21620378 2025-01-01 2025-12-31 21620378 2025-01-01 2025-12-31 2 21620378 2025-01-01 2025-12-31 1 21620378 2025-01-01 2025-12-31 1 21620378 2025-01-01 2025-12-31 2 21620378 2025-01-01 2025-12-31 3 21620378 2025-01-01 2025-12-31 1 21620378 2002-01-01 2002-12-31 21620378 2001-01-01 2001-12-31 21620378 2000-01-01 2000-12-31 21620378 2024-01-01 2024-12-31 21620378 2002-12-31 21620378 2001-12-31 21620378 2000-12-31 21620378 2025-12-31 21620378 2024-12-31 21620378 2025-01-01 d:ContributedCapitalMember 21620378 2025-01-01 d:RetainedEarningsMember 21620378 2025-01-01 2025-12-31 d:RetainedEarningsMember 21620378 2025-12-31 d:ContributedCapitalMember 21620378 2025-12-31 d:RetainedEarningsMember 21620378 2025-01-01 2025-12-31 d:ManagementMember 21620378 2024-01-01 2024-12-31 d:ManagementMember 21620378 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 21620378 2025-01-01 d:ShipsMember 21620378 2025-01-01 d:LeaseholdImprovementsMember 21620378 2025-01-01 d:PropertyPlantAndEquipmentInProgressMember 21620378 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 21620378 2025-01-01 2025-12-31 d:ShipsMember 21620378 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 21620378 2025-01-01 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 21620378 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 21620378 2025-12-31 d:ShipsMember 21620378 2025-12-31 d:LeaseholdImprovementsMember 21620378 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 21620378 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 21620378 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 21620378 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 21620378 2025-12-31 d:PropertyPlantAndEquipmentMember 21620378 2024-12-31 d:PropertyPlantAndEquipmentMember 21620378 2025-12-31 d:OtherLongtermPayablesMember 21620378 2024-12-31 d:OtherLongtermPayablesMember iso4217:DKK xbrli:pure Regnskabsklasse C, mellemstor virksomhed false false 2025-01-01 PricewaterhouseCoopers 33771231 2025-12-31 false 44699818 GoCollective Holding A/S 2024-01-01 Skøjtevej 26 2770 2024-12-31 Simon Ming Du Jensen Rytter false 2026-04-30 Revisionspåtegning CaseWare-FSR false false Annual report The Board of Directors and Executive Board have today discussed and approved the annual report of UCplus 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 company's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025. In our opinion, Management's review includes a fair review of the matters dealt with in the Management's review. Management recommends that the annual report should be approved by the company in general meeting. Simone Aagaard Hansen CEO Markus Honner chairman Henrik la Cour Thibault Guy Depoix-Joseph To the shareholder of UCplus 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 UCplus A/S 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 (''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. 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, 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 2026-04-30 PricewaterhouseCoopers Maj-Britt Nørskov Nannestad State Authorized Public Accountant mne32198 Jacob Dannefer State Authorized Public Accountant mne47886 UCplus A/S Mileparken  12A 2740  Skovlunde 21620378 Ballerup 33771231 Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights:The financial ratios are calculated in accordance with the Danish Finance Society's recommendations and guidelines. For definitions, see the summary of significant accounting policies. 191096000 161936000 151695000 132955000 101870000 93400000 10233000 3261000 5962000 641000 886000 -759000 -279000 -192000 9006000 2266000 6931000 61246000 50280000 51639000 2561000 1252000 0 0 2667000 18356000 9350000 7084000 214 197 188 67.8 69.4 69.6 62.9 61.6 1.1 3.5 5.4 2.0 3.9 3.3 10.4 18.4 6.4 12.0 34.6 29.1 30.0 18.6 13.7 9.4 28.0 65.0 27.6 191.5 Where the accounting policies have been changed, the comparatives for 2021 onwards have been restated. For an account of changes in accounting policies, see the summary of significant accounting policies. Business reviewThe purpose of the company is to offer, on a commercial basis, vocational and language courses and education targeted at current and potential employees for the Danish labour market. Unusual mattersNo unusual matters were identified or recognised during the financial year 2025. Operating and financial reviewIn 2025 UCplus experienced growth in its Danish language education business during the year. The establishment of new language centers contributed to higher enrollment levels. Increased investments related to the new centers resulted in higher costs, which had a negative impact on the financial year’s results.The company also secured future activity through the extension of contracts with two municipalities. The vocational training business developed satisfactorily, with varied performance across sectors.Change of governanceIn the second half of the year, the former Commercial Director was appointed Managing Director of UCplus A/S, as the former Managing Director transitioned to focus on his responsibilities as Managing Director of GoCollective Rail. Strategic developmentsIn 2025, UCplus continued to progress with its strategic initiatives. The company secured new tenders and maintained its vocational authorisations, including the authorisation for cleaning services. New municipal contracts were mobilised, and operational improvements remained a focus during the year. Challenges and risk mitigationThe vocational training market remains highly competitive, requiring targeted strategies to recruit and retain students. The high costs associated with new language centers, presented operational challenges. However, leadership adjustments, including new managerial appointments, helped stabilise operations and strengthen the company’s strategic direction.  Financial developmentUCplus delivered a positive financial result for the financial year 2025. Revenue increased to TDKK 249,000, compared to app. TDKK 218,000 in 2024, reflecting continued growth in Danish language education activities and the successful establishment of new language centers during the year.Despite revenue growth, profitability for 2025 was below Management’s initial expectations. The financial result was negatively impacted by higher than planned costs related to the mobilisation and ramp up of new language centers, as well as increased operating expenses during the scaling phase. These costs were incurred to secure future growth and strengthen UCplus’ long-term market presence.UCplus realised a profit before interest and tax of app. TDKK 2,700 for 2025, corresponding to a  profit after tax of app. TDKK 2,400. While the result represents a decline compared to the prior year, Management assesses the underlying performance as satisfactory considering the investments made to support expansion and increased activity levels.The company’s equity increased to app. TDKK 26,700 on 31 December 2025, up from app.   TDKK 24,300 at the end of 2024, reflecting the positive result for the year and continued          financial stability. UCplus continued to operate with a solid balance sheet and sufficient liquidity to support ongoing operations and planned initiatives.Overall, Management considers 2025 to have been a year of profitable growth combined with targeted investments, laying a strong foundation for continued development and improved profitability as new activities mature in the coming years. Subsequent eventsNo events have occurred after the end of the financial year that require adjustment of the financial statements for 2025. Outlook for 2026In 2026, Management expects UCplus to continue its positive development, building on the growth achieved in Danish language education and vocational training activities during 2025.Revenue within UCplus is expected to increase in 2026 and is anticipated to be in the range of approximately TDKK 260,000–270,000, supported by a stable contract base, continued demand for language education and vocational training, and the gradual maturation of language centres established during 2025.Following a year characterised by expansion and start up activities, Management expects 2026 to be focused on stabilisation and optimisation of recently established operations. Management expects EBIT for UCplus in 2026 to be in the range of approximately TDKK 5,000 to 10,000, reflecting improved profitability compared to 2025 as start up related inefficiencies are reduced and cost structures normalise.UCplus will continue to focus on selective growth, disciplined cost management and operational efficiency, including optimisation of utilisation rates and further development of vocational training activities. While competitive conditions remain challenging in certain segments, Management considers UCplus to be well positioned to strengthen its financial performance and support sustainable growth in 2026.  Statutory corporate social responsibility report, cf. Danish Financial Statements Act Sections 99(b)The Company’s corporate social responsibility report is included in the consolidated reporting of the ultimate parent company, Mutares SE & Co. KGaA, which is prepared under CSR-RUG and can be accessed at:https://ir.mutares.com/wp-content/uploads/2026/04/Mutares_2025_Non-financial_Group_Report_final.pdf Gender diversityUCplus remains committed to diversity and inclusion in its training programs and aims to attract a more diverse workforce. The educational sector is characterised by a significant overrepresentation of female employees as well as an average age around benchmark compared to other industries. The average age of UCplus employees is 51 for both male and female. The gender split in the company is approximately 62% female and 38% male. As for the management level the gender split is 70% female and 30% male. Employee work environment and HSE The company has a long, continuous history of HSE initiatives (Health, Safety and Environment), and is also certified within ISO 45001 (Occupational Health & Safety). Statutory Data Ethics description, cf. Danish Financial Statements Act Sections 99(d) In 2025, awareness activities were extended and consistently conducted throughout the year with continuous exercises in for example recognizing phishing emails. The employees have completed a mandatory cybersecurity course every month and multiple phishing campaigns have been   launched throughout the year. The campaigns have decreased the level of interactions with phishing emails, however there is still room for further improvements. Whistleblower schemeAs part of the commitment to transparency and responsible corporate governance, UCplus has implemented a whistleblower scheme that allows employees and relevant stakeholders to report concerns about potential misconduct or unethical behavior. The purpose of this scheme is to ensure that any violations of laws, regulations, or internal policies can be reported confidentially and without fear of retaliation. The whistleblower scheme operates through a secure and anonymous reporting channel, enabling individuals to raise concerns in a safe and structured manner. Reports are reviewed independently by a third party, and appropriate actions are taken to address any identified issues. Zero reports governed by the whistleblower program were received and processed in 2025, neither in UCplus A/S or at Group level.  The annual report of UCplus A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to me­di­um-sized en­ter­pri­ses of re­por­ting class C.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in TDKK. The Company has reclassified certain assets to other asset categories in order to enhance the presentation of the financial statements. The reclassifications have been reflected in the opening balances for the year. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’. The net turnover from the sale of course hours and training hours is recognized in the profit and loss statement if delivery and transfer of risk to the buyer have taken place before the end of the year. The net turnover is recognized exclusive of VAT and with the deduction of discounts in connection with the sale. The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Indemnities are recognised when it is more probable than not that the company is going to be indemnified. Other operating expenses comprise items of a secondary nature relative to the company's activities, including losses on the sale of intangible assets and items of property, plant and equipment. Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Personnel costs include wages and salaries as well as salary-related costs. Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment. Financial income and expenses consist of interest, which is recognized in the income statement with the amounts relating to the financial year. On payment of joint taxation contributions, the current Danish income tax 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 tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Development projectsDevelopments projects recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.Following the completion of the development work, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually five years. Items of  plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:  Useful life Plant and machinery  3-7 years  Other fixtures and fittings, tools and equipment3-7 years  Leasehold improvements  5 years  Assets costing less than DKK 50.000 are expensed in the year of acquisition. Financial fixed assets consist of deposits. It is measured at amortized cost and is made up of rent deposits and so on. Receivables are measured at amortized cost, which normally corresponds to nominal value. Provisions for bad and doubtful debts are made. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Cash and cash equivalents comprise cash and deposits at banks. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Changes in deferred tax, as a result of changes in tax rates, are recognized in the income statement. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. No cash flow statement has been prepared for the Company, as the Company's cash flows are included in the consolidated cash flow statement, see section 86(4) of the Danish Financial Statements Act. No cash flow statement has been prepared for the Company, as the Company's cash flows are included in the consolidated cash flow statement, see section 86(4) of the Danish Financial Statements Act. 249217000 218377000 681000 866000 80840000 67629000 169058000 151614000 163648000 140544000 1734000 1337000 1000000 2173000 2676000 7560000 2025000 1991000 1384000 1105000 3317000 8446000 931000 2479000 2386000 5967000 2386000 5967000 0 0 0 0 2579000 222000 181000 4155000 2442000 0 0 0 5202000 4377000 5493000 5109000 5493000 5109000 10695000 9486000 16226000 11295000 9712000 25646000 19787000 22779000 5974000 2877000 51699000 62597000 14887000 11439000 66586000 74036000 77281000 83522000 500000 500000 26207000 23821000 26707000 24321000 114000 208000 114000 208000 4469000 4632000 4469000 4632000 8726000 4178000 137000 15049000 1025000 2120000 36103000 33014000 45991000 54361000 50460000 58993000 77281000 83522000 500000 23821000 2386000 500000 26207000 119759000 102808000 16353000 13407000 11013000 7086000 16523000 17243000 163648000 140544000 924 375 924000 375000 274 236 1898000 1704000 126000 285000 1000 2000 2025000 1991000 476000 528000 908000 570000 0 7000 1384000 1105000 1025000 2120000 -94000 -42000 0 92000 0 309000 6818000 4444000 1127000 0 0 0 0 2561000 0 -1638000 0 0 0 0 2561000 -2561000 6818000 2806000 3688000 0 3790000 4222000 736000 0 1183000 41000 510000 0 -734000 -1638000 0 0 -4239000 2625000 1246000 0 2579000 181000 2442000 0 5108000 609000 -224000 5493000 5493000 There have been no changes in the share capital during the last 5 years. Provision for deferred tax at 1 January 2080Deferred tax recognised in income statement -94-267Provision for deferred tax at 31 December 114-267Provisions for deferred tax on:Property, plant and equipment 114208 114208 114000 208000 4469000 4632000 4469000 4632000 36103000 33014000 The Company has entered into a contract and has taken out guarantee insurance as security in respect of this. The total guarantee amount is TDKK 525.The Company has entered into operational rental and leasing agreements for the following amounts:The leasing obligation on cars and operating assets amounts to TDKK 3.000 until 2030. The obligation on house rental contracts amounts to TDKK 22.000 until 2029.The Company is jointly and severally liable for income tax with other companies in the joint taxation group. The Company discloses all transactions with related parties during the year.All transactions are carried out under normal market conditions.Cost recharged from sister companies: TDKK 394Services sold to sister companies: TDKK 843Services rendered from parent companies: TDKK 2.563Services rendered from sister companies: TDKK 1.060Interest paid to sister companies: TDKK 476Interest rendered from parent companies: TDKK 1.104Interest rendered from sister companies: TDKK 794Receivables from parent companies: TDKK 9.712Payables to sister companies: TDKK 137