FLATPAY ApS

Flatpay (the Company) was founded in late 2021 with the core objective of providing merchants in the SMB segment with a superior payment solution. The offering has since been expanded with adjacent services, all united by a shared commitment to user-friendliness, simplicity and transparency.

Development in activities and finances

Flatpay closed 2025 with 70,000 customers, representing a 3,5x year-on-year growth, and an active footprint across Denmark, Finland, Germany, Italy, France and Great Britain with branches in each of the markets. Towards the end of 2025 Flatpay also established a branch in the Netherlands, with commercial activities commencing in 2026. The operations conducted by branches across these jurisdictions reflect and support the sales activities of the Danish parent company. Adding to the customer offering, Flatpay launched cash advance in 2025 as a service​to customers in Denmark and Finland. The service will be rolled out to additional markets during 2026. ​​In 2025, Flatpay successfully raised EUR 146m in a Series D funding round. The proceeds give Flatpay a strong financial foundation to support continued growth in existing and new markets, as well as in its product and service offerings.

Flatpay expects to maintain its current growth trajectory into 2026, driven by continued salesforce expansion in ​existing markets, the commercial launch in the Netherlands, and the development of new services that enable ​Flatpay to address a broader share of its customers' needs. Management expects the total number of customers ​to grow at a monthly pace in the area of 7%. Revenue and client growth in each active market is expected to track ​Flatpay's stage of maturity in that geography, with the more recently launched markets contributing an increasing ​share over time. This assumption is based on the customer growth and revenue development observed in past ​market launches. Key uncertainties relate to Flatpay’s ability to attract qualified talent and to the pace of new market entries. Continued investment in expanding Flatpay's footprint across each of its markets is expected to drive further growth in revenue reaching EUR 100-105m in 2026 compared to EUR 39m in 2025, while a net loss of EUR 140-150m is expected in 2026, reflecting the scale of these investments.

Profit/loss for the year in relation to expected developments

Flatpay generated revenue of EUR 39m in 2025, up from EUR 11m in 2024. The increase reflects growth in the customer portfolio on Flatpay's payments and POS offering, with revenue distributed across markets as follows: Denmark EUR 14m, Germany EUR 15m, Finland EUR 6m, Italy EUR 4m, and France and Great Britain combined EUR 1m (individual market figures are rounded and may not sum to the total). ​​The net loss increased from EUR 20m in 2024 to EUR 78m in 2025, in line with management expectations and reflecting the significant investments made to sustain growth in existing markets and to build a solid foundation for future expansion. ​​Parent Company ​​The principal activities of the Group are conducted by the parent company, and the description provided for the Group is also representative of the activities of the parent company. In 2025, the parent company generated revenue of EUR 39m and reported a net loss of EUR 78m.

In spring 2026, Flatpay closed an extension of EUR 47m to the Series D round completed in December 2025, further strengthening the Company's financial position heading into 2026. No other material events have occurred after the balance sheet date that would influence the assessment of this annual report.

No material events have occured after the balance sheet date to this date, which would influence the consolidates annual report.

The Parent and the Danish subsidiaries participate in a Danish joint taxation arrangement in which Flatpay ApSserves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore liable for income taxes etc. for the jointly taxed entities,and also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends 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.

24 Assets charged and collateral

The growth loan with Eifo contains the right for Eifo to receive an extra payment based on an exit scheme defined ​in the loan agreement. The exit scheme payment consists of an amount of 5% of the added value of the Company, however capped at 20% of the principal amount of the loan (0,5m euro) thus 0,1m euro. ​ ​A company charge amounting to 9,5m euro has been provided to Danske Bank and Eifo. The security includes goodwill, intangible assets, operating equipment and fixtures and trade receivables. ​ ​The carrying amount is 26m euro.