37206113 2025-04-01 2026-03-31 37206113 2025-04-01 2026-03-31 1 37206113 2025-04-01 2026-03-31 1 37206113 2025-04-01 2026-03-31 2 37206113 2025-04-01 2026-03-31 3 37206113 2025-04-01 2026-03-31 4 37206113 2025-04-01 2026-03-31 1 37206113 2024-04-01 2025-03-31 37206113 2026-03-31 37206113 2025-03-31 37206113 2025-03-31 fsa:ContributedCapitalMember 37206113 2025-03-31 fsa:ReserveForDevelopmentExpenditureMember 37206113 2025-03-31 fsa:RetainedEarningsMember 37206113 2025-03-31 fsa:ProposedDividendRecognisedInEquityMember 37206113 2025-04-01 2026-03-31 fsa:RetainedEarningsMember 37206113 2025-04-01 2026-03-31 fsa:ProposedDividendRecognisedInEquityMember 37206113 2025-04-01 2026-03-31 fsa:ReserveForDevelopmentExpenditureMember 37206113 2026-03-31 fsa:ContributedCapitalMember 37206113 2026-03-31 fsa:ReserveForDevelopmentExpenditureMember 37206113 2026-03-31 fsa:RetainedEarningsMember 37206113 2026-03-31 fsa:ProposedDividendRecognisedInEquityMember 37206113 2024-03-31 37206113 2025-04-01 2026-03-31 fsa:ManagementMember 37206113 2025-04-01 2026-03-31 fsa:BoardOfDirectorsMember iso4217:DKK xbrli:pure Annual report 2026-05-29 Emilie Christiansen The Board of Directors and the Executive Board have today considered and approved the annual report of frameo A/S for the financial year 01.04.2025 - 31.03.2026. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.03.2026and of the results of its operations and cash flows for the financial year01.04.2025 - 31.03.2026. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Aarhus Emilie Christiansen Jesper Lysgaard Rasmussen Henrik Kristensen Torben Ulrich Emilie Christiansen To the shareholders of frameo A/S We have audited the financial statements of frameo A/S for the financial year 01.04.2025 - 31.03.2026, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant 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 Entity’s financial position at 31.03.2026and of the results of its operations and cash flows for the financial year 01.04.2025 - 31.03.2026 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity 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. Effective from this financial year, the Entity is required to have its financial statements audited. We point out that, as disclosed in the financial statements, the comparative figures in the financial statements have not been audited but subjected to extended 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity 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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, 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 ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aarhus Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Kristian Bredgaard Lassen State Authorised Public Accountant mne23430 Financial highlights2025/26​DKK'0002024/25​DKK'0002023/24​DKK'0002022/23​DKK'0002021/22​DKK'000Key figuresGross profit/loss103,479106,49264,54524,15722,150Operating profit/loss69,04879,13347,3528,58912,160Net financials72881321(150)(234)Profit/loss for the year53,85562,36637,2206,8259,505Total assets89,493101,69763,56523,79919,801Investments in property, ​plant and equipment1,3688820332152Equity63,36381,50956,14220,92317,098Cash flows from (used in) operating activities61,08472,400N/AN/AN/ACash flows from (used in) investing activities(6,482)(7,680)N/AN/AN/ACash flows from (used in) financing activities(72,000)(37,000)N/AN/AN/ARatiosReturn on equity (%)74.3590.6196.5935.9055.59Equity ratio (%)70.8080.1588.3287.9286.35The entity is currently subject to the requirements of C-medium acording to The Danish Financial Statements Act for the financial statements for the present financial year. As a result, only cashflow from operating activities is presented for 2024/25 and 2025/26.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesThe company's main activity consists of the sale of software licenses for photo frames, software subscription solutions related to photo frames, and related business activities. Development in activities and financesThe company’s profit and growth for the year are lower compared to the previous financial year with a decrease in gross profit by 2,83% and profit before tax by 13,62%. ​ ​This development is primarily attributable to a number of external factors. Increased tariffs on goods imported into the United States have adversely affected sales, while heightened geopolitical uncertainty has impacted both​demand and the stability of supply chains. ​ ​Furthermore, rising costs related to hardware production, including components and manufacturing, have exerted additional pressure on profitability. Overall, these conditions have resulted in a more challenging operating environment during the financial year. Profit/loss for the year in relation to expected developmentsDuring the year, the company transitioned to reporting class C (medium-sized entities). Consequently, no expectations for the year were communicated in the previous financial year. However, Management considers the results for the year to be satisfactory and in line with the expectations set out in the budgets at the end of the​most recent financial year. OutlookThe company will continue to strengthen its operations and expand its presence in the global market. ​ ​For the next financial year (1 April 2026 – 31 March 2027), Management expects an increase in gross profit of 35-40%, and profit before tax is expected to be in the range of DKK 100-110 million. Research and development activitiesDuring the year, the company has developed a new product area within its existing solution, branded “Frameo Calendar”, aimed at broadening the company’s user-base, particularly within the family segment. In addition, efforts in international sales and marketing have been intensified, with a focus on entering less mature markets by participating in trade fairs across these regions Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 103479044 106491525 29895385 23150163 4536147 4208651 69047512 79132711 702403 1556292 630318 675239 69119597 80013764 15265081 17647287 53854516 62366477 11743542 11811853 613099 868219 1337990 0 13694631 12680072 218778 313333 1547287 521400 1766065 834733 689165 689165 689165 689165 16149861 14203970 117382 105910 117382 105910 5570566 3346786 206742 411727 2431507 723880 3019321 3509751 11228136 7992144 61997545 79395295 73343063 87493349 89492924 101697319 1000000 1000000 10203595 8323385 159427 185121 52000000 72000000 63363022 81508506 1743000 2313000 1743000 2313000 16447461 10259525 3357078 3303107 101704 0 4480659 4313181 24386902 17875813 24386902 17875813 89492924 101697319 1000000 8323385 185121 72000000 81508506 0 72000000 72000000 1880210 -1880210 0 1854516 52000000 53854516 1000000 10203595 159427 52000000 63363022 4536147 4208651 4869547 9981601 78453206 93322963 702403 1556292 630318 675238 17441003 21803531 61084288 72400486 5114144 6797407 1367894 882127 -6482038 -7679534 -54602250 -64720952 72000000 37000000 -72000000 -37000000 -17397750 27720952 79395295 51674343 61997545 79395295 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of ​ this annual report. 2 Staff costs2025/26​DKK2024/25​DKKWages and salaries25,975,62320,865,096Pension costs3,433,7912,143,234Other social security costs485,971141,83329,895,38523,150,163Average number of full-time employees4533Remuneration​of Management2025/26​DKKExecutive Board1,824,116Board of Directors385,9152,210,031 45 33 Remuneration​of Management2025/26​DKKExecutive Board1,824,116Board of Directors385,9152,210,031 1824116 385915 3 Depreciation, amortisation and impairment losses2025/26​DKK2024/25​DKKAmortisation of intangible assets4,099,5854,013,230Depreciation of property, plant and equipment436,562195,4214,536,1474,208,651 4 Other financial income2025/26​DKK2024/25​DKKOther interest income702,4031,556,292702,4031,556,292 5 Other financial expenses2025/26​DKK2024/25​DKKOther interest expenses265,031365,412Exchange rate adjustments365,287309,827630,318675,239 6 Tax on profit/loss for the year2025/26​DKK2024/25​DKKCurrent tax15,835,08117,345,533Change in deferred tax(570,000)348,000Adjustment concerning previous years0(46,246)15,265,08117,647,287 7 Proposed distribution of profit and loss2025/26​DKK2024/25​DKKOrdinary dividend for the financial year52,000,00072,000,000Retained earnings1,854,516(9,633,523)53,854,51662,366,477 52000000 72000000 1854516 -9633523 53854516 62366477 8 Intangible assetsCompleted development projects​DKKAcquired intangible assets​DKKDevelopment projects in progress​DKKCost beginning of year22,904,8701,417,9980Additions3,776,15401,337,990Cost end of year26,681,0241,417,9981,337,990Amortisation and impairment losses beginning of year(11,093,017)(549,779)0Amortisation for the year(3,844,465)(255,120)0Amortisation and impairment losses end of year(14,937,482)(804,899)0Carrying amount end of year11,743,542613,0991,337,990 9 Development projectsCompleted development projects include the further development of a previously completed project concerning software for electronic photo frames. The first version of the software was completed in 2017, after which further​development has taken place in subsequent financial years. ​ ​Similar to last year, it is expected that this further development of the software will lead to an increase in the contribution margin for the financial year 2026/27 compared to the current financial year. ​ ​Management has not identified any indication of a need for impairment in relation to the carrying amount. 10 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements​DKKCost beginning of year1,064,444587,321Additions47,1491,320,745Cost end of year1,111,5931,908,066Depreciation and impairment losses beginning of year(751,111)(65,921)Depreciation for the year(141,704)(294,858)Depreciation and impairment losses end of year(892,815)(360,779)Carrying amount end of year218,7781,547,287 11 Financial assetsInvestments in group enterprises​DKKCost beginning of year689,165Cost end of year689,165Carrying amount end of year689,165Investments in subsidiariesRegistered inCorporate formEquity​interest​%Frameo Technologies (Shenzhe) Co., Ltd.ChinaLtd100.00 12 PrepaymentsPrepayments consist of prepaid expenses concerning exhibitions and insurance. 13 CashDKK 54 million of the cash registered is placed in a deposit agreement as of 31 March 2025. Of this, DKK 8 million is tied up until 15 April 2026, DKK 15 million is tied up until 27 April 2026, DKK 26 million is tiud up until 11 May 2026 and DKK 5 million is tied up until 13 May 2026. 14 Deferred tax2025/26​DKK2024/25​DKKIntangible assets2,778,3332,582,212Property, plant and equipment(1,035,333)(269,212)Deferred tax1,743,0002,313,000​​Changes during the year2025/26​DKK2024/25​DKKBeginning of year2,313,0001,965,000Recognised in the income statement(570,000)348,000End of year1,743,0002,313,000 15 Changes in working capital2025/26​DKK2024/25​DKKIncrease/decrease in inventories(11,472)(61,200)Increase/decrease in receivables(1,528,366)(6,155,811)Increase/decrease in trade payables etc6,409,38516,198,6124,869,5479,981,601 This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.Effective from this financial year, the Entity can no longer opt for extended review, for which reason the financial statements have been audited. The comparative figures in the financial statements, including disclosures in the notes, have not been audited but subjected to extended review. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own ​work capitalised, other operating income, cost of raw materials and consumables and external expenses. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised ​ in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and ​ sales discounts and is measured at fair value of the consideration fixed. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets and property, plant and equipment. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year. Other financial incomeOther financial income comprises interest income etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables and transactions in​foreign currencies,, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Intellectual property rights etcIntellectual property rights etc. comprise development projects completed and in progress with related ​ intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects.​​ ​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible ​assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each project.​​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 5 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-4 yearsLeasehold improvements3 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of recoverable​amount and carrying amount. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​ ​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​of costs of raw materials, consumables, direct labour costs and indirect production costs. ​ ​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial ​year is recognised directly in equity when distributed and disclosed as a separate item in Management's ​proposal for distribution of profit/loss. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​Cash flows from investing activities comprise payments in connection with activities and fixed asset investments, and purchase, development, improvement and sale, ​etc of intangible assets and property, plant and equipment.​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs, and the raising of loans, repayments of interest-bearing debt, including payment of dividend. ​​Cash and cash equivalents comprise cash.. The cash flow statement shows cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​Cash flows from investing activities comprise payments in connection with activities and fixed asset investments, and purchase, development, improvement and sale, ​etc of intangible assets and property, plant and equipment.​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs, and the raising of loans, repayments of interest-bearing debt, including payment of dividend. ​​Cash and cash equivalents comprise cash.. true Grundlag for konklusion Konklusion 2026-05-29 2026-05-29 Regnskabsklasse C, mellemstor virksomhed 2024-04-01 2025-03-31 Aarhus C 8000 2 City Tower, Værkmestergade Aarhus Aarhus C 8000 Revisionspåtegning 2026-03-31 2025-04-01 126 Daugbjergvej frameo A/S 37206113 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab