25780582 2025-01-01 2025-12-31 25780582 2025-01-01 2025-12-31 1 25780582 2025-01-01 2025-12-31 1 25780582 2025-01-01 2025-12-31 2 25780582 2025-01-01 2025-12-31 1 25780582 2024-01-01 2024-12-31 25780582 2025-12-31 25780582 2024-12-31 25780582 2024-12-31 fsa:ContributedCapitalMember 25780582 2024-12-31 fsa:RetainedEarningsMember 25780582 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 25780582 2025-12-31 fsa:ContributedCapitalMember 25780582 2025-12-31 fsa:RetainedEarningsMember 25780582 2025-01-01 2025-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK xbrli:pure Annual report 2026-07-07 Bastiaan Fremouw The Board of Directors and the Executive Board have today considered and approved the annual report of Fuzion​A/S for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Skanderborg Bastiaan Fremouw Harri Jakob Halonen Chariman Eero Juhani Hautaniemi To the shareholders of Fuzion A/S We have audited the financial statements of Fuzion A/S for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity 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 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. 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 judgement and maintain professional scepticism 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 Entity’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 Entity’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 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aarhus Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Morten Gade Steinmetz State Authorised Public Accountant mne34145 Primary activitiesThe purpose of the company is to operate an IT business, including specifically the provision of internet connections, rental of server rooms, and operation of web hosting services, as well as other related businesses as​deemed appropriate by the board of directors. Description of material changes in activities and financesNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this ​annual report. 15143318 13183779 5302057 3815290 4067590 3393188 5773671 5975301 189303 65892 1869952 571792 4093022 5469401 792141 1148304 3300881 4321097 0 10000000 3300881 -5678903 3300881 4321097 30022067 17048540 849228 1257058 30871295 18305598 1051243 1031780 1051243 1031780 31922538 19337378 9127693 12740020 715750 987513 558300 245600 671034 311300 11072777 14284433 18622465 21786960 29695242 36071393 61617780 55408771 573750 573750 12189988 8889107 12763738 9462857 2598000 2052000 2598000 2052000 25000000 15000000 198385 191306 25198385 15191306 12961 0 4063532 6058890 13693013 16076591 246141 1223304 382769 1047088 2659241 4296735 21057657 28702608 46256042 43893914 61617780 55408771 573750 8889107 9462857 3300881 3300881 573750 12189988 12763738 1 Staff costs2025​DKK2024​DKKWages and salaries4,608,1113,425,651Pension costs629,392361,522Other social security costs64,55428,1175,302,0573,815,290Average number of full-time employees64 6 4 2 Depreciation, amortisation and impairment losses2025​DKK2024​DKKDepreciation of property, plant and equipment4,067,5903,393,1884,067,5903,393,188 3 Other financial income ​2025​DKK2024​DKKFinancial income from group enterprises0710Other interest income189,12265,182Exchange rate adjustments1810189,30365,892 4 Other financial expenses2025​DKK2024​DKKFinancial expenses from group enterprises519,611361,493Other interest expenses1,330,896201,932Exchange rate adjustments19,4458,3671,869,952571,792 5 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax246,1411,223,304Change in deferred tax546,000(75,000)792,1411,148,304 6 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements​DKKCost beginning of year29,688,7319,343,724Additions16,633,2850Cost end of year46,322,0169,343,724Depreciation and impairment losses beginning of year(12,640,189)(8,086,666)Depreciation for the year(3,659,760)(407,830)Depreciation and impairment losses end of year(16,299,949)(8,494,496)Carrying amount end of year30,022,067849,228 7 Financial assetsDeposits​DKKCost beginning of year1,031,780Additions19,463Cost end of year1,051,243Carrying amount end of year1,051,243 8 Non-current liabilities other than provisionsDue after more than 12 months​2025​DKKBank loans25,000,000Holiday pay obligation198,38525,198,385Other debt (long-term) consists of frozen holiday pay. Due to the nature of the obligation, it is uncertain when the​debt will become due for payment. 9 Other payables2025​DKK2024​DKKVAT and duties0704,118Wages and salaries, personal income taxes, social security costs, etc. payable374,595342,683Other costs payable8,174287382,7691,047,088 10 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total12,763,5398,414,777 11 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Alexandria HoldCo ApSserves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 12 Assets charged and collateralThe company has issued a mortgage deed letter to the company's bank capped at kDKK 8.250 in operating equipment and trade recievables. The booked value of these pledged assets amounts to 39.999 kDKK. In addition​the company has signed a pledge prohibitation which covers operating equipment, ​​The company has pledges the unqoted shares in the amount of DKK 574,000 as security for all liabilities with the company's bank. ​​The company has provided unconditional guarantees totalling kDKK 80,000 for Alexandria Bidco ApS. 13 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Alexandria HoldCo ApS, CVR-nr. 44240971, Copenhagen.Copies of the consolidated financial statements of CMNI II Bon JV S.á.rl may be ordered at the following address:​CMNI II Bon JV S.á.r.l., Bd Friedrich Wilhelm Raiffeisen 15, 2411 Gasperich, Luxembourg. This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue, other operating income, cost of sales and other external expenses. RevenueRevenue related to services, which include rental of server space and sale of electricity as well as other associated​services, are recognised as the services are delivered. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Futhermore, the item also includes write-downs of receivables recognised under current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year. Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-10 yearsLeasehold improvements3-10 yearsEstimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises bank deposits. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial ​year is recognised directly in equity when distributed and disclosed as a separate item in Management's ​proposal for distribution of profit/loss. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.​​Deferred tax relating to retaxation of previously deducted losses in foreign subsidiaries is recognised on the ​basis of an actual assessment of the purpose of each subsidiary. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the ​balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for ​prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are ​expected to be used under the joint taxation arrangement. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. true Grundlag for konklusion Konklusion 2026-07-07 2026-07-07 true 2024-01-01 2024-12-31 Aarhus C 8000 2 City Tower, Værkmestergade Skanderborg Skanderborg 8660 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 35 Niels Bohrs Vej Fuzion A/S 25780582 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab