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Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 42816531 Seasalt Group ApS Titangade 11 2200 2021-10-25 Copenhagen EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg Danmark +45 73 23 30 00 2026-06-30 Ben Critchley Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-06-18 2026-06-18 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Seasalt Group ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Company at 31 December 2025 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen Klaus Randel Nyengaard Mogens Haahr Bagger Niels Harald de Coninck-Smith Chairman Lise Skaarup Mortensen Jacob Bundsgaard Johansen Philippe Francois Pierre Bordarier Bülent Eren Bayram To the shareholders of Seasalt Group ApS We have audited the consolidated financial statements and the parent company financial statements of Seasalt Group ApS for the financial year 1 January - 31 December 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 31 December 2025, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent Company financial statements" (herinafter 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.IndependenceWe 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. 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. 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 the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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.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.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. 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. Copenhagen Jacob Thøgersen State Authorised Public Accountant mne49102 -26925000 -19853000 -2878000 -40968000 -38717000 -28803000 -39652000 -29320000 -10891000 -2154000 -1532000 -2819000 -35684000 -23017000 449812000 322755000 2260000 15726000 5103000 14228000 153745000 183448000 21.5 60.9 92.9 0.0 16.9 52.6 31.3 56.8 122 103 For terms and definitions, please see the accounting policies. Seasalt Group ApS’ main activity is to own shares in companies within sustainable energy and related technology as well as all companies that, in the opinion of the Board of Directors, are connected to this. At the end of year 2025, Seasalt Group owned shares in Saltfoss Energy ApS and Hyme Energy ApS. The Company’s financial performance in the financial year amounted to a loss of DKK’000 200,915. A loss was expected because of the status of the technology development of both companies owned.The primary reason for the size of the loss is a consequence of the group’s investments and a revaluation using the equity method, and specifically the full write-down of Hyme Energy ApS in 2025. This is also covered under events after the balance sheet date and further under note 4 special items.For the parent company the loss for the year amounted to DKK’000 115,183. A loss was expected given the maturity of the development for both portfolio companies.Key milestones in development activitiesBoth companies within the group achieved several key milestones in the financial year, related to the development activities.Saltfoss EnergyThe company continue to pass significant milestones in line with its plans for the year including great progress on its reactor design where conceptual design was reached in the spring of 2025 and the design process is now well into basic design. Our isotope lab was commissioned for working with uranium, and the regulatory and licensing advancement continues in Korea where the regulatory body has confirmed that Saltfoss most likely will be the first foreign company to start licensing. Further, through our collaboration with Virginia Tech and the Idaho National Laboratory, we have obtained substantial validation of our understanding of fuel salt behaviour and confirmed the lab-scale effectiveness of corrosion control achieved through redox management. We have also seen markedly progression in our internal work within the realms of designing, developing, constructing, and operating bench scale physical models and prototypes.Hyme EnergyThe company followed its plan for use of proceeds and developing technology, partners and the business – the loss is an expected consequence of the company's continued technology development.Steps were taken to reduce costs in a slower market, and the team was reduced in size during 2025. In 2026 the company is winding down, further elaborated under “events after the reporting period”.Management considers the result for the year satisfactoryThe growth of activities and progress with development was generally in line with the expectations for the fiscal year. Obviously, the decision to wind down Hyme after the end of the reporting period was neither expected nor satisfactory. On the other hand, the development activities in Saltfoss were very positive and passed several significant milestones.Capital ratioThe group has secured a final commitment of EUR 7 million loan facility. This will secure the group's runway into at least February 2027.For further information refer to note 2. The nature of the businesses within the group requires high demands on the knowledge resources regarding employees and business processes. Research and development activities within the energy generation and storage business development are activities whereby employees need a high level of education in specialised subjects. To be able to continuously deliver the development results necessary, it is crucial that the company can recruit and retain employees with the relevant education and skills. The critical business processes in connection with the research and development work enable the accurate production, collection and analysis of data to further the development of both of the group’s businesses. The progress of the businesses is an indication of these two resources being in place.Intellectual propertyWith many companies working in both sectors of the energy transition covered by the Group it is important to maintain the patent portfolio and protect the strategies through patenting activities. Many ideas for creating intellectual property are generated during the research and development work. The companies continuously grow and maintain the patent portfolio, reviewing the strength of the patents and relevant geographies in which they should be taken. Both companies in the group maintain a procurement policy which seeks to guide purchases in a manner in which they consider their environmental impact through selection of the most sustainable option. Research and development activities are a core part of both companies within the Seasalt Group and have seen continued progress through the financial year. Saltfoss/SeasaltThe group has secured a final commitment of EUR 7 million loan facility. This will secure the group's runway into at least February 2027. No other events materially affecting the group/company's financial position have occurred subsequent to the financial year-end.HymeHyme recognised in March 2026, that it would not be possible to continue and raise funding for the planned strategy and activities of the company due in large part to external barriers and a much slower market than anticipated.This led to work to ensure against a critical situation for the company. This was achieved and it has been possible to establish agreements with creditors about reduction of debt and future liabilities (total 140mDKK) to ensure the company from April 2026 is in a position where an orderly process for wind-down of activities is planned. The result for the year is expected to be a loss in the range of 48– 53 m.DKK and Gross profit/loss a loss is expected in the range of 0-2 m.DKK. The result is for 2026 mainly driven by the portfolio company Saltfoss Energy ApS, which has several moving parts that are difficult to quantify in relation to the result of the year. The portfolio company’s result is highly reliant on the funding amounts raised for the year. The instruments used for raising those funds also provides a significant range in costs depending on which is utilized for both Seasalt Group itself and the portfolio company. 20494000 -17015000 -1373000 -2678000 23372000 20833000 0 0 192646000 867000 0 0 0 3120000 0 0 -195524000 -41835000 -1373000 -2678000 0 0 -84405000 -48328000 1408000 2107000 23519000 16256000 12299000 4261000 52924000 333000 -206415000 -43989000 -115183000 -35083000 -5500000 -5501000 0 0 -200915000 -38488000 -115183000 -35083000 22951000 3405000 -38488000 825000 992000 0 0 288759000 379199000 0 0 289584000 380191000 0 0 11918000 18163000 0 0 3996000 4854000 0 0 15914000 23017000 0 0 0 0 57739000 92144000 0 0 202257000 192174000 12370000 10561000 0 0 12370000 10561000 259996000 284318000 317868000 413769000 259996000 284318000 5500000 5500000 0 0 7084000 4223000 0 0 2551000 2354000 0 0 15135000 12077000 0 0 25512000 30453000 12411000 9001000 40647000 42530000 12411000 9001000 358515000 456299000 272407000 293319000 333000 333000 333000 333000 134214000 134214000 134214000 134214000 -1519000 0 0 0 -72419000 105545000 -9638000 105545000 -14196000 8755000 0 0 46413000 248847000 124909000 240092000 5028000 1190000 0 0 81329000 62791000 0 0 7666000 22419000 0 0 28917000 51200000 0 0 122940000 137600000 0 0 167900000 40672000 147222000 37300000 0 8000 0 0 9233000 11660000 276000 950000 4483000 14977000 0 14977000 7546000 2535000 0 0 189162000 69852000 147498000 53227000 312102000 207452000 147498000 53227000 358515000 456299000 272407000 293319000 333000 134214000 0 105545000 8755000 0 -177964000 -22951000 0 -1519000 0 0 333000 134214000 -1519000 -72419000 60609000 -14196000 333000 134214000 105545000 -115183000 333000 134214000 -9638000 -200915000 -38488000 160612000 640000 13003000 20080000 -27300000 -17768000 1408000 2107000 2463000 2821000 -5500000 -5500000 -22855000 -12982000 94344000 116230000 591000 15726000 1809000 2016000 -96744000 -133972000 108130000 37300000 0 14977000 11075000 0 8000 0 0 55956000 4539000 2473000 0 41192000 114658000 35040000 -4941000 -111914000 30453000 142367000 25512000 30453000 The annual report of Seasalt Group ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared for the parent company, as its cash flows are reflected in the consolidated cash flow statement. Reporting currencyThe financial statements are presented in Danish kroner (DKK'000). ControlThe consolidated financial statements comprise the Parent Company and group entities controlled by the Parent Company.Control means a parent company’s power to direct a group entity’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment.In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions.Preparation of consolidated financial statementsThe consolidated financial statements are prepared as a consolidation of the parent company's and the individual group entities' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains if they do not reflect impairment.In the consolidated financial statements, the accounting items of group entities are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of group entities which are not wholly-owned are included in the group's profit/loss and equity, respectively, but are disclosed separately.Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders.Investments in associates and joint ventures are recognised in the consolidated financial statements using the equity method.The group's activities in joint operations are recognised on a line-by-line basis. On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' equity interest.Goodwill relating to the non-controlling interests' share of the acquiree is recognised. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and 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 rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Foreign group entitiesForeign group entities and associates are considered separate entities. Items in such entities' income statements are translated at an average exchange rate for the month, and balance sheet items are translated at closing rates. Foreign exchange differences arising on translation of the opening equity of foreign group entities to closing rates and on translation of the income statements from average exchange rates to closing rates are taken directly to equity. The items revenue, cost of sales, other operating income and external expenses have been aggregated into one item in the income statement called gross profit/loss in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation and impairment of intangible assets and property, plant and equipment.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Acquired intangible assets 8 years Fixtures and fittings, other plant and equipment 3-7 yearsLeasehold improvements 4-10 years Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares.The proportionate share of the individual group entities' profit/loss after tax after full elimination of internal gains/losses are recognised in the parent company's income statement. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items comprise interest income and expenses, e.g. from group entities and associates, declared dividends from other securities and investments, financial expenses relating to finance leases, realised and unrealised capital gains and losses relating to other securities and investments, exchange gains and losses and amortisation of financial assets and liabilities. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Other intangible assets include development projects and other acquired intangible rights, including software licences.Other intangible assets are measured at cost less accumulated amortisation and impairment losses.Development costs and internally accumulated rights are recognised in the income statement as costs in the year of acquisition. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases.On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to the ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of the future lease payments. In calculating the net present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for in the same way as the Company's other assets.The capitalised residual lease liability is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.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". Deposits, investmentsOther receivables recognised under fixed assets comprise rental deposits measured at amortised cost, which usually corresponds to nominal amount. Other receivables recognised under fixed assets comprise rental deposits measured at amortised cost, which usually corresponds to nominal amount. Equity investments in group entities are measured according to the equity method. Equity investments in joint ventures are also measured according to the equity method in the consolidated financial statements.On initial recognition, equity investments in group entities are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations.The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement.Dividend received is deduced from the carrying amount.Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of intangible assets, property, plant and equipment and investments in group entities is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Securities and investments consisting in listed shares and bonds are measured at fair value (market price) at the balance sheet date. Investments not admitted to trading on an active market are measured at cost. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. 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 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. Deferred tax assets 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. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, 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. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Lease liabilitiesLease liabilities are measured at the net present value of the remaining lease payments including any guaranteed residual value based on the interest rate implicit in the lease. Deferred incomeDeferred income consist of government grants received in connection with development projects. Grants are recognized over the same period as development costs is amortised. Special itemsSpecial items comprise material income and expenses of a non-recurring nature that are not considered part of the entity´s activity. Special items primarily include impairment of receivables and liabilities as well as income from received grants. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year.Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax.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 comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. Hyme In 2026 the Group recognised it would not be possible to raise the needed funding to continue the activities for Hyme Energy ApS. This led to work to ensure that the company would not go bankrupt. It has been possible to establish agreements to ensure this, and the company is now in a position where and orderly process for wind-down of activities is planned. Saltfoss/Seasalt The group has secured a final commitment of EUR 7 million loan facility. This will secure the group's runway into at least February 2027. A new funding round is expected in the last quarter of 2026 to secure the group’s long-term funding. Furthermore, during 2026, the group/company has received liquidity of EUR 6.4 million from the convertible loan issued in February 2025, which is now fully exercised to a total amount of EUR 25 million. The convertible loans is extended to february 2027. Saltfoss/Seasalt The group has secured a final commitment of EUR 7 million loan in Saltfoss. This will secure the runway into at least February 2027. No other events materially affecting the Company's financial position have occurred subsequent to the financial year-end. Hyme Hyme recognised in March 2026, that it would not be possible to continue and raise funding for the planned strategy and activities of the company due in large part to external barriers and a much slower market than anticipated. This led to work to ensure against a critical situation for the company. This was achieved and it has been possible to establish agreements with creditors about reduction of debt and future liabilities (total 140mDKK) to ensure the company from April 2026 is in a position where an orderly process for wind-down of activities is planned. 69603000 74522000 0 0 730000 633000 0 0 831000 844000 0 0 790000 687000 0 0 23372000 20833000 0 0 86 105 0 0 Total remuneration to Management: DKK'000 2.553 (2024: DKK'000 913) The board of directors does not receive remuneration. The parent company did not pay any remuneration to Management during the financial year 2025 and 2024. 0 0 23319000 15899000 1408000 2107000 200000 357000 12299000 4261000 52924000 333000 -5500000 -5500000 0 0 0 -1000 0 0 -20580000 0 0 -754000 -177964000 -35083000 -115183000 -34329000 1333000 379199000 0 100516000 1333000 479715000 341000 0 0 190956000 167000 0 508000 190956000 825000 288759000 Development projects in progress Saltfoss’ development projects consist of developing patented nuclear reactor solutions. The solutions contribute to the group's existence and will be used in the group's commercial reactors, and thus the solutions contribute to future revenue and customer access. Hyme’s development projects consist of developing patented molten hydroxides solutions. The solutions contribute to the group's existence and will be used in the group's commercial energy storage solutions, and thus the solutions contribute to future revenue and customer access. Impairment Impairment test for the development project in progress has been performed for the group and as a result of this the value of Hyme’s development has been written down to a value of 0. Impairment test for the development project in progress have been performed and supports no impairment recognized for Saltfoss Energy ApS. 31292000 6279000 2202000 58000 0 136000 2005000 0 31489000 6201000 13129000 1425000 1023000 0 5756000 916000 -337000 0 0 136000 19571000 2205000 11918000 3996000 9277000 10561000 1809000 12370000 12370000 139614000 192174000 50000000 53972000 189614000 246146000 -47470000 0 -44942000 39463000 43889000 -43889000 57739000 202257000 Prepayments include accrual of expenses relating to subsequent financial years, including subscriptions, prepaid lab equipment totalling and other prepayments. 10668000 Common 107000 107000 3908000 Seed 39000 39000 18718873 Preferred 187000 187000 10472000 5444000 5028000 0 228551000 147222000 81329000 81329000 22899000 15233000 7666000 0 28917000 0 28917000 28917000 The DKK'000 147,222 convertible loan note issued by Seasalt Group ApS has a maturity date of 31 August 2026, which may be automatically extended in certain circumstances. The lender can request conversion at any point prior to the maturity date, failing which either the lender or the borrower can elect for repayment during a period of 10 business days after the maturity date. The lender can also request conversion in the case of a qualifying equity investment into Seasalt Group ApS, Saltfoss Energy ApS or Hyme Energy ApS, or in the event of certain other corporate actions in relation to those companies, e.g. a sale, merger or IPO. The conversion price is based on a valuation mechanism specified in the convertible loan note. For the convertible, the conversion date is 30 September 2026, however, at any time with a 7 days notice the conversion can be called. The debt securies have been concluded in 2023. The conversion price shall be based on a valuation of any additional equity investment in the company or a specific exit event, and this shall be divided by the number of shares issued on a fully diluted bases. In March 2026, the company recognized it would not be possible to continue, and note holders has accepted writing down their receivables to zero with a potential dividend from sale of assets. The convertible loans is extended to february 2027. Other rent and lease liabilities: GroupParent company DKK'0002025202420252024 Rent and lease liabilities17,69342,93600 As management company, the Company is jointly taxed with other Danish group entities. The Company is jointly and severally with other jointly taxed group entities for payment of income taxes for the income year 2021 onwards. Related party transactions DKK'00020252024Parent Company Interest income group entities23,31915,899 Receivables from group entities202,257192,174Payables to shareholders and management014,977 192645000 867000 0 -3120000 -1408000 -2107000 -12299000 -4261000 -5500000 -5501000 -35905000 0 -1519000 0 -3058000 11587000 -16061000 -9304000 0 -811000