34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 2 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 3 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 5 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 6 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 1 34795312 2024-04-01 2025-03-31 c:ConsolidatedMember 34795312 2025-04-01 2025-12-31 34795312 2024-04-01 2025-03-31 34795312 2025-12-31 c:ConsolidatedMember 34795312 2025-03-31 c:ConsolidatedMember 34795312 2025-12-31 34795312 2025-03-31 34795312 2025-04-01 c:ConsolidatedMember 34795312 2024-04-01 c:ConsolidatedMember 34795312 2025-04-01 c:ConsolidatedMember d:CompletedDevelopmentProjectsMember 34795312 2025-04-01 d:CompletedDevelopmentProjectsMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:CompletedDevelopmentProjectsMember 34795312 2025-04-01 2025-12-31 d:CompletedDevelopmentProjectsMember 34795312 2025-12-31 c:ConsolidatedMember d:CompletedDevelopmentProjectsMember 34795312 2025-12-31 d:CompletedDevelopmentProjectsMember 34795312 2025-04-01 c:ConsolidatedMember d:AcquiredIntangibleAssetsMember 34795312 2025-04-01 d:AcquiredIntangibleAssetsMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:AcquiredIntangibleAssetsMember 34795312 2025-04-01 2025-12-31 d:AcquiredIntangibleAssetsMember 34795312 2025-12-31 c:ConsolidatedMember d:AcquiredIntangibleAssetsMember 34795312 2025-12-31 d:AcquiredIntangibleAssetsMember 34795312 2025-04-01 c:ConsolidatedMember d:GoodwillMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:GoodwillMember 34795312 2025-12-31 c:ConsolidatedMember d:GoodwillMember 34795312 2025-04-01 c:ConsolidatedMember d:DevelopmentProjectsInProgressMember 34795312 2025-04-01 d:DevelopmentProjectsInProgressMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:DevelopmentProjectsInProgressMember 34795312 2025-04-01 2025-12-31 d:DevelopmentProjectsInProgressMember 34795312 2025-12-31 c:ConsolidatedMember d:DevelopmentProjectsInProgressMember 34795312 2025-12-31 d:DevelopmentProjectsInProgressMember 34795312 2025-04-01 c:ConsolidatedMember d:LandAndBuildingsMember 34795312 2025-04-01 d:LandAndBuildingsMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:LandAndBuildingsMember 34795312 2025-04-01 2025-12-31 d:LandAndBuildingsMember 34795312 2025-12-31 c:ConsolidatedMember d:LandAndBuildingsMember 34795312 2025-12-31 d:LandAndBuildingsMember 34795312 2025-04-01 c:ConsolidatedMember d:FixturesFittingsToolsAndEquipmentMember 34795312 2025-04-01 d:FixturesFittingsToolsAndEquipmentMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:FixturesFittingsToolsAndEquipmentMember 34795312 2025-04-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 34795312 2025-12-31 c:ConsolidatedMember d:FixturesFittingsToolsAndEquipmentMember 34795312 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 34795312 2025-04-01 c:ConsolidatedMember d:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 34795312 2025-04-01 d:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 34795312 2025-04-01 2025-12-31 d:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 34795312 2025-12-31 c:ConsolidatedMember d:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 34795312 2025-12-31 d:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 34795312 2025-04-01 d:InvestmentsInGroupEnterprisesMember 34795312 2024-04-01 d:InvestmentsInGroupEnterprisesMember 34795312 2025-04-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 34795312 2024-04-01 2025-03-31 d:InvestmentsInGroupEnterprisesMember 34795312 2025-12-31 d:InvestmentsInGroupEnterprisesMember 34795312 2025-03-31 d:InvestmentsInGroupEnterprisesMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 1 34795312 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 1 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 3 34795312 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 3 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 4 34795312 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 4 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 5 34795312 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 5 34795312 2025-04-01 c:ConsolidatedMember d:ReceivablesFromGroupEnterprisesMember 34795312 2025-04-01 d:ReceivablesFromGroupEnterprisesMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:ReceivablesFromGroupEnterprisesMember 34795312 2025-04-01 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 34795312 2025-12-31 c:ConsolidatedMember d:ReceivablesFromGroupEnterprisesMember 34795312 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 34795312 2025-12-31 c:ConsolidatedMember d:InventoriesMember 34795312 2025-04-01 c:ConsolidatedMember d:ContributedCapitalMember 34795312 2024-04-01 c:ConsolidatedMember d:ContributedCapitalMember 34795312 2025-04-01 d:ContributedCapitalMember 34795312 2024-04-01 d:ContributedCapitalMember 34795312 2025-12-31 c:ConsolidatedMember d:ContributedCapitalMember 34795312 2025-03-31 c:ConsolidatedMember d:ContributedCapitalMember 34795312 2025-12-31 d:ContributedCapitalMember 34795312 2025-03-31 d:ContributedCapitalMember 34795312 2025-04-01 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2024-04-01 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2025-04-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2024-04-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2024-04-01 2025-03-31 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2025-04-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2024-04-01 2025-03-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2025-12-31 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2025-03-31 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2025-03-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 34795312 2025-04-01 c:ConsolidatedMember d:ReserveForDevelopmentExpenditureMember 34795312 2024-04-01 c:ConsolidatedMember d:ReserveForDevelopmentExpenditureMember 34795312 2025-04-01 d:ReserveForDevelopmentExpenditureMember 34795312 2024-04-01 d:ReserveForDevelopmentExpenditureMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:ReserveForDevelopmentExpenditureMember 34795312 2024-04-01 2025-03-31 c:ConsolidatedMember d:ReserveForDevelopmentExpenditureMember 34795312 2025-04-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 34795312 2024-04-01 2025-03-31 d:ReserveForDevelopmentExpenditureMember 34795312 2025-12-31 c:ConsolidatedMember d:ReserveForDevelopmentExpenditureMember 34795312 2025-03-31 c:ConsolidatedMember d:ReserveForDevelopmentExpenditureMember 34795312 2025-12-31 d:ReserveForDevelopmentExpenditureMember 34795312 2025-03-31 d:ReserveForDevelopmentExpenditureMember 34795312 2025-04-01 c:ConsolidatedMember d:OtherStatutoryReservesMember 34795312 2024-04-01 c:ConsolidatedMember d:OtherStatutoryReservesMember 34795312 2025-04-01 d:OtherStatutoryReservesMember 34795312 2024-04-01 d:OtherStatutoryReservesMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:OtherStatutoryReservesMember 34795312 2024-04-01 2025-03-31 c:ConsolidatedMember d:OtherStatutoryReservesMember 34795312 2025-04-01 2025-12-31 d:OtherStatutoryReservesMember 34795312 2024-04-01 2025-03-31 d:OtherStatutoryReservesMember 34795312 2025-12-31 c:ConsolidatedMember d:OtherStatutoryReservesMember 34795312 2025-03-31 c:ConsolidatedMember d:OtherStatutoryReservesMember 34795312 2025-12-31 d:OtherStatutoryReservesMember 34795312 2025-03-31 d:OtherStatutoryReservesMember 34795312 2025-04-01 c:ConsolidatedMember d:RetainedEarningsMember 34795312 2024-04-01 c:ConsolidatedMember d:RetainedEarningsMember 34795312 2025-04-01 d:RetainedEarningsMember 34795312 2024-04-01 d:RetainedEarningsMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 34795312 2024-04-01 2025-03-31 c:ConsolidatedMember d:RetainedEarningsMember 34795312 2025-04-01 2025-12-31 d:RetainedEarningsMember 34795312 2024-04-01 2025-03-31 d:RetainedEarningsMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:ProposedExtraordinaryDividendRecognisedInEquityMember 34795312 2024-04-01 2025-03-31 c:ConsolidatedMember d:ProposedExtraordinaryDividendRecognisedInEquityMember 34795312 2025-04-01 2025-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 34795312 2024-04-01 2025-03-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 34795312 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 34795312 2025-03-31 c:ConsolidatedMember d:RetainedEarningsMember 34795312 2025-12-31 d:RetainedEarningsMember 34795312 2025-03-31 d:RetainedEarningsMember 34795312 2025-04-01 c:ConsolidatedMember d:ProposedDividendRecognisedInEquityMember 34795312 2024-04-01 c:ConsolidatedMember d:ProposedDividendRecognisedInEquityMember 34795312 2025-04-01 d:ProposedDividendRecognisedInEquityMember 34795312 2024-04-01 d:ProposedDividendRecognisedInEquityMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember d:ProposedDividendRecognisedInEquityMember 34795312 2024-04-01 2025-03-31 c:ConsolidatedMember d:ProposedDividendRecognisedInEquityMember 34795312 2025-04-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 34795312 2024-04-01 2025-03-31 d:ProposedDividendRecognisedInEquityMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 1 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 1 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 2 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 3 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 4 34795312 2022-04-01 2024-03-31 c:ConsolidatedMember 34795312 2021-04-01 2022-03-31 c:ConsolidatedMember 34795312 2020-04-01 2021-03-31 c:ConsolidatedMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 23 34795312 2024-04-01 2025-03-31 c:ConsolidatedMember 23 34795312 2022-04-01 2024-03-31 c:ConsolidatedMember 23 34795312 2021-04-01 2022-03-31 c:ConsolidatedMember 23 34795312 2020-04-01 2021-03-31 c:ConsolidatedMember 23 34795312 2024-03-31 c:ConsolidatedMember 34795312 2022-03-31 c:ConsolidatedMember 34795312 2021-03-31 c:ConsolidatedMember 34795312 2025-04-01 2025-12-31 c:ConsolidatedMember 0 34795312 2024-04-01 2025-03-31 c:ConsolidatedMember 0 34795312 2022-04-01 2024-03-31 c:ConsolidatedMember 0 34795312 2021-04-01 2022-03-31 c:ConsolidatedMember 0 34795312 2020-04-01 2021-03-31 c:ConsolidatedMember 0 iso4217:EUR xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-04-01 2025-03-31 2025-04-01 2025-12-31 34795312 JAI A/S Valby Torvegade 17, 1. 2500 Valby 1971-06-18 København Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Morten Grønbek statsautoriseret revisor mne34491 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-06-30 Baoxing Gu Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejeren København 2026-06-30 Valby 2026-06-30 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Gross margin ratio Gross profit x 100 / Revenue  / Solvency ratio Equity less non-controlling interests, closing balance x 100 / Total assets, closing balanceReturn on equity *Profit x 100 / Average equity exclusive of non-controlling interests*Profit Net profit or loss for the year less non-controlling interests’ share hereof 20562000 21056000 7123000 9753000 1040000 2003000 0 72000 40000 0 2161000 3050000 9575000 11889000 4551000 6569000 3803000 6223000 1600000 2895000 8264000 4947000 3133000 3411000 6200000 7187000 2471000 3520000 760000 1847000 372000 1200000 0 63000 0 0 1304000 -4150000 290000 -1309000 0 2279000 542000 307000 218000 460000 487000 708000 346000 211000 257000 630000 1176000 -1622000 1062000 -924000 232000 -844000 118000 -266000 0 120000 0 0 944000 -658000 944000 -658000 944000 -658000 542000 -1972000 402000 1314000 3620000 1473000 3604000 1373000 13000 101000 0 80000 1171000 2706000 1171000 2706000 4804000 4280000 4775000 4159000 709000 792000 123000 122000 990000 1136000 101000 47000 110000 88000 0 0 1809000 2016000 224000 169000 0 0 11518000 12388000 0 0 7655000 8322000 0 0 19173000 20710000 6613000 6296000 24172000 25038000 11822000 11638000 0 0 220000 2484000 0 0 1558000 1101000 589000 120000 13600000 15223000 589000 120000 5469000 4141000 1746000 1579000 0 0 1001000 221000 1537000 1762000 428000 464000 0 0 16000 0 1131000 319000 1009000 142000 448000 463000 158000 157000 8585000 6685000 4358000 2563000 4141000 4626000 729000 1178000 26326000 26534000 5676000 3861000 32939000 32830000 29848000 28899000 110000 0 1254000 1254000 1254000 1254000 0 0 8368000 9249000 0 0 3724000 3181000 -4561000 -3141000 0 0 15779000 14835000 -874000 -736000 12472000 12948000 12472000 12948000 334000 330000 0 0 125000 256000 0 0 459000 586000 0 0 12758000 14072000 12758000 13870000 12758000 14072000 12758000 13870000 1900000 795000 1900000 0 13000 495000 0 0 3562000 2558000 197000 297000 51000 0 1716000 1101000 83000 32000 0 0 1641000 1344000 805000 683000 7250000 5224000 4618000 2081000 20008000 19296000 17376000 15951000 32939000 32830000 29848000 28899000 944000 -658000 -42000 -2831000 1346000 6882000 2248000 3393000 218000 465000 346000 236000 2120000 3622000 79000 -594000 2041000 4216000 1182000 2113000 458000 -80000 0 2538000 42000 2279000 -1598000 2784000 1314000 5488000 0 2862000 0 14072000 0 236000 0 14052000 -1314000 -8094000 -871000 -1094000 4626000 5581000 386000 139000 4141000 4626000 4141000 4626000 5933000 6437000 2389000 3352000 158000 149000 55000 77000 109000 208000 27000 75000 0 393000 0 16000 6200000 7187000 2471000 3520000 588000 2386000 588000 2386000 117 111 17 22 136000 93000 216000 558000 210000 118000 41000 72000 346000 211000 257000 630000 18109000 4285000 -3033000 -4000 50000 50000 2574000 2574000 17600000 6805000 16636000 2912000 3029000 7000 423000 346000 50000 50000 13980000 3201000 3620000 3604000 615000 80000 -26000 0 48000 0 -382000 -80000 159000 0 514000 0 27000 0 9000 0 48000 0 302000 0 146000 0 13000 0 2126000 -2000 2124000 2126000 2000 2124000 2706000 2706000 -1000 -1000 1040000 1040000 -2574000 -2574000 1171000 1171000 1171000 1171000 2234000 125000 -179000 0 35000 0 43000 0 2047000 125000 1442000 3000 83000 1000 22000 0 43000 0 1338000 2000 709000 123000 7347000 352000 -439000 0 39000 0 2223000 0 80000 109000 4804000 461000 6211000 305000 480000 -1000 306000 26000 2223000 0 0 -28000 3814000 360000 990000 101000 88000 0 -10000 0 384000 0 -352000 0 110000 0 110000 0 3143000 8210000 -3000 -2000 10000 0 0 5065000 3150000 3143000 9245000 15477000 -1419000 427000 542000 -1972000 0 4687000 8368000 9245000 11518000 12388000 JAI Ltd. Yokohama City, Japan 100 10943 203 JAI Korea Ltd. Seoul, South Korea 100 110 15 JAI Technology (Beijing) Co., Ltd. Beijing, China 100 411 279 JAI Americas Inc. Chicago, IL, United States of America 100 54 45 0 8322000 0 667000 0 7655000 0 7655000 13600000 589000 1254000 1254000 1254000 1254000 1254000 1254000 1254000 1254000 0 0 9249000 15477000 0 0 542000 -1972000 0 0 -1423000 431000 0 0 0 -4687000 0 0 8368000 9249000 0 0 3181000 2557000 0 0 543000 632000 0 0 0 -8000 0 0 3724000 3181000 -341000 -3572000 0 -378000 0 0 0 378000 1420000 -431000 0 0 -2800000 0 0 0 -4561000 -3141000 0 0 14835000 27380000 -736000 6152000 0 -27380000 0 0 0 27380000 402000 1314000 0 -658000 0 0 0 0 0 11979000 0 -11979000 0 0 944000 92000 -540000 3777000 15779000 14835000 -874000 -736000 0 2168000 0 2168000 0 0 0 2168000 0 -2168000 0 0 372000 205000 -542000 -2279000 -218000 -465000 346000 236000 0 -959000 0 431000 1623000 5553000 -2125000 3190000 1975000 -1770000 -127000 -91000 Today, the Board of Directors and the Managing Director have approved the annual report of JAI A/S for the financial year 1 April - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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 and the Company's operations as well as the consolidated cash flows for the financial year 1 April – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Baoxing Gu Yi Yang Baoxing Gu Wentao Wang Masao Watabe We have audited the consolidated financial statements and the parent company financial statements of JAI A/S for the financial year 1 April to 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes for both the Group the Parent Company, as well as consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 April - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial Statements” 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 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 consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent company 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 consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and the parent company 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 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 consolidated financial statements and the parent company 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 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 consolidated financial statements and the parent company 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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company 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. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company 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 Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 41489000 48575000 33190000 15809000 17784000 10525000 2064000 -2240000 5297000 6411000 69000 3003000 3949000 -2437000 -128000 2528000 -651000 2000 11000 2168000 2900000 -1684000 43939000 47825000 44169000 27230000 29795000 28114000 4844000 -5002000 -18493000 -1501000 -1666000 -11332000 -1276000 3479000 36260000 -871000 -1094000 2067000 -3189000 6435000 127 133 118 40.2 23.5 38.1 36.6 31.7 6.3 -12.6 6.8 8.3 -5.5 37.9 39.4 62.0 62.3 63.7 7.4 -3.3 7.6 10.0 -5.7 Unusual circumstancesThe accounting period has been changed in the current financial year and comprises the period 1 April – 31 December 2025. The comparative figures in the income statement comprise the period 1 April 2024 – 31 March 2025. Development in activities and financial mattersThe financial year 2025 comprised the nine-month period from 1 April 2025 to 31 December 2025 as part of the transition to a calendar-year reporting cycle. Market conditions gradually improved during the year following a prolonged period of uncertainty across the global machine vision industry. While investment activity remained cautious in certain segments, customer demand showed signs of recovery compared to the previous financial year. Against this backdrop, JAI delivered a solid financial performance. Despite the shorter reporting period, revenue remained at a level comparable to the previous financial year, while profitability improved significantly. Gross margins strengthened considerably, supported by a more favourable product mix, improved operational execution and continued focus on efficiency throughout the organisation. The Group returned to profitability during the period and continued to strengthen its operational foundation while maintaining a high level of customer satisfaction and delivery performance. Significant highlightsDuring 2025, JAI continued to focus on product innovation, operational improvements and strengthening its global market position. Research and Development activities remained a key priority. Several strategic development projects progressed according to plan, and the Group continued to invest in next-generation imaging technologies designed to support future growth and expand JAI’s addressable market opportunities. The Group also continued to enhance its operational efficiency across manufacturing, supply chain management and commercial functions. These efforts contributed positively to profitability and increased organisational agility. Supply chain performance remained stable throughout the year. However, selected electronic components, particularly image sensors and FPGA-related products, continued to experience industry-wide supply constraints and extended lead times. Through proactive supplier management, long-term planning and close collaboration with key partners, JAI successfully mitigated most supply-related disruptions and maintained a high level of delivery performance. As market conditions gradually improved, JAI strengthened customer engagement across key markets and continued to support customers with advanced imaging solutions in a range of industrial applications. Development for the year relative to the expectationsThe financial year comprises the nine-month period from 1 April 2025 to 31 December 2025. Comparative figures relate to the twelve-month period from 1 April 2024 to 31 March 2025 and are therefore not directly comparable. Revenue amounted to EUR 20.6 million compared to EUR 21.1 million in the previous financial year. Gross profit amounted to EUR 8.3 million, corresponding to a gross margin of 40.2%, compared to EUR 4.9 million and 23.5% in the previous financial year. Profit from operating activities (EBIT) amounted to EUR 1.3 million compared to a loss of EUR 4.2 million in the previous financial year. The Group recorded a profit after tax of EUR 0.9 million compared to a loss after tax of EUR 0.7 million in the previous financial year. At 31 December 2025, total assets amounted to EUR 32.9 million and equity amounted to EUR 12.5 million, corresponding to a solvency ratio of 37.9%. The primary reason for the deviation between the projected and actual revenue for the Group was the challengingexternal market environment, including continued geopolitical uncertainty, trade tensions and tariffs, which affected customer investment decisions and the timing of orders. In addition, several customer deliveries originally planned for late 2025 were postponed into early 2026, and the related revenue will therefore be recognised in the following financial year. Despite the lower-than-expected revenue (expected 23 MEUR), the Group achieved EBITDA of 2.1MEUR broadly in line with Management's expectations of 2 to 3 MEUR, supported by disciplined cost management, operational efficiencies and a favorable product mix. Management considers the result for the year satisfactory. Expectations for the futureMarket conditions within the machine vision industry are expected to continue improving gradually during 2026, although the pace of recovery remains subject to broader economic conditions and customer investment activity. JAI expects continued growth driven by product innovation, strengthening customer relationships and further expansion of commercial activities across key regions. Significant investments in research and development will continue to support future product launches and strengthen the Group’s competitive position. At the same time, management remains mindful of ongoing geopolitical uncertainty and continued supply constraints affecting certain key electronic components, including image sensors and FPGA-related products. While the overall supply situation has improved compared with previous years, availability of selected components may continue to influence production planning and delivery schedules. Management is actively working with suppliers, customers and internal planning processes to mitigate these risks and secure sufficient component supply to support future growth. Based on the current business outlook and order pipeline, JAI expects revenue in the range of EUR 32 million to EUR 36 million and EBIT in the range of EUR 2.2 million to EUR 2.6 million during 2026. While external uncertainties remain, management believes the Group is well positioned to capture future growth opportunities and further improve profitability. Intangible key resourcesJAI’s intellectual capital comprises customer relationships, employees, technologies and operational processes. The Group’s success depends on highly skilled and dedicated employees. JAI continues to invest in employee development and knowledge sharing to support innovation and operational excellence. The Group's accumulated know-how in advanced imaging technologies, application expertise and long-standing customer relationships represent key knowledge resources and are considered fundamental to maintaining JAI's competitive position. Combined with the Group's intellectual property, research capabilities and close collaboration with customers and technology partners, these knowledge resources provide a strong foundation for future innovation and long-term value creation. Research and development activitiesResearch and development activities remain a strategic priority. During 2025, the Group continued investing in advanced imaging technologies and product platforms aimed at supporting future growth and strengthening its market position.  Development activities are primarily focused on next-generation camera platforms, high-speed imaging technologies, prism-based solutions, SWIR and other advanced vision technologies to address evolving customer requirements across industrial and scientific applications. Management expects these investments to support future product launches and strengthen the Group's long-term competitiveness. Further information regarding research and development expenditure and capitalised development costs is disclosed in the notes to the financial statements. Quality systemsQuality remains a fundamental priority throughout the Group. All major Group entities continue to operate under internationally recognised quality management systems and environmental standards. Continuous improvement initiatives remain embedded throughout the organisation to ensure high levels of quality, reliability and customer satisfaction. Branches abroadThe company has the following branches abroad: Taiwan, China – JAI A/S Representative Office, branch with registered office in Taipei City, Taiwan, China Events occurring after the end of the financial yearNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The annual report for JAI A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   The accounting policies are unchanged from the previous year, and the annual report is presented in euro (EUR). The accounting period has been changed in the current financial year and comprises the period 1 April – 31 December 2025. The comparative figures in the income statement comprise the period 1 April 2024 – 31 March 2025. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the group and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the group and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Recognition of discontinued operationsDiscontinued operations represent a considerable part of the enterprise if activities and cash flows, in operational and accounting terms, are recognised separately from the rest of the enterprise and if the entity has either been sold or demerged and held for sale and this sale is expected to be completed within one year in accordance with a formal plan. Also, discontinued operations comprise enterprises which, on acquisition, were classified as held for sale. Post-tax profit or loss on discontinued operations and value adjustments after tax on related assets and liabilities as well as gains/losses from sales are recognised as separate items in the income statement without restating comparatives. Revenue, costs, value adjustments, and tax on the discontinued operation in question are recognised in the notes. Assets and related liabilities concerning discontinued operations are recognised as separate items in the statement of financial position without restating comparatives and the principal items are specified in the notes. Assets relating to discontinued operations comprise non-current assets and disposal groups, the disposal of which is expected as a result of discontinued operations. Disposal groups are assets disposed of in whole by sale or similar transaction. Liabilities arising from assets concerning discontinued operations are obligations related directly to these assets and will be transferred upon transaction. Assets are classified as assets relative to discontinued operations when their carrying amount is primarily recovered through disposal within a 12-month period in accordance with a formal plan rather than through continued use. Assets or disposal groups relative to discontinued operations are measured at the lowest value at the time of an operation being classified as a discontinued operation, or at fair value less sales costs. Assets are not depreciated or amortised as of the time they are classified as discontinued operations. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. RevenueThe enterprise will be applying  IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of salesCost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Own work capitalisedOwn work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible and tangible fixed assets. Other external expensesOther external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Results from investments in group enterprisesAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity investment in the individual entities are recognised in the income statement of the parent as a proportional share of the entities' post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Intangible assetsDevelopment projects, patents, and licencesDevelopment costs and internally generated rights are recognised in the income statement as costs in the acquisition year. 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 licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 5 years. Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. GoodwillAcquired goodwill is measured at cost less accumulated amortisation. Given that it is impossible to make a reliable estimate of the useful life, the amortisation period is set at 10 years. Property, plant, and equipmentLand and buildings is measured at cost plus revaluations and less accrued depreciation and write-down for impairment. Land is not subject to depreciation. Land and buildings is revaluated on the basis of regular, independent fair-value assessments. Net revaluation at fair value adjustment is recognised directly in equity less deferred tax and tied up in a particular revaluation reserve. Net impairment loss at fair value adjustment is recognised in the income statement. The depreciable amount is cost plus revaluations at fair value less expected residual value after the end of the useful life of the asset. The amortisation period is fixed at the acquisition date and reassessed annually. If the residual value exceeds the carrying mount of the asset, depreciation is discontinued. Reversal of previous revaluations and recognised deferred taxes concerning revaluations are recognised directly in company equity. Other property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeBuildings20-50yearsLeasehold improvements3-10yearsOther fixtures and fittings, tools and equipment3-20years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investments in group enterprisesInvestments in group enterprises are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprises are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterprises with a strong market position and a long-term earnings profile. In relation to material assets and liabilities recognised in group enterprises but are not represented in the parent, the following accounting policies have been applied. Investments in group enterprises with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in group enterprises  transferred to the reserve under equity for net revaluation according to the equity method. Dividends from group enterprises expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprises. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. Costs of manufactured goods and work in progress comprise the cost of raw materials, consumables, direct wages, and indirect production costs. Indirect production costs comprise indirect materials and wages, maintenance and depreciation of machinery, factory buildings, and equipment used in the production process, and costs for factory administration and factory management. Borrowing expenses are not recognised in cost. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityTreasury sharesPurchase prices and sales prices of own shares are recognised directly in equity. The capital reduction arising from the cancellation of own shares will reduce the share capital by an amount corresponding to the nominal value of the shares and increase the results brought forward, respectively. Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Reserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. ProvisionsProvisions comprise expected costs of warranty commitments, loss on work in progress, restructuring, etc. Provisions are recognised when the group has a legal or actual commitment resulting from a previously occurred event and when it is probable that the settlement of the liability will result in consumption of the financial resources of the group. Provisions are measured at net realisable value or at fair value. If the fulfilment of a liability is expected to take place far in the future, the liability is measured at fair value. Guarantee liabilities comprise liabilities for repairs within the guarantee period of 1-5 years. Provisions for warranty commitments are measured on basis of the obtained experience with guarantee work. Provisions with an expected due date later than 1 year from the reporting date are discounted at a rate reflecting risk and maturity of the liability. On the acquisition of entities, provisions for restructuring within the acquired entity are included in the acquisition cost, and thereby in the goodwill or the consolidated goodwill, to the extent that they have been recognised in the financial statements of the acquired entity in advance of the acquisition. Provisions for restructuring are included to the extent that they have been decided at the date of acquisition at the latest and that the process have been commenced. When it is likely that the total costs will exceed the total income of contract work in progress, the total expected loss on the contract work in progress will be recognised as provisions for liabilities. The provision is recognised under production costs. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. The cash flow statement shows the cash flows of the group for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and group’ cash and cash equivalents at the beginning and the end of the year, respectively. A cash flow statement for the parent has not been prepared as the cash flows of the enterprise are included in the consolidated cash flow statement, cf. section 86, subsection 4, of the Danish Financial Statements Act. The effect on cash flows derived from the acquisition and sale of enterprises appears separately under cash flows from investment activities. In the statement of cash flows, cash flows derived from acquirees are recognised as of the date of acquisition, and cash flows derived from sold enterprises are recognised until the date of sale. Cash flows from operating activitiesCash flows from operating activities are calculated as the group's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity investments are recognised under “Interest income and dividend received”. Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the group's share capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and payment of dividend to 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 records. Disclosure of assumptions related to development projects As a Technology company our development projects relates to development of new camera technologies, and improvement of existing products and some customization. Our development projects is developed according to plan and launch to support our growth. Development of new technologies is a key activity to keep up with the industry standards and will continue to support the company strategy. Projects are monitored and progressing according to plans. GroupParent 31/12 202531/3 202531/12 202531/3 2025 19.Deferred tax assetsDeferred tax assets 1 April 20251.7621.545464518Deferred tax of the net profit or loss for the year-111455-118184Deferred tax recognised directly in equity/other recieveables-114-23882-238 1.5371.762428464 The recognised tax asset primarily consists of deferred tax relating to tax loss carryforward. Management estimates future earnings in connection with the assessment of whether and when deferred tax assets will be utilised. Management has prepared a plan for the utilisation of the recognised tax asset. The recognised tax asset is expected to be utilised within the next 4 years. 25.Contractual obligations and contingencies, etc. Lease liabilities:In addition to finance leases, the Group, operating lease contracts have been entered into. The lease contracts have a remaining obligation of EUR 64 thousand. Within the Group, rental lease agreements for premises with non?cancellable periods have been entered into. The non?cancellable periods run for up to 6 months. The total lease obligation amounts to EUR 161 thousand. Guarantee obligationsThe company has provided a guarantee of TDKK 580 to a third party. The guarantee is valid until 30 June 2026. 26.Related partiesControlling interest SINGPHOTONICS SMART VISION PTE. LTD.Majority shareholder TransactionsTransactions with related parties have been carried out on an arm's lenght basis. Accordingly, no further disclosures are required. Consolidated financial statementsThe accounts for the parent company will be included in the consolidated financial statements of SINGPHOTONICS SMART VISION PTE. LTD.