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29526532 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-06-12 Martin Connie Pinborg The Executive Board and Board of Directors have today considered and adopted the Annual Report of Auditdata 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 and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-06-12 Kurt Groth Bager Martin Connie Pinborg CEO CFO Gustavo Alberto Vargas Joe Russell Farned III Taymour Israr Chairman To the shareholder of Auditdata A/S Opinion 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 the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Auditdata 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, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). 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 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. 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 Consolidated Financial Statements and the Parent Company 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 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 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 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 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 Consolidated 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. Hellerup 2026-06-12 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Søren Ørjan Jensen Michael Blom State Authorised Public Accountant State Authorised Public Accountant mne33226 mne32797 Auditdata A/S Wildersgade 10B 1408 Copenhagen +45 40 51 87 85 29526532 Copenhagen Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from: 88869000 71736000 41080000 1121000 489000 -1827000 -7622000 -1836000 -741000 -5852000 -1033000 -2385000 171860000 127857000 107253000 913000 273000 307000 1427000 2036000 3986000 8792000 10864000 6714000 9162000 -14313000 -43421000 -28054000 -20053000 37260000 18381000 4693000 553000 -511000 -1047000 136 156 142 125 116 0.021 0.037 0.007 0.004 0.017 0.092 0.066 0.023 0.069 0.101 Return on equity 0.469 -3.947 0.916 0.105 0.191 Key activitiesEstablished in 1992 and headquartered in Copenhagen, Auditdata is an independent provider of data-driven audiology solutions, helping hearing care providers deliver better clinical care, improve customer satisfaction and run more efficient operations. The Group develops and sells software and software-enabled audiologist instruments to both private retail chains and public hospital systems globally.The Group's offering is organised around three solution suites: Auditdata Manage, a cloud-based practice management platform for multi-location private retail clinics; Auditdata Measure, a modular software-driven audiometric testing and fitting suite; and Auditbase, a configurable management system for public hospital audiology departments. These core platforms are complemented by Auditdata Discover (analytics) and Auditdata Engage (self-screening), supporting the full patient journey from screening and diagnostics through fitting and follow-up. The portfolio is increasingly delivered as cloud-based software with integrated diagnostic instruments, supported by industry-standard interoperability through NOAH and direct integrations with leading hearing instrument manufacturers. More than 30,000 hearing care professionals across more than 50 countries rely on Auditdata software in their daily clinical and commercial workflows.The Group operates from its Danish headquarters and through wholly-owned subsidiaries in the United Kingdom, the Netherlands, the United States, Canada, Australia and Ukraine. The Acousoft business in the Netherlands, acquired in prior years, has been integrated into the Auditdata brand and product roadmap.Market overviewAuditdata serves the global hearing care market through two main customer groups: large multi-location private retail chains, and public hospital audiology departments. The Group sells directly in its core markets — the United Kingdom, the Nordics, North America, the Netherlands and Australia — and through partners and distributors elsewhere.The hearing care market grew more slowly in 2025 than in recent years. The major hearing aid manufacturers and large retail chains reported below-trend organic growth, citing macroeconomic uncertainty, weaker consumer sentiment and some delay of end-consumer purchases. The long-term drivers nevertheless remain intact: ageing populations, a persistently high level of undiagnosed and untreated hearing loss, and low penetration of hearing aids relative to the population that needs them. Industry players continue to expect mid-single-digit annual market growth over the longer term, with 2026 likely at the lower end of that range.In the United States — an important market for the Group — the healthcare policy environment added further uncertainty. Federal legislation in 2025 introduced the largest reduction in Medicaid funding in the programme's history, and the expiration of enhanced ACA marketplace subsidies at year-end, together with the federal government shutdown in the autumn, raised concerns about the affordability of private health insurance for a large number of Americans. Hearing aids are only partially covered by federal and state programmes, so the direct reimbursement effect is limited, but the combination of policy uncertainty and weaker consumer sentiment contributed to a softer US hearing aid market in 2025, as also reported by the major manufacturers. Demand from hospital audiology and from the large retail chains where the Group is concentrated is expected to be more resilient than the value end of private retail.The market continued to evolve in ways that play to the Group's strengths. Technology is advancing rapidly — AI-based sound processing, new wireless standards, rechargeable solutions and teleaudiology are raising the bar on the digital tools hearing care providers need. Over-the-counter hearing aids in the United States are reshaping the entry-level segment and, in Management's view, increase the importance for traditional retail and hospital channels of competing on clinical quality, customer experience and data-driven operations. Continued consolidation of private retail into larger multi-location chains, and ongoing digitalisation in public hospital audiology, support demand for the kind of scalable software the Group provides through Manage, Measure and Auditbase. The Group's competitive position rests on long-standing customer relationships, deep specialisation in audiology, an integrated software-and-instruments offering, and broad interoperability with the wider hearing care ecosystem.Development in the yearThe income statement of the Group for 2025 shows a loss of TDKK 6,528, and at 31 December 2025 the balance sheet of the Group shows a negative equity of TDKK 16,208.The 2025 result is a clear improvement compared to 2024. Gross profit increased to TDKK 99,568 (2024: TDKK 93,041), supported by revenue growth and stable margins on the Group's recurring software and service contracts. Staff expenses came down to TDKK 66,002 (2024: TDKK 74,425) following targeted organisational changes earlier in the year. These positive effects were partly offset by higher amortisation, reflecting continued investment in capitalised development projects, and by higher financial expenses driven by the interest rate environment and the Group's debt structure during the year.Operationally, the Group continued to execute its strategy across both Retail and Hospital customers. Activity focused on winning and renewing contracts with large multi-location retail operators and hospital audiology departments in the core markets, progressing the migration of customers to cloud-based versions of Manage and Measure, and continued investment in integrations with the major hearing instrument manufacturers and in cyber security and data protection. The softer market backdrop described above made disciplined cost management and operational efficiency particularly important during the year, and is reflected in the lower staff expense base.During the year, the Group launched AI Notes, a fully certified voice-to-journal solution. AI Notes automatically captures the key clinical notes from a patient interaction and is designed to significantly reduce administrative time and errors for hearing care clinics. The launch represents an important step in the Group's broader AI roadmap.The Group also entered into a global OEM partnership with Natus for the sale of the Group's Measure Hardware portfolio. The partnership expands the global distribution reach of the Group's audiometric instruments.The past year and follow-up on development expectations from last yearIn the 2024 Annual Report, Management indicated an expectation of continued growth in the sale of the Group's products. The expectation included a profit before depreciation and amortisation for 2025 in the range of TDKK 30,000 to TDKK 40,000. The Group's profit before depreciation and amortisation for 2025 was TDKK 33,566. The result is within the guided range. Management considers the result for the year to be satisfactory.Capital resourcesAt 31 December 2025, the Group's external financing comprised term debt facilities maturing in 2029, complemented by ongoing financial support from the Group's then-owners. These facilities financed the Group's operations and investments during the year.Subsequent to the balance sheet date, in February 2026, the Auditdata group was acquired by the Tera Software group. As part of the transaction, all of the Group's interest-bearing debt with external lenders was repaid in full and replaced by financing within the new owner group. Reference is made to note 19 Subsequent events.Taking into account the operating performance of the Group, the budget for 2026, the change in ownership and the related refinancing in February 2026, Management considers the Group's capital resources to be adequate for the coming financial year.Special risks - operating risks and financial risksForeign exchange risksThe Group's main foreign exchange exposures are to GBP, USD, EUR, AUD, NOK and SEK, arising from sales and operations outside Denmark. These exposures are to a meaningful extent naturally offset by operating expenses incurred in the same currencies. The Group does not currently use derivative financial instruments to hedge its foreign exchange exposures.Targets and expectations for the year aheadFor 2026, Management expects continued growth in the Group's recurring software revenue base. Management expects a profit before depreciation and amortisation for 2026 in the range of TDKK 40,000 to TDKK 48,000.The wider hearing care market is expected to develop towards the lower end of its long-term growth trend in the early part of 2026, before gradually normalising. Significant changes in foreign exchange rates, delays in customer migrations, or shifts in the broader macroeconomic environment could affect the actual outcome.The change of ownership and the refinancing completed in February 2026 have strengthened the Group's financing structure. This supports continued investment in product development and operational efficiency.Research and developmentThe Group continues to invest in research and development to maintain its position as a specialist provider of audiology software. Development effort during 2025 was concentrated on the cloud-based versions of Manage and Measure, on integrations with the major hearing instrument manufacturers and with other systems used by hearing care providers, on data and analytics capabilities, and on continued strengthening of cyber security and data protection. The Group expects to maintain a similar level of investment in research and development in the years ahead.External environmentAuditdata is committed to operating responsibly across environmental, social and governance dimensions. As a software-led group, the Group's direct environmental footprint is limited: the Group does not manufacture its own hardware, and the most material environmental impacts arise in the Group's supply chain, in business travel and in the energy use of its offices.The Group has adopted a Carbon Reduction Plan, prepared with reference to the GHG Protocol Corporate Standard and Corporate Value Chain (Scope 3) Standard. The Plan commits the Group to Scope 1 and Scope 2 (market-based) carbon neutrality by 2030, and to Net Zero across Scope 1, 2 and 3 by 2050. Total Group emissions in 2025 continued to decline relative to the 2024 baseline, with the Group remaining on track to deliver further reductions in the coming year. Steps taken to date include the procurement of a Guarantee of Origin certificate covering renewable hydropower electricity for the Copenhagen office from November 2024 through 2027, the transition of company cars from petrol to electric, and material reductions in Denmark office electricity and district heating consumption.The Group's broader approach is supported by an internal policy framework covering climate, gender diversity and inclusion, and anti-corruption and bribery, complemented by ISO/IEC 27001, ISO/IEC 27701 and ISO 13485 certifications and a Code of Conduct aligned with the Universal Declaration of Human Rights and applicable ILO Conventions. The Carbon Reduction Plan is reviewed annually by Executive Management and shared with the Board of Directors.Intellectual capital resourcesThe Group's most important resource is the knowledge and expertise of its employees, in particular within audiology, software engineering, product management and customer-facing functions. The Group invests in attracting, developing and retaining the talent needed to maintain its position as a specialist provider of audiology software, with R&D capability concentrated in Denmark and in the Group's development centre in Ukraine. Employees have access to relevant ongoing training, and Management monitors employee engagement on a regular basis to support a healthy and motivated workforce.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 December 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025 have not been affected by any unusual events.Subsequent eventsIn February 2026, the entire share capital of Auditdata A/S was acquired by the Tera Software group. In connection with the change of control, all of the Group's interest-bearing debt to external credit institutions, totalling DKK 116 million, was repaid in full by the new parent company. The repayment created an intercompany loan owed by Auditdata A/S to the new parent.In May 2026, prior to the signing of this Annual Report, the intercompany loan of DKK 116 million was converted into equity at Auditdata A/S by way of a capital increase. Following the capital increase, the Group has no external interest-bearing debt and the Group's equity position has been strengthened compared to the position at 31 December 2025.The change of control, the related repayment of external debt and the subsequent capital increase are presented as non-adjusting subsequent events. The disclosure is provided because the events are considered material to an understanding of the Group's financial position and capital structure going forward.No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 99568000 93041000 78668000 67432000 66002000 74425000 50134000 53484000 29927000 25065000 24301000 19079000 3639000 -6449000 4233000 -5131000 0 0 -1236000 -2206000 424000 1339000 2087000 1365000 10915000 9598000 12776000 9517000 -6852000 -14708000 -7692000 -15489000 -324000 367000 -1164000 -414000 -6528000 -15075000 -6528000 -15075000 83560000 84117000 83306000 82402000 3402000 4140000 0 0 114000 325000 114000 325000 11129000 14255000 0 0 0 2943000 0 2943000 98205000 105780000 83420000 85670000 2981000 1219000 2073000 723000 2981000 1219000 2073000 723000 0 0 23383000 25356000 556000 533000 556000 533000 556000 533000 23939000 25889000 101742000 107532000 109432000 112282000 5063000 6216000 3977000 4945000 5063000 6216000 3977000 4945000 49758000 37185000 38688000 18210000 0 0 4927000 55962000 4448000 7391000 4312000 6688000 520000 3966000 520000 3967000 5218000 5030000 3336000 4536000 59944000 53572000 51783000 89363000 9961000 7806000 5090000 3370000 74968000 67594000 60850000 97678000 176710000 175126000 170282000 209960000 1513000 1513000 1513000 1513000 0 0 64979000 66571000 1944000 0 0 22000 -19665000 -13137000 -82700000 -79730000 -16208000 -11624000 -16208000 -11624000 13712000 14326000 13712000 14326000 0 0 10000 12000 13712000 14326000 13722000 14338000 0 76556000 0 76556000 2068000 7256000 2068000 7256000 2068000 83812000 2068000 83812000 106923000 30862000 106923000 30835000 11666000 11296000 9963000 10165000 0 0 17053000 61450000 182000 907000 0 0 12219000 9676000 9077000 4249000 46148000 35871000 27684000 16735000 177138000 88612000 170700000 123434000 179206000 172424000 172768000 207246000 176710000 175126000 170282000 209960000 1513000 0 -13137000 -11624000 0 1944000 0 1944000 0 0 -6528000 -6528000 1513000 1944000 -19665000 -16208000 1513000 66571000 22000 -79730000 -11624000 0 0 -22000 1966000 1944000 0 -1592000 0 1592000 0 0 0 0 -6528000 -6528000 1513000 64979000 0 -82700000 -16208000 The Company issues warrants to key employees entitling them to subscribe for B shares in the Company. The total value of issued warrants is TDKK 1,224.Warrants can only be exercised in connection with a sale of the Company, an IPO, etc. (exit event) and are conditional upon the employees being employed by the Company at that time. In addition, it is a prerequisite that, on exit, anaverage annual return has been achieved that exceeds a level stipulated in the agreements (hurdle rate). The exercise price is generally a price established at the time of issuance plus 10% p.a. Employees have paid a price for the warrants equal to the estimated fair value at the time of granting. -6528000 -15075000 42240000 33029000 2470000 7361000 38182000 25315000 2479000 -1865000 10915000 9598000 29746000 13852000 -2431000 -4279000 32177000 18131000 21111000 34084000 3205000 257000 23000 22000 -24339000 -34363000 495000 -15057000 5188000 -254000 -5683000 15311000 2155000 -921000 7806000 8727000 9961000 7806000 Cash and cash equivalents are specified as follows:Exchange adjustments2,146-662 9961000 7806000 9961000 7806000 61384000 71280000 46079000 50339000 2947000 2612000 2686000 2612000 1571000 528000 1269000 528000 100000 5000 100000 5000 66002000 74425000 50134000 53484000 Including remuneration to the Executive Board and Board of Directors:To read about the Company's incentive programme, please see the description under the statement of changes in equity. 4573000 4100000 4573000 4100000 480000 480000 480000 480000 5053000 4580000 5053000 4580000 136 156 111 112 28484000 23897000 23361000 18446000 1443000 1168000 940000 633000 29927000 25065000 24301000 19079000 0 0 1861000 0 284000 30000 86000 30000 140000 1309000 140000 1335000 424000 1339000 2087000 1365000 0 0 911000 0 6857000 8824000 7807000 8815000 4058000 774000 4058000 702000 10915000 9598000 12776000 9517000 290000 -3185000 -550000 -3966000 -614000 3552000 -614000 3552000 -324000 367000 -1164000 -414000 -6528000 -15075000 198415000 7380000 1340000 51595000 2942000 -202000 0 0 0 0 23401000 0 0 0 0 653000 0 0 0 -2942000 222267000 7380000 1340000 51595000 0 114298000 3240000 1015000 37340000 0 24409000 738000 211000 3126000 0 138707000 3978000 1226000 40466000 0 83560000 3402000 114000 11129000 0 186403000 1340000 17926000 2942000 0 0 0 0 23401000 0 0 0 653000 0 0 -2942000 210457000 1340000 17926000 0 104002000 1015000 17926000 0 23149000 211000 0 0 127151000 1226000 17926000 0 83306000 114000 0 0 The development projects completed by the Group concern the development of audiology software and software-enabled instruments, organised across the Group's principal product platforms: Auditbase (practice management for hospital audiology), the Manage product family (practice management for private retail), Engage (screening), Measure (audiometric instruments) and Discover (analytics). All completed development projects are in active commercial use across the Group's customer base. Development projects in progress concern continued development of new versions of the software and instrument platforms, with focus on the next-generation Manage platform, cloud-enabled solutions, AI-supported clinical workflows and migration of customers from legacy products. The projects are progressing as planned and are expected to be completed within one to two years.Completed development projects are amortised on a straight-line basis over their expected useful economic life, which is typically three to five years and is assessed product by product. Goodwill is amortised on a straight-line basis over 5 - 10 years, reflecting the long-term economic benefit expected from the acquired businesses.Management has performed an impairment review at 31 December 2025 covering completed development projects, development projects in progress, goodwill and customer relations. The review compared the carrying value of each product category against expected future cash flows, with reference to the recurring revenue base, professional services and hardware revenue, and the remaining useful economic life of each asset. Management has not identified any indications of impairment.End-of-life decisions taken during the year include Strato (legacy retail platform), which was fully amortised at year-end and where the remaining customers are being migrated to the current Manage platform, and Aurora, for which the amortisation period has been reduced to three years to reflect the planned end-of-life in 2026/Q1 2027. Manage 7 will be fully amortised in 2026.Goodwill recognised in the Group balance sheet relates to the acquired Acousoft business in the Netherlands, the Simply Hearing acquisitions in the United Kingdom and North America, the development centre in Ukraine, and prior activity-acquisitions in the United Kingdom. The underlying businesses continue to contribute positively to the Group's revenue and operations, and Management has not identified indications of impairment of goodwill or customer relations. 9211000 6253000 -278000 0 913000 0 1292000 1292000 2289000 2289000 10843000 7250000 7992000 5530000 -281000 0 1443000 939000 1292000 1292000 7862000 5177000 2981000 2073000 40231000 40231000 40231000 40231000 -41043000 -38231000 1944000 -606000 2075000 1105000 3311000 3311000 -40335000 -41043000 23477000 26156000 10000 12000 23383000 25356000 Investments in subsidiaries are specified as follows:TUAH 4,721TUSD 0TGBP 25TUSD 1,894TCAD 21AUD 1TEURO 246 Auditdata Ukraine TOV Ukraine 1.00 Auditdata North America Inc. Pennsylvania, USA 1.00 Auditdata Ltd. Middlesex, England 1.00 Auditdata LLC. Pensylvania, USA 1.00 Auditdata Inc. Ontario, Canada 1.00 Auditdata PTY Ltd. Sydney, Australia 1.00 Acousoft Informatisering B.V. Etten-Leur, Netherlands 1.00 533000 533000 23000 23000 556000 556000 556000 556000 Prepayments consist of prepaid expenses concerning rent, insurance premiums etc. Deferred tax liabilities at 1 January14,32610,77414,32610,774Amounts recognised in the income statement for the year-6143,552-6143,552Deferred tax liabilities at 31 December13,71214,32613,71214,326 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Credit institutions106,923107,418106,923107,391Other payables14,28716,93211,14511,505 0 73712000 0 73712000 0 2844000 0 2844000 0 76556000 0 76556000 106923000 30862000 106923000 30835000 0 0 0 0 2068000 7256000 2068000 7256000 2068000 7256000 2068000 7256000 12219000 9676000 9077000 4249000 Deferred income consists of payments received in respect of income in subsequent years. 424000 1339000 10915000 9598000 29927000 25065000 -324000 367000 42240000 33029000 1153000 3550000 -11873000 4317000 -13190000 506000 2470000 7361000 Charges and securityThe following assets have been placed as security with bankers:A company charge totalling TDKK 55,000 are committed serving as a charge in intangible assets and property, plant and equipment, as well as inventories and trade receivables at a total carrying amount of128,812109,548128,812109,548 Rental and lease obligationsLease obligations under operating leases. Total future lease payments, within 1 year2,2261,282972646Other contingent liabilities Related partiesRelated parties is the subsidiaries which is listed in the note "Investments in subsidiaries". Other related parties is management and shareholders. However, no one has controlling interest of Auditdata A/S.SubsidiariesTransactionsThere have been no transactions with the Board of Directors, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration other than loan to management of TDKK 448 and interest of TDKK 26. In February 2026, the entire share capital of Auditdata A/S was acquired by the Tera Software group. In connection with the change of control, all of the Group's interest-bearing debt to external credit institutions, totalling DKK 116 million, was repaid in full by the new parent company. The repayment created an intercompany loan owed by Auditdata A/S to the new parent.In May 2026, prior to the signing of this Annual Report, the intercompany loan of DKK 116 million was converted into equity at Auditdata A/S by way of a capital increase. Following the capital increase, the Group has no external interest-bearing debt and the Group's equity position has been strengthened compared to the position at 31 December 2025.The change of control, the related repayment of external debt and the subsequent capital increase are presented as non-adjusting subsequent events. The disclosure is provided because the events are considered material to an understanding of the Group's financial position and capital structure going forward.No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Auditdata A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in TDKK. Recognition and measurementRevenues 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. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Auditdata A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinationsBusiness acquisitions carried through on or after 1 July 2018Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.The time of acquisition is the time when the Group obtains control of the entity acquired.The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement.Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement.Business acquisitions carried through before 1 July 2018Subject to some exemptions, acquisitions carried through before 1 July 2018 are accounted for under the same accounting policies as those applying to business combinations carried through on or after 1 July 2018. The most material exemptions are:Identifiable assets and liabilities of the entity acquired are recognised only if they are probable.Identifiable contingent liabilities of the entity acquired are not recognised in the consolidated balance sheet.Where the purchase price allocation is not final, positive and negative differences due to changes to the recognition and measurement of the acquired net assets may be adjusted until the end of the financial year following the year of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Transaction costs directly attributable to the acquisition of subsidiaries are included as part of cost.After the initial recognition, adjustment of contingent consideration is recognised directly with its counter entry in initial purchase price, thus correcting the value of goodwill or negative goodwill.In respect of step acquisitions, the carrying amount of the existing investments is recognised in cost. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.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 transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Hedge accountingChanges in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. Incentive schemesThe value of share-based payment, including share option and warrant plans that do not involve an outflow of cash and cash equivalents, offered to the Executive Board and a number of senior employees is not recognised in the income statement. The most significant conditions of the share option plans are disclosed in the notes. RevenueRevenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:• delivery has been made before year end;• a binding sales agreement has been made;• the sales price has been determined; and• payment has been received or may with reasonable certainty be expected to be received.Revenue for software and subscriptions is accrued and recognized as income over the term of the agreement.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement. Intangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 5 - 10 years, determined on the basis of Management’s experience with the individual business areas.Customer relations are measured at cost less accumulated depreciation. Customer relations is amortised on a straight-line basis over the estimated useful life of 5 - 10 years.Development projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 3 - 5 years.Other intangible fixed assetsPatents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is 5 - 10 years. Software licences are amortised over the period of the agreements, which is 5 - 10 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3 - 5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposits. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour. 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. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equity