38748211 2025-01-01 2025-12-31 38748211 2025-01-01 2025-12-31 1 38748211 2025-01-01 2025-12-31 1 38748211 2025-01-01 2025-12-31 2 38748211 2025-01-01 2025-12-31 1 38748211 2025-01-01 2025-12-31 2 38748211 2025-01-01 2025-12-31 3 38748211 2025-01-01 2025-12-31 4 38748211 2025-01-01 2025-12-31 5 38748211 2024-01-01 2024-12-31 38748211 2025-12-31 38748211 2024-12-31 38748211 2025-01-01 2025-12-31 d:ContributedCapitalMember 38748211 2025-01-01 2025-12-31 d:SharePremiumMember 38748211 2025-01-01 2025-12-31 d:RetainedEarningsMember 38748211 2025-12-31 d:ContributedCapitalMember 38748211 2025-12-31 d:SharePremiumMember 38748211 2025-12-31 d:RetainedEarningsMember 38748211 2025-01-01 d:AcquiredIntangibleAssetsMember 38748211 2025-12-31 d:AcquiredIntangibleAssetsMember 38748211 2025-01-01 2025-12-31 d:AcquiredIntangibleAssetsMember 38748211 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 38748211 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 38748211 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 38748211 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember d:LeasedAssetsMember 38748211 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 38748211 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38748211 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38748211 2025-12-31 d:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 38748211 2024-12-31 d:LongtermBillsOfExchangePayableMember 38748211 2025-12-31 d:LongtermDeferredIncomeMember 38748211 2024-12-31 d:LongtermDeferredIncomeMember iso4217:DKK xbrli:pure Bo Pedersen Årsrapport Regnskabsklasse B Revisionspåtegning Lyngby Langagervej 1 Beierholm 9220 Aalborg Ø 2026-05-11 Kongens Lyngby Opinion Basis for Opinion 2026-05-11 2024-01-01 2024-12-31 2025-01-01 2025-12-31 38748211 Bifrost Communications ApS Diplomvej 381 2800 Beierholm 32895468 Ndr. Ringgade 70A 4200 Slagelse Danmark true We have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for Bifrost Communications ApS. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.25 and of the results of the company's activities for the financial year 01.01.25 - 31.12.25. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Jesper Bevensee Jensen Bo Pedersen Per Eld Ibsen Chairman Basil Garabet Jonas Søholt Grundtvig Anders Terkildsen Jesper Hart-Hansen To the shareholders of Bifrost Communications ApS In our opinion the fi­nan­cial sta­te­ments give a true and fair view of the company's finan­cial posi­tion at 31.12.25 and of the results of the company's ope­ra­tions for the finan­cial year 01.01.25 - 31.12.25 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 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 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. 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, it is 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 the 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 of the management’s review. Slagelse Anders Søding Paulsen State Authorised Public Accountant mne34326 Primary activitiesThe company's activities comprise commercialising and development of technology and thereby related business Development in activities and financial affairsThe income statement for the period 01.01.25 - 31.12.25 shows a profit/loss of DKK -13,770,908 against DKK -9,551,217 for the period 01.01.24 - 31.12.24. The balance sheet shows equity of DKK 20,476,955.During the year, the company executed a capital increase of nominal DKK 30.377 through a cash contribution of DKK 17.499 t. Subsequent eventsNo important events have occurred after the end of the financial year. -8750970 -3526991 8535856 8096738 150830 164385 -17437656 -11788114 132507 90743 339183 587296 -17644332 -12284667 -3873424 -2733450 -13770908 -9551217 -13770908 -9551217 50000 100000 50000 100000 1413867 50359 1413867 50359 854434 853483 854434 853483 2318301 1003842 158371 150663 3873424 2684166 1357393 603934 441505 417374 5830693 3856137 18824807 23520041 24655500 27376178 26973801 28380020 178320 147943 52604847 35105614 -32306212 -18535304 20476955 16718253 894873 0 253360 1464560 1225420 5863055 2373653 7327615 2394212 1180000 1494678 2401419 234303 752733 4123193 4334152 6496846 11661767 26973801 28380020 Figures in DKKContributed capitalShare premiumRetained earningsTotal equityStatement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.25147,94335,105,614-18,535,30416,718,253Capital increase30,37717,499,233017,529,610Net profit/loss for the year00-13,770,908-13,770,908Balance as at 31.12.25178,32052,604,847-32,306,21220,476,955 30377 17499233 -13770908 178320 52604847 -32306212 8311137 7986938 88552 68405 136167 41395 10 10 7708 70211 19369 0 105430 11783 0 8749 0 -49284 500000 500000 -400000 -50000 -450000 50000 5.Property, plant and equipmentFigures in DKKOther fixtures and fittings, tools and equipmentCost as at 01.01.251,042,074Additions during the year1,464,337Cost as at 31.12.252,506,411Depreciation and impairment losses as at 01.01.25-991,714Depreciation during the year-100,830Depreciation and impairment losses as at 31.12.25-1,092,544Carrying amount as at 31.12.251,413,867Carrying amount of assets held under finance leases as at 31.12.251,382,985 1042074 1464337 2506411 -991714 -100830 -1092544 1413867 1382985 853483 2201 -1250 854434 854434 -1906100 2159460 2644560 0 0 1225420 5863055 8.Contingent liabilitiesOther contingent liabilitiesThe company is taxed jointly with Bifrost Communications Holding ApS and is liable for income taxes on a pro rata basis for the jointly taxed companies. The maximum liability totals an amount corresponding to the share of the capital in the company which is owned directly or indirectly by the ultimate parent. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 9.Other commitmentsThe company has concluded rental agreements with total rental payments of DKK 287. The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for enterprises in re­port­ing class B with application of pro­vi­sions for a higher reporting class. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, 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 such assets 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 such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. LEASESLeases relating to assets where the company has substantially all the risks and benefits incidental to the ownership of the asset (finance leases) are recognised in the balance sheet. On initial recognition, assets held under finance leases and related lease commitments are measured at the lower of the fair value of the leased asset and the present value of future lease payments. Subsequently, assets held under finance leases are treated like other similar assets.Lease commitments relating to assets held under finance leases are recognised in the balance sheet as payables. Subsequent to initial recognition, lease commitments are measured at amortised cost according to which the interest element of the lease pay­ment is recognised in the income statement over the lease term.Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. GRANTSGrants are recognised when there is reasonable certainty that the grant conditions have been met and that the grant will be re­ceived.Grants to cover expenses incurred are recog­nised on a proportionate basis in the in­come statement over the period in which the expenses eligible for grants are expensed. Grants are recognised under other operating income. Gross lossGross loss comprises other operating income and cost of sales and other external ex­penses. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other net financialsInterest income and interest expenses, the interest element of finance lease payments, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Intangible assetsAcquired rightsAquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses.Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipmentProperty, plant and equipment comprise other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank accounts as well as operating cash. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesLong-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability.Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Deferred incomeDeferred income under liabilities comprises payments received in respect of income in sub­sequent financial years.