000 14087000 7 8 Loss on Sale of subsidiary69,607069,6070 Dividends from participating interests28,75741,23528,75741,235 Gain on sale of bonds/shares0664Other financial income13982Exchange adjustments736130875876 Interest expense on loans from group entities89,601117,328Other financial expenses190Exchange loss28521489,905117,542 -22280000 -29392000 -106000 2389000 995000 -529000 41000 434000 -21350000 -27098000 1486718000 1486718000 102306000 0 1384412000 1486718000 0 -43887000 -60000000 43887000 -60000000 0 1324412000 1486718000 Investments in subsidiaries are specified as follows:In 2025, the company fully divested its entire investment in Flashbulb ApS, a wholly-owned subsidiary registered in Copenhagen. The disposal resulted in a reduction of the carrying amount by TDKK 102,306 and a loss on disposal of TDKK 69,607.Value revaluations for the year, relates to write-down of the company’s investments in Supermassive Games Ltd.Investments in participating interests are specified as follows: Fatalist Partners AB Stockholm, Sweden 1.00 Supermassive Games Ltd Guildford, United Kingdom 1.00 580467000 641151000 0 60684000 580467000 580467000 0 -82957000 0 47688000 0 35269000 0 0 580467000 580467000 Mercury Steam Entertainment S.L Madrid, Spain 0.40 Star Stable Entertainment AB Stockholm, Sweden 0.5691 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Payables to group enterprises1,803,7471,904,974 0 0 0 1770254000 0 1770254000 1803747000 134720000 Other contingent liabilitiesThe Company has issued a letter of support to its subsidiary Supermassive Games Ltd. The letter of support for the Danish subsidiaries remains in force until one year from the signing of the 2025 Supermassive Annual Report.The group's companies are jointly and severally liable for tax on the group's jointly taxed income, etc. The total amount of corporation tax due is stated in the annual report of other Danish companies in the Egmont International Holding Group, which is the management company in relation to joint taxation. The group's companies are also jointly and severally liable for Danish withholding taxes in the form of dividend tax, royalty tax and interest tax. Any subsequent corrections to corporation taxes and withholding taxes may result in the company's liability amounting to a larger amount.Financial ObligationsThe company has ongoing rental commitments with Nordisk Film A/S, which charges the company for the use of the office premises. As at the balance sheet date, the financial obligations associated with these rental commitments amount to TDKK 45, which are expected to be paid in 2026. Based on management’s assessment, there are no other commitments to disclose. Consolidated Financial StatementsEgmont Fonden is the ultimate parent company and is the smallest group which prepares consolidated accounts in which the company is included.Related partiesEgmont International Holding A/S, parentcompany for Nordisk Games A/SEgmont Fonden, Ultimate parent companyVognmagergade 11, 1120 København KVognmagergade 11, 1120 København K The Annual Report of Nordisk Games A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The Financial Statements are presented in TDKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of Egmont Fonden, the Company has not prepared consolidated financial statements. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. RevenueRevenue is recognised when or as control passes to the customer. Revenue is measured at its fair value, which comprise net present value when payments exceed 12 months.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees.Other operating income and expensesOther operating income and costs comprise items secondary to the principal activities of the entities, including gains and losses on the disposal of entities, reversal of earn-out liabilities, intangible assets and property, plant and equipment, as well as recognition of badwill. Gains and losses on the disposal of entities, intangible assets and property, plant and equipment are determined as the selling price less disposal costs and the carrying amount at the date of disposal. Amortisation, depreciation and impairment lossesDepreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Income from investments in subsidiaries and participating interestsDividends from subsidiaries and participating interests are recognised as income in the income statement when adopted at the General Meeting of the companies. However, dividends relating to earnings in the companies before they were acquired by the Parent Company are set off against the cost of the companies. Financial income and expenses comprise interest income and expense, amortisation of financial assets and liabilities and foreign exchange adjustments. Tax on profit/loss for the yearTax on profit for the year consists of the current tax for the year and the deferred tax and is recognised in the profit and loss statement with the part attributable to profit for the year and directly on equity with the part attributable to entries directly to equity.Changes in deferred tax due to changes in tax rates are included in the profit and loss statement. Impairment of fixed assetsThe carrying amounts of investments in subsidiaries and participating interests are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries and participating interestsInvestments in subsidiaries and participating interests are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value.Impairment loss previously recognized on its investment can be reinstated as adjustment if it reflects improved circumstances and the recovery of the investment's value. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. DividendDividends from investments in subsidiaries are recognised in the profit and loss statement in the financial year in which the dividend is declared, typically at the time when the general meeting approves the distribution of dividend by the relevant company.Dividends exceeding the accumulated income from the subsidiaries in the ownership period are deducted in the cost price. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at net realisable value, substantially corresponding to nominal value.