33385730 2025-01-01 2025-12-31 33385730 2025-01-01 2025-12-31 2 33385730 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 33385730 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 33385730 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 33385730 2025-01-01 2025-12-31 1 33385730 2024-01-01 2024-12-31 33385730 2025-12-31 33385730 2024-12-31 33385730 2025-01-01 fsa:ContributedCapitalMember 33385730 2025-01-01 fsa:RetainedEarningsMember 33385730 2025-01-01 fsa:ProposedDividendRecognisedInEquityMember 33385730 2025-01-01 33385730 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 33385730 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 33385730 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 33385730 2025-12-31 fsa:ContributedCapitalMember 33385730 2025-12-31 fsa:RetainedEarningsMember 33385730 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 33385730 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 33385730 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 33385730 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 33385730 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 33385730 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 33385730 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 33385730 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 33385730 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 33385730 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 33385730 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 33385730 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 33385730 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 33385730 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_3 fsa:SubsidiaryMember 33385730 2025-12-31 relatedEntityIdentifier_sub_3 fsa:SubsidiaryMember 33385730 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_4 fsa:SubsidiaryMember 33385730 2025-12-31 relatedEntityIdentifier_sub_4 fsa:SubsidiaryMember 33385730 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_5 fsa:SubsidiaryMember 33385730 2025-12-31 relatedEntityIdentifier_sub_5 fsa:SubsidiaryMember 33385730 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_6 fsa:SubsidiaryMember 33385730 2025-12-31 relatedEntityIdentifier_sub_6 fsa:SubsidiaryMember 33385730 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_7 fsa:SubsidiaryMember 33385730 2025-12-31 relatedEntityIdentifier_sub_7 fsa:SubsidiaryMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse B Revisionspåtegning false 2026-07-06 Toan Duc Luu The Executive Board and Board of Directors have today considered and adopted the Annual Report of Pixelz ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025. We recommend that the Annual Report be adopted at the Annual General Meeting. København N 2026-07-06 Thomas Ladefoged CEO Joel Allen Russ Jesper Kjær Bahlke Chairman To the shareholders of Pixelz ApS Opinion 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.We have audited the Financial Statements of Pixelz ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). 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 are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the 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 Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our 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 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 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 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.Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. 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. Herning 2026-07-06 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Poul Spencer Poulsen Daniel Mogensen State Authorised Public Accountant State Authorised Public Accountant mne23324 mne45831 Pixelz ApS Blegdamsvej 6 2200 København N 33385730 København N Platanvej 4 7400 Herning 1206027 1709263 1588419 1688077 -382392 21186 9917242 10662402 403647 185300 2483971 1234360 7454526 9634528 -530862 -167419 7985388 9801947 0 15000000 0 12000000 7985388 -17198053 24227 24227 24227 24227 30618786 35224203 30618786 35224203 30643013 35248430 7528101 6772821 4723 8074 534213 385087 7208 19974 8074245 7185956 79364 47627 8153609 7233583 38796622 42482013 1039474 1039474 -3376704 -8839433 0 12000000 -2337230 4200041 9788584 1267895 159658 162582 30415645 35705213 769965 1146282 41133852 38281972 41133852 38281972 38796622 42482013 1039474 832840 12000000 13872314 0 -9672273 0 -9672273 1,039,474-8,839,43312,000,0004,200,041The company owns a total of 21,280,104 shares with a nominal value of DKK 212,801, corresponding to 20% of the total capital. 0 2522659 0 2522659 0 0 12000000 12000000 0 7985388 0 7985388 1039474 -3376704 0 -2337230 Pixelz Groups’ (Pixelz ApS, Pixelz Invest A/S and Pixelz TopCo A/S) financial outlook for the latter part of 2026 suggests a potential additional liquidity need of approximately DKK 6-8 million. While year-end forecasting indicates a minor variance regarding loan covenants, compliance remains achievable. Pixelz continues to generate positive free cash flow, which fully supports ongoing operations. Management asses that the liquidity requirement can be met, either through an refinancing agreement or a capital contribution from the owners and considers it appropriate to prepare the annual report on a going concern basis. The main activity consists of photo retouching as well as ownership of equity interests in companies whose activities also involve photo retouching. 1294482 1392142 288660 288641 5277 7294 1588419 1688077 1 1 401355 185300 2292 0 403647 185300 1973878 1177765 510093 54768 0 1827 2483971 1234360 -534213 -385087 3351 169247 0 48421 -530862 -167419 24227 24227 24227 44896476 44896476 44896476 44896476 -9672273 -6136547 -2522659 801872 9917242 10662402 12000000 15000000 -14277690 -9672273 30618786 35224203 Investments in subsidiaries are specified as follows:DKK 80.000DKK 100.000EUR 18.000EUR 0EUR 25.000USD 1.000VND 4.458.325.100 Pixelz Services ApS Denmark 1.00 Pixelz Nordic ApS Denmark 1.00 Remove The Background B.V Netherlands 1.00 Pixelz Spain, SL Spain 1.00 Pixelz EMEA GmbH Germany 1.00 Pixelz Inc. USA 1.00 Pixelz Company Limited Vietnam 1.00 The share capital consists of 103,947,409 shares of a nominal value of DKK 0.01. No shares carry any special rights.On 31 June 2021, the company acquired 22,590,104 of its own shares, corresponding to 22%. The total payment for the shares amounted to TDKK 30,426, which has been deducted from retained earnings under equity. These shares have not been cancelled and are therefore held as treasury shares. The company can therefore sell these shares at a later date. The shares were acquired as part of the company's strategy. On 29 December 2021, the company sold 1,310,000 of its own shares, corresponding to 1%. The total payment for the shares amounted to TDKK 1,819, which has been added to retained earnings under equity. The shares were sold as part of the company's strategy. Rental and lease obligationsGuarantee obligationsAn unlimited surety has been provided to Pixelz Invest A/S for all debt to financial institutions.Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Adelis Services II ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Pixelz TopCo A/SKøbenhavn N The Annual Report of Pixelz ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The Financial Statements for 2025 are presented in DKK. The company has changed accounting policies for measuring equity investments from cost to equity. The change has affected the year's result for the current year with DKK -2,082,758 (2024: DKK -4,337,598). It has also affected the company's fixed assets with DKK -14,277,690 (2024: DKK -9,672,273). Equity is affected by DKK -14,277,690 (2024: DKK -9,672,273). The company's cash flow is not affected by the change. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of Pixelz TopCo A/S, the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Pixelz TopCo A/S, the Company has not prepared a cash flow statement. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Adelis Services II ApS. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment4-5 years Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Treasury sharesPurchase and sales prices for treasury shares are recognised directly in retained earnings under equity. A reduction of capital by cancellation of treasury shares reduces the share capital by an amount equal to the nominal value of the shares and increases retained earnings. Dividend on treasury shares is recognised directly in equity under retained earnings. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value.