41928131 2025-01-01 2025-12-31 2 41928131 2025-01-01 2025-12-31 3 41928131 2025-01-01 2025-12-31 5 41928131 2025-01-01 2025-12-31 6 41928131 2025-01-01 2025-12-31 41928131 2025-01-01 2025-12-31 1 41928131 2024-01-01 2024-12-31 41928131 2025-12-31 41928131 2024-12-31 41928131 2025-01-01 2025-12-31 d:SubsidiaryMember 1 41928131 2025-12-31 d:SubsidiaryMember 1 41928131 2025-01-01 2025-12-31 d:SubsidiaryMember 2 41928131 2025-12-31 d:SubsidiaryMember 2 41928131 2025-01-01 2025-12-31 d:SubsidiaryMember 3 41928131 2025-12-31 d:SubsidiaryMember 3 41928131 2025-01-01 2025-12-31 d:SubsidiaryMember 4 41928131 2025-12-31 d:SubsidiaryMember 4 41928131 2025-12-31 d:ManagementMember 41928131 2025-12-31 d:BoardOfDirectorsMember 41928131 2025-01-01 d:ContributedCapitalMember 41928131 2024-01-01 d:ContributedCapitalMember 41928131 2025-01-01 2025-12-31 d:ContributedCapitalMember 41928131 2024-01-01 2024-12-31 d:ContributedCapitalMember 41928131 2025-12-31 d:ContributedCapitalMember 41928131 2024-12-31 d:ContributedCapitalMember 41928131 2025-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41928131 2024-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41928131 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41928131 2024-01-01 2024-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41928131 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41928131 2024-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41928131 2025-01-01 d:RetainedEarningsMember 41928131 2024-01-01 d:RetainedEarningsMember 41928131 2025-01-01 2025-12-31 d:RetainedEarningsMember 41928131 2024-01-01 2024-12-31 d:RetainedEarningsMember 41928131 2025-01-01 2025-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 41928131 2024-01-01 2024-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 41928131 2025-12-31 d:RetainedEarningsMember 41928131 2024-12-31 d:RetainedEarningsMember 41928131 2025-01-01 2025-12-31 1 41928131 2025-01-01 2025-12-31 1 41928131 2025-01-01 2025-12-31 2 41928131 2025-01-01 2025-12-31 3 41928131 2025-01-01 2025-12-31 4 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Hostrupsvej, 26 3400, Hillerød 2024-01-01 2024-12-31 2025-01-01 2025-12-31 41928131 Scaling Up Holding ApS Mesterlodden 42 2820 Gentofte Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Claus Koskelin statsautoriseret revisor mne30140 Hostrupsvej 26 3400 Hillerød Danmark +45 33 110 220 info@dk.gt.com 2026-06-18 Jens Erik Thorndahl Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark anpartshaverne Hillerød 2026-06-18 Gentofte 2026-06-18 Grundlag for konklusion Konklusion -4714518 -330387 -4714518 -330387 150285026 9410124 233431 52669 981 7301 38 106720 145804882 9032987 -32670 -41932 145837552 9074919 -4474732 4474732 150312284 4600187 9597296 26636616 9597296 26636616 9597296 26636616 9335837 880563 108042 2995410 4345484 0 154769235 0 168558598 3875973 225894 676726 168784492 4552699 178381788 31189315 0 111211 111111 0 4474732 173506163 22193979 173617374 26779822 0 2386106 3537875 1199767 1105764 788590 120775 35030 4764414 4409493 4764414 4409493 178381788 31189315 0 0 0 106616 38 104 38 106720 YellowBeard A/S 0 Dobby A/S Gentofte 95 YellowBeard Service ApS 0 Yellowbuildings ApS Gentofte 100 22372167 21348998 111111 100000 100 3320000 0 3308889 111211 111111 4474732 0 -4474732 4474732 0 4474732 22193979 0 150312284 4600187 0 17593792 999900 0 173506163 22193979 Today, the Board of Directors and the Managing Director have approved the annual report of Scaling Up Holding ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We 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 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. We recommend that the annual report be approved at the Annual General Meeting. Peter Randow Jens Erik Thorndahl Bror Martin Linnemann Larsen Peter Ferslev Christian Swane Mourier We have audited the financial statements of Scaling Up Holding ApS for the financial year 1 January - 31 December 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 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 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. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.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. 1.The significant activities of the enterprise The principal activities is to own shares in affiliated companies.  6.Contractual obligations and contingencies, etc.Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. The annual report for Scaling Up Holding ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises.   The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets 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 when it is seems 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. 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. Gross lossGross loss comprises external costs. Other external expenses comprise expenses incurred for administration. Results from investments in group enterprisesInvestments in group enterprises are recognised in the income statement as the parent company’s proportionate share of the enterprises’ post?tax profit or loss.. 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.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Investments in group enterprisesInvestments in group enterprises are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprises are recognised in the statement of financial position at the parent company’s proportionate share of the enterprises’ equity, calculated in accordance with the parent company’s accounting policies with deductions or additions of unrealised intercompany gains and losses. In relation to material assets and liabilities recognised in group enterprises but are not represented in the parent, the following accounting policies have been applied. Investments in group enterprises with a negative equity value are measured at DKK 0, and any receivables from these enterprises are written down to the extent that the receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover a negative balance that exceeds the receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in group enterprises  transferred to the reserve under equity for net revaluation according to the equity method. Dividends from group enterprises expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprises. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in group enterprises 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. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. An impairment loss is recognised where there is objective evidence that a receivable is impaired. Impairment is calculated as the difference between the carrying amount and the expected net realisable value. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Income tax and deferred taxAs administration company, Scaling Up Holding ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current 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. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" 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. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. 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, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.