39301679 2025-07-01 2026-06-30 39301679 2025-07-01 2026-06-30 1 39301679 2024-07-01 2025-06-30 39301679 2026-06-30 39301679 2025-06-30 39301679 2025-07-01 d:CompletedDevelopmentProjectsMember 39301679 2025-07-01 2026-06-30 d:CompletedDevelopmentProjectsMember 39301679 2026-06-30 d:CompletedDevelopmentProjectsMember 39301679 2025-07-01 d:ContributedCapitalMember 39301679 2024-07-01 d:ContributedCapitalMember 39301679 2026-06-30 d:ContributedCapitalMember 39301679 2025-06-30 d:ContributedCapitalMember 39301679 2025-07-01 d:RetainedEarningsMember 39301679 2024-07-01 d:RetainedEarningsMember 39301679 2025-07-01 2026-06-30 d:RetainedEarningsMember 39301679 2024-07-01 2025-06-30 d:RetainedEarningsMember 39301679 2026-06-30 d:RetainedEarningsMember 39301679 2025-06-30 d:RetainedEarningsMember 39301679 2025-07-01 2026-06-30 1 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-07-01 2025-06-30 2025-07-01 2026-06-30 39301679 User Pathways ApS Kaliforniensvej 18 2300 København S 2018-01-19 København Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Simon Mørner Nielsen statsautoriseret revisor mne46622 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-08-20 James Stuart Kelway Regnskabsklasse B Andre erklæringer uden sikkerhed Ja CaseWare fra Revisorgruppen Danmark kapitalejeren København 2026-08-20 København S 2026-08-20 75772 -16808 75772 -16808 2069 311 2916 3055 74925 -19552 11704 0 63221 -19552 63221 -19552 158800 0 628061 643735 628061 643735 628061 643735 6299 0 6299 0 242 242 242 242 113 113 6654 355 634715 644090 0 50000 50000 457359 394138 507359 444138 0 3 15625 15625 111336 79026 0 98069 395 7229 127356 199952 127356 199952 634715 644090 1 1 643735 15674 628061 628061 50000 50000 50000 50000 394138 413690 63221 -19552 457359 394138 Today, the Managing Director has approved the annual report of User Pathways ApS for the financial year 1 July 2025 - 30 June 2026. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2026 and of the results of the Company's operations for the financial year 1 July 2025 – 30 June 2026. The Managing Director consider the conditions for audit exemption of the 2025/26 financial statements to be met. We recommend that the annual report be approved at the Annual General Meeting. James Stuart Kelway We have compiled the financial statements of User Pathways ApS for the financial year 1 July 2025 - 30 June 2026 based on the company's bookkeeping and on information you have provided. These financial statements comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist Management in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements under the Danish Act on Approved Auditors and Audit Firms and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) including principles of integrity, objectivity, professional competence and due care. These financial statements and the accuracy and completeness of the information used to compile them are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with the Danish Financial Statements Act. The annual report for User Pathways ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Gross profitGross profit comprises other operating income and external costs. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets. Other external costs comprise costs incurred administration. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Intangible assetsCryptocurrenciesAcquired intangible assets comprising cryptocurrencies are measured at cost less accumulated amortisations. Since it is impossible to reliably estimate future impairment of cryptocurrencies and to determine a useful life, residual values are determined as equalling cost and no similarly acquired rights are therefore amortised. Cryptocurrencies are written down for impairment to a lower recoverable amount. This means that if the price (fair value) drops to below cost, they must be written down for impairment to a lower value in the income statement. If the price (fair value) subsequently rises, write-down for impairment must be wholly or partly reversed in the income statement. Gains of losses on sale of cryptocurrencies (the difference between selling price and carrying amount) is recognised in the income statement, normally under other operating income and other operating charges, respectively. Impairment loss relating to non-current assetsThe carrying amount of intangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist.  Financial instruments and equity investmentsFinancial instruments and equity investments recognised under current assets consist of listed shares and bonds which are measured at fair value on the reporting date. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers and other payables are measured at amortised cost which usually corresponds to the nominal value. 1.The significant activities of the enterprise Like previous years, the activities are to own shares in other companies, as well as to engage in investment activities and other related activities. 4.Disclosures on fair value Listed shares Fair value at 30 June 2026242