18215233 2025-01-01 2025-12-31 18215233 2025-01-01 2025-12-31 0 18215233 2025-01-01 2025-12-31 0 18215233 2025-01-01 2025-12-31 1 18215233 2025-01-01 2025-12-31 2 18215233 2025-01-01 2025-12-31 1 18215233 2025-01-01 2025-12-31 0 18215233 2024-01-01 2024-12-31 18215233 2025-12-31 18215233 2024-12-31 18215233 2024-12-31 18215233 2024-12-31 fsa:ContributedCapitalMember 18215233 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 18215233 2024-12-31 fsa:RetainedEarningsMember 18215233 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 18215233 2025-12-31 fsa:RetainedEarningsMember 18215233 2025-12-31 fsa:ContributedCapitalMember iso4217:DKK xbrli:pure Regnskabsklasse B 2025-01-01 2025-12-31 true 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 Practitioner’s Extended Review Report Basis for Conclusion Conclusion 2026-06-29 Hans Christian Rysgaard Statement by the Board of Directors and the Executive Board Today, the Board of Directors and the Executive Board have discussed and approved the annual report of COMET   Technologies Denmark A/S for the financial year 1 January – 31 December 2025.   The annual report is prepared in accordance with the Danish Financial Statement Act. In our opinion, the financial statement gives a true and fair view of the financial position of the Company at 31   December 2025 and of the result of the Company’s operations for the financial year 1 January – 31 December 2025.   Further, in our opinion, the Management’s review gives a fair review of the matters discussed in the   Management’s review.   We recommend that the annual report is approved at the annual meeting. Taastrup 2026-06-29 Hans Christian Rysgaard Stephan Eirik Ligaard Haferl Christian Witt Hans Christian Rysgaards Independent auditor's report To the shareholders of COMET Technologies Denmark A/S Conslusion   We have performed an extended review of the financial statemtns of COMET Technologies Denmark A/S for the   financial year 1 Janauary - 31 December 2025, which comprise income statement, balance sheet, statement of changes   in equity and notes, including 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 Comapny's   financial postition at 31 December 2025 and the result of the Company's operations, for the financial year   31 December 2025 in accordance with the Danish Financial Statements Act.   Basis for conslusion   We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for   Small Enterprises and FSR - Danish Auditors' standard on extended review of financial statements prepared in   accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements   are further described in the "Auditor's responsibilities for the extended review of the financial statements" section   of our report. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our   conclusion.   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.   Auditor's responsibilities for the extended review of the financial statements   Our responsiblility is to express a conclusion on the financial statements. This require that we plan and perfrom   procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition   perform specifically required supplementary procedures to obtain further assurance for our conclusion.   An extended review comprises procedures that primarily consist of making inquiries of Management and others   within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures   as well as evaluation of the evidence obtained.   The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do   not express an audit opinion on the financial statements.   Statement on the Management's review   Management is responsible for the Management's review.   Our opinion on the financial statements does not cover the 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 the Management's   review and, in doing so, consider whether the 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 the Management's review provides the information required   under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the 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 the Management's review.   Copenhagen 2026-06-29 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Birgit Morville Schrøder State Authorised Public Accountant mne21337 Steffen Astrup State Authorised Public Accountant mne49115 COMET Technologies Denmark A/S Helgeshøj Alle 38 2630 Taastrup, Denmark 18215233 Høje Taastrup Principal activities   The Company develops, produces and sells X-ray equipment for industrial use in connection with Non-Destructive   Testing (NDT). The Products comprise standard X-ray components, software and hardware purchased or developed by   the Company.   Parts of the sales on a global level are channeled through the other group companies in USA, Japan and China,   whereoff other parts are handled through distributors or directly to customers.   Financial review   The income statement for 2025 shows a loss of DKK -1,186 thousand against a loss of DKK -1,288 thousand last year,   and the balance sheet at 31 December 2025 shows equity of DKK 6,714 thousand.   Profit/loss for the year compared to previously announced expectations   The loss of DKK -1,186 = -4.27% of the Gross Profit on TDKK 27,793 which is below the expected 4-8%. The reason for   this lower level is mainly because of the neagtive development in the exchange rate of the US Dollar.   Further the sale to the US marked, has during 2025 been hit by the tarriffs put on goods imported from Europe.   Events after the balance sheet date   As of the date of the balance sheet and up to today no events have taken place affecting the annual report   Outlook   The Company are successfully developing and launching new products according to its business plan.   It is expected that the launch of new products together with an expected increase in sale of existing products, will   have a positive impact on the coming years revenue.   The expected increase in revenue together with a general development of the company are expected to have a positive   impact on the following year’s financial result with a profit on 4-8% of the Gross Profit.   27793000 26476000 27370000 27126000 399000 24000 428000 -1078000 54000 4000 1539000 -1511000 -325000 636000 -1660000 -372000 -1186000 -1288000 -1186000 -1288000 1481000 160000 1130000 341000 1641000 1471000 11796000 8150000 11065000 9356000 3485000 3170000 23431000 23591000 5139000 2581000 2534000 163000 5027000 4337000 2198000 2038000 634000 1155000 11051000 5915000 40397000 42038000 14755000 3182000 41528000 42999000 601000 6113000 6714000 601000 7299000 7900000 365000 221000 365000 221000 0 1669000 0 1669000 624000 1621000 224000 2367000 29021000 3693000 26064000 4554000 34959000 34959000 42038000 33209000 34878000 42999000 7900000 -1186000 6714000 601000 0 7299000 -1186000 6113000 601000 Accounting policies Reporting currency The financial statements are presented in Danish kroner (DKK'000) The annual report of COMET Technologies Denmark A/S for 2025 has been prepared in accordance with   the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective   choice of certain provisions applying to reporting class C entities.   Foreign currency transaction   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 recognised in the income statement as financial income or   financial expenses.   Receivables and 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 at which the receivable or payable arose or was recognised in the most recent   financial statements is recognised in the income statement as financial income or financial expenses.   Income statement Revenue   The Company has chosen IAS 18 as interpretation for revenue recognition   Income from sale of goods for resale and finished goods is recognised in revenue when transfer of   the most significant rewards and risks to the buyer has taken place and provided that the income can be   reliably measured and payment is expected to be received. The date of the transfer of the most   significant rewards and risks is based on standardised terms of based on Incoterms®2010.   Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on   behalf of third parties. All discounts and rebates granted are recognised in revenue.   Gross profit   The items revenue, cost of sales, change in inventories of finished goods and work in progress and   external expenses have been aggregated into one item in the income statement called gross profit in   accordance with section 32 of the Danish Financial Statements Act.   Other operating income   Other operating income comprise items of secondary nature relative to the Company's core activities,   including gains of the sale of fixed assets.   Cost of sales   Cost of sales includes the cost of goods used in generating the year's revenue.   Other external expenses   Other external expenses include the year's expenses relating to the Comapny's core activities, including   expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments   under operating leases, etc.   Staff costs   Staff costs include wages and salaries, including compensated absence and pensions, as well as other   social security contributions, etc. made to the Company's employees. The item is net of refunds made   by public authorities   Depreciation   The item comprises depreciation of property, plant and equipment.   The basis of amotisation/depreciation, which is calculated as cost less any residual value, is  amortised/depreciated on a straight line basis over the expected useful life. The expected usefull lived of   the asstes are as follows:   Plant and machinery   3-10 years   Other fixtures and fittings, tools and equipment   3-10 years   Depreciation is based on the residual value of the assets and is reduced by impairment losses, if any. The   depreciation period and the residual value are determined at the acquisition date and are reassessed   anually. Where the residual value exceeds the carrying amount of the asset, no further depreciation   charges are recognised.   In the case of changes in the depreciation period of the residual calue, the effect of the depreciation   charges is recognised prospectively as change in accounting estimates.   Financial income and expenses   Financial expenses are recognised in the income statements at the amounts that concern the financial   year. Net financials include interest expenses as well as foreign exchange differences.   Tax for the year   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 recognised   in the income statement, whereas the portion that relates to transactions taken to equity is recognised   in equity.   Accounting policies (continued)   Balance sheet Property, plant and equipment   Items of property, plant and equipment are measured at cost less accumulated depreciation and   impairment losses. Cost includes the acquition price and costs directly related to the acquisition until   the time at which the asset is ready for use.   Gains or losses arising from the sale of items of property, plant and equipment are recognised in the   income statement under 'Other operating income' or 'Other operating expenses', respectively. Gains   and losses are calculated by reference to the difference between the selling price less selling expenses   and the carrying amount at the time of sale.   Leases   The company has chosen IAS 17 as interpretation for classification and recognition of leases.   Leases that do not transfer substantially all the risks and rewards incident to the ownership to the   Company are classified as operating leases. Payments relating to operating leases and any other rent   agreements are recognised in the income statement over the term of the lease. The Company's   aggregate liabilities relating to operating leases and other rent agreements are disclosed under   "Contingent liabilities"   Impariment of fixed assets   Every year, intangible assets and property, plant and equipment are reviewed for impairment. Where   there is evidence of impariment, an impairment test is made for each individual asset or group of assets,   respectivel, generating independent cash flows. The assets are written down to the higher of the value   in use and the net selling price of the asset or group of assets (recoverable amount) if it is lower than   the carrying amount. Where an impairment loss is recognised on a group of assets, a loss must first be   allocated to goodwill and then to other assets on a pro rata basis.   Inventories   Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is   lower than cost, inventories are written down to this lower value. The net realisable value of inventories   is calculated as the sales amount less costs of completion and expenses required to effect the sale and is   dermined taking into account marketability, obsolescence and development in the expectied selling   price.   The cost of raw materials and consumables comprises the cost of acquisition plus delivery costs.   The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct   labour and indirect production overheads.   Indirect production overheads include the indirect cost of material and labour as well as maintenance   and depreciation of production machinery, buildings and equipment and expenses relating to plant   administration and management. Borrowing costs are not recognised in the sales price.   Accounting policies (continued)   Balance sheet Receivables   The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.   Receivables are measured at amortised cost.   An impairment loss is recognised if there is objective evidence that a receivable or a group of   receivables is impaired. If there is objective evidence that an individual reveivable has been impaired, an   impairment loss is recognised on an individual basis.   Receivables in respect of which there is no objective evidence of individual impairment are tested for   objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors'   domicile and redit ratings in line with the Company's risk management policy. The objective evidence   applied to portfolios is dermined based on historical loss experience.   Impariment losses are calculated as the difference between the carrying amount of the receivables and   the present value of the expected cash flow, including the realisable value of any collateral received.   The effective interest rate for the individual receivable or portfolio is used as discount rate.   Prepayments   Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial   reporting years.   Cash   Cash comprise cash and bank deposits.   Provisions   Provisions comprise anticipated expenses relating to warranty commitments, onerous contracts,   restructurings, etc. Provisions are recognised when the Company has a legal or constructive obligation   at the balance sheet date as a result of a past event and it is probable that a outflow of resources   embodying economic benefits will be required to settle the obligation.   Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled   far into the future.   Accounting policies (continued)   Balance sheet Corporate tax and deffered tax   Current tax payables and receivables are recognised 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 using the balance sheet liability method on all temporary differences between   the carrying amount and the tax value of assets and liabilities.   Deffered tax is measured according to the tax rules and at the tax rates applicable at the balance sheet   date when the deferred tax is expected to crystallise as current tax and based on Management's   intended use of the asset. Changes in deferred tax due to changes in the tax rate are recognised in the   income statement.   Liabilities   The Company has chosen IAS 39 as interpretation for liablilities.   Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction   cost paid. On subsequent recognition, financial liabilities are measured at amortised cost,   corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference   between the proceeds and the nominal value is recognised in the income statement over the term of the   loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.   Other liabilities are measured at net realisable value.   Notes to the financial statements   DKK'000   2025   2024   2 Staff costs   Wages/salaries   25,221   25,253   Pensions   1,651   1,599   Other social security costs   318   274   27,190   27,126   Average number of full-time employees   38 38 38 38 Financial expenses 605000 927000 7000 612000 22000 2000 4 Property, plant and equipment   Other fixtures   and fittings,   Land and   Plant and   tools and   DKK'000   buildings   machinery   equipment   Total   Cost at 1 January 2025   3,975   4,414   2,132   10,521   Corrections in the year   0 0 0 0 Additions in the year   0 563   46   609   Disposals in the year   0 0 -40   -40   Cost at 31 December 2025   3,975   4,977   2,138   11,090   Impairment losses and   depreciation at   1 Janary 2025   3,975   3,284   1,791   9,050   Corrections in the year   0 0 0 0 Depreciation in the year   0 258   141   399   Impariment losses and   depreciation at   31 December 2025   3,975   3,542   1,932   9,449   Carrying amount at   31 December 2025   0 1,435   206   1,641   Depreciated over   3-10 years   3-10 years   Notes to the financial statements   5 Payables to group entities   The Parent company, COMET Holding AG, as lender, has indicated that it will not require repayment of the loan   until there is sufficient liquidity for this purpose.   6 Contractual obligations and contingencies, etc.   Other financial obligations   Other rent and lease liabilities:   DKK'000   2025   2024   Rent and lease liabilities   1,059   1,053   Rent and lease liabilities include a rent obligation totalling DKK 1,059 thousand interminable rent   agreement with 6 month notice.   The Company has, as part of its normal course of business, entered into customary executory contracts.   7 Security and collateral   As security for the Company's rental of leasehold premises, the Company has issued a guarantee at a   total amount of DKK 1,053 thousand to lessor.   8 Related parties   Information about consolidated financial statements   Parent   Domicile   Comet Holding AG   Herrengasse 10 Flamatt   Schwitzerland