R&D Test Systems ApS

R&D Test Systems is an international engineering company that supplies knowledge, product development, and turnkey large-scale test systems for a range of industries. What makes R&D Test Systems unique is our experience within all development and validation stages – from development and design to building test facilities and test execution. We use our broad industry knowledge and highly specialized engineers to approach our customers' challenges from numerous perspectives to develop and supply the right solution.​​New Revenue Streams

​During the year, the company has established a new revenue stream related to the sale of Bolt Check products. Bolt Check is an inspection and quality control system designed to test and verify the integrity, strength, and compliance of bolts and fasteners in industrial applications.​​The product accounted for approximately 6% of revenue in 2025 and is expected to account for approximately 15% in 2026.

Development in activities and finances

The income statement for the financial year of 2025 shows a profit of DKK 26,045K against a loss of (10,615)K for the financial year of 2024. The balance sheet shows equity of DKK 118,281K. ​​The profit in 2025 shows a normal profitability from operations with a mix of project and product revenue, whereas in comparison to 2024 the result carried a provision for claims of app. DKK 42,8M​​Based on the current level of activity the Net Profit is considered satisfying.

For the year 2026 the company expects a Net Profit of 5,000K and 10,000K.

Profit/loss for the year in relation to expected developments

The earnings expectation for the financial year 01.01.25 - 31.12.25 was a profit between DKK 5,000K – 15,000K. The profit for the year 2025 is above with the outlook communicated in the annual report 2024 as the result did not expect cetain other income. ​​Considering the provision for claims made in 2024 the result of these were close to expected with a realized loss of DKK 41,0M. The net difference of DKK 1,8M has consequently been released to profit in 2025.

No events have occured after the balance sheet date which materially affect the company’s financial position.

R&D Test Systems A/S is defendant in litigation regarding a dispute with a customer over an outstanding invoice of DKK 950k. The court is expected to render its decision in 2026. Given the technical complexity of the case, no provision has been recognized. The company has filed a counterclaim and may have a potential asset, but this cannot be reliably estimated at the reporting date.

The Entity participates in a Danish joint taxation arrangement where ITW Denmark ApS serves as the

administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.

16 Assets charged and collateral

The company has provided security to customers, which amounts to DKK 50,717k.