REF IVV TopCo ApS

The Group’s activity primarily consists of development, sale and maintenance of software in relation to e-security.​The Group’s customers are mainly banks, telecommunication companies and governments.

Development in activities and finances

Operating activities ​The improvement in the Group’s result before tax compared to the prior year was primarily driven by improved operational performance and continued cost discipline across the business. The underlying development reflects stronger contribution from core activities and an overall improvement in operational efficiency. ​…

Management expects continued improvement in both revenue and profitability in 2026, supported by the continued execution of the Group’s strategic initiatives and the underlying commercial development of the business. ​

The outlook is underpinned by several key assumptions. The Group expects continued impact from investments in commercial activities, including further strengthening of the sales organisation and go-to-market execution, which are expected to support revenue growth during the period. ​ ​In addition, the outlook reflects the expected contribution from the launch and scaling of the Crystal Key product,​which is anticipated to support both new customer acquisition and increased revenue from existing customers. ​ ​Furthermore, the acquisition of TrustSkills is expected to contribute both directly to revenue and profitability, as well as indirectly through synergies across the combined customer base and product offering. ​ ​For 2026, the Group expects EBTIDA in the range of DKK 15-20 million, reflecting higher growth assumptions and continued operational efficiency improvements.

Profit/loss for the year in relation to expected developments

The financial result for the year are aligned with management’s expectations for profitability. While revenue growth remained below initial targets, profitability improved significantly due to cost optimization and operational focus. ​ ​The result before depreciation, financial items and tax for the year was slightly above the level indicated in the previous year’s outlook. The deviation is primarily attributable to the Group’s continued focus on cost control and​operational efficiency.

As part of the financial statements for the year, the Group has capitalized development costs related to internal projects. The recognition and continued valuation of these assets are based on expectations regarding the future commercial viability of the developed solutions. Management performs regular impairment tests and believes the carrying amounts are justified. However, these are subject to estimation uncertainty. ​ ​Additionally, the Group has recognized goodwill and other intangible assets in connection with acquisitions of subsidiaries. The valuation of goodwill is based on expected future cash flows and strategic assumptions. Although no impairment has been recognized at the balance sheet date, the carrying amount is subject to inherent uncertainty and may be affected by changes in future expectations.

Subsequent to the balance sheet date, the Group has completed a strategic acquisition of a complementary business. In addition, the Group has received capital contributions to support its continued development, financial position and acquisition. ​ ​Management has assessed that these events do not give rise to any adjustment to the recognition or measurement of items in the financial statements. ​

​No other events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.

No events of any significance affecting the financial position of the company occurred after the end of the financial year.