34058113 2024-10-01 2025-09-30 2 34058113 2024-10-01 2025-09-30 3 34058113 2024-10-01 2025-09-30 34058113 2024-10-01 2025-09-30 1 34058113 2024-10-01 2025-09-30 2 34058113 2023-10-01 2024-09-30 34058113 2025-09-30 34058113 2024-09-30 34058113 2024-10-01 d:FixturesFittingsToolsAndEquipmentMember 34058113 2024-10-01 2025-09-30 d:FixturesFittingsToolsAndEquipmentMember 34058113 2025-09-30 d:FixturesFittingsToolsAndEquipmentMember 34058113 2024-10-01 d:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 34058113 2025-09-30 d:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 34058113 2024-10-01 2025-09-30 d:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 34058113 2024-10-01 d:DepositsLongtermInvestmentsAndReceivablesMember 34058113 2024-10-01 2025-09-30 d:DepositsLongtermInvestmentsAndReceivablesMember 34058113 2025-09-30 d:DepositsLongtermInvestmentsAndReceivablesMember 34058113 2024-10-01 d:ContributedCapitalMember 34058113 2023-10-01 d:ContributedCapitalMember 34058113 2025-09-30 d:ContributedCapitalMember 34058113 2024-09-30 d:ContributedCapitalMember 34058113 2024-10-01 d:RetainedEarningsMember 34058113 2023-10-01 d:RetainedEarningsMember 34058113 2024-10-01 2025-09-30 d:RetainedEarningsMember 34058113 2023-10-01 2024-09-30 d:RetainedEarningsMember 34058113 2025-09-30 d:RetainedEarningsMember 34058113 2024-09-30 d:RetainedEarningsMember 34058113 2024-10-01 2025-09-30 1 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2023-10-01 2024-09-30 2024-10-01 2025-09-30 34058113 Spencer Stuart International P/S Havnegade 25, 1. 1058 København K Grant Thornton, Godkendt Revisionspartnerselskab Grant Thornton, Godkendt Revisionspartnerselskab 34209936 34209936 Jacob Helly Juell-Hansen Jannik Lehmann Lausten statsautoriseret revisor statsautoriseret revisor mne36169 mne47799 Lautrupsgade Lautrupsgade 11 11 2100 2100 København Ø København Ø Danmark Danmark +45 33 110 220 +45 33 110 220 info@dk.gt.com info@dk.gt.com 2026-02-19 Petra Margareta Ellegaard Helfferich Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2026-02-19 Copenhagen 2026-02-19 Grundlag for konklusion Konklusion 45775825 27785096 37144938 29445152 891655 1055584 5580 28844 7733652 -2744484 355259 85804 471389 264903 7617522 -2923583 7617522 -2923583 7617522 -2923583 685450 874508 1975133 2561600 2660583 3436108 254672 248217 254672 248217 2915255 3684325 13279367 5493328 28727633 15471621 2395 450 222550 307937 42231945 21273336 16183864 13621716 58415809 34895052 61331064 38579377 0 560000 560000 21478425 13860903 22038425 14420903 81774 1246198 20574097 8950771 18636768 13961505 39292639 24158474 39292639 24158474 61331064 38579377 35423528 28591070 1622575 759220 98835 94862 37144938 29445152 13 9 1634459 116130 1750589 759951 305188 1065139 685450 3248103 3248103 686503 586467 1272970 1975133 248217 6455 254672 254672 560000 560000 560000 560000 13860903 16784486 7617522 -2923583 21478425 13860903 Today, the Management has approved the annual report of Spencer Stuart International P/S for the financial year 1 October 2024 - 30 September 2025. 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 our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 September 2025 and of the results of the Company's operations for the financial year 1 October 2024 – 30 September 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Petra Margareta Ellegaard Helfferich We have audited the financial statements of Spencer Stuart International P/S for the financial year 1 October 2024 - 30 September 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 September 2025, and of the results of the Company's operations for the financial year 1 October 2024 - 30 September 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe 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 judgment and maintain professional skepticism 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. Statement on Management’s ReviewManagement 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, we conclude that 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 Management’s Review. Description of key activities of the companyThe objective of the Company’s activities is to conduct an executive recruitment business as well as consulting and management services to companies with such activities as well as any other related business. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross profit for the year totals DKK 45.776 thousand against DKK 27.785 thousand last year. Profit  from ordinary activities after tax totals DKK 9.099 thousand against DKK -2.924 thousand last year. Management considers the net profit in line with expectations. Events occurring after the end of the financial yearNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. The annual report for Spencer Stuart International P/S 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. Recognition and measurement in generalAssets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Gross profitGross profit or loss comprises revenue and external expenses. Revenue comprises the value of services provided during the year, including outlay for customers less VAT and price concessions directly associated with the sale. Revenue is recognised in the income statement on the completion of sales. This is generally considered to be the case when:The service has been provided before the end of the financial yearA binding sales agreement existsThe sales price has been determinedPayment has been received, or is anticipated with a reasonable degree of certainty. This ensures that recognition does not take place until the total income and costs and stage of completion at the reporting date can be reliably validated and it seems probable that the economic benefits, including payments, will flow to the enterprise. Other external expenses comprise expenses incurred for sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation and write-down for impairmentDepreciation and write-down for impairment comprise depreciation on and write-down for impairment of tangible assets. Other operating expensesOther operating expenses comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. 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 and transactions in foreign currency. Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeLeasehold improvements5-10yearsOther fixtures and fittings, tools and equipment     3-5years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 5.Assets charged and collateralSpencer Stuart International P/S has provided suretyship for Spencer Int. ApS. 6.Contingent liabilities DKK in thousands Lease liabilities241 Rental liabilities246 Total contractual obligations487 Total contingent liabilities0 Total contractual obligations and contingent liabilities487 Lease liabilities:The company has entered into operational leases with total outstanding lease payments of total DKK 241 thousand. Rental liabilities:The company has signed a rental agreement of office facilities. The liability is DKK 246 thousand with 3 months to maturity.