43337572 2025-07-01 2026-06-30 43337572 2025-07-01 2026-06-30 1 43337572 2025-07-01 2026-06-30 1 43337572 2025-07-01 2026-06-30 2 43337572 2025-07-01 2026-06-30 3 43337572 2025-07-01 2026-06-30 4 43337572 2025-07-01 2026-06-30 5 43337572 2025-07-01 2026-06-30 1 43337572 2024-07-01 2025-06-30 43337572 2026-06-30 43337572 2025-06-30 43337572 2025-06-30 fsa:ContributedCapitalMember 43337572 2025-06-30 fsa:RetainedEarningsMember 43337572 2025-06-30 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 43337572 2025-06-30 fsa:ProposedDividendRecognisedInEquityMember 43337572 2025-07-01 2026-06-30 fsa:RetainedEarningsMember 43337572 2025-07-01 2026-06-30 fsa:ProposedDividendRecognisedInEquityMember 43337572 2025-07-01 2026-06-30 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 43337572 2026-06-30 fsa:ContributedCapitalMember 43337572 2026-06-30 fsa:RetainedEarningsMember 43337572 2026-06-30 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 43337572 2026-06-30 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Annual report 2026-08-27 Lars Ragnar Eriksson MaiScope ApS Trehuse 14 7400 Herning 43337572 Herning 2025-07-01 2026-06-30 The Board of Directors and the Executive Board have today considered and approved the annual report of MaiScope ApS for the financial year 01.07.2025 - 30.06.2026. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.06.2026 and of the results of its operations for the financial year 01.07.2025 - 30.06.2026. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Herning 2026-08-27 Kasper Hilligsøe Eis Erik Mailil Dorthe Mailil John Rasih Sinik Robert Edgar Blase Lars Ragnar Eriksson To the shareholders of MaiScope ApS Opinion We have audited the financial statements of MaiScope ApS for the financial year 01.07.2025 - ​30.06.2026, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.06.2026 and of the results of its operations for the financial year 01.07.2025 - 30.06.2026 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity 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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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 the Management CommentaryManagement is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, 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 the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.​ Kolding 2026-08-27 Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Thomas Aamand Lund State Authorised Public Accountant mne47764 Primary activitiesThe company's purpose is to own shares in subsidiaries and to be directly involved in the management ​and administration of the company's subsidiaries, including acquired subsidiaries, by e.g. to provide ​administration services and related business. 4922000 5678000 11941000 5265000 -7019000 413000 165687000 0 1000 24000 336000 0 6009000 10000 152324000 427000 -2937000 94000 155261000 333000 0 165687000 155261000 -165354000 155261000 333000 830806000 830806000 1688000 0 832494000 830806000 832494000 830806000 6673000 4585000 8000 8000 1343000 94000 8024000 4687000 2516000 1352000 10540000 6039000 843034000 836845000 417684000 417684000 177595000 251671000 0 165687000 595279000 835042000 208000000 0 208000000 0 23000000 0 415000 782000 11900000 0 4440000 1021000 39755000 1803000 247755000 1803000 843034000 836845000 417684000 251671000 0 165687000 835042000 0 165687000 165687000 0 229337000 229337000 -74076000 229337000 0 155261000 417684000 177595000 0 0 595279000 1 Staff costs2025/26​DKK'0002024/25​DKK'000Wages and salaries10,9784,468Pension costs948788Other social security costs15911,9415,265Average number of full-time employees44Special incentive programmesEstimating the fair value of warrant programme transactions requires determining the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also involves selecting the most suitable inputs for the valuation model, including the Group’s share price at the grant date, the expected life of the warrants, volatility, and dividend yield, and making assumptions about these factors. ​ ​The Group established share plans in 2023. The decision to grant warrants is made by the Board of Directors in accordance with the articles of association. Warrants have been granted to a number of employees, who receive only equity instruments. ​ ​If a warrant holder leaves the Group before exercising their warrants, they retain the right to exercise them only if​they are considered a good leaver. The Group’s Board of Directors determines whether a warrant holder qualifies​as a good leaver. If a warrant holder leaves as a bad leaver, all rights related to the warrants are forfeited, and the​warrants are transferred back to the Group without any compensation.​​The decision to grant warrants to subscribe for shares in the Group is made by the Board of Directors in accordance with the articles of association on incentive pay for the Group. Warrants have been granted to a number of employees of the Group. Warrant agreements entered into on 26 August 2023 allow eligible participants to exercise warrants for up to 4,396,676 new shares of EUR 0.27 each in MaiScope ApS. ​ ​Based on an exercise price of EUR 0.27 and preference dividend rights in Maiscope ApS attached to the A and B shares in Maiscope ApS amounting to a total of approximately EUR 250 million, the warrants will hold value for the warrant holders if the Group’s exit valuation reaches approximately EUR 314 million. The warrant agreement stipulates that settlement can only be made through the issuance of shares, which is expected to occur within 4 to 7 years at the latest. ​ ​The warrants will be fully vested over a period of 60 months from the date they are granted. The warrant scheme has been accounted for as an equity-settled programme. There has not been granted any warrants in the financial year. 4 4 Special incentive programmesEstimating the fair value of warrant programme transactions requires determining the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also involves selecting the most suitable inputs for the valuation model, including the Group’s share price at the grant date, the expected life of the warrants, volatility, and dividend yield, and making assumptions about these factors. ​ ​The Group established share plans in 2023. The decision to grant warrants is made by the Board of Directors in accordance with the articles of association. Warrants have been granted to a number of employees, who receive only equity instruments. ​ ​If a warrant holder leaves the Group before exercising their warrants, they retain the right to exercise them only if​they are considered a good leaver. The Group’s Board of Directors determines whether a warrant holder qualifies​as a good leaver. If a warrant holder leaves as a bad leaver, all rights related to the warrants are forfeited, and the​warrants are transferred back to the Group without any compensation.​​The decision to grant warrants to subscribe for shares in the Group is made by the Board of Directors in accordance with the articles of association on incentive pay for the Group. Warrants have been granted to a number of employees of the Group. Warrant agreements entered into on 26 August 2023 allow eligible participants to exercise warrants for up to 4,396,676 new shares of EUR 0.27 each in MaiScope ApS. ​ ​Based on an exercise price of EUR 0.27 and preference dividend rights in Maiscope ApS attached to the A and B shares in Maiscope ApS amounting to a total of approximately EUR 250 million, the warrants will hold value for the warrant holders if the Group’s exit valuation reaches approximately EUR 314 million. The warrant agreement stipulates that settlement can only be made through the issuance of shares, which is expected to occur within 4 to 7 years at the latest. ​ ​The warrants will be fully vested over a period of 60 months from the date they are granted. The warrant scheme has been accounted for as an equity-settled programme. There has not been granted any warrants in the financial year. 2 Tax on profit/loss for the year2025/26​DKK'0002024/25​DKK'000Current tax094Change in deferred tax(1,688)0Refund in joint taxation arrangement(1,249)0(2,937)94 3 Contributed capitalNumberNominal​value​DKK'000A shares of DKK 238,080,000238,080B shares of DKK179,604,211179,604417,684,211417,684 4 Non-current liabilities other than provisionsDue within 12 months ​2025/26​DKK'000Due after more than 12 months​2025/26​DKK'000Bank loans23,000208,00023,000208,000 5 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where MaiScope Topco ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is ​therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 6 Assets charged and collateralBank loans are secured by a first priority pledge of all shares in Maileg ApS, guarantees from the parent company and a pledge of other assets in the Group. This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. true reporting class B true Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue, other operating income and external expenses. RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff. Income from investments in group enterprisesIncome from investments in group enterprises comprises dividends etc. received from the individual group enterprises in the financial year. Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including ​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish ​Tax Prepayment Scheme etc. Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc. from payables to group enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the ​lower of recoverable amount and carrying amount. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. CashCash comprises cash in hand and bank deposits. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 2024-07-01 2025-06-30 Independent Auditor’s Report 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab