42700045 2025-01-01 2025-12-31 c:ContributedCapitalMember 42700045 2025-01-01 2025-12-31 c:SharePremiumMember 42700045 2025-01-01 2025-12-31 c:ReserveForUnpaidContributedCapitalMember 42700045 2025-01-01 2025-12-31 c:RetainedEarningsMember 42700045 2025-01-01 2025-12-31 42700045 2025-01-01 2025-12-31 1 42700045 2025-01-01 2025-12-31 1 42700045 2024-01-01 2024-12-31 42700045 2025-12-31 42700045 2024-12-31 42700045 2025-01-01 c:ContributedCapitalMember 42700045 2025-01-01 c:SharePremiumMember 42700045 2025-01-01 c:ReserveForUnpaidContributedCapitalMember 42700045 2025-01-01 c:ReserveForDevelopmentExpenditureMember 42700045 2025-01-01 c:RetainedEarningsMember 42700045 2025-01-01 2025-12-31 c:ReserveForDevelopmentExpenditureMember 42700045 2025-12-31 c:ContributedCapitalMember 42700045 2025-12-31 c:SharePremiumMember 42700045 2025-12-31 c:ReserveForUnpaidContributedCapitalMember 42700045 2025-12-31 c:ReserveForDevelopmentExpenditureMember 42700045 2025-12-31 c:RetainedEarningsMember 42700045 2025-01-01 c:CompletedDevelopmentProjectsMember 42700045 2025-01-01 2025-12-31 c:CompletedDevelopmentProjectsMember 42700045 2025-12-31 c:CompletedDevelopmentProjectsMember 42700045 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 42700045 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 42700045 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 42700045 2025-01-01 c:OtherReceivablesMember 42700045 2025-01-01 2025-12-31 c:OtherReceivablesMember 42700045 2025-12-31 c:OtherReceivablesMember iso4217:DKK xbrli:pure 0 0 0 0 0 0 0 true BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal DK-2450 Copenhagen SV 45719375 2026-06-29 Frederik Kondrup Årsrapport Frida Group ApS Fruebjergvej 3 2100 Copenhagen Ø Den uafhængige revisors erklæring om udvidet gennemgang 42700045 2021-09-23 Copenhagen 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal 2450 Copenhagen SV Today the Executive Board have discussed and approved the Annual Report of Frida Group ApS for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In my opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. I recommend the Annual Report be approved at the Annual General Meeting. Copenhagen 2026-06-29 Lars Bang Pedersen To the Shareholder of Frida Group ApS Konklusion We ha­ve per­for­med an extended review of the Fi­nan­ci­al Sta­te­ments of Frida 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 a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared under the Danish Financial State­ments Act.   Based on the work performed in our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments gi­ve a true and fair vi­ew of the Com­pa­ny's financial position at 31 December 2025 and of the results of the Com­pa­ny's operations for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.   Basis for ConclusionGrundlag for konklusion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of Financial Statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's Responsibilities for the Extended Review of the Fi­nan­ci­al Sta­te­ments” section of our report. We are independent of the Com­pa­ny in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Management's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Fi­nan­ci­al Sta­te­ments that give a true and fair view in accordance with the Danish Financial Statements Act, and for such Internal control as Ma­na­ge­ment determines is necessary to enable the preparation of Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Fi­nan­ci­al Sta­te­ments, Ma­na­ge­ment is responsible for assessing the Com­pa­ny's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Com­pa­ny or to cease operations, or has no realistic alternative but to do so.   Our responsibility is to express a conclusion on the Fi­nan­ci­al Sta­te­ments. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the Fi­nan­ci­al Sta­te­ments and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion.   An extended review comprises procedures that primarily consist of making inquiries of Ma­na­ge­ment and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained.   The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the Fi­nan­ci­al Sta­te­ments.   Statement on the Management Commentary Management is responsible for the Ma­na­ge­ment Com­men­ta­ry.   Our conclusion on the Fi­nan­ci­al Sta­te­ments does not cover the Ma­na­ge­ment Com­men­ta­ry, and we do not express any form of assurance conclusion thereon.   In connection with our extended review of the Fi­nan­ci­al Sta­te­ments, our responsibility is to read the Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether the Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Fi­nan­ci­al Sta­te­ments or our knowledge obtained during the extended review, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether the Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the Ma­na­ge­ment Com­men­ta­ry is in accordance with the Fi­nan­ci­al Sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in the Ma­na­ge­ment Com­men­ta­ry.   Copenhagen 2026-06-29 BDO Statsautoriseret Revisionspartnerselskab 45719375 Mads Juul Hansen Den uafhængige revisors erklæring om udvidet gennemgang State Authorised Public Accountant mne44386 Principal activities The Frida Group's main activities include production and sales as well as financing and related business.   Unusual matters During the financial year, the company has changed its accounting policy for development costs. The change means that development projects that meet the conditions in section 33(3) of the Danish Financial Statements Act are now recognised as intangible fixed assets and amortised over their expected useful lives.  Previously, all development costs were expensed in the income statement in the year in which they were incurred. The change has been made because management believes that the new policy provides a more true and fair view of the company’s financial position and results. Reference is made to the section “Accounting Policies” for a detailed description and the financial effect of the change.   Significant events after the end of the financial year After the end of the financial year, the company completed a capital increase through a cash contribution from the shareholders. The capital increase has strengthened the company's capital base and liquidity position. We also refer to Note 1, which outlines the assumptions underlying the going concern basis.  Apart from this, no events have occurred after the balance sheet date which are considered to have a material impact on the assessment of the annual report.   -1200723 -1542566 5109895 3282629 1663852 723099 -7974470 -5548294 137 131 660508 595903 -8634841 -6144066 -959325 -786122 -7675516 -5357944 -7675516 -5357944 -7675516 -5357944 5563785 2858626 5563785 2858626 11257 19700 11257 19700 72604 47961 72604 47961 5647646 2926287 149029 0 149029 0 180951 608440 959325 786122 4132261 0 5272537 1394562 4319552 122901 9741118 1517463 15388764 4443750 54475 43764 4132261 0 4339752 0 -1114557 -11500934 7411931 -11457170 2628273 2673371 2628273 2673371 3409897 10395539 16150 0 1590382 2183262 9056 5880 5348560 13227549 7976833 15900920 15388764 4443750 DKKSha­re ca­pi­talShare PremiumReserve for non-paid share capitalReserve for development costsRetained earningsTotal Equity at 1 January 202543.764000-14.359.560-14.315.796Change of equity due to change of policy 2.858.6262.858.626Adjusted equity at 1 January 202543.764000-11.500.934-11.457.170 Proposed profit allocation -7.675.516-7.675.516 Transactions with ownersCapital increase10.71126.536.9681.269 -1.26926.547.679Cost of capital increase -3.062 -3.062 Other legal bindingsUnpaid share capital4.130.992 -4.130.9920Capitalized development costs 4.360.568-4.360.5680 TransfersRetained premium -26.533.906 26.533.9060Depreciations -1.655.4091.655.4090Allowed equalization 2.229.727-2.229.7270 Tax on changes in equity -595.134595.1340 Equity at 31 December 202554.47504.132.2614.339.752-1.114.5577.411.931 43764 0 0 0 -14359560 2858626 -7675516 10711 26536968 1269 -1269 -3062 4130992 -4130992 4360568 -4360568 -26533906 26533906 -1655409 1655409 2229727 -2229727 -595134 595134 54475 0 4132261 4339752 -1114557 1 | Going concern assumptions The financial statements have been prepared on a going concern basis. Although the company incurred a loss of DKK 7.7 million in 2025 and generated negative cash flows from operating activities, a capital increase was completed after the balance sheet date. The proceeds from the capital increase have strengthened the company’s equity and liquidity position and are expected to provide sufficient funding for the company’s planned activities. Based on this, management considers the going concern assumption to be appropriate. 20252024 DKKDKK 2 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees86 Wages and salaries 4.922.4663.162.678 Pensions 107.97574.356 Social security costs 66.16945.595 Other staff costs 13.2850 5.109.8953.282.629 8 6 4922466 3162678 107975 74356 66169 45595 13285 0 5109895 3282629 -959325 -786122 4 | Intangible assets DKKDevelopment projects completed Cost at 1 January 2025 3.573.282Additions 4.360.568Cost at 31 December 2025 7.933.850 Amortisation at 1 January 2025 714.656Amortisation for the year 1.655.409Amortisation at 31 December 2025 2.370.065 Carrying amount at 31 December 20255.563.785 3573282 4360568 7933850 714656 1655409 2370065 5563785 5 | Property, plant and equipment DKKOther plant, machinery tools and equipment Cost at 1 January 2025 42.215Cost at 31 December 2025 42.215  Depreciation and impairment losses at 1 January 2025 22.515Depreciation for the year 8.443Depreciation and impairment losses at 31 December 2025 30.958 Carrying amount at 31 December 202511.257 42215 42215 22515 8443 30958 11257 6 | Financial non-current assets DKKRent deposit and other receivables Cost at 1 January 2025 47.961Additions 24.643Cost at 31 December 2025 72.604  Carrying amount at 31 December 202572.604 47961 24643 72604 72604 7 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Convertible and interest-bearing debt instruments 3.409.8973.409.897010.395.539Payables to owners and management 2.628.273002.673.371 6.038.1703.409.897013.068.910 0 Other financial commitments The company has entered into rental obligations that, at the balance sheet date, amount to 48 thousand DKK during the notice period. 9 | Charges and securities An amount of DKK 100 thousand has been pledged in a blocked account as security for Bank debt  with Danske Bank. The Annual Report of Frida Group ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrue Regnskabsklasse B true The Annual Report is prepared consistently with the accounting principles applied last year, except for the following changes.   Change in accounting policies and classification The company has changed its accounting policy for development costs with effect from the financial year 2024. Previously, all development costs were expensed in the income statement in the year in which they were incurred. The new accounting policy means that development costs that meet the conditions in Section 33(3) of the Danish Financial Statements Act are capitalised as intangible fixed assets and amortised over their expected useful lives. The change has been made because management believes that the new policy provides a more true and fair view of the company's financial position and results. Effect of the change The income statement in the annual accounts for the financial year 2024 has been positively affected overall by DKK 2.858.626, of which costs under gross loss have been capitalized and have improved the result by DKK 3.573.282, in addition, the result has been negatively affected by depreciation of a total of DKK 715 thousand in accordance with Section 33, 3. The equity of the company has been adjusted by DKK 2.858.626 as a result of the change in the capitalization of development costs. In addition, the total assets of the company were improved by DKK  2.858.626, and the liabilities of the company were improved by DKK 2.858.626. Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer.    Costs of raw materials and consumables Raw materials and consumables comprises the costs of raw materials and consumables used to reach the revenue for the year. Additionally, decrease or increase of inventories of raw materials and consumables for the year is included, as well as normal impairment of inventories of raw materials and consumables.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.    Work performed for own account and recognised as an asset. Work performed for own account and capitalised under assets primarily consists of personnel costs.   Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  lease expenses, etc.   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Intangible fixed assets Development projects comprise costs, including wages and salaries, and amortisation, which directly or indirectly can be related to the Company’s development activities and which fulfil the criteria for recognition in the Balance Sheet.   The accounting item is measured at the lower of the capitalised costs less accumulated amortisation and recoverable amount. Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years.   Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    Property, plant and equipment Other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeOther plant, fixtures and equipment 5 years0 % Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Financial non-current assets The portfolio of mortgage deeds includes mortgages, that are expected to be held to maturity and are measured at amortised cost.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable amount is lower than cost, the inventories are written down to the lower amount.   The cost of merchandise as well as raw materials and consumables is calculated at acquisition price with addition of transportation and similar costs.   The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct payroll cost and other direct production cost.   The net realisable value of inventories is stated at the expected sales price less direct completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price of the inventories.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.