33879091 2025-01-01 2025-12-31 33879091 2025-01-01 2025-12-31 2 33879091 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 33879091 2025-01-01 2025-12-31 1 33879091 2024-01-01 2024-12-31 33879091 2025-12-31 33879091 2024-12-31 33879091 2025-01-01 fsa:ContributedCapitalMember 33879091 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 33879091 2025-01-01 fsa:RetainedEarningsMember 33879091 2025-01-01 33879091 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 33879091 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 33879091 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 33879091 2025-12-31 fsa:ContributedCapitalMember 33879091 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 33879091 2025-12-31 fsa:RetainedEarningsMember 33879091 2025-01-01 fsa:CompletedDevelopmentProjectsMember 33879091 2025-01-01 fsa:DevelopmentProjectsInProgressMember 33879091 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 33879091 2025-01-01 2025-12-31 fsa:DevelopmentProjectsInProgressMember 33879091 2025-12-31 fsa:CompletedDevelopmentProjectsMember 33879091 2025-12-31 fsa:DevelopmentProjectsInProgressMember 33879091 2025-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 33879091 2024-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 33879091 2025-12-31 fsa:ShorttermPayablesToGroupEnterprisesMember 33879091 2024-12-31 fsa:ShorttermPayablesToGroupEnterprisesMember 33879091 2025-12-31 fsa:OtherLongtermPayablesMember 33879091 2024-12-31 fsa:OtherLongtermPayablesMember 33879091 2025-12-31 fsa:OtherShorttermPayablesMember 33879091 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse B Erklæring om udvidet gennemgang true 2026-06-30 Nickolai Arnfeldt Hoff The Executive Board has today considered and adopted the Annual Report of LK Systems ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-06-30 Nickolai Arnfeldt Hoff CEO To the shareholder of LK Systems ApS Opinion We have performed an extended review of the Financial Statements of LK Systems 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 in accordance with the Danish Financial Statements Act.Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for Opinion 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 ”Practitioner’s responsibilities for the extended review of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion.An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained. An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our extended review of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the extended review, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2026-06-30 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Søren Alexander Frederik Tvedeskov Jantzen State Authorised Public Accountant State Authorised Public Accountant mne42824 mne47815 LK Systems ApS Dampfærgevej 21, 4. 2100 København Ø 33879091 Copenhagen Strandvejen 44 2900 Hellerup Key activitiesThe company's main acitivity is to operate as an IT company as well as any related business hereto.Development in the yearThe income statement of the Company for 2025 shows an earnings before interest, taxes, depreciation, and amortization of DKK 8,715,968 as well as a profit of DKK 6,098,047, and at 31 December 2025 the balance sheet of the Company shows a equity of DKK 5,537,628.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 8715968 4299651 397691 695013 8318277 3604638 143753 459116 644021 932428 7818009 3131326 1719962 192373 6098047 2938953 6098047 2938953 1310457 1472705 230057 0 1540514 1472705 1540514 1472705 4381036 4276837 3962429 1515000 279638 197655 8623103 5989492 6681900 525843 15305003 6515335 16845517 7988040 160000 160000 1201601 1148710 4176027 -1869129 5537628 -560419 338913 323995 338913 323995 0 1684207 1075343 1036975 1075343 2721182 7136486 4436276 386616 328819 2333031 627987 37500 110200 9893633 5503282 10968976 8224464 16845517 7988040 160000 1148710 -1869129 -560419 0 52891 -52891 0 0 0 6098047 6098047 160000 1201601 4176027 5537628 1 1 143753 0 0 136413 0 322703 143753 459116 0 40956 37379 100488 606642 790984 644021 932428 1705044 627987 14918 60904 0 -496518 1719962 192373 10432663 0 235443 230057 10668106 230057 8959958 0 397691 0 9357649 0 1310457 230057 5 years Both completed development projects and development projects in progress relate to infrastructure for affiliate based loyalty programs.Development projects in progress are not amortised until the projects are completed and available for use. Management assesses the projects for indications of impairment on an yearly basis and has concluded that no impairment was required as of 31 December 2025. Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Payables to group enterprises386,6162,013,026Other payables1,112,8431,147,175 0 0 0 1684207 0 1684207 386616 328819 0 0 1075343 1036975 1075343 1036975 37500 110200 Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Loyalty Key A/S, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.Other financial obligationsThere are no other financial commitments as at 31 December 2025. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Loyalty Key A/SKøbenhavn Ø The Annual Report of LK Systems ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in DKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation and impairment of intangible assets. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Loyalty Key A/S. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsDevelopment projectsCosts 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.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.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. The amortisation period is 5 year. Patents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is years. Software licences are amortised over the period of the agreement, which is 5 years. Impairment of fixed assetsThe carrying amounts of intangible assets are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation.If so, the asset is written down to its lower recoverable amount. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off 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 will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.Other debts are measured at amortised cost, substantially corresponding to nominal value.