43724002 2025-01-01 2025-12-31 43724002 2025-01-01 2025-12-31 1 43724002 2025-01-01 2025-12-31 1 43724002 2025-01-01 2025-12-31 2 43724002 2024-01-01 2024-12-31 43724002 2025-12-31 43724002 2024-12-31 43724002 2024-12-31 fsa:ContributedCapitalMember 43724002 2024-12-31 fsa:RetainedEarningsMember 43724002 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43724002 2025-12-31 fsa:ContributedCapitalMember 43724002 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-07-31 Steffen Bjerregaard The Executive Board has today considered and approved the annual report of Emaldo ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and​of the results of its operations for the financial year 01.01.2025 - 31.12.2025. I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. I recommend the annual report for adoption at the Annual General Meeting. Ølstykke Steffen Bjerregaard CEO To the shareholders of Emaldo ApS We have audited the financial statements of Emaldo ApS for the financial year 01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity 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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.​ Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Henrik Wolff Mikkelsen State Authorised Public Accountant mne33747 Sebastian Reinbach Kilde Hye State Authorised Public Accountant mne51486 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'000Key figuresGross profit/loss(49,513)(5,070)(458)Operating profit/loss(63,249)(7,655)(458)Net financials(815)(377)(24)Profit/loss for the year(64,064)(10,118)(482)Total assets141,326161,3833,320Investments in property, ​plant and equipment222850Equity(74,624)(10,560)(442)Average number of employees18120RatiosReturn on equity (%)150.41183.93218.10Equity ratio (%)(52.80)(6.54)(13.31)The company was established on 15 December 2022. Financial highlights for 2023 cover the period from 15 December 2022 to 31 December 2022. The financial year 2023 year has not been audited.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesEmaldo ApS engages in the development and commercialisation of technology and services related to energy storage, with a particular focus on residential and commercial battery solutions and associated grid-balancing services. Development in activities and financesThe Company continued its strategic focus on technology platform development and market expansion during the year. The Company recorded a loss for the year of DKK 64,064,359 (2024: DKK 10,117,982), reflecting intensive investment in the technology platform, market expansion and associated financing costs to support continued growth.​​The Company has lost more than 50% of its share capital and is therefore subject to the capital loss provisions of Section 119 of the Danish Companies Act. Management expects that equity will be restored with support from its parent company.​​The financial statements of Emaldo ApS have been prepared on a going concern basis. The Company is in a phase of significant investment and recorded a loss for the year, and its continued operations depend on the continued availability of financing from the Group. Subsequent to the balance sheet date, the Group has raised multiple-million convertible shareholder funding and is finalising a larger capital round expected to be completed​during the summer. Management has obtained confirmation of continued financial support from the Group and expects the ongoing capital raising to be completed, and on this basis considers the going concern assumption to​be appropriate.​​Risks and uncertainties ​Emaldo ApS is exposed to risks relating to the development and roll-out of its grid-balancing platform, the pace of​market expansion, and the continued availability of financing from the Group. The Company is also exposed to currency risk in connection with intra-group funding denominated in foreign currency. Continued growth is in line​with planned access to such funding; on this basis, the financial statements have been prepared on a going concern basis. Profit/loss for the year in relation to expected developmentsThe result for the year is in line with the Company’s updated expectations, reflecting a phased rollout of the grid-balancing platform and a deliberate, measured pace of market expansion. OutlookThe company continues to pursue continuous organic growth in line with previous years’ rate. Forward-looking financial guidance is provided at Group level; this growth is expected to be underpinned by the continued maturation of the Group’s markets and ongoing geographical expansion. These expectations are based on assumptions regarding the timing of the platform roll-out, market adoption and access to funding, all of which are subject to uncertainty. Our expectations for the coming year point to a result in the range of DKK -5 to +5 million. The forecast carries considerable uncertainty due to timing variations in key projects, which could materially impact the final outcome. Use of financial instrumentsThe Company is exposed to currency and liquidity risk in connection with intra-group funding denominated in foreign currency and the continued availability of financing. The Company does not currently use derivative financial instruments to hedge these exposures, which management monitors on an ongoing basis. Research and development activitiesResearch and development activities relating to the Group’s technology platform are carried out by a sister company within the Group, located in China. No research and development costs have been recognised directly in Emaldo ApS during the year Events after the balance sheet dateAs per 31 December 2025, equity was negative by DKK 74.6 million due to heavy investments in the growth realized for 2025 and also planned for future years. Due to the equity being negative, the parent company Emaldo Ltd. has issued a letter of support to the Danish subgroup. ​ ​Group Management is in dialogue with several investors and expect to close these during the third quarter of 2026. ​ ​Based on the results for the first half of 2026, the budgets for the group, the letter of support from the parent company, it is Management’s assessment that the group and the company has the significant cash resources to continue the planned activities in the coming years. ​​Other than that no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. -49512924 -5070420 13694909 2560619 41545 23488 -63249378 -7654527 0 -2086500 157710 0 188688 8278 23511 25131 1137868 360102 -64064359 -10117982 8986823 0 8986823 0 241662 61072 241662 61072 16239 16239 195006 0 211245 16239 9439730 77311 58030432 121920355 12709882 0 70740314 121920355 43758377 33247031 9832401 296583 592991 1507211 788802 559 54972571 35051384 6173715 4334134 131886600 161305873 141326330 161383184 40000 40000 -74664051 -10599692 -74624051 -10559692 500000 0 500000 0 7796128 5323861 198960593 159485109 8693660 7133906 215450381 171942876 215450381 171942876 141326330 161383184 40000 -10599692 -10559692 -64064359 -64064359 40000 -74664051 -74624051 The Company has lost more than 50% of its share capital and is therefore subject to the capital loss provisions of Section 119 of the Danish Companies Act. Management expects that equity will be restored with support from its parent company. 1 Judgements regarding going concernAs per 31 December 2025, equity was negative by DKK 74.6 million due to heavy investments in the growth realized for 2025 and also planned for future years. Due to the equity being negative, the parent company Emaldo Ltd. has issued a letter of support to the Danish subgroup. ​ ​Group Management is in dialogue with several investors and expect to close these during the third quarter of 2026. ​ ​Based on the results for the first half of 2026, the budgets for the group, the letter of support from the parent company, it is Management’s assessment that the group and the company has the significant cash resources to continue the planned activities in the coming years. ​ ​The Annual Report for 2025 has based on the above been prepared in accordance with the going concern assumption. 2 Events after the balance sheet dateOther than what is already mentioned in note 1 no significant events after det balance sheet date have occured. 3 Staff costs2025​DKK2024​DKKWages and salaries13,602,0862,545,967Pension costs20,0000Other social security costs72,82314,65213,694,9092,560,619Average number of full-time employees1812In accordance with Section 98 B(3) of the Annual Accounts Act, the remuneration of the Board of Directors is not disclosed. 18 12 4 Other financial income2025​DKK2024​DKKOther interest income22,3668,278Exchange rate adjustments166,3220188,6888,278 5 Other financial expenses2025​DKK2024​DKKOther interest expenses1,137,868101,020Exchange rate adjustments0259,0821,137,868360,102 6 Proposed distribution of profit and loss2025​DKK2024​DKKRetained earnings(64,064,359)(10,117,982)(64,064,359)(10,117,982) -64064359 -10117982 -64064359 -10117982 7 Intangible assetsAcquired rights​DKKAdditions8,986,823Cost end of year8,986,823Carrying amount end of year8,986,823 8 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKCost beginning of year84,560Additions222,136Cost end of year306,696Depreciation and impairment losses beginning of year(23,488)Depreciation for the year(41,546)Depreciation and impairment losses end of year(65,034)Carrying amount end of year241,662 9 Financial assetsInvestments in group enterprises​DKKDeposits​DKKCost beginning of year16,2390Additions0195,006Cost end of year16,239195,006Carrying amount end of year16,239195,006Investments in subsidiariesRegistered inCorporate formEquity​interest​%Emaldo ABSwedenAB100.00 10 PrepaymentsPrepayments comprises costs related to subsequent financial years. 11 Other provisionsOther provisions relate to warranties on own goods and products. 12 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements with associates until maturity1,163,933318,780 13 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Cawa Sercurity serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 14 Transactions with related partiesParent​ DKKSubsidiaries​DKKOther related parties​DKKInterest expense0023,511Interest income40,9520116,758Receivables4,971,94602,462,581Liabilities other than provisions5,506,1281,399,984182,988,393 15 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​Emaldo Limited, Hong KongName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Cawa Security ApS, Egedal, CVR nummer 33 77 18 94 This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Non-comparabilityReclassification of individual items in the income statement and balance sheet has been made with no effect on the income statement and equity. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result 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 as a ​result of a prior event, and it is probable 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 subsequent to initial ​recognition is effected as described below 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. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods, other operating income, cost of raw materials and consumables and external expenses. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Other operating incomeOther operating income includes revenues of a secondary nature relative to the company's principal business activities, including reimbursements of salaries Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Costs of raw materials and consumablesCost of goods sold comprises expenses for the purchase of raw materials and auxiliary materials less discounts, as well as the year's change in inventory Other external expensesOther external expenses comprise costs for distribution, sales, advertising, administration, premises, bad debts, and operating lease expenses Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year. Income from investments in group enterprisesIncome from investments in group enterprises comprises dividends etc received from the individual group enterprises in the financial year. Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc on receivables from group enterprises.Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises and transactions in foreign currencies, and tax relief under the Danish Tax Prepayment Scheme etc. Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc from payables to group enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, payables and transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc. Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-5 yearsEstimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the ​lower of recoverable amount and carrying amount. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​of costs of raw materials, consumables, direct labour costs. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns etc. ​​Other provisions are recognised and measured as the best estimate of the expenses required to settle the ​liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the ​balance sheet date are measured at their discounted value.​​Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within ​the guarantee period. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Cawa Security ApS, Business Reg. No. 33771894. Ikke væsentlig usikkerhed vedr. fortsat drift true Grundlag for konklusion Konklusion 2026-07-31 2026-07-31 Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade Egedal Ølstykke 3650 Revisionspåtegning 2025-12-31 2025-01-01 4 Bygmarken Emaldo ApS 43724002 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab