87236013 2025-06-01 2026-05-31 87236013 2025-06-01 2026-05-31 1 87236013 2025-06-01 2026-05-31 1 87236013 2025-06-01 2026-05-31 1 87236013 2025-06-01 2026-05-31 2 87236013 2025-06-01 2026-05-31 3 87236013 2025-06-01 2026-05-31 4 87236013 2025-06-01 2026-05-31 5 87236013 2025-06-01 2026-05-31 6 87236013 2023-06-01 2024-05-31 87236013 2022-06-01 2023-05-31 87236013 2021-06-01 2022-05-31 87236013 2024-05-31 87236013 2023-05-31 87236013 2022-05-31 87236013 2024-06-01 2025-05-31 87236013 2026-05-31 87236013 2025-05-31 87236013 2025-06-01 2026-05-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 87236013 2025-06-01 2026-05-31 c:RevaluationReserveMember 87236013 2025-06-01 2026-05-31 c:RetainedEarningsMember 87236013 2025-06-01 2026-05-31 c:ReserveForDevelopmentExpenditureMember 87236013 2026-05-31 c:ContributedCapitalMember 87236013 2026-05-31 c:RevaluationReserveMember 87236013 2026-05-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 87236013 2026-05-31 c:ReserveForDevelopmentExpenditureMember 87236013 2026-05-31 c:RetainedEarningsMember 87236013 2025-06-01 c:CompletedDevelopmentProjectsMember 87236013 2025-06-01 c:AcquiredIntangibleAssetsMember 87236013 2025-06-01 c:GoodwillMember 87236013 2025-06-01 c:DevelopmentProjectsInProgressMember 87236013 2025-06-01 2026-05-31 c:AcquiredIntangibleAssetsMember 87236013 2025-06-01 2026-05-31 c:CompletedDevelopmentProjectsMember 87236013 2025-06-01 2026-05-31 c:DevelopmentProjectsInProgressMember 87236013 2026-05-31 c:CompletedDevelopmentProjectsMember 87236013 2026-05-31 c:AcquiredIntangibleAssetsMember 87236013 2026-05-31 c:GoodwillMember 87236013 2026-05-31 c:DevelopmentProjectsInProgressMember 87236013 2025-06-01 2026-05-31 c:GoodwillMember 87236013 2025-06-01 c:LandAndBuildingsMember 87236013 2025-06-01 c:PlantAndMachineryMember 87236013 2025-06-01 c:FixturesFittingsToolsAndEquipmentMember 87236013 2025-06-01 2026-05-31 c:LandAndBuildingsMember 87236013 2025-06-01 2026-05-31 c:PlantAndMachineryMember 87236013 2026-05-31 c:LandAndBuildingsMember 87236013 2026-05-31 c:PlantAndMachineryMember 87236013 2026-05-31 c:FixturesFittingsToolsAndEquipmentMember 87236013 2025-06-01 2026-05-31 c:FixturesFittingsToolsAndEquipmentMember 87236013 2026-05-31 c:LandAndBuildingsMember c:LeasedAssetsMember 87236013 2026-05-31 c:PlantAndMachineryMember c:LeasedAssetsMember 87236013 2026-05-31 c:FixturesFittingsToolsAndEquipmentMember c:LeasedAssetsMember 87236013 2025-06-01 c:InvestmentsInGroupEnterprisesMember 87236013 2025-06-01 c:OtherInvestmentsMember 87236013 2026-05-31 c:InvestmentsInGroupEnterprisesMember 87236013 2026-05-31 c:OtherInvestmentsMember 87236013 2025-06-01 2026-05-31 c:OtherInvestmentsMember 87236013 2025-06-01 2026-05-31 c:SubsidiaryMember 1 87236013 2026-05-31 c:SubsidiaryMember 1 87236013 2025-06-01 2026-05-31 c:SubsidiaryMember 2 87236013 2026-05-31 c:SubsidiaryMember 2 87236013 2025-06-01 2026-05-31 c:SubsidiaryMember 3 87236013 2026-05-31 c:SubsidiaryMember 3 87236013 2025-06-01 c:OtherReceivablesMember 87236013 2026-05-31 c:OtherReceivablesMember 87236013 2026-05-31 1 87236013 2025-06-01 87236013 2024-06-01 87236013 2026-05-31 c:LongtermMortgageLoansMember 87236013 2025-05-31 c:LongtermMortgageLoansMember 87236013 2026-05-31 c:LongtermTaxPayablesMember 87236013 2025-05-31 c:LongtermTaxPayablesMember iso4217:DKK xbrli:pure xbrli:shares Axel Manøe Jepsen 32895468 Opinion Regnskabsklasse C, mellemstor virksomhed Årsrapport Revisionspåtegning Beierholm 2024-06-01 2026-10-01 Langagervej 1 Danmark 9220 Aalborg Ø Basis for Opinion 2026-10-01 2025-05-31 2025-06-01 2026-05-31 87236013 Qubiqa A/S Esbjerg Morsøgade 10 6700 Esbjerg Beierholm Tangen 9 8200 Aarhus N true true We have on this day presented the annual report for the financial year 01.06.25 - 31.05.26 for Qubiqa A/S. 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 company's assets, liabilities and financial position as at 31.05.26 and of the results of the company's activities for the financial year 01.06.25 - 31.05.26. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Morten Lagoni Seeberg Axel Manøe Jepsen Chairman Esben Bay Jørgensen Jesper Hilarius Kalko Claus Peter Skov Hans Peder Pedersen Flemming Vittrup Bak To the Shareholder of Qubiqa A/S In our opinion the fi­nan­cial sta­te­ments give a true and fair view of the company's finan­cial posi­tion at 31.05.26 and of the results of the company's ope­ra­tions for the finan­cial year 01.06.25 - 31.05.26 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. 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 the mana­ge­ment’s review.Our opinion 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 audit of the fi­nan­cial sta­te­ments, it is 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 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 of the 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 judgment 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 of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for expressing 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. Aarhus Flemming Laigaard State Authorised Public Accountant mne29497 133110000 119973000 86020000 40944000 35181000 19361000 7627000 5891000 1842000 39154000 33590000 17141000 215723000 282289000 191516000 14834000 3751000 3969000 2535000 2803000 110487000 79936000 55667000 11 41 50 38 39 38 51 28 29 113 105 84 Ratios definitionsReturn on equity:Profit/loss for the year x 100Average equitySolvency ratio:Equity, end of year x 100Total assets Primary activitiesQubiqa A/S supplies intelligent logistics and automation solutions tailored to the specific requirements of individual customers. The company is particularly strong in solutions for handling products such as insulation boards and rolls, ceiling boards etc.With more than 45 years of experience, Qubiqa A/S provides solutions covering internal logistics from the development of machines and systems to implementation and aftersales services, including design, programming, manufacturing, testing and turnkey installation.The objective is to provide customers with a competitive advantage through efficient production with a focus on quality, reduced waste and sustainability. Development in activities and financial affairsThe income statement for the period 01.06.25 - 31.05.26 shows a profit/loss of DKK 25,655,835 against DKK 10,334,741 for the period 01.06.24 - 31.05.25. The balance sheet shows equity of DKK 93,208,923 againt DKK 82.430.537 last year.Continued focus on strengthening performance FY26 was characterised by a high level of project activity and a significant improvement in Qubiqa A/S’s financial performance. A key priority during the year was the execution of the two largest orders in the company’s history, both of which had been secured in FY25 for customers in the U.S. market. The size, complexity and technological content of these projects placed considerable demands on the organisation, project management and operational capacity. Qubiqa A/S made satisfactory progress on the two major U.S. projects while maintaining focus on the execution of the remaining order portfolio. This high level of project activity, combined with solid project execution, positive project performance and continued cost discipline, contributed materially to the improved result for the year. For the first project, the Factory Acceptance Test was completed and approved around the end of the financial year, and the subsequent installation activities in the U.S. are progressing according to plan. For the second project, production is well advanced, with the Factory Acceptance Test scheduled for autumn 2026 as planned. Due to their size, complexity and technological content, the projects continue to carry execution risk. However, during FY26, neither project experienced adverse financial deviations or technical challenges that give rise to material concern. Management continues to monitor the projects closely as they progress through the remaining production, installation and commissioning phases. Qubiqa A/S delivered EBITDA of DKK 28.0 million in FY26 compared with DKK 11.5 million in FY25. Profit before tax increased to DKK 30.1 million from DKK 11.9 million in FY25. The improvement was primarily driven by the high level of project activity, operational initiatives, structural improvements and stronger performance within the insulation segment. At the same time, the market environment became increasingly challenging. Geopolitical uncertainty, more cautious customer investment behaviour and intensified price competition affected the timing of order intake and the margins available on new projects. These conditions are expected to affect earnings in FY27. The Group is financed through banks and subordinated loans from the ownership circle. It is the objective of Group Management to reduce liquidity risk through long-term loan commitments. The interest rate on subordinated loans is fixed, while other credit facilities carry variable interest. To hedge foreign exchange risk on product sales, the Group enters into forward exchange contracts for significant construction contracts in currencies other than DKK and EUR. Customer-related liquidity risk is mitigated through instalment payment plans. The Company's properties are financed through mortgage loans bearing interest based on NIBOR 5. Other bank debt carries variable interest rates, while shareholder loans are subject to fixed interest rates.At 31 May 2026, equity amounted to DKK 93.2 million compared with DKK 82.4 million at 31 May 2025. The increase reflects the profit for the year, partly offset by dividend distributions and other equity movements. OutlookFor FY27, Qubiqa A/S expects EBITDA of approximately DKK 18 million, representing a decrease compared with the EBITDA realised in FY26. A significant part of the expected revenue for FY27 is supported by the existing order backlog, providing visibility regarding the activity level for the year. However, the margins on projects sold for execution in FY27 are generally lower than the margins realised in FY26. Together with the current market situation, continued price pressure and customers’ more cautious investment behaviour, this is expected to reduce earnings in FY27. The company will maintain a strong focus on disciplined project execution, cost control, operational efficiency and measures to improve competitiveness and margins. Given the current market conditions and the lower margins on projects sold for execution in FY27, the effect of these measures is not expected to be fully reflected in the financial performance for FY27. Management expects strengthened commercial efforts, innovation and continued operational improvements to support improved performance in subsequent financial years. The timing and extent of such improvement will, however, depend on market developments, customer investment activity and the company’s ability to secure new orders at satisfactory margins. Despite the lower earnings outlook for FY27, management considers the company’s specialised technical capabilities, international customer relationships, project execution experience and solid financial position to provide a strong foundation for long-term development. Research and development activitiesWe expect to keep focusing on optimizing production through automation and robotics. Subsequent eventsAfter the balance sheet date, a merger plan was adopted regarding the contemplated merger between Qubiqa A/S and C & H Systems A/S (CVR No. 13879206), with Qubiqa A/S intended to be the continuing and acquiring company.The contemplated merger is intented to support operational efficiencies and strengthen the Group’s market position.Management considers the adoption of the merger plan to be a non-adjusting event after the balance sheet date and therefore no adjustments have been made to the financial statements for the year ended 31 May 2026. Branches abroadIn the event of long installation periods, typically exceeding 12 months, permanent establishments are set up in the foreign country in question. The permanent establishments are there for varying periods and to varying degrees. For 2025/26, activities in the foreign branches have been very modest. 115141703 88607918 87112593 77145751 7972880 3952324 20056230 7509843 10393605 3869976 1694501 1869546 2038576 1309870 30105760 11939495 4449925 1604754 25655835 10334741 4330357 2500000 1343329 1596328 0 695300 0 2450000 5673686 7241628 55877730 47181281 1964853 487691 3146710 4623297 60989293 52292269 43255800 36003214 215731 144879 167342 667405 43638873 36815498 110301852 96349395 1769345 2006761 792844 726557 2562189 2733318 15396326 11630801 8444888 7274700 29666486 5992264 39286 0 5871290 4445690 1163103 1465353 60581379 30808808 63856826 85267665 127000394 118809791 237302246 215159186 1000000 1000000 21225135 22255330 36194755 28942170 3377679 3861000 564006 2283935 30847348 24088102 93208923 82430537 16424273 12502210 4072371 3597430 20496644 16099640 24614419 19035934 1722942 2199874 0 9658203 26337361 30894011 1942920 1992915 55970007 47530058 18880418 9503320 3849074 8641270 0 4109930 16616899 13957505 97259318 85734998 123596679 116629009 237302246 215159186 Figures in DKKShare capitalRevaluation reserveReserve for net revaluation according to the equity methodReserve for development costsCash flow hedging reserveRetained earningsTotal equityStatement of changes in equity for 01.06.25 - 31.05.26Balance as at 01.06.251,000,00022,255,33028,942,1703,861,0002,283,93524,088,10282,430,537Foreign currency translation adjustment of foreign enterprises00-37,640000-37,640Depreciation and amortisation during the year0-1,320,7630001,030,195-290,568Distributed dividend from group enterprises00-2,983,500002,983,5000Fair value adjustment of hedging instruments0000-2,206,0370-2,206,037Extraordinary dividend paid00000-13,000,000-13,000,000Other changes in equity00-119,880000-119,880Tax on changes in equity0290,56800486,1080776,676Transfers to/from other reserves000-483,3210483,3210Net profit/loss for the year0010,393,6050015,262,23025,655,835Balance as at 31.05.261,000,00021,225,13536,194,7553,377,679564,00630,847,34893,208,923 -37640 -1320763 1030195 -2983500 2983500 -13000000 -119880 290568 -483321 483321 10393605 15262230 1000000 21225135 36194755 3377679 30847348 78261672 69530701 7616210 6457264 667597 649381 567114 508405 107 98 Remuneration for the management:Remuneration for the Executive Board and Board of Directors3,526,3533,330,204 3526353 3330204 With reference to section 98b(3) no. 1 of the Dan­ish Fi­nan­cial Statements Act, re­mune­ration for the Executive Board and Board of Di­rectors are sum­marized for 2025/26 and 2024/25, as infor­ma­tion would other­wise lead to a­mounts be­ing shown for a single mem­ber of man­age­ment. 694971 693908 924094 1104086 0 55050 75436 16502 38092 119935 632641 366637 533923 66434 833920 756864 10393605 3869999 13000000 0 2262230 6464742 41796433 1887748 6978000 2450000 267679 2450000 -2450000 44246433 2155427 6978000 0 -39296433 -291420 -6282700 0 -619643 -520678 -695300 -39916076 -812098 -6978000 0 4330357 1343329 0 0 Completed development projects include the development of machines for automation within packaging and stacking of insulation material. The development projects also include control systems and software.Costs consist of costs in the form of materials, personnel costs (own and hired employees) andindirect production costs.Incurred development costs mainly relate to the development of new software standards.The newly developed machines are expected to bring competitive advantages, and there is a significant potential in the sale of these machines in the American market.It is assessed here whether the recovery value in the form of the useful value exceeds the bookvalue.The recovery value is calculated on the basis of expected realized contribution margin on the basis of expected sales in the years 2025/26 - 2028/29. 7.Property, plant and equipmentFigures in DKKLand and buildingsPlant and machineryOther fixtures and fittings, tools and equipmentCost as at 01.06.2554,889,0026,833,62825,130,628Additions during the year13,129,4091,704,8740Cost as at 31.05.2668,018,4118,538,50225,130,628Revaluations as at 01.06.2539,047,95000Revaluations as at 31.05.2639,047,95000Depreciation and impairment losses as at 01.06.25-46,755,671-6,345,937-20,507,331Impairment losses during the year-2,774,28000Depreciation during the year-1,658,680-227,712-1,476,587Depreciation and impairment losses as at 31.05.26-51,188,631-6,573,649-21,983,918Carrying amount as at 31.05.2655,877,7301,964,8533,146,710Carrying amount in the balance sheet if revaluation to fair value had not been carried out as at 31.05.2628,666,0181,964,8533,146,710Carrying amount of assets held under finance leases as at 31.05.26002,557,824 54889002 6833628 25130628 13129409 1704874 68018411 8538502 25130628 39047950 0 0 39047950 0 0 -46755671 -6345937 -20507331 -2774280 -1658680 -227712 -1476587 -51188631 -6573649 -21983918 55877730 1964853 3146710 28666018 1964853 3146710 0 0 2557824 8.InvestmentsFigures in DKKEquity invest­ments in group enter­pri­sesOther invest­mentsCost as at 01.06.257,061,04453,674Cost as at 31.05.267,061,04453,674Revaluations as at 01.06.2528,942,1700Foreign currency translation adjustment of foreign enterprises-37,6400Net profit/loss from equity investments10,393,6050Dividend relating to equity investments-2,983,5000Other equity adjustments relating to equity investments-119,8790Revaluations as at 31.05.2636,194,7560Fair value adjustments as at 01.06.25091,204Fair value adjustments during the year070,853Fair value adjustments as at 31.05.260162,057Carrying amount as at 31.05.2643,255,800215,731Name and registered office:Ownership interestSubsidiaries:Qubiqa Sp.zo.o, Polen100%Qubiqa US Inc, USA100%Qubiqa PL ApS, Danmark100% 7061044 53674 7061044 53674 0 91204 70853 0 162057 43255800 215731 Qubiqa Sp.zo.o Polen 100 Qubiqa US Inc USA 100 Qubiqa PL ApS Danmark 100 167342 167342 167342 31.05.2631.05.25DKKDKK10.Work in progress for third partiesWork in progress for third parties285,800,192134,653,519On-account invoicing-326,373,873-170,552,776Total work in progress for third parties-40,573,681-35,899,257Work in progress for third parties15,396,32611,630,801Prepayments received from work in progress for third parties, short-term payables-55,970,007-47,530,058Total-40,573,681-35,899,257 31.05.2631.05.25DKKDKK11.PrepaymentsPrepayments insurance and rent1,163,1031,465,353Total1,163,1031,465,353 Share capital 1000000 1000000 31.05.2631.05.25DKKDKK13.Deferred taxDeferred tax as at 01.06.2512,502,20918,556,885Deferred tax recognised in the income statement4,407,172-8,067,558Deferred tax recognised in equity-485,1082,012,883Deferred tax as at 31.05.2616,424,27312,502,210 12502209 18556885 4407172 -8067558 -485108 2012883 14.Other provisionsFigures in DKKWarranty commitmentsProvisions as at 01.06.253,597,430Provisions during the year474,941Provisions as at 31.05.264,072,37131.05.2631.05.25DKKDKKOther provisions are expected to be distributed as follows:Current liabilities4,072,3713,597,430Total4,072,3713,597,430 -1340573 19043987 25954992 20320971 0 0 0 9658203 16.Fair value informationFigures in DKKListed securities and equity investmentsDerivative financial instrumentsFair value as at 31.05.26215,730723,085Unrealised changes of fair value recognised in the income statement for the year70,8530Unrealised changes of fair value recognised in equity for the year02,206,037Calculated market value at years end made by the bank. 17.Derivative financial instrumentsThe board determines the framework for entering into contracts on derivative financial instruments. The company only enters into contracts with the aim of hedging the exchange rate risk on future sales of goods in foreign currency 18.Contingent liabilitiesRecourse guarantee commitmentsThe company has provided a guarantee for group enterprises' debt to credit institutions. The group enterprises' debt to the credit institutions concerned amounts to DKK 0 at the balance sheet date..Guarantee commitmentsThe company has provided a guarantee of DKK 33.180k through the credit institutions to customers.Other contingent liabilitiesThe company is taxed jointly with the other companies in the group and has joint, severaland unlimited liability for income taxes for the jointly taxed companies. The total tax liability for the jointly taxed companies at the balance sheet date has not yet been determined. For further information, please see the financial statements of the management company Q Invest 2021 ApS. 19.Other commitmentsLease commitmentsThe company has concluded lease agreements with terms to maturity of 3-54 months and total lease payments of DKK 3.301k. 20.Charges and securityLand and buildings with a book value of DKK 55,878k have been provided as security for mortgage debt of DKK 25,955k. The company has issued mortgage deeds registered to the mortgagor in the total amount of DKK 5.000k secured upon land and buildings with a book value of DKK 55,878k.The company has provided a company charge of DKK 10.000k as security for debt to cre­dit institutions . As at 31.05.26, the com­pa­ny charge comprises the following as­sets with the following carrying amounts:Inventories, DKK 2,562kTrade receivables, DKK 8,445kThe company has provided security for all outstanding balances with shares in Qubiqa Sp. Z. oo. whose accounting value per 31.05.26 amounts to DKK 29,594. 21.Related partiesRelated party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length.Remuneration for the management is specified in note 1. Staff costs.The company is included in the consolidated financial statements of the parents Qubiqa Holding A/S, Esbjerg og Q Invest 2021 ApS, Esbjerg. The foreign parent's consolidated financial statements can be obtained on the website www. The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for medium-sized enterprises in re­port­ing class C with application of pro­vi­sions for a higher reporting class by applying the exemption set out in section 78a of the Danish Financial Statements Act. In accordance with section 112 of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. The company is a subsidiary of Qubiqa Holding A/S, Esbjerg, CVR no. 38268317, which prepares consolidated financial statements. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, 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 such assets 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 such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. DERIVATIVE FINANCIAL INSTRUMENTSOn initial recognition, derivative financial instruments are measured at cost. Sub­sequently, they are measured at fair value and recognised under other receivables and other payables, respectively. Fair value adjustment of derivative financial instruments classified as and meeting the criteria for hedging future cash flows (cash flow hedging) are recognised in equity under the cash flow hedging reserve. In the event that the hedged transaction results in the recognition of an asset or a liability, the accumulated fair value adjustment of the hedging instrument, which was previously recognised in equity, will be included in the cost of the asset or the liability. In the event that the hedged transaction results in the recognition of an income or an expense, the accumulated fair value adjustment of the hedging instrument, which was previously recognised in equity, will be recognised together with the hedged income or expense.If the hedged transaction is no longer expected to occur, the cash flow hedging treatment is discontinued, and the accumulated fair value adjustment of the hedging instrument is transferred to other net financials in the income statement. If the hedged transaction is still expected to occur, but the criteria for cash flow hedging are no longer met, the hedging treatment is discontinued, and the accumulated fair value adjustment of the hedging instrument remains in equity until the transaction occurs.Fair value adjustments of derivative finan­cial instruments that do not meet the criteria for hedge accounting treatment are recognised under other net financials in the income statement on an ongoing basis. LEASESLeases relating to assets where the company has substantially all the risks and benefits incidental to the ownership of the asset (finance leases) are recognised in the balance sheet. On initial recognition, assets held under finance leases and related lease commitments are measured at the lower of the fair value of the leased asset and the present value of future lease payments. Subsequently, assets held under finance leases are treated like other similar assets.Lease commitments relating to assets held under finance leases are recognised in the balance sheet as payables. Subsequent to initial recognition, lease commitments are measured at amortised cost according to which the interest element of the lease pay­ment is recognised in the income statement over the lease term.Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. Gross profitGross profit comprises rev­enue, other operating income and cost of sales and other external ex­penses. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts.Income from construction contracts involving the delivery of highly customised assets are recognised in the income statement as revenue according to the stage of completion. Accordingly, revenue corresponds to the selling price of work performed during the year (percentage of completion method). Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment.Other operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:Goodwill is amortised over 10 years. The use­ful life has been determined in considera­tion of the expected future net earnings of the enterprise or activity to which the goodwill relates.Land is not depreciated.The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Income from equity investments in group en­tre­prisesFor equity investments in equity invest­ments in sub­si­di­ar­ies, measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and impairment losses. For equity investments in equity invest­ments in sub­si­di­ar­ies, measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and impairment losses. Income from equity investments in equity investments in sub­si­di­ar­ies also comprises gains and losses on the sale of equity investments.Income from equity investments in equity investments in sub­si­di­ar­ies also comprises gains and losses on the sale of equity investments. Other net financialsInterest income and interest expenses, the interest element of finance lease payments etc. are recognised in other net financials.Amortisation of capital losses and borrowing costs relating to financial liabilities is recognised on an ongoing basis as financial expenses. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Intangible assetsCompleted de­vel­op­ment projects and de­vel­op­ment projects in progressDevelopment projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred.Development projects in progress are trans­ferred to completed development projects when the asset is ready for use. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses.Completed development projects are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Acquired rightsAquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses.Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.GoodwillGoodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses.Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gains or losses on the disposal of intangi­ble assetsGains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipmentProperty, plant and equipment comprise land and buildings, plant and machinery as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost, for land and buildings with revaluation at fair value recognised under the revaluation reserve in equity, however, and less accumulated depreciation and impairment losses. The fair value for land and buildings is calculated by applying an individually determined discount rate to the capitalisation of a market-based operating income from the property. A valuer has not been used to determine the fair value.Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.The total cost of an asset is decomposed into separate components that are depreciated separately if the useful lives of the individual components vary.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group en­tre­prisesEquity investments in subsidiaries are recognised and measured according to the equity method. For equity investments in subsidiaries, the equity method is considered a measurement method.On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Under subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost.Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assets InventoriesInventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Work in progress for third partiesWork in progress for third parties is meas­ured at the selling price of the work per­formed less on-account invoicing made for each piece of work in progress.The selling price is measured according to the stage of completion at the balance sheet date and total expected income from each piece of work in progress. The degree of completion for each piece of work in pro­gress is normally calculated as the ratio between the resources spent and the total budgeted resource consumption. For some work in progress where the resource con­sumption cannot be used as a basis, the ratio between completed subactivities and the combined subactivities for the individ­ual piece of work in progress is used in­stead.When the selling price of a piece of work in progress cannot be determined reliably, the selling price is measured at the lower of costs incurred and net realisable value.The individual piece of work in progress is recognised under receivables or payables in the balance sheet depending on whether the net value of the selling price less pre­payments received is positive or negative.When it is likely that the total costs of the individual piece of work in progress will exceed total sales income, the total expected loss is recognised as a provision. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. Other investmentsOther equity investments are measured at fair value in the balance sheet. For equity investments that are traded in an active market, fair value is equivalent to the market value at the balance sheet date. Other equity investments for which fair value cannot be determined reliably are measured at cost. CashCash includes deposits in bank accounts as well as operating cash. EquityRevaluation reserve comprises revaluation of land and buildings at fair value. The revaluation reserve is measured less deferred tax and reduced by de­pre­ci­a­tion and amor­ti­sa­tion of the revalued assets. On the disposal of the assets, the remaining amount is transferred from the revaluation reserve to retained earnings.Revaluation reserve comprises revaluation of land and buildings at fair value. The revaluation reserve is measured less deferred tax and reduced by de­pre­ci­a­tion and amor­ti­sa­tion of the revalued assets. On the disposal of the assets, the remaining amount is transferred from the revaluation reserve to retained earnings.The net revaluation of equity investments measured according to the equity method is recognized in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost. Dividends from subsidiaries which are adopted before adoption of the annual report for Qubiqa A/S are not tied up in the revaluation reserve (simultaneous principle).The net revaluation of equity investments measured according to the equity method is recognized in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost. Dividends from subsidiaries which are adopted before adoption of the annual report for Qubiqa A/S are not tied up in the revaluation reserve (simultaneous principle).An amount equivalent to internally generated development costs in the balance sheet is recognised in equity under reserve for development costs. The reserve is measured less deferred tax and reduced by amortisation and impairment losses on the asset. If impairment losses on development costs are subsequently reversed, the reserve will be restored with a corresponding amount. The reserve is dissolved when the development costs are no longer recognized in the balance sheet, and the remaining amount will be transferred to retained earnings.An amount equivalent to internally generated development costs in the balance sheet is recognised in equity under reserve for development costs. The reserve is measured less deferred tax and reduced by amortisation and impairment losses on the asset. If impairment losses on development costs are subsequently reversed, the reserve will be restored with a corresponding amount. The reserve is dissolved when the development costs are no longer recognized in the balance sheet, and the remaining amount will be transferred to retained earnings.Unrealised gains and losses on financial in­stru­ments classified as and meeting the criteria for hedging of future cash flows (cash flow hedging) are recognised in equity under the cash flow hedging reserve. The reserve is mea­sured less deferred tax. The reserve is dissolved when the hedged transaction occurs, or it is no longer expected to occur.Unrealised gains and losses on financial in­stru­ments classified as and meeting the criteria for hedging of future cash flows (cash flow hedging) are recognised in equity under the cash flow hedging reserve. The reserve is mea­sured less deferred tax. The reserve is dissolved when the hedged transaction occurs, or it is no longer expected to occur. ProvisionsOther provisions comprise expected ex­penses incidental to warranty commit­ments, loss on work in progress, restructuring etc. and are recog­nised when the company has a legal or con­structive obligation at the balance sheet date and it is probable that such obligation will draw on the financial resources of the company. Provisions are measured at net realisable value or fair value if the provi­sion is expected to be settled over the longer term.Warranty commitments comprise the obli­gation to repair defective work within the warranty period of 1-5 years. Warranty com­mitments are measured at net realisable value and recognised based on previous years’ experience with warranty work. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesLong-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability.Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability.Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Referring to section 86(4) of the Danish Fi­nancial Statements Act a cash flow state­ment has not been prepared as the enter­prise is included in the consolidated cash flow statement.