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2025-06-24 Årsrapport 30700228 Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1379.0, by EasyX Aps. www.easyx.eu Revisionspåtegning Grundlag for konklusion Konklusion 2025-06-24 Jeppe Fogh Meulengracht 2025-06-24 A NOTE FROM OUR CEO & CFO This was a fantastic year of   considerable growth for Stibo   Systems. We are very proud   of what we achieved, and   most importantly, grateful   for the continuing trust and   loyalty of our customers   across the globe who rely on   our best-in-class Software-as-   a-Service (SaaS) solutions to   drive better business and a   better world.   Our strong growth demonstrates   the value our customers achieve   by enabling trustworthy data   through AI-powered master data   management (MDM).   We’re thrilled to share that our   overall financial results in 2024-  25 exceeded expectations. We   experienced record-breaking   revenue and earnings, with   revenue growth of 11.8% and   significant growth in EBITDA   margin to 15.6%. This was a direct   result of execution against our   strategy and larger effects from   our business excellence initiatives   than anticipated in the budget.   HIGHLIGHTS FROM 2024-25 We have seen fantastic commercial   validation as we further enhanced   our go-to-market (GTM) approach   by introducing new product   positioning and refreshed value   propositions into the market.   “ The continued investment in   our solutions, processes and   people enabled us to capitalize   on market trends driving our   success. From the deployment of   AI functionality in our solutions   to helping customers solve data   challenges associated with their   ERP migrations and sustainability   initiatives, we continue to expand   the business value we provide to   customers around the globe.   We have experienced notable   growth in our MDM solutions for   the customer domain, accelerating   our revenue even further as it   added to our continued success   and leadership in product   information management. Driving   superior customer experiences is a   Our overall financial results in   2024-25 exceeded   expectations. We   experienced record-   breaking revenue   and earnings, with   revenue growth   of 11.8% and   significant growth in   EBITDA margin to   15.6%.”   Thomas Møgelmose,   Chief Financial Officer   priority for any business, and we have been successful   in demonstrating the need for trustworthy customer   data to empower and guide companies’ customer   experience initiatives. We expect this segment to grow   further in the near future.   We are proud to add many new customers to our   roster in all regions across the globe, including   well-known companies such as Ford-Werke, Grohe,   Meffert AG Farbwerke, Miltenyi Biotec, Ravago, ROHTO   Pharmaceutical, Sally Beauty and Scania.   One of our strategic priorities is to accelerate growth   in North America, the biggest MDM market in the   world. We are excited to see our footprint expanded   in the U.S., with order intake in the region delivering a   38% year-over-year growth.   This year we made a series of innovative   improvements across our SaaS solutions, adding   new functionalities that reinforce the scalability   and performance of our platform and enable the   reliable, trustworthy data that moves our customers’   businesses forward.   GROWTH THROUGH AI AI is quickly redefining business operations,   significantly changing how organizations approach   the way they work. Without trustworthy data, it can   be difficult, if not impossible, for companies to truly   capitalize on the innovation and synergies that AI can   deliver.  This urgent need is boosting an “MDM Renaissance,”   and we have captured this opportunity as our data   management solutions provide a foundation for   trustworthy data to fuel AI initiatives.   We have led the way in incorporating AI and machine-   learning functionality within our product portfolio,   delivering sophisticated capabilities that have been   praised by customers and industry analysts, solidifying   our competitive position.   IMPROVED OPERATIONAL EFFICIENCIES Throughout the fiscal year, we focused on enhancing  the fundamentals: our strategy, planning and analytics.   We improved collaboration, focus and accountability   across our cross-functional teams, enabling us to   execute more efficiently and with confidence.   Continual improvements in customer engagement   via our Technical Support teams have resulted in a   55% reduction in non-critical tickets being created,   with a new AI chatbot assisting in over 4,000 unique  customer engagements.   This year we enhanced Professional Services’   effectiveness and focus to increase the impact they   have working with our customers and strategic   partners in accelerating time to value.   We also continued to grow and optimize our partner-   focused strategy, forming a global ecosystem of   strategic alliances that has enabled us to scale our   business and deliver faster time to value for our   customers. Engagement with our partner network now   influences the majority of our customer projects.   Through closer relationships with our global systems   integrators and regional partners, we are going   to market together, ensuring the success of our  customers.   We further strengthened our collaboration with   Microsoft, joining the Microsoft Software and Digital   Platforms group in EMEA and meeting with Microsoft   leadership at its headquarters to align how we drive   innovation in areas of AI and data management and   further collaborate in our joint GTM efforts.   All of the accomplishments   this fiscal year would   not have been possible   without the dedication of   our passionate employees   who continue to embrace   the company’s vision and   strategy.   focused than ever before. In the next fiscal year,   we will continue to invest heavily in our solutions,   processes and people, as we execute against our   corporate strategy, Vision 2028.”   Adrian Carr,   Chief Executive Officer   LOOKING AHEAD Today, we are more   aligned, more efficient   and more focused than   ever before. In the next   fiscal year, we will continue  to invest heavily in our   solutions, processes and   people, as we execute   against our corporate   strategy, Vision 2028.   Only with a culture   grounded in innovation can one stay relevant in   business for over 200 years. Our quest for continuous   innovation, not only in technology, but also in best   practices, is what enables our customers to build   better businesses.   AI will remain top of mind as we continue to research   and evaluate what investments bring the most short-   term and long-term value to our customers and our   business.   We will continue to invest in our partners and are   excited to introduce the Partner 360 program in the  new fiscal year. This modernized program, which  brings together key partners such as Microsoft,   Accenture, Cognizant, PwC and others, is designed   to prioritize customer success through deeper   collaboration, increased transparency and meaningful   recognition of partner contributions.   We will continue to take action against our ambitious   science-based carbon reduction targets as part   of our bold stance on sustainability and ongoing   commitment to sustainable business growth.   This year we built a strong foundation of operational   excellence that will continue to serve us well as we   move into the next fiscal year and beyond.   Thank you to all our employees for their strategic   thinking, innovation, ownership and execution drive   that helped us get here. We will continue to invest   in the well-being and development of our people,   empowering them with new opportunities for growth   and leadership.   Thank you to all our customers and partners for   continuing to put your confidence in our company   and our market-leading data management solutions.   Your success is our success, and we are committed   to driving solutions that deliver spectacular customer   results.   Adrian Carr and Thomas Møgelmose LOOKING AHEAD As we enter fiscal year 2025-26, we are committed  to realizing our corporate strategy, Vision 2028. It   encapsulates our financial, customer and product   development aspirations and performance targets   for the next few years, which for 2025-26 is an EBITDA  margin of 16%.   We have no doubt that AI and digital transformation   will continue to advance businesses around the world,   and as the leading provider of trustworthy data, we are   confident we will continue our successful journey.   Our strategic aspiration is clear: to pioneer data   management solutions that empower better business   decisions leading to spectacular customer results.   We remain committed to delivering trustworthy data   through our market-leading, AI-powered solutions,   superior SaaS platform and related services.   We are confident in our ability to execute against our   Vision 2028 strategy, leveraging the strong   momentum in the MDM market, accelerated by our   enterprise customers’ AI initiatives.   FINANCIAL OVERVIEW Summary   Fiscal year 2024-25 was another pivotal   year for Stibo Systems. We achieved record-   breaking earnings, with SaaS revenue growth   of 15% and Annual Recurring Revenue (ARR)   growth of 16%. This, along with operational   excellence, contributed to closing the year at   an EBITDA margin of 15.6%.   Revenue   We closed the best year in our corporate history,   with revenue of 1.236 mDKK. Our SaaS (subscription)   revenue grew by 15% and total revenue by 11.8%.   EBITDA EBITDA EBITDA EBITDA EBITDA 1236392000 854820000 192331000 180915000 1106159000 759753000 86682000 1056773000 733199000 125233000 113817000 918950000 635241000 33977000 24387000 753700000 548311000 21407000 12364000 73781000 7677000 188592000 138663000 3946000 77727000 52094000 -4272000 109545000 57893000 -797000 23590000 22961000 -1819000 10545000 21649000 Profit before tax Profit before tax Profit before tax Profit before tax Profit before tax Consolidated balance sheet Key figures and ratios Non-current assets Non-current assets Non-current assets Non-current assets Non-current assets Current assets Current assets Current assets Current assets Current assets 18215000 1009608000 1027823000 29516000 872120000 901636000 39295000 768659000 807954000 40723000 650353000 691076000 40728000 547452000 588180000 Provisions Provisions Provisions Provisions Provisions 336199000 210000 258066000 0 253281000 315000 200086000 202890000 1436000 834000 Current liabilities Current liabilities Current liabilities Current liabilities Current liabilities 691414000 643570000 554358000 490156000 383854000 Investments in tangible assets Investments in tangible assets Investments in tangible assets Investments in tangible assets Investments in tangible assets 1370000 1070000 1121000 5487000 6676000 69.1 14.6 28.1 32.7 46.7 68.7 6.7 12.3 28.6 20.4 69.4 10.8 22.1 31.4 25.5 69.1 2.7 5.8 29 11.4 72.8 1.6 3.3 34.5 11.2 732 794 728 735 687 For terms and definitions, please see the accounting policies. COMPANY OVERVIEW Stibo Systems is a business   with a conscience.   We will build a better place through robust   partnerships, a strong culture of innovation,   and by taking a bold stance on sustainability.   We are a team of passionate people designing   and delivering data management products   to empower better decisions for spectacular   customer results, leading to our sustainable   growth.   Better data. Better business. Better world. CORE BELIEFS Culture of   innovation   We pioneer next-   generation technology   while ensuring the   consistency and   reliability of our existing   solutions.   Build better We develop market-   leading data management   solutions, collaborating   with our customers to solve   emerging challenges in the   market.   Platform   wins   We continue to strengthen   and invest in our platform   capabilities to ensure it   caters to our customers’   diverse and business-   critical needs.   Bold stance on   sustainability   We are committed to   sustainability and   helping our customers with   their sustainability targets.   Robust   partnerships   We form lasting strategic   partnerships with our   customers and work with   a broad global partner   ecosystem as part of our   Partner-first strategy.   Passionate   people   We are all driven by a   common goal: delivering   spectacular results for our   customers.   GLOBAL OPERATIONS Stibo Systems empowers some of the world’s largest and well-known brands within retail,   manufacturing, consumer packaged goods, distribution and other industries to make   informed decisions with trustworthy data. Our SaaS data management solutions manage   critical domains such as product, customer and supplier data, enabling our customers to   connect, govern, enrich and share their data with ease.   Part of the Stibo Software Group A/S, Stibo Systems is headquartered in Aarhus, Denmark,   with offices and operations in North America, Latin America, Europe and Asia Pacific.   INNOVATIVE SOLUTIONS We continuously monitor the market to ensure our product positioning aligns with   customers’ changing needs and expectations. This year, we took significant steps to  modernize our brand and evolve our product portfolio structure, introducing new solution   names and refreshed value propositions that better reflect our technical innovations and   advancements.   PORTFOLIO Stibo Systems Platform processes and governs data across domains with   a highly flexible, AI-powered system that ensures reliability and scalability,   allowing enterprises to continuously adapt to changing business needs.   Create compelling product experiences that drive sales   and build lasting customer loyalty.   Know your customers and create personalized   experiences they’ll love.   Gain a complete view of your B2B partners and build  stronger relationships.   Build stronger supplier relationships with complete   and accurate data.   Understand where your business operates and make   better decisions about your locations.   Track your environmental impact and manage   sustainability data with ease.   CUSTOMER   SUCCESS   TRANSFORMING DATA INTO   BETTER CUSTOMER EXPERIENCES   AT DIRECT SUPPLY   ® By enhancing the quality and consistency of its product data, Direct Supply is empowering employees,   accelerating innovation, and delivering exceptional customer experiences.   Direct Supply, Inc., a company with a 40-year history  of serving the senior care industry, has undergone   a remarkable data transformation in data quality,   operational efficiency and customer satisfaction.   Data headaches and missed opportunities Direct Supply’s growth and expansion brought   exciting new opportunities, but it also increased the   company’s data challenges. Its homegrown product   information management (PIM) system began to show   its limitations.   Adding new products took an average of 18 days. With   a product catalog that grew 30X in a short period of   time, keeping up with the influx of product information   was a challenge.   On average, only 31% of the required product   attributes were filled in. This meant that crucial   information – like dimensions, materials and technical   specifications – was often missing. This led to   inconsistencies, errors and ultimately subpar customer   experiences.   Taking control of product data To solve this, Direct Supply replaced their legacy   system with Stibo Systems Product Experience Data   Cloud because of its powerful and flexible product   master data management (MDM) capabilities.   Acknowledging that data quality is everyone’s   responsibility, the company also empowered its   employees to become data stewards. It gave them the   training and tools they needed, so they could update   product details, add missing attributes and make sure   the data was consistent.   Delivering results With Stibo Systems Product Experience Data Cloud,   Direct Supply became remarkably more efficient in   its product onboarding. It slashed the time it took to   add new products to the system by 94%.  With its focus on data stewards and strong data   governance processes, Direct Supply made real   improvements to the completeness of its product   data and increased attribute fill rates from 31% to an   impressive 73%.   Faster product onboarding More attributes filled Fewer product inquiry and support tickets Better customer experiences Accurate, complete and always available product   information translated into a better experience for   Direct Supply’s customers.   Sellers could quickly find the information they   needed to answer customer questions, compare   products and give personalized recommendations.   Improving the customer experience, in turn,   contributed to more satisfied, loyal customers and   more sales.   AI that will grab information   from our suppliers’ websites for   a product and compare them   and validate them to at least four   websites to say, ‘Yes, those are all   accurate.’ And then they will feed   that back.”   Steva Curtis, Senior Manager, Data Governance   and Merchandise, Direct Supply   Innovation with AI Reliable, structured product data has also unlocked a wave of AI   innovation at Direct Supply. With tools like:   ƒ Web-scraping AI that validates data from the suppliers’ sites  before populating records   ƒ “Direct Supply Concierge,” a bot giving Sellers instant access to  product details   ƒ “Subs AI” to suggest substitutes during stockouts  These advancements have reduced manual work, improved service   quality, and given team members more time to focus on complex   needs.   Transformational impact Direct Supply’s data transformation journey exemplifies how strong   master data management can drive meaningful outcomes. By   building a solid product data foundation, your organization can   empower employees, drive innovation, and deliver a differentiated   experience to customers.   LEADERSHIP Adrian Carr Chief Executive Officer Gustavo Amorim Chief Marketing Officer Chief Delivery Officer Thomas Møgelmose Chief Financial Officer AI INVESTMENTS HELPING CUSTOMERS POWER   MDM WITH AI AND REACH AI   SUCCESS WITH TRUSTWORTHY DATA   Our continued investment in AI and machine   learning is focused on solving real-world enterprise   challenges for our customers – automating the   processes, improving precision and accelerating time   to value. As an example, machine learning excels at   pattern recognition, categorization and classification   – precisely what’s needed when managing large   volumes of complex data. We have built capabilities   that help with tasks such as product categorization,   data matching and deduplication, attribute mapping,   data quality scoring, and anomaly detection.   We are committed to incorporating AI enhancements   in our product portfolio in ways that make data   management easier and faster for our customers.   ƒ AI address matching: Latest evolution improves  robustness, scalability and accuracy of address   matching outcomes and reduces matching setup   time.   ƒ AI-generated product descriptions: Leverages  generative AI to create product descriptions from   prompts, helping retailers optimize resources and   create market-ready product descriptions quickly.   ƒ AI-assisted translation: Enables users to translate  product data quickly and accurately into multiple   languages without needing to train the model.   ƒ AI-assisted image discovery: Provides accurate  image-to-product data, including generating   image descriptions, developing SEO keywords, text   recognition and outlier detection.   ƒ AI attribute matching in product data  syndication: Offers automated mapping  suggestions, comprehensive recommendations   with confidence scores, and flexibility for users to   override AI-generated suggestions.   CLIMATE ACTION COMMITMENT AS A BUSINESS WITH A CONSCIENCE,   WE BELIEVE CLIMATE ACTION IS A   SHARED RESPONSIBILITY   Our parent company, Stibo Software Group, has   committed to near-term and net-zero company-wide   emission reductions in line with the most ambitious   designation available through the Science Based   Targets initiative (SBTi).   We are proud to announce that these targets were   officially approved by the SBTi in December 2024. The  targets include near-term and long-term targets with   the overall goal of reaching net-zero greenhouse gas   emissions across the value chain by fiscal year 2050.  Additionally, the commitment includes increasing the   sourcing of renewable electricity to 100% by fiscal year  2030.   The validation of our science-based targets by the   SBTi is crucial as it demonstrates our commitment   to scientifically backed climate action while also   enhancing our credibility and alignment with global   efforts to limit warming.   Stibo Software Group’s validated science-based targets   include a commitment to reduce absolute scope 1   and 2 GHG emissions 43.6% by fiscal year 2030 from  fiscal year 2021 base year. Stibo Software Group also  commits to reduce scope 3 GHG emissions 51.6% per   DKK value added within the same timeframe. Our long-   term targets include committing to reducing absolute   scope 1 and 2 GHG emissions by 90% by fiscal year  2050 and reducing scope 3 GHG emissions 97% per   DKK value added within the same timeframe.   In line with these SBTi targets, Stibo Systems is taking   concrete steps to reduce GHG emissions, such as   migrating customers from on-premises to the cloud,   covering the roof of the Denmark headquarters with   solar panels and strengthening the corporate travel   policy.   INFORMATION SECURITY AND RISK MANAGEMENT At Stibo Systems, we recognize that information security is a strategic priority and an integral part of our overall risk management framework. Our clients operate in highly regulated and security-sensitive industries, and their trust depends on our ability to protect data, maintain system integrity, and respond to threats proactively. Our enterprise risk management process is further supported by Stibo Software Group’s Governance, Risk & Compliance team, who work across group entities to promote a strong risk culture and ensure consistency in mitigation efforts. Risk identification and mitigation plans are reviewed quarterly and involve cross-functional input, including from IT, security, and operational management. These consolidated risk insights are presented to the Executive Leadership and reported to the Board of Directors via the Audit Committee. As a complement to this framework, Stibo Systems is certified under ISO/IEC 27001 and SOC 2, two internationally recognized standards for information security and operational integrity. These certifications provide external validation of our governance, risk, and control practices, and ensure that our information security management system meets rigorous industry expectations for confidentiality, integrity, and availability of data. REPORT ON CORPORATE SOCIAL RESPONSIBILITY At Stibo Systems, our commitment to a better world is deeply rooted in our values and vision. We achieve this by empowering our customers with reliable, trustworthy data through master data management and by continuously reflecting on and enhancing our actions to ensure we make ethical, environmental and social decisions. To ensure alignment throughout the organization, the Environmental, Social, Governance (ESG) and Sustainability strategy and related CSR policy embrace the business values and commitments that Stibo Systems represents. To establish the basis for the ESG and Sustainability Strategy, launched in 2022, Stibo Systems conducted a thorough double materiality assessment. This review evaluated the significance of environmental, social and economic issues from two distinct perspectives, both evaluating the impact and financial materiality. This double materiality assessment has been revisited to prepare the company for reporting in line with the Corporate Social Responsibility Directive (CSRD). We aspire to define sustainability in our industry and have set clear targets under four pillars. Our ESG and Sustainability objectives are aligned with four specific United Nations Sustainable Development Goals (SDGs). While Stibo Systems supports all SDGs, we have identified these four as areas where we can make a significant contribution: Our participation in the UN Global Compact highlights our support, commitment and adherence to working with the 10 principles, including human rights, labor rights, the environment and anti-corruption. The four pillars of the ESG and   Sustainability strategy   1. We will reduce our climate impact. Stibo Systems is committed to having minimal   negative impact on the environment and leading   by example in the industry in which we operate.   We will work systematically to reduce our carbon   emissions and environmental impact from our entire   organization (in line with the aforementioned SBTi   approved targets).   a.Greenhouse gas (GHG) emissions and   reduction plan   The GHG inventory represents the whole Stibo   Software Group, including Stibo Systems and Stibo   DX, calculated in accordance with the GHG protocol.   The inventory shows both emissions excluding and   including optional emissions. Optional emissions   are emissions that are outside of the SBTi minimum   boundary and, therefore, do not count toward our   progress on our science-based targets. The optional   emissions are included to enhance transparency and   to reflect all our GHG emissions.   We are initiating an intensified focus on climate data   and carbon accounting processes in preparation   for the CSRD legislation. This effort aims to ensure   we have the necessary data for environmental   reporting. Stibo Software Group, including Stibo   Systems, has already commenced preparations   for the EU CSRD legislation by conducting a   comprehensive Double Materiality Assessment in   2024. Additional progress will be contingent upon  the final decision from the EU omnibus, which   includes the proposed changes to CSRD.   Stibo Systems has implemented several measures   this fiscal year to minimize climate impact.   Additionally, the company is preparing a climate   transition plan, which is expected to be completed   by September 2025. Some examples of the plan are   listed here:   ƒ Solar panels were installed on the roof of the  headquarters in Aarhus. They have been operating   since spring 2024 and resulted in 258,030 KWh  generation of electricity.   ƒ Procuring Renewable Energy Certificates to  cover the electricity consumption. Currently,   IREC covering 110 MWh has been purchased for  our office in Bangalore to cover their electricity   consumption. We are investigating where this   approach could be relevant as well.   ƒ Continuing to migrate customers from on-premises  to SaaS environments. This will lead to a great   reduction of our emissions in Scope 3 category 11.   ƒ Optimization of several of our offices globally  resulted in significant savings in terms of energy   use.   ƒ Additionally, in collaboration with Treedom, Stibo  Systems plants a tree for every new employee and   customer. As of right now, Stibo Systems has 800  trees planted across seven different countries. The   planted trees are estimated to absorb 231 tons of   CO2 over the first 10 years of the trees’ lives. This  is beyond the SBTi approved emissions reduction   actions we are doing at Stibo Systems and are   therefore not included in the target progress.   ƒ The carbon account for fiscal year 2024-25 clearly  shows that we are fully on track with the set   science-based targets that were approved by   SBTi in December 2024. The total scope 1, 2 and  3 emissions, including optional emissions, have   been reduced by 21% since the baseline year, fiscal  year 2021-22.   ƒ Measuring the progress on the science-based  targets, Scope 1 and 2 (Market-based) emissions   have been reduced by 31% compared to the   baseline year, fiscal year 2021-22. The intensity  target for scope 3 emissions has decreased by   16% relative to the baseline year. Furthermore,  the optional target concerning emissions related   to Use of Sold Products has shown a noticeable   reduction of 55% since fiscal year 2021-22.  Greenhouse gas (GHG) emissions by Scope (mtCO2e)  For Stibo Software Group, including Stibo Systems and Stibo DX   Emissions Emissions Excluding optional emissions   Including optional emissions   FY21/22   FY22/23   FY23/24   FY24/25   FY21/22   FY22/23   FY23/24   FY24/25   Scope 1   93.49  54.46  55.77   45.29   93.49  54.46  55.77   45.29   Scope 2   (Location based)   514.55  509.54  487.20  351.74   514.55  509.54  487.20  351.74   Scope 2   713.18   703.33   717.19   511.28   713.18   703.33   717.19   511.28   (Market based)   Subtotal emissions   806.67   757.79   772.96   557.28   806.67   757.79   772.96   557.28   (Scope 1+2 Market-   based)   Scope 3   1: Purchased goods   778.79   832.34  913.53   843.97   955.41  1,220.63   1,231.84  1,205.97   and services   1,2   2: Capital goods   57.09   22.25   143.46  24.02   57.09   22.25   143.46  24.02   3: Fuel- and energy   158.98   176.03   188.63   145.95   158.98   176.03   188.63   145.95   related activities   4: Upstream  40.27  36.61   33.96   29.37   44.26  45.40  41.16  36.72   transporation and   distribution   5: Waste generated in   1.08   1.38   1.42  0.42   1.08   1.38   1.42  0.42   operations   6: Business travel   510.17   1,058.65   499.59  733.18   3 583.11   1,269.59   654.89  875.30   7: Employee   217.96   233.32   174.44  138.97   306.26   304.03  249.40  213.15   Commuting   11: Use of sold   - - - - 2,254.84  1,586.11   1,623.98   1,023.46   products   4 Subtotal emissions   1,764.34  2,360.58   1,955.02   1,915.88   4,361.03  4,625.41  4,134.78  3,524.98   (Scope 3)   Total emissions (Scope   2,571.01   3,118.37   2,727.99   2,473.16   5,167.70   5,383.20   4,907.74  4,082.26   1 + 2 Market based + 3)   Total emissions (Scope 1   2,372.38   2,924.58  2,498.00  2,312.92   4,969.07  5,189.41  4,677.75  3,922.02   + 2 Location based + 3)  As the operations of Stibo Systems and Stibo Software Group are very closely tied, including shared office facilities,   shared service deliveries, IT, purchase organization, etc., they have chosen to work jointly with carbon accounting.   In respect of understanding the above figures, it can be clarified that Stibo Systems’ revenue constitutes 82% of  the Group’s revenue, and 75% of the Group’s full-time employees.   1.Emissions related to storing internal data is not included. We are currently in the process of gathering this data.   2.Emissions data related to Microsoft Azure and AWS have been extrapolated to 12 months based on 11 and 9 months of data, respectively. This is due to a delay in data  availability from the providers.   3.Does not include low-cost flights. Train-related emissions have been calculated using spend-based data, which differs from the methodology applied in previous years   due to changes in data availability. We are in the process of collecting this data.   4.Emissions for on-premises customers are calculated based on saved emissions from choosing AWS and Azure compared to on-premises. This year is based on medium  efficiency and 20% global renewable energy.  Ecovadis assessment based on sustainability policies and actions b.Ecovadis certification   Stibo Systems received a silver medal for   sustainability achievements in the Ecovadis   assessment, ranking among the top 15% of   companies evaluated by Ecovadis. This evaluation   was based on our policies, actions and published   reports relating to the themes of environment,   labor and human rights, ethics, and sustainable   procurement. The graph highlights the scoring   in these four areas, as well as the overall score.   This brought Stibo Systems to the 89th percentile,   meaning that the company is performing equal   or better than 89% of the companies scored by   Ecovadis.   Stibo Systems will continue to undergo the   assessment by Ecovadis annually to reflect ongoing   improvements and drive further action, with an aim   to achieve a gold medal.   2. We will become the most valued employer   in our industry.   At Stibo Systems, we treat each other with respect,   and we support and respect internationally recognized   human rights as formulated in the UN Human Rights   Declaration and the internationally recognized   labor rights as specified in the International Labor   Organization (ILO) core conventions. Our objective   is to set a standard by recruiting top talent and   maintaining a satisfied workforce that mirrors the   diverse communities in which we operate.   We are working to achieve a more equal gender   distribution in our workforce, management and Board   of Directors. It is our goal to reflect the societies that   we operate in and increase our talent pool. We avoid   unconscious bias through related training programs,   and we do not engage in discrimination. We hire and   promote employees based on merit. Additionally, we   support organizations like ReDI school in Denmark   and Year Up in the U.S. that align with these objectives.   We have already succeeded in increasing the number   of women in leadership positions at Stibo Systems   from 23% in fiscal year 2021-22 to 27% in fiscal year  2024-25.  The female proportion (employees reported as female)   of the workforce at Stibo Systems was 29.27% in fiscal  year 2023-24 and 28.45% in fiscal year 2024-25.  3. We will play an active role in society. With this pillar, Stibo Systems aspires to contribute to  the societies in which we operate. We play an active   role in our communities, developing and participating   in relevant societal engagement programs and   volunteering activities.   Stibo Systems offers a volunteering program including   the opportunity for all employees to spend two   working days each year on volunteering activities.   Additionally, a team of passionate CSR ambassadors   is responsible for arranging volunteer activities within   each office.   This year, 176 employees volunteered to support their  local communities in seven countries. Some of the   activities included participating in World Cleanup Day   in Denmark, food donation in Poland, and spending   a day with children in vulnerable situations in Brazil.   Other activities included training and coaching women   and young adults from underserved communities.   Stibo Systems has partnered with ReDI School in   Denmark and Year Up in the U.S. Furthermore, Stibo   Systems has been participating in the global initiative   called Digital Cleanup Day. Here, we raised awareness   about data storage practices and encouraged the   deletion of unnecessary data to optimize storage   efficiency and indirectly reduce carbon   emissions.   4. We will enable our customers’   sustainability targets.   Looking beyond our own operations,   Stibo Systems wants to affect the way   our customers operate and enable   them to meet their targets related to   sustainability by offering sustainability   data solutions. This has been achieved   through Stibo Systems Sustainability   Data Cloud, which makes it possible   for customers to use the existing   Stibo Systems Platform to stay on   top of their sustainability compliance   requirements. The solution is   continuously updated to reflect the   changing demands, legislation and   requirements to best support our   customers on their sustainability   journeys.   CSR REPORTING Statutory CSR statement under section 99a of   the Danish Financial Statements Act   In addition to the sustainability highlights, this   appendix provides further details on Stibo Systems’   sustainability program and related reporting data. For   a description of Stibo Systems’ business model, please   see page 9.   ESG and Sustainability governance The Stibo ESG and Sustainability strategy includes a   clear governance plan buildup of a Steering Group   at the CXO level, directly sponsored by the CEO and   CFO of the company and a direct line to the audit and   governance committee.   The Chief Sustainability Officer reports directly to   the Chief Operating Officer of Stibo Software Group.   The ESG and Sustainability team is part of the Shared   Service Center in Stibo Software Group, supporting   both Stibo Systems and Stibo DX.   Water, waste, energy, and air pollution Risk   Pollution from water, waste, and air pollution are  not found to be material to Stibo Systems, both   from a financial and environmental perspective.   This was a result of the Double Materiality   Assessment conducted in 2024 as preparation  for the CSRD regulations. Despite this, Stibo   Systems continues to report on these topics and   aims to lift any negative impact. Energy is found   to be material to Stibo Systems as optimizing   energy efficiency could be a challenge due to   many offices located within larger buildings   (providing limited direct control over this).   Furthermore, the usage of AI within the business   is expected to increase energy consumption.   Water Stibo Systems’ headquarters in Aarhus, Denmark,   gathers rainwater from large water tanks on the roof.   This has been in place for many years, contributing   to reduced water consumption at the office. The   rainwater is used mainly for the restroom facilities in   the office. The total water usage for fiscal year 2024-  25 at the Aarhus headquarters is 2068 m3. The total  water usage for Stibo Systems is 940 m3.  Waste Stibo Systems manages waste by implementing   recycling and waste prevention programs. These   programs include office recycling where feasible,   replacing single-use plastic tableware with reusable   options, and using food leftovers in the canteen   for the next day’s lunch or allowing employees to   purchase them.   The waste generated at Stibo Systems relates to   our daily operations, and due to the nature of our   business, services and products, we do not generate   any hazardous waste. The waste for the whole Stibo   Systems in fiscal year 2024-25 is 49 metric tons. Sixty  percent of the waste generated in fiscal year 2024-25  at the headquarters is recycled.   Energy At Stibo Systems, we are committed to responsible   energy management as part of our environmental and   sustainability goals. This includes prioritizing energy   efficiency and increasing the adoption of renewable   and clean energy technologies. As part of our science-   based targets, we are committed to increasing the   active annual sourcing of renewable electricity to 100%   in fiscal year 2030. To fulfill our commitment, solar  panels were installed at the Aarhus headquarters and   have been operational since Spring 2024. This has  reduced the electricity purchased from the grid by   13%.   The global electricity consumption for Stibo Systems   is 705 MWh (excluding 5 MWh consumed by the   company owned electric cars), whereas the global   heating consumption is calculated to 180 MWh.   We want to protect the environment and the climate   by continuously reducing the company’s emissions and   by constantly utilizing the company’s resources more   optimally. This is in line with the ESG and Sustainability   strategy, as well as our science-based targets.   Air pollution Due to the nature of Stibo Systems’ business and   operations, air pollution is found to be minimal and   negligible, and we do not have any air pollution   connected to our products or services. In our Scope   1 emissions, a small amount of Ammonia NH3   (25 kg) and R404A (3 kg) are included. Both are in  closed-loop circuits and are not expected to generate   any pollution. The global warming potential for   Ammonia NH3 is 0, which makes it one of the most   environmentally friendly refrigerants. Emissions   resulting from R404A are included in our scope 1  emissions. Besides R404A, Stibo Systems does not  have any air pollution.   Human rights Risk   Despite the company’s support and   commitment to human rights, including zero-   tolerance policies on this subject, there is a   potential risk if customers or partners do not   uphold these standards, as this could indirectly   affect the organization. Working conditions are   therefore found to be material to Stibo Systems   in the Double Materiality Assessment conducted   in 2024.  As a participant in the UN Global Compact, Stibo   Systems adheres to the principles set out by the   organization. Stibo Systems adheres to the protection   of internationally declared human rights as outlined by   national laws that govern its activities and operations   in Denmark and globally. Stibo Systems aims to meet   the highest standards and uses Danish standards as   guidelines when local requirements are less stringent.   Stibo Systems ensures safe and healthy working   conditions across all business units and supports   diverse cultures and cultural activities. Furthermore,   Stibo Systems is committed to promoting equal   rights for all genders, races, nationalities, ethnicities   and religions while actively preventing harassment,   discrimination and human rights violations within   the organization. The company has implemented   mandatory anti-discrimination and anti-harassment   training alongside related policies on this subject. Our   Code of Conduct outlines Stibo Systems’ stance on   these matters.   Suppliers are required to adhere to the Supplier Code   of Conduct, which highlights the abovementioned   requirements alongside environmental and social   requirements. Stibo Systems completed a desk audit of   the five main suppliers and found no breaches.   Concerns regarding discrimination, illegal activities,   or breaches of internal guidelines or policies   can be reported through an externally managed   whistleblower scheme. Details are provided in our   Whistleblower policy.   Stibo Systems has not identified any human rights   violations or received any reports via the whistleblower   scheme for fiscal year 2024-25. These efforts will  continue in the future, and similar outcomes are   anticipated for fiscal year 2025-26.  Social and employee conditions Risk   As a global organization, Stibo Systems faces   challenges in ensuring inclusivity across diverse   cultures and traditions globally. Equal treatment   and opportunities are found to be material   to Stibo Systems in the Double Materiality   Assessment conducted in 2024.  Employee well-being, health and safety are vital to   our success as a company. The Stibo Systems Code   of Conduct and initiatives by the People & Culture   team ensure a safe workplace and keep employees   motivated and productive.   Stibo Systems does not tolerate, engage or accept any   form of forced and compulsory labor, as well as child  labor, anywhere in our supply chain, and we recognize  the employee’s right to freedom of association and   collective bargaining. Employment contracts are   written in the employee’s native language to prevent   misunderstandings and ensure clarity on job scope   and exit procedures.   At Stibo Systems, recruitment decisions are based on   the qualifications, skills, experience and personality   of candidates. Equal employment opportunities are   provided, ensuring that gender, age, race, religion and  political views do not affect the recruitment process.   Suppliers are required to adhere to the Supplier Code   of Conduct, which highlights the abovementioned   requirements alongside environmental and social   requirements.   Stibo Systems has not identified any violations of social   and employee conditions or received any reports via   the whistleblower scheme for fiscal year 2024-25.  These efforts will continue in the future, and similar   outcomes are anticipated for fiscal year 2025-26.  Anti-corruption and bribery Risk The risk associated with anti-corruption and   bribery in a software company primarily lies within   the purchase and sales departments, where   interactions with external entities could lead to   potential bribes. Effective measures such as the   two-person principle, stringent documentation   requirements, and regular external audits help   mitigate these risks and ensure compliance.   Stibo Systems commits to integrity and responsible   business practices. Our Code of Conduct and Anti-   corruption policy enforce zero tolerance for corruption,   extortion and bribery. Employees are required to   report any misconduct to local management or via the   whistleblower scheme.   All economic activities at Stibo Systems comply   with Denmark’s accounting laws. Activities outside   of Denmark must adhere to the relevant national   accounting laws, which include a requirement for   external auditor endorsement of the accounts.   As part of Stibo Systems’ procurement procedure, sales   of the organization’s services and major purchases   require at least two levels of approval. Investments   must be authorized by the Board of Directors, and   significant merger and acquisition decisions must be   approved by the Board of Directors of Stibo Software   Group, the parent company.   Stibo Systems has not identified any incidents of   corruption or bribery in fiscal year 2024-25. We  continue to uphold our practices and procedures to   prevent and ensure no incidents in fiscal year 2025-26.  Results and expectations for the work ahead We are working toward achieving the targets set   out in the strategy. This includes reducing our   environmental impact, decarbonizing in line with our   science-based targets, increasing our efforts toward   societal engagement and increasing the number of   volunteering activities.   Equality and inclusion are important to Stibo Systems.   We are planning to increase our work within this field   to continue to attract and retain the best talent. Several   initiatives are planned for the next fiscal year, including  a greater focus on neurodiversity, embracing our   different minds and competencies through the already   established parenthood and female leader programs,   as well as continued training to avoid unconscious bias.   Stibo Systems is preparing to become compliant with   the CSRD reporting regulations. We have established   a project with clear governance and timeline, where   we also work with external partners. In 2024-25, we  completed a new Double Materiality Assessment   process assuring that the project is on track. We will be   ready to report in line with the European Sustainability   Reporting Standards when the final legislation is   released.   Related to our climate impact, Stibo Systems is   reviewing and investigating the possibility of using   various mechanisms such as Renewable Energy   Certificates and carbon offsetting to reduce our climate   impact further.  Finally, Stibo Systems is working towards an ISO14001  certification in the coming fiscal year to align our   efforts, strategy and achievement in an Environmental   Management System. This certification will help the   company manage its environmental responsibilities   more effectively and ensure that its processes are   integrated into business operations across the   organization.   Stibo Systems acknowledges the responsibility to   handle data and access it with care and in compliance   with legal requirements. As data is the focal point   of Stibo Systems’ products, it is crucial that our   customers and Partners have confidence in our data   handling. To ensure alignment and compliance on   why, where, and how data is being handled, a set of   data ethics principles have been formulated in the   Data Ethics Policy and communicated throughout the   organization. The data ethics principles address how   data is collected, stored, accessed and protected, as   well as how we meet our privacy requirements.   Stibo Systems core activities does not include data   gathering or processing, apart from hosting and   supporting customer data, and therefore the   description of data types and technical and   organizational measures (TOMs) are included directly   in contracts with customers and partners.   STATEMENT   by the Board of Directors and the Executive Board   The Board of Directors and the Executive Board have today discussed and approved the annual report of Stibo   Systems A/S for the financial year 1 May 2024 – 30 April 2025.   The annual report has been prepared in accordance with the Danish Financial Statements Act. It is our opinion that the consolidated financial statements and the parent company financial statements give a   true and fair view of the Group’s and the Company’s financial position at 30 April 2025 and of the results of the  Group’s and the Company’s operations and consolidated cash flows for the financial year   1 May 2024 – 30 April 2025.   Further, in our opinion, the Management’s review gives a fair review of the development in the Group’s and the  Company’s operations and financial matters and the results of the Group’s and the Company’s operations and   financial position.   We recommend that the annual report be approved at the annual general meeting. Højbjerg Adrian Neil Carr CEO Jeppe Meulengracht Fogh Chairman Adrian Neil Carr Thomas Møgelmose INDEPENDENT AUDITOR’S REPORT To the shareholders of Stibo Systems A/S Independence   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.   Opinion   We have audited the consolidated financial statements   and the parent company financial statements of   Stibo Systems A/S for the financial year 1 May 2024  – 30 April 2025, which comprise income statement,   balance sheet, statement of changes in equity and   notes, including accounting policies, for the Group and   the Parent Company, and a consolidated cash flow   statement. The consolidated financial statements and   the parent company financial statements are prepared   in accordance with the Danish Financial Statements Act.   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 30 April 2025 and  of the results of the Group’s and the Parent Company’s   operations as well as the consolidated cash flows   for the financial year 1 May 2024 – 30 April 2025 in  accordance with the Danish Financial Statements Act.   Management’s responsibilities for the financial   statements   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.   Basis for opinion   We conducted our audit in accordance with   International Standards on Auditing (ISAs) and   additional requirements applicable in Denmark.   Our responsibilities under those standards and   requirements are further described in the “Auditor’s   responsibilities for the audit of the consolidated   financial statements and the parent company financial   statements” (hereinafter collectively referred to as “the   financial statements”) section of our report. We believe   that the audit evidence we have obtained is sufficient   and appropriate to provide a basis for our opinion.   Auditor’s responsibilities for the   audit of the financial statements   Our objectives are to obtain reasonable assurance   as to 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 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 the financial   statements.   As part of an audit conducted in accordance with ISAs   and additional requirements applicable in Denmark,   we exercise professional judgement and maintain   professional scepticism throughout the audit. We also:   ƒ 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.   ƒ 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.   ƒ Evaluate the appropriateness of accounting  policies used and the reasonableness of accounting   estimates and related disclosures made by   Management.   ƒ Conclude on the appropriateness of Management’suse 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.   ƒ Evaluate the overall presentation, structure and  contents of the financial statements, including   the note disclosures, and whether the financial   statements represent the underlying transactions   and events in a manner that gives a true and fair   view.   ƒ 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 group 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.   Statement on the Management’s review   Management is responsible for the Management’s   review.   Our opinion on the financial statements does not cover   the 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 the   Management’s review and, in doing so, consider   whether the 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  the Management’s review provides the information   required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude   that the 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 of the Management’s review.   Aarhus, 24 June 2025 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Morten Friis State Authorised Public Accountant mne32732 Benjamin Ditlevsen State Authorised Public Accountant mne51491 Name Axel Kiers Vej 11, DK-8270 Højbjerg 35822690 Address Registered office Aarhus www.stibosystems.com Telephone +45 89 39 11 11 Jeppe Meulengracht Fogh Chairman Adrian Neil Carr Thomas Møgelmose Adrian Neil Carr CEO EY Godkendt Revisionspartnerselskab Vaerkmestergade 25 DK-8100 Aarhus C 1236392000 12145000 1106159000 0 1168926000 12075000 1041587000 0 178005000 215712000 854820000 659004000 152866000 193540000 759753000 670647000 786446000 121875000 272680000 170433000 755203000 101731000 184653000 179630000 14901000 15325000 7212000 7307000 180915000 73781000 95035000 -2284000 0 14413000 6736000 0 9385000 64256000 8354000 55095000 4018000 4965000 51864000 -230000 5439000 77727000 25633000 52094000 7827000 188592000 49929000 138663000 159818000 21155000 138663000 52094000 75000000 64256000 -593000 50000000 55095000 -53001000 2359000 1786000 4145000 3262000 8314000 2359000 1265000 3624000 3262000 6236000 9498000 11576000 1511000 7432000 8943000 1805000 10577000 12382000 299000 0 144000 0 299000 144000 0 5127000 0 5558000 123819000 3641000 118946000 3711000 131383000 132299000 18215000 29516000 235145000 191383000 3837000 23604000 18476000 2331000 154000 3058000 260570000 13352000 329999000 18917000 7022000 279424000 8583000 275636000 15663000 1803000 4380000 0 7960000 10375000 79182000 640715000 231405000 872120000 901636000 5767000 3404000 77248000 39644000 357176000 120899000 478075000 609458000 38977000 357017000 295000 600986000 408622000 1009608000 1027823000 357312000 489611000 50000000 50000000 50000000 50000000 76120000 218579000 154916000 124380000 0 -7380000 0 3150000 86819000 0 81946000 0 75000000 336199000 50000000 258066000 75000000 336199000 50000000 258066000 210000 0 0 0 210000 0 0 0 485755000 471952000 79529000 65225000 2241000 27532000 1444000 24104000 5154000 260000 18002000 0 12278000 117389000 0 9295000 116430000 13173000 27118000 13300000 127616000 643570000 643570000 901636000 139473000 691414000 691414000 1027823000 45865000 36653000 231545000 231545000 489611000 273259000 273259000 609458000 Statement of Changes in Equity Statement of changes in equity – Consolidated   Currency   Retained   revaluation   Proposed   DKK'000   Share capital   earnings   reserve   dividends   Total   Equity at 1 May 2024  50,000   154,916  3,150   50,000   258,066   Profit for the year   0 63,663   0 75,000   138,663   Dividend distributed   0 0 -50,000   -50,000   Foreign exchange adj. on the   translation of foreign entities   0 0 -10,530   0 -10,530   Equity at 30 April 2025   50,000   218,579   -7,380   75,000   336,199   Statement of Changes in Equity Statement of changes in equity – Parent company   Net revaluation   Retained   acc. to the   Proposed   DKK'000   Share capital   earnings   equity method   dividends   Total   Equity at 1 May 2024  50,000   76,120   81,946  50,000   258,066   Profit for the year   0 -593   64,256  75,000   138,663   Foreign exchange adj. on the   0 0 -10,530   0 -10,530   translation of foreign entities   Dividend distributed   0 48,853  -48,853  -50,000   -50,000   Equity at 30 April 2025   50,000   124,380   86,819   75,000   336,199   180915000 73781000 11416000 12901000 working capital (EBITDA) working capital (EBITDA) 192331000 -3450000 86682000 90760000 9385000 14413000 6736000 5439000 Other adjustments Other adjustments 1786000 -737000 198344000 27694000 -1370000 180651000 21774000 -1070000 Acquisition of intangible assets and property, plant and equipment Acquisition of intangible assets and property, plant and equipment 63000 0 -1307000 -1070000 -69429000 50000000 19429000 188772000 231405000 -11555000 408622000 163471000 50000000 -213471000 -55664000 283902000 3167000 231405000 Accounting policies The annual report of Stibo Systems A/S for 2024/25  has been prepared in accordance with the provisions   applying to reporting class C large entities under the   Danish Financial Statements Act.   Pursuant to section 96(3) of the Danish Financial   Statements Act, please see the annual report of Stibo   Holding A/S for 2024/25 regarding auditors’ fee.  The accounting policies used in the preparation of the   financial statements are consistent with those of last   year.   Foreign currency translation   On initial recognition, transactions denominated in   foreign currencies are translated at the exchange rates   at the transaction date. Foreign exchange differences   arising between the exchange rates at the transaction   date and at the date of payment are recognised in   the income statement as financial income or financial   expenses.   Receivables and payables and other monetary items   denominated in foreign currencies are translated at   the exchange rates at the balance sheet date. The   difference between the exchange rates at the balance   sheet date and at the date at which the receivable or   payable arose or was recognised in the latest financial   statements is recognised in the income statement as   financial income or financial expenses.   Foreign subsidiaries and associates are considered   separate entities. The income statements are   translated at the average exchange rates for the   month, and the balance sheet items are translated at   the exchange rates at the balance sheet date. Foreign   exchange differences arising on translation of the   opening equity of foreign subsidiaries at the exchange   rates at the balance sheet date and on translation   Notes of the income statements from average exchange   rates to the exchange rates at the balance sheet date   are recognised directly in equity. Foreign exchange   adjustments of intra-group balances with independent   foreign subsidiaries which are considered part of the   investment in the subsidiary are recognised directly   in equity. Foreign exchange gains and losses on loans   and derivative financial instruments designated as   hedges of foreign subsidiaries are also recognised   directly in equity.   Consolidated financial statements   The consolidated financial statements comprise the   parent company, Stibo Systems A/S, and subsidiaries   in which Stibo Systems A/S directly or indirectly holds   more than 50% of the voting rights or which it, in some   other way, controls.   On consolidation, intra-group income and expenses,   shareholdings, intra-group balances and dividends,   and realised and unrealised gains and losses on intra-   group transactions are eliminated.   Investments in subsidiaries are set off against the   proportionate share of the subsidiaries’ fair value of   net assets or liabilities at the acquisition date. Entities   acquired or formed during the year are recognised in   the consolidated financial statements from the date   of acquisition or formation. Entities disposed of are   recognised in the consolidated income statement until   the date of disposal. The comparative figures are not   restated for acquisitions or disposals.   Gains or losses on disposal of subsidiaries and   associates are stated as the difference between the   sales amount and the carrying amount of net assets at   the date of disposal plus non-amortised goodwill and   anticipated disposal costs.   Acquisitions of entities are accounted for using the   acquisition method, according to which the identifiable   assets and liabilities acquired are measured at their   fair values at the date of acquisition.   Any excess of the cost over the fair value of the   identifiable assets and liabilities acquired (goodwill),   including restructuring provisions, is recognised as   intangible assets and amortised on a systematic   basis in the income statement based on an individual   assessment of the useful life of the asset.   Other external costs   Other external costs comprise items primary to the   activities, which mainly include marketing, travel,   external consultants, rent and recharge cost from   group companies.   Staff costs   Staff costs comprise wages and salaries, remuneration,   pensions and other costs regarding the Company’s   employees, including members of the Executive Board   and the Board of Directors.   Development costs regarding new products   are expensed as incurred as the conditions for   capitalisation are not considered to have been met.   In practice, the development of new products cannot   be separated from the continued maintenance of the   Group’s other products.   Income statement Revenue   The company have chosen IAS 18 Revenue as   interpretation for revenue recognition.   Revenue from the sale of goods and services is   recognised in the income statement provided that   delivery and transfer of risk to the buyer have taken   place before year end and that the income can be   reliably measured and is expected to be received.   Revenue is measured ex. VAT and taxes charged on   behalf of third parties.   Contract work in progress in respect of delivery of   large systems is recognised in revenue by reference   to the stage of completion. Accordingly, revenue   corresponds to the selling price of work performed   during the year (percentage of completion method).   Revenue is recognised when total income and   expenses relating to the construction contract and the   stage of completion at the balance sheet date can be   reliably measured, and when it is probable that future   economic benefits, including payments, will flow to the   Group.   Cost of sales   Cost of sales comprise purchases of software, hosting,   and services for the year.  Revenue   Equity at year end x 100   Depreciation and amortisation   Comprises depreciation of property, plant and   equipment.   Profits from investments in group entities   The proportionate share of the results after tax of the   individual subsidiaries is recognised in the income   statement of the parent company after full elimination   of intra-group profits/losses and amortisation of   goodwill.   The proportionate share of the results after tax of the   associates is recognised in the income statement after   elimination of the proportionate share of intra-group   profits/losses.   Financial income and expenses   Financial income and expenses comprise interest   income and expense, gains and losses on securities,   payables and transactions denominated in foreign   currencies, amortisation of financial assets and   liabilities as well as surcharges and refunds under the   on-account tax scheme, etc. Interest expenses are not   capitalised.   Notes Other operating income   Other operating income comprises items secondary to   the primary activities of the Company.   Tax on profit/loss for the year   The Company is subject to the Danish rules on   compulsory joint taxation of the Stibo Group’s Danish   companies. Subsidiaries are included in the joint   taxation from the date when they are included in the   consolidated financial statements and up to the date   when they are excluded from the consolidation.   Stibo Holding A/S is the management company for the   joint taxation and consequently settles all corporation   tax payments with the tax authorities.   On payment of joint taxation contributions, the current   Danish corporation tax is allocated between the   jointly taxed companies in proportion to their taxable   income. In this relation, companies with tax loss   carryforwards receive joint taxation contribution from   companies that have used these losses to reduce their   own taxable profits.   Tax for the year, comprising current tax and changes in  deferred tax for the year, is recognised in the income  statement. The tax expense relating to changes in   equity is recognised directly in equity.   Property, plant and equipment   Fixtures and fittings, tools and equipment are   measured at cost less accumulated depreciation.   Cost comprises the purchase price and any costs   directly attributable to the acquisition until the date   when the asset is available for use.   Where individual components of an item of property,   plant and equipment have different useful lives,   they are accounted for as separate items, which are   depreciated separately.   Depreciation is provided on a straight-line basis over   the expected useful lives of the assets. The expected   useful lives are as follows:   Fixtures and fittings, tools and equipment: 3-10 years  Leasehold improvements: 3-10 years  The basis of depreciation is based on the residual   value of the asset at the end of its useful life and is   reduced by impairment losses, if any. The depreciation   period and the residual value are determined at the   time of acquisition and are reassessed every year.  Where the residual value exceeds the carrying amount   of the asset, no further depreciation charges are   recognised.   In case of changes in the depreciation period or the   residual value, the effect on the amortisation charges   is recognised prospectively as a change in accounting   estimates.   Gains and losses on the disposal of property, plant and   equipment are calculated as the difference between   the selling price less selling costs and the carrying   amount at the date of disposal. Gains or losses are   recognised in the income statement as other operating   income or other operating costs, respectively.   Notes Balance sheet Intangible assets   Goodwill is amortised over the expected economic life   of the asset, measured by reference to Management’s   experience in the individual business segments.   Goodwill is amortised on a straight-line basis over   the amortisation period, which is between 3 and 7   years. The amortisation period is fixed on basis of the   expected repayment horizon, longest for strategically   acquired business enterprises with strong market   positions and long-term earnings profiles.   Other intangible assets include patents and rights   acquired, etc.   Other intangible assets are measured at cost less   accumulated amortisation and impairment losses.   Other intangible assets are amortised on a straight-   line basis over the expected useful life of 3-10 years. Leases   The Company has chosen IAS 17 as interpretation for   classification and recognition of leases.   Leases that do not transfer substantially all the risks   and rewards incident to the ownership to the Company   are classified as operating leases. Payments relating to   operating leases and any other rent agreements are   recognised in the income statement over the term of   the lease. The Company’s, aggregate liabilities relating   to operating leases and other rent agreements are   disclosed under “Contingent liabilities”.   Receivables   Receivables are measured at amortised cost. Write-   down is made for expected losses.   Contract work in progress   Contract work in progress is measured at the selling   price of the work performed. The selling price is   measured by reference to the stage of completion   at the balance sheet date and total expected income   from the work.   When the selling price of a construction contract   cannot be measured reliably, the selling price is   measured at the lower of costs incurred and net   realisable value.   Individual work in progress is recognised in the   balance sheet under either receivables or payables   depending on the net value of the sales amount less   progress billings and prepayments.   Selling costs and costs incurred in securing contracts   are recognised in the income statement as incurred.   Investments in group entities   Investments in group entities are measured according   to the equity method.   Investments in group entities are measured under the   consolidation method and recognised in the balance   sheet at the proportionate share of the entities’ net   asset value determined in accordance with the parent   company’s accounting policies less or plus unrealised   intra-group gains and losses.   Group entities with negative net asset values are   measured at DKK 0 (nil), and any amounts owed   by such entities are written down by the parent   company’s share of the net asset value if the amount   owed is deemed irrecoverable. If the negative net   asset value exceeds the amounts owed, the remaining   amount is recognised under provisions if the parent   company has a legal or a constructive obligation to   cover the subsidiary’s deficit.   Net revaluation of investments in group entities is   recognised in the reserve for net revaluation according   to the equity method in equity to the extent that the   carrying amount exceeds cost.   Prepayments   Prepayments comprise costs incurred concerning   subsequent financial years.   Corporation tax and deferred tax   Payable and receivable joint taxation contributions are   recognised in the balance sheet under balances with   group companies.   Deferred tax is measured using the balance sheet   liability method on all temporary differences between   the carrying amount and the tax value of assets and   liabilities. Where alternative tax rules can be applied   to determine the tax base, deferred tax is measured   based on Management’s intended use of the asset or   settlement of the liability, respectively.   Deferred tax assets, including the tax value of tax   loss carry forwards, are recognised at the expected   value of their utilisation; either as a set-off against tax   on future income or as a set-off against deferred tax   liabilities in the same legal tax entity.   Deferred tax is measured according to the tax rules   and at the tax rates applicable at the balance sheet   date when the deferred tax is expected to crystallise as   current tax. Changes in deferred tax due to changes in   the tax rate are recognised in the income statement.   Segment information   The Group only operates within one segment, sale of   software and related activities.   Financial ratios   The financial ratios stated in the survey of financial   highlights have been calculated as follows:   Operating profit added depreciation,   EBITDA   amortisation and impairment losses   (before minor new acquisitions)   Operating profit/loss x 100  Operating margin   Revenue   Operating profit/loss x 100  Return on invested   capital   Average net operating assets Net operating   Equity less net interest-bearing debt   assets   Net interest-   Included non-current liabilities less   bearing debt   cash and securities   Operating   Operating assets are   assets   total assets less cash   Gross profit x 100  Gross   margin Solvency   ratio   Total equity and liabilities at year end   Profit/loss for the year x 100  Return on   equity   Average equity   Liabilities other than provisions   Amounts owed to mortgage credit institutions and   banks are recognised at the date of borrowing at the   net proceeds received less transaction costs paid.   In subsequent periods, the financial liabilities are   measured at amortised cost, corresponding to the   capitalised value using the effective interest rate.   Accordingly, the difference between the proceeds   and the nominal value is recognised in the income   statement over the term of the loan.   Other liabilities are measured at net realisable value.   Cash flow statement   The cash flow statement shows the Group’s cash flows   from operating, investing and financing activities   for the year, the year’s changes 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 activities   Cash flows from operating activities are calculated as   the Group’s share of the profit/loss adjusted for non-   cash operating items, changes in working capital and   corporation tax paid.   Cash flows from investing activities   Cash flows from investing activities comprise   payments in connection with acquisitions and   disposals of entities and activities and of intangible   assets, property, plant and equipment and   investments.   Cash flows from financing activities   Cash flows from financing activities comprise changes   in the size or composition of the Group’s share capital   and related costs as well as the raising of loans,   change in cash pool, repayment of interest-bearing   debt and payment of dividends to shareholders.   Notes Consolidated   Parent company   Note   DKK’000   2024-25   2023-24   2024-25   2023-24   2 SEGMENT INFORMATION   Geographical breakdown of   revenue   Denmark   29,981   29,892   29,981   29,892   Rest of Europe   562,956   528,812   562,956   528,812   USA and Canada   490,129  395,542  490,129  395,542  Latin America   79,170   80,073   11,704  15,365   Asia and rest of world   74,156  71,840  74,156  71,976   1,236,392   1,106,159   1,168,926   1,041,587   Notes Consolidated   Parent company   Note   DKK’000   2024-25   2023-24   2024-25   2023-24   2 SEGMENT INFORMATION   Geographical breakdown of   revenue   Denmark   29,981   29,892   29,981   29,892   Rest of Europe   562,956   528,812   562,956   528,812   USA and Canada   490,129  395,542  490,129  395,542  Latin America   79,170   80,073   11,704  15,365   Asia and rest of world   74,156  71,840  74,156  71,976   1,236,392   1,106,159   1,168,926   1,041,587   STAFF COSTS 577153000 27885000 53966000 587465000 29513000 53669000 155674000 13159000 1600000 164622000 13386000 1622000 Pursuant to sections 98b, sub-section 3, of the Danish Financial Statements Act, there is no information about the   remuneration to the Executive Board.   Consolidated   Parent company   Note   DKK’000   2024-25   2023-24   2024-25   2023-24   4 Depreciation, amortisation   and impairment losses   Goodwill   903   903   903   903   Other intangible assets   6,204  7,039   4,727  4,887  Fixtures and fittings, other   897   1,458  82   86   plant and equipment   Leasehold improvements   3,412  3,501   0 0 11,416  12,901   5,712   5,876   Minor new acquisitions   3,485  2,424  1,500   1,431  14,901  15,325   7,212   7,307   Note   DKK’000   2024-25   2023-24   2024-25   2023-24   4 Depreciation, amortisation   and impairment losses   Goodwill   903   903   903   903   Other intangible assets   6,204  7,039   4,727  4,887  Fixtures and fittings, other   897   1,458  82   86   plant and equipment   Leasehold improvements   3,412  3,501   0 0 11,416  12,901   5,712   5,876   Minor new acquisitions   3,485  2,424  1,500   1,431  14,901  15,325   7,212   7,307   Financial income 9910000 4503000 3326000 6059000 7548000 806000 2193000 1825000 Financial expenses 0 6736000 0 5439000 2203000 5624000 895000 4070000 43714000 6215000 0 29534000 -4175000 274000 13380000 7775000 0 1886000 -2390000 274000 49929000 25633000 21155000 -230000 Intangible assets Amortised over   3-7 years   3-10 years   3-7 years   3-10 years   Consolidated   Parent company   DKK’000 6319000 0 32315000 -553000 20181000 0 0 5069000 26693000 1490000 6319000 18691000 3057000 24001000 13945000 0 903000 0 -546000 6204000 4752000 0 4727000 1246000 3960000 24907000 17426000 2359000 1786000 1265000 9 Property, plant and equipment   Cost at 1 May 2024  6,472  24,923  1,472  Foreign exchange adjustments in foreign entities   -256   -1,414  0 Additions   685   685   262   Disposals   -474  0 -80   Cost at 30 April 2025   6,427  24,194  1,654  Depreciation charges at 1 May 2024  -4,665  -14,346  -1,328   Foreign exchange adjustments in foreign entities   219   996   0 Depreciation charges   -897   -3,412  -82   Disposals   427  0 55   Depreciation charges and impairment losses at   30 April 2025   -4,916  -16,762   -1,355   Carrying amount at 30 April 2025   1,511   7,432   299   Depreciated over   3-10 years   3-10 years   3-10 years   37000000 37000000 81946000 -10530000 64256000 48853000 86819000 123819000 37000000 37000000 67825000 2691000 55095000 43665000 81946000 118946000 Voting rights and   Name   Registered office   ownership   Stibo Systems Inc.   USA   100%   Stibo Systems Ltd.   England   100%   Stibo Systems GmbH   Germany   100%   Stibo Systems S.A.S   France   100%   Stibo Systems Sp. Z o.o.   Poland   100%   Stibo Systems Korea Ltd.   South Korea   100%   Stibo Systems Japan   Japan   100%   Stibo Systems Pty. Ltd.   Australia   100%   Stibo Systems B.V.   Holland   100%   Stibo Systems Sârl   Switzerland   100%   Stibo Systems Inc.   Canada   100%   Stibo Systems Do Brazil Ltda.   Brazil   100%   Stibo Systems Columbia SAS   Columbia   100%   Stibo Systems Spain S.L.   Spain   100%   STEP Systems Software S, de R.L. de C.V.   Mexico   100%   Stibo Systems India Private Limited   India   100%   5558000 318000 3711000 0 680000 -69000 70000 0 5127000 3641000 Note   DKK’000   2024-25   2023-24   2024-25   2023-24   12   Contract work in progress   Recognised as follows:   Contract work in progress   2,331   3,837   154  3,058   Prepayments for contract work   in progress   -2,241  -1,444  -260   0 90   2,393   -106   3,058   Note   DKK’000   2024-25   2023-24   2024-25   2023-24   12   Contract work in progress   Recognised as follows:   Contract work in progress   2,331   3,837   154  3,058   Prepayments for contract work   in progress   -2,241  -1,444  -260   0 90   2,393   -106   3,058   13   Receivables from group entities   Stibo Systems A/S is a part of a cash pool-arrangement with the group’s main bank connection, where Stibo Software   Group A/S is the accountholder and Stibo Systems A/S is sub-account holder.  Consolidated   Stibo Systems A/S’ sub-accounts in the cash pool-arrangement, that is recognized under Receivables from group   entities, amounts to DKK 150,502 thousand (30 April 2024: Receivables amounted to DKK 329,999 thousand).   13   Receivables from group entities   Stibo Systems A/S is a part of a cash pool-arrangement with the group’s main bank connection, where Stibo Software   Group A/S is the accountholder and Stibo Systems A/S is sub-account holder.  Parent   Stibo Systems A/S’ sub-accounts in the cash pool-arrangement, that is recognized under Receivables from group   entities, amounts to DKK 150,502 thousand (30 April 2024: Receivables amounted to DKK 195,066 thousand).   Notes Consolidated   Parent company   Note   DKK’000   2024-25   2023-24   2024-25   2023-24   14  Deferred tax   Deferred tax at 1 May   -18,917   -27,761   -15,663   -26,258   Foreign exchange adjustments   255   34  0 0 Transfer from Corporation Tax   -695   12,985   -695   12,985   Changes for the year,  see note 7   6,215   -4,175  7,775   -2,390   Deferred tax at 30 April   -13,142   -18,917   -8,583   -15,663   Deferred tax asset   -13,352   -18,917   -8,583   -15,663   Deferred tax liability   210   0 0 0 -13,142  -18,917   -8,583   -15,663   Deferred tax assets are mainly related to tax losses carried forward in Danish joint taxation and is expected to be set-   off against profits within the next 3-5 years.   Note   Notes Consolidated   Parent company   Note   DKK’000   2024-25   2023-24   2024-25   2023-24   14  Deferred tax   Deferred tax at 1 May   -18,917   -27,761   -15,663   -26,258   Foreign exchange adjustments   255   34  0 0 Transfer from Corporation Tax   -695   12,985   -695   12,985   Changes for the year,  see note 7   6,215   -4,175  7,775   -2,390   Deferred tax at 30 April   -13,142   -18,917   -8,583   -15,663   Deferred tax asset   -13,352   -18,917   -8,583   -15,663   Deferred tax liability   210   0 0 0 -13,142  -18,917   -8,583   -15,663   Deferred tax assets are mainly related to tax losses carried forward in Danish joint taxation and is expected to be set-   off against profits within the next 3-5 years.   Note   15   Prepayments   Prepayments comprise prepayments of expenses related to the subsequent year, among other things commissions,  travel expenses etc.   Note   15   Prepayments   Prepayments comprise prepayments of expenses related to the subsequent year, among other things commissions,  travel expenses etc.   Note   16   Equity   The share capital comprises 50,000 shares of DKK 1,000 nominal value each. All shares rank equally. The share capital  has remained unchanged since establishment.   DKK’000   Proposed profit allocation   2024-25   2023-24   Proposed dividends   75,000   50,000   Transfer to reserve for net revaluation according to the equity method   64,256  55,095   Retained earnings   -593   -53,001   138,663   52,094   16   Equity   The share capital comprises 50,000 shares of DKK 1,000 nominal value each. All shares rank equally. The share capital  has remained unchanged since establishment.   DKK’000   Proposed profit allocation   2024-25   2023-24   Proposed dividends   75,000   50,000   Transfer to reserve for net revaluation according to the equity method   64,256  55,095   Retained earnings   -593   -53,001   138,663   52,094   Notes Note   17   Mortgages, collateral and contingent liabilities   Parent company   The Company is jointly taxed with other Danish group companies. As group company, together with the other group   companies included in the joint taxation, the Company has joint and several unlimited liability for Danish corporation   taxes and withholding taxes on dividends, interests, and royalties.   The jointly taxed companies’ known net liabilities to Skattestyrelsen are recognised in the financial statements of the   administrative company, Stibo Holding A/S. Any subsequent corrections to the joint taxation income and withholding   taxes, etc. may imply that the Company’s liabilities increase.   Note   18   Lease obligations   Consolidated   The Group has entered rent obligations totalling DKK 61.5 million (2023/24: DKK 83 million).  DKK 19.3 million falls due within one year, and DKK 5.6 million falls due after five years.  Other lease obligations (operating leases) totalling 0.7 million (2023/24: DKK 1 million).  DKK 0.3 million falls due within one year.   18   Lease obligations   Parent company   The Company has entered rent obligations totalling DKK 6.4 million (2023/24: DKK 8.3 million).  DKK 6.4 million falls due within one year.  Other lease obligations (operating leases) totalling 0.7 million (2023/24: DKK 1 million).  DKK 0.3 million falls due within one year.   Note   19   Related parties   Parties exercising control   The STIBO-FONDEN, Axel Kiers Vej 11, 8270 Højbjerg.  Stibo Systems A/S is wholly-owned by Stibo Software Group A/S, Aarhus, whose ultimate parent company is the   STIBO-FONDEN, Aarhus.   Related party transactions   Related parties comprise the STIBO-FONDEN and subsidiaries in which STIBO-FONDEN directly or indirectly controls.   Transactions in 2023-24 with related parties:  DKK’000   Consolidated   Parent company   Income   1 11,856   1,029,510   Expenses   1 97,925   785,610   Net financial income and expenses   2 9,910   5,345  Receivables from group entities   3 68   279,424  Intercompany loan receivables   110,000   107,304  Cash-pool receivable   150,502   150,502   Payables to group entities   3 9,295   116,430  Intercompany loan payable   0 88,017   Dividend distributed   50,000   50,000   Dividend received   0 48,853  1 Includes sales and purchases of services.   2 Includes financial items related to intercompany financing.   3 Includes receivables and payables related to sales and purchases of goods and services and intercompany financing.   Note   19   Related parties   Parties exercising control   The STIBO-FONDEN, Axel Kiers Vej 11, 8270 Højbjerg.  Stibo Systems A/S is wholly-owned by Stibo Software Group A/S, Aarhus, whose ultimate parent company is the   STIBO-FONDEN, Aarhus.   Related party transactions   Related parties comprise the STIBO-FONDEN and subsidiaries in which STIBO-FONDEN directly or indirectly controls.   Transactions in 2023-24 with related parties:  DKK’000   Consolidated   Parent company   Income   1 11,856   1,029,510   Expenses   1 97,925   785,610   Net financial income and expenses   2 9,910   5,345  Receivables from group entities   3 68   279,424  Intercompany loan receivables   110,000   107,304  Cash-pool receivable   150,502   150,502   Payables to group entities   3 9,295   116,430  Intercompany loan payable   0 88,017   Dividend distributed   50,000   50,000   Dividend received   0 48,853  1 Includes sales and purchases of services.   2 Includes financial items related to intercompany financing.   3 Includes receivables and payables related to sales and purchases of goods and services and intercompany financing.