39842882 2025-05-01 2026-04-30 39842882 2025-05-01 2026-04-30 auditor_1 39842882 2025-05-01 2026-04-30 memberOfBoardIdentifier_1 39842882 2025-05-01 2026-04-30 memberOfBoardIdentifier_2 39842882 2025-05-01 2026-04-30 memberOfBoardIdentifier_3 39842882 2024-05-01 2025-04-30 39842882 2026-04-30 39842882 2025-04-30 39842882 2025-04-30 fsa:ContributedCapitalMember 39842882 2025-04-30 fsa:ReserveForDevelopmentExpenditureMember 39842882 2025-04-30 fsa:RetainedEarningsMember 39842882 2025-04-30 fsa:ProposedDividendRecognisedInEquityMember 39842882 2025-05-01 2026-04-30 fsa:ContributedCapitalMember 39842882 2025-05-01 2026-04-30 fsa:ReserveForDevelopmentExpenditureMember 39842882 2025-05-01 2026-04-30 fsa:RetainedEarningsMember 39842882 2025-05-01 2026-04-30 fsa:ProposedDividendRecognisedInEquityMember 39842882 2026-04-30 fsa:ContributedCapitalMember 39842882 2026-04-30 fsa:ReserveForDevelopmentExpenditureMember 39842882 2026-04-30 fsa:RetainedEarningsMember 39842882 2026-04-30 fsa:ProposedDividendRecognisedInEquityMember 39842882 2025-04-30 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 39842882 2025-05-01 2026-04-30 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 39842882 2026-04-30 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 39842882 2025-04-30 fsa:FixturesFittingsToolsAndEquipmentMember 39842882 2025-04-30 fsa:LeaseholdImprovementsMember 39842882 2026-04-30 fsa:FixturesFittingsToolsAndEquipmentMember 39842882 2026-04-30 fsa:LeaseholdImprovementsMember 39842882 2025-05-01 2026-04-30 fsa:FixturesFittingsToolsAndEquipmentMember 39842882 2025-05-01 2026-04-30 fsa:LeaseholdImprovementsMember 39842882 2026-04-30 fsa:LongtermTaxPayablesToGroupEnterprisesMember 39842882 2025-04-30 fsa:LongtermTaxPayablesToGroupEnterprisesMember iso4217:DKK pure 2024-05-01 2025-04-30 2026-06-26 39842882 2026-06-26 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on extended review KPMG 25578198 true Annual report Anders Fanøe Mærkedahl The Executive Board has today discussed and approved the annual report for NHTA ApS for the financial year 1 May 2025 - 30 April 2026. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 April 2026 and of the results of the Company's operations for the financial year 1 May 2025 - 30 April 2026. 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. Copenhagen 2026-06-26 Anders Fanøe Mærkedahl Director Andreas Pagh Rasmussen Director Asger Lindvig Director Independent auditor's extended review report on the financial statements To the shareholder of NHTA ApS Opinion We have performed an extended review of the financial statements of NHTA ApS for the financial year 1 May 2025 - 30 April 2026 comprising 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 performed, it is our opinion that the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 April 2026 and of the results of the Company's operations for the financial year 1 May 2025 - 30 April 2026 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises 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 responsibility for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement 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. Auditor's responsibility for the extended review of the financial statementsOur responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures in order to obtain further assurance for our conclusion.An extended review comprises procedures primarily consisting of making enquiries of Management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating 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 these financial statements. Statement on the Management's reviewManagement 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. Copenhagen 2026-06-26 KPMG 25578198 Nicolai Vöge Grønvall Elleby State Authorised Public Accountant mne51530 NHTA ApS Nelson Mandelas Allé 14 DK-2450 København SV contact@nordichta.dk 39842882 2018-09-07 København 2025-05-01 2026-04-30 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø 25578198 Principal activities NHTA is a Global Market Access consultancy specialized in health economics, market access, and communication. Using our extensive experience and background knowledge we assist our clients entering the Nordics. Development in activities and financial position The Company's income statement for 2025/26 shows a profit of DKK 2,996,119 as against a loss of DKK 796,525 in 2024/25. Equity in the Company's balance sheet at 30 April 2026 stood at DKK 11,250,927 as against DKK 8,254,808 at 30 April 2025. The financial year reflects the positive impact of the strategic initiatives and investments undertaken in previous years, which have now been fully implemented and operationalised. Management is pleased to observe that these efforts are beginning to deliver the expected results and have contributed to a significant improvement in the Company’s financial performance during the year. Based on the progress achieved, Management expects that these initiatives and investments will continue to support further growth in both revenue and profitability in the coming financial years. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2025/26. 17348170 14446161 12936392 15322123 70791 85589 685 0 4340302 -961551 36986 66212 44578 112128 4332710 -1007467 1336591 -210942 2996119 -796525 -796134 796134 600000 0 3192253 -1592659 0 1020685 0 2904 132244 200131 132244 203035 1020000 0 326935 339314 1346935 339314 1479179 1563034 5375307 4430774 1211006 639608 632451 159218 34094 217426 1398 0 237325 224833 7491581 5671859 4397439 3469202 11889020 9141061 13368199 10704095 50000 50000 0 796134 10600927 7408674 600000 0 11250927 8254808 783266 0 167197 334790 459965 78263 42600 42600 0 1031246 664244 962388 1334006 2449287 2117272 2449287 13368199 10704095 50000 796134 7408674 0 0 -796134 3192253 600000 50000 0 10600927 600000 The annual report of NHTA ApS for 2025/26 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year.ReclassificationsReferring to the true and fair view set out in the Danish Financial Statements Act, the Company has reclassified individual items in the income statement and balance sheet not affected results before tax, results for the year or equity. Comparative figures have been restated accordingly. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Revenue from the sale of services is recognised when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. Work for own account and recognised as assets Work performed for own account and capitalised includes staff cost for the year recognised in the costs for the Company’s development projects in the balance sheet. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Other operating costs Other operating costs comprise items secondary to the activities of the entities, including losses on the disposal of intangible assets and property, plant and equipment. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit/loss for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Development projects Development costs comprise costs, wages, salaries and amortisation directly and 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 are evidenced, 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 as well development costs. Other development costs are recognised in the income statement as incurred. Development costs recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. Upon completion of development work, development costs are amortised on a straight-line basis over the estimated useful lives. The amortisation period is usually 3-5 years. Property, plant and equipmentFixtures and fittings, tools and equipment amd leasehold improve­ments are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Fixtures and fittings, tools and equipment4 yearsLeasehold improve­ments4 years The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences that arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; 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. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with 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. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityDividends The expected dividend payment for the year is disclosed as a separate item under equity. LiabilitiesLiabilities are measured at net realisable value. 12497212 14879293 307151 307151 132029 135679 17 20 19382 68301 25196 43797 0 30 783266 0 183332 -201306 369993 -9636 1020685 -1020685 0 0 Development projects in progress Development projects in progress comprise a new digital solution. The project is expected to be completed in 2026 where considerable economic benefits in the form of revenue are expected. 101970 406582 101970 406582 -99066 -206451 -2904 -67887 -101970 -274338 0 132244 0 1031246 783266 0 Contingent liabilities, including guarantee commitments The Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax. Any subsequent corrections of the taxable income subject to joint taxation or with-holding taxes on dividends, etc., may entail an increase in the entities' liability. The Group as a whole is not liable to any other parties. Trade receivables with a carrying amount of DKK 5,375,307 have been provided as collateral for debt to banks. At the balance sheet date there is no debt to banks.