28665210 2025-01-01 2025-12-31 28665210 2025-01-01 2025-12-31 2 28665210 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 28665210 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 28665210 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 28665210 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 28665210 2025-01-01 2025-12-31 1 28665210 2024-01-01 2024-12-31 28665210 2025-12-31 28665210 2024-12-31 28665210 2025-01-01 fsa:ContributedCapitalMember 28665210 2025-01-01 fsa:RetainedEarningsMember 28665210 2025-01-01 28665210 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 28665210 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 28665210 2025-12-31 fsa:ContributedCapitalMember 28665210 2025-12-31 fsa:RetainedEarningsMember 28665210 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 28665210 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 28665210 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 28665210 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 28665210 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 28665210 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 28665210 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 28665210 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 28665210 2025-12-31 1 fsa:SubsidiaryMember 28665210 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 28665210 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 28665210 2025-12-31 2 fsa:SubsidiaryMember 28665210 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_3 fsa:SubsidiaryMember 28665210 2025-12-31 relatedEntityIdentifier_sub_3 fsa:SubsidiaryMember 28665210 2025-12-31 3 fsa:SubsidiaryMember 28665210 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_4 fsa:SubsidiaryMember 28665210 2025-12-31 relatedEntityIdentifier_sub_4 fsa:SubsidiaryMember 28665210 2025-12-31 4 fsa:SubsidiaryMember 28665210 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_5 fsa:SubsidiaryMember 28665210 2025-12-31 relatedEntityIdentifier_sub_5 fsa:SubsidiaryMember 28665210 2025-12-31 5 fsa:SubsidiaryMember 28665210 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_6 fsa:SubsidiaryMember 28665210 2025-12-31 relatedEntityIdentifier_sub_6 fsa:SubsidiaryMember 28665210 2025-12-31 6 fsa:SubsidiaryMember 28665210 2025-01-01 fsa:InvestmentsInJointVenturesMember 28665210 2024-01-01 fsa:InvestmentsInJointVenturesMember 28665210 2025-01-01 2025-12-31 fsa:InvestmentsInJointVenturesMember 28665210 2024-01-01 2024-12-31 fsa:InvestmentsInJointVenturesMember 28665210 2025-12-31 fsa:InvestmentsInJointVenturesMember 28665210 2024-12-31 fsa:InvestmentsInJointVenturesMember 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 true 2026-07-13 Klaus Rud Sejling The Executive Board and Board of Directors have today considered and adopted the Annual Report of DANX GROUP A/S 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. Ishøj 2026-07-13 Klaus Rud Sejling CEO Lars Cordt Søren Byder Gønge Christian Gymos Schmidt-Jacobsen Chairman To the shareholder of DANX GROUP A/S 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 DANX GROUP A/S 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.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. Hellerup 2026-07-13 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Thomas Baunkjær Andersen Oliver Svane State Authorised Public Accountant State Authorised Public Accountant mne35483 mne49837 DANX GROUP A/S Vejleåvej 9 2635 Ishøj 28665210 Ishøj Strandvejen 44 2900 Hellerup Nordea Danmark Grønjordsvej 10 2300 Copenhagen S -1421000 -499000 14264000 43799000 7662000 2335000 16006000 14881000 4499000 30754000 -1746000 -2870000 6245000 33624000 6245000 33624000 347665000 347657000 6565000 6565000 354230000 354222000 354230000 354222000 111649000 84410000 261000 0 4616000 2870000 3054000 3054000 119580000 90334000 0 7000 119580000 90341000 473810000 444563000 643000 643000 266503000 260258000 267146000 260901000 99000 189000 206565000 183255000 0 218000 206664000 183662000 206664000 183662000 473810000 444563000 643000 260258000 260901000 0 6245000 6245000 643000 266503000 267146000 The company has received a letter of support from the company's shareholders - where the shareholders have committed to provide financial support up to and including the date of the annual general meeting in 2027, where the annual report for the financial year 2026 is approved. The company's shareholders have also confirmed that debt to affiliated companies only can be required to be paid if the company's liquidity allows reasonable repayment hereof, the commitment is also valid up to and including the date of the annual general meeting in 2027.Based hereon, management considers the company's capital resources to be adequate and solid. The Company's key activity is, directly or through the holding of investments in other companies, to have investments in group companies. 1 1 The company's employees consist only of the company's director, who is not paid remuneration. 7444000 2335000 218000 0 7662000 2335000 14148000 14873000 1858000 8000 16006000 14881000 -1746000 -2870000 -1746000 -2870000 347657000 333657000 8000 14000000 347665000 347657000 347665000 347657000 Investments in subsidiaries are specified as follows:DKK 500,000SEK 100,000NOK 100,100EUR 2,500EUR 2,500EUR 10079,91112,276Investments in joint ventures are specified as follows:Danxils Sp. z o.oSwobodnie, PolandPLN 1,27650%222-578222-578 DANX A/S Ishøj, Denmark 1.00 -15872000 -22217000 DANX AB Skårholmen, Sweden 1.00 32786000 14242000 DANX AS Oslo, Norway 1.00 39987000 17531000 DANX OY Helsinki, Finland 1.00 16395000 1797000 DANX OÜ Tallin, Estonia 1.00 6608000 924000 DANX Lithuania UAB Vilnius, Lithuania 1.00 7000 -1000 6565000 2852000 0 3713000 6565000 6565000 6565000 6565000 Charges and securityThe Company’s shares have been provided as security for bank loans in other Group Enterprises.The Company’s equity interests in subsidiaries have been provided as security for bank loans in other Group Enterprises. Other contingent liabilitiesThe Danish 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 AX VI INV5 Holding III ApS, which is the management company of the joint taxation purposes. Moreover, the Danish 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.Other financial obligationsThe Company has no other financial obligations as of 31 December 2025. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:AX VI INV5 Holding III ApSDenmark, IshøjAX VI INV5 Holding ApSDenmark, Ishøj The Group Annual Report of AX VI INV5 Holding III ApS may be obtained at the following address:Vejleåvej 9, 2635 Ishøj, DenmarkThe Group Annual Report of AX VI INV5 Holding ApS may be obtained at the following address:Vejleåvej 9, 2635 Ishøj, Denmark The Annual Report of DANX GROUP A/S 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 accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in TDKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of AX VI INV5 Holding ApS, the Company has not prepared consolidated financial statements. 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 policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences 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. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.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 transaction date rates are recognised in financial income and expenses in the income statement.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Other external expensesOther external expenses comprise costs related to consulting, audit, and other administrative expenses. Gross lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss comprises of other external expenses. Income from investments in subsidiariesDividends from subsidiaries and joint ventures are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary or the joint venture before it was acquired by the Parent Company are set off against the cost of the subsidiary or the joint venture. 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 AX VI INV5 Holding III ApS and the danish companies in the Group. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Investments in subsidiariesInvestments in subsidiaries and joint ventures are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. 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. 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, including the tax base of tax loss carry-forwards, 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 receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value.