21276308 2025-01-01 2025-12-31 21276308 2025-01-01 2025-12-31 2 21276308 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 21276308 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 21276308 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 21276308 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 21276308 2025-01-01 2025-12-31 1 21276308 2023-01-01 2023-12-31 21276308 2022-01-01 2022-12-31 21276308 2021-01-01 2021-12-31 21276308 2023-12-31 21276308 2022-12-31 21276308 2021-12-31 21276308 2024-01-01 2024-12-31 21276308 2025-12-31 21276308 2024-12-31 21276308 2025-01-01 fsa:ContributedCapitalMember 21276308 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 21276308 2025-01-01 fsa:RetainedEarningsMember 21276308 2025-01-01 21276308 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 21276308 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 21276308 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 21276308 2025-12-31 fsa:ContributedCapitalMember 21276308 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 21276308 2025-12-31 fsa:RetainedEarningsMember 21276308 2025-01-01 fsa:CompletedDevelopmentProjectsMember 21276308 2025-01-01 fsa:AcquiredLicencesMember 21276308 2025-01-01 fsa:GoodwillMember 21276308 2025-01-01 fsa:DevelopmentProjectsInProgressMember 21276308 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 21276308 2025-01-01 2025-12-31 fsa:AcquiredLicencesMember 21276308 2025-01-01 2025-12-31 fsa:GoodwillMember 21276308 2025-01-01 2025-12-31 fsa:DevelopmentProjectsInProgressMember 21276308 2025-12-31 fsa:CompletedDevelopmentProjectsMember 21276308 2025-12-31 fsa:AcquiredLicencesMember 21276308 2025-12-31 fsa:GoodwillMember 21276308 2025-12-31 fsa:DevelopmentProjectsInProgressMember 21276308 2025-01-01 fsa:LandAndBuildingsMember 21276308 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 21276308 2025-01-01 fsa:LeaseholdImprovementsMember 21276308 2025-01-01 2025-12-31 fsa:LandAndBuildingsMember 21276308 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 21276308 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 21276308 2025-12-31 fsa:LandAndBuildingsMember 21276308 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 21276308 2025-12-31 fsa:LeaseholdImprovementsMember 21276308 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 21276308 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 21276308 2025-12-31 fsa:LongtermLeaseCommitmentsMember 21276308 2024-12-31 fsa:LongtermLeaseCommitmentsMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-07-31 Leonard Adryan de Looff The Executive Board and Board of Directors have today considered and adopted the Annual Report of Keylane 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. Copenhagen 2026-07-31 Leonard Adryan de Looff CEO Tonny Rabjerg Leonard Adryan de Looff John Theo Anton Reynders Chairman To the shareholder of Keylane 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 Keylane A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the 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 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 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, 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 Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup 2026-07-31 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Niels Henrik B. Mikkelsen Mads Blichfeldt Fjord State Authorised Public Accountant State Authorised Public Accountant mne16675 mne46065 Keylane A/S Kigkurren 10 2300 Copenhagen + 45 70 20 40 90 21276308 Copenhagen Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights: -48854000 -56540000 -46868000 -3506000 -1803000 331000 -46134000 -52482000 -36745000 236528000 179699000 206279000 1332000 1333000 10087000 1660000 1270000 -1091000 45043000 97525000 136 133 122 125 144 0.058 0.046 0.207 0.315 0.227 0.078 0.019 0.005 0.251 0.473 1.328 1.357 -2.099 0.736 0.317 Key activitiesKeylane A/S is part of Keylane Life & Pension – a leading European provider of stable, highly configurable, and customer-centric SaaS platforms for the life and pension sector in the Nordics and Benelux.The key activities of Keylane A/S are listed below:Sales, delivery, and support of Keylane’s software solutions to the Nordic financial market with particular focus on life, pension, and banking.Development of key products in Keylane's software portfolio for distribution in all target markets of Keylane.Keylane A/S offers the following standard solutions in the Nordic market that empower the customers to launch a digital platform both with and without legacy migration.Keylane PlexusThe Plexus platform offers a comprehensive and standardized policy administration solution designed to effectively manage life and pension portfolios that include guaranteed benefits, market interest rates, and Unit Link. It boasts a resilient and sophisticated core engine built around event-driven architecture. This platform comprises various modules, such as complete money-flow management, company agreements, policy administration, streamlined processes with extensive automation, employee and customer portals, and seamless integration with bookkeeping and data warehousing systems.The Plexus platform is central to Keylane’s strategy, now serving multiple active clients in the life and pension industry, most of whom are based in Denmark, but also in the Netherlands and Norway. In Q2 2025, Keylane furthermore signed a multi-year agreement with a leading player in Norway. This marks a significant milestone in our Nordic expansion and demonstrates the growing trust in the Plexus platform’s ability to support complex pension schemes across markets. Implementation is already underway and expected to go live in the second half of 2027.Plexus currently generates 47% of its revenue from the Danish market, underlining its critical importance to Keylane’s Danish operations. Overall, Plexus now contributes more than 47% of Keylane Life & Pension’s revenue, making it the largest and fastest-growing product in the portfolio.Keylane’s continued expansion in the Nordics and the Netherlands - driven by contract renewals, collaboration initiatives and new customers - reflects strong customer confidence in Keylane’s solutions, and is exploring potential new markets like the UK.The Plexus development organization consists of colleagues in Denmark, in India (managed from Denmark) and in the Netherlands. The leadership team of Plexus consists primarily of Danish managers.Keylane ObexThe Obex platform is a service-enabled financial planning solution that encompasses modules for tax calculations, wealth and budget planning, and pension and retirement planning. Its primary objective is to empower financial institutions to provide their customers with a comprehensive, 360-degree view of their financial landscape. The platform seamlessly integrates with on-premise systems while also facilitating connections to external online services through APIs. Currently, the solution is successfully deployed by key clients within the Danish market.Obex is market leader in its market in Denmark. The team is located in Denmark. Keylane is actively exploring to implement Obex in the Netherlands and the UK, starting with providing advisory tooling to life insurance providers.OrganizationKeylane A/S is a 100% subsidiary of Keylane Group B.V., a company with head office in the Netherlands and subsidiaries in several countries within the EU.Keylane Group B.V. is ultimately owned by funds managed and controlled by Pollen Street Capital. With funds controlled by Pollen Street Capital as ultimate shareholder, together with Keylane’s Leadership team, Pollen Street Capital aims to accelerate the group’s strong organic growth and pursue further accretive M&A, and to support the ongoing development of Keylane’s proprietary technologies.Based on information provided to us, there is no natural person who is the principal owner of 25% or more of the interests of PSC Nominee 5 ltd.The Keylane Group B.V. provides software for Property and Casualty (P&C) insurers and Life and Pension (L&P) providers. The Group had a combined revenue in 2025 of 130 million euro (2024: 122 million euro), which is an increase of 7% compared to 2024 and Earnings Before Interest, Tax, Depreciation and Amortization, and exceptional costs (adjusted EBITDA) of 44,0 million euro (2024: 38,5 million euro), which is 34% of revenue (2024: 33%) and an increase of 14,3% compared to 2024.Within the Keylane Group, the business line L&P consists of Keylane Life and Pension BV in the Netherlands and Keylane A/S in Denmark. The unaudited management accounts of the L&P business line show a combined revenue across Denmark and Netherlands of 76,3 million euro (2024: 69,8 million euro), which is an 9,3% increase compared to 2024.. The adjusted EBITDA amounted to 21,6 million euro (2024: 16,9million euro), which is 28% of revenue and an increase of 27,8% compared to 2024.As per 31 December 2025, the statutory Board of Directors of Keylane A/S consists of chairman Tonny Rabjerg (VP Plexus), Leon de Looff (CEO of the L&P business line) and Philipp Lederer (CFO).Development in the yearIn 2025 Keylane made significant investments within the business line L&P, in product development and team expansion across Denmark, the Netherlands, and India. As per 31-12-2025 the L&P business line contains of 506 FTE spread over internal, external and offshore employees - especially those focused on Plexus (280 FTE) - play a key role in driving technological and service-related progress.Keylane has entered new markets in the Nordics, continues to execute its cloud transformation strategy and is now actively migrating a Danish Plexus customer to the Keylane Cloud,and is in active discussions with several large Dutch insurers to introduce the Obex platform in the Netherlands.Keylane A/S is operated as a profit center for the Danish customers and a cost center for the Plexus platform. The IP of Plexus is owned by Keylane A/S and the majority of generic development and support activities are conducted and paid in Denmark.Based on this financial setup, the income statement of the Company for 2025 shows a loss of DKK 22,5 mio (-10,5% of revenue). However, the financial performance of Keylane A/S should be viewed as an integrated part of the overall Keylane Life & Pension portfolio - not in isolation. Core functional development of both Plexus - Keylane’s flagship platform originating in Denmark - and Obex is managed and implemented in Denmark.Keylane A/S holds the IP rights to the software, while revenue is recognized both in Denmark and the Netherlands. With the onboarding of new customers in the Nordics, and the go-live and increasing policy/participant volume of the implementations in the Netherlands, the Danish unit is expected to show significantly stronger financial results on the short term. With revenues of new customer in the Nordics flowing directly in to Keylane A/S management expecting positive result by 2027/2028. At 31 December 2025 the balance sheet of the Company shows a negative equity of DKK -28,1 mio (-7,8% of balance sheet total).Capital resourcesKeylane A/S will continue to significantly invest in both the Plexus and the Obex solutions. Keylane A/S is not expected to generate sufficient cash flows from operations in 2025 to support these investments. The parent company, Keylane Group B.V., has therefore issued a letter of support confirming that the Keylane Group will support Keylane A/S financially in this respect.Special risks - operating risks and financial risksKeylane has an extensive risk management function to ensure all risks are clear and properly managed and reported. All risks are reviewed monthly in a meeting between the central Head of risk and the business units. Keylane has defined a Keylane Control Framework with over 100 controls to meet regulatory and risk management policies. These are aligned with Danish regulatory and risk requirements and Dutch Central Bank regulations. Keylane is compliant with DORA and NIS2 regulations.The primary operating risks of Keylane A/S are associated with security related aspects. The Keylane Group has a ISAE3402 framework in place and is ISO27001 certified.Targets and expectations for the year aheadKeylane Life & Pension remains firmly committed to transforming the life and pension industry through technological innovation. With a strategic focus on SaaS, product development, resource allocation, cloud technology, AI, and compliance - and now backed by Pollen Street Capital’s sector expertise and long-term investment approach - Keylane is well-positioned to respond to future demands and market dynamics, and to remain a valuable partner to its clients.In 2026 Keylane will support its Danish customers with functional enhancements in the product, regulatory compliance, adopting to changes in markets and products.Going forward the company expects to achieve break even, due to the further rollout of the Plexus platform at Dutch- and Norwegian customers, which will significantly increase the license revenue towards Keylane A/S. Management expect revenue to increase in 2026 which will generate an EBITDA in the range of DKK 0 - 30 million.Research and developmentKeylane A/S continues to invest significantly in product development to support the industry's growing transition to SaaS based standard solutions that can be deployed and implemented quickly and cost effectively. In 2026, the efforts will be focused on the Plexus solution and rollout and expansion of the new Obex platform.A key area of Keylane’s investment strategy is expanding the portfolio, as part of our innovation strategy, with an AI platform that augments critical business processes across the insurance and pension sector. By orchestrating intelligence across data, applications, and workflows, the platform enables hyper-personalised services, generates proactive business insights, and supports intelligent automation. Additionally, Keylane will modernize its cloud infrastructure. By leveraging advanced technologies such as Microsoft Azure, Keylane is strengthening scalability, security, and operational efficiency across its platforms.This shift is critical to Keylane’s ambition to maintain strong client relationships and a market-leading position. Nordea is the first client to run a fully configured and compliant Plexus solution in the Azure Cloud. The financial advisory platform Obex has already been operating in Azure for several years.Intellectual capital resourcesKeylane's future financial success is closely tied to the expertise and knowledge possessed by its employees. Being a thriving company operating in a highly competitive market, Keylane consistently strives to attract toptier talent. This is essential for effectively executing implementation projects and sustaining investments in the quality and usability of its SaaS software. To this end, Keylane offers competitive salaries and proactively undertakes multiple initiatives aimed at enhancing employee satisfaction. The company regularly conducts a biannual employee engagement survey to gauge and improve employee contentment.Uncertainty relating to recognition and measurementCalculation of the carrying amount of certain assets and liabilities, essentially development projects, requires assessments, estimates and assumptions concerning future events. The estimates made are based on historical experiences and other factors that Management considers appropriate in the circumstances, but that by their very nature are uncertain and unpredictable.The assumptions may be incomplete or inaccurate, and unexpected events or circumstances may arise. Moreover, the enterprise is subject to risks and uncertainties that may result in actual results differing from these estimates. It may be necessary to change estimates made previously because of changes in the circumstances that formed the basis of the previous estimates or based on new knowledge or subsequent events.Unusual eventsThe financial position at 31 December 2025 of the Company and the results of the activities and cash flows of the Company for the financial year for 2025 have not been affected by any unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 176492000 170734000 154961000 147063000 42340000 37497000 -20809000 -13826000 89000 80000 8301000 5932000 -29021000 -19678000 -6536000 -15078000 -22485000 -4600000 207134000 147714000 24560000 28653000 0 0 5268000 26300000 236962000 202667000 8489000 11115000 2672000 2766000 207000 30000 11368000 13911000 1923000 1923000 1923000 1923000 250253000 218501000 21182000 19473000 48306000 35413000 0 158000 27803000 21303000 1701000 1162000 98992000 77509000 10612000 3132000 109604000 80641000 359857000 299142000 41166000 41166000 165676000 114092000 -235018000 -160949000 -28176000 -5691000 794000 1912000 794000 1912000 6920000 9720000 6920000 9720000 3129000 2839000 91000 147000 3667000 4843000 352122000 260326000 21310000 25046000 380319000 293201000 387239000 302921000 359857000 299142000 41166000 114092000 -160949000 -5691000 0 51584000 -51584000 0 0 0 -22485000 -22485000 41166000 165676000 -235018000 -28176000 Keylane A/S will continue to significantly invest in both the Plexus and the Obex solutions. Keylane A/S is therefore not expected to generate sufficient cash flows from operations in 2026 to support these investments. The parent company, Leto Topco B.V., has therefore issued a letter of support confirming that the parent company, if needed, will support Keylane A/S financially till at least 30 June 2027. The Letter of support is limited to DKK 50 million in addition to already provided loans as of the date of the approval of the annual report.On this basis the annual report is prepared under the going concern assumption. 135891000 130210000 12058000 10489000 1024000 1016000 5988000 5348000 154961000 147063000 2869000 3380000 136 133 Amortisation of intangible assets38,15233,359Depreciation of property, plant and equipment4,2284,160Gain and loss on disposal-40-2242,34037,497 0 75000 89000 5000 89000 80000 6404000 4594000 1897000 1338000 8301000 5932000 -6536000 -15078000 -6536000 -15078000 -22485000 -4600000 344107000 41158000 29961000 26300000 67180000 0 0 5267000 26299000 0 0 -26299000 437586000 41158000 29961000 5268000 196393000 12505000 29961000 0 34059000 4093000 0 0 230452000 16598000 29961000 0 207134000 24560000 0 5268000 The development projects concern the improvement and further development of the company's existing products; Plexus and Obex which are already established in the market with proven demand. Each sub-project is part of the Company's product roadmap and supports the overall service offering. The development is progressing as planned.Based on management's assessment, there are no indications of impairment, and the carrying amount does not exceed the recoverable amount. Consequently, no special conditions apply to the development projects in progress. 28464000 14864000 674000 372000 1136000 196000 0 49000 0 28836000 15951000 870000 17349000 12098000 644000 2998000 1230000 19000 0 49000 0 20347000 13279000 663000 8489000 2672000 207000 1923000 1923000 1923000 Deferred tax asset at 1 January21,3036,226Amounts recognised in the income statement for the year6,53615,077Amounts recognised in equity for the year -360Deferred tax asset at 31 December27,80321,303The deferred tax asset relates to tax loss carryforwards which management expects to be utilised against future taxable income.Based on management's budgets and forecasts, the deferred tax asset is expected to be utilised within a period of approximately 6.5 years. This assessment is supported by the company's well-established and long-standing customer relationships, which have historically extended beyond 20 years and provide a solid basis for expecting stable future earnings.The expected timing of utilisation is based on management's estimates of future execution and revenue growth. As these estimates are inherently subject to uncertainty, the actual period over which the deferred tax asset is utilised may differ from the expected 6.5 years.On this basis, management considers it probable that sufficient future taxable income will be available to allow the deferred tax asset to be utilised. Prepayments consist of prepaid expenses concerning rent, insurance premiums and subscriptions as well. Other provisions comprise provisions on entered contracts and covers disputes.Provision restorage cost for buildings765765Other provisions291,1477941,912The provisions are expected to mature as follows:Within 1 year291,147Between 1 and 5 years765765After 5 years007941,912 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Lease obligations10,04912,559 0 0 6920000 9720000 6920000 9720000 3129000 2839000 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year2,5362,4412,5362,441Other financial obligationsThe Company has not entered into any contractual commitments at the balance sheet date.The following (additional) security has been granted for the purpose of financing by banks:- First ranking right of pledge on all shares in Keylane A/S;- First ranking pledge, charge and assignment (as applicable) on all assets of and Keylane A/S, including all business equipment, receivables, insurances, intellectual property rights and other assets. Assets held by Keylane A/S have been pledged to AlterDomus Trustees (UK) Ltd. as security agent of the lenders in the Senior Facilities Agreement – as concluded between Leto Group B.V., the lenders and the agent on 30 October, 2024 – for a total value of €8,000,000 by registration of a Floating Charge Mortgage with the Danish Register of Chattel Mortgages. In addition, Keylane A/S has granted a guarantee for the obligations of all obligors under the loan documents. Controlling interestLeto Group B.V.Majority shareholderLeto Topco B.V.Ultimate parent companyTransactionsPurchase of services from group companies48,13247,398Recharge of services (expense) from group companies96,04481,469Interest paid to group companies6,4044,594Receivables from group companies48,30635,413Loan payables to group companies48,30677,713Payables to group company267,901182,613In addition, transactions with the management have been carried out in the form of management remuneration, cf. note 2. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Leto Topco B.V. (ultimate parent company)Varrolaan 603584 BW UtrechtThe NetherlandsLeto Group B.V. (intermediate parent company)Varrolaan 603584 BW UtrechtThe NetherlandsThe Group Annual Report of Leto Topco B.V. and Leto Group B.V. can be obtained at the above addresses. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Keylane A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in TDKK. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Leto Group B.V., the Company has not prepared a cash flow statement. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. RevenueContract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement. Intangible fixed assetsIntellectual property rights etc. comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down.The cost of development projects comprises costs such as salaries and external directly and indirectly attributableto costs to the development projects.Indirect production costs in the form of indirectly attributable staff costs used in the development process are recognised in cost based on time spent on each project.Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. For development projects, protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 5-10 years.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised over their remaining duration, and licences are amortised over the term of the agreement, but over no more than 5 years.Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Licences are amortised over the licence period; however not exceeding 5 years.Goodwill is the positive difference between cost and value in use of assets and liabilities taken over as part of the acquisition. Goodwill is amortised straight-line over its estimated useful life which is fixed based on the experience gained by Management for each business area. Useful life is determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed on an annual basis. The amortisation periods used are 10 years.Goodwill is written down to the lower of recoverable amount and carrying amount. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Land and buildings5 years Other fixtures and fittings, tools and equipment3-5 years Leasehold improvements5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. Other fixed asset investments consist of deposits and receivables from group enterprises. Fixed asset investments are measured at amortised cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums and subscriptions. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity