42559997 2025-01-01 2025-12-31 42559997 2025-01-01 2025-12-31 2 42559997 2025-01-01 2025-12-31 1 42559997 2025-01-01 2025-12-31 1 42559997 2025-01-01 2025-12-31 2 42559997 2025-01-01 2025-12-31 3 42559997 2025-01-01 2025-12-31 4 42559997 2025-01-01 2025-12-31 1 42559997 2024-01-01 2024-12-31 42559997 2025-12-31 42559997 2024-12-31 42559997 2025-01-01 d:ContributedCapitalMember 42559997 2025-01-01 d:SharePremiumMember 42559997 2025-01-01 d:ReserveForDevelopmentExpenditureMember 42559997 2025-01-01 d:RetainedEarningsMember 42559997 2025-01-01 2025-12-31 d:ContributedCapitalMember 42559997 2025-01-01 2025-12-31 d:SharePremiumMember 42559997 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 42559997 2025-01-01 2025-12-31 d:RetainedEarningsMember 42559997 2025-12-31 d:ContributedCapitalMember 42559997 2025-12-31 d:SharePremiumMember 42559997 2025-12-31 d:ReserveForDevelopmentExpenditureMember 42559997 2025-12-31 d:RetainedEarningsMember 42559997 2025-01-01 d:CompletedDevelopmentProjectsMember 42559997 2025-01-01 d:AcquiredPatentsMember 42559997 2025-01-01 d:DevelopmentProjectsInProgressMember 42559997 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 42559997 2025-01-01 2025-12-31 d:AcquiredPatentsMember 42559997 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressMember 42559997 2025-12-31 d:CompletedDevelopmentProjectsMember 42559997 2025-12-31 d:AcquiredPatentsMember 42559997 2025-12-31 d:DevelopmentProjectsInProgressMember 42559997 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 42559997 2025-01-01 d:LeaseholdImprovementsMember 42559997 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 42559997 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 42559997 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 42559997 2025-12-31 d:LeaseholdImprovementsMember 42559997 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 42559997 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 42559997 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:pure 2026-06-29 2024-12-31 CaseWare-FSR 35257691 false false 2025-01-01 Revisionspåtegning Baker Tilly Denmark 35257691 Baker Tilly Denmark Poul Bundgaards Vej 1, 1. 2025-12-31 2500 Valby false 2024-01-01 Thomas Hessellund Regnskabsklasse B true false false Annual report The supervisory board and executive board have today discussed and approved the annual report of Nordic microbes A/S 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 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 our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Morten Østergaard Andersen Director Thomas Hessellund chairman Niels Dengsø Jensen Christopher Jeremy Horne Anders Peter Gram To the shareholders of Nordic microbes A/S Opinion We have audited the financial statements of Nordic microbes A/S 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.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 Opinion We 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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and 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 the 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 judgement and maintain professional scepticism 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.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. Statement on management's reviewManagement is responsible for management's review.Our opinion on the financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that 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 of management's review. Copenhagen 2026-06-02 Baker Tilly Denmark Peter Aagesen state-authorised public accountant mne41287 Nordic microbes A/S Kochsgade  25 5000  Odense C 42559997 Odense 35257691 Poul Bundgaards Vej 1, 1. 2500 Valby Business reviewNordic microbes A/S, formerly Bioomix A/S, is a Danish ag-biotech company that develops, produces, and commercialises microbial products for agriculture.   In 2025, Nordic microbes made significant progress towards its mission of making agriculture more productive, profitable, and sustainable through the use of microbial products. The company’s R&D activities focused primarily on the continued development and formulation of SeedSpeed and FungiFoe. This work resulted in the development of a storable powder formulation, for which production was successfully outsourced to an external manufacturing partner.   During the year, the company also initiated the regulatory development of its biofungicide and conducted several successful third-party field trials with its products. Commercially, Nordic Microbes increased sales, achieved its first sales in the UK, expanded product use into maize and rapeseed, and initiated discussions and field trials with potential distributors across Europe.   The commercial activities were supported by targeted marketing efforts, including customer case stories, video content, and participation in a range of agricultural events and trade shows. To support the company’s continued development, Nordic Microbes successfully raised additional equity and grant financing during the year.   Entering 2026, Nordic Microbes is well-positioned for continued development and growth, supported by a strengthened product pipeline, a robust intellectual property portfolio, fresh financing, and increasing market interest in biological solutions for agriculture. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 11.315.953, and the balance sheet at 31 December 2025 shows equity of DKK 66.298.858. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. 4894958 5695215 16161192 13415048 3681373 1993176 0 88898 -14947607 -9801907 124477 1202438 26491 11767 -14849621 -8611236 -3533668 -2087970 -11315953 -6523266 10573613 9811315 -21889566 -16334581 32596385 3321534 609103 352320 3035676 18447057 36241164 22120911 3332294 4726281 875769 806970 4208063 5533251 549890 530424 549890 530424 40999117 28184586 230611 0 1117469 2945776 3418738 2568993 0 19709 4766818 5534478 21800566 12350008 26567384 17884486 67566501 46069072 481849 402520 27793008 17219395 38024001 26537020 66298858 44158935 164441 279371 164441 279371 543017 1060744 135567 70341 424618 499681 1103202 1630766 1103202 1630766 67566501 46069072 402520 0 17219395 26537020 79329 33376547 0 0 10573613 -21889566 -33376547 33376547 481849 0 27793008 38024001 14177427 12318636 1791174 960736 192591 135676 16161192 13415048 22 20 -3418738 -2568993 -114930 481023 4227630 434835 18447057 0 355585 15539719 30951100 0 -30951100 35178730 790420 3035676 -598539 -82515 0 -1983806 -98802 0 -2582345 -181317 0 32596385 609103 3035676 The company's development projects relate to the development of microbes within agriculture. The projects are expected to be continuously developed in the coming financial years.   Some development projects have been completed and brought into use and are being amortised over their estimated useful lives. Other development projects, including projects that have been technically completed but are pending the necessary regulatory approvals, have not yet been brought into use and are therefore not being amortised. 6529267 1036008 236134 345000 6765401 1381008 2110543 229038 1322564 276201 -3433107 505239 3332294 875769 530424 19466 549890 549890 The company has entered into rental and leasing agreements with a total obligation per 31 December 2025 on TDKK 2.078. The annual report of Nordic microbes A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to en­ter­pri­ses of re­por­ting class B, as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in DKK.   For the purpose of proper classification in the annual financial statements, “Other staff costs”, T.DKK 534, in note 1 relating to the financial statement item Staff costs, has been reclassified to “Other staff expenses” under the financial statement item Other external expenses in the comparative figures for 2024. The change in classification has had no impact on the profit for the year, total assets, or equity for 2024. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses. Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. Capitalised work performed for own account comprises costs incurred in developing the Company's own projects, which are recognised as income in the income statement and capitalised under intangible assets. The item Other operating income includes items of a secondary nature relative to the company’s activities. Other operating expenses comprise items of a secondary nature relative to the company's activities, including losses on the sale of intangible assets and items of property, plant and equipment. Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Development projects, patents and licencesDevelopment costs comprise costs, wages/salaries and amortisation losses that are directly and indirectly attributable to the company's development activities.Developments projects recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.Following the completion of the development work, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually five years.Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining patent period, and licences are amortised over the term of the licence, however not more than 8 years. Items of  plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:Useful lifeOther fixtures and fittings, tools and equipment 5 years Leasehold improvements 5 years Gains and losses on the sale of items of property, plant and equipment are calculated as the difference between the selling price, less costs to sell, and the carrying amount at the time of sale.   Gains or losses on the sale of items of property, plant and equipment are recognised in the income statement under other operating income or other operating expenses, respectively. 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 is impaired, an impairment loss for that individual asset is recognised. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Cash and cash equivalents comprise deposits at banks. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.