26161983 2025-01-01 2025-12-31 26161983 2025-01-01 2025-12-31 0 26161983 2024-01-01 2024-12-31 26161983 2025-01-01 2025-12-31 0 26161983 2025-01-01 2025-12-31 1 26161983 2023-01-01 2023-12-31 26161983 2023-01-01 2023-12-31 2 26161983 2022-01-01 2022-12-31 26161983 2022-01-01 2022-12-31 3 26161983 2021-01-01 2021-12-31 26161983 2021-01-01 2021-12-31 4 26161983 2024-01-01 2024-12-31 1 26161983 2025-01-01 2025-12-31 0 26161983 2025-12-31 26161983 2023-12-31 26161983 2024-12-31 26161983 2022-12-31 26161983 2021-12-31 26161983 2025-01-01 2025-12-31 5 26161983 2024-01-01 2024-12-31 6 26161983 2023-01-01 2023-12-31 7 26161983 2022-01-01 2022-12-31 8 26161983 2021-01-01 2021-12-31 9 26161983 2021-01-01 2021-12-31 14 26161983 2022-01-01 2022-12-31 13 26161983 2023-01-01 2023-12-31 12 26161983 2024-01-01 2024-12-31 11 26161983 2025-01-01 2025-12-31 10 26161983 2021-01-01 2021-12-31 19 26161983 2022-01-01 2022-12-31 18 26161983 2023-01-01 2023-12-31 17 26161983 2024-01-01 2024-12-31 16 26161983 2025-01-01 2025-12-31 15 iso4217:EUR xbrli:pure 2025-01-01 2026-05-20 Regnskabsklasse B Annual report 34209936 Grant Thornton, Statsautoriseret Revisionspartnerselskab Lautrupsgade 11 2100 København Ø xWizard version 1.1.1529.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion mne29452 1177000 1 1004000 2 Annual report 2025 26161983 2026-05-20 Syniverse Technologies Messaging ApS Nybrogade 12 DK-1203 Copenhagen K +45 33 37 79 79 Thomas Peter Langmaid Ford Sandra Cristina Lopes Gomes Grant Thornton Certified Public Accountants Statement by the executive board on the annual report   Today, the executive board has presented the annual report of Syniverse Technologies Messaging ApS   for the financial year 1 January - 31 December 2025.The annual report has been prepared in accordance with the Danish Financial Statements Act.   We consider the accounting policies appropriate and, in our opinion, the financial statements provide a   fair presentation of the company’s assets, equity and liabilities, and financial position at 31 December  2025 and of the company’s results of activities in the financial year 1 January - 31 December 2025.  We are of the opinion that the management’s review presents a fair account of the issues dealt with.  We propose that the general meeting approve the annual report and authorize the distribution of a   dividend in the amount of €’000 1,200, based on the available distributable reserves.   20 May 2026   2025-12-31 Thomas Peter Langmaid Ford Sandra Cristina Lopes Gomes Independent auditor's report Independent auditor's report (continued) To the shareholders of Syniverse Technologies Messaging ApS Opinion   We have audited the financial statements of Syniverse Technologies Messaging ApS for the financial year 1   January 2025 - 31 December 2025, which comprise accounting policies, income statement, statement of financial   position, statement of changes in equity and notes. The financial statements have been prepared in accordance   with the Danish Financial Statements Act.   In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31   December 2025, and of the results of the Company’s operations for the financial year 1 January – 31 December  2025 in accordance with the Danish Financial Statements Act.   Basis for opinion   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.   Responsibilities of management and those charged with governance for the financial statements   Management is responsible for the preparation of financial statements that provide a fair view in accordance   with the Danish Financial Statements Act. Management is also responsible for such internal control as the  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 unless management either intends to liquidate the company or to cease operations, or has no   realistic alternative but to do so.   Auditor's responsibilities for the audit of the financial statements   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 including an opinion.   Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance   with international standards on auditing, 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 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 international standards on auditing, and the additional   requirements applicable in Denmark, we exercise professional judgment and maintain professional scepticism   throughout the audit. We also:  • Identify and assess the risks of material misstatement of the financial statements, whether due to   fraud or error, design and perform audit procedures responsive to those risks, and obtain audit   evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting   a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may   involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.   • Obtain an understanding of the 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 preparation of the financial statements using the   going concern basis of accounting and, based on the audit evidence obtained, whether a material   uncertainty exists arising from 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   disclosure 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   disclosures in notes, and whether the financial statements reflect the underlying transactions and events   in a manner that presents a 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 the internal control that   we identify during our audit.   Statement on the management's review   The management is responsible for the management's review.   Our opinion on the financial statements does not cover the management's review, and we express no assurance   opinion thereon.   In connection with our audit of the financial statements, it is our responsibility to read the management review   and to consider whether the management review is materially inconsistent with the financial statements or the   evidence obtained during the audit, or whether it otherwise appears to contain material misstatement.   Furthermore, it is our responsibility to consider whether the management review provides the information required   under the Danish Financial Statements Act.   Based on the work we have performed, we believe that management review is consistent with the financial   statements and that it has been prepared in accordance with the provisions of the Danish Financial Statement Act.   We did not discover any material misstatement in the management review.   Copenhagen 2026-05-20 Grant Thornton Certified Public Accountants 34209936 Kim Kjellberg State Authorized Public Accountant Management’s review Financial highlights   2025   2024   2023   2022   2021   €'000   €'000   €'000   €'000   3413000 339000 4798000 381000 7723000 1299000 258000 12411000 1468000 -915000 -60000 9934000 1323000 -4297000 -28000 Profit from primary activities Profit from primary activities Profit from primary activities Profit from primary activities Profit from primary activities 192000 108000 1004000 1177000 2191000 2590000 899000 1535000 1790000 10000 1004000 1014000 1532000 -990000 -1780000 3209000 -4331000 -790000 3554000 9519000 9.9 5.6 7.9 2.3 16.8 3.5 11.8 3.8 13.3 3.6 EBITDA-margin (%) EBITDA-margin (%) EBITDA-margin (%) EBITDA-margin (%) EBITDA-margin (%) Return on assets ratio (%) Return on assets ratio (%) Return on assets ratio (%) Return on assets ratio (%) Return on assets ratio (%) Equity ratio (%) Equity ratio (%) Equity ratio (%) Equity ratio (%) Equity ratio (%) 57.1 84.6 73.4 39.5 66.2 196.1 52.9 -15.6 -55.5 77 -47.3 -8.3 0.3 -202.3 -314.9 Business activities and mission   Syniverse Technologies Messaging ApS activity is to provide value added telecommunications services,   mainly A2P messaging services. The company's vision is to become a significant player in independent   mobile Messaging for the application-based mobile data market.   Business review   The Company's income statement for the year ended 31 December 2025 shows a gain of €’000 1,177   (2024 €’000 1,004).   In 2025, the company received a dividend of €’000 1,085 from the subsidiary Syniverse Middle East FZ-  LLC, contributing positively to the profitability of the year.   The balance sheet at 31 December 2025 shows a equity of €’000 2,191 (2024 €’000 1,014).   Recognition and measurement uncertainties   No significant uncertainties.   Special   risks   Operational risks   Software is a cornerstone for the Company, therefore the primary business risks are related to lack of   ability to keep pace with or be ahead of development compared to our competitors. An important   prerequisite for this to be possible is that the necessary resources for employee development are provided   on a continuing basis.   Financial exposure   Given its international scope, the Company is exposed to financial market risks; i.e., the risk of losses as   a result of adverse movement in exchange rates and interest rates.   The Company is continuously evaluating this risk. The main currencies other than EUR are DKK and   USD. As the risk is evaluated to be low, there is no systematic hedging of this exposure.   Intellectual capital resources   Qualified employees, including staff in our remote support centers, are the key to growth and success.   Syniverse Technologies Messaging ApS is in a market where innovation time gets still shorter, and where   the demand for adaptability and willingness to change are continuously growing.   Research and development activities   Currently Syniverse Technologies Messaging ApS has no research and development activities.   Environmental issues   As of 31 December 2025, there were no assets dedicated to protecting and improving the environment,   nor had there been any costs of this nature during the year.   Syniverse Technologies Messaging considers the environmental risks that may arise from its activities   minimal and properly addressed and believes that no additional liabilities may arise related to those risks.   Outlook   Syniverse Technologies Messaging expects to achieve revenue from long-term customers and   group companies in 2026 at levels consistent with the current year, generating sufficient cash flow   to fulfill its obligations. The company will also continue strengthening its relationships with existing   customers by enhancing current services and introducing new products, leveraging the Syniverse   Technologies Group’s infrastructure, expertise, and business model.   Events subsequent to the financial year   There have been no events after the balance sheet date that have had a significant impact on the   presentation of the annual report.   Accounting policies   This annual report has been presented in accordance with the provisions of the Danish Financial   Statements Act governing reporting class B enterprises. Furthermore, the company has decided to   comply with certain rules applying to reporting class C enterprises.   The accounting policies are consistent with those of last year.   In addition, the Company with reference to the preliminary section 96 (1) has not compiled segment   information relating to net sales.   Accounting policies (continued)   With reference to the Danish financial statements Act, section 112, paragraph 1, Syniverse   Technologies Messaging ApS has not prepared consolidated accounts.   With reference to the Danish financial statements Act, section 86, paragraph 4, the Company has not   prepared a cash flow statement.   Recognition and measurement   Assets are recognized in the balance sheet when it is probable as a result of a prior event that future   economic benefits will flow to the Company and the value of the assets can be measured reliably.   Liabilities are recognized in the balance sheet when the Company has a legal or constructive obligation   as a result of a prior event, and it is probable that future economic benefits will flow out of the Company,   and the value of the liabilities can be measured reliably.   On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial   recognition is affected as described below for each financial statement item.   Anticipated risks and losses that arise before the time of presentation of the annual report and that   confirm or invalidate affairs and conditions existing at the balance sheet date are considered at   recognition and measurement.   Income is recognized in the income statement when earned, whereas costs are recognized by the   amounts attributable to this financial year.   Reporting currency   As in prior years, the financial statements are presented in euros, based on bookkeeping records   expressed in euros, to ensure increased comparability in relation to the enterprise's European   competitors.   Foreign currency translation   Transactions denominated in foreign currencies are translated into euro at the exchange rates at the date   of the transaction.   Monetary items denominated in foreign currencies are translated into euro at the exchange rates at the   balance sheet date. Realised and unrealised exchange gains and losses are recognised in the income   statement as financial income/expenses.   Income statement Revenue   Revenue is recognized in profit & loss when delivery has taken place and risk has been transferred to   the buyer. Revenue is stated excluding VAT, other sales taxes and discounts related to the sale and is   measured at market value of the agreed fee.   Cost of sales and other direct costs   Cost of sales and other direct costs comprise services provided by group enterprises, messaging costs,   etc.   Staff costs   Staff costs comprise salaries and wages, social security costs, pension benefits etc. for the Company’s  staff.   Other external expenses   Other external expenses include expenses related to distribution, sale, advertising, administration,   premises, bad debts, lease payments under operating leases, etc.   Amortisation/depreciation and write-downs   Minor assets with an expected useful life of less than 1 year are recognised as costs in the profit and   loss account in the year of acquisition.   Net financials   Financial income and expenses are recognised in the income statement at the amounts that relate to the   reporting period. Net financials include interest income and expenses, dividends declared, realised and   unrealised exchange gains/losses on foreign currency transactions, and surcharges and allowances   under the advance-payment-of-tax scheme, etc.   Tax   Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in   the income statement for the portion attributable to the profit/loss for the year and recognised directly in   equity for the portion attributable to items recognised directly on equity.   Balance sheet Investments in subsidiaries   Investments in subsidiaries are measured at cost. If cost exceeds the net realizable value, write-down is   made to such lower value.   Receivables   Receivables are measured at amortised cost, which usually corresponds to the nominal value. The value   is reduced by write-downs for bad debts.   Available funds   Available funds comprise cash at bank.   Prepayments   Prepayments recognised under 'Assets' comprise prepaid expenses regarding subsequent reporting   years.   Liabilities   Liabilities are measured at amortised cost, which usually corresponds to the nominal value.   Equity Dividend   Dividend expected to be distributed for the year is recognised as a separate item under the equity.   Proposed dividend is recognised as a liability at the time of approval by the general meeting (the time   of declaration).   Income taxes   The current tax payable or receivable recognised in the balance sheet is stated as the estimated tax   calculated on this year’s estimated taxable income, adjusted for prepaid tax and any outstanding   balances from prior years.   Deferred tax is recognised on all temporary differences between the carrying amount and tax-based   value of assets and liabilities. Deferred tax assets, including the tax base of tax loss carryforwards, are   recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred   tax liabilities or as net tax assets.   Financial highlights   Financial highlights are defined and calculated in accordance with "Recommendations & Ratios 2019"   issued by the Danish Society of Financial Analysts.   Ratios   Calculation formula   Gross margin (%)   = Gross profit x 100   Revenue   EBITA margin (%)   = EBITDA x 100   Revenue   Return on equity (%)   = Net profit/loss x 100   Average equity   Equity ratio (%)   = Equity x100   Equity and liabilities   Return on assets (%)   = Net profit/loss x 100   Average operating assets   Ratios reflect   EBITDA margin   The enterprise's operating profitability.   Return on equity   The enterprise's return on capital invested in the enterprise by the owners.   Equity ratio   Equity share of total equity and liabilities.   Return on assets   The enterprise’s return on average operating assets.  EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) is defined as operating profit   plus the year's amortisation of goodwill. The year's impairment losses on goodwill are not added.   3413000 3062000 12000 339000 147000 0 4798000 4403000 14000 381000 499000 226000 1085000 10000 91000 1196000 19000 889000 18000 8000 1007000 3000 1177000 1004000 11000 11000 11000 11000 11000 467000 2066000 1000 11000 678000 748000 4000 2534000 1430000 45000 91000 2579000 1521000 2590000 1532000 134000 2057000 2191000 1000 200000 1000 134000 880000 1014000 24000 207000 1000 197000 286000 399000 518000 399000 518000 2590000 1532000 Proposed   dividend   Share   Share   Retained   for the   Total   Capital   Premium   earnings   financial   year   €'000   €'000   €'000   €'000   €'000   Equity at 01.01.2025   134   - 880   - 1,014   Net profit for the year   - - (23)   1,200   1,177   Equity at 31.12.2025   134   - 857   1,200   2,191   1. 1 Subsequent events   There have been no events after the balance sheet date that have a significant impact on the   presentation of the annual report.   2 costs   2025   2024   €'000   €'000   Salaries and wages   132   474   Pension costs   14   24   Other social security costs   1 147   1 499   4. Tax on profit for the year   2025   2024   €'000   €'000   Estimated income tax charge, excl. interest   19   3 from equity investments in group enterprises   On 17 December 2025, the subsidiary Syniverse Middle East FZ-LLC paid to the Company a dividend   of AED 4,684,243, corresponding to €’000 1,085.   5. Fixed asset investment   Investments   in subsidiaries   €'000   Cost at 01.01.2025   11   Additions   - Disposals   - Impairments   - Cost at 31.12.2025   11   Result   Equity   €'000   €'000   Investments in subsidiaries comprise:   Syniverse Middle East FZ-LLC, Dubai, 100 % *   * 2024 audited Financial Statements   119   2,955   capital   The share capital of kDKK 1,000 (‘000 EUR 134) is distributed on 100,000 shares of DKK 10.  The share capital has not changed in the past 5 years.   income and Prepayments   Deferred income comprises payments relating to sales, which will not be recognised as income until in   the subsequent financial year once the recognition criteria are satisfied.   Prepayments relate to expenses paid during the year but relating to subsequent years.   for loans and contingent liabilities   The Company has no contingent liabilities as at 31 December 2025.   9. Consolidation   Syniverse Technologies Messaging ApS is included in the consolidated financial statements of:   Syniverse Corporation   8125 Highwoods Palm Way   Tampa, Florida 33647   U.S.A.   10.Related parties  Parent company   Syniverse Technologies S.a.r.l.   15 Rue Edmond Reuter   L-5326 Contern   Luxembourg   Other related parties consist of other group enterprises in the Syniverse group.   Transactions with related parties in 2025 are composed of revenue, cost of sales and income from   equity investments in group enterprises.   The transactions have been performed according to the arms-length principle.