44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 44967944 2025-01-01 2025-12-31 44967944 2024-07-15 2024-12-31 cmn:ConsolidatedMember 44967944 2025-12-31 cmn:ConsolidatedMember 44967944 2024-12-31 cmn:ConsolidatedMember 44967944 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44967944 2024-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 44967944 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44967944 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44967944 2025-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 44967944 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44967944 2024-07-15 2024-12-31 cmn:ConsolidatedMember 1 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44967944 2024-07-15 2024-12-31 cmn:ConsolidatedMember 1 44967944 2024-07-14 cmn:ConsolidatedMember 44967944 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ShorttermDeferredIncomeMember 44967944 2024-07-15 2024-12-31 44967944 2025-12-31 44967944 2024-12-31 44967944 2024-12-31 fsa:ContributedCapitalMember 44967944 2024-12-31 fsa:SharePremiumMember 44967944 2024-12-31 fsa:RetainedEarningsMember 44967944 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 44967944 2025-01-01 2025-12-31 fsa:SharePremiumMember 44967944 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 44967944 2025-12-31 fsa:ContributedCapitalMember 44967944 2025-12-31 fsa:SharePremiumMember 44967944 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-06-29 Caspar Schultz Eventyrvej 16 4100 Ringsted The Executive Board has today considered and approved the annual report of Quantum Mobility Denmark ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen 2026-04-28 Per Fomsgaard Hansen Caspar Schultz To the shareholders of Quantum Mobility Denmark ApS 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 the 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 have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Quantum Mobility Denmark ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (“the Financial Statements”). 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 Financial Statements” section of our report. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the Management's Commentary. ​ ​Our opinion on the Financial Statements does not cover Management’s Commentary, and we do not express any form of assurance conclusion thereon. ​ ​In connection with our audit of the Financial Statements, our responsibility is to read Management’s Commentary ​and, in doing so, consider whether Management’s Commentary is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. ​ ​Moreover, it is our responsibility to consider whether Management’s Commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Commentary is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Commentary. 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 about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. ​ ​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement ​resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ​Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 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 Consolidated 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 assessing whether the company was required to prepare a report on income tax information in the previous financial year and, if so, to publish the report in accordance with the requirements of the Danish Financial Statements Act.​​Management has assessed that the company was not required to prepare a report on income tax information for​the financial year 15 July – 31 December 2024.​​In connection with our audit of the consolidated financial statements and the financial statements for the parent company, it is our responsibility to consider whether management's assessment is in accordance with the Danish Financial Statements Act.​​Based on the work performed, it is our opinion that management's assessment is in accordance with the requirements of the Danish Financial Statements Act. Ringsted 2026-04-28 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 33771231 Brian Pedersen State Authorised Public Accountant mne28701 Kenneth Østergaard State Authorised Public Accountant mne47262 Financial highlights2025​DKK'0002024​DKK'000Key figuresRevenue1,529,358223,384Gross profit/loss1,212,442186,299Operating profit/loss(60,357)5,544Net financials(126,080)(28,321)Profit/loss for the year(171,502)(23,361)Balance sheet total2,879,0352,796,146Investments in property, plant and equipment668,4641,967,936Equity(103,040)(23,321)Cash flows from operating activities(43,122)(29,587)Cash flows from investing activities(458,899)(613,634)Cash flows from financing activities387,720759,772RatiosGross margin (%)79.2883.40Net margin (%)(11.21)(10.46)Equity ratio (%)(3.58)(0.83)Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Gross margin (%) :​Gross profit/loss * 100​​RevenueNet margin (%) : Profit/loss for the year * 100 ​​RevenueEquity ratio (%) :​Equity * 100 ​​​Balance sheet total Primary activitiesThe primary activities of the Entity involve the ownership and management of its subsidiary companies, the Umove Group. ​​The main activity of the Group is to provide public transport services for the Public Transport Authorities (PTAs) of​the Regions and Municipalities in Denmark. Umove operates as a full-service mobility provider, responsible for vehicle procurement, depot operations, driver management and contract compliance across all geographic areas of operation. Development in activities and financesThe income statement of the Group for 2025 shows a deficit of TDKK 171,502, and at 31 December 2025 the balance sheet of the Group shows negative equity of TDKK 103,040. ​​Further see note 1 regarding information about the loss of more than 50% of the share capital. ​Umove provided transport services for four out of five regional Public Transport Authorities, and 2025 was characterized by continued growth and accelerated electrification across all regions of operation. ​ ​Sealand — Movia Contracts A22 and A23 ​During 2025, Umove expanded its operations on Sealand, adding more than 100 new electric buses in the Greater Copenhagen area and West Sealand, covering the municipalities of Kastrup, Bagsværd, Slangerup, Hvidovre and Kalundborg. Operations under these contracts will commence during 2025 and 2026, further strengthening Umove’s footprint in the Greater Copenhagen area and reinforcing Umove’s position as the leading​operator in the Movia service area. ​​Jutland — New and Renewed Contracts ​In Jutland, Umove’s largest growth will take place in Jutland in 2026, where the company will commence operations with more than 100 new electric buses in Djurs and Aarhus areas. Additionally, Umove has expanded operations in Skive and Holstebro, where further 19 electric buses will be added to Denmark’s largest fleet of electric buses. ​Umove thereby maintains its position as market leader in Denmark. The share of electric buses in the fleet continues to increase year on year, in line with the national electrification trajectory. ​ ​Special Risks — Operating and Financial Risks ​Operating Risks ​The Group is not assessed to be exposed to material special risks. The Group’s primary customers are Public Transport Authorities, and service contracts are typically concluded for extended periods with options for renewal, structured to align with the useful economic lives of the vehicles deployed. ​​Market Risks ​The Group operates in a market where a significant proportion of revenue is derived from long-term contracts with Danish public transport authorities and is subject to contractual indexation mechanisms. Management notes that the current driver salary index applied in such contracts has not fully reflected recent increases in wage levels under collective labour agreements. Consequently, index-based revenue adjustments have not offset the actual increase in driver labour costs, which has adversely affected profitability and increased market uncertainty. Management continues to monitor developments closely and supports the ongoing industry dialogue aimed at ensuring that the indexation mechanisms more accurately reflect the underlying cost base of bus operations. ​​Beyond the driver salary index, the Group is not subject to other special price risks, as indexation provisions in PTA contracts reflect general fluctuations in interest rates and energy prices. ​​Interest Rate Risks ​Interest-bearing debt constitutes a material amount in the Group. Changes to the interest rate level are, however,​captured through the indexation mechanism of service contracts with the PTAs and, therefore, do not constitute a​significant standalone risk for the Group. ​​Credit Risks ​The debtor risk is considered very limited. The Group’s primary customers are Public Transport Authorities, which​are entities of regional or municipal government with strong credit profiles. ​​Liquidity Risks ​The Group manages its liquidity position actively. Given the long-term, indexed nature of PTA contracts, the Group does not face material short-term liquidity risk. ​ ​Strategy ​The Group’s primary strategic focus is on organic growth through successful participation in public procurement tenders for bus operations in Denmark. Umove’s competitive position is built on three pillars: ​• Operational excellence — consistent on-time performance, high vehicle availability and driver quality ​• Electrification leadership — early and scaled investment in EV fleets and charging infrastructure ​• People and culture — attracting, developing and retaining skilled drivers and operational personnel ​ ​The Group is also open to mergers and acquisitions where such opportunities support the continued positive development of the Group and create value for its stakeholders. Profit/loss for the year in relation to expected developmentsThe expected EBIT for 2025 was mDKK 45-50. The Group did not reach its financial target for the year. Performance was adversely affected by the following factors: ​• Elevated interest rates, which increased the cost of financing the Group’s EV fleet investments ​• Negative indexation effects of Driver salaries and negative contract revenue adjustments ​• One-off implementation costs related to the introduction of new operational and IT systems across several depots ​ ​Management views most of the above factors as primarily temporary or non-recurring in nature, however the challenge with the Driver salary index is an ongoing discussion with the PTAs. The underlying commercial position​of the Group’s contract portfolio remains strong, and the Group enters 2026 with a larger contracted revenue base following the new awards in 2025. Uncertainty relating to recognition and measurementThere has been no material uncertainty regarding recognition and measurement in the Annual Report. Unusual circumstances affecting recognition and measurementThe financial position of the Group as of 31 December 2025, and the results of operations and cash flows for the financial year 2025, have not been affected by any unusual or non-recurring events beyond those described above. Outlook2026 will be characterised by significant operational growth across both Sealand and Jutland, with mobilisation of new and expanded contracts representing the largest single-year fleet deployment in Umove's history. ​​On Sealand, the primary focus will be the mobilisation of new operations in the Greater Copenhagen area and West Sealand under Movia contracts A22 and A23. ​​In Jutland, 2026 marks a substantial step-change in scale. Umove will commence operations with more than 100 new electric buses in the Djurs and Aarhus areas, representing the largest contract mobilisation the Group has undertaken in the region to date. Additionally, Umove has expanded its presence in Skive and Holstebro, where a further 19 electric buses will be added to operations, further reinforcing Umove's position as the operator of Denmark's largest fleet of electric buses. ​​The outlook is subject to normal execution risk associated with the simultaneous mobilisation of multiple large contracts and the continued delivery and commissioning of electric vehicles. ​ ​EBIT in 2026 is expected to be a loss at the level of mDKK 25 to 30 Research and development activitiesThe Group does not carry out any research or development activities in the traditional sense, but the Group aims to be at the forefront of development and applies the latest technologies. Statutory report on corporate social responsibilityIt is Umove’s policy to integrate social, environmental and governance considerations into its decision-making and​day-to-day operations. The Group adheres to the UN Global Compact and supports a set of core values within human rights, employee rights, environment and anti-corruption. For a description of the Group’s business model, refer to the section ‘Primary Activities’ above. ​​Human Rights ​Umove supports and respects the protection of internationally proclaimed human rights and ensures that the Group does not participate in any infringement of human rights throughout its operations and supply chain. ​ ​Umove has adopted the following diversity and inclusion policy: ​"We see diversity as a strength for our Company. We appreciate working together across differences in age, gender, religion, sexuality and ethnicity. We believe that diversity inspires and builds strength, and we provide equal opportunities for everyone by being flexible and showing individual consideration. We have room for diversity, taking into consideration the overall interests of the Company." ​ ​Company activities are continuously reviewed by senior management, employee representatives and the various works council functions as provided for under Danish law. A whistleblower and grievance mechanism is in place, giving all internal and external stakeholders the opportunity to report any deviating behaviour anonymously. The risk of breach of the Group’s human rights policies is assessed as low. ​ ​Actions in 2025 and Priorities for 2026 ​• Strengthened focus on People and Culture, including initiatives to improve employee engagement and ongoing ​ competence development ​• Updated procurement agreements with key suppliers to ensure alignment with the Group’s standards on labour​ conditions and environmental protection; the process is ongoing as agreements are renewed ​• Conducted on-site visits to primary vehicle manufacturers to verify compliance with relevant conditions ​ ​In 2026, the Group will continue the initiatives commenced in 2025. With a planned strengthening of the procurement function, supplier oversight will be further enhanced. ​ ​Employee Rights ​Umove is committed to upholding the following principles in relation to its workforce: ​1) Ensures the freedom of association of its employees and recognises their right to collective bargaining ​2) Supports the elimination of all forms of forced labour ​3) Rejects child labour in all forms ​4) Eliminates discrimination in conditions of work and employment ​ ​Umove has adopted the following occupational health and safety policy: ​"A good working environment is an essential condition for providing the right services to the passengers. The physical environment and tools must be in working order, but we also look constructively at our cooperation within our environmental organisation, with trade organisations and external partners who help us map employee satisfaction. Such initiatives are always supported by action plans that contribute to improving our working environment." ​ ​A high-quality working environment is fundamental to Umove’s ability to attract and retain the skilled personnel needed to deliver contractual services reliably over time. ​​Our primary risk related to employee- and social matters is to not being able to attract and retain sufficiently skilled personnel. ​​HSE Performance in 2025 ​The Group tracks key Health, Safety and Environment (HSE) indicators as part of its ISO 45001-certified occupational health and safety management system. Key performance indicators for 2025 include sickness absence rate, number of work accidents per 1.000 FTE and number of material damages per 100.000 KM. ​ ​Employee Engagement and Development ​The annual employee engagement survey was conducted across all employees during 2025. Results were satisfactory overall and showed improvement compared to the prior year. Survey outputs are used to develop and implement targeted initiatives to continue to improve employee satisfaction. ​ ​The Umove Academy, an internal leadership development programme developed in partnership with DEKRA, continued in 2025. The programme comprises six modules covering a range of leadership topics, totalling 16 days​of formal education. The programme will continue in 2026. ​ ​In 2026, the HR function will be further strengthened to support Group growth, including enhanced people engagement activities, and improved pre-, on- and offboarding processes. ​ ​Environment and Climate ​Umove supports a precautionary approach to environmental challenges, takes initiatives to promote a high level of environmental responsibility and encourages the development and dissemination of environmentally sound technologies. The majority of Umove’s operations are ISO 14001 certified. ​ ​Umove’s environmental policy states: ​Umove is fully aware that public transport impacts the environment. We use fossil fuels and chemicals and generate waste. We cause noise and generally affect our surroundings. We continuously strive to be regarded as an environmentally responsible employer and business partner. ​The purpose of our Environmental Policy is to ensure that we work continuously with a focus on minimizing our environmental impacts. To achieve this, we use our ISO 14001 environmental management system, through which we set objectives for reducing environmental impacts and establish action plans to support these objectives. We identify our risks and assess our opportunities to minimize them. ​​We continuously seek to reduce waste and energy consumption while working towards ongoing improvements in​the company’s environmental performance. ​​We ensure compliance by: ​• Ensuring that the environmental policy and related responsibilities are well known ​• Complying at all times with applicable agreements and legislation in the field ​• Continuously working on the recording and improvement of fuel consumption, including through training in ​ eco‑driving ​• Working systematically with environmental management based on monthly readings ​• Purchasing buses with high fuel efficiency and the highest Euro emission standards in accordance with tender ​ requirements ​• Purchasing the least environmentally harmful products where possible ​• Cooperating with service providers to improve environmental solutions and annually recording our energy ​ consumption where required ​• Purchasing chemicals, fluorescent tubes, and other materials with the lowest possible environmental impact, ​ and ensuring that disposal is handled through approved suppliers ​ ​Electrification and Emissions in 2025 ​Denmark is progressing towards full electrification of bus operations. Umove is investing heavily in electric vehicles and charging infrastructure across all regions of operation. ​Where electrification is not yet operationally feasible (e.g., school traffic routes), the Group operates on HVO (Hydrotreated Vegetable Oil) as required by PTAs, eliminating the use of conventional fossil fuels in those services. ​ ​GHG Emissions and Climate Targets ​Umove will continue to assess its reporting framework in relation to the EU Corporate Sustainability Reporting Directive (CSRD). As the Group grows in scale and complexity, management will evaluate the applicability of CSRD reporting requirements and EU Taxonomy disclosures and will implement the necessary reporting structures in due course. ​ ​Anti-Corruption and Bribery ​The primary risks in this area are identified as the receipt of gifts or benefits that may unduly influence employees, creating a conflict between personal interests and the interests of the Group. To address this, Umove has implemented a comprehensive set of policies designed to ensure that all decisions are made on an objective basis and in the best interest of the Group. ​ ​The Group operates in a highly regulated, tendered marketplace with objective and transparent criteria for contract award. Umove engages with a small number of customers — four regional PTAs and a limited number of​municipalities — which reduces the inherent risk profile. ​ ​Key controls include: ​• A no-gifts policy applicable to all employees ​• All commercial activities with clients managed exclusively by senior management ​• All commercial and supplier agreements signed solely by senior management ​• External auditors are mandated to report any actual or suspected occurrence of corrupt practices to senior management and the Board of Directors ​ ​In 2025, no suspected occurrences were reported. The Group continuously monitors developments in applicable local and international legislation and will assess whether further initiatives are required. ​ ​Values, Vision and Governance ​Umove’s vision is to connect people by building a better future through sustainable mobility solutions. The Group aims to achieve this vision by becoming the best mobility operator in Denmark. ​ ​Four core values guide all operations and the conduct of every colleague: Integrity, Empowerment, Business Acumen and Ownership. These values underpin the Group’s commitment to providing excellent services to customers and passengers, while conducting business with honesty, energy and accountability. Statutory report on data ethics policyUmove processes personal data, including employee data and limited customer data, in accordance with the EU General Data Protection Regulation (GDPR) and applicable Danish data protection legislation. ​ ​The Group has during 2025 commenced use of selected digital tools and data-driven systems in areas including fleet management, driver performance monitoring and operational planning. These systems are deployed to improve service quality, safety and efficiency. The Group does not at present deploy autonomous artificial intelligence models for decision-making in relation to individual passengers or employees. Data-driven systems are operated within a framework of transparency and compliance. ​ ​Today Umove has a set of policies and controls in place to ensure that data is being managed responsibly. Umove​applies risk management principles to our IT systems to mitigate potential data risks. Management will continuously assess the Group’s use of technology and necessitate the adoption of a formal data ethics policy and will implement such a policy if and when required. 1529358000 223384000 26460000 3110000 211328000 25247000 132048000 14948000 1212442000 186299000 1004011000 142027000 268788000 38728000 -60357000 5544000 410000 288000 126490000 28609000 -186437000 -22777000 -14935000 584000 -171502000 -23361000 12898000 14562000 0 515000 428430000 483708000 31656000 25206000 472984000 523991000 226416000 223814000 1765502000 1606611000 8044000 9209000 119292000 93693000 60807000 0 2180061000 1933327000 6530000 6348000 6530000 6348000 2659575000 2463666000 25325000 34275000 25325000 34275000 108361000 86335000 70000 2751000 63269000 26973000 1304000 0 0 3840000 12647000 55559000 185651000 175458000 6234000 6196000 6234000 6196000 2250000 116551000 219460000 332480000 2879035000 2796146000 40000 40000 -103080000 -23361000 -103040000 -23321000 14524000 32434000 14524000 32434000 8827000 13186000 1397820000 1067912000 1199415000 1152470000 56141000 93249000 2662203000 2326817000 34144000 54645000 20823000 31000 84190000 227360000 0 11560000 2058000 0 161033000 166620000 3100000 0 305348000 460216000 2967551000 2787033000 2879035000 2796146000 40000 0 -23361000 -23321000 0 91783000 0 91783000 -91783000 91783000 0 -171502000 -171502000 40000 0 -103080000 -103040000 268788000 38728000 -125240000 -45538000 209000 0 83400000 -1266000 410000 288000 126490000 28609000 442000 0 -43122000 -29587000 6450000 2500000 475171000 26990000 22760000 5773000 0 589917000 Current asset investments made -38000 0 -458899000 -613634000 502021000 643221000 350700000 2233046000 90148000 1473314000 35385000 0 91783000 0 Contributed upon formation 0 40000 387720000 759772000 -114301000 116551000 116551000 0 2250000 116551000 1 Judgements regarding going concernThe parent company has lost more than 50% of the share capital and is therefore covered by the capital loss provisions of the Danish Companies Act. At the forthcoming general meeting, the management will report on the financial situation and present that the share capital is expected to be re-established in the event of future positive earnings or contribution from the owners. ​ ​As the financing is secured in the coming years with long-term credit facilities and shareholder loans and there is sufficient liquidity available in the company and the Group, this matter does not affect the company's and the Group's ability to continue operations. 2 Events after the balance sheet dateNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 3 Revenue2025​DKK'0002024​DKK'000Busservices1,520,446220,574Other revenue8,9122,810Total revenue by activity 1,529,358223,384All of the Group's revenue is on the Danish market. 4 Fees to the auditor appointed by the Annual General Meeting2025​DKK'0002024​DKK'000Statutory audit services849980849980 5 Staff costs2025​DKK'0002024​DKK'000Wages and salaries898,611127,339Pension costs92,69712,936Other social security costs12,7031,7521,004,011142,027Average number of full-time employees1,7831,505Average number of full-time employees for 2024 is for the period 22nd of October to 31st of December 2024.​​The Executive Officer has not received any remuneration. 1783 1505 6 Depreciation, amortisation and impairment losses2025​DKK'0002024​DKK'000Amortisation of intangible assets56,4989,892Depreciation on property, plant and equipment186,31328,836Impairment losses on property, plant and equipment25,9770268,78838,728In the current financial year, an impairment of buses (tangible fixed assets) totalling TDKK 25,977 has been made. ​The impairment was recognised due to the condition of the buses and the inability to bring them up to standard, which has reduced the expected future cash flows (recoverable amount) of the assets to below their carrying amount. 7 Other financial income2025​DKK'0002024​DKK'000Other interest income6030Other financial income350258410288 8 Other financial expenses2025​DKK'0002024​DKK'000Financial expenses from group enterprises71,62111,560Other interest expenses48,62117,016Exchange rate adjustments633Other financial expenses6,2420126,49028,609 9 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Current tax0584Change in deferred tax(17,910)0Adjustment concerning previous years2,9750(14,935)584 10 Proposed distribution of profit/loss2025​DKK'0002024​DKK'000Retained earnings(171,502)(23,361)(171,502)(23,361) -171502000 -23361000 -171502000 -23361000 11 Intangible assetsCompleted development projects​DKK'000Acquired rights​DKK'000Goodwill​DKK'000Development projects in progress​DKK'000Cost beginning of year14,840683493,15425,206Additions0006,450Disposals00(959)0Cost end of year14,840683492,19531,656Amortisation and impairment losses beginning of year(278)(168)(9,446)0Amortisation for the year(1,664)(515)(54,319)0Amortisation and impairment losses end of year(1,942)(683)(63,765)0Carrying amount end of year12,8980428,43031,656 12 Development projectsDevelopment projects consist of the development of internal software for use in planning and disposition, and are capitalized in accordance with applicable requirements for recognition. 13 Property, plant and equipmentLand and buildings​DKK'000Other fixtures and fittings, tools and equipment​DKK'000Leasehold improvements ​DKK'000Property, plant and equipment in progress​DKK'000Prepayments for property, plant and equipment​DKK'000Cost beginning of year224,3941,634,5589,49893,6930Transfers4,3298,358549(13,236)0Additions2,964372,5650232,12860,807Disposals(774)(26,451)0(193,293)0Cost end of year230,9131,989,03010,047119,29260,807Depreciation and impairment losses beginning of year(580)(27,947)(289)00Impairment losses for the year0(25,977)000Depreciation for the year(4,020)(180,579)(1,714)00Reversal regarding disposals10310,975000Depreciation and impairment losses end of year(4,497)(223,528)(2,003)00Carrying amount end of year226,4161,765,5028,044119,29260,807 14 Financial assetsDeposits​DKK'000Cost beginning of year6,348Additions323Disposals(141)Cost end of year6,530Carrying amount end of year6,530 15 PrepaymentsPrepayments consist of prepaid expenses such as software subscriptions, marketing costs, events and insurances. In 2024, prepayments also includes significant deposits from the lender in connection with loan restructuring and repayment of existing bank loans that are redeemed shortly after the balance sheet date. 16 Deferred tax​ ​​Changes during the year2025​DKK'0002024​DKK'000Beginning of year32,4340Recognised in the income statement(17,910)0Addition through business combinations etc032,434End of year14,52432,434The Group has an unrecognized deferred tax asset amounting to DKK 7 million. 17 Non-current liabilities other than provisionsDue within 12 ​months​2025​DKK'000Due within 12 ​​months​2024​DKK'000Due after ​more than 12 ​months​2025​DKK'000Outstanding ​after 5 years​2025​DKK'000Bank loans3,87250,2498,8270Debt to other credit institutions001,397,8200Payables to group enterprises001,199,4151,199,415Other payables30,2724,39656,141034,14454,6452,662,2031,199,415 18 Deferred incomeDeferred income items include revenues received relating to subsequent fiscal years. 19 Changes in working capital2025​DKK'0002024​DKK'000Increase/decrease in inventories8,950(6,457)Increase/decrease in receivables(14,446)(41,891)Increase/decrease in trade payables etc.(119,744)2,810(125,240)(45,538) 20 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK'0002024​DKK'000Total liabilities under lease rental or agreements until maturity 100,92999,104The period of non-terminability for operating leases are 3-150 months.Besides the above rental or lease commitments, the Group has, as of the balance sheet date, entered into the following significant unrecognised commitments to be settled after the balance sheet date:The Group has contractually committed itself to the purchase of equipment of TDKK 340,145 21 Assets charged and collateralQuantum Mobility Denmark ApS has placed shares in group enterprises as collateral for debt to other credit institutions.​​The following assets have been placed as security with mortgage credit institutes, bankers and credit institutes: ​ ​Mortgage deed with a nominal value of TDKK 1,613,071 (2024: TDKK 1,354,003) in the group's machinery with a carrying amount of TDKK 1,629,837 (2024: TDKK 1,512,090) ​ ​Company charges with a nominal value of TDKK 65.000 (2024: TDKK 44,000) in the group's immaterial rights, operating equipment, inventory, and claims with a carrying amount of TDKK 325.032 (2024: TDKK 320,756) ​ ​Mortgage deed with a nominal value of TDKK 175,863 (2024: TDKK 83,810) in the group's land an d buildings with a carrying amount of TDKK 218,059 (2024: TDKK 214,998) 22 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. 23 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%Umove Holding A/SGlostrupA/S100.00Umove Service ApS*GlostrupApS100.00Umove Service III ApS*GlostrupApS100.00Umove A/S*GlostrupA/S100.00UM Leasing Vest 2017 ApS*GlostrupApS100.00UM Leasing Øst 2021 ApS*GlostrupApS100.00UM Leasing Øst 2022 ApS*GlostrupApS100.00UM Leasing Øst 2023 ApS*GlostrupApS100.00UM Leasing 2024 ApS*GlostrupApS100.00UM Leasing 2025 ApS*GlostrupApS100.00UM Ejendomme Øst 2018 ApS*GlostrupApS100.00*The Parent Company has control through indirect ownership. 1477000 450000 -1477000 -450000 63382000 3934000 121734000 16017000 -59829000 -12533000 -4829000 0 -55000000 -12533000 948632000 591954000 948632000 591954000 948632000 591954000 1715288000 1532654000 4829000 0 80000 40000 1161000 1638000 1721358000 1534332000 253000 94190000 1721611000 1628522000 2670243000 2220476000 40000 40000 24250000 -12533000 24290000 -12493000 1397820000 1067912000 1199415000 1152470000 2597235000 2220382000 1018000 1027000 45642000 11560000 2058000 0 48718000 12587000 2645953000 2232969000 2670243000 2220476000 40000 0 -12533000 -12493000 0 91783000 0 91783000 -91783000 91783000 0 -55000000 -55000000 40000 0 24250000 24290000 1 Events after the balance sheet dateNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 2 Other financial income2025​DKK'0002024​DKK'000Financial income from group enterprises63,3253,934Other interest income57063,3823,934 3 Other financial expenses2025​DKK'0002024​DKK'000Financial expenses from group enterprises71,33511,560Other interest expenses48,3524,072Exchange rate adjustments633Other financial expenses2,041352121,73416,017 4 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Change in deferred tax(4,829)0(4,829)0 5 Proposed distribution of profit and loss2025​DKK'0002024​DKK'000Retained earnings(55,000)(12,533)(55,000)(12,533) -55000000 -12533000 -55000000 -12533000 6 Financial assetsInvestments in group enterprises​DKK'000Cost beginning of year591,954Additions447,637Disposals(90,959)Cost end of year948,632Carrying amount end of year948,632A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. 7 Receivables from group enterprisesOf the total receivables, the following amount is due for payment more than 1 year after the end of the financial year: TDKK 1,063,793 8 Deferred tax2025​DKK'000Tax losses carried forward4,829Deferred tax4,829​ ​​Changes during the year2025​DKK'000Recognised in the income statement4,829End of year4,829​Deferred tax assetsThe deferred tax asset is expected to be utilized in the joint taxation within the next 3-5 years. 9 PrepaymentsPrepayments consist of prepaid expenses such as software subscriptions, marketing costs, events, and insurances. 10 Non-current liabilities other than provisionsDue after ​more than 12 ​months​2025​DKK'000Outstanding ​after 5 years​2025​DKK'000Debt to other credit institutions1,397,8200Payables to group enterprises1,199,4151,199,4152,597,2351,199,415 11 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​​remuneration.20252024Average number of full-time employees22 2 2 12 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint ​taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the ​jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on interest, royalties and ​dividends for these entities. 13 Assets charged and collateralShares in group enterprises​ with a carrying amount of TDKK 948,632 is placed as collateral for debt to other credit institutions. 14 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​​governing reporting class C enterprises (large).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year. Non-comparabilityThe financial statements for the current period cover a period of 12 months, whereas the previous financial statements cover only a period of 5,5 month. This difference in the length of the accounting periods means that the two sets of financial statements are not directly comparable. ​​To provide a more accurate picture of the company’s financial development, the reader should take this difference into account when assessing the financial results. Specifically, it should be noted that revenues, expenses, and other financial items in the previous financial statements represent only 5,5 month’s activity, while the same items in the current financial statements represent a full year’s activity. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​ ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​​value of the liability can be measured reliably. ​​ ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​​recognition is effected as described below for each financial statement item. ​​ ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​​measurement. ​​ ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​​attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.​​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,​with net assets having been calculated at fair value. Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income ​​statement up to the time of their divestment or winding-up. ​​ ​​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of ​restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets ​​and liabilities taken over are recognised in intangible assets, and they are amortised systematically over ​​the income statement based on an individual assessment of their useful lives. If the useful life cannot be ​​estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. RevenueRevenue comprise passenger transport, which is recognised in the income statement when delivery and transfer of risk have been made before year-end. The sale is considered effected based on the following criteria: ​ ​- driving has been made before year-end; ​- a binding agreement has been made; ​- the sales price has been determined; and ​- payment has been received or may with reasonable certainty be expected to be received. ​ ​Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. ​ ​Information on business segments is based on the Group´s risks and returns and its internal financial ​reporting system. Business segments are regarded as the primary segments. Other operating incomeOther operating income comprise items of a secondary nature to the main activities of the Group, including gains ​and on the sale of intangible assets and property, plant and equipment. Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the ​financial year after adjustment for changes in inventories of these goods from the beginning to the end of the ​year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office ​expenses, etc. Staff costsStaff costs include wages and salaries including compensated absence and pensions as well as other social ​security contributions etc. made to the entity's employees. Depreciation, amortisation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of ​intangible assets and property, plant and equipment. Other financial incomeFinancial income comprise interest, realised and unrealised exchange adjustments and price adjustment of securities. Other financial expensesFinancial expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Company is jointly taxed with Danish Group Enterprises. The tax effect of the joint taxation is allocated ​to Danish enterprises in proportion to their taxable incomes. GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised on a straight-line basis over the estimated useful life of 10 years, determined on the ​basis of Management’s experience with the individual business areas. ​ ​Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly ​attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, ​sufficient resources and a potential future market or development opportunity in the enterprise can be ​demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as ​intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover ​cost of sales, distribution and administrative expenses involved as well as the development costs. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or ​at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to ​the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in ​financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and ​impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the ​period of the expected economic benefit from the development work . Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulated ​impairment losses. ​ ​Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when ​the asset is ready for use. ​ ​Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present ​value of the lease payments computed by applying the interest rate implicit in the lease or an alternative ​borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down ​for impairment under the same policy as determined for the other fixed assets of the Group. ​ ​Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the ​expected useful lives of the assets, which are: Useful life Buildings25-50 yearsOther fixtures and fittings, tools and equipment5-12 yearsLeasehold improvements5-12 years Estimated useful lives and residual values are reassessed annually. ​ ​The carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation. ​ ​The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a ​recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest ​group of assets for which a reliable recoverable amount can be determined based on a total assessment. ​ ​Head office buildings and other assets for which a separate value in use cannot be determined as the ​asset does not on an individual basis generate future cash flows are reviewed for impairment together with ​the group of assets to which they are attributable. Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the ​​lower of recoverable amount and carrying amount. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value. ​ ​The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of ​assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.​​ ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Other investments (current assets)Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. CashCash comprises cash in hand and bank deposits. Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the ​term of the lease. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​​is measured at cost. Cash flow statementThe cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year 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 net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. ​ ​Cash flows from investing activities ​Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, ​property, plant and equipment as well as fixed asset investments. ​ ​Cash flows from financing activities ​Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as ​well as payments to and from shareholders. ​ ​Cash and cash equivalents ​Cash and cash equivalents comprise ”Cash at bank and in hand”. ​ ​The cash flow statement cannot be immediately derived from the published financial record. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year 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 net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. ​ ​Cash flows from investing activities ​Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, ​property, plant and equipment as well as fixed asset investments. ​ ​Cash flows from financing activities ​Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as ​well as payments to and from shareholders. ​ ​Cash and cash equivalents ​Cash and cash equivalents comprise ”Cash at bank and in hand”. ​ ​The cash flow statement cannot be immediately derived from the published financial record. Ikke væsentlig usikkerhed vedr. fortsat drift true Grundlag for konklusion Konklusion Revisionspåtegning Regnskabsklasse C, stor virksomhed 2024-12-31 2024-07-15 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 Quantum Mobility Denmark ApS 44967944 København København K 1203 12 Nybrogade