25790936 2025-01-01 2025-12-31 25790936 2025-01-01 2025-12-31 2 25790936 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 25790936 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_2 25790936 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 25790936 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 25790936 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 25790936 2025-01-01 2025-12-31 1 25790936 2023-01-01 2023-12-31 25790936 2022-01-01 2022-12-31 25790936 2021-01-01 2021-12-31 25790936 2023-12-31 25790936 2022-12-31 25790936 2021-12-31 25790936 2024-01-01 2024-12-31 25790936 2025-12-31 25790936 2024-12-31 25790936 2025-01-01 fsa:ContributedCapitalMember 25790936 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 25790936 2025-01-01 fsa:RetainedEarningsMember 25790936 2025-01-01 fsa:ProposedDividendRecognisedInEquityMember 25790936 2025-01-01 25790936 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 25790936 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 25790936 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 25790936 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 25790936 2025-12-31 fsa:ContributedCapitalMember 25790936 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 25790936 2025-12-31 fsa:RetainedEarningsMember 25790936 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 25790936 2025-01-01 2025-12-31 fsa:ManagementMember 25790936 2024-01-01 2024-12-31 fsa:ManagementMember 25790936 2025-01-01 fsa:CompletedDevelopmentProjectsMember 25790936 2025-01-01 fsa:AcquiredLicencesMember 25790936 2025-01-01 fsa:GoodwillMember 25790936 2025-01-01 fsa:DevelopmentProjectsInProgressMember 25790936 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 25790936 2025-01-01 2025-12-31 fsa:AcquiredLicencesMember 25790936 2025-01-01 2025-12-31 fsa:GoodwillMember 25790936 2025-01-01 2025-12-31 fsa:DevelopmentProjectsInProgressMember 25790936 2025-12-31 fsa:CompletedDevelopmentProjectsMember 25790936 2025-12-31 fsa:AcquiredLicencesMember 25790936 2025-12-31 fsa:GoodwillMember 25790936 2025-12-31 fsa:DevelopmentProjectsInProgressMember 25790936 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 25790936 2025-01-01 fsa:LeaseholdImprovementsMember 25790936 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25790936 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 25790936 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25790936 2025-12-31 fsa:LeaseholdImprovementsMember 25790936 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25790936 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 25790936 2025-01-01 fsa:OtherReceivablesMember 25790936 2025-01-01 2025-12-31 fsa:OtherReceivablesMember 25790936 2025-12-31 fsa:OtherReceivablesMember 25790936 2025-12-31 fsa:LongtermLeaseCommitmentsMember 25790936 2024-12-31 fsa:LongtermLeaseCommitmentsMember 25790936 2025-12-31 fsa:OtherLongtermPayablesMember 25790936 2024-12-31 fsa:OtherLongtermPayablesMember 25790936 2025-12-31 fsa:OtherShorttermPayablesMember 25790936 2024-12-31 fsa:OtherShorttermPayablesMember 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, stor virksomhed Revisionspåtegning true 2026-06-25 Martin Norrbom Sams The Executive Board and Board of Directors have today considered and adopted the Annual Report of Fellowmind Denmark 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. Frederiksberg 2026-06-25 Max Sejbæk Mikkel Aude CEO Martin Norrbom Sams Max Sejbæk Niels Tasior Kodal Chairman To the shareholder of Fellowmind Denmark 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 Fellowmind Denmark 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 2026-06-25 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Niels Henrik B. Mikkelsen Tobias Mads-Emil Christiansen State Authorised Public Accountant State Authorised Public Accountant mne16675 mne52164 Fellowmind Denmark A/S Rosenørns Alle 1 1970 Frederiksberg C + 45 82 32 32 32 www.fellowmind.com 25790936 Frederiksberg Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights:EBITDA65,31558,67530,80015,70231,007The financial ratios have been calculated as described in Accounting Policies.Intragroup business combinations in 2022 and 2023 are accounted for using the pooling-of-interests method and comparative figures for 2021 and 2022 have not been restated. 691367000 513618000 376098000 394426000 309101000 226312000 18449000 6716000 25288000 -311000 -334000 -167000 13948000 4738000 19647000 207549000 186602000 121093000 421000 803000 896000 797000 653000 31205000 46199000 35259000 499 467 469 381 266 0.540 0.574 0.571 0.602 0.602 0.059 0.055 0.027 0.013 0.067 0.150 0.150 0.089 0.036 0.209 0.278 0.231 0.150 0.248 0.291 0.497 0.701 0.360 0.116 0.525 Key activitiesBusiness activities and missionFellowmind Denmark A/S is a leading Microsoft partner and provider of digital transformation, cloud, data, artificial intelligence, business applications, and managed services. We help organizations accelerate their digital readiness and create business value by combining technology, industry insight, and a people-centric approach.At Fellowmind, we believe technology should empower people. Our purpose is to create meaningful connections between people and technology, enabling organizations to work smarter, adapt faster, and achieve sustainable growth. Through close collaboration with our customers, we design, implement, and support solutions that improve customer engagement, optimize operations, strengthen security, enable data-driven decision-making, and support the responsible use of artificial intelligence.The Company delivers consulting, implementation, support, managed services, and proprietary software solutions based primarily on Microsoft technologies. Our service portfolio covers Customer Engagement, Optimize Operations, Cloud & Security, Data & Analytics, Modern Work, and Artificial Intelligence, including AI advisory services, Microsoft Copilot enablement, AI agents, automation solutions, and AI-enabled business process optimization.As businesses continue to navigate increasing digitalization, changing customer expectations, cyber threats, and rapid technological development, Fellowmind supports customers in becoming more connected, agile, and resilient organizations. By combining deep technological expertise with a strong focus on user adoption, business processes, and measurable outcomes, we help customers realize the full value of their digital investments.Fellowmind Denmark A/S primarily serves customers in Denmark across a broad range of industries and is a wholly owned subsidiary of Fellowmind Holding AB, Sweden. As part of the Fellowmind Group, the Company contributes to a shared ambition of helping people, businesses, and society flourish in a digital world.Development in the yearFellowmind Denmark A/S delivered strong financial performance in 2025, supported by continued demand for digital transformation, cloud, security, data, artificial intelligence, business applications, and managed services.Revenue increased to DKK 888.9 million in 2025 compared to DKK 759.9 million in 2024, corresponding to growth of 17.0%. The development was driven by strong organic growth and was in line with the expectations stated in the 2024 Annual Report.EBITDA amounted to DKK 65.3 million in 2025 compared to DKK 58.7 million in 2024, representing an increase of DKK 6.6 million. The improvement reflects the higher activity level during the year, while the Company continued to invest in strategic growth areas, new business offerings, and the development of proprietary solutions.The Company realized a profit for the year of DKK 40.1 million. At 31 December 2025, equity amounted to DKK 96.5 million, reflecting a continued solid financial position.During 2025, Fellowmind Denmark continued to invest in two strategically important growth areas: EnergyConnect and Hive AI.EnergyConnect (https://energyconnect.dk) is a proprietary software platform developed to support the specific needs and business processes of Danish electricity distribution system operators. The platform enables distribution companies to collect, validate, and estimate metering data and transfer it to Energinet’s DataHub. EnergyConnect is designed to support regulatory compliance, operational efficiency, scalability, and a high level of security.In 2025, the Company expanded the EnergyConnect customer base with the onboarding of Verdo and Dinel. The continued development of EnergyConnect supports the Company’s strategy of increasing scalable software-based and recurring revenue streams.Hive AI (https://www.fellowmind.com/da-dk/losninger/ai-solutions/hive-ai/) is Fellowmind’s platform for supporting customers in the adoption and management of artificial intelligence across business processes. The platform enables the use of AI agents and automation to support daily work, handle repetitive tasks, retain institutional knowledge, and improve productivity.Management considers artificial intelligence to be a significant long-term growth area. During 2025, the Company continued to invest in Hive AI and related AI services, including advisory, implementation, enablement, and AI-enabled business process optimization. These investments are expected to strengthen the Company’s market position and support future growth.Overall, Management considers the financial performance and development in 2025 to be satisfactory. The combination of revenue growth, improved EBITDA, continued profitability, and investments in strategic growth areas provides a solid foundation for the Company’s future development.The past year and follow-up on development expectations from last yearIn 2024, Management guided revenue to exceed DKK 825 million and EBITDA in the range of DKK 60–80 million.For 2025, the Company realised revenue of DKK 888.9 million and EBITDA of DKK 65.3 million. Management considers the results satisfactory and in line with the expectations and guidance provided in 2024.Expectations for the futureManagement and the Board of Directors remain cautiously optimistic about the development of Fellowmind Denmark A/S in 2026. The Company enters the year with a solid contractual foundation, a strong customer base, and a well-developed pipeline of opportunities across digital transformation, cloud, security, data, artificial intelligence, business applications, and managed services.The continued development and adoption of artificial intelligence are expected to influence customer demand and delivery models within the IT consulting industry. Management considers this development to represent both an opportunity and a risk. The Company expects continued demand for advisory, implementation, enablement, and managed services related to AI, while also recognizing that AI may change traditional consulting delivery models and customer buying patterns.Based on the current order backlog, expected customer demand, and the sales pipeline, Management expects revenue in 2026 to exceed DKK 1.000 million. EBITDA is expected to be in the range of DKK 70 - 90 million.Achievement of these expectations is subject to general market conditions, customer investment levels, consultant utilization rates, recruitment and retention of skilled employees, project execution, and the pace at which customers adopt new technologies, including artificial intelligence.Overall, Management expects Fellowmind Denmark A/S to continue its positive development in 2026, supported by its market position, specialist competencies, and investments in strategic growth areas.Research and developmentThe Company continues to invest in the development of proprietary software solutions and service offerings, including EnergyConnect and Hive AI.Development activities are aimed at creating scalable software and subscription-based revenue streams. Management expects these investments to contribute positively to future earnings and growth.Unusual risksThe Company is exposed to risks generally associated with the IT consulting industry, including changes in customer demand, competition for highly skilled employees, project execution risks, cybersecurity risks and technological developments. Management continuously monitors these risks and implements mitigating actions where appropriate.No unusual risks beyond those normally associated with the Company's activities have been identified.Knowledge resourcesThe Company's most important knowledge resources are its employees, specialist competencies, customer relationships and proprietary intellectual property, including internally developed software platforms. Maintaining and developing these resources remains a key priority for Management.Uncertainty relating to recognition and measurementManagement has not identified any material uncertainty relating to recognition and measurement in the Annual Report.Subsequent eventsNo events have occurred after the balance sheet date that materially affect the Company's financial position as of 31 December 2025 or Management's assessment of the Annual Report. Statement of corporate social responsibility, cf. section 99b of the Financial Statements ActFor a description of our business model, please refer to the section regarding business activities and mission on page 6 in the Annual Report.EnvironmentFellowmind Denmark A/S operates within the IT services industry and has a relatively limited direct environmental impact compared to production-intensive industries. The Company’s primary direct environmental impacts relate to energy consumption in offices, business travel, employee commuting, and the use of company cars. Indirect environmental impacts arise primarily through purchased goods and services, cloud infrastructure, hardware, and other activities in the value chain.Fellowmind Denmark participates in the Fellowmind Group’s sustainability initiatives and supports the Group’s ambition to become a net-zero greenhouse gas emission organization by 2030. The Company works to reduce its own environmental footprint and to support customers in applying digital solutions that improve resource efficiency, transparency, and sustainability reporting.The Company monitors greenhouse gas emissions across relevant Scope 1, Scope 2, and Scope 3 categories. Scope 1 emissions primarily relate to fuel consumption from leased vehicles. Scope 2 emissions relate to purchased electricity, heating, and other energy consumption. Relevant Scope 3 categories include, among others, business travel, employee commuting, electricity-related activities, and purchased services.During 2025, Fellowmind Denmark continued its focus on collecting, monitoring and reducing the environmental impact of its operations through increased use of digital collaboration tools, responsible travel practices, and continued attention to energy consumption and transport-related emissions. The Company also continues to support customers with digital solutions that enable better data quality, reporting, and decision-making in relation to environmental and sustainability matters.Management has not identified any material environmental risks that are unusual for the Company’s activities. However, the Company recognizes that climate-related requirements, customer expectations, regulation, and supplier-related environmental impacts may increasingly affect the IT services industry. Fellowmind Denmark will therefore continue to develop its environmental data, processes, and initiatives as part of the Group’s overall sustainability work.Further information about the Fellowmind Group’s sustainability initiatives is available in the Group’s sustainability reporting:https://www.fellowmind.com/en/about-us/digital-innovation-for-a-sustainable-future/Social and employee conditionsOur people are central to everything we do. Therefore, we want to be the best workplace in the industry by maximizing the engagement of our employees. We believe that by putting people at heart, they can bring their talent to the world. Beyond the day-to-day conversations between manager and employee, an extensive Employee engagement scan is performed once a year including all employees aiming at getting detailed insights into employee engagement on different topics. As a complement to the yearly scan, there is a weekly engagement scan. Other ways of communicating with employees are through our intranet platform, FellowBase, monthly internal broadcasts, a quarterly Employee Shareholder update and monthly European Management meetings. Additionally, we use modern tools like Teams and Yammer to engage in dialogs and discussions across the company.In 2025, the annual employee engagement survey showed an improvement in eNPS compared to 2024 and a result above the Group average. Management considers this development satisfactory and continues to monitor employee engagement through annual and weekly engagement surveys. As our people are our most valuable asset, we are committed to continuously attracting top talent within the industry. Encouragingly, 2025 saw a marked increase in applications for our open positions. We are sincerely grateful for this positive development, which we believe is a testament to the effectiveness of our strategic focus on "People at Heart," and reflects Fellowmind's growing reputation as an employer of choice.We recognize that the competition for skilled professionals is intense, and our ability to meet our commitments to clients is directly linked to our capacity to deploy the right competencies on every engagement. To meet these demands, we actively pursue a range of people-focused initiatives:-Ensuring a wide-ranging, deep, and overlapping set of competencies across our teams-Continuing to grow our consultancy workforce to enhance resilience and reduce reliance on individual contributors-Fostering a people-centric culture that supports individual development and promotes employee retention-Maintaining a compensation and benefits model that meets or exceeds industry standardsHuman rights and Anti-corruptionBeing an ethical and reliable business partner is of high priority. We as a company can make a difference, both by having our own house in order, and by having open discussions on sustainability and ethical dilemmas, internally as well as with our customers. To ensure we live up to our high standards on business ethics, we have several policies in place to manage risks of corruption and bribery in our supply chain, as well as human rights breaches in our value chain. The Code of Conduct summarizes the fundamental ethical attitudes and integrity standards shared across all companies within the Fellowmind Group. It outlines our key ethical principles and requirements on issues that can have significant business, legal and reputational consequences if handled improperly. It applies to all Fellowmind personnel and includes respecting Human Rights, promoting equality and diversity, safeguarding the environment and prioritizing health and safety of individuals. The Code of Conduct states that Fellowmind performs business in line with basic human rights enshrined in the UN. The Company shall comply with the four conventions of the International Labor Organization (ILO) on the right to free organization, prohibition of child labor, prohibition of forced labor, and prohibition of discrimination. It also states a commitment to only associate with parties that uphold our values and standards, and a strict opposition to all forms of corruption and fraud. As such, the Code of Conduct includes a policy on anti-corruption and bribery.The Whistleblower policy outlines Fellowmind’s procedure for reporting and handling of non-conformities. Fellowmind believes that openness and good communication throughout the organization ensures good business practice and promotes a better work culture. This procedure guides employees on how to report concerns about possible illegal actions and violations of Fellowmind’s Code of Conduct and other applicable policies or guidelines. The Supplier Code of Conduct was produced in 2020 and has been introduced to suppliers in 2022. There were no known cases of non-compliance in 2025. There were no known cases of corruption in 2025. We expect the current human rights work to continue in the coming years.It is mandatory for all employees to pass an e-learning course as part of the onboarding process. Employees are required to complete questions confirming their understanding of the purpose of the policies and their practical application, including how employees should act in situations involving anti-corruption and business ethics.Apart from ensuring that new employees are trained in Fellowmind’s Code of Conduct (incl. anti-corruption and bribery), all employees pass an updated e-learning course every second year covering the Code of Conduct and related compliance policies.To enforce compliance with the Code of Conduct the following processes are currently in place:-Authorization matrix: To ensure appropriate approvals for contractual liabilities-Supplier evaluations: To ensure suppliers adhere to the same standards as Fellowmind-Customer evaluations: Customers need to comply with our Sanctions Screening PolicyIn Fellowmind, we generally operate under a four-eye principle in line with our Code of Conduct.The Company’s most significant human rights risks are assessed to relate primarily to employee and workplace matters, including equal treatment, non-discrimination, health and safety, working conditions, privacy, and respectful conduct. In addition, human rights risks may arise indirectly through the Company’s supply chain, including suppliers of IT equipment, software, cloud services, and other business partners operating in jurisdictions or sectors with a higher inherent risk of adverse human rights impacts.Management assesses the risk of material adverse human rights impacts within the Company’s own operations to be limited, as Fellowmind Denmark operates in a regulated Danish labour market and employs highly skilled professionals under formal employment conditions. However, the Company recognizes that risks may occur in relation to discrimination, harassment, unequal treatment, work-related stress, data privacy, and supplier conduct. These risks are assessed through weekly employee surveys, employee feedback sessions, Working Environment Committee, management dialogues, information security procedures, and the whistleblower procedure.In 2025, Management did not identify any cases relating to human rights violations.The Company’s most significant risks relating to anti-corruption and bribery are assessed to relate to interactions with customers, suppliers, and other business partners, including procurement processes, contract negotiations, use of third parties, gifts and hospitality, conflicts of interest, and approval of commercial commitments. As the Company provides consulting, implementation, managed services, and software solutions to both private and public-sector customers, Management recognizes that inappropriate influence, conflicts of interest, or non-compliance with internal approval procedures could result in legal, financial, or reputational consequences.These risks are mitigated through the Fellowmind Group Code of Conduct, anti-corruption and bribery policies, mandatory employee training, authorization matrix, four-eye approval principles, supplier evaluations, customer evaluations, sanctions screening procedures, and the whistleblower procedure. Additionally, the Company continuously monitors compliance with these policies and procedures by internal control testing of e.g. discretionary expenses and Management reviews of activities with external parties.In 2025, Management has not identified any incidents of bribery, corruption or cases related to non-compliance with the above. Statement on data ethicsFellowmind's approach to data ethics is based on responsible, transparent and lawful use of data. The Company seeks to ensure that data is collected and processed only for legitimate business purposes and in accordance with applicable legislation and ethical principles.Decisions affecting individuals are not based on automated decision-making processes. Management continuously evaluates emerging technologies, including artificial intelligence, to ensure their responsible use and alignment with the Company's ethical standards.Our data policies and procedures comply with the data security standards of ISAE 3402 and are audited yearly by PwC. Internally, we mainly process data about our employees and job applicants and always in accordance with applicable laws and for legitimate business purposes only. Data are stored safely and with a clear legal basis in accordance with fixed procedures for storage, erasure, data subject access requests etc.Data security is monitored continuously, and immediate action is taken if an attack is suspected. Any breaches of data security or leaks of personal data must be reported to the company’s CISO and subsequently to Executive Management, or through our whistleblower system. 888920434 759900091 22980240 14279027 336183976 250509944 95749584 87146309 479967114 436522865 414652379 377844456 13271569 16595667 52043166 42082742 2522285 2345129 2631280 936040 51934171 43491831 11821186 9818249 40112985 33673582 17411908 17952969 31559 62730 3348212 4017854 17564916 4727418 38356595 26760971 1347387 2172348 900173 833930 2247560 3006278 3884014 3819803 3884014 3819803 44488169 33587052 1011827 1296819 1011827 1296819 141706639 156040326 9939054 5698182 64167221 19638094 135750 139547 66004217 15768830 281952881 197284979 19572665 48633286 302537373 247215084 347025542 280802136 3741558 3741558 27281922 17690701 45467818 34946054 20000000 8500000 96491298 64878313 4416422 4867832 277795 277795 4694217 5145627 50135 227887 23432984 22756186 23483119 22984073 132976 43593 67170795 24159824 83721800 97409414 13743186 13797887 9588156 6705660 12826768 9740852 0 399252 35173227 35537641 222356908 187794123 245840027 210778196 347025542 280802136 3741558 17690701 34946054 8500000 64878313 0 0 0 8500000 8500000 0 18476351 -18476351 0 0 0 8885130 -8885130 0 0 0 0 20112985 20000000 40112985 3741558 27281922 45467818 20000000 96491298 Geographical segmentsRevenue, Denmark791,569,630731,264,607Revenue, exports97,350,80428,635,484888,920,434759,900,091Business segmentsConsulting services342,421,670338,226,911Licenses and software329,213,976251,820,597Managed Services, Support & Operations168,293,075132,629,968Hardware23,663,75523,106,370Other services25,327,95814,116,245888,920,434759,900,091 386016393 352700719 24465509 21723852 4170477 3419885 414652379 377844456 Including remuneration to the Executive Board: 5249844 3916335 5249844 3916335 499 467 12092005 13021735 1179564 1498835 0 2075097 13271569 16595667 1825838 398213 186368 1887828 510079 59088 2522285 2345129 12272596 9740852 -451410 77397 11821186 9818249 20000000 8500000 20112985 25173582 74038103 684575 7183095 4727418 6122713 0 0 17564916 570159 514315 0 0 4727418 0 0 -4727418 84318075 170260 7183095 17564916 56085134 621845 3165241 0 11391192 31171 669642 0 570159 514315 0 0 66906167 138701 3834883 0 17411908 31559 3348212 17564916 The Company’s development projects relate to continued development, improvements and upgrading of the Company’s existing software platform. The development, improvements and upgrading are completed on an ongoing basis and are ready for use upon completion. The software platform forms the basis of a large part of the Company’s existing business, hence, there are markets and customers for the software. The improvements and upgrading is expected to have lives of three years which are considered to reflect the useful lives. The projects are progressing according to plan through the use of the resources allocated by Management to the development. 9310413 3323280 112200 308643 1206578 72550 8216035 3559373 7138065 2489350 937161 242400 1206578 72550 6868648 2659200 1347387 900173 183111 0 3819803 64211 3884014 3884014 Selling price of work in progress198,186,90380,213,530Payments received on account-201,991,035-88,313,235-3,804,132-8,099,705Recognised in the balance sheet as follows:Contract work in progress recognised in assets9,939,0545,698,182Prepayments received recognised in debt-13,743,186-13,797,887-3,804,132-8,099,705 Prepayments consist of prepaid expenses concerning, insurance premiums, leasing, software and other administration costs. Deferred tax liabilities at 1 January4,867,8324,790,435Amounts recognised in the income statement for the year-451,41077,397Deferred tax liabilities at 31 December4,416,4224,867,832 Other provisions consist of provisions for loss on fixed-price construction contracts.Provisions for loss on construction contracts277,795277,795277,795277,795The provisions are expected to mature as follows:Within 1 year277,795277,795After 5 years00277,795277,795 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 obligations183,111271,480Other payables58,606,21158,293,827 0 0 50135 227887 50135 227887 132976 43593 22571520 22756186 861464 0 23432984 22756186 35173227 35537641 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year10,232,0338,454,931Between 1 and 5 years6,445,4748,034,00316,677,50716,488,934Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Fellowmind Denmark Holding ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.The Danish group companies are jointly and severally liable for tax on the Group's jointly taxed income.Other financial obligationsThe Group has entered into mutual beneficials agreements for licenses and management fee. The agreement were entered into before the balance sheet date. On 31 December 2025, the Group's commitments related to mutual beneficial agreements were DKK 40,664k. TransactionsRendered consulting services to group enterprises TDKK 18,792Rendered consulting services from group enterprises TDKK 12,895General expenses from group enterprises TDKK 2,501Rendered general services from group enterprises TDKK 27,151Interest income from group enterprises TDKK 1,826Receivables from group enterprises TDKK 60,738Payables to group enterprises TDKK 6,137The Group Annual Report of Fellowmind Holding AB may be obtained at the following address:Bruksgatan 1 211 22 Malmö Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Fellowmind Holding AB211 22 Malmö With reference to the exemption in section 96(3) of the Danish Financial Statements Act and to the notes regarding fee to auditors appointed at the general meeting included in the Consolidated Financial Statements of Fellowmind Holding AB, the Company has excluded the information in the financial Statement. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Fellowmind Denmark A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in DKK. 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 Fellowmind Holding AB, 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. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. 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.Fixed assets acquired in foreign currencies are measured at the transaction date rates. Segment information on revenueInformation on business segments and geographical segments is based on the Company’s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Contract work in progress 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.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Direct expensesDirect expenses are project related cost which comprise external services rendered, raw materials, and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales and marketing as well as office expenses, etc. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. 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 changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Fellowmind Denmark Holding ApS. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 10 years, determined on the basis of Management’s experience with the individual business areas. Development projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 3 year. Other intangible fixed assetsOther intangible fixed assets are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Software licences are amortised over the period of the agreements, which is 3-5 years. 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:Other fixtures and fittings, tools and equipment5-7 years Leasehold improvements5 years Computers3 years 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. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale equals landed 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. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. PrepaymentsPrepayments comprise prepaid expenses concerning insurance premiums, leasing and other administration costs. DividendDividend distribution proposed by Management for the year is disclosed as a separate equity item. 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. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.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. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. 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 ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn 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