36995114 2025-01-01 2025-12-31 3 36995114 2025-01-01 2025-12-31 36995114 2025-01-01 2025-12-31 1 36995114 2024-01-01 2024-12-31 36995114 2025-12-31 36995114 2024-12-31 36995114 2025-01-01 d:CompletedDevelopmentProjectsMember 36995114 2025-12-31 d:CompletedDevelopmentProjectsMember 36995114 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 36995114 2025-01-01 d:DevelopmentProjectsInProgressMember 36995114 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressMember 36995114 2025-12-31 d:DevelopmentProjectsInProgressMember 36995114 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 36995114 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 36995114 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 36995114 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 36995114 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 36995114 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 36995114 2025-12-31 d:LongtermMortgageLoansMember 36995114 2025-01-01 d:ContributedCapitalMember 36995114 2024-01-01 d:ContributedCapitalMember 36995114 2025-01-01 2025-12-31 d:ContributedCapitalMember 36995114 2024-01-01 2024-12-31 d:ContributedCapitalMember 36995114 2025-12-31 d:ContributedCapitalMember 36995114 2024-12-31 d:ContributedCapitalMember 36995114 2025-01-01 d:ReserveForUnpaidContributedCapitalMember 36995114 2024-01-01 d:ReserveForUnpaidContributedCapitalMember 36995114 2025-01-01 2025-12-31 d:ReserveForUnpaidContributedCapitalMember 36995114 2024-01-01 2024-12-31 d:ReserveForUnpaidContributedCapitalMember 36995114 2025-12-31 d:ReserveForUnpaidContributedCapitalMember 36995114 2024-12-31 d:ReserveForUnpaidContributedCapitalMember 36995114 2025-01-01 d:ReserveForDevelopmentExpenditureMember 36995114 2024-01-01 d:ReserveForDevelopmentExpenditureMember 36995114 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 36995114 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 36995114 2025-12-31 d:ReserveForDevelopmentExpenditureMember 36995114 2024-12-31 d:ReserveForDevelopmentExpenditureMember 36995114 2025-01-01 d:RetainedEarningsMember 36995114 2024-01-01 d:RetainedEarningsMember 36995114 2025-01-01 2025-12-31 d:RetainedEarningsMember 36995114 2024-01-01 2024-12-31 d:RetainedEarningsMember 36995114 2025-12-31 d:RetainedEarningsMember 36995114 2024-12-31 d:RetainedEarningsMember 36995114 2025-01-01 2025-12-31 1 36995114 2025-01-01 2025-12-31 2 36995114 2025-01-01 2025-12-31 1 36995114 2025-01-01 2025-12-31 2 36995114 2025-01-01 2025-12-31 3 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 36995114 ReliBond ApS Lindenborgvej 86 4000 Roskilde 2015-08-20 Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Morten Høgh-Petersen statsautoriseret revisor mne34283 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-05-19 Øjvind Hulgaard Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark anpartshaverne København 2026-05-19 Roskilde 2026-05-19 Grundlag for konklusion Konklusion 3046993 3321128 4889320 4229793 469814 449988 -2312141 -1358653 183 35398 329027 376319 -2640985 -1699574 -353771 -704432 -2287214 -995142 794803 1656530 -3082017 -2651672 1936471 2315344 10439445 9420465 12375916 11735809 170977 125741 170977 125741 114703 64437 114703 64437 12661596 11925987 168953 272783 168953 272783 238169 0 1105688 467226 259278 1488879 0 3599068 25246 118813 1628381 5673986 3326315 1456353 5123649 7403122 17785245 19329109 0 107398 106171 0 3588023 9653215 9449956 750663 -745520 10511276 12398630 1917776 1165859 1917776 1165859 494434 1203381 3438761 3210020 3933195 4413401 440000 0 78008 161035 127907 240576 777083 949608 1422998 1351219 5356193 5764620 17785245 19329109 4376214 3934399 454176 254199 58930 41195 4889320 4229793 7 6 329027 376319 329027 376319 3788714 3788714 1473370 378873 1852243 1936471 9420467 1018978 10439445 10439445 355583 136179 491762 229842 90943 320785 170977 64437 -50266 114703 114703 440000 0 106171 95127 1227 11044 107398 106171 3588023 -1 0 3588024 -3588023 0 0 3588023 9449956 7793426 794803 1656530 -591544 0 9653215 9449956 -745520 1906151 -3082017 -2651672 4578200 1 750663 -745520 Today, the Board of Directors and the Executive Board have approved the annual report of ReliBond 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. Brian Rasmussen Lyngholm Christian Michelsen Kristian Emborg Jakob Steen Jensen Jens Grønbæk We have audited the financial statements of ReliBond 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 objective of the Company is to develop and sell equipment for testing, measuring and connecting conductors of high-voltage powercables and related type of businesses. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross profit for the year totals DKK 3.047 thousand against DKK 3.321 last year. Profit or loss from ordinary activities after tax totals DKK -2.287 thousand against DKK -995 last year.  The financial results for the year are in line with management’s expectations. The outcome reflects the company’s continued investments in product development and organizational resources. Management considers the financial position to be satisfactory and supportive of the company’s ongoing activities. Research and development activitiesDuring the financial year, the company continued its development activities relating to equipment, processes, and components aimed at improving and simplifying the connection of electrical conductors in high-voltage power cables in the field. The development work has progressed from the prototype stage, and the solution is assessed to be ready for initial market introduction. The developed solution is expected to contribute to a more efficient and consistent installation process and to reduce dependency on individual operator skills. Furthermore, the solution is expected to offer potential cost benefits for cable manufacturers, installation contractors, and electrical utilities, while supporting improved QHSE conditions. During the year, the company received its first order for the developed machinery. The company has also continued its development of connector solutions for aluminium-based cable conductors. During the year, a connector solution has successfully completed the industry-recommended component testing regime with satisfactory results. In addition, a transition connector enabling the connection of aluminium-based conductors to copper-based conductors has been developed. This solution addresses specific requirements within high-voltage applications for large cross-section underground cables and is designed to be scalable to meet varying market requirements. The company’s technology is assessed to provide functional advantages compared to existing solutions within the relevant application areas. In addition, development activities during the year have included further work on the company’s cold spray technology. During the year, the company also presented selected developments of this work, particularly for the use of the cold spray technology for submarine cable conductors at the JiCable 2025 conference in Turin. The presentation supported the company’s ongoing dialogue with industry participants. Furthermore, the company has continuous development agreements with several international high-voltage cable manufacturers with the purpose of evaluating the company’s solutions for potential future projects. These activities are intended to support the company’s long-term development. Events occurring after the end of the financial yearNo events have occurred after the balance sheet date of material importance to the annual report for 2025. The annual report for ReliBond 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 generalAssets 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. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue 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 Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Own work capitalisedOwn work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible and tangible fixed assets. Other operating income 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 expenses Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. 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 and transactions in foreign currency as well as surcharges and reimbursements under the advance tax scheme, etc. 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 projectsDevelopment costs comprise salaries, wages, and amortisation directly attributable to development activities. Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of certainty indicates that future earnings will cover the costs of production, sales, and administration. Other development costs are recognised in the income statement concurrently with their realisation. Development costs recognised in the statement of financial position are measured at cost less accrued amortisations and write-downs for impairment. After completion of the development work, capitalised development costs are amortised on a straight-line basis over the estimated useful economic life. The amortisation period is usually 10 years. 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. 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. Leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. 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. 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. 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. 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. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. 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 provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Liabilities are measured at amortised cost. Deferred incomePayments received concerning future income are recognised under deferred income. Disclosure of assumptions related to development projects The capitalised development projects comprise the development of ReliBond’s technology and solutions for automated and standardised jointing of high?voltage cable conductors using specially developed, patented cold-spray equipment together with specially designed and patented ReliBond connectors. The solutions are intended to enhance reliability, safety and efficiency compared to traditional manual jointing methods and are targeted at power grid operators, utilities and original equipment manufacturers (OEMs). At the reporting date, the carrying amount of capitalised development projects totals DKK 12.4 million, of which DKK 2.0 million relates to projects that have been completed and are generating revenue, while DKK 10.4 million relates to development projects in progress. Projects in progress primarily comprise further development, industrialisation and validation of the technology, including both equipment and connectors, across different cable types and configurations, as well as testing and qualification with customers and partners. Management expects these projects to be completed and available for commercial use by 2027. Recognition and measurement of capitalised development costs are based on management’s assessment that the criteria for capitalisation are met, including technical feasibility, intention and ability to complete the projects, and the probability of generating future economic benefits. In assessing the recoverable amount of the capitalised development projects, management has made the following key assumptions: Technical feasibility: The technology can be finalised, validated and approved for its intended use. Based on progress to date, management assesses the technical risk as limited. Market adoption: The primary estimation uncertainty relates to the expected market uptake, including the timing and extent of customer adoption. Pricing and volumes: Assumptions have been made regarding expected sales volumes and price levels, reflecting anticipated customer demand and competitive positioning. Industrialisation: It is assumed that the solutions can be industrialised and produced within the expected cost structure and timelines. The valuation of the capitalised development projects is sensitive to changes in these assumptions. Adverse developments, including lower or delayed market adoption, reduced price levels, delays in qualification or industrialisation, or increased competition, may reduce the recoverable amount and could result in impairment of the capitalised development projects. 9.Charges and securityAs collateral for mortgage loans, DKK 1.000 thousand, the Company has granted a floating charge over its business assets. 10.ContingenciesContingent liabilitiesThe company has entered into operating lease agreements. The leaase agreements have a remining term of 3 months, with a total nominal outstanding lease payment of 56 DKK thousand.