TRAFFIC LAB ApS

The Company provides affiliate marketing services through its owned and developed websites that attract visitors through organic traffic, referring them to our clients, which are operating online gaming platforms. The company's main activity is to help its clients increase their online presence through a diverse range of digital marketing strategies.

The income statement of the Company for 2025 shows a profit of DKK 81,456,813, and at 31 December 2025, the balance sheet of the Company shows positive equity of DKK 84,706,428. The company has experienced a slight increase in the revenue generated in its activities during the year 2025. The revenue development in 2025 was characterized by a strong first half of the year, followed by a decline in the second half as a result of a Google Core update in June 2025, which increased volatility in search rankings.Following the increase in revenues, the Profit Before Tax has increased by 20 million DKK. The company has been able to keep strong margin levels ensuring a satisfactory return on investment.The company results in 2025 have also been in line with the expectations set by management by th…

Given the tailwinds created by the Google core update that took place in 2025, the management expects to apply a cost-conscious approach in 2026, with a strong focus on optimizing return on investments. Particular emphasis will be placed on cost-saving initiatives, and operational efficiency. During the year ahead, the Company will maintain a sharp focus on strengthening and optimizing its existing portfolio of assets. This includes improving the performance of current websites, enhancing data analysis capabilities, further standardizing internal systems, and continuing the development of employees and internal competencies. Investments and initiatives will be carefully prioritized to ensure that resources are allocated to the areas with the highest potential return.Management expects rev…

In the published Annual Report for 2024 we made two expectations for the financial year 2025. We expected that revenue would be between DKK 195 – 210 million. The actual revenue for 2025 amounted to DKK 182 million which is below our lower guidance. The main reason for the lower revenue was a result of a decline in the second half of 2025 as a result of a Google Core update in June 2025, which increased volatility in search rankings.We furthermore expected the EBITDA to be between DKK 110 – 125 million. The actual EBITDA was DKK 111 million which is within the lower end of our guidance but satisfactory based on the development in revenue in the second half of 2025.

Special risks - operating risks and financial risksTraffic Lab’s risk management aims to execute the business strategy while maintaining a high level of risk awareness and control. The Company risks are managed on a strategic, operational, and financial, legal and compliance level.

Research and development

Research and Development is a core activity to maintain market competitiveness. The company has several ongoing research and development activities in the Technical Department focused on developing new internal systems and improving the existing ones. This development aims to optimize processes and produce tools that provide both efficiency and scalability on the daily operations management.At the same time, certain employees are dedicated to identifying and developing new products non-existent in the market that can provide a competitive advantage compared to our competitors.These activities are in the initial stages and have not been activated due to the uncertainty of their potential economic benefits.…

Foreign exchange risks

The Company is exposed to currency risks as the Company has transactions in foreign currency and liquidity in foreign currency primarily in EUR or USD. The Company has not implemented any hedging instruments or other tools to mitigate the risks associated with foreign exchange risks as they consider the risk to be immaterial.

Credit risksThe Company’s customers are international both within the EU and abroad. Traffic Labs offers credit for services delivered with payment terms to their partners. The Company is exposed to credit risks in relation to potential losses on trade receivables on customers with low creditworthiness and risk of bankruptcy in the normal course of business. There is no credit risk outside normal course of business.

The company has not encountered any unusual conditions that have affected the recognition or measurement of its financial statements during the year 2025.

The financial position at 31 December 2025 of the Company and the results of the activities and cash flows of the Company for the financial year for 2025 have not been affected by any unusual events.

After the balance sheet date, management decided to implement a cost optimization program across the organization as part of a more cost-conscious operational approach. The initiative includes a reduction in the number of employees across several departments.The downsizing does not involve the discontinuation of any business areas and is intended to align the Company’s cost base with current market conditions while maintaining a strong focus on the Company’s core assets and long-term profitability.No other events have occurred after the balance sheet date that are considered to have a material impact on the Company’s financial position.

After the balance sheet date, management decided to implement a cost optimization program across the organization as part of a more cost-conscious operational approach. The initiative includes a reduction in the number of employees across several departments.The downsizing does not involve the discontinuation of any business areas and is intended to align the Company’s cost base with current market conditions while maintaining a strong focus on the Company’s core assets and long-term profitability.The subsequent event is considered a non-regulating event and does not affect the assessment of the Annual Report. No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.

Rental and lease obligationsLease obligations, period of non-terminability until February 2027

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