41540001 2025-01-01 2025-12-31 41540001 2025-01-01 2025-12-31 0 41540001 2024-01-01 2024-12-31 41540001 2025-12-31 41540001 2024-12-31 41540001 2025-01-01 fsa:ContributedCapitalMember 41540001 2025-01-01 fsa:SharePremiumMember 41540001 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 41540001 2025-01-01 fsa:RetainedEarningsMember 41540001 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 41540001 2025-01-01 2025-12-31 fsa:SharePremiumMember 41540001 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 41540001 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41540001 2025-12-31 fsa:ContributedCapitalMember 41540001 2025-12-31 fsa:SharePremiumMember 41540001 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 41540001 2025-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK 39463113 KRESTON CM, Statsautoriseret Revisionsinteressentskab Islands Brygge 43, 2. 2300 København S Den uafhængige revisors erklæring Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse B 2025-01-01 2025-12-31 2024-01-01 2024-12-31 true 0 Performativ ApS Bredgade 25F, 3. Bredgade 25F, 3. 1260 København K 41540001 2026-06-29 Jacob Christian Dahl Today, Management has considered and adopted the Annual Report of Performativ ApS for the financial year 1 January 2025 - 31 December 2025. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January 2025 - 31 December 2025. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-06-29 To the shareholders of Performativ ApS OpinionWe have audited the financial statements of Performativ ApS for the financial year 1 January 2025 - 31 December 2025, which comprise an income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2025 and of the results of its operations for the financial year 1 January 2025 - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis of opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement 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's responsibility for the financial statementsManagement 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 considers 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 either liquidate the Company or suspend operations, or has no realistic alternative but to do so. The auditor's responsibility for the audit of the financial statementsOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also:*Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable.*Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern.*Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect 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 which we identify during our audit. Statement on Management's ReviewManagement 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 opinion providing assurance regarding the Management's review.Our responsibility in connection with our audit of the financial statements 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 with the knowledge we have gained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act.Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. Copenhagen 2026-06-29 KRESTON CMStatsautoriseret Revisionsinteressentskab 39463113 Christian Dohn State Authorised Public Accountant mne35842 Performativ ApS 1260 København K 41540001 2020-07-22 2025-01-01 2025-12-31 The Company's principal activitiesThe Company's principal activities consist of developing and operating software solutions for wealth management and trading related services. Development in the activities and the financial situation of the CompanyThe Company's Income Statement of the financial year 1 January 2025 - 31 December 2025 shows a result of DKK -22.110.444 and the Balance Sheet at 31 December 2025 a balance sheet total of DKK 18.567.061 and an equity of DKK 17.778.386.FY2025 has been an important year for Performativ, marked by continued commercial momentum, further product development, and a strengthened position in the European wealth management technology market.Throughout 2025, Performativ continued to expand its platform capabilities across portfolio management, performance and attribution analysis, risk analytics, compliance, reporting, multi-custodian data aggregation, and trading. The company's product and engineering teams maintained a strong focus on scalability, automation, and regulatory robustness, ensuring that the platform continues to meet the operational requirements of both existing and new clients.Commercially, 2025 was characterised by a continued strengthening of Performativ's presence across Europe. The company deepened its relationships with existing clients while continuing to attract new wealth and asset managers seeking more integrated, scalable, and data-driven technology infrastructure. In line with the Management Team's strategy, Performativ also continued to increase its focus on larger and more complex financial institutions, including private banks and enterprise clients with sophisticated operational requirements.During the year, substantial resources were invested in product development, commercial execution, and organisational capacity. These investments reflect Performativ's long-term commitment to building a category-defining wealth management operating system that enables clients to reduce operational complexity, improve decision-making, and deliver better end-client experiences.Talent remained a central priority in 2025. Performativ continued to build a high-performing organisation with deep expertise across financial services, technology, product development, and commercial execution. The company's culture remains defined by ambition, pace, ownership, and a strong commitment to excellence. This continues to be a key competitive advantage as Performativ scales its operations and addresses increasingly complex client needs. Post financial year eventsAfter the end of the financial year, Performativ announced that it had raised USD 14 million in a Series A funding round led by Deutsche Börse Group, with participation from Rabo Investments, and existing investors including FinTech Collective and EIFO. The investment represents an important step in Performativ's next phase of growth and is expected to support the company's continued expansion across Europe, with a particular focus on serving private banks and larger financial institution. The annual report of Performativ ApS for 2025 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with the adoption of individual rules from class C. Translation policiesTransactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the income statement under financial income and expenses. Basis of recognition and measurementThe financial statement have been prepared under the historical cost principle.Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Gross profit/lossThe Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act.Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. RevenueRevenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT and all discounts granted are recognised in revenue. Other operating incomeOther operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets and refunds from public authorities. Direct costs Direct costs comprise the cost of goods purchased less discounts, costs subcontractors and change in inventories for the year. Other external expensesOther external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Staff costsStaff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc.Other staff expenses are recognised in other external expenses. Amortisation and impairment of tangible and intangible assetsAmortization and impairment of intangible assets, property, plant and equipment has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortized on a straight line basis, based on cost, on the basis of the following assessment of useful life and residual values:Useful lifeResidual valueCompleted development projects10 years0%Other fixtures and fittings, tools and equipment5 years0%Profit or loss resulting from the sale of intangible assets or property, plant and equipment is determined as the difference between the selling price less selling costs and the carrying amount at the date of sale, and is recognised in the income statement under other operating income or expenses. Income from investments in group enterprises and associatesIncome from equity investments comprises dividends received from group enterprises and associates so far as they do not exceed the accumulated earnings in the group enterprise or the associate during the ownership period. Financial income and expensesFinancial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme.Dividends from other investments are recognised as income in the financial year in which the dividends are declared. Tax on net profit for the yearTax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance sheet Intangible assets Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur.Development costs comprise costs, including wages, salaries and amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria.Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. Property, plant and equipmentProperty, plant and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses.The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued.In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates.Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs.The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual component differ. Long term investments and receivablesDepositsDeposits are measured at cost. Equity investments in group enterprises and associatesEquity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realizable value, a write-down to this lower value will be performed. ReceivablesReceivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts.Other receivablesOther receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Accrued income, assetsAccrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. EquityEquity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association.Development cost reserveDevelopment cost reserve includes recognised development costs. The reserve is not available for the payment of dividend or losses. The reserve is deducted or dissolved by depreciation of the recognized costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. Current tax liabilitiesCurrent tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. LiabilitiesFinancial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument.Mortgage debt is accordingly measured at amortized cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortized cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period.Other liabilities are measured at net realisable value. Other payablesOther payables are measured at amortized cost, which usually corresponds to the nominal value.Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. -11712827 -8646828 9651137 7830503 856617 568624 -22220581 -17045955 155068 704745 44931 72124 -22110444 -16413334 0 0 -22110444 -16413334 22110444 16413334 8840687 5799211 3202221 3419032 12042908 9218243 82836 114033 82836 114033 8931 8931 264480 205111 12390224 9537387 1915209 1504026 6176837 15417833 18567061 24955220 133038 115574 9393468 7190230 8251880 16920416 17778386 24226220 392 0 743092 686936 684 0 788675 729000 788675 729000 18567061 24955220 115574 0 7190230 16920416 17464 15645146 0 0 0 0 2203238 -2203238 0 0 0 -22110444 0 -15645146 0 15645146 133038 0 9393468 8251880 1. Employee benefits expenseWages and salaries10.892.2708.301.230Post-employement benefit expense90.00090.000Social security contributions144.635107.513Employee expenses transferred to assets-1.475.768-668.2409.651.1377.830.503Average number of employees1814 18 14 3. Completed development projectsCost at the beginning of the year6.462.9664.754.926Addition during the year, incl. improvements3.866.8961.708.040Cost at the end of the year10.329.8626.462.966Depreciation and amortisation at the beginning of the year-663.755-126.328Amortisation for the year-825.420-537.427Impairment losses and amortisation at the end of the year-1.489.175-663.755Carrying amount at the end of the year8.840.6875.799.211The Company’s growing portfolio of systems and tools is led by the Performativ Suite: an all-in-one wealth management platform trusted by a broad range of clients, from banks and asset managers to boutique wealth managers. Designed to streamline every aspect of portfolio management, the Performativ Suite integrates custodian data aggregation, regulatory reporting, client-facing applications, and even private market deal tracking, all within a single, unified environment. Continuous development, and new features, ensures that the platform evolves alongside our clients’ needs and industry requirements.Complementing the Performativ Suite is DORAedge, our second flagship product. DORAedge is an advanced, AI-powered compliance solution developed to help regulated entities seamlessly meet the stringent requirements of the European Union’s Digital Operational Resilience Act (DORA). This tool empowers clients to navigate complex regulatory obligations with confidence, ease and efficiency.All development projects are implemented incrementally and deployed for client use once ready, at which point depreciation commences. In accordance with section 83, paragraph 2 of the Danish Financial Statements Act, capitalized development costs are recognized within a dedicated reserve under equity, reflecting our ongoing commitment to innovation and prudent financial management.4. Development projects in progressCost at the beginning of the year3.419.032515.109Addition during the year, incl. improvements3.202.2204.323.433Disposal during the year-3.419.031-1.419.510Cost at the end of the year3.202.2213.419.032Carrying amount at the end of the year3.202.2213.419.032Performativ is focusing on strengthening secure access and trading-related workflows. This development supports a more seamless client experience and reinforces the platform’s ability to meet evolving client and regulatory expectations.We are enhancing the platform’s compliance and onboarding capabilities by improving how identity verification and due diligence processes are supported within Performativ. This development contributes to more efficient client onboarding, stronger operational control, and a scalable foundation for future compliance requirements.The Engagement Widget introduces portfolio insights and engagement overview functionality, making it easier for users to understand investment activity and portfolio development in a structured format.Trading Features further develops Performativ’s trading and post-trade capabilities, with a focus on improving order handling, operational transparency, and reconciliation processes. 5. Fixtures, fittings, tools and equipmentCost at the beginning of the year155.986155.986Cost at the end of the year155.986155.986Depreciation and amortisation at the beginning of the year-41.953-10.756Amortisation for the year-31.197-31.197Impairment losses and amortisation at the end of the year-73.150-41.953Carrying amount at the end of the year82.836114.0338. Deposits, investmentsCost at the beginning of the year196.180192.500Addition during the year59.3693.680Cost at the end of the year255.549196.180Carrying amount at the end of the year255.549196.180 6. Long-term investments in group enterprisesCost at the beginning of the year8.9318.931Cost at the end of the year8.9318.931Carrying amount at the end of the year8.9318.9317. Disclosure in long-term investments in group enterprises and associatesGroup enterprisesNameRegistered officeShare held in %EquityProfitPerformativ Ltd.London100,00-5.54417.985-5.54417.985The information for Performativ Ltd is based on the latest accounts for the period March 1st 2024 toFebruary 28th 2025. 9. Contributed capitalThe contributed capital consists of: 50.659,93 A-shares of DKK 0,0182.377,70 B-shares of DKK 0,01 Each share gets a voting right of DKK 0,01. 10. Contingent liabilitiesNo contingent liabilities exist at the balance sheet date. 11. Collaterals and securitiesNo securities or mortgages exist at the balance sheet date. 12. Liabilities under leasesThe company has entered into operational lease agreements. The lease agreements is non-terminable for 3 months and has a 1-6 month notice which amounts to T.DKK 355 and T.DKK 355 is due within a year.