40710973 2025-01-01 2025-12-31 40710973 2025-01-01 2025-12-31 1 40710973 2025-01-01 2025-12-31 1 40710973 2025-01-01 2025-12-31 1 40710973 2025-01-01 2025-12-31 2 40710973 2025-01-01 2025-12-31 3 40710973 2025-01-01 2025-12-31 2 40710973 2024-01-01 2024-12-31 40710973 2025-12-31 40710973 2024-12-31 40710973 2023-12-31 fsa:ContributedCapitalMember 40710973 2023-12-31 fsa:RetainedEarningsMember 40710973 2023-12-31 40710973 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 40710973 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 40710973 2024-12-31 fsa:ContributedCapitalMember 40710973 2024-12-31 fsa:RetainedEarningsMember 40710973 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 40710973 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 40710973 2025-12-31 fsa:ContributedCapitalMember 40710973 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Birgitte Poulsen RelyOn Digital A/S Kalvebod Brygge 45,3 DK 1560 København V 76 12 13 14 Copenhagen 40710973 Strandvejen 44 DK 2900 Hellerup We have on this day presented the annual report for the financial year 01.01.2025 - 31.12.2025 for RelyOn Digital A/S. The annual report is presented in accordance with the Danish Financial Statements Act (Årsregnskabsloven). In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.2025 and of the results of the company's activities for the financial year 01.01.2025 -31.12.2025. The annual report is submitted for adoption by the general meeting. Copenhagen Marco Vanin Torben Harring Marco Vanin Birgitte Poulsen Chairman To the shareholder of RelyOn Digital A/S. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of RelyOn Digital A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies] (“the Financial Statements”). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Allan Knudsen Frederik Tvedeskov Jantzen State Authorised Public Accountant State Authorised Public Accountant mne29465 mne47815 Primary activities The company's purpose is to be a holding company for companies in Denmark and abroad that are employed in trade, industry and production. Development in activities and financial matters RelyOn Digital A/S income statement of the financial year 01.01.2025 - 31.12.2025, shows a loss of DKKt 50. The balance sheet at 31.12.2025 shows total assets of DKKt 47.014 and equity of DKKt 46.854. Subsequent events No events have occurred that could significantly affect the financial position of the company. -52000 -30000 0 7000 12000 8000 -64000 -31000 -14000 -6000 -50000 -25000 -50000 -25000 -50000 -25000 47000000 47000000 47000000 47000000 47000000 47000000 7000 7000 7000 0 14000 7000 14000 7000 47014000 47007000 500000 500000 46354000 46404000 46854000 46904000 119000 72000 0 1000 39000 30000 2000 0 160000 103000 160000 103000 47014000 47007000 500000 46384000 46884000 0 45000 45000 0 -25000 -25000 500000 46404000 46904000 500000 46404000 46904000 0 -50000 -50000 500000 46354000 46854000 1 1 The Company has one employee, being the Executive Board member, who did not receive any remuneration in the financial year. DKK '000 2025 2024 Interest received from group enterprises 0 5 Other financial income 0 2 Total 0 7 DKK '000 2025 2024 Interest paid to group enterprises 12 5 Other financial expenses 0 3 Total 12 8 Group Total enterprises DKK '000 Cost at 1 January 2025 47,000 47,000 Additions during the year 0 0 Disposals during the year 0 0 Cost at 31 December 2025 47,000 47,000 Impairments at 1 January 2025 0 0 Reversal of impairments from prior years 0 0 Impairments at 31 December 2025 0 0 Carrying amount at 31 December 2025 47,000 47,000 Name and registered office Ownership RelyOn Digital B.V., Netherlands 100% RelyOn Digital Ltd., United Kingdom 100% RelyOn Simulation AS, Norway 100% The company is taxed jointly with the other Danish companies in the group (MC Valdemar Topco ApS) and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. Controlling influence Basis of influence RelyOn Holding A/S Immediate parent true true The financial statements for 2025 are presented in thousand DKK. With reference to section 110 of the Danish Financial Statements Act and to the consolidated financial statements of MC Valdemar Midco ApS, CVR 44612593, the Company has not prepared consolidated financial statements. Basis of recognition and measurement Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. CURRENCY Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. INCOME STATEMENT Gross result With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external expenses. Other external expenses Other external expenses comprise expenses for premises, consultants, office expenses, etc. Income from equity investments in group enterprises Dividends from equity investments measured at cost are recognised as income in the financial year in which the dividend is declared. Financial income and expenses Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the year Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. BALANCE SHEET Equity investments in group enterprises Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, a write-down is made to this lower value. The carrying amounts of equity investments in subsidiaries are reviewed on an annual basis to determine whether there is any indication of impairment. 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 dividends are distributed on equity investments in subsidiaries exceeding the year’s earnings from the enterprise in question, 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. Receivables Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. 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. Other investments Equity investments that are not classified as group enterprises, associates or participating interests and which are not traded in an active market are measured in the balance sheet at cost. Cash Cash includes deposits in bank accounts as well as operating cash. Current and deferred tax Current 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. Payables Non-current 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. Current payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-05-05 Reporting class B 2026-05-05 40710973 RelyOn Digital A/S Kalvebod Brygge 45,3 1560 København V Opinion Basis for Opinion 2026-05-05 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup DK