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2022-12-31 c:ConsolidatedMember 25692977 2021-12-31 c:ConsolidatedMember 25692977 2025-01-01 2025-12-31 c:ConsolidatedMember 0 25692977 2024-01-01 2024-12-31 c:ConsolidatedMember 0 25692977 2023-01-01 2023-12-31 c:ConsolidatedMember 0 25692977 2022-01-01 2022-12-31 c:ConsolidatedMember 0 25692977 2021-01-01 2021-12-31 c:ConsolidatedMember 0 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 25692977 Scanbox Entertainment Group ApS Boyesgade 6 1822 Frederiksberg C 2013-12-23 Frederiksberg Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Kristian Randløv Lydolph statsautoriseret revisor mne47843 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-07-16 Þórir Snær Sigurjónsson Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark anpartshaverne København 2026-07-16 Frederiksberg C 2026-07-16 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Solvency ratio Equity less non-controlling interests, closing balance x 100 / Total assets, closing balanceReturn on equity *Profit x 100 / Average equity exclusive of non-controlling interests*Profit Net profit or loss for the year less non-controlling interests’ share hereof 96225000 128634000 -102000 -753000 36957000 32570000 0 0 49551000 57998000 0 0 0 7212000 0 0 9717000 30854000 -102000 -753000 0 0 99000 22251000 0 0 1288000 1247000 1247000 808000 11000 0 6194000 6792000 1553000 1657000 4770000 24870000 -257000 21088000 3807000 3353000 -51000 -331000 963000 21517000 -206000 21419000 1041000 98000 -78000 21419000 99000 22250000 -305000 -831000 258356000 231008000 0 0 6617000 9546000 0 0 3781000 2647000 0 0 268754000 243201000 0 0 135000 106000 0 0 135000 106000 0 0 0 0 150668000 149963000 38000 40000 0 0 1090000 1080000 0 0 1128000 1120000 150668000 149963000 270017000 244427000 150668000 149963000 33519000 24291000 0 0 19031000 12758000 0 0 0 0 36448000 32594000 0 122000 683000 683000 364000 214000 126000 252000 0 0 51000 230000 6200000 1216000 400000 125000 1578000 19947000 0 0 60692000 58548000 37708000 33884000 7117000 5104000 0 0 67809000 63652000 37708000 33884000 337826000 308079000 188376000 183847000 0 0 47000 47000 47000 47000 0 0 118919000 118214000 145806000 145406000 26887000 27192000 1489000 455000 147342000 145908000 145853000 145453000 558000 0 0 0 558000 0 0 0 420000 420000 0 0 420000 420000 0 0 107345000 77364000 0 0 33835000 30218000 3000 39000 21220000 28334000 42520000 38254000 1083000 0 0 0 2376000 0 0 0 10929000 8617000 0 101000 12718000 17218000 0 0 189506000 161751000 42523000 38394000 189926000 162171000 42523000 38394000 337826000 308079000 188376000 183847000 963000 21517000 58339000 65649000 -6717000 -6989000 52585000 80177000 1247000 804000 6110000 4998000 47722000 75983000 389000 507000 47333000 75476000 75370000 83909000 0 124000 78000 27000 0 1280000 -10000 -60000 -75302000 -85346000 0 15000 0 3375000 29982000 13274000 29982000 9914000 2013000 44000 5104000 5060000 7117000 5104000 7117000 5104000 31146000 28753000 0 0 4381000 2437000 0 0 1430000 1380000 0 0 36957000 32570000 0 0 4507000 2969000 0 0 49 42 0 0 1478000 1794000 1520000 1478000 4716000 4998000 33000 179000 6194000 6792000 1553000 1657000 765082000 74203000 839285000 534074000 46476000 379000 580929000 258356000 16142000 -42000 16100000 6596000 8000 2895000 9483000 6617000 4992000 0 1166000 0 6158000 0 2345000 0 32000 0 2377000 0 3781000 0 2714000 -3000 153000 122000 2742000 2608000 -1000 18000 20000 2607000 135000 0 0 31749000 31749000 0 0 31749000 31749000 0 0 118214000 96227000 0 0 606000 -264000 0 0 99000 22251000 0 0 118919000 118214000 0 0 150668000 149963000 40000 64000 0 3000 2000 27000 38000 40000 38000 40000 1080000 225000 215000 1090000 1090000 47000 47000 47000 47000 47000 47000 47000 47000 0 0 118214000 96228000 0 0 99000 22250000 0 0 606000 -264000 0 0 118919000 118214000 145806000 145406000 27192000 28023000 -145806000 -145406000 0 0 145806000 145406000 -305000 -831000 145806000 145406000 26887000 27192000 49551000 57998000 -1247000 -808000 6194000 4998000 3807000 3353000 34000 108000 -2115000 -22212000 -4602000 15223000 Today, the Board of Directors and the Managing Director have approved the annual report of Scanbox Entertainment Group ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Þórir Snær Sigurjónsson Þórir Snær Sigurjónsson Jerome Pierre Levy Jonathan Peter Rotolo We have audited the consolidated financial statements and the parent company financial statements of Scanbox Entertainment Group ApS for the financial year 1 January to 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes for both the Group the Parent Company, as well as consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe 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 Consolidated Financial Statements and the Parent Company Financial Statements” section of our report. We are independent of the Group 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 consolidated financial statements and parent company 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 consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group´s and the Parent 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 consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or 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 consolidated financial statements and the parent company 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 consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and the parent company 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 Group´s and 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 consolidated financial statements and the parent company 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 Group´s and 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 consolidated financial statements and the parent company 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 Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent company financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. 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. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially 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, we conclude that 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 Management’s Review. 100185000 70315000 70926000 22256000 4035000 8822000 -4947000 -5984000 -4004000 -2058000 -1237000 20585000 1472000 7579000 261662000 236710000 234637000 75370000 83909000 61601000 52847000 43012000 124299000 103963000 91973000 33112000 45768000 44506000 -61305000 -61920000 -42915000 28766000 -12273000 10101000 2013000 44000 573000 -28425000 11692000 33 32 17 43.2 47.2 47.5 43.9 39.2 -0.1 15.9 18.0 1.5 16.5 Uncertainties connected with recognition or measurementThe recognition and measurement of distribution rights constitute the most significant accounting estimates for the Company. Acquired and produced rights are capitalized and amortized on a straight-line basis over an estimated useful life of 8 years, consistent with industry practice.  The estimation of useful life is inherently subject to uncertainty, as the economic performance of individual films and series may vary significantly depending on genre, market conditions, audience reception, and timing of release. Revenue streams are typically generated across multiple platforms over time, including theatrical, digital, and TV markets, which further adds complexity to the estimation process.  Management continuously evaluates the performance of individual titles and considers both historical data and forward-looking indicators when assessing impairment risks and useful lives. Despite the inherent uncertainties, Management assesses that the applied amortization periods and accounting policies appropriately reflect the expected consumption of economic benefits from the underlying rights.  Development in activities and financial mattersThe gross loss for the parent company for the year totals DKK -102 thousand against DKK -753 last year. Profit  or loss from ordinary activities after tax totals DKK -206 thousand against DKK 21.419 last year. Management considers the net profit or loss for the year satisfactory. The gross profit for the group for the year totals DKK 96.225 thousand against DKK 128.634 thousand last year. Profit or loss from ordinary activities after tax totals DKK 963 thousand against DKK 21.517 thousand last year.  Management considers the net profit or loss for the year satisfactory which is reflecting solid operational performance and a development broadly in line with Management’s expectations that 2025 would be at a comparable level to 2024. XXXX At the beginning of 2024, the Company implemented an updated strategic roadmap centered around three key priorities: enhanced investment discipline, increased in-house production capabilities, and strengthened collaboration with Nordic content creators. Furthermore, the integration into the Vuelta Company was expected to support international expansion, optimize financing structures, and create access to a broader network within the global film industry.  By the end of 2025, the Company has successfully executed on these strategic objectives for the second consecutive year.  Operationally, the Company experienced strong performance across both theatrical and digital distribution channels. In particular, local Nordic content continued to demonstrate resilience and stable audience demand, performing well across multiple release windows. The Company’s strategic shift toward increased local acquisitions has therefore proven successful.  At the same time, investments in internal production capabilities have significantly improved the Company’s ability to originate and develop content projects. This has enhanced operational agility, allowing for more efficient project execution and improved alignment with market demand.  Collaborations with regional production partners have been further expanded during the year, strengthening access to local talent and high-quality projects, while also enabling risk-sharing across productions.  In summary, the Company has successfully implemented its strategic initiatives for 2025. While a portion of the investments made will realize their full value over future reporting periods, the progress achieved during the year has further strengthened the Company’s competitive position and established a solid foundation for continued growth.    As part of this strategic development, the Company has initiated several feature film productions expected to premiere in 2026 and 2027. These include:  Hvad stiller vi op med far?: A Danish romantic comedy set on Funen, focusing on three sisters who reunite when their father can no longer manage on his own. The film explores family relationships, responsibility, and generational tensions through a humorous and relatable narrative.  Et sted derude: A Danish-language comedy-drama directed by Academy Award-winning director Alexander Payne. Set in a small provincial town in Jutland, the film follows two elderly men whose lifelong friendship begins to fracture late in life, addressing themes of identity, loyalty, and reconciliation.  These productions reflect the Company’s continued focus on high-quality Nordic storytelling with both strong local appeal and potential for international relevance.  Development for the year relative to the expectationsIn the annual report for 2024, the Group announced an expected gross profit for 2025 in the range of DKK 110-130 million and a profit from ordinary activities after tax in the range of DKK 20-30 million. The actual gross profit for 2025 amounted to DKK 96 million, while profit from ordinary activities after tax amounted to DKK 1 million. The deviation from the expected results was primarily attributable to market fluctuations within the film distribution industry and the timing of film releases and distribution agreements, which resulted in lower revenue than anticipated. In addition, higher operational costs incurred in preparation for the expected ramp-up of activities in 2026. Expected developmentsManagement expects that for the financial year 2026, gross profit will be in the range of DKK 125 million to DKK 135 million, and profit from ordinary activities after tax will be in the range of DKK 30 million to DKK 40 million. The theatrical market has stabilized following a period of disruption and now reflects a new structural level of demand. Audience behavior remains selective, with strong performance driven by event-driven content and high-quality local productions.  In response, the Company has further refined its acquisition strategy, focusing on titles with stronger commercial potential while increasing its emphasis on Nordic content with proven market appeal.  The physical home entertainment market has effectively declined to negligible levels, and the Company has adjusted both its cost base and strategic focus accordingly. Growth is now driven by digital distribution platforms and long-term content monetization across multiple windows.  Through its strengthened position in content development, expanded partnerships with Nordic creators, and integration into the Vuelta Company, the Company is well-positioned for continued growth.  Management expects significant revenue growth in 2026 compared to 2025, supported by an expanded content pipeline and increasing monetization opportunities across distribution platforms.  Research and development activitiesThe Group’s intangible assets primarily consist of acquired film rights and similar distribution rights. In addition, the Group has a limited amount of development projects in progress and prepayments for intangible assets. Management performs continuous impairment assessments based on historical performance and forward-looking indicators for the individual titles and asset portfolios. Development activities are a central element of the Company’s long-term value creation strategy. However, such projects are associated with a degree of uncertainty regarding timing, financing, and ultimate realization, as they depend on successful production and commercial exploitation.  All development assets are measured at cost and are subject to ongoing assessment for impairment. Management applies conservative assumptions when recognizing and measuring these assets and considers the carrying values to represent a prudent estimate of their recoverable amounts.  Management expects that a significant share of the development portfolio will be realized through future productions, contributing positively to earnings in the coming years.  The annual report for Scanbox Entertainment Group ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the group and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the group and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Gross profitGross profit comprises the revenue, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Risk transition associated with sales to Cinema and Video on Demand takes place in line with the end user's utilization of provided distribution rights. Revenue associated with sales to TV stations is recognized by the delivery of master tapes / files based on contracts concluded. Cost of sales comprises costs concerning goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns. Other external expenses comprise expenses regarding administration. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Results from investments in group enterprisesAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity investment in the individual entities are recognised in the income statement of the parent as a proportional share of the entities' post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The parent and the Danish group enterprises are subject to Danish rules on compulsory joint taxation of Danish group enterprises. The parent acts as an administration company in relation to the joint taxation. This means that the total Danish income tax payable by the Danish group companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsLicencesInternally generated rights are recognised in the income statement as costs in the acquisition year. Licenses are measured at cost less accrued amortisation. Licenses are amortised over the contract period, however, for a maximum of 8 years. Film catalogues are amortised on a straight-line basis over a period of 8 years based on an assessment of the rights' estimated economic lives. Profit and loss from the sale of licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. GoodwillAcquired goodwill is measured at cost less accumulated amortisation. Given that it is impossible to make a reliable estimate of the useful life, the amortisation period is set at 10 years. Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueOther fixtures and fittings, tools and equipment5years0 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investments in group enterprisesInvestments in group enterprises are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprises are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. Contract work in progressContract work in progress is measured at the costs incurred or at net realisable value, if this is lower. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. EquityReserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Income tax and deferred taxAs administration company, Scanbox Entertainment Group ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Liabilitesconcerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Deferred incomePayments received concerning future income are recognised under deferred income. 1.Uncertainties concerning recognition and measurementRights to distribute films are amortised on a straight line basis over a period of 8 years from the date they are brought into use, which is standard practice in the industry. Given that the performance of individual films can vary across different revenue streams, the assessment of the average useful life is therefore subject to estimation.                                It is Management's assessment that the amortisation period determined reflects the average useful lives of the rights to distribution of films.  2.Special itemsSpecial items include significant nonrecurring income and expenses outside the Group’s ordinary operations. For the Group, this includes film production-related tax credits and similar incentives that are not part of recurring business activities. GroupParent 2025202420252024 Disclosure of assumptions related to development projects The carrying amount includes prepayments related to intangible assets, primarily representing rights to invest in film and series productions. Upon contractual commitment to individual projects, these prepayments are reclassified to intangible assets and subsequently amortised in accordance with the Group’s accounting policies. These investments are expected to lead to future launches and generate related cash flows within a timeframe of 1 to 5 years. The gross margin and related activity from similar intangible assets have contributed positively to revenue recognition during the financial year. Management expects that these prepayments will support the Group’s future earnings and, as of 31 December 2025, has not identified any impairment indicators or need for write-downs related to the total carrying amount. 15.Deferred tax assetsDeferred tax assets 1 January 20251222.4986830Deferred tax of the net profit or loss for the year-122-2.3760683 0122683683 The deferred tax asset primarily relates to tax losses carried forward. Based on budgets and expected future taxable income, management assesses that the deferred tax asset can be utilised within 1-5 years, either by the company itself or within the Danish joint taxation group. 20.Charges and securityAs security for the bank debt, floating charges are issued at DKK 60.000 thousand on unsecured claims, trade receivables and international film distribution rights has been provided. The carrying amount of assets charged is DKK 291.875  thousand at 31 December 2025. (2024: DKK 257.946 thousand) The group has residual liability of DKK 108.000 thousand in relation to film rights that have not yet been delivered at 31 December 2025.  The group guarantees and is jointly and severally liable for a joint credit facility of up to DKK 82.000 thousand. 21.Contractual obligations and contingencies, etc. DKK in thousands Other contractual obligations1.875 Total contractual obligations1.875 Total contractual obligations and contingent liabilities1.875 Other contractual obligations:The group's entities have entered operating leases with an average annual lease payment of DKK 562 thousand and remaining term of 3-27 months. The remaining nominal lease commitment totals DKK 1.875 thousand. Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. 22.Related partiesControlling interest Vuelta Productions Limited, 42 Pearse Street, Dublin, IrelandMajority shareholder TransactionsDisclosure of related party transactions: GroupParent 2025202420252024 Sale of service99.173.34035.180.23100 Sale of service0553.03800 Management service0553.03800 Purchase of services99.173.34035.180.23100 Sale of assets0-1.183.50000 Purchase of assets0-1.183.50000 Intercompany receivable326.118.447259.463.99645.520.33924.698.438 Intercompany debt326.118.447259.463.99636.448.28532.594.003 Intercompany interests income9.956.1316.507.4941.287.9291.247.170 Intercompany interests expense13.509.6576.507.4941.519.9091.477.880 Consolidated financial statementsNone of the company's parent companies present consolidated financial statements.