GetWhy A/S

GetWhy is an AI company rooted in human science empowering enterprises to understand people at scale. In a world where AI flattens everything, GetWhy helps organizations rediscover the human edge.We combine artificial intelligence and qualitative research to reveal what people feel – not just what they do - transforming data into stories that move teams to act.

The income statement of the Company for 2025 shows a loss of DKK 33,180,667, and at 31 December 2025 the balance sheet of the Company shows an equity of DKK 121,205,196.

In 2025, we delivered a solid improvement in gross profit, increasing from DKK 14.3M in 2024 to DKK 31.9M — a more than three-fold increase reflecting strong topline growth and improved operational leverage. For the fiscal year 2026, EBITDA is projected to be in the range of DKK 18M to DKK 24M, reflecting continued topline growth and improved operational leverage. However, the projection does come with some uncertainty as we continue to balance profitability and growth.

GetWhy continued high double-digit revenue growth through 2025 as well as a significant improvement in the gross profit which slightly below the expectations disclosed in the Annual Report for 2024. Gross profit slightly lower than expected mainly driven by investments to support revenue in 2026 and beyond. Cost savings have materialized to an extent where new can be made to support the opportunity ahead.

Capital resourcesGetWhy's financial situation has improved significantly, with PeakSpan Capital committing a $15 million investment in July 2025.…

Research and development

In 2025, significant investments continued to be made in product development to support GetWhy's ongoing growth strategy. The Company maintained a strong focus on innovation, ensuring that the platform remains technologically advanced.Research and development activities were aimed at strengthening the product's core capabilities to meet increasing customer demands and enable future expansion. Continuous investment in R&D remains a central element in securing long-term competitiveness and value creation.

The preparation of the Company's Annual Report involved several accounting assessments and estimates, made in accordance with legislative provisions. These estimates, based on management's sound and realistic judgments, are inherently subject to uncertainty. See note 1.

In general, management makes judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Management continuously reassesses these estimates and judgments based on several factors under the given circumstances. The value of all capitalised research & development costs is amortised over their useful lives. Every year, the management evaluates an impairment assessment to make sure the total value of the capitalised projects is fair. The estimated value of intangible assets is based on management estimates and assumptions and by nature subject to uncertainty.

No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.

Rental and lease obligationsLease obligations under operating leases. Total future lease payments:

Within 1 year…

Charges and securityPledge and securityAs security for all balances with credit institutions, the Company has pledged a corporate mortgage of a nominal DKK 30,000k. The corporate mortgage comprises the following assets, the carrying amount of which at the balance sheet date is:Intangible fixed assets DKK 54,427k. Other plant, equipment and fixtures and fittings DKK 342k.Receivables from sales and services DKK 8,065k.