42533165 2025-01-01 2025-12-31 2 42533165 2025-01-01 2025-12-31 3 42533165 2025-01-01 2025-12-31 6 42533165 2025-01-01 2025-12-31 42533165 2025-01-01 2025-12-31 1 42533165 2024-01-01 2024-12-31 42533165 2025-12-31 42533165 2024-12-31 42533165 2025-12-31 d:LongtermMortgageLoansMember 42533165 2025-01-01 d:ContributedCapitalMember 42533165 2024-01-01 d:ContributedCapitalMember 42533165 2025-01-01 2025-12-31 d:ContributedCapitalMember 42533165 2024-01-01 2024-12-31 d:ContributedCapitalMember 42533165 2025-12-31 d:ContributedCapitalMember 42533165 2024-12-31 d:ContributedCapitalMember 42533165 2025-01-01 d:SharePremiumMember 42533165 2024-01-01 d:SharePremiumMember 42533165 2025-01-01 2025-12-31 d:SharePremiumMember 42533165 2024-01-01 2024-12-31 d:SharePremiumMember 42533165 2025-12-31 d:SharePremiumMember 42533165 2024-12-31 d:SharePremiumMember 42533165 2025-01-01 d:RetainedEarningsMember 42533165 2024-01-01 d:RetainedEarningsMember 42533165 2025-01-01 2025-12-31 d:RetainedEarningsMember 42533165 2024-01-01 2024-12-31 d:RetainedEarningsMember 42533165 2025-12-31 d:RetainedEarningsMember 42533165 2024-12-31 d:RetainedEarningsMember 42533165 2025-01-01 2025-12-31 1 42533165 2025-01-01 2025-12-31 1 42533165 2025-01-01 2025-12-31 2 42533165 2025-01-01 2025-12-31 3 42533165 2025-01-01 2025-12-31 4 42533165 2025-01-01 2025-12-31 5 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 42533165 Tryp.com ApS Drewsensvej 3, st. th 5000 Odense C Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Peter Birk Stokholm statsautoriseret revisor mne48468 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-06-29 André Rangel de Sousa Regnskabsklasse B Erklæring om udvidet gennemgang Ja CaseWare fra Revisorgruppen Danmark anpartshaverne København 2026-06-29 Odense C 2026-06-29 Grundlag for konklusion Konklusion -4121111 -496029 695912 408233 34500 0 -4851523 -904262 -7438 8655 471462 282937 -5330423 -1178544 -5330423 -1178544 -5330423 -1178544 6705 0 16477 16477 23182 16477 23182 16477 181959 527631 113673 187500 5724626 1626 6020258 716757 2051812 2713474 8072070 3430231 8095252 3446708 0 53338 44604 2749302 0 -6387096 -1056674 -3584456 -1012070 4435326 1894229 4435326 1894229 22733 5484 5932440 0 134499 93415 1026363 7223 128347 2458427 7244382 2564549 11679708 4458778 8095252 3446708 678863 395994 17049 12239 695912 408233 2 2 158 501 471304 282436 471462 282937 0 4341535 44604 44604 8734 0 53338 44604 0 4011259 2749302 0 0 4011259 2749302 0 -1056674 -3889389 -5330423 -1178544 0 4011259 1 0 -6387096 -1056674 Today, the Board of Directors and the Managing Director have approved the annual report of Tryp.com 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. 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. André Rangel de Sousa Johnny Peter Lanther Thorsen Jacob Gade Lorentzen João Carlos Simões Proença Henriques Benjamin Cavender Helio Jorge Benedito da Silva Domingos We have performed an extended review of the financial statements of Tryp.com 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. The financial statements are prepared under the Danish Financial Statements Act. Based on the work performed, in our opinion, the financial statements give a true and fair view of the Company's financial position 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 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 "Practitioner's responsibilities 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 conclusion. 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 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 to obtain further assurance for our conclusion. An extended review comprises procedures that primarily consist of making inquiries 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. 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 Statements Act. We did not identify any material misstatement in the Management’s Review. Description of key activities of the companyLike previous years, the activities comprises of trade, services and other related activities.  Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross loss for the year totals DKK -4.121.111 against DKK -496.029 last year. Profit or loss from ordinary activities after tax totals DKK -5.330.423 against DKK -1.178.544 last year. Management considers the net profit or loss for the year satisfactory. Throughout 2025, Tryp.com experienced exponential top-line growth, driven by targeted, substantial investments in our proprietary travel technology and a highly successful shift toward organic, creator-led marketing. To maintain our long-term competitiveness and prepare for global scaling, the company executed several major product and infrastructure milestones during the year:  The company successfully launched native iOS and Android applications, which rapidly achieved feature parity with the web platform. By the end of the year, the mobile app was driving a significant portion of all total bookings. We expanded our core engine capabilities to include one-way flights, modular trip building, and real-time graph composition for multi-city trips.The company heavily integrated AI into both the product and internal operations. This included personalized trip recommendations, our automated customer support chatbot, and AI-powered internal tools designed to increase team efficiency. To execute this aggressive growth strategy and secure necessary liquidity, Tryp.com successfully completed a new capital raise in 2025, supported further by a new loan from the Danmarks Eksport- og Investeringsfond (EIFO). Management considers our current capital base and liquidity sufficient to support our ongoing operations. While the company experienced an elevated cash burn during the 2025 financial year, Management notes that a significant portion of these outflows comprised non-recurring, historical, and extraordinary investments, rather than standard operational scaling costs. Key exceptional cash outflows included:  Settlement of Historical Liabilities: The company utilized raised capital to clear legacy operational liabilities, including the settlement of legacy operational payables, thereby strengthening the company's baseline financial health moving forward. Extraordinary Marketing & Media Investments: The company absorbed heavy, strategic, concentrated investments in go-to-market initiatives and brand-building. This included major strategic TV commercial rollouts in key European markets and media-for-equity campaigns. Strategic Initiatives and Professional Fees: Capital was utilized to participate in strategic accelerator programs, such as Edenbase, to support growth and operations. Additionally, the company absorbed the professional, legal, and auditing fees associated with successfully structuring and closing the 2025 investment round. Financial resources The Company has lost more than 50% of its share capital (Section 119 of the Danish Companies Act). After the balance sheet date management has secured new capital, including EUR 170,000 received in cash and a term sheet signed on 28 April 2026.  In management's assessment the going concern basis is appropriate. Reference is made to note 1. 1.Capital resources and liquidityOver the past year, Tryp.com has experienced continued sales growth while making targeted investments in its proprietary travel technology. This technology enables the creation of dynamic and personalized travel packages with global reach and has continued to attract interest from venture capital investors. During 2025, Tryp.com completed a significant capital raise, consisting of both cash contributions and a significant media-for-equity component. This strengthened the company’s equity base and supported the execution of its go-to-market strategy, particularly in European markets. In addition, the company secured financing from the Danmarks Eksport- og Investeringsfond (EIFO), further strengthening the company’s financial foundation. The financial result for the year has been impacted by planned and substantial investments in the company’s technology platform, including the continued development of personalization features and virtual interlining capabilities, which management considers essential for the company’s long-term competitiveness and growth potential. As a result, the company has incurred a loss exceeding 50% of its contributed capital during the year, in accordance with Section 119 of the Danish Companies Act. Management has assessed the company’s budgets, liquidity forecasts, and financing requirements for the period of at least 12 months from the balance sheet date.  The plan comprises: 1) Capital of EUR 170,000, which after the balance sheet date has been received and collected in cash from angel investors  2) A match loan from Eifo of DKK 0.8 million (commitment). 3) Term sheets signed in 2026 with Venture Capital organisations Uncertainty The signed term sheets are not legally binding and is conditional upon completion of satisfactory due diligence and the negotiation and execution of final (long-form) agreements. The ultimate transfer of capital to the parent company (Tryp.com ApS) is furthermore conditional upon standard due diligence and the execution of final long-form agreements referred to in the term sheet being bindingly agreed. There is therefore a degree of uncertainty associated with the execution of the plan. It is Management's assessment that the plan to re-establish capital and liquidity can be carried out, and that any remaining liquidity shortfall can, if necessary, also be provided by the existing shareholders.  On this basis, Management assesses that the use of the going concern assumption is appropriate, and that no material uncertainty exists regarding the Company's ability to continue as a going concern. 5.Contractual obligations and contingencies, etc.Joint taxationWith Tryp.com Holding ApS, company reg. no 42527610 as administration company, the company is subject to the Danish scheme of joint taxation and is proportionally liable for tax claims within the joint taxation scheme. The company is proportionally liable for any obligations to withhold tax on interest, royalties, and dividends of the jointly taxed companies. The liabilities amount to a maximum amount corresponding to the share of the company capital, which is owned directly or indirectly by the ultimate parent company. The annual report for Tryp.com ApS 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. Gross lossGross loss comprises the revenue, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. 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. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises and loss on receivables. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. 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. Results from  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 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 current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets 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. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. 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. EquityShare premiumShare premium comprises premium payments made in connection with the issue of shares. Costs incurred for carrying through an issue are deducted from the premium. The premium reserve can be used for dividend, for issuing bonus shares, and for covering losses. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.