44038110 2025-01-01 2025-12-31 44038110 2025-01-01 2025-12-31 1 44038110 2024-01-01 2024-12-31 44038110 2025-12-31 44038110 2024-12-31 44038110 2025-01-01 d:ParticipatingInterestsMember 44038110 2024-01-01 d:ParticipatingInterestsMember 44038110 2025-01-01 2025-12-31 d:ParticipatingInterestsMember 44038110 2024-01-01 2024-12-31 d:ParticipatingInterestsMember 44038110 2025-12-31 d:ParticipatingInterestsMember 44038110 2024-12-31 d:ParticipatingInterestsMember 44038110 2025-01-01 2025-12-31 d:OtherRelatedEntitiesMember 1 44038110 2025-12-31 d:OtherRelatedEntitiesMember 1 44038110 2025-01-01 2025-12-31 d:OtherRelatedEntitiesMember 2 44038110 2025-12-31 d:OtherRelatedEntitiesMember 2 44038110 2025-01-01 2025-12-31 d:OtherInvestmentsMember 44038110 2025-12-31 d:OtherInvestmentsMember 44038110 2025-01-01 d:ContributedCapitalMember 44038110 2024-01-01 d:ContributedCapitalMember 44038110 2025-12-31 d:ContributedCapitalMember 44038110 2024-12-31 d:ContributedCapitalMember 44038110 2025-01-01 d:RetainedEarningsMember 44038110 2024-01-01 d:RetainedEarningsMember 44038110 2025-01-01 2025-12-31 d:RetainedEarningsMember 44038110 2024-01-01 2024-12-31 d:RetainedEarningsMember 44038110 2025-12-31 d:RetainedEarningsMember 44038110 2024-12-31 d:RetainedEarningsMember 44038110 2025-01-01 2025-12-31 1 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 44038110 92 Ventures ApS Skolevej 2 2820 Gentofte 2023-02-04 Gentofte Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Michael Beuchert statsautoriseret revisor mne32794 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-06-26 Anatol Eli Kjær Knudsen Regnskabsklasse B Erklæring om udvidet gennemgang Ja CaseWare fra Revisorgruppen Danmark anpartshaverne København 2026-06-26 Gentofte 2026-06-26 Grundlag for konklusion Konklusion -666700 -610151 -666700 -610151 7270 733 4526205 0 -5185635 -609418 -1140840 0 -4044795 -609418 -4044795 -609418 44447 14815 71184446 0 71228893 14815 71228893 14815 1140840 0 15185 15185 1156025 15185 640842 10784 1796867 25969 73025760 40784 0 40000 40000 -4654056 -609260 -4614056 -569260 25000 580000 77614816 30044 77639816 610044 77639816 610044 73025760 40784 0 0 4116606 0 409599 0 4526205 0 14815 14815 29632 0 44447 14815 44447 14815 92 Capital ApS Gentofte 37.04 -738555 -818555 92 Research ApS Gentofte 37.04 -3663443 -3703443 71184446 71184446 71184446 40000 40000 40000 40000 -609261 158 -4044795 -609418 -4654056 -609260 Today, the Managing Director has approved the annual report of 92 Ventures ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in my opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Anatol Eli Kjær Knudsen We have performed an extended review of the financial statements of 92 Ventures ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act. Based on the work performed, 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 the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Practitioner's responsibilities for the extended review of the Financial Statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion. An extended review comprises procedures that primarily consist of making inquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained. The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. Statement on the Management’s ReviewManagement is responsible for the Management’s Review. Our conclusion 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 extended review 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 extended review, 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 in the Management’s Review. Description of key activities of the companyThe company's purpose is to make green and sustainable, strategic and financial investments. The investments are made with returns in mind for both short-term and long-term goals. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross loss for the year totals DKK -666.700 against DKK -610.151 last year. Profit or loss from ordinary activities after tax totals DKK -4.044.795 against DKK -609.418 last year. Management considers the net profit or loss for the year satisfactory. Financial resources The company has net liabilities. The company is financed with loans from the parent company.  Management expect the loan to be upheld as long as it is required, thus the company will be able to pay its liabilities as they fall due. The company has received a letter of comfort that is valid at least until 31 December 2026. Events occurring after the end of the financial yearNo events have occurred after the balance sheet date that have affected the company's activity or financial position significantly. 1.Uncertainties relating to going concernThe company has net liabilities. The company is financed with loans from the parent company.  Management expect the loan to be upheld as long as it is required, thus the company will be able to pay its liabilities as they fall due. The company has received a letter of comfort that is valid at least until 31 December 2026. 6.Contractual obligations and contingencies, etc.Joint taxationWith JA Technologies IV ApS, company reg. no 42799572 as administration company, the company is subject to the Danish scheme of joint taxation and is proportionally liable for tax claims within the joint taxation scheme. The company is proportionally liable for any obligations to withhold tax on interest, royalties, and dividends of the jointly taxed companies. The liabilities amount to a maximum amount corresponding to the share of the company capital, which is owned directly or indirectly by the ultimate parent company. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. The annual report for 92 Ventures ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Gross lossGross loss comprises other external expenses. Other external expenses comprise expenses incurred for sales and administration Results from participating interestDividend from participating interest is recognised in the financial year in which the dividend is declared. If the dividend received exceeds the proportionate share of the year's result, this is considered an indication of impairment, which entails a requirement to prepare an impairment test. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Investments in associate/participating interestInvestments in associate which, in the statement of financial position are presented as participating interests, are recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. Other financial instrumentsOther unlisted financial instruments are measured at cost. Write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in participating interest are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, 92 Ventures ApS is proportionally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Liabilities other than provisionsOther liabilities concerning payables to group enterprises are measured at amortised cost which usually corresponds to the nominal value.