CAWA SECURITY ApS

The Group’s primary activities focus on the development and commercialisation of energy storage solutions, including residential and commercial battery solutions and associated grid-balancing services and installation of green energy systems. Further, the Group has a substantial footprint in the alarm systems business and related equipment, conducted through e-commerce and partnerships.

Development in activities and finances

The Group recorded a loss for the year of DKK 70,287,322 (DKK 17,504,110). The result reflects continued investment in the Group’s energy storage technology platform and market expansion, while the underlying alarm systems business developed in line with expectations.​​During the preparation of the 2025 financial statements, we identified that Cawa Security ApS had not recorded its acquisition of 100% of the shares in Solarkraft in Överlida AB, effective 17 January 2024. As a consequence, the​comparative figures have been adjusted accordingly: assets increased by DKK 34,078,909, liabilities increased by DKK 35,472,734 and the result for 2024 reduced by DKK 1,393,825. ​ ​Additionally, subscription revenue was not correctly accrued in the prior period. …

Management expects continued market momentum and growth, with the Group anticipating continuous growth in line with previous years’ rate. This expectation assumes successful completion of the Group’s ongoing capital raising and continued roll-out of the energy storage platform, and is subject to market and execution uncertainties. Our expectations for the coming year point to a result in the range of DKK -5 to +5 million. The forecast carries considerable uncertainty due to timing variations in key projects, which could materially impact the final outcome.

Profit/loss for the year in relation to expected developments

The result for the year is in line with the Group’s updated expectations, reflecting the planned scale-up of the Group’s energy storage activities alongside a stable alarm systems business.

As per 31 December 2025, equity was negative by DKK 86.2 million due to heavy investments in the growth realized for 2025 and also planned for future years. Due to the equity being negative, the parent company Emaldo Ltd. has issued a letter of support to the Danish subgroup. ​ ​Group Management is in dialogue with several investors and expect to close these during the third quarter of 2026. ​ ​Based on the results for the first half of 2026, the budgets for the group, the letter of support from the parent company, it is Management’s assessment that the group and the company has the significant cash resources to continue the planned activities in the coming years. ​Other than that no events after the balance sheet date have occured.

Other than what is already mentioned in note 1 no significant events after det balance sheet date have occured.