41746750 2025-01-01 2025-12-31 41746750 2025-01-01 2025-12-31 2 41746750 2025-01-01 2025-12-31 1 41746750 2025-01-01 2025-12-31 1 41746750 2025-01-01 2025-12-31 2 41746750 2025-01-01 2025-12-31 3 41746750 2025-01-01 2025-12-31 4 41746750 2025-01-01 2025-12-31 1 41746750 2024-01-01 2024-12-31 41746750 2025-12-31 41746750 2024-12-31 41746750 2025-01-01 d:ContributedCapitalMember 41746750 2025-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41746750 2025-01-01 d:RetainedEarningsMember 41746750 2025-01-01 2025-12-31 d:ContributedCapitalMember 41746750 2025-01-01 2025-12-31 d:RetainedEarningsMember 41746750 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41746750 2025-12-31 d:ContributedCapitalMember 41746750 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41746750 2025-12-31 d:RetainedEarningsMember 41746750 2025-01-01 d:DevelopmentProjectsInProgressMember 41746750 2025-01-01 d:PrepaymentsForIntangibleAssetsMember 41746750 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressMember 41746750 2025-01-01 2025-12-31 d:PrepaymentsForIntangibleAssetsMember 41746750 2025-12-31 d:DevelopmentProjectsInProgressMember 41746750 2025-12-31 d:PrepaymentsForIntangibleAssetsMember iso4217:DKK xbrli:pure Regnskabsklasse B Anders Poulsen CaseWare-FSR false c/o Netcompany A/S, Strandgade 3 2024-01-01 false 2025-12-31 Deloitte 33963556 41746750 Smarter Airports A/S 1401 Copenhagen 2025-01-01 2024-12-31 false false 2026-05-26 Revisionspåtegning false false Annual report The Board of Directors and executive board have today discussed and approved the annual report of Smarter Airports A/S for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Daniel Ezban CEO André Rafal Rogaczewski chairman Claus Bo Jørgensen deputy chairman Thomas Johansen Anders Frederik Poulsen To the shareholders of Smarter Airports A/S Opinion We have audited the financial statements of Smarter Airports A/S for the financial year 01.01.2025 - 31.12.2025 which comprise the income statement, balance sheet and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity 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 suficient 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity 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 suficient 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 Entity’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 Entity’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 Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the management commentaryManagement is responsible for the management commentary.Our opinion on the financial statements does not cover the management commentary, 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen 2026-05-26 Deloitte Martin Pieper State Authorised Public Accountant mne44063 Smarter Airports A/S c/o Netcompany A/S  3 1401  Copenhagen 41746750 Copenhagen 33963556 Weidekampsgade 6 2300 Københavns S Business reviewIn Q2 2025 AIRHART went live in Munich Airport and revenue generation from the contract commenced.   Sales were intensified in 2025, and Smarter Airports was engaged in tenders in respect of potential agreements to implement AIRHART at large airports.    Late in Q4 2025 Smarter Airports won the tender in respect of London Heathrow airport. The contract was signed in February 2026, and revenues are expected to commence in Q3 2026.    Being Europe's largest airport, the signing of London Heathrow represents a landmark transaction for Smarter Airport’s ambition to become a significant player in the airport IT market.    In Q3 2025 the development of the new AIRHART module AIRHART Event Orchestrator (AEO) was successfully completed and in Q4 2025 AEO went live in Roskilde Airport (RKE). AEO will go live in Copenhagen Airport (CPH) in Q2 2026. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of TDKK 23.150, and the balance sheet at 31 December 2025 shows equity of TDKK 225.680.FinancingDuring the financial year, the Company completed a capital increase totalling DKK 40m, executed through a combination of debt conversion and cash contributions. Of this amount, DKK 34m related to the conversion of existing shareholder loans, thereby reducing the Company’s interest-bearing liabilities, while DKK 6m was contributed in cash. The annual report of Smarter Airports A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities, as well as selected provisions applying to reporting class C.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in TDKK Income is recognised in the income statement as earned. All expenses, including amortisation are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. The company develops and sells IT software to airports. Revenue from subscription fees, implementation fees and maintenance fees is recognised on a fixed straight-line basis. Revenue from development of customized software is recognised when the services are provided. External expenses include, but are not limited to, costs related to distribution, administration, sales, operation and product maintenance. Amortisation comprise the year's amortisation of intangible assets. Net financials include interest income and expenses, realised and unrealised exchange gains and losses on foreign currency transactions, etc. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement. Development projects and softwareDevelopment costs comprise costs that are directly attributable to the company's development activities.Developments projects recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.Following the completion of the development work, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 10-20 years. The carrying amount of intangible assets is tested annually for impairment, other than what is reflected through normal amortisation and depreciation. Receivables are measured at amortised cost. Cash and cash equivalents comprise deposits at banks. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Liabilities, which include trade payables, payables to joint venture partners and other payables, are measured at amortised cost, which is usually equivalent to nominal value. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates 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 latest financial statements is recognised in the income statement as financial income or financial expenses.  38481000 32943000 38045000 35104000 436000 -2161000 22331000 28925000 77000 144000 1332000 1763000 -23150000 -32705000 0 -2962000 -23150000 -29743000 -23150000 -29743000 19818000 7477000 217819000 234325000 237637000 241802000 237637000 241802000 11741000 2932000 0 734000 9000000 9000000 425000 0 21166000 12666000 2996000 8633000 24162000 21299000 261799000 263101000 260028000 260000000 185357000 188606000 -219705000 -239758000 225680000 208848000 16086000 48744000 16086000 48744000 89000 18000 14587000 5490000 909000 1000 4448000 0 20033000 5509000 36119000 54253000 261799000 263101000 260000000 188606000 -239758000 28000 39954000 0 -23150000 18166000 -18166000 -22331000 22331000 916000 -916000 260028000 185357000 -219705000 The company's nominal share capital amounts to DKK 260m, divided into DKK 130m A shares of DKK 1 each or any multiples thereof and DKK 130m B shares of DKK 1 each or any multiples thereof.   In April 2025, Smarter Airports A/S completed a capital increase through a combination of debt conversion and cash contributions from the shareholders. A total amount of DKK 34m was converted from existing debt into equity, and DKK 6m was contributed in cash. The capital increase has been recognised in equity in accordance with the applicable accounting regulations for Class B entities. 0 0 1323000 1763000 1000 0 8000 0 1332000 1763000 7477000 290504000 18166000 0 -5825000 5825000 19818000 296329000 0 -56179000 0 -22331000 0 -78510000 19818000 217819000 The Company has recognized a deferred tax asset at 31 December 2025 of DKK 9 million. The deferred tax asset is based on contracts won as at 31 December 2025, as well as expectations of successful outcome of ongoing and future tenders. No material events have occurred after the balance sheet date.