BDO Statsautoriseret revisionsaktieselskabRabalderstræde 7, 2. salDK-4000 Roskilde20222670Årsrapport2025-06-27Rasmus Irming JølckAirlich ApSSortemosevej 213450 AllerødRevisionspåtegning431342802022-03-15Allerød2024-01-012024-12-312023-01-012023-12-31BDO Statsautoriseret revisionsaktieselskabRabalderstræde7, 2. sal4000RoskildeAllerød2025-06-27Rasmus Irming JølckKonklusionGrundlag for konklusionRoskilde2025-06-27BDO Statsautoriseret revisionsaktieselskab20222670Jannie CaspersenRevisionspåtegningState Authorised Public Accountantmne47283-970317872664409121490034922055301773499773823182320-7485505-6068902103854722766701505169-9762165-7535524-933577-1133700-8828588-6401824-8828588-6401824-8828588-64018246058410631238660584106312386635866922909614871854686973531108377675576374207634394244866274161460855570486627150113093357710688435214159063113583111279063256115631432317012217767690727759598439400004000047255624923661-23159961-14529472-18394399-95658112634094717529465263409471752946593352386277506788411262271634785274671741916425090727759598439400004923661-14529472-8828588-198099198099400004725562-2315996146393605643202164116804518664020845178211778308944091214900349227329715038513373131822766701505169-933577-10688430-6485777018641760245574986888712313894793369631776197282871360584101422190347614201840187701440497347614499281162144305350123983804631286127635866614870Regnskabsklasse BtruetrueToday the Executive Board have discussed and approved the Annual Report of Airlich ApS for the financial year 1 January - 31 December 2024. The Annual Report is presented in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. I recommend the Annual Report be approved at the Annual General Meeting. To the Shareholder of Airlich ApS We have audited the Financial Statements of Airlich ApS for the financial year 1 January - 31 December 2024, which comprise income statement, Balance Sheet, statement of changes in equity, notes and 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 assets, liabilities and financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion Grundlag for konklusion 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Material uncertainty relating to Going Concern Due to the Company's financial situation, material uncertainty exist regarding the Company's ability to continue operation. We draw attention to the fact that the Company is a development-stage company with a partly uncovered financing need until 31 December 2025. We draw attention to note 9 “Uncertainty with respect to going concern”. Based on the funding history to date with funding being provided by the current two ultimate key shareholders, though without any commitments to continue providing funding to the Company, in line with the prior financial year, Management is comfortable that necessary funding will continue for at least the remaining part of 2025. Based on this, Management assesses that it is appropriate to present the Financial Statements for 2024 assuming that the Company is a going concern at least for a period until 31 December 2025. Our opinion is unmodified regarding this matter. Management's Responsibilities for the Financial Statements Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such Internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management Commentary Management is responsible for Management Commentary. Our opinion on the Financial Statements does not cover 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 Management Commentary and, in doing so, consider whether Management Commentary 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 Commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management Commentary is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Management Commentary. Principal activities In 2024, Airlich advanced the final stages of R&D for its EcoGain™ air purification system, expanding the product portfolio, refining manufacturing processes, and reinforcing the supply chain. Commercial rollout was initiated in Denmark, marking the transition from development to market entry. Going concern The Company was founded in 2022, and its activities is to develop and commercialise EcoGain™ and as a result of this, it has yet to be clarified whether - and if relevant - from when the Company will start to generate earnings. As a late-stage development company, the Company has an ongoing funding need to secure financing of its development and other start-up activities. The two key ultimate shareholders have since 2022 provided funding on a discretionary basis, and funding has been secured to cover the funding need for the first half of 2025. Based on the funding history to date, and, in line with the prior financial year, despite the current two ultimate key shareholders having not given any commitments to continue to provide funding, Management is comfortable that necessary funding, currently estimated to amount to DKK 3.0m for the second half of 2025, will continue to be provided by the current two key ultimate shareholders for at least the remaining part of 2025. Since 2022, the activities and investments have primarily been funded through financing from the parent company, Airlich Holding ApS, who in turn is ultimately funded with loans from the two key ultimate shareholders. The two key ultimate shareholders have confirmed that they will not demand repayment before 2026 at the earliest of the outstanding loan balance as of 31 December 2024 of DKK 26.340.947 and with the addition of financing provided so far in 2025 of DKK 2.850.000. Based on this, Management assesses that it is reasonable and appropriate to present the annual report for 2024 assuming that the Company is a going concern, at least for a period until 31 December 2025. Development in activities and financial position Description of the product in development Airlich successfully CE-marked its novel air cleaning system in 2023. The air cleaning system; EcoGain™ is intended for large, centralized ventilation systems in commercial buildings such as Office, Large Retail and Hospitality, with air flows >3.000 m3/h. The system can easily be retrofitted to both new and existing HVAC systems and provides operational savings, reduced carbon emission from building operations, improved EPC labels and better indoor air quality for tenants. What the product can solve Airlich’s air cleaning system breaks down and removes both gas-phase pollutants (VOC’s) and particulate matter (particles, bacteria, and viruses) through chains of radical reactions in situ. The air cleaning system combines UV radiation, electrostatic forces, and ozone assisted catalysis to effectively remove indoor air pollutants. The system utilizes integrated IoT sensor systems to optimize performance in real-time based on desired set-points and measured indoor air quality to continuously provide optimal energy savings. This allows for constant optimization of both building energy consumption and indoor air quality. The efficient air cleaning system enables reuse of indoor air without compromising indoor air quality resulting in increased energy efficiency of the building, reduced operational costs related to HVAC and reduced greenhouse gas emissions. Why the product is a good investment for customers Installation of EcoGain™ allows users to reduce energy costs associated with HVAC by up to 45%, reduce greenhouse gas emissions and improve indoor air quality. Improved indoor air quality is known to result in improved cognitive performance, increased productivity, and fewer sick days. All this, combined with a short payback period, makes Airlich technology a good investment for customers. The potential of the product in general EcoGain™ is tapping into a 4.2bn USD serviceable obtainable market (EU + US) with a significant opportunity to expand into new value pools. The serviceable obtainable market is expected to grow with a CAGR of 5.6% towards 2026. Financial performance for the year The realized loss for FY2024 reflects start-up costs as a result of the strategy and long-term value generation taking place in Airlich. Efforts since FY2022 have created the foundation for commercialization of the air cleaning system and significantly contribute to the long-term profitability of the Company. The Company has negative equity at 31 December 2024. The negative equity is funded by loans from the parent company, with funding being sourced by the two ultimate key shareholders. Management and the parent company – together with ultimate key shareholders – are monitoring the negative equity position and the related funding need on an ongoing basis. In the short-term, Management is expecting that the current ultimate key shareholders will provide the necessary funding on a discretionary basis, for at least the remaining part of 2025. In the mid-term, Management and the ultimate key shareholders are considering a more substantial funding round with participation from new external investors when this is considered feasible, and which, if and when initiated, will most likely lead to a recapitalization of the negative equity. In the long-term, Management and the current ultimate key shareholders are comfortable that the Company will become profitable, which then also will contribute to the recapitalization of the current negative equity position. Significant events after the end of the financial year After the closure of FY2024, Airlich has successfully initiated the commercialization phase of its air cleaning system with it’s first commercial order during H1 2025. Research and development activities During FY2023, two pilot installations have been successfully installed. These units are proving out our laboratory generated energy efficiency savings in a real world setting and validate savings models. Research and development activities include mechanical design, development of sensor units measuring key indoor air quality parameters, development of software and control algorithms for integration with existing HVAC-systems and outsourcing of manufacturing activities. Additionally, significant efforts have been devoted to testing and characterization of the air cleaning system including sensor boxes to ensure that all performance and safety parameters for the system are met, and regulatory requirements are fulfilled. Future expectations FY2025 will be focused on commercialization of Airlich air cleaning technology in the Nordics with preferred major international brands in key segments. Airlich will continue to build partnerships with preferred partners including Manufacturing, Installation & Maintenance and monitor all commercial installations to ensure optimal product-market fit to guide further production optimization. The Company is expected to be loss generating also in 2025. As stated above, funding has been secured for the first half of 2025, and Management is comfortable that the current key ultimate shareholders will continue to provide financing for at least the remaining part of 2025. DKK Share capital Reserve for development costs Retained earnings Total Equity at 1 January 2024 40.000 4.923.661 -14.529.472 -9.565.811 Proposed loss allocation -8.828.588 -8.828.588 Other legal bindings Capitalized development costs -198.099 198.099 0 Equity at 31 December 2024 40.000 4.725.562 -23.159.961 -18.394.399 1 | Staff costs Average number of full time employees 4 6 Wages and salaries 3.936.056 4.320.216 Pensions 411.680 451.866 Social security costs 40.208 45.178 Other staff costs 21.177 83.089 4.409.121 4.900.349 2 | Other financial expenses Group enterprises 2.273.297 1.503.851 173.107 Other interest expenses 3.373 1.318 2.276.670 1.505.169 4 | Intangible assets DKK Development projects completed Cost at 1 January 2024 7.701.864 Additions 1.760.245 Disposals -574.986 Cost at 31 December 2024 8.887.123 Amortisation at 1 January 2024 1.389.479 Reversal of amortisation of assets disposed of -336.963 Amortisation for the year 1.776.197 Amortisation at 31 December 2024 2.828.713 Carrying amount at 31 December 2024 6.058.410 Airlich is currently preparing for commerlization of its novel air cleaning system that purifies indoor air and recirculates it without using additional energy for heating or cooling. Airlich successfully CE-marked its novel air cleaning system in 2023. The air cleaning system system is intended for large, centralized ventilation systems in commercial buildings such as Office, Large Retail and Hospitaliy, with air flows >3.000 m3/h. The system can easily be retrofitted to both new and existing HVAC systems and provides operational savings, reduced carbon emission from building operations, improved EPC labels and better indoor air quality for tenants. Airlich’s air cleaning system breaks down and removes both gas-phase pollutants (VOC’s) and particulate matter (particles, bacteria, and viruses) through chains of radical reactions in situ. The air cleaning system combines UV radiation, electrostatic forces, and ozone assisted catalysis to effectively remove indoor air pollutants. The system utilizes integrated sensor systems to optimize performance in real-time based on desired set-points and measured indoor air quality to continuously provide optimal energy savings. This allows for constant optimization of both building energy consumption and indoor air quality. The efficient air cleaning system enables recirculation of indoor air without compromising indoor air quality resulting in increased energy efficiency of the building, reduced operational costs related to HVAC and reduced greenhouse gas emissions. Installation of Airlich’s air cleaning system allows users to reduce energy costs associated with HVAC by up to 45%, reduce greenhouse gas emissions and improve indoor air quality. Improved indoor air quality is known to result in improved cognitive performance, increased productivity, and fewer sick days. All this, combined with a short payback period, makes Airlich technology a good investment for customers. Airlich’s air cleaning system is tapping in to a 4.2bn USD serviceable obtainable market (EU + US) with a significant opportunity to expand into new value pools. The serviceable obtainable market is expected to grow with a CAGR of 5.6% towards 2026. Being a development-stage company without having yet realised any revenue, the recoverable value of the development projects in progress is inherently subject to uncertainty. At this stage, Management is confident that it is both realistic and achievable to commercialise the air cleaning system and securing positive cash-flow generation in the long-term, and hence Management has concluded that it is appropriate to capitalise development costs incurred in 2023. In future, Management will monitor the continued development activities and the commercialization, and upon any negative outcome, it may be necessary to charge any capitalised costs to income as an impairment loss. Even though development activities are still ongoing, and commercialization will not start until 2025, with revenue not expected to be generated before 2025, Management has determined that development is so progressed that the capitalized development costs should be subject to amortization based on an estimated useful life of 5 years, reflecting that the development is being used as part of pilot installations have been successfully installed, and whereby the development is partly considered already to be in use, but at the same time valuable insights are obtained to continue improving the novel air cleaning system and making it ready for future commercialization. The costs relating to the ongoing development has been capitalized in 2024. 5 | Property, plant and equipment DKK Other plant, machinery tools and equipment Leasehold improvements Cost at 1 January 2024 1.422.190 347.614 Additions 20.184 0 Disposals -1.877 0 Cost at 31 December 2024 1.440.497 347.614 Depreciation and impairment losses at 1 January 2024 499.281 162.144 Depreciation for the year 305.350 123.983 Depreciation and impairment losses at 31 December 2024 804.631 286.127 Carrying amount at 31 December 2024 635.866 61.487 6 | Long-term liabilities 31/12 2024 Repayment Debt outstanding 31/12 2023 DKK total liabilities next year after 5 years total liabilities Payables to group enterprises 26.340.947 0 0 17.529.465 26.340.947 0 0 17.529.465 The Parent Company, Airlich Holding ApS, has confirmed that it will not demand repayment of the outstanding loan balance, including interest accrued, at 31 December 2024 of DKK 26.340.947 before 1 January 2026. Contingent liabilities The Company has a potential contractual obligation relating to purchase of intellectual property rights of DKK 1.000k with the addition of interest of 5% p.a. if certain conditions are met, where it is at this stage not possible to determine the likelihood of whether these conditions will be triggered, and the obligation is disclosed as a contingent liability. If conditions are triggered, the potential payment will be recognized as an addition to intangible assets. Rental obligations The Company has rental obligations which, at the balance sheet date, is DKK 75k in the 6 month termination period. Joint liabilities The Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Nelbek Ventures 2 ApS, which serves as management Company for the joint taxation. 8 | Charges and securities As security for liabilities of DKK 0, together with the contingent liability disclosed in note 7, the Company has given the creditor a floating charge over the assets of the Company amounting to DKK 630k. 9 | Information on uncertainty with respect to going concern As a development-stage company, the Company has a funding need to finance its development activities until commercialization. In 2024 and first half year of 2025, the Company's operations have been financed by loans from its parent company (through funding being ultimately provided by ultimate key shareholders). The parent company and the ultimate key shareholders have confirmed that they will not require repayment during 2025. Based on the realised costs in the first months of 2025 as well as expectations to costs and investments for the remaining part of 2025, financing has been secured for the first half of 2025. Based on this, Management assesses that it is reasonable and appropriate to present the annual report for 2024 assuming that the Company is a going concern for a period at least until 31 December 2025. In the mid-term, Management and the ultimate key shareholders are considering a more substantial funding round with participation from new external investors when this is considered feasible. Due to the Company's financial situation, there is a material uncertainty regarding its ability to continue as a going concern. Although, based on the above mentioned circumstances, the annual accounts have been prepared under the assumption of the Company's continued operation. The Annual Report of Airlich ApS for 2024 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class B and certain provisions applying to reporting class C. Regnskabsklasse B1 true true The Annual Report is prepared consistently with the accounting principles applied last year. Capitalisation of own work Capitalisation of own work comprises wages and salaries from employees working directly on the development projects. Capitalisation of own work is included in Gross profit/loss for the year. Other external expenses Other external expenses include laboratory costs, those development costs that do not meet capitalisation criteria and various corporate costs. Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Company's employees. Other operating expenses Other operating expenses include items of a secondary nature in relation to the Group’s and the Company’s activities. Losses from sale of intangible and tangible fixed assets are also included. Financial income and expenses Financial income and expenses include interest income and expenses. Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity. Intangible fixed assets Intangible fixed assets are measured at the lower of cost less accumulated amortisation and the recoverable amount. Development projects comprise costs, including wages and salaries, and amortisation and depreciation of assets used in the development function, which directly or indirectly can be related to the Company’s development activities and which fulfil the criteria for recognition on the balance sheet. Completed development projects are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years. Gain or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Gain or loss are recognised in the Income Statement under other operating income or other operating expenses. Property, plant and equipment Other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses. The depreciation base is cost less estimated residual value after end of useful life. The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used. Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value: Useful life Residual value Other plant, fixtures and equipment 2-5 years 0 % Leasehold improvements 2-3 years 0 % Gain or loss on sale of tangible fixed assets is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Gain or loss is recognised in the Income Statement as other operating income or other operating expenses. Impairment of fixed assets The carrying amount of intangible fixed and property, plant and equipment, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation. In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount. The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry. Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable amount is lower than cost, the inventories are written down to the lower amount. Cost include acquisition price with the addition of transportation cost and other costs related to bringing the inventory to their present location and condition. Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses. Prepayments Prepayments under assets include prepaid costs relating to the subsequent financial year. Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account. The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively. Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities. Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be applicable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity. Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recognised in the Income Statement over the loan period. The amortised cost of current liabilities corresponds usually to the nominal value. Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. 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