42799572 2025-01-01 2025-12-31 42799572 2025-01-01 2025-12-31 1 42799572 2024-01-01 2024-12-31 42799572 2025-12-31 42799572 2024-12-31 42799572 2025-01-01 d:InvestmentsInGroupEnterprisesMember 42799572 2024-01-01 d:InvestmentsInGroupEnterprisesMember 42799572 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 42799572 2024-01-01 2024-12-31 d:InvestmentsInGroupEnterprisesMember 42799572 2025-12-31 d:InvestmentsInGroupEnterprisesMember 42799572 2024-12-31 d:InvestmentsInGroupEnterprisesMember 42799572 2025-01-01 2025-12-31 d:SubsidiaryMember 1 42799572 2025-12-31 d:SubsidiaryMember 1 42799572 2025-01-01 2025-12-31 d:SubsidiaryMember 2 42799572 2025-12-31 d:SubsidiaryMember 2 42799572 2025-01-01 2025-12-31 d:SubsidiaryMember 3 42799572 2025-12-31 d:SubsidiaryMember 3 42799572 2025-01-01 2025-12-31 d:SubsidiaryMember 4 42799572 2025-12-31 d:SubsidiaryMember 4 42799572 2025-01-01 2025-12-31 d:SubsidiaryMember 5 42799572 2025-12-31 d:SubsidiaryMember 5 42799572 2025-01-01 2025-12-31 d:SubsidiaryMember 6 42799572 2025-12-31 d:SubsidiaryMember 6 42799572 2025-01-01 d:ContributedCapitalMember 42799572 2024-01-01 d:ContributedCapitalMember 42799572 2025-12-31 d:ContributedCapitalMember 42799572 2024-12-31 d:ContributedCapitalMember 42799572 2025-01-01 d:RetainedEarningsMember 42799572 2024-01-01 d:RetainedEarningsMember 42799572 2025-01-01 2025-12-31 d:RetainedEarningsMember 42799572 2024-01-01 2024-12-31 d:RetainedEarningsMember 42799572 2025-01-01 2025-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 42799572 2024-01-01 2024-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 42799572 2025-12-31 d:RetainedEarningsMember 42799572 2024-12-31 d:RetainedEarningsMember 42799572 2025-01-01 d:ProposedDividendRecognisedInEquityMember 42799572 2024-01-01 d:ProposedDividendRecognisedInEquityMember 42799572 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 42799572 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 42799572 2025-12-31 d:ProposedDividendRecognisedInEquityMember 42799572 2024-12-31 d:ProposedDividendRecognisedInEquityMember 42799572 2025-01-01 2025-12-31 1 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 42799572 JA Technologies IV ApS Skolevej 2 2820 Gentofte 2021-10-14 Gentofte Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Michael Beuchert statsautoriseret revisor mne32794 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-07-01 Per Lundahl Regnskabsklasse B Erklæring om udvidet gennemgang Ja CaseWare fra Revisorgruppen Danmark anpartshaveren København 2026-07-01 Gentofte 2026-07-01 Grundlag for konklusion Konklusion -23175496 -20625779 8236906 6934009 -31412402 -27559788 -7062861 -6212390 246416614 193046319 18451957 1646518537 189489394 -1487244396 15728133 496383 173761261 -1487740779 70000000 0 80000000 20000000 23761261 -1507740779 137931245 132099044 137931245 132099044 137931245 132099044 261077460 134358770 7605377 3194959 28780627 632220 1379855 0 155301367 153500022 454144686 291685971 2984905249 3375710223 2984905249 3375710223 390312965 43746702 3829362900 3711142896 3967294145 3843241940 0 40000 40000 3741922431 3718161170 80000000 20000000 3821962431 3738201170 1361 33203 897713 189035 72541723 10201375 33113613 94506134 14211978 0 4517483 0 20047843 111023 145331714 105040770 145331714 105040770 3967294145 3843241940 2751375 3364881 5466297 3555085 19234 14043 8236906 6934009 3 2 9290536 0 9161421 1646518537 18451957 1646518537 140458302 138441407 20000 0 140478302 138441407 -9132168 -13641697 -9079756 -6212390 4000000 10721919 -14211924 -9132168 11664867 2789805 11664867 2789805 137931245 132099044 92 Ventures ApS ApS Gentofte 90 -4614056 -4044795 JA Investment ApS ApS Gentofte 100 136248014 4892211 JA Circus ApS ApS Gentofte 100 1663230 -3044012 Underground Ventures ApS ApS Gentofte 90 -8121335 -5054934 Lune ApS ApS Gentofte 90 -3861232 -3901232 Curiosity ApS ApS Gentofte 100 20000 0 40000 40000 40000 40000 3718161170 5225901949 23761261 -1507740779 70000000 0 70000000 0 3741922431 3718161170 20000000 20000000 20000000 20000000 80000000 20000000 80000000 20000000 Today, the Managing Director has approved the annual report of JA Technologies IV ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my 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 my 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. Per Lundahl We have performed an extended review of the financial statements of JA Technologies IV 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 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 "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 companyThe purpose of the company is to directly or indirectly own shares in other companies and to carry out other activities related to this. 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 -23.175.496 against DKK -20.625.779 last year. Profit or loss from ordinary activities after tax totals DKK 173.761.261 against DKK -1.487.740.779 last year. Management considers the net profit or loss for the year satisfactory. Events occurring after the end of the financial yearNo events have occured after the balance sheet date that have affected the company's activtity or financial position significantly. 6.Disclosures on fair value Other listed securities Fair value at 31 December 20252.984.905.249 Unrealised change in fair value of the year recognised in the statement of financial activity221.242.308 7.Contractual obligations and contingencies, etc.The company has issued letters of comfort to the entities: 92 Research ApS, 92 Capital Nuclear Fund K/S, 92 Capital ApS, 92 Ventures ApS, Underground Ventures ApS, JA Technologies II ApS and JA Circus ApS, and has thereby committed to provide financial support so that the entities can pay their obligations as they fall due. The commitment of financial support will run until at least 31 December 2026. 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. TheThe 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 JA Technologies IV 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. 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. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. 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 Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross lossGross loss comprises other external costs. Other external expenses comprise costs for sales, premises and administration. Staff costsStaff costs include salaries, pensions and benefits. Results from investments in group enterprisesAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the investment in the individual entities are recognised in the income statement as a proportional share of the entities' 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, unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, and as surcharges 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 proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Investments in group enterprises with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account 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. On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations. 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. 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. Financial instruments and equity investmentsFinancial instruments and equity investments recognised under current assets consist of listed shares and bonds which are measured at fair value on the reporting date. Unlisted equity investments are measured at cost. write-down takes place to the recoverable amount if this value is lower than the carrying amount. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxAs administration company, JA Technologies IV 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 are measured at amortised cost which usually corresponds to the nominal value.