38208152 2025-01-01 2025-12-31 38208152 2025-01-01 2025-12-31 1 38208152 2025-01-01 2025-12-31 1 38208152 2025-01-01 2025-12-31 1 38208152 2025-01-01 2025-12-31 2 38208152 2025-01-01 2025-12-31 3 38208152 2024-01-01 2024-12-31 38208152 2025-12-31 38208152 2024-12-31 38208152 2024-01-01 d:ContributedCapitalMember 38208152 2024-01-01 d:ReserveForDevelopmentExpenditureMember 38208152 2024-01-01 d:RetainedEarningsMember 38208152 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 38208152 2024-01-01 2024-12-31 d:RetainedEarningsMember 38208152 2025-01-01 d:ContributedCapitalMember 38208152 2025-01-01 d:ReserveForDevelopmentExpenditureMember 38208152 2025-01-01 d:RetainedEarningsMember 38208152 2025-01-01 2025-12-31 d:ContributedCapitalMember 38208152 2025-01-01 2025-12-31 d:RetainedEarningsMember 38208152 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 38208152 2025-12-31 d:ContributedCapitalMember 38208152 2025-12-31 d:ReserveForDevelopmentExpenditureMember 38208152 2025-12-31 d:RetainedEarningsMember 38208152 2025-01-01 d:CompletedDevelopmentProjectsMember 38208152 2025-01-01 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38208152 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 38208152 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38208152 2025-12-31 d:CompletedDevelopmentProjectsMember 38208152 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38208152 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 38208152 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38208152 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38208152 2025-12-31 d:ReceivablesFromOwnersAndManagementMember 38208152 2002-01-01 d:ContributedCapitalMember 38208152 2001-01-01 d:ContributedCapitalMember 38208152 2000-01-01 d:ContributedCapitalMember 38208152 2024-01-01 2024-12-31 d:ContributedCapitalMember 38208152 2002-01-01 2002-12-31 d:ContributedCapitalMember 38208152 2001-01-01 2001-12-31 d:ContributedCapitalMember 38208152 2000-01-01 2000-12-31 d:ContributedCapitalMember 38208152 2024-12-31 d:ContributedCapitalMember 38208152 2002-12-31 d:ContributedCapitalMember 38208152 2001-12-31 d:ContributedCapitalMember 38208152 2000-12-31 d:ContributedCapitalMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2025-01-01 2025-12-31 2024-01-01 2024-12-31 38208152 Smooth Robotics ApS Hollufgårdsvej 31 5260 Odense S 2016-11-24 EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M Danmark +45 73 23 30 00 2026-06-12 Erik Mønster Regnskabsklasse B Erklæring om udvidet gennemgang Grundlag for konklusion Konklusion true true 2026-06-12 2026-06-12 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Smooth Robotics ApS 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 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Odense Erik Mønster Michael Nørregaard Wilkens Chairman Søren Juul Jørgensen Erik Mønster To the shareholders of Smooth Robotics ApS We have conducted an extended review of the financial statements of Smooth Robotics ApS for the financial year 1 January - 31 December 2025, which comprise 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.Based on the work we have performed, 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 conducted our extended review in accordance with the Danish Business Authority's standard on extended review for Small entities and FSR - Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the extended review of the financial statements" section. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.IndependenceWe 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. 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 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. Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance for our conclusion on the financial statements and perform specifically required supplementary procedures to obtain additional assurance for our conclusion.An extended review comprises procedures that primarily consist of making enquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained.The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. Management is responsible for the Management's review.Our conclusion 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 extended review 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 extended review, 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. Odense Søren Smedegaard Hvid State Authorised Public Accountant mne31450 The company's purpose is to develop and sell software that connects robots with welding machines while providing the user with a significantly improved user experience. The solutions increase efficiency, reduce resource consumption, and alleviate the shortage of skilled labor, which is a major problem in welding. The income statement for 2025 shows a loss of DKK 2,134,513 against a loss of DKK 441,988 last year, and the balance sheet at 31 December 2025 shows a negative equity of DKK 42,509. In 2025, Smooth Robotics operated in a market characterised by significant uncertainty and a general reluctance to invest as a result of global economic and geopolitical conditions. Despite these challenging market circumstances, the company maintained its level of activity and continued its strategic development through targeted investments in markets, products, and strategic customer relationships. The company succeeded in maintaining revenue in 2025 at the same level as in 2024. In light of a market characterised by caution and postponed investment decisions, this is considered satisfactory. The company also maintained a satisfactory gross profit while continuing to invest in development and commercial activities. This supports the company’s long-term strategy and market position. Investments in Development In 2025, Smooth Robotics continued to invest significantly in development activities with the aim of strengthening the company’s competitiveness and future growth opportunities. These investments included: • Further development and optimisation of existing products with new features and improved user-friendliness • Development of new solutions tailored to customers’ future needs and changing market conditions • Technological maturation and scaling of products to support international growth These investments have strengthened the product portfolio and maintained Smooth Robotics as an innovative and leading player within the cobot welding segment. Market Development and Sales Activities Throughout 2025, the market was characterized by longer decision-making processes and greater caution among customers and business partners. In response, Smooth Robotics continued to invest strategically in market development and sales activities. The company focused on expanding its presence in selected international markets, strengthening brand awareness and market position through targeted marketing initiatives, developing strategic customer relationships and partnerships with long-term potential, and optimising sales processes and customer dialogue. These initiatives have strengthened the sales pipeline and relationships with both existing and new customers. Market Position Smooth Robotics maintains a leading position in the market. The company’s combination of innovation, specialised know-how, and strong products provides a solid foundation in a time of increased uncertainty. Management continues to experience strong interest in the company’s solutions, although investment decisions in the market generally take longer than previously.Reference is made to note 2, where there is a description of the Company´s capital and cash position. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. Management expects the market to remain affected by uncertainty in the short term. At the same time, the long-term growth opportunities within automation and cobot-based welding solutions are still considered attractive. The company believes it is well positioned to benefit from an improved market environment once investment appetite returns to normal levels. The shareholder group continues to support the company’s strategy and is prepared to provide the necessary capital for further development, should this be deemed necessary. This is further supported by an agreement entered into as of 13 May 2026 to expand the group of investors, whereby several financially strong Danish investors have joined the existing investor base. This will ensure a continued strong and stable foundation for the company. In connection with the entry of the new investors, it is furthermore intended that Smooth Robotics, together with two sister companies, both operating within robotics and automation, will be brought together under a new holding company holding a majority stake in Smooth Robotics. This is being implemented to realize synergies and to continue the professionalization of Smooth Robotics. The new investors have injected fresh capital with the purpose of strengthening the company’s continued growth journey. 8234668 8805811 8981337 7209165 2224762 1805995 -2971431 -209349 708 701 192402 233340 -3163125 -441988 -1028612 0 -2134513 -441988 -440839 -549695 -1693674 107707 1726040 2694502 1783923 1256300 3509963 3950802 19351 18972 19351 18972 3529314 3969774 364500 578781 364500 578781 861989 892563 256421 0 76092 174348 103677 80663 1298179 1147574 0 566 1662679 1726921 5191993 5696695 398040 360132 2737772 3081626 -3178321 -2446752 -42509 995006 0 869176 0 869176 15081 14552 15081 14552 4327556 3077894 213966 262174 73148 71260 604751 406633 5219421 3817961 5234502 3832513 5191993 5696695 360132 3510388 -2554459 -549695 107707 -120933 0 360132 3081626 -2446752 37908 962105 -440839 -1693674 -96985 0 398040 2737772 -3178321 The annual report of Smooth Robotics ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method).Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income comprise items secondary to the principal activities of the Company, including rental income from the temporary lease out of production facilities, compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. 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 etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation of intangible assets.The cost net of the expected residual value for completed development projects and acquired IP rights is amortised over the expected useful life. Acquired IP rights include patents, rights and licences.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Completed development projects 3-7 years Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 3 years and cannot exceed 10 years. Deposits, investmentsDeposits are measured at cost price. Deposits are measured at cost price. The carrying amount of intangible assets is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Reserve for development costsThe reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Other payablesOther payables are measured at net realisable value. In 2025, the company realized a result that was significantly below budget, despite additional, unplanned investment in development. In terms of credit facilities and liquidity, the development activities have primarily been financed through increased bank debt, which has now reached the maximum credit limit. Management expects that the Company will have sufficient financing for the coming 12 months under the current credit facilities. Based on the current expectations for 2026, the budget shows both a profit and positive cash generation. These expectations assume continued strong growth combined with a lower level of investment in development activities. In particular, the growth outlook is dependent on a continued willingness among customers to invest and thus favourable market conditions. Should these assumptions not be met, the Company’s existing credit facilities would not be sufficient to absorb potential fluctuations. Management expects to re-establish the share capital through future profits. 7694006 6175726 1038397 847461 150282 102613 98652 83365 8981337 7209165 16 13 -1028612 0 5417986 1256300 1256300 1783923 0 1256300 6674286 1783923 2723484 0 2224762 0 4948246 0 1726040 1783923 Development projects in progress Ongoing development projects include project ideas and their ongoing development. The development process has proceeded according to plan with the use of the resources allocated by the management. The costs are mainly composed of internal costs in the form of salaries for employees who work on the development projects. The outlook for the development projects shows cash flows that do not indicate an impairment need in relation to the carrying amount. The management has prepared a forecast for the next 3 years, which supports that there is no need for write-downs. 18972 379 19351 19351 360132 360132 360132 227455 0 0 0 132677 360132 360132 360132 360132 Of the long-term liabilities, T.DKK 15 falls due for payment after more than 5 years after the balance sheet date. The Company is jointly taxed with its parent company, Juul Holding ApS, which acts as management company, and has limited and alternative liability together with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends. Rental and leasing obligations include rent obligations totalling T.DKK 93 in non-terminable tenancy agreement with a remaining contract period of 15 months. In addition, liabilities in operating leases for cars totalling T.DKK 210 are covered with a remaining contract period of 30 months. The Company has not provided any security or other collateral in assets at 31 December 2025.