31075262 2025-01-01 2025-12-31 31075262 2025-01-01 2025-12-31 1 31075262 2025-01-01 2025-12-31 1 31075262 2025-01-01 2025-12-31 1 31075262 2025-01-01 2025-12-31 2 31075262 2025-01-01 2025-12-31 3 31075262 2025-01-01 2025-12-31 4 31075262 2024-01-01 2024-12-31 31075262 2025-12-31 31075262 2024-12-31 31075262 2024-12-31 fsa:ContributedCapitalMember 31075262 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 31075262 2024-12-31 fsa:RetainedEarningsMember 31075262 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 31075262 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 31075262 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 31075262 2025-12-31 fsa:ContributedCapitalMember 31075262 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 31075262 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Lars Raunholt Eismark Worklinq A/S Lyngby Hovedgade 4 2800 Kgs. Lyngby Lyngby-Taarbæk 31075262 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Sydbank MANAGEMENT’S STATEMENT The Executive and Board of Directors have today considered and adopted the An-nual Report of Worklinq 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. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Kgs. Lyngby Anders Svanholm Rosenbeck CEO Lars Raunholt Eismark Philipp Remy Chairman Richard Daniel Shaw Julien Simon INDEPENDENT AUDITOR’S REPORT To the Shareholder of Worklinq 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 Worklinq A/S for the financial year 1 January - 31 De-cember 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 ad-ditional requirements applicable in Denmark. Our responsibilities under those standards and require-ments 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. 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 ex-press 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 mate-rially 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, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Fi-nancial Statements Act. We did not identify any material misstatement in Management’s Review. 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 abil-ity 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 Manage-ment either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. 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 Den-mark 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 State-ments. 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 proce-dures 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 ma-terial 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 conclu-sions 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 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Tobias Mads-Emil Christiansen State Authorised Public Accountant MANAGEMENT`S REVIEW Financial performance in 2025 and outlook for 2026 The company has generated a loss of DKK 24,003 thousand in the financial year 2025. The result is negatively affected by extraordinary expenses related to strategic activities in 2025. The company expects an improved result in 2026 compared to 2025; however, the net profit for the year is still anticipated to be negative. A reference is made to note 1 in the financial statements for further description of the Company's ability to con-tinue as a going concern. Significant events after the balance sheet date The parent company has after the balance sheet date made a contribution of DKK 14,941 thousand, to ensure that the Company and the Group have solid capital re-sources. Except for this there have been no significant events taking place after the balance date, which have influenced the financial statement as of 31st December 2025. Main activity Worklinq is a growing SaaS company offering all-in-one Workforce Management solutions built on 40+ years of in-depth experience with some of the most complex working time rules in the world. Every day, our people strive to support employees and workforces achieve a better working day. With advanced functionality for time & attendance reporting, absence and task management as well as scheduling, we help companies maximise produc-tivity and profitability, while boosting employee engagement. Our customers come from different industries with one thing in common: They want to grow and to streamline their workflows through intuitive and user-friendly IT so-lutions. 14098000 34526000 38829000 38431000 4651000 4040000 -29383000 -7945000 0 1739000 1288000 1766000 -30670000 -7972000 -6667000 -1674000 -24003000 -6298000 -24003000 -6298000 -24003000 -6298000 14081000 13927000 3003000 3484000 17084000 17411000 589000 816000 589000 816000 3689000 3689000 4726000 0 8415000 3689000 1548000 716000 27635000 22632000 2294000 1847000 18962000 19602000 2610000 1691000 1557000 1685000 518000 1922000 23647000 24900000 202000 78000 26144000 26825000 53778000 49457000 1623000 1620000 10983000 10863000 -2826000 -8253000 9779000 4230000 0 1942000 0 1942000 112000 199000 21577000 26120000 5472000 4745000 13233000 4350000 3605000 7871000 43998000 43285000 43999000 45227000 53778000 49457000 1620000 10863000 -8253000 4230000 3000 0 29550000 29553000 0 2992000 -2992000 0 0 -2872000 2872000 0 0 0 -24003000 -24003000 1623000 10983000 -2826000 9779000 1. Capital resources Management is actively working on improving the company's capital resources and it is management's expectation that the budgets, prepared and approved by man-agement, for the financial year 2026, will be complied with and the company's and the group's liquidity will be sound. If the budget is not realized as expected, the majority owner, Fortino Capital Growth PE II CommV, has submitted a letter of intent, where the majority owner indicates its intention, to provide the necessary liquidity, so the company and subsidiaries can settle and pay their obligations as they fall due. The letter of intent is effective until at least 12 months after the signing date of the 2025 annual report. The majority owner’s intention to comply with the issued letter of intent, is sup-ported by a strong belief in future potential and financial performance for Worklinq and is furthermore substantiated by a capital increase amounting to DKK 14,941 thousand, carried out by the majority owner in January 2026. Management considers the company's capital resources to be adequate. 2. Accounting policies The financial statements are presented in Danish Kroner, rounded to thousands DKK (DKK’000). Recognition and measurement Assets are recognised in the balance sheet when it is probable because 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 because of a prior event, and it is prob-able 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 after initial recognition is affected as described be-low 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. INCOME STATEMENT Gross profit Gross profit is compiled with reference to Danish Financial Statements Act §32 con-taining revenue, direct cost, and other external expenses. Revenue The group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Consequently, the group does not adjust any of the transaction prices for the time value of money. Software The main performance obligation related to software and license agreements is a right-to-use software license. The right to use the software license is considered a separate performance obligation when it satisfies the following conditions: can be delivered separately from other services, can be installed by a third party, can be used without upgrades and is functional without upgrades or technical support from Worklinq. Revenue from sale of standard software licenses and fixed fee special developed software are recognized at point-in-time when delivered, provided the delivery does not depend on client acceptance of its functionality. If there is a requirement for client acceptance of functionality, the license revenue is recognized at the time of acceptance. Maintenance Performance obligations include unspecified future upgrades, maintenance and helpline support. Revenue from maintenance agreements is recognized on a straight-line basis over the contract period. Services Professional services may comprise multiple performance obligations. The total con-tract sum is allocated to the separate components of those contracts which comprise several components and performance obligations. The individual allocations are rec-ognized according to the principles herein described. Worklinq sells SaaS (Software as a Service) by subscriptions fees for the software and related services as cloudbased services. The customer continuously receives this ser-vice, which includes license, support, and maintenance, during the term of the agree-ment and is recognized linearly over the contract period. Professional service fees sold on a time and materials basis are recognized as and when the work is performed. Hardware Revenue from the sale of hardware products is recognized at point-in-time in the income statement when the customer has gained control over the hardware. Other revenue Other revenue, such as revenue from training courses and hosting activities, is rec-ognized when the services have been delivered. Cost of sales Cost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory write-downs. External expenses Other external expenses comprise expenses incurred for marketing, administration, premises, bad debts, rental expenses for short term leases, etc. Staff cost Staff costs comprise wages and salaries and social security costs, pensions, etc. for the employees of the company. Amortisation and depreciation Amortisation of intangible assets and depreciation of property, plant and equipment is made to systematically distribute the asset’s cost over its expected useful life. Profit/loss from investments in subsidiaries Dividends from subsidiaries are recognised in the parent company’s income state-ment in the year in which the dividend is declared. Other financial expenses Other financial expenses comprise interest expenses, including exchange losses on transactions in foreign currencies etc. Tax The parent company is taxed jointly with all Danish group entities. The current Danish income tax is allocated by the settlement of joint taxation con-tributions between the Danish jointly taxed entities in proportion to their taxable incomes. In connection with the settlement, entities with a negative taxable income receive a joint taxation contribution from entities that have used this tax loss to re-duce their own taxable income. BALANCE SHEET Intangible assets Intangible assets are measured at the lower of cost less accumulated amortisation and recoverable amount, cf. the section on impairment of assets below. Development projects are recognised in the balance sheet when the projects aim to develop a specific software product, component or a specific process which the group intends to make or use in its Worklinq product and the development costs relating to individual projects can be measured reliably. On initial recognition, de-velopment projects are measured at cost. The cost of development projects includes costs such as wages and amortisation that are directly attributable to the develop-ment projects and are necessary to complete the project, calculated from the date when the development project first qualifies for recognition as an asset. Other de-velopment projects and development costs are recognised in the income statement in the year in which they are incurred. Development projects are written down to their recoverable amount where this is lower than the carrying amount, cf. the section on impairment of assets below. De-velopment projects in progress are tested for impairment at least once a year. Acquired contracts are recognised in the balance sheet when acquired. On initial recognition, development projects are measured at cost. The company applies the following useful lives and residual values: Residual Useful life value (%) Completed development projects 3 - 7 years 0% Acquired contracts 3 - 15 years 0% Amortisation/depreciation methods, useful lives and residual values are reassessed annually. Investments in subsidiaries Investments in subsidiaries are measured at cost in the parent company’s financial statements. Where the recoverable amount of the investments is lower than cost, the investments are written down to this lower value. Tangible assets Property, plant and equipment Items of property, plant and equipment are measured at the lower of cost less ac-cumulated depreciation and recoverable amount. Cost comprises the purchase price, any costs directly attributable to the acquisition and any preparation costs incurred until the date when the asset is available for use. Items of property, plant and equipment are written down to their recoverable amount where this is lower than the carrying amount, cf. the section on impairment of assets below. Gains or losses on disposal of property, plant and equipment are stated as the dif-ference between the selling price less costs to sell and the carrying amount at the date of disposal. The company applies the following useful lives and residual values: Residual Useful life value (%) Other fixtures and fittings, tools and equipment 3 - 5 years 0-30% Depreciation methods, useful lives and residual values are reassessed annually. Leasing Leasing contracts, where the company has the significant risks and benefits associ-ated with ownership (financial leasing), are recognized in the balance sheet at the lower of the fair value of the asset and the present value of the leasing services, calculated using the lease agreement's internal rent or an alternative loan interest rate as a discount factor. Financially leased assets are depreciated and written down according to the same practice as established for the company's other fixed assets. The capitalized residual leasing obligation is recognized in the balance sheet as a liability, and the interest part of the leasing service is expensed continuously in the income statement. All other leasing contracts are considered operational leasing. Services in connection with operational leasing are recognized on a straight-line basis in the income state-ment over the leasing period. Non-current financial assets Other receivables recognised under non-current financial assets include deposits and are measured at amortised cost less impairment losses. Inventories Inventories are measured at the lower of cost under the FIFO method and net real-isable value. The cost of goods for resale, raw materials and consumables is calcu-lated as the acquisition price plus costs directly related to the acquisition. The net realisable value of inventories is calculated as the expected selling price less completion costs and costs incurred in making the sale. The value is determined considering marketability, obsolescence and developments in the expected selling price. Receivables Receivables comprise trade receivables and other receivables. Receivables related to deposits are classified as receivables, which are financial assets with fixed or deter-minable payments that are not quoted in an active market and are not derivative financial instruments. On initial recognition, receivables are measured at fair value and subsequently at amortised cost, which usually corresponds to the nominal value less provisions for bad debts. Impairment losses on receivables are calculated on the basis of an individual assess-ment of the single receivables, and for trade receivables, an additional general im-pairment is recognized based on historical loss experience. Prepayments Prepayments comprise costs incurred that relate to subsequent financial years. Pre-payments are measured at cost. Current and deferred taxes Joint taxation contributions payable and receivable are recognised in the balance sheet as income tax receivable or income tax payable, respectively. Deferred tax is provided on temporary differences arising on investments in subsid-iaries, unless the parent company is able to control when the deferred tax is to be realised and it is likely that the deferred tax will not crystallise as current tax within the foreseeable future. Liabilities Liabilities comprise leasing debt. Liabilities are subsequently measured at amortised cost, which means that the difference between the proceeds at the time of borrow-ing and the repayable amount is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method. Other financial liabilities comprise bank debt, trade payables and other payables to public authorities, etc. On initial recognition, other financial liabilities are measured at fair value less any transaction costs. In subsequent periods, the liabilities are measured at amortised cost, applying the effective interest method, to the effect that the difference be-tween the proceeds and the nominal value is recognised in the income statement as financial expenses over the term of the loan. true true true true Consolidated financial statements Referring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Refer to the consolidated financial state-ments prepared in Worklinq Holding ApS, Denmark Business Reg. No. 44864541. (DKK 1,000)3. Staff costs 2025 2024Wages and salaries 37.035 36.790Defined contribution plans 1.233 1.187Other social security costs 561 453Staff costs 38.829 38.430 45 46 4. FINANCIAL EXPENSES 2025 2024Interest costs, banks and credit institutes 844 1.155Interest expenses, group enterprises 612 274Net exchange rate gain/loss -168 337FINANCIAL EXPENSES 1.288 1.766 Development Customer5. INTANGIBLE FIXED ASSETS Projects contractsFinancial year 2025Cost as at 1/1-2025 31.713 7.209Additions 3.836 0Cost as at 31/12-2025 35.549 7.209Amortisation and impairment losses as at 1/1-2025 17.786 3.725Amortisation during the year 3.682 481Amortisation and impairment as at 31/12-2025 21.468 4.206CARRYING AMOUNT AS AT 31/12-2025 14.081 3.003 Operatingequipment6. PROPERTY, PLANT & EQUIPMENT & furnitureFinancial year 2025Cost as at 1/1-2025 4.556Additions 261Disposal -1.675Cost as at 31/12-2025 3.142Depreciation as at 1/1-2025 3.740Depreciation during the year 488Disposal -1.675Depreciation as at 31/12-2025 2.553CARRYING AMOUNT AS AT 31/12-2025 589Carrying amount of operating equipment related to lease liabilities amounts to DKK 189 thousand 7. INVESTMENTS IN GROUP ENTITIES2025 2024Cost as at 1/1 3.689 3.689Cost as at 31/12 3.689 3.689Impairment losses as at 1/1 0 0Amortisation and and impairment as at 31/12 0 0CARRYING AMOUNT AS AT 31/12 3.689 3.689Worklinq A/S owns the following subsidiaries, all of which are included in the consolidated financial statement.Profit/loss Ownership share Registered Office Equityfor the Worklinq AB 100% Stockholm, Sweden tSEK 1,146 tSEK 110Worklinq UK Ltd. 100% Milton Keynes, UK tGBP 474 tGBP 79Worklinq AS 100% Oslo, Norway tNOK 1,660 tNOK -291Worklinq Development Srl. 100% Bucharest, Romania tRON 969 tRON 240The equity and profit or loss of the subsidiaries presented above are derived from the most recently approved annual reports, being the annual reports for the 2024 financial year. 8. Related parties The consolidated financial statement can be obtained from the parent company. The company is included in the Group Annual Report of the parent company of the largest and smallest group: Name: Place of registered office: Fortino Capital Growth PE II CommV (largest group) Belgium Worklinq Holding ApS (Smallest group) Kongens Lyngby The group annual report of Fortino Capital Growth PE II CommV may be obtained at the following address: Fortino Capital Growth PE II CommV, Borsbeeksebrug 36 Belgium 9. CONTINGENT LIABILITIES Other contingent liabilities not recognised in balance sheet The 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 dis-closed in the Annual Report of Worklinq Holding 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 in-crease the Company's liability. The Company is currently involved in a legal dispute with the lessor of its former premises. The dispute concerns the interpretation of the lease agreement's non-termination clauses, specifically the Company's right to vacate the premises prior to the expiry of the non-termination period. Based on legal counsel's assessment, it is the management's opinion that it is more likely than not that the outcome will be in the Company's favour. Consequently, no provision for potential claims or remaining rent obligations has been recognized in the financial statements. Should the Company, contrary to expectations, lose the case, it could result in a significant liability related to rent and associated costs for the remainder of the dis-puted period. Rental and lease obligations The Company has entered into a new lease agreement for office premises with a remaining non-termination period of 58 months. The total minimum lease payment until the end of the non-termination period amounts to DKK 7,620 thousand. Fur-thermore, other leasing agreements regarding office equipment with non-termina-tion period of 57 months have a remaining lease payment of DKK 108 thousand, of which DKK 23 thousand is due within one year. Other financial obligations The Company has entered into various agreements regarding Software-as-a-Service (SaaS) primarily for internal and external infrastructure. These agreements have non-termination periods ranging from 12 to 23 months. The total commitment for the duration of the non-termination periods amounts to DKK 13,528 thousand, of which DKK 11,220 thousand is due within one year. 10. Security The Company has placed as security with the bank its totalling a maximum of DKK 10,000k as collateral to AL Sydbank A/S relating to the Company’s short-term credit institution debt. Assets pledged as security for bank facilities, and their carrying amounts at 31 December 2025, comprise: - Intangible assets amount to DKK 17,084 thousand - Property, plant, and equipment amounting to DKK 589 thousand - Goods for resale amount to DKK 2,294 thousand - Trades receivables amount to DKK 18,962 thousand 11. Subsequent events The parent company has, after the balance sheet date contributed with DKK 14,941 thousand, to ensure that the Company and the Group have solid capital resources. Except for this there have been no significant events taking place after the balance date, which have influenced the financial statement as of 31st December 2025. Annual report Independent Auditor’s Report ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-07-13 Reporting class B www.worklinq.com info@Worklinq.com 2026-07-13 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-07-13 mne52164 33771231