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40727604 2025-12-31 c:ConsolidatedMember d:LongtermDebtToBanksMember 40727604 2025-12-31 c:ConsolidatedMember d:OtherLongtermPayablesMember iso4217:DKK xbrli:pure (venstre underskriver) (venstre underskriver) EBITDA-margin EBITDA-margin Earnings before interest, taxes, depreciation and amortisation (EBITDA) (venstre underskriver) (venstre underskriver) Fixed assets Total cash flows Non-fixed assets (venstre underskriver) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) EBITDA-margin Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Non-fixed assets Fixed assets Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax Fixed assets Fixed assets Fixed assets Non-fixed assets Non-fixed assets Non-fixed assets EBITDA-margin Total cash flows Total cash flows Total cash flows Total cash flows EBITDA-margin Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 40727604 AX VI Edda Group Holding III ApS Vester Farimagsgade 15, 5. 1606 København V 2019-08-15 Copenhagen (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Dirch Passers Allé 36 Dirch Passers Allé 36 2000 Frederiksberg 2000 Frederiksberg Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-05-27 Christian Gymos Schmidt-Jacobsen Regnskabsklasse C, stor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-05-27 2026-05-27 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of AX VI Edda Group Holding III ApS 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 consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Company at 31 December 2025 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen Jesper Frydensberg Rasmussen Christian Gymos Schmidt-Jacobsen Chairman Jesper Frydensberg Rasmussen Lars Cordt To the shareholders of AX VI Edda Group Holding III ApS We have audited the consolidated financial statements and the parent company financial statements of AX VI Edda Group Holding III ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent Company financial statements" (herinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management is responsible for the preparation of consolidated financial statements and parent company 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent 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 Group's and the Parent 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 Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and per­form the group audit to ob­tain suf­fi­cient ap­pro­priate audit evi­dence re­gar­ding the fi­nan­cial in­for­ma­tion of the en­tities or busi­ness units within the group as a basis for for­ming an opin­ion on the group fi­nan­cial state­ments and the parent com­pany fi­nan­cial state­ments. We are re­spon­sible for the di­rec­tion, su­per­vision and re­view of the audit work per­formed for pur­poses of the group audit. We re­main solely re­spon­sible for our audit opin­ion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review. Copenhagen Søren Skov Larsen Henrik Pedersen State Authorised Public Accountant mne26797 State Authorised Public Accountant mne35456 1911010000 2291646000 1989794000 40270000 17774000 51112000 63523000 51377000 -59665000 -81633000 -45426000 -25177000 -806000 -34498000 -33041000 -29930000 -12019000 -13929000 -94163000 -114674000 -75356000 -37196000 -14735000 -70710000 -42254000 -20254000 490576000 564130000 643695000 672223000 697600000 164403000 160410000 183866000 446053000 547222000 827561000 1118276000 1244822000 3880000 7536000 238000 2796000 2051000 102673000 168880000 187430000 167760000 -8007000 90946000 -92205000 -114207000 -552410000 -159379000 126441000 585959000 -21731000 -8560000 -83824000 4227000 124495000 2.2 1.1 2.7 2.8 2.6 -4.2 4.8 7.9 10.0 9.8 -1686.9 -145.5 -51.1 -23.9 -23.3 4469 5511 4858 For terms and definitions, please see the accounting policies. AX VI Edda Group Holding III was established for the sole purpose of acquiring 100% of the shares in Moment A/S on 01 February 2021 and Eterni Holding AS, Norway on 17 august 2021 through it’s subsidiaries AX VI Edda Group Holding II ApS and AX VI Edda Group Holding I ApS. AX VI Edda Group Holding III ApS owns a majority of the shares in AX VI Edda Group Holding II ApS. The remaining shares are owned by management and key employees. AX VI Edda Group Holding III, together with its subsidiaries (the Group), is one of the leading providers of staffing and recruitment services in Scandinavia. It operates through a range of specialist brands including Moment, Eterni, PVS, Pædagogisk Vikarbureau, Safejob and Chabber. It serves clients across a range of industries with temporary or permanent workforce solutions as well as providing access to specialist talents. The Group is headquartered in Copenhagen, Denmark with its core markets being Denmark, Sweden and Norway. In addition, the company uses recruitment channels in Eastern Europe for sourcing of candidates. It has 22 offices, where 245 expert employees support customers in either identifying or fulfilling their workforce needs. The Group is indirectly owned by the Danish private equity fund Axcel VI. Axcel’s ownership corresponds to 69.39% of the ordinary shares. Certain members of the Board of Directors and certain key employees etc., holds approx. 30.61% of the share capital. Axcel is a member of DVCA, for which reason the company is governed by DVCA’s guidelines. These guidelines are available on DVCA’s website: https://aktiveejere.dk/en/guidelines-for-responsible-ownership-and-good-cooperategovernance/ During the financial year, there has been no significant deviation by recognition and measurement of account entries in neither the group accounts nor the financial report respectively. Goodwill and intangibles are tested for impairment annually and there are no indications for impairment. The consolidated reported revenue of the Company amounted to DKK 1,829 million against a revenue of DKK 1,634 million last year. The increase in revenues is primarily driven by increased sales in all segments and with improved commercial activities and market improvements in all countries. The consolidated reported EBITDA amounted to DKK 40.4 million against an EBITDA of DKK 17.8 million last year. The Company has incurred non-recurring costs during the financial year related to restructuring, IT-system implementation and other items which are impacting the reported profitability negatively. Adjusting for these non-recurring items, consolidated reported EBITDA is DKK 59.9 million (2024: DKK 41.8 million). The company has undertaking several actions to reduce the costs base, which includes simplify management structure , consolidation of business units and harmonize IT infrastructure. These structural changes has reduced the number of employees to match the new company structure. The company has still continued to invest in the commercial activities and technology in order to fuel future growth and productivity improvements. The financial performance for the year is as expected and on budget level. We expect an improvement in the financial performance in 2026 based on the lower cost structure from staff reductions in 2024/25, and harvest productivity benefits from consolidated organization structure and IT investments. We also expect to see further increase in revenues from the investment in the commercial activities. The company has increased its investments in the technology platform over the last years. The investments are primary in the proprietary staffing platform, which supports the end to end staffing process. It includes sourcing, planning, time capture, salary payment calculation, reporting etc. specifically developed to AX VI Edda Group Holding III’s operating model. The staffing platform will be rolled to all business units across all markets in the Group. The platform is already deployed in Denmark and expected to be launched in Sweden and Norway during 2025/2026. The tailor made technology platform will give AX VI Edda Group Holding III competitive edge both a commercial and productivity perspective. Shareholders equity on 31 December 2025 amounted to negative DKK 39.4 million and consolidated total assets to DKK 655 million. Equity is negatively impacted by goodwill amortizations in relation to acquisitions of companies, as part of the business strategy. Equity corrected from these amortizations would be a positive equity off DKK 217 million. Further details regarding structure and going concern are disclosed in note 2. An inherent part of the Company’s business model is to identify, attract, and retain the best resources for its clients. The low current unemployment and high competition for talented employees is positive for the demand of the Company’s services but also makes it more difficult to source relevant candidates. Internally, the standardized processes and increased investments in IT systems and digitalization ensure that the Company employees’ knowledge is shared and documented. Therefore, the Company’s vulnerability related to individual knowledge of employees is assessed to be limited. Due to the nature of the business the Company is exposed to changes in legislation and GDPR in each market it operates. These risks are an inherent part of our business operations and managed both through monthly, quarterly, and annual business reviews and planning processes, but the Company also has a deliberate aim to focus on segments having resilience to economic cycles. The Company is exposed to financial risks related to changes in interest rates and foreign currency. The company uses interest rate swaps to manage its exposure to changes in interest rates. Foreign currency exposures are mainly related to investments in subsidiaries in Norway and Sweden and the Company manages this risk by funding the investments in local currency. The Company is also exposed to credit risk from its clients. The Company manages this risk through a factoring arrangement and credit insurance combined with internal processes. The Company uses IT to a significant extent and is vulnerable to interruptions of operations and breaches of the established security. The Company continuously seeks to improve its IT security to ensure that a high level of security is maintained at all times.Business ModelAX VI Edda Group Holding III is a workforce solutions company offering both temporary staffing solutions and permanent placement services to its clients in Denmark, Norway and Sweden. Within temporary staffing solutions we recruit and manage workers and take care of onboarding, training, payrolling and administration. Within our permanent placement services, we assist clients in hiring the right talent through sourcing, screening, interviewing, and assessment of candidates. We have organized our services in the following business lines. Office, Logistics, Construction, Service and Education as well as the business unit Search & Selection, serving clients within both private and public sectors and a wide range of industries. Our employees are the heart of the organisation. As a staffing company, AX VI Edda Group Holding III recognises its responsibility to promote fair, safe, and sustainable working conditions across its operations and value chain. This includes inclusive hiring practices, skills development, and collaboration with clients to support responsible employment, while acknowledging the specific challenges related to temporary employment, including shared responsibility for health, safety, and working conditions. In 2025, AX VI Edda Group Holding III established a renewed sustainability approach, building on work initiated in 2024. The approach is based on a double materiality perspective and supports the identification and prioritisation of sustainability topics that are significant both in terms of the Group’s impact on people, society, and the environment, and the financial risks and opportunities relevant to the business. These priorities form the basis for how the Group defines policies, sets objectives, and implements actions across the organisation. Sustainability is integrated into how AX VI Edda Group Holding III is governed, managed, and operated, and is managed through the Group’s Integrated Management System. The system provides a structured and consistent framework for decision-making and performance follow-up across all entities. AX VI Edda Group Holding III’s sustainability work is guided by internationally recognised frameworks and standards, including the United Nations Global Compact, the UN Sustainable Development Goals, the OECD Guidelines for Multinational Enterprises, and relevant ILO conventions. A description of AX VI Edda Group Holding III’s business model, including its role as a provider of staffing and recruitment services across the Nordic region, is set out in the Business Model section of the Management Review and forms the basis for the Group’s sustainability impacts, risks and opportunitiesOur Sustainability Focus AreasBased on the results of the double materiality assessment, AX VI Edda Group Holding III has identified four sustainability focus areas. These reflect where the Group has the most significant impacts, risks, and opportunities, and where actions are prioritised.Sustainability Management:AX VI Edda Group Holding III considers sound governance to be the foundation of responsible and sustainable business conduct.Safety and Employee Wellbeing:AX VI Edda Group Holding III focuses on safe working conditions and employee wellbeing across its operations and in collaboration with clients.Human and Labour Rights and Equal Opportunities:AX VI Edda Group Holding III is committed to respecting human and labour rights and promoting fair treatment, equal opportunities, and non-discriminatory working conditions across its operations and value chain.Climate and Environmental Impact:AX VI Edda Group Holding III focuses on reducing emissions and managing environmental impacts across its operations and value chain.Sustainability ManagementAX VI Edda Group Holding III operates in a market with increasing requirements and expectations related to sustainability. These are driven by regulatory developments as well as expectations from customers and other stakeholders. Strong sustainability management capabilities are therefore an important condition for operating and competing in the market. In 2025, AX VI Edda Group Holding III established a renewed sustainability approach, building on work initiated in 2024. The approach is based on a double materiality perspective and identifies the sustainability topics that are most significant in terms of the Group’s impact on people, society, and the environment, as well as the financial risks and opportunities relevant to the business. These topics form the basis for how AX VI Edda Group Holding III defines policies, sets priorities, and implements actions across the organisation. Sustainability is managed through the Group’s Integrated Management System, which provides a structured and consistent framework for governance, decision-making, and performance follow-up across all entities. As part of this approach, AX VI Edda Group Holding III further developed its sustainability framework in 2025, including the establishment and update of a number of Group policies and rules, such as:Decision-Making Authority PolicyWhistleblowing RuleHuman Rights PolicyHealth and Safety PolicyDiversity, Equity and Inclusion PolicyThese policies form part of the Group’s Integrated Management System and define mandatory requirements for responsible business conduct across all entities. They are approved by the Board of Directors and supported by underlying rules and process descriptions. The Group continues to implement and apply these requirements across its operations, ensuring consistent ways of working and the ongoing development of governance and management practices. Anti-corruption and Business Ethics AX VI Edda Group Holding III maintains a zero-tolerance approach to corruption and unethical behaviour. The Group’s Code of Conduct defines clear requirements related to business ethics, including the prohibition of bribery, facilitation payments, and inappropriate gifts or benefits. These requirements apply across all entities and business relationships. Compliance is supported through policies, onboarding processes, and the Group’s Integrated Management System, which enables consistent implementation and follow-up. An independent whistleblowing system is available to both employees and external stakeholders to report concerns confidentially. In 2025, AX VI Edda Group Holding III continued its work to strengthen governance, internal controls, and awareness related to responsible business conduct.Safety and Employee WellbeingThe health, safety, and wellbeing of employees and temporary workers are a key priority for AX VI Edda Group Holding III. As a staffing company, the Group operates in working environments where responsibility for health, safety, and working conditions is often shared with clients. AX VI Edda Group Holding III therefore takes an active role in supporting safe and healthy working conditions through dialogue, training requirements, and follow up processes. Key risks include those related to ensuring consistent health and safety standards across client workplaces, given the shared responsibility between AX VI Edda Group Holding III and its clients, as well as risks related to onboarding, training, and follow-up of temporary workers in assignments. There is also a risk that insufficient focus on workload, working conditions, or employee engagement may impact wellbeing. In 2025, the Group continued the implementation of its Health and Safety Policy, which establishes a common framework for health and safety management across all entities. The deviations and non conformity reporting system introduced in 2024 has been further applied during the year, supporting systematic identification and follow-up of health and safety-related incidents and risks. During the year, AX VI Edda Group Holding III continued to assess and improve processes related to onboarding, training, and follow-up of temporary workers in cooperation with clients. This work will continue into 2026. Employee wellbeing, including mental health, remains an important focus area. In 2025, AX VI Edda Group Holding III strengthened its approach through more frequent measurement of employee engagement, including quarterly pulse surveys and more in-depth assessments. Survey results are used to support follow-up actions and are reviewed at management level to ensure continuous improvement. As part of strengthening governance within the people and culture area, AX VI Edda Group Holding III appointed a Chief People Officer (CPO) in 2025. This role supports a more structured and consistent approach to people-related matters across the Group, including health, safety, wellbeing, and employee engagement. During the financial year 2025, AX VI Edda Group Holding III continued strengthening its approach to health, safety and employee wellbeing. The implementation of the Group’s Health and Safety Policy and the further application of the deviations and non-conformity reporting system have supported a more structured approach to identifying and following up incidents and risks. These initiatives have strengthened governance and provide a more consistent foundation for further improvements.Rights and Equal OpportunitiesAX VI Edda Group Holding III is committed to respecting human and labour rights and promoting fair treatment, equal opportunities, and non-discriminatory working conditions across its operations and value chain. This commitment applies to employees, temporary workers, candidates, and others affected by the Group’s activities. In August 2025, the Board of Directors approved a new Human Rights Policy and a Diversity, Equity, Inclusion and Belonging (DEIB) Policy. Together, these policies establish a common governance framework for preventing discrimination, promoting equal opportunities, and identifying and addressing salient human rights risks in the Group’s operations and business relationships, in line with internationally recognised standards. Following approval, AX VI Edda Group Holding III initiated the implementation of the two policies, including work to integrate human rights and equal opportunity considerations into relevant governance structures, people-related processes, and leadership practices. This includes a focus on labour rights, non-discrimination, and fair treatment in the staffing context. As part of the DEIB policy implementation, internal awareness-raising activities were conducted during the year, including “power hours” focused on non-biased recruitment. These activities aimed to increase awareness of unconscious bias and support fair and consistent recruitment practices. AX VI Edda Group Holding III continues to develop its approach to human and labour rights and equal opportunities and to monitor developments in this area as part of its ongoing governance and improvement work.Climate and Environmental ImpactClimate change is one of the most significant global challenges of our time, and AX VI Edda Group Holding III recognises its responsibility to contribute to mitigation efforts through its operations and value chain. In August 2025, the Board of Directors approved a new Environmental Policy, establishing a common framework for managing environmental impacts, preventing pollution, and supporting climate action across the Group’s operations. The policy is aligned with internationally recognised frameworks, including the UN Global Compact and the Science Based Targets initiative, and is integrated into the Group’s Integrated Management System. AX VI Edda Group Holding III’s most significant environmental impact arises from business travel and commuting, particularly due to the geographical distances between offices and major clients. Air travel and car usage therefore contribute directly to the Group’s carbon footprint. To mitigate these impacts, AX VI Edda Group Holding III works to reduce non-essential travel, promotes the use of low-emission transport alternatives, and encourages remote collaboration where possible. Flexible working arrangements, including remote work options, are also used to help reduce emissions related to daily commuting. While direct material consumption is limited, AX VI Edda Group Holding III remains committed to reducing waste and conserving resources where possible. Digitalisation of internal processes and interactions with clients and candidates supports reduced paper consumption and waste generation. Environmental and climate considerations are also taken into account when entering into new office lease agreements, including aspects such as waste handling solutions and building-related environmental standards. In 2025, AX VI Edda Group Holding III continued to strengthen its approach to supplier and partner engagement, with increased focus on sustainability considerations when engaging third parties. This supports efforts to reduce environmental impacts across the value chain. AX VI Edda Group Holding III monitors and reports its greenhouse gas (GHG) emissions as part of its sustainability management. The Group is following developments related to the updated Science Based Targets initiative (SBTi) framework and is assessing the implications for its climate targets and transition planning. This assessment is based on the greenhouse gas emissions baseline established in 2022, covering Scopes 1, 2, and 3, and the Group’s commitment to the SBTi made in 2023. Going forward, AX VI Edda Group Holding III will continue to develop its climate-related governance and transition planning in line with evolving regulatory expectations and recognised frameworks. Building on the Group’s emissions baseline and its commitment to the Science Based Targets initiative, the focus will be on strengthening data quality, defining targeted reduction initiatives, and integrating climate considerations into operational decision-making and supplier engagementKey Figures – GHG Emissions: The Company has implemented a data ethics policy as part of its IT transformation strategy. Our data ethics policy is based on the following principles:Respect: We respect the rights and dignity of the data subjects, and we obtain their consent before collecting their data. We also respect the laws and regulations that govern data protection and privacy.Fairness: We ensure that our data is as accurate, complete, and representative of the reality as possible.Transparency: We disclose the sources, methods, and purposes of our data collection, acquisition and use. We also provide clear and accessible information about our data ethics policy and practices to the data subjects and other stakeholders.Accountability: We take responsibility for our data and its use, and we monitor and evaluate the impacts and outcomes of our data activities. We also respond to any feedback, complaints, or requests from the data subjects and other stakeholders.Beneficence: We use our data for the public and individual good and the advancement of knowledge to further our business goals, and we avoid any misuse or abuse of our data that may cause harm or damage. We also balance the benefits and risks of our data activities, and we seek to minimize any negative impacts.With regards to data protection for individuals within the European Union, the Company has implemented the required policies, IT measures and procedures to meet the EU GDPR standards. As the main activities of the group is related with providing flexible employment services our policies related to use of personal data covers a significant area of our information architecture. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The staffing market is significantly affected by overall economic growth. The current uncertainty in the global economy reduces visibility regarding market developments in 2026. In addition, the staffing market remains highly competitive, which continues to put pressure on sales prices and places ongoing demands on efficiency and cost control. In 2026, the Group will continue to invest in its commercial solutions to strengthen is market position as well as continue the investment in proprietary IT platform to improve operational efficiency and support future growth. For the financial year 2026, the Group expects revenue growth in the range of 5-10% and an EBITDA margin before non-recurring items in the range of 3.5 – 4.5% 1828982000 1634277000 0 0 273000 0 0 0 80676000 88600000 98000 142000 1748579000 1545677000 -98000 -142000 1708309000 1527903000 0 0 99935000 99407000 0 0 -59665000 -81633000 -98000 -142000 4321000 8694000 96000 10000 38819000 41735000 0 17000 -94163000 -114674000 -2000 -149000 -6512000 -9004000 16000 -24000 -87651000 -105670000 -18000 -125000 27227000 32719000 -105670000 47778000 35647000 0 0 6903000 11219000 0 0 39068000 42843000 0 0 57175000 77670000 0 0 330418000 388321000 0 0 481342000 555700000 0 0 1353000 1421000 0 0 6321000 5312000 0 0 408000 354000 0 0 8082000 7087000 0 0 0 0 183273000 183273000 1152000 1343000 0 0 1152000 1343000 183273000 183273000 490576000 564130000 183273000 183273000 129918000 106858000 0 0 0 0 0 24000 5133000 5680000 2556000 2238000 6413000 3830000 0 0 8332000 7704000 0 0 149796000 124072000 2556000 2262000 14607000 36338000 347000 19000 164403000 160410000 2903000 2281000 654979000 724540000 186176000 185554000 221000 221000 221000 221000 -11481000 -15495000 0 0 -16113000 49811000 182844000 182862000 -12076000 15602000 0 0 -39449000 50139000 183065000 183083000 21204000 28701000 1000 0 21204000 28701000 1000 0 179597000 180633000 0 0 75836000 74050000 0 0 255433000 254683000 0 0 24599000 24599000 0 0 119131000 106491000 0 0 3250000 3578000 0 0 14973000 19055000 0 0 0 0 3016000 2393000 302000 846000 0 0 255536000 236448000 94000 78000 417791000 391017000 3110000 2471000 673224000 645700000 3110000 2471000 654979000 724540000 186176000 185554000 221000 -15495000 49811000 15602000 0 -60424000 -27227000 0 -4014000 5500000 451000 221000 -11481000 -16113000 -27373000 -12076000 221000 182862000 -18000 221000 182844000 -87651000 -105670000 128015000 123445000 -15500000 -55181000 24864000 -37406000 201000 4428000 30811000 35830000 160000 5023000 -5906000 -73831000 21489000 24856000 3881000 1058000 0 195000 -25370000 -25719000 11718000 94030000 2173000 64118000 0 43100000 0 17978000 9545000 90990000 -21731000 -8560000 36338000 44898000 14607000 36338000 The annual report of AX VI Edda Group Holding III ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK'000). ControlThe consolidated financial statements comprise the Parent Company and group entities controlled by the Parent Company.Control means a parent company’s power to direct a group entity’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment.In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions.Preparation of consolidated financial statementsThe consolidated financial statements are prepared as a consolidation of the parent company's and the individual group entities' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains if they do not reflect impairment.In the consolidated financial statements, the accounting items of group entities are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of group entities which are not wholly-owned are included in the group's profit/loss and equity, respectively, but are disclosed separately.Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders.Investments in associates and joint ventures are recognised in the consolidated financial statements using the equity method.The group's activities in joint operations are recognised on a line-by-line basis. On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' equity interest.Goodwill relating to the non-controlling interests' share of the acquiree is recognised. Recently acquired entities are recognised in the consolidated financial statements from the date of acquisition. Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinued operations are presented separately, see below.The date of acquisition is the date when the group actually obtains control of the acquiree.The acquisition method is applied to the acquisition of new entities of which the group obtains control. The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under “Intangible assets”. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition.Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the presentation currency used in the consolidated financial statements are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.The consideration paid for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement.Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the consideration is associated with uncertainty, initial recognition will take place on the basis of provisional amounts. If it turns out subsequently that the identification or measurement of the consideration transferred, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any adjustments are recognised as misstatements.Gains or losses from disposal of group entities which result in loss of control are calculated as the difference between, on the one hand, the fair value of the selling price less selling expenses and, on the other hand, the carrying amount of net assets.Intra-group business combinationsThe book value method is applied to business combinations such as acquisition and disposal of investments, mergers, demergers, contributions of assets and share conversions, etc. in which entities controlled by the parent company are involved, provided that the combination is considered completed at the time of acquisition without any restatement of comparative figures. Differences between the agreed consideration and the carrying amount of the acquiree are recognised directly in equity.For vertical and downstream intra-group mergers the group method is applied for the combination of the entities. Thereby, the entities are combined at the revaluation value recognised in the consolidated financial statements or which would have been recognised in the consolidated financial statements for the parent company included in the merger. The group method is applied as if the entities had been combined from the date when the parent company acquired the equity investments in the entities included in the merger, and therefore, the comparative figures were restated. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. On initial recognition, derivative financial instruments are recognised at cost in the balance sheet and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are included in other receivables and payables, respectively.Fair value adjustments of derivative financial instruments designated and qualifying as hedging of future assets or liabilities are recognised in the balance sheet and in the hedging reserve under equity. If the forecast transaction results in the recognition of assets or liabilities, amounts previously recognised in equity are transferred to the cost of the asset or liability, respectively. If the forecast transaction results in income or expenses, amounts previously recognised in equity are transferred to the income statement in the period in which the hedged item affects the income statement.Fair value adjustments of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement on an ongoing basis. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of services, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income comprise items secondary to the principal activities of the Company, including rental income from the temporary lease out of production facilities, compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Completed development projects 5-10 years Acquired trademarks 15 years Customer relations 4-7 years Goodwill 10 years Land and buildings 25 yearsFixtures and fittings, other plant and equipment 3-5 yearsLeasehold improvements 3-5 years Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated.The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.On payment of joint taxation contributions, the Danish corporate income tax charge 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 the tax losses to reduce their own taxable income.Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, 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. Goodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. The amortisation period is usually ten years, however, in certain cases it may be longer up to 20 years for strategically acquired enterprises with a strong market position and a long-term earnings profile if the longer amortisation period is considered to give a better reflection of the benefit from the relevant resources.Other intangible assets include development projects and other acquired intangible rights, including software, Trademarks and customer relations.Other intangible assets are measured at cost less accumulated amortisation and impairment losses.Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 5 years and cannot exceed 10 years. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases.On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to the ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of the future lease payments. In calculating the net present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for in the same way as the Company's other assets.The capitalised residual lease liability is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". DepositsPrepaid deposit in connetion to lease agreements are booked as deposits. Prepaid deposit in connetion to lease agreements are booked as deposits. Investments in group entities and associates are measured at cost. Dividends received that exceed the accumulated earnings in the group entity or the associate during the period of ownership are treated as a reduction in the cost of acquisition. The carrying amount of intangible assets and property, plant and equipment is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash and cash equivalents comprise cash on hand and cash deemed readily available, and bank overdrafts. Translation reserveThe translation reserve comprises the share of foreign exchange differences arising on translation of financial statements of entities that have a functional currency other than DKK, foreign exchange adjustments of assets and liabilities considered part of the Company's net investments in such entities and foreign exchange adjustments regarding hedging transactions that hedge the Company's net investments in such entities. The reserve is dissolved on the sale of foreign entities or if the conditions for effective hedging no longer exist. When equity investments in group entities and associates in the parent company financial statements are subject to the limitation requirement in the net revaluation reserve according to the equity method, foreign exchange adjustments will be included in this equity reserve instead.Grants without consideration within a groupGrants to subsidiaries without consideration are recognised as a capital injection under "Investments in group entities". Grants received from the parent company are recognised under "Retained earnings in equity" in the balance sheet as a capital injection. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.As management company for all the entities in the joint taxation arrangement, the parent company is liable for payment of the group entities' income taxes vis à vis the tax authorities as the group entities pay their joint taxation contributions. Joint taxation contributions payable or receivable are recognised in the balance sheet as income tax receivables or payables. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Lease liabilitiesLease liabilities are measured at the net present value of the remaining lease payments including any guaranteed residual value based on the interest rate implicit in the lease. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year.Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments.Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. The allocation of revenue to activities and geographical markets is disclosed where these activities and markets differ significantly in the organisation of sales of goods and services. The financial ratios stated under "Financial highlights" have been calculated as follows:EBITDA-marginEarnings before interest, taxes and amortisations (EBITDA) x 100RevenueEquity ratioEquity excl. non-controlling interests, year-end x 100Total equity and liabilities, year-endReturn on equityProfit/loss for the year after tax excl. non-controlling interests x 100Average equity excl. non-controlling interests The Group's equity is negative and the Group has lost more than half of its share capital, while the current liabilities exceed the current assets. The Group is not subject to the capital loss provisions of the Danish Companies Act. The main reason for the negative equity is the amortization of goodwill from acquisition of companies that formed Edda Group. Adjusted for the goodwill amortization the equity would amount to 217 MDKK. The parent company has positive equity of 183 MDKK. Management assesses that the Group has sufficient liquidity reserves and financial resilience to continue its operations in the forthcoming financial year under the current credit facilities. Accordingly, the consolidated financialstatements have been prepared on a going concern basis. Breakdown of revenue by geographical segment: Denmark1,109,718921,61000Norway503,329514,58800Sweden215,935198,07900 1,828,982 1,634,277 0 0 1401000 1392000 65000 63000 0 39000 0 0 353000 578000 28000 27000 1493718000 1333940000 0 0 73137000 69445000 0 0 114269000 105349000 0 0 27185000 19169000 0 0 1708309000 1527903000 0 0 3999 3722 0 0 The Group did not pay any remuneration to Management during the financial year. Remuneration paid in the year of comparison is DKK 0. To incentivise and to link management and key employees closer to the group, the group company AX VI Edda Group Holding II ApS has established an incentive scheme (warrants) for the Company's Board of Directors, Executive Management and others senior executives in the group. Under this programme, warrants have been issued in the years 2021, 2022, 2023, 2024 and 2025. The warrants issued under all schemes will lapse without settlement of differences if no exercise takes place or if employment or position as a director cease after 1 February 2026 without the criteria for being a "good leaver" is met. The parent company did not pay any remuneration to Management during the financial year. Remuneration paid in the year of comparison is DKK 0. 1188000 3430000 0 0 1093000 4267000 0 0 741000 0 0 0 1299000 997000 96000 10000 36039000 34988000 0 0 1736000 1439000 0 0 0 1310000 0 0 1044000 3998000 0 17000 1808000 868000 0 0 -8218000 -10261000 25000 -24000 -102000 389000 -9000 0 The group's effective tax rate was materially affected by permanent differences related to depreciations including non-tax deductible excess values from business combinations (mainly goodwill). -60424000 -72951000 -18000 -125000 40866000 41772000 55808000 146665000 584856000 0 82000 -77000 937000 0 0 0 0 0 1748000 21489000 0 0 0 0 62355000 41854000 55731000 147602000 586604000 5219000 30553000 12965000 68995000 196535000 0 53000 -37000 346000 313000 9358000 4345000 3735000 21086000 59338000 14577000 34951000 16663000 90427000 256186000 47778000 6903000 39068000 57175000 330418000 Goodwill Goodwill arising from business acquisitions, etc., is distributed at the acquisition date to the cash-generating units that are expected to obtain financial benefits from the business combination. The Group manages and monitors goodwill separately per CGU. Goodwill is tested for impairment at least annually and if there is indication of impairment. Completed development projects Development projects comprises direct and indirect costs attributable to the Group's digital platform, which i.a the recruitment and staffing scheduling system, ENA, customer web portals and apps for temporary staffing candidates. Based on budgets, management expects future cash flow from the development projects that exceedsthe booked value. Management has not identified any indication of impairment in relation to the carrying amount of the system. 1642000 10570000 1251000 -4000 222000 0 0 3701000 179000 0 1906000 0 1638000 12587000 1430000 221000 5258000 897000 -1000 14000 0 65000 1764000 125000 0 -770000 0 285000 6266000 1022000 1353000 6321000 408000 3290000 1343000 191000 1152000 1152000 183273000 183273000 183273000 AX VI Edda Group Holding II ApS Copenhagen, DK 68.84 AX VI Edda Group Holding I ApS Copenhagen, DK 100.00 Edda Group ApS Copenhagen, DK 100.00 Moment A/S Copenhagen, DK 100.00 Chabber Danmark ApS Copenhagen, DK 100.00 Pædagogisk Vikarbureau ApS Copenhagen, DK 100.00 Eterni Holding AS Bergen, NO 100.00 Edda Group Sweden AB Linköping, SE 100.00 Eterni Sverige AB Västervik, SE 100.00 Edda Group Norway AS Bergen, NO 100.00 Pedagoisk Vikarsentral AS Bergen, NO 100.00 Safejob Bergen AS Bergen, NO 100.00 Eterni Norge AS Bergen, NO 100.00 Prepayments include accrual of expenses relating to subsequent financial years, including rent, insurance policies, licenses and subscriptions. Analyses of the share capital: 219,257.28 B shares of DKK 1 nominal value each 2,214.72 C shares of DKK 1 nominal value each B and C shares have advance dividends rights compared to A shares. In the articles of association are the preference dividend relationship between B and C shares defined. 28702000 38246000 -24000 0 21204000 28702000 1000 Provisions for deferred tax comprise deferred tax on intangible assets, property, plant and equipment and tax loss carry-forward. The group expect that tax loss carry-forward will be ultilised within 3-5 years in future taxable income. Therefore a deferred tax asset of 7,221 thousand DKK have been recognised in the financial statements. 203803000 24206000 179597000 0 76229000 393000 75836000 73351000 Other payables mainly consist of Holiday liabilities in connection with the Danish Holiday Act. Other short-term payables consist of VAT, Holiday liabilities and salaries including salary taxes. Other contingent liabilities Group The groups ongoing operations and the use of temporary workers involve a general risk of claims against the group for violation of the applicable law in the field. The group is involved from time to time in disputes with customers and temporary workers. Appropriate provisions are made on an ongoing basis. Management believes that the likely outcome of these disputes can be covered be the provisions made and recognized in the balance sheet at 31 December 2025. Other rent and lease liabilities: GroupParent company DKK'0002025202420252024 Rent and lease liabilities21,87923,02300 Group The Group’s bank has provided a guarantee of DKK 1,863 thousand to the Group’s rental commitment. As management company, the Company is jointly taxed with other Danish group entities. The Company is jointly and severally liable with other jointly taxed group entities for payment of income taxes the income year 2021 and withholding taxes falling due for payment in the group of jointly taxed entities. As security for the payment of public taxes and rent for a total of DKK 34.5 million, a bank guarantee has been provided against the submission of DKK 21.4 million mortgage on accounts receivable. As security for invoice loans for a total of DKK 0.0 million, DKK 10.1 million has been pledged in accounts. As security for the Group's debt to banks, the Group has provided security or other collateral in its assets for a total amount of DKK 17,500 thousands. The total carrying amount of these assets is DKK 184,929 thousands. Breakdown of the security/collateral and the carrying amount: Trade receivables at a carrying amount of DKK 59,178 thousands and tangible and intangible assets at a carrying amount of 125,751 thousands at 31 December 2025 have been put up as security for debt to banks, totalling DKK 184,929 thousands. The parent Company has not provided any security or other collateral in assets at 31 December 2025. Related party transactions DKK'00020252024Parent Company Payables to group entities3,0162,393 The Group and Parant Company have not had any transactions with related parties, besides capital increase. AX VI Edda Group Holdings III' related parties with significant influence include the company's Board of Directors and Executive Management. Information on the remuneration to management Information on the remuneration to Management appears from note 5, "Staff costs". Information about security for loans relating to group entities Information about security for loans relating to group entities appears from 20, "Security and collateral". Significant influence Related partyDomicileBasis for significant influence Axcel VI K/SCopenhagenParticipating interest Axcel VI K/S 2CopenhagenParticipating interest 99935000 99407000 -4321000 -8695000 -38913000 -41737000 -6512000 -9004000 -26652000 14107000 -11152000 69288000 14607000 36338000