42674931 2025-01-01 2025-12-31 42674931 2025-01-01 2025-12-31 auditor_1 42674931 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 42674931 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 42674931 2025-01-01 2025-12-31 memberOfBoardIdentifier_2 42674931 2024-01-01 2024-12-31 42674931 2025-12-31 42674931 2024-12-31 iso4217:DKK pure 2024-01-01 2024-12-31 2026-07-01 42674931 2026-07-01 Reporting class B Baagøe Schou 1171 København K København K 44, 3. th. 21148148 Auditor's report on extended review Baagøe Schou 21148148 true Annual report Michael Wiatr Aagaard The Board of Directors and the Executive Board have today discussed and approved the annual report for Antler ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results 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 be approved at the annual general meeting. Copenhagen 2026-07-01 Michael Wiatr Aagaard CEO Erik Oscar Sehlberg Vestergård Chairman Michael Wiatr Aagaard Independent auditor's extended review report on the financial statements To the shareholder of Antler ApS Opinion We have performed an extended review of the financial statements of Antler ApS for the financial year 1 January - 31 December 2025 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. Based on the work performed, it is our opinion that the financial statements give a true and fair view of the Company's assets, liabilities and financial position 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. Basis for Opinion 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 responsibility for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement 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 that 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 responsibility for the extended review of the financial statementsOur responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures in order to obtain further assurance for our conclusion.An extended review comprises procedures primarily consisting of making enquiries of Management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating 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 these financial statements. Statement on the Management's reviewManagement is responsible for the Management's review.Our conclusion 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 2026-07-01 Baagøe Schou 21148148 Niklas Tullberg Hoff Registered Public Accountant mne34597 Antler ApS Frederiksholms Kanal 30 DK-1220 København K 42674931 2021-09-09 København 2025-01-01 2025-12-31 Baagøe Schou Statsautoriseret Revisionsaktieselskab København K 44, 3. th. 1171 København K 21148148 Principal activities Antler ApS will run programs for entrepreneurs. Antler brings together experienced operators, technologists, and business builders to develop ideas in sustainable tech, climate tech, and green transformation. The platform supports startups from inception, starting with team formation and business model validation. Significant changes in the Company's activities and financial position The income statement of the Company for 2025 shows a profit of DKK 118,114 and at 31 December 2025 the balance sheet of the Company showed an equity of DKK 2,437,712. The Company's results and financial development were as expected. There are no significant changes in the Company's activities and financial position. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2025. 2764516 4825936 2556436 4461350 208080 364586 7161 23626 60101 59319 155140 328893 37026 105512 118114 223381 118114 223381 245611 243740 245611 243740 606791 753962 1361156 3315028 64974 0 378 236640 1559 167877 2034858 4473507 852880 807660 2887738 5281167 3133349 5524907 40000 40000 2397712 2279547 2437712 2319547 317399 233137 110201 2311338 0 79512 268037 581373 695637 3205360 695637 3205360 3133349 5524907 The annual report of Antler ApS for 2025 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.The Company's annual report are presented in DKK. Recognition and measurement Revenues 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. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates 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, payables and other monetary items denominated in foreign currencies are translated at the exchange rates 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 latest financial statements is recognised in the income statement as financial income or financial expenses. Gross profit Gross profit comprises revenue, other operating income and other external costs. Revenue Revenue is recognised when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are deducted from revenue. Other external costs Other external costs comprise direct costs incurred, sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for 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 measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences that arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with 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. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. LiabilitiesOther liabilities which comprises trade payables, payables to group entities and other payables are measured at amortised cost, which usually corresponds to the nominal value. 2469882 4051996 74542 384010 12012 25344 4 7 0 -3508 -1280 -10051 -5881 -10067 30789 7213 7008 39195 22304 12911