--- title: "PG DEVELOPMENT ApS – Regnskab 2025 og nøgletal" description: "PG DEVELOPMENT ApS ejer 75 % af SurveyGauge ApS, der tilbyder en platform til… Regnskabsperiode: 2025-01-01 – 2025-12-31." canonical_url: "https://datapublica.dk/companies/27721575-pg-development-aps/financials" locale: "da" route_type: "company_financials" robots: "index,follow" content_access: "standard" --- # PG DEVELOPMENT ApS — Regnskab PG DEVELOPMENT ApS ejer 75 % af SurveyGauge ApS, der tilbyder en platform til… Regnskabsperiode: 2025-01-01 – 2025-12-31. CVR 27721575 ## Seneste regnskabsperiode - 2025 • 2025-01-01 • 2025-12-31 • consolidated\_group • DKK • 1156206000 • 34022000 • -86920000 • 1637002000 • 457231000 • 834 ## Regnskabshistorik - 2025 • 2025-01-01 • 2025-12-31 • entity • DKK • 589000 • -95877000 • 464009000 • 442667000 • 0 - 2024 • 2024-01-01 • 2024-12-31 • consolidated\_group • DKK • 1179323000 • 59978000 • -59748000 • 1663797000 • 568013000 • 735 - 2024 • 2024-01-01 • 2024-12-31 • entity • DKK • -636000 • -71040000 • 557042000 • 550170000 - 2023 • 2023-01-01 • 2023-12-31 • consolidated\_group • DKK • 95127792 • -36049215 • 547173856 • 1632886808 • 640535883 • 648 - 2023 • 2023-01-01 • 2023-12-31 • entity • DKK • -20464609 • 547786833 • 642994260 • 622470883 - 2022 • 2022-01-01 • 2022-12-31 • consolidated\_group • DKK • 0 • -318248 • 17744819 • 93300625 • 79075550 • 0 - 2022 • 2022-01-01 • 2022-12-31 • entity • DKK • -318248 • 17744819 • 93300625 • 79075550 • 0 - 2021 • 2021-01-01 • 2021-12-31 • entity • DKK • -1751867 • 8768962 • 69366305 • 64185351 - 2020 • 2020-01-01 • 2020-12-31 • entity • DKK • -420582 • 18541950 • 57544621 • 57220198 - 2019 • 2019-01-01 • 2019-12-31 • entity • DKK • -7150 • 9440729 • 40149877 • 40008707 - 2018 • 2018-01-01 • 2018-12-31 • entity • DKK • -11250 • -11250 • 5574414 • 30529704 • 30406805 - 2017 • 2017-01-01 • 2017-12-31 • entity • DKK • -6000 • -6000 • 5089000 • 26083000 • 25955000 ## Højdepunkter fra årsrapporten - primary activities • PG Development is a diversified holding company with a portfolio of investments spanning several industries. The strategic approach centers around acquiring and nurturing smaller, high-potential businesses while maintaining a significant stake in the flagship company, Autorola Group Holding A/S. This dual focus allows PG Development to balance steady income from established entities with growth opportunities from emerging enterprises. ​​The major investment, Autorola Group Holding A/S, continues to be the cornerstone of the portfolio, contributing​significantly to revenue and profitability. Over the past fiscal year, Autorola Group Holding A/S achieved substantial growth, driven by strategic expansions and innovative product offerings. ​​Autorola Group delivers vehicle auction IT systems, vehicle fleet management IT systems and IT systems for market insights to the automobile business. The IT systems are mainly developed at Autorola headquarters in Denmark and sold and implemented through Autorola subsidiaries. ​ ​Please refer to our homepage http://www.autorolagroup.com/ for a description of main product lines. ​ ​Vehicle auction system ​The vehicle auction system offers a process for describing a vehicle and register it to an auction. The vehicle is then published to an international set of buyers and sold in an auction process. Autorola invoices buyer and seller a transaction fee for the sold car. The vehicle auction system offers the buyer and seller facilities to follow the sales process real time. ​ ​Vehicle fleet management system ​The vehicle fleet management system offers fleet owners to handle the process from reception of the vehicle to final disposal. Vehicles on the fleet management system can easily be registered on auction. ​ ​Market insights ​By investigating online market data Autorola can derive insights on market days’ supply, prices and trends.​​Investments in associates ​BSS - Bionic System Solutions - AI driven solutions to tackle complex challenges across diverse industries. We innovate within wastewater treatment, machinery optimizations and acoustic drone defense. ​ ​Blue Atlas Robotics \(BAR\) develops autonomous underwater inspection robots, notably the Sentinus ROV. BAR is recognized for its smart, self-operating underwater robots that generate 3D models and digital insights for infrastructure inspection. ​ ​Other investments ​Nexcom is a technology partner specializing in AI-driven customer service platforms. Nexcom has introduced solutions such as CX-G, VIBE voice bots, and AI-powered support tools. These technologies are being explored for deployment in areas like customer support triage, voice search, and automated summaries, with several use cases already identified for implementation. ​​KlimaID is a 360º digitalization solution for the utility industry. KlimaID provides analyses and data visualization to​the utility companies based on the consumption patterns of private households. We cover household operations including: Water, electricity, heating, weather, housing conditions and other consumption effects. ​​ Sternula is a Danish satellite operator pioneering maritime connectivity via AIS 2.0/VDES technology. The company aims to become the world’s largest maritime telecom network by user base, offering enhanced safety, cost-efficiency, and environmental benefits for global shipping. • consolidated\_group - development in activities and financial affairs • Development in activities and finances This year's financial performance shows a loss after tax of DKK 86,920k. The balance sheet on 31 December 2025 shows an equity amount of DKK 457,231k and a balance sheet total of DKK 1,637,002k .​​The loss after tax is mainly due to financial cost on acquisition loan and depriciation of goodwill in connection with the acquisition of last 50% of Autorola Group Holding A/S back in 2023. • consolidated\_group - expected development • Profit before tax and amortisation of acquired intangible assets for 2026 is expected to reach between DKK 50-80m.​ ​Market Background ​The European automotive market continued its slow and uneven recovery throughout 2025. By November, EU new passenger car registrations had increased by 1.4% year‑to‑date, yet volumes still remained below pre‑pandemic benchmarks. Battery‑electric vehicles \(BEVs\) accounted for 16.9% of new registrations, while hybrid ​powertrains remained the preferred choice in many countries due to cost considerations and charging limitations. ​ ​Consumer sentiment remained fragile. Elevated financing costs and broader cost‑of‑living pressures constrained private demand, while manufacturers continued to navigate strict CO₂ targets, rising electrification expenses, and a patchwork of incentives and taxation schemes across Europe. Persisting infrastructure gaps—such as uneven charging‑network maturity and grid reliability—added further complexity and contributed to lingering uncertainty ​around BEV residual values, particularly relevant for leasing and fleet operators. ​ ​Although supply constraints from previous years have largely subsided, the resulting increase in vehicle availability has intensified competition. Pricing discipline has weakened, manufacturer incentives have grown, and model‑mix adjustments are becoming essential to maintain market share. Chinese brands strengthened their presence further in the first half of 2025, reaching a 5.1% share of the European market—even amid newly imposed tariffs—particularly in the EV and value segments. ​ ​In December, the European Commission unveiled a new set of “clean and competitive” automotive initiatives, with a notable proposal to accelerate zero‑emission adoption within large corporate fleets. This regulatory direction is intended to stimulate BEV demand and gradually improve availability in the second‑hand market. ​ ​Developments in the Used Car Market ​The European used car market broadly maintained a balanced supply‑demand relationship in 2025. Weak consumer demand was largely offset by constrained vehicle volumes in circulation—a lingering consequence of historically low new registrations during 2020–2022 caused by COVID‑related shutdowns and semiconductor shortages. ​ ​The slow uptake of new BEVs in recent years has limited their flow into the used market. However, the previous imbalance—characterized by oversupply relative to demand—has eased significantly. In many countries, the supply‑demand relationship for used BEVs is now either stabilizing or approaching equilibrium. ​ ​The substantial decline in used BEV prices over the past few years has reshaped the financial landscape. For many consumers and fleet operators, used BEVs have become an increasingly attractive economic alternative to internal combustion engine \(ICE\) vehicles, strengthening their value proposition and improving disposal outcomes for leasing companies and OEMs. ​ ​Competitive Dynamics and Regulatory Pressures ​While Chinese manufacturers continue expanding in Europe, the environment remains challenging. Tariffs have reduced price competitiveness, but efficient cost structures, rapid product cycles, and targeted use of plug‑in hybrids \(PHEVs\) have enabled them to retain momentum. Their growing market relevance continues to pressure European OEMs, particularly within electric and lower‑priced vehicle segments. ​​ At the regulatory level, the European Commission’s renewed push for zero‑emission vehicles—specifically through corporate‑fleet mandates—signals that environmental compliance pressures will persist over the medium term. However, the legislative timeline suggests that meaningful market impact will not materialize in 2026, with implementation effects expected further out. ​ ​Strategic Outlook for Autorola ​For Autorola, 2025 has brought a mixed set of market conditions. On the positive side, leasing companies and OEMs have experienced improved disposal performance for used BEVs, successfully clearing significant inventory ​backlogs accumulated over recent years. However, this easing of supply‑side pressure also reduces some of the market volatility that traditionally fuels MarketPlace activity. ​ ​Additionally, the reduction in cross‑border price differentials—particularly for BEVs—has softened some of the arbitrage opportunities that previously supported higher transaction volumes across regions. ​ ​Looking ahead, although the European Commission’s corporate‑fleet ZEV initiative signals a renewed regulatory push, its impact on the used market will be gradual and limited in 2026. In the near term, overall market conditions remain stable, with balanced supply, steady demand, and sufficient availability of used vehicles to support continued commercial activity across Autorola’s platforms. While the exceptional imbalances of recent years may not repeat in the same magnitude, Autorola remains well positioned to benefit from ongoing trading needs, digitalization of remarketing processes, and efficiency requirements among fleet owners and OEMs. • consolidated\_group - result compared with expectations • Profit/loss for the year in relation to expected developments The performance in 2025 was below expectations and below budget and is therefore considered unsatisfactory. Overall, the Group achieved growth across most subsidiaries; however, a few key markets, most notably Denmark, Belgium and the Netherlands, experienced a decline compared to the previous year. In contrast, the German, French and Spanish markets delivered strong growth and remain important drivers for the Group’s long-term development. ​ ​Across the business units, the Marketplace division was affected by the lack of growth in the total number of cars sold compared to last year. This resulted in a lower conversion rate and a decline in the profit ratio compared to 2024. The Solution business unit experienced a further weakening of its profit ratio compared to the previous year. Indicata maintained its profit ratio at the same level as last year; however, both Indicata and Solution reported a further reduction in overall results. ​ ​The development should be seen in the context of continued and increased central investments in technology, AI and strategic initiatives aimed at strengthening the Group’s long-term competitive position and scalability. While these investments have impacted short-term earnings, management and the Board consider them necessary to support future growth and value creation. ​​Other investments do not have a significant effect on the result in PG Development ApS. • consolidated\_group - recognition measurement uncertainty • There have been no material uncertainties or material unusual matters affecting recognition. • consolidated\_group - subsequent events • No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. • consolidated\_group - subsequent events • No events have occured after the balance sheet date to this date which would influence the evaluation of this annual report. • consolidated\_group - contingent liabilities • The Group has the following contingent liabiliities​​The rental obligation amounts to DKK 49,022k.​Lease commitments amount to DKK 474k.​Other obligations amounts to DKK 928k. • consolidated\_group - mortgages collateral • 24 Assets charged and collateral Bank debt has been secured by a company charge of DKK 28,000k. Carrying amount of mortgaged assets is DKK 115,928k at 31 December 2025. ​ ​Intangible assets DKK 85,982k ​Property, plant and equipment DKK 4,432k ​Inventories DKK 50k ​Trade receivables DKK 25,464k ​Total DKK 115,928k​​Equity interests in the subsidiary Autorola Group Holding A/S have been pledged as security for bank debt, with a carrying amount of DKK 112,500k as of 31 December 2025. The subsidiary, which has been pledged as security, is​included in the consolidated financial statements with net assets totalling DKK 1,022,133k as of 31 December 2025. • consolidated\_group