GHOST A/S

Description of key activities of the companyThe principal activities of the company are production of computer graphics, visual effects for feature films, television series, commercials and related business.

Development in activities and financial mattersThe company continues to focus primarily on U.S.-based streaming and feature film productions. In previous years the broader market has contracted in the wake of the Hollywood strikes and the end of the streaming wars, with a particularly sharp decline in feature film activity and spectacle shows. 2025 represents the first rebound year and as result, the company has experienced an increase in turnover, and gross profit has also improved.

The gross profit for the year totals DKK 65.427 thousand against DKK 55.473 last year. Profit or loss from ordinary activities after tax totals DKK 17.100 thousand against DKK 18.364 last year. Management considers the net profit or loss for the year satisfactory.…

Development for the year relative to the expectationsIn 2025, the visual effects industry continued on its way to recovery from the prior year’s strike-induced dip. Production volumes are up and Ghost A/S has been able to surpass its own initial forecasts.

The actual gross profit for 2025 amounts to DKK 65.427 and the actual profit or loss from ordinary activities after tax amounts to DKK 16.936.…

Uncertainties connected with recognition or measurementThe company has receivables from group enterprises amounting to DKK 91 million as of December 31, 2025. There is a natural uncertainty associated with the measurement of the remaining outstanding amounts.

1.

Uncertainties concerning recognition and measurementThe company has receivables from group enterprises as of December 31, 2025, amounting to DKK 91 million. There is a natural uncertainty associated with the measurement of the remaining outstanding amounts.

Unusual circumstancesNo unusual circumstances have affected the recognition or measurement in connection with the presentation of the company's annual report.

Events occurring after the end of the financial yearGhost has been informed that the main IP of their anchor client is being placed on hold after major studio consolidations in Hollywood. Ghost will continue on as main vendor throughout 2026, but will need to generate new revenue streams for 2027.

With global VFX spending projected to reach $15 billion in 2026, representing an increase of approximately $2 billion compared to 2025, the company is cautiously optimistic that new key accounts can be secured. Ghost A/S is as well as any, positioned to capitalize on the market growth, but also intend to remain nimble in order to ensure the company is able to adapt quickly to new market conditions.

12.Contractual obligations and contingencies, etc.

The company has entered into a lease agreement for premises with varying notice periods ranging from 4 to 6 months. The total remaining obligation amounts to DKK 0,975 thousand as for the balance sheet date.…

11.Charges and securityThe company has provided security in company assets representing a nominal value of USD 5.000.000. This security comprises the assets below, stating the carrying amounts:

DKK in thousands…