10317630 2025-01-01 2025-12-31 10317630 2025-01-01 2025-12-31 auditor_1 10317630 2025-01-01 2025-12-31 auditor_2 10317630 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 10317630 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 10317630 2025-01-01 2025-12-31 memberOfBoardIdentifier_2 10317630 2025-01-01 2025-12-31 memberOfBoardIdentifier_3 10317630 2025-01-01 2025-12-31 memberOfBoardIdentifier_4 10317630 2025-01-01 2025-12-31 memberOfBoardIdentifier_5 10317630 2024-01-01 2024-12-31 10317630 2023-01-01 2023-12-31 10317630 2022-01-01 2022-12-31 10317630 2021-01-01 2021-12-31 10317630 2025-12-31 10317630 2024-12-31 10317630 2023-12-31 10317630 2022-12-31 10317630 2021-12-31 10317630 2024-12-31 fsa:ContributedCapitalMember 10317630 2024-12-31 fsa:RetainedEarningsMember 10317630 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 10317630 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 10317630 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 10317630 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 10317630 2025-12-31 fsa:ContributedCapitalMember 10317630 2025-12-31 fsa:RetainedEarningsMember 10317630 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 10317630 2024-12-31 fsa:OtherInvestmentsMember 10317630 2025-01-01 2025-12-31 fsa:OtherInvestmentsMember 10317630 2025-12-31 fsa:OtherInvestmentsMember iso4217:DKK pure 2024-01-01 2024-12-31 2026-06-29 10317630 2026-06-29 Reporting class C, medium-size enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements KPMG 25578198 KPMG 25578198 true Annual report Birthe Elkjær The Board of Directors and the Executive Board have today discussed and approved the annual report for Forsikringens Datacenter A/S for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Ballerup 2026-06-29 Michael Engelbredt Knudsen Birthe Elkjær Chairman Frank Høst Meyer Leif Bjarne Hansen Lucas de Ponte Mikko Johannes Marttinen Independent auditor's report To the shareholder of Forsikringens Datacenter A/S Opinion We have audited the financial statements of Forsikringens Datacenter A/S for the financial year 1 January - 31 December 2025, comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position 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. 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's responsibility for the financial statementsManagement 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 that 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. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen 2026-06-29 KPMG 25578198 Martin Eiler Onur Yüksel State Authorised Public Accountant State Authorised Public Accountant mne32271 mne49860 Forsikringens Datacenter A/S Lautrupvang 12 DK-2750 Ballerup 44 65 45 00 www.fdc.dk 10317630 1986-07-01 Ballerup 2025-01-01 2025-12-31 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø 25578198 127800000 134507000 155289000 148401000 195401000 75432000 78895000 93349000 87514000 103042000 326000 260000 -3708000 -2550000 231000 59034000 61494000 69950000 66268000 81762000 92675000 91827000 118430000 94766000 143158000 67066000 69432000 77838000 73888000 89320000 8650 8350 9220 8120 9510 7240 7560 6570 7800 6240 47000 50000 55000 63000 87000 The financial ratios have been calculated as follows:Return on equityProfit/loss after tax x 100 / Average equitySolvency ratioEquity at year end x 100 / Total equity and liabilities at year end Principal activities FDC offers three business models: - Policy Administration system for both the Insurance and Life & Pension industry based on our own application F2100 - Large scale operations, delivered at Saas (Software as a Service), on one common IT platform. - Part of our SaaS solution is Application Management of F2100 and customer specific solution & operation. FDC’s role is to provide solutions that lower customer’s costs by utilizing technology and standard applications and to build a bridge between our customer and the insured, hence retaining and providing new engagements. Development in activities and financial position Profit for the year (including comparison with outlook previously announced) The Company's income statement for 2025 shows a profit of DKK 59,034 thousand as against a profit of DKK 61,494 thousand in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK 67,066 thousand as against DKK 69,432 thousand at 31 December 2024. The profit for 2025 is higher than expected in the annual report for 2024 because of a higher activity level than expected. Outlook Management expects in 2026 to reach a result 10-20% lower than 2025 due to an expected lower activity level. Events after the balance sheet date No events have occurred after the balance sheet date which could significantly affect the Company's financial position. 127800000 134507000 52368000 55589000 0 23000 75432000 78895000 602000 1474000 276000 1214000 75758000 79155000 16724000 17661000 59034000 61494000 0 60000 0 60000 11256000 19506000 1352000 738000 1701000 2075000 2009000 1356000 13566000 13032000 29884000 36707000 62791000 55060000 92675000 91767000 92675000 91827000 3000000 3000000 5066000 5032000 59000000 61400000 67066000 69432000 4788000 4127000 594000 1089000 6126000 5383000 11958000 11796000 2143000 0 25609000 22395000 25609000 22395000 92675000 91827000 3000000 5032000 61400000 0 0 -61400000 0 34000 59000000 3000000 5066000 59000000 The annual report of Forsikringens Datacenter A/S for 2025 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.ReclassificationsReferring to the true and fair view set out in the Danish Financial Statements Act, the Company has reclassified individual items in the income statement. The reclassifications have affected the items other external costs and financial expenses but have not affected results before tax, results for the year or equity. Comparative figures have been restated accordingly. Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Topicus.com Coöperatief U.A. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Income from the rendering of services, which comprises IT operation and development, is recognised as revenue when the services are rendered. Revenue is measured net of all types of discounts/rebates granted. Also, revenue is measured net of VAT and other indirect taxes charged on behalf of third parties. Cost of sales Production costs comprise costs for acquisition and rent of hardware and software as well as for raw materials and consumables, etc. Production costs include amortisation of development projects in progress that are connected to ongoing contracts with customers. Other operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of intangible assets and property, plant and equipment as well as payroll refunds. Other external costs Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. Financial income and expenses Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses, gains and losses on securities as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax on profit for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable or a group of receivables are impaired. Provisions are made to the lower of the net realisable value and the carrying amount. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values, with the exception of temporary differences occurring at the time of acquisition of assets and liabilities neither affecting the results of operations nor the taxable income, as well as temporary differences on non-amortisable goodwill. Deferred tax is measured at the tax rate applicable at the expected time of realisation. Deferred tax assets are recognised at the value at which they are expected to be utilised, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities within the same jurisdiction. Prepayments Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityDividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". LiabilitiesFinancial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.Other liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred income Deferred income comprises payments received regarding income in subsequent years. 45492000 48191000 6764000 7278000 112000 120000 47 50 Staff costs include remuneration of the Company's Executive Board and Board of Directors, DKK 3,477 thousand (2024: DKK 2,911 thousand). -535000 -1430000 -67000 -44000 250000 1171000 26000 43000 16350000 16760000 374000 901000 59000000 61400000 34000 94000 60000 -60000 0 0 Deferred tax at 1 January 2,0752,976 Deferred tax adjustment for the year in the income statement -374-901 Prepayments include accrual of expenses relating to subsequent financial years, including licenses & other services, DKK 13,566 thousand. Contributed capital consists of:3,000,000 shares of a nominal value of DKK 1.00 each. All shares rank equally. Deferred income of DKK 2,143 thousand (2024: DKK 0 thousand) comprise payments received from customers that cannot be recognised until the subsequent financial year. Contingent liabilities, including guarantee commitments The Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax. The Group as a whole is not liable to any other parties. Other commitments, including lease obligations The Company has entered into rental agreements. The agreement may be terminated with 6 months notice with an average monthly payment of DKK 271 thousand, resulting in a total commitment of DKK 1,626 thousand. The Company has extended service agreements relating to software services. The remaining obligation amount to DKK 81,693 thousand. Forsikringens Datacenter A/S is part of the consolidated financial statements of Topicus.com, Coöperatief U.A., and the consolidated financial statements of Constellation Software Inc., which are the smallest and largest groups, respectively, in which the Company is included as a subsidiary. The consolidated financial statements of Topicus.com Coöperatief U.A. can be obtained on the webpage https://topicus.com/investor-relations/statutory-filingsThe consolidated financial statements of Constellation Software Inc. can be obtained on the webpage https://www.csisoftware.com/category/stat-filings Related party transactions DKK'00020252024 Purchase of services from group 11,850 13,176 Sale of services to group 1,526 1,388 Balances with related parties are disclosed in the balance sheet, while interest expenses are disclosed in note 4.