43328859 2025-01-01 2025-12-31 43328859 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 43328859 2025-01-01 2025-12-31 1 43328859 2024-01-01 2024-12-31 43328859 2025-12-31 43328859 2024-12-31 43328859 2025-01-01 fsa:ContributedCapitalMember 43328859 2025-01-01 fsa:RetainedEarningsMember 43328859 2025-01-01 43328859 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 43328859 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43328859 2025-12-31 fsa:ContributedCapitalMember 43328859 2025-12-31 fsa:RetainedEarningsMember 43328859 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 43328859 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 43328859 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 43328859 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 43328859 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 43328859 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 43328859 2025-12-31 1 fsa:SubsidiaryMember 43328859 2025-12-31 fsa:LongtermDebtToOtherCreditInstitutionsMember 43328859 2024-12-31 fsa:LongtermDebtToOtherCreditInstitutionsMember 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 Regnskabsklasse B Revisionspåtegning true 2026-06-22 Henriette Emborg The Executive Board has today considered and adopted the Annual Report of Aeven Holding ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company's operations for 2025. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. Ballerup 2026-06-22 Rasmus Forup Helmich CEO To the shareholder of Aeven Holding ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Aeven Holding ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). 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. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup 2026-06-22 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Philip Kjær State Authorised Public Accountant mne47826 Aeven Holding ApS Industriparken 32 2750 Ballerup 43328859 Ballerup Strandvejen 44 2900 Hellerup Key activitiesThe company's purpose is to invest in and own shares in other companies and to provide management services and related activities.Development in the yearThe income statement of the Company for 2025 shows a loss of TDKK 73,903, and at 31 December 2025 the balance sheet of the Company shows an equity of TDKK 565,164.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 30706000 20109000 41978000 39558000 -11272000 -19449000 8058000 9709000 70689000 78812000 -73903000 -88552000 0 -15915000 -73903000 -72637000 -73903000 -72637000 1198074000 1198074000 1198074000 1198074000 1198074000 1198074000 264499000 113358000 0 37000 15915000 15915000 42000 33000 280456000 129343000 490000 324000 280946000 129667000 1479020000 1327741000 50000 50000 565114000 639017000 565164000 639067000 896522000 682951000 896522000 682951000 2880000 4117000 369000 246000 14085000 1360000 17334000 5723000 913856000 688674000 1479020000 1327741000 50000 639017000 639067000 0 -73903000 -73903000 50000 565114000 565164000 38420000 39398000 3520000 154000 38000 6000 41978000 39558000 12 12 8032000 9676000 25000 32000 1000 1000 8058000 9709000 Interest expenses60,94771,092Other financial expenses9,7317,705Exchange loss111570,68978,812 0 -15915000 0 -15915000 1198074000 1198074000 1198074000 1198074000 1198074000 1198074000 Investments in subsidiaries are specified as follows:100.000594,867-68,458 Aeven A/S Ballerup 1.00 594867000 -68458000 Receivables from group enterprises due for payment within 1 year4,7666,127Receivables from group enterprises due for payment more than 1 year after year end259,733107,231264,499113,358 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 institutions899,402687,068 0 470850000 896522000 212101000 896522000 682951000 2880000 4117000 Joint taxationThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of New Nordic IT Topco ApS, which is the management company of the joint taxation.TaxThe Company is involved in tax disputes including indirect tax disputes, some of which involve significant amounts. Management continuously assesses the risks associated with tax disputes and their likely outcome and considers the risk related to these disputes remote and therefore does not expect these to have a material impact on the financial statements.Assets pledged as securityThe shares in the subsidiaries have been pledged as security for the borrowings within the company. Consolidated Financial StatementsThe Company is included in the consolidated financial statement for the group of New Nordic IT Topco ApS.New Nordic IT Midco ApSNew Nordic IT Midco 2 ApSNew Nordic IT Topco ApSNew Nordic IT Holdco S.A.R.LIndustriparken 32, 2750 Ballerup, Denmark (immediate parent company)Industriparken 32, 2750 Ballerup, Denmark (intermediate holding company)Industriparken 32, 2750 Ballerup, Denmark (intermediate holding company)5 Rue Heienhaff, 1736 Senningerberg, Luxembourg (ultimate holding company) Related partiesThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.There 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. The Annual Report of Aeven Holding ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in TDKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of New Nordic IT Topco ApS, the Company has not prepared consolidated financial statements. 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. RevenueRevenue from management fees is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expensesOther external expenses comprise expenses for audit, legal and other fees and general expenses. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income 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. Income from investments in subsidiariesDividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. 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 fees related to loans. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.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 materialise 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 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. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Loans 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.Loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.Other debts are measured at amortised cost, substantially corresponding to nominal value.