27671969 2025-01-01 2025-12-31 27671969 2025-01-01 2025-12-31 1 27671969 2025-01-01 2025-12-31 0 27671969 2025-01-01 2025-12-31 0 27671969 2025-01-01 2025-12-31 1 27671969 2025-01-01 2025-12-31 0 27671969 2024-01-01 2024-12-31 27671969 2025-12-31 27671969 2024-12-31 27671969 2024-12-31 fsa:ContributedCapitalMember 27671969 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 27671969 2024-12-31 fsa:RetainedEarningsMember 27671969 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 27671969 2024-12-31 27671969 2025-12-31 fsa:ContributedCapitalMember 27671969 2025-12-31 fsa:RetainedEarningsMember iso4217:USD xbrli:pure 2025-01-01 Regnskabsklasse B Annual report 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1540.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion .Salvador Gerardo Cabrera Aguilar Management's statement Today, the Board of Directors and the Managing Director have approved the annual report of Valid Holding   Denmark ApS for the financial year 1 January - 31 December 2025. 2025-12-31 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 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.   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. Herlev 2026-06-29 Salvador Gerardo Cabrera Aguilar Managing director Ilson Roque Bressan Chairman Independent auditor's report To the Shareholder of Valid Holding Denmark ApS Opinion   We have audited the financial statements of Valid Holding Denmark ApS for the financial year 1 January   - 31 December 2025, which comprises a summary of significant accounting policies, income statement,   balance sheet, statement of changes in equity and notes, for the Company. The financial statements are   prepared under the Danish Financial Statements Act.   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 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 Financial Statements” section of   our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a   basis for our opinion.   Independence   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.   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.   Independent auditor's report Auditor’s Responsibilities for the Audit of the Financial Statements   Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free   from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our   opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted   in accordance with ISAs and the additional requirements applicable in Denmark will always detect a   material misstatement when it exists. Misstatements can arise from fraud or error and are considered   material if, individually or in the aggregate, they could reasonably be expected to influence the economic  decisions of users taken on the basis of these financial statements.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in   Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit.   We also:    Identify and assess the risks of material misstatement of the financial statements, whether due to   fraud or error, design and perform audit procedures responsive to those risks, and obtain audit   evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not   detecting a material misstatement resulting from fraud is higher than for one resulting from error as   fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of   internal control.    Obtain an understanding of internal control relevant to the audit in order to design audit procedures   that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the   effectiveness of the Company’s internal control.    Evaluate the appropriateness of accounting policies used and the reasonableness of accounting   estimates and related disclosures made by Management.    Conclude on the appropriateness of Management’s use of the going concern basis of accounting in  preparing the financial statements and, based on the audit evidence obtained, whether a material  uncertainty exists related to events or conditions that may cast significant doubt on the Company’s   ability to continue as a going concern. If we conclude that material uncertainty exists, we are   required to draw attention in our auditor’s report to the related disclosures in the financial statements   or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the  audit evidence obtained up to the date of our auditor’s report. However, future events or conditions   may cause the Company to cease to continue as a going concern.    Evaluate the overall presentation, structure and contents of the financial statements, including the   disclosures, and whether the financial statements represent the underlying transactions and events   in a manner that gives a true and fair view.   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.   Independent auditor's report Statement on Management’s Review   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 audit 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 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.   Aarhus 2026-06-29 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Lone Nørgaard Eskildsen State Authorised Public Accountant mne32085 Simon M. Laursen State Authorised Public Accountant mne45894 Valid Holding Denmark ApS Hørkær 16, 2. 2730 Herlev 27671969 2004-03-31 Management´s review Description of key activities of the company   The company's primary activities consist of owning shares in subsidiaries.   Significant changes in the company's activities and financial matters   There have been no significant changes in activities and financial matters.   Income or loss from ordinary activities after tax totals USD 203.790 against USD 10.698.475 last year.   Management considers the net profit or loss for the year satisfactory.   Events occurring after the end of the financial year   In April 2026 the Company received extraordinary dividend income of 2,5 mUSD and made an   extraordinary distribution of dividend of 2,5 mUSD.   Accounting policies The annual report for Valid Holding Denmark ApS has been presented in accordance with the Danish   Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company   has decided to comply with certain rules applying to reporting class C enterprises.   true No consolidated financial statements have been prepared pursuant to section 112 (2) of the Danish Financial   Statements Act. The financial statements of Valid Holding Denmark ApS and its group enterprises are  included in the consolidated financial statements for Valid Soluciones S.A., Laura Maiello Kook, No.  511, Ipanemadas Pedras, Sorocaba, Sao Paulo, Brazil, reg. no. 35.3.0060022-3.   Reporting currency   The financial statements are presented in USD, as the company's most significant transactions are settled   in USD. At the balance sheet date, the DKK/USD exchange rate was 6,34741 and at the balance sheet date  last year, the DKK/USD exchange was 7,15943.   Intra-group business combinations   The book value method is applied to business combinations such as acquisition and disposal of investments,   mergers, demergers, contributions of assets and share conversions, etc. in which entities controlled by the   parent company are involved, provided that the combination in considered completed at the time of   acquisition without any restatement of comparative figures. Differences between the agreed consideration   and the carrying amount of the acquiree are recognized directly in equity.   Foreign currency translation   On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at  the transaction date. Foreign exchange differences arising between the exchange rates at the transaction  date and the date of payment are recognized in the income statement as financial income or financial   expenses.   Receivables, payables, and other monetary items denominated in foreign currencies are translated at the   exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date   and the date on which the receivable or payable arose or was recognized in the most recent financial   statements is recognized in the income statement as financial income or financial expenses.   Income statement Other operating income   Other operating income comprises items of secondary nature relative to the Company's core activities,   including gains on the sale of fixed assets.   Accounting policies Other external expenses   Other external expenses include the year's expenses relating to the Company's core activities, including   expenses relating to certifications, administration, premises, bad debt, etc.   Profit/loss from investments in subsidiaries   The item includes dividends from investments in subsidiaries,   Financial income and expenses   Financial income and expenses are recognized in the income statement with the amounts that concern the  financial year. Net financials include interest income and expenses as well as allowances and surcharges   under the advance-payment-of-tax scheme, etc.   Tax   Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax   adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognized in   the income statement, whereas the portion that relates to transactions taken to equity is recognized in equity.   The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between   profit/loss-making Danish entities in proportion to their taxable income (full absorption).   Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates   applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge  according to the rates applicable to interests surcharges to the management company.   Investments Investments in subsidiaries   Investments in subsidiaries and associates are measured at cost, which includes the cost of acquisition   calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment   test in conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to   such lower value.   Impairment of fixed assets   The carrying amount of investments in subsidiaries is assessed is assessed for impairment on an annual   basis.   Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The   carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use   (recoverable amount).   The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in   use is calculated as the present value of the expected net cash flows from the use of the asset or the  group of assets and the expected net cash flows from the disposal of the asset or the group of assets after   the end of the useful life.   Previously recognized impairment losses are reversed when the reason for recognition no longer exists.   Impairment losses on goodwill are not reversed.   Accounting policies Receivables   Receivables are measured at amortized cost.   The company has chosen to use IAS 39 as interpretation for the financial receivable.   An impairment loss is recognized if there is objective evidence that receivable or a group of receivables is   impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss   is recognized on an individual basis.   Impairment losses are calculated as the difference between the carrying amount of accounts receivable and  the present value of the expected cash flows, including the realizable value of any securities received. The  effective interest rate for the individual account receivable or portfolio is used as the discount rate.   Prepayments   Prepayments recognized under "Assets" comprise prepaid expenses regarding subsequent financial   reporting years.   Cash   Cash comprises cash and is subject only to minor risk of changes in value.   Income taxes   Current tax payables and receivables are recognized in the balance sheet as the estimated income tax   charge for the year, adjusted for prior-year taxes and tax paid on account.   Deferred tax is measured according to the liability method on all temporary differences between the   carrying amount and the tax base of assets and liabilities. Where alternative tax rules can be applied to   determine the tax base, deferred tax is measured based on Management’s intended use of the assets of the   liability, respectively.   Deferred tax is measured according to the tax rules and the tax rates applicable of the balance sheet date   when the deferred tax is expected to crystallize as current tax. Deferred tax assets are recognized at the   expected value of their utilization; either as a set-off against tax on the future income or as a set-off against   deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate   are recognized in the income statement.   Accounting policies Liabilities   Financial liabilities are measured at amortized cost.   Other liabilities are measured at net realizable value.   13013 214670 1000 2021 14133 10709314 0 1059 1674 822 201004 10695418 -2786 -3057 203790 10698475 0 10000000 698475 203790 203790 10698475 100000 100000 101000 101000 100000 101000 293288 2786 697050 3057 144 7632 296217 707739 271821 3953 568038 711692 668038 812692 23696 635933 659629 23696 432143 455839 8409 0 7107 349746 356853 8409 8409 356853 812692 668038 23696 0 432143 203790 455839 203790 23696 635933 659629 Tax for the year -2786 0 -3057 0 2.   Investments in group enterprises   Acquisition sum, opening balance 1 January 2025   128.778   128.778   Disposals during the year   -1.000   0 Cost 31 December 2025   127.778   128.778   Writedown, opening balance 1 January 2024   -27.778   -27.778   Reversals for the year concerning disposals   0 0 Writedown 31 December 2025   -27.778   -27.778   Carrying amount, 31 December 2025   100.000   101.000   4.   Charges and security   The Company has not provided any security or other collateral in assets at 31 December 2025.   0 0 5.   Contingencies   The Company is jointly taxed with its Parent Company, Valid A/S, CVR no. 27 67 18 53, which acts   as a management company, and is jointly and severally liable with other jointly taxed group entities   for payment of income taxes as well as withholding taxes on interests, royalties and dividends.   6.   Related parties   The company is included in the consolidated financial statements of Company Valid Soluciones   S.A. situated in Laura Maiello Kook, No. 511, Ipanema das Pedras, Sorocaba, Sao Paulo, Brazil.  The company is included in the consolidated financial statements of Company Valid Soluciones   Tecnologicas S.A.U. situated in Madrid, Spain on Avenida de Manoteras, 20 Edificio Tokyo Planta  Baja Madrid 28050 Spain