--- title: "SYSTEMATIC A/S – Financial report 2025 and key figures" description: "SYSTEMATIC A/S (CVR 78834412). Reporting period: 2024-10-01 – 2025-09-30. Group accounts, Revenue 299.6M EUR, profit after tax 0 EUR, equity 116.6M EUR." canonical_url: "https://datapublica.dk/en/companies/78834412-systematic-a-s/financials" locale: "en" route_type: "company_financials" robots: "index,follow" content_access: "standard" --- # SYSTEMATIC A/S — Financial report SYSTEMATIC A/S \(CVR 78834412\). Reporting period: 2024-10-01 – 2025-09-30. Group accounts, Revenue 299.6M EUR, profit after tax 0 EUR, equity 116.6M EUR. CVR 78834412 ## Latest financial period - 2025 • 2024-10-01 • 2025-09-30 • consolidated\_group • EUR • 299589000 • 235546000 • 107613000 • 0 • 208531000 • 116586000 • 1081 ## Financial history - 2025 • 2024-10-01 • 2025-09-30 • entity • EUR • 260222000 • 193368000 • 96959000 • 85960000 • 183654000 • 116586000 • 789 - 2024 • 2023-10-01 • 2024-09-30 • consolidated\_group • EUR • 217959000 • 44605000 • 34160000 • 159887000 • 99836000 • 994 - 2024 • 2023-10-01 • 2024-09-30 • entity • EUR • 184085000 • 124948000 • 35772000 • 34160000 • 139994000 • 99836000 • 739 - 2023 • 2022-10-01 • 2023-09-30 • consolidated\_group • EUR • 191771922 • 35382453 • 27327315 • 171598647 • 103292255 • 946 - 2023 • 2022-10-01 • 2023-09-30 • entity • EUR • 154691387 • 111519188 • 30776588 • 27327315 • 146501187 • 103292255 • 713 - 2022 • 2021-10-01 • 2022-09-30 • consolidated\_group • EUR • 178085448 • 23073040 • 19460342 • 145546009 • 86779665 • 903 - 2022 • 2021-10-01 • 2022-09-30 • entity • EUR • 158436383 • 90001916 • 18642756 • 19460342 • 125050592 • 86779665 • 693 - 2021 • 2020-10-01 • 2021-09-30 • consolidated\_group • EUR • 173123763 • 32680539 • 24435269 • 149282210 • 80389372 • 882 - 2021 • 2020-10-01 • 2021-09-30 • entity • EUR • 153080729 • 102241528 • 29820923 • 24435269 • 123501148 • 80389371 • 668 - 2020 • 2019-10-01 • 2020-09-30 • consolidated\_group • EUR • 148220180 • 19635204 • 15650165 • 119518018 • 62034618 • 918 - 2020 • 2019-10-01 • 2020-09-30 • entity • EUR • 127145721 • 82449914 • 15351880 • 15650165 • 103879041 • 62034618 • 698 - 2019 • 2018-10-01 • 2019-09-30 • consolidated\_group • EUR • 135782451 • 12170431 • 8709975 • 102002462 • 51305739 • 926 - 2019 • 2018-10-01 • 2019-09-30 • entity • EUR • 116123589 • 72763417 • 9659313 • 8709975 • 83374822 • 51305739 • 690 - 2018 • 2017-10-01 • 2018-09-30 • consolidated\_group • EUR • 129408131 • 17111260 • 13030015 • 89916912 • 45778075 • 805 - 2018 • 2017-10-01 • 2018-09-30 • entity • EUR • 111434448 • 72143323 • 16189022 • 13030015 • 86999017 • 45778077 • 615 ## Annual report highlights - primary activities • The financial year 2024/25 was characterised by significant progress across both operations and financial performance. We have successfully navigated a changing market with a focus on resilience, efficiency and strategic investment. Our performance captures the drive of our organic growth, the demand for our core solutions, and truly remarkable license sales. • consolidated\_group - expected development • Systematic enters the financial year 2025/26 with a solid foundation and continued confidence in our strategic direction. Our order book remains robust and consistent with prior years, providing visibility and stability across our business areas. We expect a positive market outlook for our core product portfolio, underpinned by sustained demand and strong customer engagement. In particular, the Defence and Healthcare segments are anticipated to remain key contributors to future growth. Based on current market conditions and our strategic priorities, Management expects revenue in the range of EUR 250–270 million and an EBIT margin of 15–20% for the financial year 2025/26, EBIT expectations is then at level of the 5-years average EBIT. This expectation reflects a return to more normal performance levels following an exceptional year, while ongoing investments in growth areas continue to support long term value creation. Events after the balance sheet dateNo events have occurred after the balance sheet date that would affect the assessment of this annual report. Systematic at a glanceAcross Systematic, we focus on making exceptional software products for the most critical societal functions. Our business is helping those who help us all – the defence forces, healthcare professionals, and those who ensure a resilient society. Systematic develops software for defence, the police, hospitals, the care sector, libraries, utilities and the financial sector. Across these sectors, our solutions help users make sense of vast and complex data in order to make fast and well-informed decisions. In these mission-critical environments, there is no room for re-run when lives and security depend on it. We deliver solutions where failure is not an option, and our software enables those who protect and serve to perform at their absolute best. 17 offices worldwide 1m+ users of Systematic software 50+ countries use our product Our systems work because the people who use them are involved from the start. Together with our IT professionals, soldiers, nurses, librarians and other domain experts help ensure that every solution is stable, secure, intuitive and tailored to support real-life workflows. Systematic provides off-the-shelf solutions that have been thoroughly tested and proven in real-life use, and which are ready for immediate deployment. This approach saves customers time, resources and funds. Systematic's foundation is built on fostering a culture where exceptional people can do their best work. We embrace the philosophy: "Better train people and risk them leaving, than do nothing and they stay." Exceptional people remain essential to Systematic's success. Never stop developing means we continuously evolve our people, products, and customer relationships. Systematic was founded in 1985 by Michael Holm and remains privately owned, debt-free and focused on long-term impact. Michael Holm is currently the Chairman of the Board, after handing over the position as CEO to Nikolaj Bramsen in 2023. Headquartered in Aarhus, Denmark, Systematic is an international company with more than 1,200 employees across 17 offices worldwide. Our solutions are used in over 50 countries, supporting people across different sectors in carrying out vital societal functions. Group Management Nikolaj Holm BramsenCEOExecutive BoardKathrine Ravn StougaardCFO & GSVP, Corporate ServicesHenrik MessellGSVP, Defence, OperationsAndrew GrahamGSVP, Defence, Business DevelopmentHenrik JespersenGSVP, Healthcare, Business DevelopmentHeidi PedersenGSVP, Healthcare, OperationsAnders Goul NielsenGSVP, Digital Transformation and Library & LearningPalle KlærkeGSVP, Talent & TechnologyDefenceSystematic’s Defence business area delivers advanced command-and-control \(C2\) solutions that help armed forces stay ahead in an increasingly complex world. Since 1985, we have evolved from a trusted supplier to the Danish Navy into a leading global provider of mission-critical software, supporting more than 50 nations in securing operational advantage. At the heart of our offering is the SitaWare suite – a modular and scalable C2 system that enables seamless coordination across all levels of command. From strategic headquarters to the dismounted soldier at the tactical edge, SitaWare ensures a shared operational picture and faster decision-making. Our solutions cover land, maritime, air and joint operations, with advanced capabilities in intelligence fusion, situational awareness and battlefield health management. Trusted by key NATO members and allies – including the UK, Germany, Australia, France and the US – SitaWare is a proven choice for modern defence forces. This year, we have further developed our product SitaWare Insight by embedding even more advanced artificial intelligence \(AI\) capabilities that empower commanders to efficiently process and make sense of the vast amounts of information available on the modern battlefield. In addition, we have introduced the ability to train AI models directly within the product, enabling users to tailor decision support to their specific operational needs. By automatically analysing and correlating diverse data sources, SitaWare Insight transforms complex operational data into clear, actionable insights, providing commanders with timely and relevant decision support. This not only enhances situational understanding, but also significantly accelerates the decision- making and planning cycle, enabling defence forces to respond faster and more effectively to emerging challenges. In 2024/25, Systematic established its online training platform SitaWare Aspire as a cloud offering in the market, supporting hands-on experience and unleashing the full potential of the SitaWare solution. Our position has been strengthened with new strategic contracts, including expanded deployments for the British Army, German Navy and a major NATO programme DEMETER for next-generation land C2 systems. We continue to invest in innovation, AI and user-driven development, supported by our growing Defence team and a new development centre in Copenhagen. We have also continued to support the NATO alliance’s transition towards more agile, data-driven decision-making, with SitaWare Headquarters playing an integral role. With Austria joining as a new Systematic customer, all DACH-countries now use the SitaWare C2 system, fostering joint defence efforts and bolstering European and NATO security. To support the implementation of SitaWare in the Austrian Armed Forces, Systematic is opening a new office in the capital Vienna. We are proud to help customers achieve mission success through reliable, interoperable and future-ready solutions – shaping the digital backbone of modern defence operations. HealthcareIn Healthcare, our IT solutions support a seamless continuum of care across hospitals, municipal care and social services. Our Columna product portfolio includes our Clinical Information Systems \(CIS\) platform, which provides a fully integrated electronic health record \(EHR\) service for hospitals, and our Cura platform, which assists care professionals in municipalities and the private care sector. Additionally, we provide Columna Flow – a comprehensive collaboration and real-time logistics platform for service and clinical personnel in hospitals. Most recently, we introduced Columna Axon, which further enables coherence and collaboration between hospitals and municipal care staff. Furthermore, we are expanding Healthcare into the defence domain by building on Systematic’s proven capabilities in both sectors. This includes the development of SitaWare Battlefield Health – a solution designed to safeguard soldiers and their medical data while supporting continuity of care in military settings. We are transforming healthcare by embedding AI across our product suite. Our mission is to restore the joy of practice for healthcare professionals and maximise their time with patients – not paperwork. We achieve this through AI-powered capabilities such as real-time speech recognition, automated clinical documentation, intelligent semantic search and adaptive writing support. To further empower clinicians, we integrate third-party AI decision support tools directly into workflows using standards-based Clinical Decision Support Hooks \(HL7 CDS Hooks\). This ensures seamless, actionable insights at the point of care – enhancing diagnostic accuracy and treatment outcomes without disrupting existing processes. In 2024/25, the main focus has been on the continuous development and alignment of the use of our electronic health record, Columna CIS, in all hospitals across three of the five regions in Denmark. In Denmark, we have maintained our municipal customer base on Cura, with 38 municipalities in total using the system, while expanding in the private care sector. Internationally, we expanded with new implementations of the Flow platform in Finland and the Netherlands, while Germany became the first country to adopt our new Battlefield Health solution. Digital TransformationDigital Transformation has a strategic focus on national security, providing solutions, services and expertise across surveillance, prevention and threat assessment to crisis handling, intelligence and law enforcement. We have a proven track record of delivering secure classified solutions, and our staff and facilities have all the relevant security clearances. Additionally, we support critical infrastructure – including solutions that optimise operations and resource use in the offshore wind and water supply sectors. Digital Transformation is currently transitioning into National Security & Infrastructure with effect from 2025/26, to further strengthen our commitment to these critical sectors. Library & LearningIn Library and Learning, our advanced library management system, Cicero, forms the digital backbone of every Danish public and school library across the 98 municipalities. Cicero supports efficient digital workflows, automation, and data analysis, fostering both collaboration and innovation. What began as a national success story in 2015, has grown into an international benchmark, and in 2024/25, we have delivered in accordance with our strategy and implemented Cicero in both Germany and Sweden. Governance and risk managementEffective governance and risk management are essential to maintaining trust and accountability throughout Systematic. Our framework enables consistent risk identification, evaluation and mitigation across all areas of the business. We have established clear lines of responsibility and communication across our ownership structure, the Board of Directors and its committees, the CEO, Group Management and all employees. The Board of Directors and our owners play a central role in setting the company’s strategic direction, and are actively involved in ensuring our values and mission are embedded throughout the business. The Board also oversees Systematic’s operations, and ensures compliance with legal and ethical standards, meeting regularly to evaluate company performance, address emerging risks and provide strategic guidance, with transparency and integrity as key priorities. To strengthen governance, we have two board committees – the Finance Committee and the Risk & Compliance Committee – that oversee key business areas. Both report directly to the Board, and hold a meeting prior to every Board meeting to ensure close coordination and accountability. The Finance Committee monitors financial performance to secure a solid and sustainable foundation for long-term value creation for customers, employees and partners. The Risk & Compliance Committee reviews and addresses risks across the organisation, with a particular focus on cybersecurity and export controls, as well as ensuring that operations remain secure, compliant and aligned with our strategic ambitions. Day-to-day operations are led by the CEO and the Group Management team. This team is responsible for translating strategy into action, supporting operational efficiency, scalability and sustainable growth across all markets. As a provider of critical IT infrastructure working in an increasing complex regulatory landscape, we place a strong emphasis on protecting systems, data and customers from cyber threats and on ensuring regulatory compliance. To ensure strong governance in this area, our Chief Information Security Officer \(CISO\) and Chief Legal Officer \(CLO\) work in close collaboration to manage cybersecurity and regulatory compliance. The CISO is responsible for implementing and maintaining cybersecurity measures, technical security controls, awareness training and risk assessments across the business, while the CLO oversees compliance frameworks, risk governance and regulatory obligations. Furthermore, we also have an independent internal audit team that regularly conducts audits of our organisation, ensuring that our policies, controls and processes remain effective. Our governance framework includes a whistleblower system, administered by an independent third party. This allows employees and external stakeholders to report concerns in complete confidentiality. Board of Directors Michael HolmChair of the BoardMember of the Finance CommitteeBecame a member of the Board of Directors in 2023. Born in 1957. Founded Systematic in 1985 in Aarhus. Member of the Boards of Købmand Herman Sallings Fond, Energinet, AVK Holding A/S and Copenhagen Airports A/S. Lars Monrad-GyllingVice chair of the BoardChair of the Risk & Compliance CommitteeLars became a member of the Board of Directors in 2016. Born in 1960. Former CEO of KMD A/S. Chairman of the Board of netIP A/S, NTI Group ApS, Kvadrat A/S, Vipp A/S and Nordic Cloud Technologies ApS. Helle Østergaard KristiansenMember of the BoardChair of the Finance CommitteeHelle became a member of the Board of Directors in 2020. She was born in 1978 and holds a MSc in Business Economics and Auditing from Aarhus University \(2006\). Helle is Senior Vice President, Gas & Power Trading at Equinor. She is Chairman of the Board of Danske Commodities, and a member of the Board of Directors of Ramboll and of ARoS. Nick HækkerupMember of the BoardMember of the Risk & Compliance CommitteeBecame a member of the Board of Directors in 2022. Born in 1968 and jurist and Ph.D. from Copenhagen University. He has been in Danish politics for 22 years, and during this time, he was both Defense Minister, Minister of European Affairs, Minister of Health and Prevention, and Minister of Trade. In 2022, Nick left Danish politics to be Director of the Danish Brewers’ Association. Pernille Keum Hjort MøllerEmployee-elected member of the BoardPernille was chosen as a member of the Board of Directors in 2022. Allan IversenEmployee-elected member of the BoardAllan was chosen as a member of the Board of Directors in 2022. Christina BalisMember of the BoardChristina joined the Board of Directors in 2024. She was born in 1976 and holds an MA and a PhD in International Relations from Johns Hopkins School of Advanced International Studies. Christina is Strategic Campaigns Director within the UK Government & Defence business of KBR, a provider of science, technology and engineering solutions to governments and companies worldwide. CertificationsWe have a strong focus on keeping up with international security standards and maintaining certifications that demonstrate our commitment to quality, security and ethical business conduct across all areas of our operations. Systematic has the following certifications audited by external auditors: ISO 9001, confirming our commitment to quality management and continuous improvementISAE 3000, which ensures our data protection practices comply with international standards such as the GDPRCMMI Level 5, reflecting advanced maturity in software development processesISO 27001, ensuring a high and international standard for information security management systems \(ISMS\) Cyber Essentials Plus, demonstrating our proactive approach to cyber defence and resilienceAnti-corruptionAs an international company operating in critical sectors we are exposed to varying degrees of corruption and bribery risks. We manage these risks through a zero-tolerance approach, firmly rooted in our Code of Conduct, Business Partner Code of Conduct and in our Anti-bribery & Corruption Policy. These policies are aligned with the UN Global Compact principles on human rights, labour rights, the environment and anti-corruption. We require all employees and business partners to adhere to these standards. Our Anti-bribery & Corruption Policy outlines specific rules, restrictions and expectations for ethical conduct. Systematic has had no incidents of corruption to date, including in 2024/25. Our Code of Conduct provides clear guidance on the acceptance and offering of gifts. As we continue to grow and enter new markets, we remain vigilant in maintaining strong compliance and governance practices. AI risk managementWith the increasing adoption of artificial intelligence \(AI\) in business operations, we have strengthened our internal IT governance to address the specific risks and regulatory requirements associated with AI. In 2024/25, we introduced dedicated risk assessment procedures for all AI systems used internally. These procedures evaluate every AI technology adopted across six key dimensions: security, performance, commercial viability, legal compliance, ethical impact and technical sustainability. The framework supports compliance with the EU AI Act. Every AI system is assessed prior to deployment for its regulatory classification, data protection implications and potential security risks. The process is carried out by a cross-functional team including IT, security architects, legal advisors and technical experts, ensuring clear accountability. This proactive approach ensures the responsible use of AI and supports the safe, compliant and ethically sound adoption of technology within our organisation. • consolidated\_group - expected development • Systematic enters the financial year 2025/26 with a solid foundation and continued confidence in our strategic direction. Our order book remains robust and consistent with prior years, providing visibility and stability across our business areas. We expect a positive market outlook for our core product portfolio, underpinned by sustained demand and strong customer engagement. In particular, the Defence and Healthcare segments are anticipated to remain key contributors to future growth.Based on current market conditions and our strategic priorities, Management expects revenue in the range of EUR 250–270 million and an EBIT margin of 15–20% for the financial year 2025/26, EBIT expectations is then at level of the 5-years average EBIT.This expectation reflects a return to more normal performance levels following an exceptional year, while ongoing investments in growth areas continue to support long term value creation. • consolidated\_group - management review • Word from CEO and CFO 2025 marks a significant milestone for Systematic as we celebrate our 40th anniversary. For four decades, we have worked alongside customers and partners who place their trust in our products, and with dedicated colleagues past and present who have made it all possible. This year's report is remarkable, as it presents our strongest financial results to date. Our revenue reached 299.6 million euro, and our profit grew to 86.0 million euro — more than double compared to last year. Over the past five years, our revenue has increased by 73 percent. This success reflects the dedication of our colleagues across countries and business units. Their expertise, collaboration and commitment to quality have enabled us to grow sustainably, even in a time of increasing complexity and unpredictability. “Our software supports collaboration and knowledge-sharing in situations where reliable information and timely decisions are essential – whether in defence, healthcare, public services or critical infrastructure.” Nikolaj Bramsen, CEOWe've seen strong momentum and growth across all our business areas this year. Our progress comes from a clear approach: we build on solutions that have already proven their value in critical environments. For many years, we've been a global leader in command-and-control systems, and demand for our defence solutions has only increased. The key driver for this is providing true multi-domain AI data-centric defence solutions. We built on SitaWare's proven success to create value in other sectors such as healthcare and national security. At the same time, we are creating solutions that can communicate across sectors. An excellent example is our new Battlefield Health, which brings together two of our core strengths: defence and healthcare. This year, Germany became the first country to adopt it. To meet the changing needs of society, we've also established our new business unit, National Security & Insfrastructure with effect from 2025/26. The line between civilian and military needs is shifting — and our experience can help connect those domains. We operate in a world where uncertainty is a constant. Yet this also brings clarity to our purpose. Our software supports collaboration and knowledge-sharing in situations where reliable information and timely decisions are essential – whether in defence, healthcare, public services or critical infrastructure. The global security landscape is evolving rapidly, and the line between military and civilian domains is becoming less distinct. This reality underscores the growing importance of digital resilience, interoperability and trusted collaboration. These are areas in which we remain focused and continue to invest. Our financial stability also enables us to contribute beyond our immediate business. Through targeted support for local initiatives, healthcare, education and community life, we strive to make a positive difference in society – just as our software does every day. None of this would be possible without our customers who continue to trust us with their critical tasks, and our incredible colleagues whose dedication, professionalism and willingness to go the extra mile make all the difference. Looking ahead, we’re confident our success will continue in the years to come. Highlights of the yearEBIT Margin 35.9% 1,283 employeesheadcount end of yearReturn on equity 79.4% Development in activities and finances The financial results and overall Group performance for 2024/25 exceeded expectations. Growth was primarily driven by stronger-than-anticipated licence sales and increased activity across all business segments. The geopolitical environment continued to create new opportunities for our Defence business unit. Rising international focus on national and controlled data — aimed at strengthening system sovereignty, information protection, and security of supply — fuelled heightened demand. As a result, 2024/25 saw a significant increase in licence sales within the Defence segment, complemented by solid performance across all other business units. Throughout the year, we successfully navigated a dynamic market by prioritising our core businesses, enhancing operational efficiency, and making targeted strategic investments. These efforts have positioned the company for continued sustainable growth. This year’s strong performance delivered revenue of EUR 299.6 million, representing a 37.5% increase compared to 2023/24. Earnings before interest and tax \(EBIT\) reached EUR 107.6 million, corresponding to an EBIT margin of 35.9%, up from 20.5% in the previous year. The margin expansion reflects the impact of higher licence sales combined with ongoing efficiency improvements and a continued focus on value creation. Systematic remains financially robust and fully debt-free, supported by a solid equity base and strong liquidity. At year-end, our cash balance totalled EUR 141.4 million, providing a firm foundation for future growth and long-term resilience. Our liquidity and capital position remain strong, enabling continued strategic investment and ensuring stability in an evolving market landscape. The statutory report on corporate social responsibility under Section 99a of the Danish Financial Statements Act is described in detail on page 63. Profit/loss for the year in relation to expected developmentsThe financial results and Group’s performance in 2024/25 exceeded our expectations. Growth was primarily driven by stronger than anticipated license sales and increased activity across all our segments. These results reflect our ability to respond to market needs and execute on strategic priorities. • consolidated\_group - subsequent events • Note 20 Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. • consolidated\_group - subsequent events • No events have occurred after the balance sheet date that would affect the assessment of this annual report.Systematic at a glanceAcross Systematic, we focus on making exceptional software products for the most critical societal functions. Our business is helping those who help us all – the defence forces, healthcare professionals, and those who ensure a resilient society. Systematic develops software for defence, the police, hospitals, the care sector, libraries, utilities and the financial sector. Across these sectors, our solutions help users make sense of vast and complex data in order to make fast and well-informed decisions.In these mission-critical environments, there is no room for re-run when lives and security depend on it. We deliver solutions where failure is not an option, and our software enables those who protect and serve to perform at their absolute best.17offices worldwide 1m+users of Systematic software50+countries use our product Our systems work because the people who use them are involved from the start. Together with our IT professionals, soldiers, nurses, librarians and other domain experts help ensure that every solution is stable, secure, intuitive and tailored to support real-life workflows.Systematic provides off-the-shelf solutions that have been thoroughly tested and proven in real-life use, and which are ready for immediate deployment. This approach saves customers time, resources and funds.Systematic's foundation is built on fostering a culture where exceptional people can do their best work. We embrace the philosophy: "Better train people and risk them leaving, than do nothing and they stay." Exceptional people remain essential to Systematic's success. Never stop developing means we continuously evolve our people, products, and customer relationships.Systematic was founded in 1985 by Michael Holm and remains privately owned, debt-free and focused on long-term impact. Michael Holm is currently the Chairman of the Board, after handing over the position as CEO to Nikolaj Bramsen in 2023.Headquartered in Aarhus, Denmark, Systematic is an international company with more than 1,200 employees across 17 offices worldwide. Our solutions are used in over 50 countries, supporting people across different sectors in carrying out vital societal functions.Group Management Nikolaj Holm BramsenCEOExecutive BoardKathrine Ravn StougaardCFO & GSVP, Corporate ServicesHenrik MessellGSVP, Defence, OperationsAndrew GrahamGSVP, Defence, Business DevelopmentHenrik JespersenGSVP, Healthcare, Business DevelopmentHeidi PedersenGSVP, Healthcare, OperationsAnders Goul NielsenGSVP, Digital Transformation and Library & LearningPalle KlærkeGSVP, Talent & TechnologyDefenceSystematic’s Defence business area delivers advanced command-and-control \(C2\) solutions that help armed forces stay ahead in an increasingly complex world. Since 1985, we have evolved from a trusted supplier to the Danish Navy into a leading global provider of mission-critical software, supporting more than 50 nations in securing operational advantage. At the heart of our offering is the SitaWare suite – a modular and scalable C2 system that enables seamless coordination across all levels of command. From strategic headquarters to the dismounted soldier at the tactical edge, SitaWare ensures a shared operational picture and faster decision-making. Our solutions cover land, maritime, air and joint operations, with advanced capabilities in intelligence fusion, situational awareness and battlefield health management. Trusted by key NATO members and allies – including the UK, Germany, Australia, France and the US – SitaWare is a proven choice for modern defence forces.This year, we have further developed our product SitaWare Insight by embedding even more advanced artificial intelligence \(AI\) capabilities that empower commanders to efficiently process and make sense of the vast amounts of information available on the modern battlefield. In addition, we have introduced the ability to train AI models directly within the product, enabling users to tailor decision support to their specific operational needs. By automatically analysing and correlating diverse data sources, SitaWare Insight transforms complex operational data into clear, actionable insights, providing commanders with timely and relevant decision support. This not only enhances situational understanding, but also significantly accelerates the decision-making and planning cycle, enabling defence forces to respond faster and more effectively to emerging challenges.In 2024/25, Systematic established its online training platform SitaWare Aspire as a cloud offering in the market, supporting hands-on experience and unleashing the full potential of the SitaWare solution.Our position has been strengthened with new strategic contracts, including expanded deployments for the British Army, German Navy and a major NATO programme DEMETER for next-generation land C2 systems. We continue to invest in innovation, AI and user-driven development, supported by our growing Defence team and a new development centre in Copenhagen. We have also continued to support the NATO alliance’s transition towards more agile, data-driven decision-making, with SitaWare Headquarters playing an integral role. With Austria joining as a new Systematic customer, all DACH-countries now use the SitaWare C2 system, fostering joint defence efforts and bolstering European and NATO security. To support the implementation of SitaWare in the Austrian Armed Forces, Systematic is opening a new office in the capital Vienna.We are proud to help customers achieve mission success through reliable, interoperable and future-ready solutions – shaping the digital backbone of modern defence operations.HealthcareIn Healthcare, our IT solutions support a seamless continuum of care across hospitals, municipal care and social services.Our Columna product portfolio includes our Clinical Information Systems \(CIS\) platform, which provides a fully integrated electronic health record \(EHR\) service for hospitals, and our Cura platform, which assists care professionals in municipalities and the private care sector. Additionally, we provide Columna Flow – a comprehensive collaboration and real-time logistics platform for service and clinical personnel in hospitals. Most recently, we introduced Columna Axon, which further enables coherence and collaboration between hospitals and municipal care staff. Furthermore, we are expanding Healthcare into the defence domain by building on Systematic’s proven capabilities in both sectors. This includes the development of SitaWare Battlefield Health – a solution designed to safeguard soldiers and their medical data while supporting continuity of care in military settings. We are transforming healthcare by embedding AI across our product suite. Our mission is to restore the joy of practice for healthcare professionals and maximise their time with patients – not paperwork. We achieve this through AI-powered capabilities such as real-time speech recognition, automated clinical documentation, intelligent semantic search and adaptive writing support.To further empower clinicians, we integrate third-party AI decision support tools directly into workflows using standards-based Clinical Decision Support Hooks \(HL7 CDS Hooks\). This ensures seamless, actionable insights at the point of care – enhancing diagnostic accuracy and treatment outcomes without disrupting existing processes.In 2024/25, the main focus has been on the continuous development and alignment of the use of our electronic health record, Columna CIS, in all hospitals across three of the five regions in Denmark. In Denmark, we have maintained our municipal customer base on Cura, with 38 municipalities in total using the system, while expanding in the private care sector. Internationally, we expanded with new implementations of the Flow platform in Finland and the Netherlands, while Germany became the first country to adopt our new Battlefield Health solution.Digital TransformationDigital Transformation has a strategic focus on national security, providing solutions, services and expertise across surveillance, prevention and threat assessment to crisis handling, intelligence and law enforcement. We have a proven track record of delivering secure classified solutions, and our staff and facilities have all the relevant security clearances. Additionally, we support critical infrastructure – including solutions that optimise operations and resource use in the offshore wind and water supply sectors. Digital Transformation is currently transitioning into National Security & Infrastructure with effect from 2025/26, to further strengthen our commitment to these critical sectors.Library & LearningIn Library and Learning, our advanced library management system, Cicero, forms the digital backbone of every Danish public and school library across the 98 municipalities. Cicero supports efficient digital workflows, automation, and data analysis, fostering both collaboration and innovation.What began as a national success story in 2015, has grown into an international benchmark, and in 2024/25, we have delivered in accordance with our strategy and implemented Cicero in both Germany and Sweden.Governance and risk managementEffective governance and risk management are essential to maintaining trust and accountability throughout Systematic. Our framework enables consistent risk identification, evaluation and mitigation across all areas of the business.We have established clear lines of responsibility and communication across our ownership structure, the Board of Directors and its committees, the CEO, Group Management and all employees. The Board of Directors and our owners play a central role in setting the company’s strategic direction, and are actively involved in ensuring our values and mission are embedded throughout the business. The Board also oversees Systematic’s operations, and ensures compliance with legal and ethical standards, meeting regularly to evaluate company performance, address emerging risks and provide strategic guidance, with transparency and integrity as key priorities.To strengthen governance, we have two board committees – the Finance Committee and the Risk & Compliance Committee– that oversee key business areas. Both report directly to the Board, and hold a meeting prior to every Board meeting to ensure close coordination and accountability.The Finance Committee monitors financial performance to secure a solid and sustainable foundation for long-term value creation for customers, employees and partners. The Risk & Compliance Committee reviews and addresses risks across the organisation, with a particular focus on cybersecurity and export controls, as well as ensuring that operations remain secure, compliant and aligned with our strategic ambitions.Day-to-day operations are led by the CEO and the Group Management team. This team is responsible for translating strategy into action, supporting operational efficiency, scalability and sustainable growth across all markets.As a provider of critical IT infrastructure working in an increasing complex regulatory landscape, we place a strong emphasis on protecting systems, data and customers from cyber threats and on ensuring regulatory compliance.To ensure strong governance in this area, our Chief Information Security Officer \(CISO\) and Chief Legal Officer \(CLO\) work in close collaboration to manage cybersecurity and regulatory compliance. The CISO is responsible for implementing and maintaining cybersecurity measures, technical security controls, awareness training and risk assessments across the business, while the CLO oversees compliance frameworks, risk governance and regulatory obligations. Furthermore, we also have an independent internal audit team that regularly conducts audits of our organisation, ensuring that our policies, controls and processes remain effective.Our governance framework includes a whistleblower system, administered by an independent third party. This allows employees and external stakeholders to report concerns in complete confidentiality. Board of Directors Michael HolmChair of the BoardMember of the Finance CommitteeBecame a member of the Board of Directors in 2023. Born in 1957. Founded Systematic in 1985 in Aarhus. Member of the Boards of Købmand Herman Sallings Fond, Energinet, AVK Holding A/S and Copenhagen Airports A/S.Lars Monrad-GyllingVice chair of the BoardChair of the Risk & Compliance CommitteeLars became a member of the Board of Directors in 2016. Born in 1960. Former CEO of KMD A/S. Chairman of the Board of netIP A/S, NTI Group ApS, Kvadrat A/S, Vipp A/S and Nordic Cloud Technologies ApS.Helle Østergaard KristiansenMember of the BoardChair of the Finance CommitteeHelle became a member of the Board of Directors in 2020. She was born in 1978 and holds a MSc in Business Economics and Auditing from Aarhus University \(2006\). Helle is Senior Vice President, Gas & Power Trading at Equinor. She is Chairman of the Board of Danske Commodities, and a member of the Board of Directors of Ramboll and of ARoS.Nick HækkerupMember of the BoardMember of the Risk & Compliance CommitteeBecame a member of the Board of Directors in 2022. Born in 1968 and jurist and Ph.D. from Copenhagen University. He has been in Danish politics for 22 years, and during this time, he was both Defense Minister, Minister of European Affairs, Minister of Health and Prevention, and Minister of Trade. In 2022, Nick left Danish politics to be Director of the Danish Brewers’ Association.Pernille Keum Hjort MøllerEmployee-elected member of the BoardPernille was chosen as a member of the Board of Directors in 2022. Allan IversenEmployee-elected member of the BoardAllan was chosen as a member of the Board of Directors in 2022. Christina BalisMember of the BoardChristina joined the Board of Directors in 2024. She was born in 1976 and holds an MA and a PhD in International Relations from Johns Hopkins School of Advanced International Studies. Christina is Strategic Campaigns Director within the UK Government & Defence business of KBR, a provider of science, technology and engineering solutions to governments and companies worldwide. CertificationsWe have a strong focus on keeping up with international security standards and maintaining certifications that demonstrate our commitment to quality, security and ethical business conduct across all areas of our operations.Systematic has the following certifications audited by external auditors: ISO 9001, confirming our commitment to quality management and continuous improvementISAE 3000, which ensures our data protection practices comply with international standards such as the GDPRCMMI Level 5, reflecting advanced maturity in software development processesISO 27001, ensuring a high and international standard for information security management systems \(ISMS\)Cyber Essentials Plus, demonstrating our proactive approach to cyber defence and resilienceAnti-corruptionAs an international company operating in critical sectors we are exposed to varying degrees of corruption and bribery risks. We manage these risks through a zero-tolerance approach, firmly rooted in our Code of Conduct, Business Partner Code of Conduct and in our Anti-bribery & Corruption Policy.These policies are aligned with the UN Global Compact principles on human rights, labour rights, the environment and anti-corruption. We require all employees and business partners to adhere to these standards. Our Anti-bribery & Corruption Policy outlines specific rules, restrictions and expectations for ethical conduct.Systematic has had no incidents of corruption to date, including in 2024/25. Our Code of Conduct provides clear guidance on the acceptance and offering of gifts. As we continue to grow and enter new markets, we remain vigilant in maintaining strong compliance and governance practices.AI risk managementWith the increasing adoption of artificial intelligence \(AI\) in business operations, we have strengthened our internal IT governance to address the specific risks and regulatory requirements associated with AI.In 2024/25, we introduced dedicated risk assessment procedures for all AI systems used internally. These procedures evaluate every AI technology adopted across six key dimensions: security, performance, commercial viability, legal compliance, ethical impact and technical sustainability.The framework supports compliance with the EU AI Act. Every AI system is assessed prior to deployment for its regulatory classification, data protection implications and potential security risks. The process is carried out by a cross-functional team including IT, security architects, legal advisors and technical experts, ensuring clear accountability.This proactive approach ensures the responsible use of AI and supports the safe, compliant and ethically sound adoption of technology within our organisation. • consolidated\_group - contingent liabilities • Note 17 Contingent assets, liabilities and other financial obligationsCharges and securityAs of September 30, 2025, derivative financial instruments consist of forward exchange contracts, which are continuously measured at fair value. These contracts have a negative fair value of kEUR 5 \(previous year: kEUR 117\). On the balance sheet date, the nominal value of the hedged position amounts to kEUR 805 \(previous year: kEUR 11,938\). No collateral has been provided for these contracts. To secure future cash flows related to known customer payments, the Parent Company has entered into a forward exchange contract \(EUR/RON\) with its regular banking partner. The contract has a term of one month. Additionally, the Company has provided collateral for bank guarantees totaling kEUR 1,853 issued by a subsidiary to a third party as part of an ongoing business relationship. As of September 30, 2025, the secured portion of the subsidiary’s bank exposure amounts to kEUR 0. Group Parent companyEUR 1,000 2024/25 2023/24 2024/25 2023/24 Rental and lease obligationsTotal liabilities under rental or lease agreements until maturity 24,530 14,209 19,841 10,369 Guarantee obligationsThe Parent Company has provided a total guarantee of kEUR 650, of which kEUR 0 has been drawn. Contractual obligationsSystematics' main activity is to deliver IT solutions to its customers. As part of this activity, and normal practice in the industry, the Group and Company enters into contracts with external subcontractors and thus has financial obligations to them. These obligations are variable in nature and are all linked to associated customer agreements and obligations. In addition, some of them are contingent upon the exercise of options under the associated customer agreements, which may affect the extent of the Group's and the Company’s commitments toward its subcontractors. The obligation to subcontractors is calculated based on most accurate estimate after reviewing all contract variables. Total liabilities under contractual obligations until maturity 31,023 31,023 Other contingent liabilities The Company is part of a Danish joint taxation arrangement with Michael Holm Holding ApS serving as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is liable for income taxes etc. for the jointly taxed enterprises and for the obligations, if any, relating to the withholding of tax on interest, royalties and dividend for these enterprises. The total net tax liability is incorporated in the accounts for Michael Holm Holding ApS. • consolidated\_group