25053591 2025-06-01 2026-05-31 25053591 2025-06-01 2026-05-31 2 25053591 2025-06-01 2026-05-31 memberOfBoardIdentifier_executive_board_1 25053591 2025-06-01 2026-05-31 memberOfBoardIdentifier_board_of_director_1 25053591 2025-06-01 2026-05-31 memberOfBoardIdentifier_board_of_director_2 25053591 2025-06-01 2026-05-31 memberOfBoardIdentifier_board_of_director_3 25053591 2025-06-01 2026-05-31 1 25053591 2023-06-01 2024-05-31 25053591 2022-06-01 2023-05-31 25053591 2021-06-01 2022-05-31 25053591 2024-05-31 25053591 2023-05-31 25053591 2022-05-31 25053591 2024-06-01 2025-05-31 25053591 2026-05-31 25053591 2025-05-31 25053591 2025-06-01 fsa:ContributedCapitalMember 25053591 2025-06-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25053591 2025-06-01 fsa:ReserveForDevelopmentExpenditureMember 25053591 2025-06-01 fsa:RetainedEarningsMember 25053591 2025-06-01 25053591 2025-06-01 2026-05-31 fsa:ContributedCapitalMember 25053591 2025-06-01 2026-05-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25053591 2025-06-01 2026-05-31 fsa:ReserveForDevelopmentExpenditureMember 25053591 2025-06-01 2026-05-31 fsa:RetainedEarningsMember 25053591 2026-05-31 fsa:ContributedCapitalMember 25053591 2026-05-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25053591 2026-05-31 fsa:ReserveForDevelopmentExpenditureMember 25053591 2026-05-31 fsa:RetainedEarningsMember 25053591 2025-06-01 fsa:CompletedDevelopmentProjectsMember 25053591 2025-06-01 fsa:AcquiredLicencesMember 25053591 2025-06-01 fsa:AcquiredOtherSimilarRightsMember 25053591 2025-06-01 fsa:DevelopmentProjectsInProgressMember 25053591 2025-06-01 2026-05-31 fsa:CompletedDevelopmentProjectsMember 25053591 2025-06-01 2026-05-31 fsa:AcquiredLicencesMember 25053591 2025-06-01 2026-05-31 fsa:AcquiredOtherSimilarRightsMember 25053591 2025-06-01 2026-05-31 fsa:DevelopmentProjectsInProgressMember 25053591 2026-05-31 fsa:CompletedDevelopmentProjectsMember 25053591 2026-05-31 fsa:AcquiredLicencesMember 25053591 2026-05-31 fsa:AcquiredOtherSimilarRightsMember 25053591 2026-05-31 fsa:DevelopmentProjectsInProgressMember 25053591 2025-06-01 fsa:PlantAndMachineryMember 25053591 2025-06-01 fsa:FixturesFittingsToolsAndEquipmentMember 25053591 2025-06-01 fsa:LeaseholdImprovementsMember 25053591 2025-06-01 2026-05-31 fsa:PlantAndMachineryMember 25053591 2025-06-01 2026-05-31 fsa:FixturesFittingsToolsAndEquipmentMember 25053591 2025-06-01 2026-05-31 fsa:LeaseholdImprovementsMember 25053591 2026-05-31 fsa:PlantAndMachineryMember 25053591 2026-05-31 fsa:FixturesFittingsToolsAndEquipmentMember 25053591 2026-05-31 fsa:LeaseholdImprovementsMember 25053591 2025-06-01 fsa:InvestmentsInGroupEnterprisesMember 25053591 2024-06-01 fsa:InvestmentsInGroupEnterprisesMember 25053591 2026-05-31 fsa:InvestmentsInGroupEnterprisesMember 25053591 2025-05-31 fsa:InvestmentsInGroupEnterprisesMember 25053591 2025-06-01 2026-05-31 fsa:InvestmentsInGroupEnterprisesMember 25053591 2024-06-01 2025-05-31 fsa:InvestmentsInGroupEnterprisesMember 25053591 2025-06-01 2026-05-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 25053591 2026-05-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 25053591 2025-06-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25053591 2025-06-01 2026-05-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25053591 2026-05-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25053591 2026-05-31 fsa:OtherLongtermPayablesMember 25053591 2025-05-31 fsa:OtherLongtermPayablesMember 25053591 2026-05-31 fsa:OtherShorttermPayablesMember 25053591 2025-05-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-06-01 2024-06-01 2026-05-31 2025-05-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-09-16 Andrey Panna The Executive Board and Board of Directors have today considered and adopted the Annual Report of ICEpower A/S for the financial year 1 June 2025 - 31 May 2026. 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 financial position at 31 May 2026 of the Company and of the results of the Company operations for 2025/26. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-09-16 Keld Lindegaard Andersen CEO Andrey Panna Ronnie Møller-Thorsøe Jan Alexander de Wolff Chairman To the shareholder of ICEpower A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 May 2026 and of the results of the Company’s operations for the financial year 1 June 2025 - 31 May 2026 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of ICEpower A/S for the financial year 1 June 2025 - 31 May 2026, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). 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’ 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 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, in our view, 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 Management’s Review. 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 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.Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.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. Hellerup 2026-09-16 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Niels Henrik B. Mikkelsen Mads Blichfeldt Fjord State Authorised Public Accountant State Authorised Public Accountant mne16675 mne46065 ICEpower A/S Vandtårnsvej 62 A, 3. B. 2860 Søborg 25053591 Gladsaxe Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights:Due to reclassifications to the balance sheet for the comparative period, financial figures has been adjusted. The financial year 2023/24, 2022/23 and 2021/22 has not been adjusted consequently. 98505000 136997000 112456000 -4624000 53649000 39079000 -8498000 -12630000 -6109000 -9934000 32805000 27349000 239681000 228072000 153474000 153000 147000 1886000 3046000 5019000 136902000 105360000 68319000 89 89 103 93 77 0.067 0.122 0.019 0.235 0.255 0.680 0.686 0.571 0.462 0.445 0.061 0.180 0.082 0.378 0.443 Key activitiesICEpower aspires “to become the preferred partner for outsourced product creation to the leaders of the audio industry.”Originally, ICEpower was focused on the supply of parts such as amplification modules and switch-mode power supplies for the audio industry. Over the last decade, ICEpower has developed into a developer and manufacturer of turnkey products (finished goods) and customised electronic solutions for the audio industry, including mechanics, software, analog, and digital hardware.1.ICEpower serves the entire audio industry with off-the-shelf audio products suitable for all segments and applications - from consumer and automotive to professional use.2.In addition, ICEpower focuses its turnkey business on three core application segments:a.Home Automation audio equipment, including cinema rack amplifiersb.Audio equipment for Commercial, Corporate, and educational installationsc.Audio equipment for PRO audio, including rack equipment and backplates for powered speakers for both touring and fixed installation.This means that ICEpower is a project-focused company that also has a large portfolio of audio products for the wider market.Turnkey solutions are products developed for a specific customer and include custom designs, speaker backplates, and full system configurations. Audio products are off-the-shelf modules and components such as amplifier power modules, audio integrated circuits (ICs), and power supplies.Among its peers, ICEpower is the only manufacturer offering solutions to the audio industry based on its own ASIC development. ICEpower also uniquely possesses and masters all amplification and power supply technologies, feedback technologies, diagnostics and monitoring, DSP, software, and network technologies including AVB, Dante, Milan, and proprietary protocols.ICEpower’s capabilities range from simple analog-interconnect products to highly feature-rich digital systems that include streaming audio, GUI control, hosted webservers, and display integration.With an average of 89 full-time employees in FY 2025/26, ICEpower maintains a significant concentration of audio and power electronics engineers. The company’s primary R&D and development hub is located in central Copenhagen and continues to operate as a global center of excellence within audio electronics.The mission of ICEpower is: “Through engineering excellence and close partnering, ICEpower offers customers the highest quality and performance audio products at the best price in the market.”ICEpower has proven this value proposition to turnkey customers over several years by delivering better audio performance, improved sustainability, and competitive pricing when compared to traditional in-house development and Electronic Manufacturing Supplier (EMS) solutions in Asia.Development in the yearFY 2025/26 marked a significant improvement in ICEpower’s financial performance. Gross profit increased to DKK 118.9 million from DKK 68.6 million in the previous year, and profit from primary operations amounted to DKK 20.1 million compared with a loss of DKK 34.4 million in FY 2024/25. Profit before tax was DKK 13.8 million and net profit for the year was DKK 12.1 million.In last year's annual report, management expected FY 2025/26 to mark a return to growth and positive earnings. These targets were met: the year delivered a clear improvement in earnings, with EBITDA of DKK 43 million, up from around DKK 1 million in FY 2024/25.The improvement was driven by the launch and commercialisation of several new products completed during FY 2025/26, together with stronger demand across the existing product portfolio. The result was achieved despite an unfavourable USD/DKK development, which reduced the DKK value of sales and earnings, and despite a product mix that remained weighted towards parts of the legacy portfolio.During the year, ICEpower transitioned several major development programmes into launch or production. The completion of several major multi-year projects explains the significant movement from development projects in progress to completed development projects in the balance sheet. Commercial uptake of certain newly launched products was below the original expectations and remains an area of focused commercial follow-up.ICEpower continued to invest in its project execution model and technology platform. The company strengthened stage-gate governance, documentation, software release processes and reusable technology, with the objective of reducing execution risk and improving the repeatability of development projects. ICEpower continued to develop its commercial pipeline during the year, although the timing and conversion of new opportunities remain uncertain.The company maintained close control of costs and resources throughout the year. Resource planning and investment decisions continued to be aligned with the visible project pipeline, signed customer programmes, order intake and financial capacity.Inventory and supply-chain management remained important focus areas. Strategic buffers, long lead-time purchases and last-time-buy commitments increased inventory exposure, while targeted work continued to reduce slow-moving and no-demand stock through consumption, redesign, sale or scrapping. An additional inventory write-down of approximately DKK 2.5 million was recognised during the year as part of this assessment.During FY 2025/26, management reassessed the expected useful life of completed development projects. Based on historical evidence of the lifetimes of ICEpower’s products, expected commercial life and technology reuse potential, the amortisation period for the relevant portfolio was changed from four years to seven years with effect from 1 June 2025. The change has been accounted for prospectively as a change in accounting estimate; consequently, the comparative figures have not been restated. The change has no effect on EBITDA or cash flow. It increased profit before tax for FY 2025/26 by DKK 21 million and is described in the notes to the financial statements.Foreign-exchange exposure remained significant, as the majority of sales and a substantial part of procurement are denominated in USD. During the year, management applied hedging for part of the exposure to reduce short-term volatility and improve planning certainty.Liquidity improved during FY 2025/26, although cash development continued to be affected by working-capital movements and the timing of project and inventory investments. Management maintains close cash-flow monitoring and continues to assess relevant operational and financing initiatives to maintain sufficient liquidity headroom.Targets and expectations for the year aheadFor FY 2026/27, ICEpower expects continued activity from the existing portfolio and ongoing customer programmes, supplemented by new commercial opportunities. The objective is to maintain positive operating earnings while protecting liquidity and ensuring that cost development remains aligned with revenue and gross-profit development.Based on current visibility and the information available at the date of this report, management considers an EBITDA outcome in the range of DKK 30–45 million for FY 2026/27 to be achievable. For FY 2026/27. This expectation remains subject to order intake, customer decision timing, the adoption of recently launched products and USD/DKK movements.• Continued commercialisation and ramp-up of recently launched products• Execution of signed customer development programmes and conversion of the commercial pipeline• Pricing, cost-down initiatives and improved operational executionThe outlook is subject to uncertainty regarding order intake, customer decision timing, the pace of adoption of newly launched products and USD/DKK movements. Management remains focused on converting commercial opportunities and improving the contribution from recently launched products.Recruitment and investment decisions will continue to be phased in line with confirmed customer programmes, order visibility and financial capacity.Over the longer term, ICEpower intends to grow as a strategic outsourced product-creation partner to leading audio brands while expanding its scalable off-the-shelf product portfolio and making broader use of its technology platforms and intellectual property.SustainabilityICEpower’s sustainability work is based on internationally recognised principles relating to human and labour rights, environment and climate, and anti-corruption. The company maintains policies, codes of conduct and established grievance and whistleblower mechanisms that apply to employees, suppliers and business partners.• Sustainability Policy and Sustainable Business Conduct framework• Code of Conduct for Business Relationships• Code of Conduct for Employees• Whistleblower arrangement available to employees and business partners• Ongoing implementation and monitoring of social and environmental improvement actions. Further information and the current policies are available on ICEpower’s corporate website.Risk FactorsKey risks for FY 2026/27 include:• Delays in customer decisions, product launches or production ramp-up• Foreign-exchange volatility, primarily related to USD• Lower-than-expected order intake or slower adoption of newly launched products• Supply-chain constraints, component availability, inventory exposure and cost inflationICEpower’s foreign-exchange exposure is primarily related to USD, which constitutes the majority of sales and a substantial part of procurement. Exposure is monitored on an ongoing basis under the company’s Currency Hedging Policy, and hedging may be applied to improve planning certainty and reduce short-term volatility. Revenue development is also influenced by the timing and performance of a number of larger customer programmes.Liquidity risk is managed through detailed cash-flow forecasting, active working-capital management, disciplined investment planning and ongoing assessment of available financing sources.Unusual eventsThe financial position at 31 May 2026 and the results of operations and cash flows for FY 2025/26 have not been affected by unusual events. The change in accounting estimate relating to the useful life of completed development projects is described in the notes to the financial statements.Subsequent eventsFollowing the close of FY 2025/26, the company initiated an analysis of a potential future ERP solution. The analysis is intended to clarify scope, resource requirements and investment before any implementation decision is made.The Board approved the FY 2026/27 budget together with measures aimed at maintaining adequate liquidity headroom and ensuring disciplined management of working capital and investments.Recruitment and investment decisions continue to be phased in line with confirmed customer programmes, order visibility and financial capacity.No other events have occurred after the balance-sheet date that materially affect the assessment of the annual report.ConclusionFY 2025/26 represented a return to profitable growth for ICEpower. The company improved gross profit and operating earnings, transitioned several development programmes into launch or production and continued to strengthen its project execution and technology platforms.ICEpower enters FY 2026/27 with a strong technology base and a number of commercial opportunities, while recognising continued uncertainty regarding customer timing, product adoption, foreign exchange and liquidity. Management’s focus is therefore on disciplined execution, conversion of commercial opportunities, cost and cash control, and selective investment in the areas that support long-term scalable growth. 118935000 68578000 75869000 67567000 22932000 35367000 20134000 -34356000 132000 119000 1184000 1577000 7649000 6846000 13801000 -39506000 1655000 -9800000 12146000 -29706000 177450000 42801000 64000 105000 0 0 10087000 130198000 187601000 173104000 848000 1750000 812000 1176000 939000 1879000 2599000 4805000 1594000 1650000 1895000 1666000 3489000 3316000 193689000 181225000 54676000 51242000 54676000 51242000 28192000 29517000 2190000 5919000 1425000 3873000 6229000 5500000 2159000 1701000 40195000 46510000 12343000 2013000 107214000 99765000 300903000 280990000 1940000 1940000 1453000 1509000 146279000 115268000 54911000 73908000 204583000 192625000 23116000 20580000 506000 506000 23622000 21086000 1928000 2037000 1928000 2037000 5338000 3982000 4649000 8701000 44181000 43061000 2967000 2636000 990000 900000 12645000 5674000 0 288000 70770000 65242000 72698000 67279000 300903000 280990000 1940000 1509000 115268000 73908000 192625000 0 188000 0 0 188000 0 0 19618000 -19618000 0 0 0 27407000 -27407000 0 0 0 16014000 -16014000 0 0 132000 0 12014000 12146000 1940000 1453000 146279000 54911000 204583000 The Company holds a credit facility which expires on 31 October 2026. The Company is negotiating with the current lender for an extension and possible expansion of the credit. Management expects that the credit facility will be extended at least under the current conditions which will allow the Company to remain with the current strategic plan including necessary investments to prepare the Company for future growth. Based hereon, Management's has prepared the annual report under the going concern assessment.  70247000 62049000 4801000 4741000 821000 777000 75869000 67567000 1738000 1745000 89 89 20572000 25542000 2360000 3014000 0 6811000 22932000 35367000 Share of profits of subsidiaries132119132119 1142000 789000 42000 788000 1184000 1577000 6807000 4669000 842000 2177000 7649000 6846000 -881000 -5500000 2281000 -5140000 255000 840000 1655000 -9800000 132000 119000 12014000 -29825000 259197000 3802000 1533000 130154000 0 0 0 35137000 71000 0 0 0 155204000 0 0 -155204000 414330000 3802000 1533000 10087000 216396000 3697000 1533000 0 20531000 41000 0 0 -47000 0 0 0 236880000 3738000 1533000 0 177450000 64000 0 10087000 The Company’s development projects relate to development of new products, as well as continued development, improvements and upgrading of the Company’s existing products.The development, improvement and upgrading is completed on an ongoing basis and the projects are ready for use upon completion. The products form the basis of a large part of the Company’s existing business, hence, there are markets and customers for the products. Projects in progress, consist of supplementary products as well as customer-specific products; hence, there is a market herefore.The improvements and upgrades are expected to have lives of seven years which are considered to reflect the useful lives.The projects are progressing according to plan through the use of the resources allocated by Management to the development. 16281000 9177000 7067000 24000 130000 0 3489000 4932000 0 12816000 4375000 7067000 14518000 8014000 5188000 939000 481000 940000 -3489000 -4932000 0 11968000 3563000 6128000 848000 812000 939000 141000 141000 141000 141000 1509000 1461000 -188000 -71000 132000 119000 1453000 1509000 1594000 1650000 Investments in subsidiaries are specified as follows:25.000 USD ICEpower USA New Jersey 1.00 1666000 229000 1895000 1895000 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax liabilities at 1 June20,58024,880Amounts recognised in the income statement for the year concerning previous years2550Amounts recognised in the income statement for the year2,281-4,300Deferred tax liabilities at 31 May23,11620,580 The Company provides warranties of 1 to 5 years on some of its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience in respect of the level of repairs and returns, other provisions of TDKK 500 (2024/25: TDKK 500) have been recognised for expected warranty claims. Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Other payables14,5737,711 1928000 1955000 0 82000 1928000 2037000 12645000 5674000 Deferred income consists of payments received in respect of income in subsequent years. Charges and securityThe Company has a DKK 20 million credit facility with Jyske Bank. As security, a first priority floating charge of DKK 15 million has been granted over the Company’s assets, excluding accounts receivable. The facility is furthermore supported by an equity commitment from the majority shareholder. Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year1,3761,930Between 1 and 5 years13501,5111,930Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of ICEpower Global Holding ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.Other financial obligationsThe company has entered into mutually binding agreements for the purchase of goods and services, as part of the Company's normal operations amounting to TDKK 61.009 as per 31 May 2026. Controlling interestICEpower Holding ApSParent CompanyICEpower Global Holding ApSUltimate Parent CompanyManagementKey management personnelTransactionsIn the financial year 2025/26, the following intercompany transactions have occurred:Receivables from group companies of TDKK 2,190Payables to group companies of TDKK 2,967 Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company:ICEpower Global Holding ApSCopenhagen, DanmarkThe Group Annual Reports may be obtained by requests to the respective company. The Annual Report of ICEpower A/S for 2025/26 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.As of 1 June 2025 Management has reassessed the economic lifetime of the Company's development projects from 4 years to 7 years. The impact on the profit and loss statement is DKK 21 million before tax.The Financial Statements for 2025/26 are presented in TDKK.The Company has in the financial year reclassified prepayments received from trade receivables to prepayments received from customers. The financial figures has been adjusted in accordance for the comparative period. These reclassifications had no impact on the net income for the year or on equity. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025/26 of ICEpower Global Holding ApS, the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of ICEpower Global Holding ApS, the Company has not prepared a cash flow statement. Recognition and measurementAssets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset 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 out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. Hedge accountingChanges in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in retained earnings under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Revenue from license and royalty agreements is recognised as risks and rewards transfer during the course of the underlying agreement.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, expenses for raw materials and consumables and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial items include interest, amortization and allowance, fair value adjustments and realized and unrealized foreign exchange adjustments. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsDevelopment projectsPatents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 5 years.Development projects are measured initially at cost. The cost of development projects comprises costs, including salaries and depreciation directly attributable to the development projects, which are necessary to complete the project, from the date when the development project first qualifies for recognition as an asset. Reimbursements and grants for development projects are deducted from the cost in line with the completion.Completed development projects are amortised over the expected useful life. The amortisation period is normally 7 years. For development projects protected by intellectual property rights, the maximum amortisation period is the remaining term of the rights.An amount corresponding to the capitalised development projects in the Balance Sheet, which have been incurred after 1 January 2016, has been recognised under Equity as “Reserve for development costs”. The reserve is reduced with amortisation of development projects. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans raised directly for financing the construction of property, plant and equipment are recognised in cost over the period of construction.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Plant and machinery3-10 years Other fixtures and fittings, tools and equipment8-10 years Leasehold improvements3-10 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount. If so, the asset is written down to its lower recoverable amount.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Investments in subsidiariesThe item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method” under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposits. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale, raw materials and consumables equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour. Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value. Provisions for estimated bad debts are made. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions include warranty obligations in respect of repair work within the warranty period. Provisions are measured and recognised based on experience with guarantee work. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity