25499522 2025-01-01 2025-12-31 25499522 2025-01-01 2025-12-31 2 25499522 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 25499522 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 25499522 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 25499522 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 25499522 2025-01-01 2025-12-31 1 25499522 2024-01-01 2024-12-31 25499522 2025-12-31 25499522 2024-12-31 25499522 2025-01-01 fsa:ContributedCapitalMember 25499522 2025-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25499522 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 25499522 2025-01-01 fsa:RetainedEarningsMember 25499522 2025-01-01 25499522 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 25499522 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25499522 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 25499522 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 25499522 2025-12-31 fsa:ContributedCapitalMember 25499522 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25499522 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 25499522 2025-12-31 fsa:RetainedEarningsMember 25499522 2025-01-01 fsa:CompletedDevelopmentProjectsMember 25499522 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 25499522 2025-12-31 fsa:CompletedDevelopmentProjectsMember 25499522 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 25499522 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25499522 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25499522 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 25499522 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 25499522 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 25499522 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 25499522 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 25499522 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 25499522 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 25499522 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 25499522 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25499522 2025-01-01 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25499522 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25499522 2025-12-31 fsa:OtherLongtermPayablesMember 25499522 2024-12-31 fsa:OtherLongtermPayablesMember 25499522 2025-12-31 fsa:OtherShorttermPayablesMember 25499522 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure xbrli: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 B Revisionspåtegning true 2026-06-26 Jeppe Bygholm The Executive Board and Board of Directors have today considered and adopted the Annual Report of KeyShot_ 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. We recommend that the Annual Report be adopted at the Annual General Meeting. Odense C 2026-06-03 Søren Abildgaard CEO Lars Dybkjær Jeppe Bygholm Søren Abildgaard Chairman To the shareholder of KeyShot_ 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 KeyShot_ 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 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.Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup 2026-06-03 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Søren Ørjan Jensen Henrik Berring Rasmussen State Authorised Public Accountant State Authorised Public Accountant mne33226 mne34157 KeyShot_ A/S Østergade 61 5000 Odense C 25499522 Odense Strandvejen 44 2900 Hellerup 19681000 18925000 21126000 24035000 6338000 8601000 -7783000 -13711000 -14000 9000 50000 925000 1947000 742000 -9694000 -13519000 -13482000 8625000 3788000 -22144000 -14000 9000 3802000 -22153000 3542000 9850000 3542000 9850000 26000 56000 26000 56000 63000 87000 299000 512000 362000 599000 3930000 10505000 3918000 8780000 0 160000 435000 1372000 474000 170000 14453000 970000 904000 802000 20184000 12254000 536000 5452000 20720000 17706000 24650000 28211000 34081000 34081000 58000 81000 2763000 7683000 -61221000 -69942000 -24319000 -28097000 1825000 1883000 1825000 1883000 0 305000 1461000 1993000 625000 1723000 28825000 23135000 3519000 2707000 12714000 24562000 47144000 54425000 48969000 56308000 24650000 28211000 34081000 81000 7683000 -69942000 -28097000 0 9000 0 0 9000 0 0 0 -1000 -1000 0 0 -4920000 4920000 0 0 -14000 0 3802000 3788000 34081000 58000 2763000 -61221000 -24319000 The Company's parent KeyShot Group ApS has issued a letter of financial support that will secure sufficient funds to finance the Company's operating activities and to settle its financial obligations. The annual report is therefore presented on the assumption as going concern. The company's primary activity consists of the development and sale of SaaS subscriptions for Digizuite™ DAM (Digital Asset Management), as well as consulting and support services. 19464000 22169000 1401000 1547000 261000 319000 21126000 24035000 28 35 604000 651000 78000 91000 875000 0 390000 0 1947000 742000 -13482000 8396000 0 229000 -13482000 8625000 63243000 220000 63023000 53393000 6308000 220000 59481000 3542000 Completed development projects include costs related to the development of the existing software platform. The software is continuously developed for customer use and is sold as a license to use the software for a given period. The user has access to upgrades and new functionalities during the contract period. Maintenance costs are expensed as incurred. The development costs cover both the front-end and back-end development of the software solution. Both parts aim to enhance the user experience and functionality of the software to increase the company's revenue by maintaining existing customers and attracting new ones. Management assesses that the expected useful life and the anticipated future revenue streams from the development projects are sufficient to cover the accounting value of the developed software as of the balance sheet date. 382000 382000 326000 30000 356000 26000 6000 6000 6000 6000 81000 67000 -10000 5000 -14000 9000 57000 81000 63000 87000 Investments in subsidiaries are specified as follows:USD 1.000 Digizuite Inc. USA 1.00 513000 214000 299000 299000 Selling price of work in progress7484,640Payments received on account-1,373-6,203-625-1,563Recognised in the balance sheet as follows:Contract work in progress recognised in assets0160Prepayments received recognised in debt-625-1,723-625-1,563 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:Other payables5,3444,590 0 0 1825000 1883000 1825000 1883000 3519000 2707000 Charges and securityThe company has pledged liquid assets as collateral for its debt to credit institutions. The debt amounts to TDKK 0 as of 31 December 2025 (2024: TDKK 305).The company has provided security for the group's debt to credit institutions in the form of a business mortgage totaling TDKK 10,950, which gives a lien on intangible fixed assets, other facilities and operating equipment, as well as receivables from sales and services, with a total accounting value of TDKK 7.848 (2024: TDKK 19,260). Rental and lease obligationsThe company has entered into lease commitments for office premises. The lease agreements have a non-cancellable period of 6 months. The obligation amounts to TDKK 597 as of 31 December 2025 (2024: TDKK 299).Other 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 KeyShot Group 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. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:KeyShot Group ApSAarhus The Annual Report of KeyShot_ A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in TDKK.Some changes have been made to the comparison figures. The changes have no effect on the year's result, equity and balance sheet total. 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. Gains and losses 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.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 rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. RevenueServices 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. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. 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, other operating income, expenses for raw materials and consumables and other external expenses. 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. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. 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 . The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsDevelopment 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 year. 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. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.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 equipment3-5 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. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposit. 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.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.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 rent, insurance premiums, subscriptions and interest. 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. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years.