XXXXX ANNUAL REPORT 2025 / Page 1
ANNUAL REPORT 2025
XXXXX ANNUAL REPORT 2025 / Page 2
Asetek is a developer and manufacturer of high-quality gaming
hardware. Founded in 2000, Asetek established its innovative
position as the leading OEM developer and producer of the all-
in-one liquid cooler for major PC & Enthusiast gaming brands.
In 2021, Asetek introduced its line of products for next level
immersive SimSports gaming experiences. Asetek is headquar-
tered in Denmark and has operations in China and Taiwan with
a total of 113 employees. In 2025 Asetek recorded revenue of
$41.5 million.
Asetek A/S
Visiting address: Skjoldet 20
DK-9230 Svenstrup J
Denmark
Email: investor.relations@asetek.com
www.asetek.com
CVR number: 3488 0522
Annual report for the nancial year 1 January to 31 December 2025. This annual report is approved by the Board of Directors as of April 8, 2026. The Board will submit this report for approval
at the Annual General Meeting on April 30, 2026. This annual report contains prospective information based on Asetek’s current expectations. This information is by nature uncertain and
associated with risk. Even if company management considers expectations based on such prospective information to be reasonable, no guarantee can be given that these expectations will
prove to be correct. Consequently, actual future results may vary signicantly compared with what is set out in the prospective information, for reasons including changed conditions in
respect of the economy, market and competition, changes in legal requirements and other political measures, exchange rate variations and other factors. Read more about the risks in the
chapter on ‘Risk management’ on pages 18–20 and in note 3 on page 35 ‘Risk management and debt’ in the nancial statements.
XXXXX ANNUAL REPORT 2025 / Page 3
CONTENT
Asetek in brief 4
Comments from CEO 6
Business model 7
Share and shareholders 9
Management report 11
Corporate governance 13
Risk management 18
Corporate social responsibility 21
Five year summary 23
Consolidated statement of comprehensive income 25
Consolidated balance sheet 26
Consolidated statement of changes in equity 27
Consolidated cash ow statement 28
Notes 29
Comprehensive income statement, parent company 52
Balance sheet, parent company 53
Statement of changes in equity, parent company 54
Statement of cash ows, parent company 55
Notes, parent company 56
Management statement 60
Independent auditor’s reports 61
Denitions of ratios and metrics 66
ASETEK IN BRIEF ANNUAL REPORT 2025 / Page 4
FOUNDED ON INNOVATION. DRIVEN BY EXCELLENCE
Asetek has been an innovave force in the global liquid cooling manufacturing industry for more than
25 years. In 2021 we introduced products for SimSports gaming. Asetek is headquartered in Denmark and
has operaons in China and Taiwan with a total of 113 employees. The Asetek share is listed on Nasdaq
Copenhagen. In 2025 the company recorded revenue of 41.5 million USD.
Who we are
We are a high-tech company with a long history in mechatronic innovaon, focusing on gaming hardware.
Since our foundaon we have disrupted the PC cooling market, seng new standards for performance and
eciency. In 2021, we connued to leverage our extensive capabilies with soware, hardware and mechanics
and entered into the world of sim racing as Asetek SimSports®. We are a diverse and agile organizaon located
close to some key electronic manufacturing hubs in South-East Asia.
What we do
Asetek is a developer and manufacturer of high-quality gaming hardware. Since 2000, we design, manufac-
ture, and sell high-quality liquid cooling soluons to most major PC and Enthusiast gaming brands. In 2021,
we introduced our line of products for next-level immersive SimSports gaming experiences, oering every
sim racer in the world the possibility to push limits and redene what’s possible.
Why we do it
With our market-leading and high-quality product oering our goal is to meet our clients´ requirements for
performance, design and longer product lifecycles. Our product development centers around our customers’
needs and reect an innovave engineering approach combined with superior performance. The Asetek
brand name has become synonymous with high product quality in all categories, which is conrmed by great
reviews and feedback from gamers and hardware enthusiasts around the world. We are in business to push
limits and redene what’s possible.
GROSS PROFIT 2025
$17.1
million
REVENUE 2025
$41.5
million
20.1%
of revenue invested
in research and development
in 2025
2025202420232022
50.6
76.3
52.5
41,5
Revenue per year, $ million
Owner type distribuon
Q4Q3Q2Q1
14.8
24.5
20.5
16.5
Revenue per quarter, $ million
Q4Q3Q2Q1
2.8
6.2
4.8
2.1
Adjusted EBITDA per quarter, $ million
Volume per market
Foreign ownership
Private Individuals 20.7%
Fund company 15.5%
Other 13.5%
Pension & Insurance 13.2%
Investment & PE 1.6%
Treasury Shares 1.3%
Unknown owner type 34.3%
Aquis 0.7%
Cboe Global Markets 11.6%
Euronext 43.6%
ITG 0.2%
LSE Group 1.8%
Nasdaq 42.1%
Sigma-X 0.04%
Foreign ownership 42.5%
Danish ownership 54.5%
Norwegian ownership 3.0%
Asetek is a high-tech company
with a long history in mechatronic
innovaon, focusing on gaming
hardware
“
ASETEK IN BRIEF ANNUAL REPORT 2025 / Page 5
KEY CONCEPTS FOR UNDERSTANDING ASETEK
CUSTOMERS – a global customer base
We design, manufacture, and sell high-performance
gaming hardware that delivers next-level immersive
gaming experiences. Our products power some
of the world’s leading PC and enthusiast gaming
brands, including three of the ve largest PC man-
ufacturers. Since 2021, we have been pushing the
boundaries of sim racing, oering every sim racer
the opportunity to redene what’s possible with our
cung-edge SimSports product lines.
REACH – well-balanced and global
We have a longstanding local presence in some key
electronic manufacturing hubs in South-East Asia
and our headquarters is in Aalborg, north Jutland,
Denmark. We have a global plaorm with a solid
supply chain creang long-term value for all stake-
holders.
PEOPLE – an internaonal organizaon
We believe that a diverse workforce and an inclusive
workplace is a prerequisite for staying compeve,
now and in the future. Our highly skilled employees
are all sharing the common purpose of challenging
industry standards driven by innovaon and opera-
onal excellence.
INNOVATION – we are a high-tech company
Asetek is a developer and manufacturer of
high-quality gaming hardware. Our journey began
over 25 years ago when we disrupted the PC cooling
market with our groundbreaking all-in-one liquid
cooler, seng new standards for performance and
eciency. In 2021, we connued to leverage our
extensive capabilies with soware, hardware and
mechanics and entered into the world of sim racing
as Asetek SimSports®. Our goal is to transform the
sim racing scene, pushing limits and redening
what’s possible.
HISTORY – founded on innovaon
Our history is rooted in innovaon that solved a
key challenge of performance limitaons caused by
computer processors running hot. This innovaon is
the foundaon that took Asetek to a world-leading
market posion within liquid cooling. Since 2021 we
are on a mission to become market-leader in the
rapidly growing market for sim hardware.
COMMENTS FROM CEO ANNUAL REPORT 2025 / Page 6
PROVEN RESILIENCE &
POSITIONED FOR GROWTH
Asetek had a challenging 2025, shaped by macro-
economic uncertainty, shiing customer demand
and new U.S. import taris aecng the global value
chain. Revenue reected these challenges, as well as
Asetek’s move toward value-oriented products and
reduced orders from our two major Liquid Cooling
customers, who moved to dual-sourcing. Encourag-
ingly, growth from other exisng customers and new
accounts helped to minimize the revenue loss from
those customers. This underscores the strength of
our technology, our customer relaonships and our
compeve posion.
In Liquid Cooling, we expanded our mid-market
product porolio to widen the addressable market
while maintaining leadership in the premium
segment. In October, we secured a major long-
term agreement with a global leading provider of
high-quality PC gaming components, including a
minimum revenue commitment of USD 35 million
over the rst two-year term. This agreement
strengthens revenue visibility and supports our
expectaon of renewed growth beginning in 2026.
Our SimSports business operated in a more di-
cult environment, parcularly due to U.S. taris aect-
ing products manufactured in China and disrupng
U.S. sales. In response, we accelerated manufacturing
in Malaysia to reduce tari exposure and focused
on expanding distribuon channels. We connue to
Looking back, 2025 was another year of change – we again took signicant steps to secure the
long-term growth and development of our business. And we solidied our opportunies for
future successes through alignment with a new owner, Chunqiu
“Embarking on the
next chapter of our
journey with a clear
path forward”
build a broader retail and reseller network, including
oering our full line of products on Amazon.
At the Gamescom event in August, we launched
the Inium product line, our major play toward
expanding into the mass-market segment with
high-value bundled oerings and an upgradable
ecosystem. Console-compable products to be
released in 2026 will further broaden our address-
able market and strengthen our long-term growth
plaorm.
The next chapter - a clear path ahead
In the fourth quarter, Asetek received a premi-
um, all-cash voluntary public takeover oer from
CQXA Holdings Pte. Ltd., a subsidiary of Suzhou
Chunqiu (‘Chunqiu’), a highly respected leading
technology company in China. With the transacon
closing in April 2026, I am condent that a stronger
future awaits Asetek, and I look forward to embark-
ing on the next chapter of our journey. All in all,
despite a demanding year, Asetek has strengthened
its commercial foundaon, broadened its product
porolio and posioned both business units for
growth. With improved revenue visibility in Liquid
Cooling and an expanded SimSports ecosystem, we
enter the coming years with condence and a clear
path forward with Chunqiu.
I would like to thank our employees, customers,
partners and shareholders for their connued trust
and support.
André S. Eriksen,
Founder and CEO
OUR BUSINESS MODEL EXPLAINED ANNUAL REPORT 2025 / Page 7
A GLOBAL PLATFORM SUPPORTING GROWTH
Innovaon and product development
Product development is and always has been the
main focus for Asetek. Since its incepon, the com-
pany has successfully launched innovave products
with high quality. Asetek’s R&D team and technolo-
gy lab are based in Aalborg, Denmark. These teams
are responsible for innovaon, concept and design
of our products and also manage collaboraon with
Asetek’s global customer base to dene require-
ments and develop cung edge technology. We
connuously try to keep our R&D teams close to the
customers, which encourages faster, more respon-
sive and eecve feedback for improvements to our
exisng product range as well as new developments.
The Aalborg team works closely with the R&D team
in Xiamen, China, to idenfy the opmal sources for
the necessary components to fulll specic custom-
er requirements.
Sourcing and producon
Asetek’s manufacturing and logiscs teams in
Xiamen, China and Malaysia, evaluates and sources
components and suppliers for the nished product
to be assembled, allowing us greater control over
product quality. Our cooling soluons are assembled
by the Company’s principal contract manufactur-
er based in Xiamen and Malaysia and since 2023,
and a comparable contract manufacturer has been
producing many of our SimSports products in Xiamen
Asetek’s leading posion is based mainly on the compeve strength that originates
from the company’s operaonal excellence in oering high-quality gaming hard-
ware products. Through our history of over 25 years, Asetek has built up a wealth
of experience that is unique among companies in our industry and is recognized for
premium quality.
and Malaysia. Asetek’s business model concentrates
primarily on having contractual relaonship with er-
1 contract manufacturers.
Asetek’s quality team is divided in two groups:
one in Denmark and one in Xiamen. Their main
focus is to conduct ongoing inspecons to ensure
control over all aspects of quality and compliance
with a growing number of regulated parameters.
Logiscs and sales
Finished products are primarily delivered directly
to customer hubs in China, with smaller quanes
shipped directly to Europe and USA. Logiscs are of-
ten outsourced, and except for shipments from our
own webshop for SimSports products, our partners
handle deliveries to end-users themselves.
Liquid coolers are sold through two channels.
The main sales channel is a white-label approach,
meaning products are sold as a standalone to
partners who are in turn selling it under their label.
Asetek’s liquid coolers are also sold to partners
using it as a component to build a complete PC,
which is then sold to end-users. SimSports products
are sold under Asetek’s own brand either directly
to end-users through our webshop or via resellers,
who distribute them both online and in physical
stores.
End-users End-users
White-label
approach to partners
Direct-to-consumer (DtC)
• Own webshop
•Amazon US
OEM partners
B2B2C
• Resellers
• Distributors
Liquid cooling and SimSports sales channels
LIQUID
COOLING
ASETEK
SIMSPORTS
OUR BUSINESS MODEL EXPLAINED ANNUAL REPORT 2025 / Page 8
Markeng and customer service
The sales, markeng and product management
teams, based principally in Denmark and Taiwan,
oversee customer relaonships to facilitate commu-
nicaon and development, ensuring that the devel-
oped product meets or exceeds customer demands.
Considering our history and DNA, Asetek is
in many ways synonymous with innovave and
high-quality liquid cooling soluons. As a conse-
quence, our markeng eorts mainly focus on
leveraging this posion and building the Asetek
SimSports brand name. The overall markeng strat-
egy will benet both SimSports sales channels – cur-
rently done through online reviews using inuencers
and strategic partnerships as well as presence at
tradeshows and other key events.
Delighted customers are our best ambassadors,
and we know that they happily share their experi-
ence and trust in us. Our dedicated markeng and
sales teams are responsible for providing customer
service and support, making it easier to establish
closer relaonships with them. In the end, it is our
customers that can tell us how we can provide a
premium customer- centric experience.
Malaysia
• Outsourced
manufacturing
• Quality
Taipei
• Sales
• Product management
Xiamen
• Product management
• R&D
• Sourcing
• Outsourced manufacturing
• Quality
• Order management
Aalborg
• E-commerce
• Product management
• R&D and prototyping
• Sourcing
• In-house manufacturing
• Quality
• Order management
• Branding and outbound
markeng
• Finance
• Management
California
• Sales
Asetek oces Asetek representaon OEM HQ SimSports resellers
ASETEK SHARE AND INVESTOR RELATIONS ANNUAL REPORT 2025 / Page 9
SHARE CAPITAL
AND COMPLETED RIGHTS ISSUE
Lisng on Nasdaq Copenhagen
Aer the company’s IPO on February 11, 2013,
the Asetek shares were listed on the Oslo Stock
Exchange. In May 2023, the share also began
trading on Nasdaq Copenhagen. In March 2024,
Asetek’s shares were de-listed from the Oslo Stock
Exchange and have since had a lisng solely on
Nasdaq Copenhagen.
Rights issue
On November 7, 2024, Asetek announced its
intenon to carry out a rights issue with preempve
rights for exisng shareholders. The purpose was to
increase nancial exibility and enable connued
investments in the SimSports segment to capitalize
on future growth opportunies. Each shareholder
could subscribe for three new shares for every
share they held on the record date, at a price of DKK
0.40 per share. The rights issue was completed on
January 6, 2025, and raised gross proceeds of DKK
88 million for Asetek.
Share price development and turnover
The Asetek share trades under the symbol ASTK on
Nasdaq Copenhagen and the share’s ISIN code is
DK0060477263 (Technology: Computer Hardware),
segment Small Cap. At the close of 2025, Asetek’s
share price was DKK 1.65. This is equivalent to a
Asetek’s shares are listed on Nasdaq Copenhagen. A rights issue with preferenal rights for exisng
shareholders was completed on January 6, 2025. The rights issue raised gross proceeds of DKK 88 million
for Asetek.
market capitalizaon of DKK 523.0 million. The high-
est price quoted during the nancial year of 2025
was DKK 1.65 (December 29) and the lowest price
was DKK 0.40 (January 15). In 2025, the total turno-
ver of Asetek shares traded on Nasdaq Copenhagen
amounted to 282.3 million shares, corresponding
to 88.7 percent of the total number of shares at
December 31, 2025.
Share capital
Aer registraon of the share capital increase
following the rights issue at the beginning of the
year, the share capital in Asetek amounted to DKK
31,823,925.80 divided into 318,239,258 shares
with a nominal value of DKK 0.10. All shares are of
the same class and the same share of capital and
earnings. Each share entles the holder to one vote
at the General Meeng and each shareholder is en-
tled to vote for all shares held by the shareholder.
Ownership structure
As of December 31, 2025, the ten largest sharehold-
ers controlled 63.8 percent of the capital and votes.
Board members and execuve management held a
total of 32.2 percent of the capital and votes. Other
members of management held an addional 0.42
percent of the capital and votes. The total number
of shareholders in Asetek was 6,385 at December
31, 2025.
Concentration
(Dec 31, 2025) Shares
Capital
and votes
The 10 largest
owners 203,120,131 63.83%
The 20 largest
owners 226,916,332 71.30%
The 30 largest
owners 239,639,955 75.30%
Share repurchases
In 2025, no shares were repurchased. As of
December 31, 2025, Asetek holds a total of
1,257,071 treasury shares.
Investor Relaons (IR) at Asetek
Asetek’s goal is that the company should be valued
on the basis of relevant, correct and current
informaon. This involves a clear nancial commu-
nicaon strategy, reliable informaon and regular
contact with various stakeholders in the nancial
markets. The management and Board of Directors
of Asetek have a clear ambion to keep an ongoing
dialog with the media and the capital market. This
takes place through presentaons of quarterly
reports and meengs with analysts, investors and
the media at various events, seminars, one-on-one
meengs and during visits to Asetek oces. Inter-
ested pares can download presentaon materials
and listen to audio recordings from presentaons of
quarterly reports on Asetek’s website.
Financial informaon regarding Asetek is available
to download from hps://ir.asetek.com/overview/
default.aspx. This includes nancial reports, press
releases and other presentaons. The company’s
press releases are distributed via Cision and are also
available on the company’s website.
Financial calendar 2026
April 30, 2026 Annual General Meeng
August 18, 2026 Half Year Report, 2026
March 17, 2027 Annual nancial report, 2026
Shareholder contact
Peter Dam Madsen, Chief Financial Ocer
investor.relaons@asetek.com
XXXXX ANNUAL REPORT 2024 / Page 10
MANAGEMENT REPORT
Management report 11
Corporate Governance 13
Risk management 18
Corporate Social Responsibility 21
Five year summary 23
MANAGEMENT REPORT
PERFORMANCE IN 2025
Profit and loss
Total revenue for 2025 was $41.5 million, represent-
ing a decrease of 21% from 2024 ($52.5 million).
Sealed loop cooling unit shipments for 2025 totaled
0.7 million compared with 0.8 million in 2024.
Revenue and unit shipment changes reflect fewer
shipments of liquid cooling products which were
negatively impacted by increased tariffs on products
imported to the U.S., particularly from China, and
a shift in demand toward lower-end products. Av-
erage Selling Prices (ASP) for liquid coolers in 2025
decreased to $49.12 from $55.76 in 2024 (refer to
metrics definitions on page 66).
Gross margin was 41.2% in 2025 compared with
41.8% in 2024. The change reflects a change in
product mix and the recent price sensitivity in the
gaming hardware market.
In 2025, operating expense excluding special
items decreased to $25.3 million, from $27.4 million
in 2024, mainly due to reduced headcount and
related personnel expenses. Total operating expense
in 2025 included $2.4 million of special items: $0.6
million for a non-cash impairment charge on good-
will and $1.8 million of costs associated with the
April 2026 acquisition of the Company as described
in Note 1.1 in the consolidated financial statements.
These costs represented $0.8 million of legal and
advisory fees and $1.0 million of accelerated share-
based compensation associated with the full vesting
of options granted. Offsetting 2025 operating
expense was other income of $0.6 million from
an insurance settlement received. Total operating
expense in 2024 included a non-cash impairment
charge of $13.8 million as a consequence of an as-
sessed impairment within the cash generating units.
Share-based compensation cost that was not
included in Special items was $0.6 million in 2025
($0.3 million in 2024).
Adjusted EBITDA was negative $1.7 million in
2025, compared with positive $0.3 million in 2024.
Adjusted EBITDA in 2025 represents operating loss
of $10.0 million, plus depreciation of $5.4 million,
plus special items of $2.4 million, plus share-based
compensation of $0.6 million.
Foreign currency transactions in 2025 resulted
in a $0.3 million loss ($1.4 million gain in 2024).
Income tax benefit was $0.5 million in 2025,
principally resulting from R&D credits in Denmark,
MANAGEMENT REPORT ASETEK ANNUAL REPORT 2025 / PAGE 11
partly offset by income tax on operating income
earned in China. Income tax expense was $5.7
million in 2024, mainly due to impairment charges
of $4.2 million to deferred tax assets related to
uncertainty regarding their future recoverability.
Asetek had total comprehensive loss of $5.9 mil-
lion for 2025, compared with a loss of $25.3 million
in 2024. A positive $5.0 million translation adjust-
ment is included in 2025 (negative $1.3 million in
2024), principally due to the 11% weakening of the
U.S. dollar vs. the Danish krone in 2025.
Balance sheet
Asetek’s total assets at December 31, 2025 were
$84.8 million, compared with $79.4 million at
the end of 2024. The principal factors affecting
the change were as follows: Property, plant and
equipment increased by $4.8 million, mainly due
to weakening of the U.S. dollar by 11% from 2024.
Inventories increased by $1.3 million associated
with investment in new product offerings.
Total liabilities decreased slightly in 2025, due
to offsetting factors. After raising funds in January
2025 through a rights offering, the Company
paid down long-term debt and accrued liabilities.
These decreases in liabilities were partly offset by
exchange rate effects of a weaker U.S. dollar and
additional amounts drawn on lines of credit at the
end of the year.
Working capital (current assets minus current
liabilities) was $5.7 million at December 31, 2025
($4.4 million in 2024).
Statement of cash flows
Net cash used by operating activities was $5.3
million in 2025 ($1.2 million provided in 2024). The
change was principally due to the reduction in gross
profit as well as an increase in payment of liabilities
in 2025.
Cash used by investing activities was $4.1
million compared with $10.1 million used in 2024.
The decrease in investment is principally the result
of completion of construction of Asetek’s head-
quarters facility in 2024. Additions to capitalized
assets under development associated with future
products was $2.6 million, an increase of $0.3
million from 2024.
Cash provided by financing activities was $9.2
million in 2025 compared with $5.0 million provided
in 2024. In January 2025, the Company raised
net proceeds of $11.6 million in a rights offering
through the issuance of 219.9 million new common
shares. This was partly offset by $2.6 million of pay-
ments against long-term debt, equipment financing
and leases.
Net increase in cash and cash equivalents was
$0.3 million in 2025, compared with a decrease of
$5.8 million in 2024. Cash and cash equivalents at
December 31, 2025 was $3.6 million ($3.3 million
in 2024).
Liquidity and financing
As described in Note 1.1 to the consolidated
financial statements, in April 2026, all of the shares
of Asetek A/S will be acquired by CQXA Holdings
Pte. Ltd., a controlled subsidiary of Suzhou Chunqiu
Electronic Technology Co., LTD. (“Chunqiu”). All
conditions to the completion of the offer have been
fulfilled such that the transaction will close April 21,
2026.
Asetek requires additional funding to continue
its operations. Chunqiu is listed on the Shanghai
Stock Exchange, has sufficient capital resources to
maintain Asetek’s liquidity and has committed to
funding Asetek’s operations for the next year. At
the time of closing, Chunqiu will provide Asetek
with a loan to fulfill Asetek’s liquidity needs and
to cover incremental legal, audit and consulting
expenditures associated with the acquisition.
While there is no assurance that Chunqiu will
generate sufficient revenue or operating profits in
the future, and its long-term plans for Asetek are
still being formed, Asetek’s management estimate
that Chunqiu will provide sufficient resources to
satisfy Asetek’s working capital requirements for
the foreseeable future.
2025 RESULTS vs. EXPECTATIONS
In the 2024 report, the Company communicated
expectations of revenue in 2025 to be in the range
of $52-58 million, with expected adjusted EBITDA
margin to be in the range of 3% to 5%. On April 25,
2025, the Company reduced guidance to full year
Group revenue expected in the range of $45 to $53
million, with an adjusted EBITDA margin of 0% to
3%. This change considered the expected negative
effects of import tariffs implemented by the U.S.
government, most significantly related to products
made in China. On November 3, 2025, Asetek
further adjusted its outlook for the year, estimating
full year Group revenue of about $41 million and
adjusted EBITDA in the range of negative 3% to neg-
ative 5%. The revised outlook reflected the effects
of two major liquid cooling customers’ reduced
purchasing during the year and continued effects of
the U.S. import tariffs. The Company’s actual results
for 2025 reflected total revenue of $41.5 million and
adjusted EBITDA margin of negative 4.0%, which
were within the guidance provided on November
3, 2025. The results did not meet management’s
expectations at the beginning of the year.
EXPECTATIONS FOR 2026
In October 2025, Asetek secured a major long-term
liquid cooling agreement with a global leading
provider of high-quality PC gaming components, in-
cluding a minimum revenue commitment of USD 35
million over the first two-year term. This agreement
strengthens revenue visibility and supports Asetek’s
expectation of renewed growth beginning in 2026.
In SimSports, the Company plans to launch its
console-compatible products in 2026. As a result
of these prospects, the Company expects revenue
for 2026 at the Group level to be in the range of
$55 to $60 million, with an adjusted EBITDA of
approximately zero. The Group revenue outlook is
derived from expected revenue in the Liquid Cooling
segment in the range of $44 to $48 million, and in
the SimSports segment $11 to $12 million. For the
full fiscal year 2026, the Liquid Cooling segment is
expected to achieve a gross margin in the range of
35-40%, while the SimSports segment is expected
to reach a gross margin of 28–32%. The potential
impact of the geopolitical situation and U.S. import
tariffs remains uncertain and will depend on various
factors beyond the Company’s control, as well as the
Company’s ability to mitigate any potential effects.
MANAGEMENT REPORT ASETEK ANNUAL REPORT 2025 / PAGE 12
CORPORATE GOVERNANCE
The objective of corporate governance is to ensure
that Asetek is managed as efficiently as possible in
order to create shareholder value. This is achieved
through a clear division of responsibilities be-
tween the Annual General Meeting, the Board and
the executive management, as well as through
clear regulations and transparent processes.
Framework for corporate governance
In this process, Asetek uses the corporate govern-
ance recommendations from Nasdaq Copenhagen
as an important source of inspiration. The recom-
mendations can be found at: https://www.nasdaq.
com/market-regulation/nordic/copenhagen
The Board of Directors is fundamentally in full
agreement with Danish Committee on Corporate
Governance recommendations for good company
governance. Asetek endeavors to follow the relevant
recommendations for the Company, which support
the business and ensure value for the Company’s
stakeholders. The statutory report on Corporate
Governance, cf. section 107b of the Danish Financial
Statements Act, is available on the Company’s
website: https://ir.asetek.com/Corporate-
Governance-Statement-2025/
Communication between the Company and
its shareholders
The communication between Asetek and sharehold-
ers primarily takes place at the Company’s Annual
General Meeting and via company announcements.
Asetek shareholders are encouraged to subscribe to
the e-mail service to receive company announce-
ments, interim management statements, interim
reports and annual reports as well as other news via
e-mail.
The general meeting
The General Meeting has the final authority over
the Company. The Board of Directors emphasize
that shareholders are given detailed information
and an adequate basis for the decisions to be made
by the General Meeting.
The General Meeting elects the Board of Direc-
tors, which currently consists of five members. The
board members are elected for one year at a time
with the option for re-election.
Amendment of Articles of Association
Unless otherwise required by the Danish Companies
Act, resolutions to amend the Articles of Association
must be approved by at least 2/3 of the votes cast
as well as at least 2/3 of the voting share capital rep-
resented at the General Meeting.
Board responsibilities
The Board of Directors’ main tasks include partici-
pating in, developing, and adopting the Company’s
strategy, performing the relevant control functions
and serving as an advisory body for the executive
management. The Board reviews and adopts the
Company’s plans and budgets. Items of major
strategic or financial importance for the Company
are items processed by the Board. The Board is
responsible for hiring the CEO and defining his or
her work instructions as well as setting of his or her
compensation. The Board periodically reviews the
Company’s policies and procedures to ensure that
the Group is managed in accordance with good cor-
porate governance principles, upholding high ethics.
Financial reporting
The Board of Directors receives regular financial
reports on the Company’s business and financial
status.
Notification of meetings and
discussion of items
The Board schedules regular meetings each year.
Ordinarily, the Board meets eight to ten times a
year, of which four are quarterly update telecon-
ferences. The meetings are typically conducted at
either the facility in Aalborg, Denmark or via web
based conferencing. Additional meetings may be
convened on an ad hoc basis.
All Board members receive regular information
about the Company’s operational and financial pro-
gress in advance of the scheduled Board meetings.
The Board members also regularly receive oper-
ations reports and participate in strategy reviews.
The Company’s business plan, strategy and risks are
regularly reviewed and evaluated by the Board. The
Board Members are free to consult the Company’s
senior executives as needed.
Ordinarily, the Chairman of the Board proposes the
agenda for each Board meeting. Besides the Board
Members, Board meetings are attended by the
Executive Board.
Other participants are summoned as needed.
The Board approves decisions of particular impor-
tance to the Company including the strategies and
strategic plans, the approval of significant invest-
ments, and the approval of business acquisitions
and disposals.
Conflicts of interest
In a situation involving a member of the Board
personally, this member will exclude him or herself
from the discussions and voting on the issue.
Use of Committees
Currently, the Company has a Nomination
Committee, an Audit Committee and a
Compensation Committee.
// The Nomination Committee is elected directly
by the General Meeting. The Committee consists of
three members and must be independent from the
Board of Directors and the management, however, it
Danish Recommendation for Corporate Governance
2025 2024
Participation:
Complies with
recommendations
38 38
Explanation provided 2 2
CORPORATE GOVERNANCE ASETEK ANNUAL REPORT 2025 / PAGE 13
is recommended that the chairman of the Board of
Directors is a member. The tasks include proposing
candidates for the Board of Directors, propose
remuneration for the Board of Directors as well as
perform the annual assessment of the Board of Di-
rectors. Members: Søren Klarskov Vilby, Jakob Alsted
Have and Lars Kristensen.
Nomination committee meetings
Meetings held during the year: 4
Participation:
Jakob Alsted Have (chair) *) 100%
Søren Klarskov Vilby *) 100%
Lars Kristensen *) 100%
*) Joined on April 28, 2025 and did not participate in the 3
meetings held prior to this date.
// The Audit Committee is elected among the mem-
bers of the Board of Directors and has responsibili-
ties related to financial reporting, the independent
auditor, internal reporting and risk management,
including cybersecurity risks. The Committee
consists of at least two shareholder elected Board
members. Members: Dennis Nymann (chair), Jakob
Alsted Have and Søren Klarskov Vilby.
// The Compensation Committee has responsibil-
ities related to developing proposals for the appli-
cable remuneration policy and remuneration of the
Management Board. Members: Søren Klarskov Vilby
(chair) and Jakob Alsted Have.
The Board’s self-evaluation
The Board’s composition, competencies, work-
ing methods and interaction are discussed on an
ongoing basis and evaluated formally on an annual
basis. In this connection, the Board also evaluates
its efforts in terms of corporate governance.
The composition of the Board is considered
appropriate in terms of professional experience and
relevant special competences to perform the tasks
of the Board of Directors. The Board of Directors
continuously assesses whether the competencies
and expertise of members need to be updated. All
of the members are independent persons, and none
of the Board members participates in the day-to-day
operation of the Company. At the 2024 Ordinary
General Meeting on April 28, 2025, Mr. Søren Klarsk-
ov Vilby, Mr. Jakob Alsted Have, Mr. Lars Kristensen,
Mr. Lasse Dannulat and Mr. Dennis Nymann were
each elected to the Board, all receiving 59% of the
votes cast. Mr. Vilby was elected Chairman of the
Board by the Board of Directors on April 28, 2025.
Risk management
Refer to the Risk Management section of the Man-
agement Report as well as Note 3 of the consolidat-
ed financial statements.
BOARD OF DIRECTORS
Name Elected Independent Share holdings Board meetings
Audit
committee
Compensation
committee
Søren Klarskov Vilby (chair) *) 2025 Yes 100 7/7 2/2 1/1
Jakob Alsted Have (vice chair) *) 2025 Yes 40,124,827 7/7 2/2 1/1
Dennis Nymann (AC chair) *) 2025 Yes 128,013 7/7 2/2 –
Lars Kristensen *) 2025 Yes 56,133,599 7/7 – –
Lasse Dannulat *) 2025 Yes 24,010 7/7 – –
*) Joined on April 28, 2025, and did not participate in the 9 Board meetings; the 2 Audit Committee meetings or the 6 Compensation Committee meetings held prior to this date.
Internal audit
The need for an internal audit function is considered
regularly by the Audit Committee. However, due to
the size of the Company and the established control
activities, the Audit Committee so far considers it
unnecessary to establish an independent internal
executive audit board.
As part of risk management, Asetek has a whis-
tle-blower function for expedient and confidential
notification of possible or suspected wrongdoing.
Share capital
On December 31, 2025, the share capital in
Asetek amounted to DKK 31,823,926 divided into
318,239,258 shares with a nominal value of DKK
0.10. All shares are of the same class and hold the
same share of capital and earnings. Each share
entitles the holder to one vote at the General Meet-
ing and each shareholder is entitled to vote for all
shares held by the shareholder.
Ownership structure
At the end of 2025, the ten largest shareholders
controlled 63.83 percent of the capital and votes.
Board members and executive management
held a total of 32.16 percent of the capital and
votes. Other members of management held an
additional 0.42 percent of the capital and votes. The
total number of shareholders in Asetek was 6,385 at
December 31, 2025.
As of December 31, 2025, Asetek A/S had four
major shareholders, each holding more than 5%
of the voting rights and share capital. These four
shareholders are:
Vorup Invest ApS
Granvænget 14, 8920 Randers NV, Denmark
56,133,599 shares, corresponding to 17.6% of the
share capital and voting rights.
Arbejdsmarkedets Tillægspension (ATP)
Kongens Vænge 8, 3400 Hillerød, Denmark
42,792,408 shares, corresponding to 13.4% of the
share capital and voting rights.
Nordic Compound Invest A/S
Annexstræde 6, 2500 Valby, Denmark
40,124,827 shares, corresponding to 12.6% of the
share capital and voting rights.
Skjold Invest ApS
Virringvej 69, 8660 Skanderborg, Denmark
22,968,653 shares, corresponding to 7.2% of the
share capital and voting rights.
Share repurchases
In 2025, no shares were repurchased. As of
December 31, 2025, Asetek holds a total of
1,257,071 treasury shares.
CORPORATE GOVERNANCE ASETEK ANNUAL REPORT 2025 / PAGE 14
BOARD OF DIRECTORS SHARE AUTHORIZATION
Meeting Date Meeting Type Action Shares Nominal Value Price
April 23, 2014 Board Board issues warrants to employees and Board members 118,210 DKK 0.10/share NOK40.10
August 12, 2014 Board Board issues warrants to employees and Board members 32,970 DKK 0.10/share NOK33.90
August 11, 2015 Board Board issues warrants to employees and Board members 700,000 DKK 0.10/share NOK10.50
April 29, 2016 Board Board issues warrants to employees and Board members 600,000 DKK 0.10/share NOK19.50
April 25, 2017 Board Board issues warrants to employees and Board members 509,687 DKK 0.10/share NOK76.25
July 7, 2017 Board Board issues warrants to employees 106,999 DKK 0.10/share NOK113.00
April 25, 2018 General Board authorized to acquire the Company's own shares
October 31, 2018 Board Board introduces employee stock option program to replace warrant program
and issues options to employees 378,500 DKK 0.10/share NOK46.30
April 10, 2019 General Board authorized to acquire the Company's own shares
September 8, 2019 Board Board issues options to employees 494,900 DKK 0.10/share NOK24.70
April 22, 2020 General Board authorized to acquire the Company's own shares
April 23, 2020 Board Board issues options to employees 320,300 DKK 0.10/share NOK38.33
April 21, 2021 Board Board issues options to employees 216,300 DKK 0.10/share NOK100.15
April 22, 2021 General Board authorized to acquire the Company's own shares
April 28, 2022 General Board authorized to acquire the Company's own shares
September 7, 2022 Board Board issues options to employees 376,500 DKK 0.10/share NOK15.04
March 8, 2023 Board Board authorized capital increase to raise DKK140 million in fully underwritten rights
issue
71,166,167 DKK 0.10/share NOK3.00
May 9, 2023 General Board authorized to acquire the Company's own shares
December 12, 2023 Board Board issues options to employees 2,956,850 DKK 0.10/share DKK4.07
April 30, 2024 General Board authorized to acquire the Company's own shares
November 29, 2024 Extraordinary General Board authorized to increase Asetek’s share capital and issue new shares with pre-emp-
tive rights for the existing shareholders
April 28, 2025 General Board authorized to acquire the Company's own shares
CORPORATE GOVERNANCE ASETEK ANNUAL REPORT 2025 / PAGE 15
BOARD OF DIRECTORS
Execuve and other posions held Age and gender Qualicaons
Date appointed to
end of current term Independence status
SØREN KLARSKOV VILBY, CHAIRMAN
- Blue Ocean Holding ApS - Chairman of the Board
- Blue Ocean Robotics ApS - Chairman of the Board
- Dinex A/S - Member of the Board
- 3C Group A/S - Member of the Board
- SUBD ApS - Member of the Board
- Vilby Capital ApS - Owner and Managing director
- SDU (University of Southern Denmark) Chairman of the board
Committee participation: Compensation (chair); Nomination
Asetek equity holdings: 100 owned/controlled shares
2025 cash compensation: $42,524
60
Male
More than 30 years of senior leadership experi-
ence in electronics and electrical manufacturing
and assembly, as well as business development
and sales in an international B2B environment.
April 28, 2025 to
April 30, 2026
Independent
JAKOB ALSTED HAVE, VICE CHAIRMAN
- Nordic Compound A/S - Owner, Board member and Managing director
- Nordic Compound Management A/S
- Board member and Managing director
- Nordic Compound Invest A/S - Managing director
- DonkeyRepublic Holding A/S, Board member
Committee participation: Nomination (chair); Audit
Asetek equity holdings: 40,124,827 owned/controlled shares
2025 cash compensation: $35,985
44
Male
Expertise in strategy, capital structure, capital
markets, mergers and acquisitions (M&A), restruc-
turing, accounting, and tax.
April 28, 2025 to
April 30, 2026
Independent
DENNIS NYMANN, BOARD MEMBER
- DNY ApS - Owner and Managing director
- PFP A/S - Board member
- Aktieselskabet af 16. september 2009
- Board member and Managing director
- Flyvende Falk ApS - Managing director
- Flyvende Falk Holding ApS - Managing director
- DefCap Group ApS - Managing director
Committee participation: Audit (chair)
Asetek equity holdings: 128,013 owned/controlled shares
2025 cash compensation: $39,251
46
Male
Former auditor and state authorized public
accountant serving clients in a variety of sectors.
Former finance director and CFO within real estate
and retail. For the past 6 years external consultant
within finance.
April 28, 2025 to
April 30, 2026
Independent
LARS KRISTENSEN, BOARD MEMBER
- Vorup Invest ApS - Owner and Managing director
- Bolig Kronjylland ApS - Managing director
- Bolig & Erhverv Randers ApS - Managing director
Committee participation: Compensation
Asetek equity holdings: 56,133,599 owned/controlled shares
2025 cash compensation: $29,438
45
Male
Graduated with a Master of Science in Economics
(Cand.Econ) from Aarhus University in 2009. Has
held executive roles as Chief Financial Officer
(CFO) and Chief Risk Officer (CRO) at MFT Energy
A/S. Founder and Managing Director of the invest-
ment company Vorup Invest ApS.
April 28, 2025 to
April 30, 2026
Independent
CORPORATE GOVERNANCE ASETEK ANNUAL REPORT 2025 / PAGE 16
BOARD OF DIRECTORS
Execuve and other posions held Age and gender Qualicaons
Date appointed to
end of current term Independence status
LASSE DANNULAT, BOARD MEMBER
- Dal Invest ApS - Owner and Managing director
Committee participation: -
Asetek equity holdings: 24,010 owned/controlled shares
2025 cash compensation: $29,438
45
Male
Owner and CEO, Dal Invest ApS (2015 – Present)
Entrepreneur with 10 years of experience in
company ownership, financial management, and
regulatory compliance.
April 28, 2025 to
April 30, 2026
Independent
EXECUTIVE MANAGEMENT
Other positions held:
André Sloth Eriksen, Chief Executive Officer
It’s IT A/S - Chairman of the Board
Keldbækgård - Owner
Peter Dam Madsen, Chief Financial Officer
iFEED ApS - Board of Directors
CORPORATE GOVERNANCE ASETEK ANNUAL REPORT 2025 / PAGE 17
Asetek’s potential to realize the Company’s stra-
tegic and operational objectives are subject to a
number of commercial and financial risks. Asetek
is continuously working to identify risks that can
negatively impact the Company’s future growth,
activities, financial position and results as well
as CSR-related risks. Asetek conducts its business
with significant focus on continuous risk monitor-
ing and management.
For a comprehensive discussion of risk factors,
refer to the Company’s 2024 Prospectus here:
https://ir.asetek.com/share-info/prospectus/
Asetek-2024-Prospectus/
The overall goal of risk management is to ensure
that the Company is run with a level of risk, which is
in a sensible ratio to the activity level, the nature of
the business, and the Company’s expected earnings
and equity. To the largest extent possible, Asetek
tries to accommodate and limit the risks which the
Company can affect through its own actions.
The following are some of the risk factors manage-
ment considers as being of special importance to
the Group, described in no specific order.
Market demand and Competition
Economic recession. A general slowdown in the
global economy, including a recession, inflation or
a tightening of the credit markets could negative-
ly impact Asetek’s business, financial condition
and liquidity. Adverse global economic conditions
have caused or exacerbated significant slowdowns
in the markets in which the Company operates,
which have adversely affected Asetek’s results of
operations recently and in the past. Macroeconomic
weakness and uncertainty also make it more diffi-
cult for management to accurately forecast revenue,
gross margin, and expenses. Further economic
downturn or increased uncertainty may also lead
to increased credit and collectibility risks, reduced
availability of capital and credit markets, reduced
profits, liquidity and potentially adverse impacts on
Asetek’s suppliers.
Competition. The markets in which the Company
operates are competitive, the technological devel-
opment is rapid, and the Company may in the future
also be exposed to increased competition from
current market players or new entrants.
Customer concentration. In 2025, four customers
accounted for 21%, 14%, 10% and 10% of total reve-
nue. In the event of a decline or loss of any of these
customers, replacement of the revenue stream
would be difficult for Asetek to achieve in the short
term. The Company is actively working with its oth-
er customers to grow their respective market shares
and order volumes.
New chip releases. Asetek’s liquid cooling revenue
is dependent upon timely releases by major sup-
pliers of new GPU’s and CPU’s. In recent years, the
global economy was subject to an unprecedented
shortage of semiconductor chips due to production
constraints and increased demand brought on by
accelerated digital transformation. This shortage
negatively impacted demand. The global chip
shortage eased in 2023; however, the Company’s
revenue continues to be dependent upon timely
releases of GPU’s and CPU’s, and future shortages
could negatively impact customer demand.
Financial and Macroeconomic Risk
Capital resources and indebtedness. In recent years,
the Company has been dependent on third party
debt and equity financing. In the fourth quarter of
2024, a decline in revenue resulted in a projected
near-term cash shortfall requiring the Company to in-
itiate an equity rights offering which raised net $11.6
million in January 2025. The Company had previously
raised $16.1 million in an equity rights offering in May
2023. As of December 31, 2025 the Company has
long-term debt of $19.5 million, principally incurred
for construction of a new headquarters facility, which
was completed in 2024. The Company’s principal
debt is based on a variable interest rate (Danish
CIBOR 3) and matures in March 2028. The April
2026 acquisition of Asetek by a subsidiary of Suzhou
Chunqiu Electronic Technology Co., LTD., as described
in Note 1.1 of the consolidated financial statements,
is expected to significantly mitigate this risk.
Credit risk. Credit risk is the risk of a counterpart
neglecting to fulfill its contractual obligations and
in so doing imposing a loss on Asetek. The Group’s
credit risk originates mainly from receivables from
the sale of products as well as deposits in financial
institutions. Receivables from the sale of products
are split between many customers and geographic
areas. Two customers represented 23% and 14% of
trade receivables at December 31, 2025. A system-
atic credit evaluation of all customers is conducted,
and the rating forms the basis for the payment
terms offered to the individual customer. Credit risk
is monitored centrally.
Foreign exchange rates. Substantially all of Asetek’s
revenue is billed in USD. However, many customers
resell Asetek products to end users in countries
where USD is not the transactional currency. As a
result, there is a risk that fluctuations in currency
will affect the cost of product to the end user and
negatively impact market demand for Asetek prod-
ucts. Asetek estimates that about one third of its
sold products ultimately are delivered in Europe or
Japan, which are the two geographical areas which
could have the largest potential impact due to USD
fluctuation. Asetek believes that other factors in the
end users’ buying decision play a larger role than
price fluctuation on the liquid cooling component.
During 2025, the USD weakened against both the
DKK and EUR by 11% to 12% and was level against
the Japanese Yen.
Asetek’s raw materials are predominantly
purchased with USD, from vendors whose under-
lying currency is CNY. The USD weakened against
the CNY by 2% in 2025. Asetek recognizes that USD
appreciation can result in sales price pressure for
its suppliers. Historically, the Company has not seen
significant reaction from its markets. In addition,
Asetek believes that competing products are prone
to the same exchange rate scenarios as Asetek.
A significant portion of Asetek’s overhead costs
are incurred in DKK. As a result, fluctuations in USD
vs. DKK will continue to have an influence on results
of operations and financial position. The Group has
not entered into any forward exchange instruments.
RISK MANAGEMENT
RISK MANAGEMENT ASETEK ANNUAL REPORT 2025 / PAGE 18
Innovation and Product Development
Investment in SimSports. In 2020 and 2021, Asetek
acquired technology and intellectual property
in support of the Company’s entrance into the
fast-growing SimSports gaming market. In March
2022, the Company shipped the first of its SimSports
products and has released several new products
through 2025. Revenue generated from SimSports
products totaled $5.7 million in 2025, approximately
14% of the Group’s total revenue for the year. The
SimSports segment is not yet profitable, generating
adjusted EBITDA losses of $8.5 million in 2025 and
$8.9 million in 2024.
Research and development, innovation, market
development. The Company’s future success,
including the opportunities to ensure growth,
depends on the ability to continue developing new
solutions and products adapted to the latest tech-
nology and the clients’ needs as well as improving
existing solutions and market position. As such, the
Company develops new releases on a regular basis,
with emphasis on higher performance, improved
efficiency and noise-reduction. Providing new
and innovative applications for Asetek’s cooling
technology is also a focus, as evidenced by the new
SimSports products released during 2025.
Operational and Supply Chain Risk
Manufacturing supply. Asetek relies upon suppliers
and partners to supply products and services
at competitive prices. Supply constraints and
disruptions in the global supply chain may increase
component costs and limit the Company’s ability
to fulfill customer demand. Asetek’s liquid cooling
products have been historically assembled in Xia-
men, China by a single contract manufacturer which
may be difficult to substitute in the short term if
the need should arise. Suppliers are proactively
managed by the Company’s operations teams based
in Xiamen and Aalborg. In 2023, the Company began
outsourced manufacturing of certain products in
Malaysia, and continues to increase production
volumes at that site.
Regulatory and Compliance Risk
U.S. import tariffs. The Company imports certain
of its products from China and Malaysia to the U.S.
and is therefore subject to applicable U.S. tariffs.
Imports from China have historically been subject to
25% tariffs. In 2025, the U.S. imposed additional tar-
iffs that were subsequently invalidated by the U.S.
Supreme Court in February 2026. The existence
of the tariffs has contributed to market uncertain-
ties, particularly in the liquid cooling segment. The
RISK MANAGEMENT ASETEK ANNUAL REPORT 2025 / PAGE 19
Company continues to work to minimize the impact
of the tariffs on Asetek and its customers, and to
the extent possible, will seek to obtain reimburse-
ment of tariffs paid that have been subsequently
invalidated.
CSR-related risks. Asetek continuously identifies and
manages CSR-related risks through its framework
policy and related governance processes. Further
information is provided in the Corporate Social Re-
sponsibility section.
Taxation. The tax situation of the Company is
complex. In connection with its initial public offering
in 2013, Asetek moved its Parent company from the
U.S. to Denmark.
However, USA – in a unilateral tax treaty override –
still considers Asetek A/S a U.S. tax subject, resulting
in double taxation of Parent company earnings.
Asetek has approached both countries’ tax author-
ities with the aim of resolving the situation as per
the double taxation treaty. However, a determina-
tion may take several years, and the authorities are
not obligated to resolve the problem. The Company
continues to make progress in working with the tax
authorities of Denmark and U.S. to possibly resolve
this issue.
In June 2019, the U.S. released regulation for its
Global Intangible Low-Taxed Income (GILTI) inclusion
for U.S. taxation, effective beginning with tax year
2018. The GILTI regulation requires U.S. companies
to report foreign corporation intangible income
that exceeds 10% return on foreign invested assets.
Under prior law, U.S. owners of foreign corporations
were able to defer recognizing taxable income until
there was a distribution of earnings back to U.S.
owners. In 2025, The GILTI regulation caused zero
net incremental tax liability ($0.9 million in 2024),
which was partly offset by utilization of available
deferred tax assets. Because of Asetek’s U.S. tax
status as described above, management believes
that the impact of the GILTI regulation as it applies
to the Company could be reformed in the future;
however, such reform is not certain. The Company
continues to work with its tax advisors to clarify and
address these matters.
RISK MANAGEMENT ASETEK ANNUAL REPORT 2025 / PAGE 20
CORPORATE SOCIAL RESPONSIBILITY
Asetek seeks to be a good corporate citizen in
everything that it does, and therefore has com-
bined its operating principles into one framework
policy.
In 2025, Asetek’s Corporate Social Responsibility
(CSR) disclosures in the Annual Report are prepared
in accordance with Section 99b of the Danish
Financial Statements Act and are supplemented
by a separate Voluntary Sustainability Reporting
Standard (VSME) report.
The Company’s business model is described in
‘Asetek in brief’ on pages 4-5 and ‘Our business
model explained’ on pages 7-8 of this Annual
Report.
The VSME report constitutes supplementary
information and does not form part of the statutory
statement on corporate social responsibility pursu-
ant to Section 99b of the Danish Financial State-
ments Act and is not covered by the audit of the
annual report. Please refer to the VSME report here:
https://ir.asetek.com/reports-and-presentations/
annual-reports/default.aspx
Asetek’s CSR is anchored in its ESG Policy
Framework covering (i) environmental and climate
matters, (ii) social and employee matters, (iii) re-
spect for human rights, and (iv) anti-corruption and
anti-bribery. Asetek’s ESG governance is overseen
by an ESG committee established in 2020, chaired
by the CFO and reporting regularly to the board of
directors. This statutory statement on corporate
social responsibility covers the financial year 2025
and applies to Asetek A/S and its activities.
Environment and climate
Policy
Asetek seeks to manage potential environmental im-
pacts within its own operations and value chain. En-
vironmental commitments form part of the compa-
ny’s Commitment to Responsible Business Conduct
and include energy use, greenhouse gas emissions,
material use and circular design principles. Besides
that, Asetek ensures product compliance with
applicable regulations including REACH and RoHS
and maintains an internal restricted substances list
covering PVC, brominated and chlorinated flame
retardants and other hazardous substances.
Actions and results
Asetek monitors energy consumption and GHG
emissions across Scopes 1, 2 and 3, including data
from primary contract manufacturers. In 2025 a
new climate data platform was implemented to im-
prove supplier-level data and emission factors. R&D
continued evaluating recycled aluminium and other
material improvements. Waste generated in own
operations is handled through recycling and reuse
solutions where possible. Compliance is monitored
continuously in cooperation with Mediator A/S. All
products carry CE and UL markings. No non-compli-
ance incidents related to REACH, RoHS, 3TG conflict
minerals or California Proposition 65 were identified
in 2025.
Risks and outlook
Key climate risks relate to value-chain emissions,
CORPORATE SOCIAL RESPONSIBILITY ASETEK ANNUAL REPORT 2025 / PAGE 21
energy-intensive manufacturing and transportation,
and the use of critical metals such as aluminium and
copper. Engagement with contract manufacturers
and evaluation of material alternatives will continue
in 2026. Regulatory developments related to haz-
ardous substances also remain a risk area. Asetek
will continue compliance monitoring and expand
sustainability considerations within its SimSports
product range.
Employee conditions
Policy
Asetek aims to maintain a safe and supportive
workplace. Employee conditions are governed by
the staff handbook and ESG policy covering working
conditions, health and safety, remuneration, training
and diversity.
CORPORATE SOCIAL RESPONSIBILITY ANNUAL REPORT 2025 / Page 22
Actions and results
Managers conducted regular employee develop-
ment dialogues in 2025. Systems for monitoring sick
leave and safety procedures are maintained. All em-
ployees received wages above applicable minimum
levels, with one temporary exception managed in
accordance with Chinese labour law. No recordable
work-related accidents occurred in 2025.
Risks and outlook
Key risks relate to employee wellbeing and safe
working conditions. Asetek will continue targeted
training and structured processes supporting em-
ployee wellbeing.
Human rights
Policy
Asetek respects human rights in line with the UN
Guiding Principles on Business and Human Rights.
Expectations are extended to suppliers through the
Business Relationships Code of Conduct.
Actions and results
Supply chain due diligence includes regular visits
to contract manufacturers in China. A grievance
mechanism enables employees to raise work-relat-
ed concerns in a confidential manner. A separate
whistleblower channel, administered by external
legal counsel, enables reporting of suspected illegal
conduct. No severe human rights violations were
identified in 2025.
Risks and outlook
Human rights risks relate primarily to working condi-
tions in manufacturing and raw material extraction.
Asetek will continue supplier engagement and due
diligence activities.
Anti-corruption
Policy
Asetek maintains a zero-tolerance approach to
bribery and corruption. Anti-corruption requirements
form part of the company’s policy framework and are
included in contracts and business partner expecta-
tions.
Actions and results
Internal controls include anti-corruption guidelines
and a whistleblower mechanism. No incidents of
corruption were identified in 2025.
Risks and outlook
Risks relate to potential corruption exposure in
international operations. Controls and business
partner expectations will continue to be reinforced.
Data ethics
Policy
Pursuant to Section 99d of the Danish Financial
Statements Act, Asetek has adopted a Data Ethics
Policy as part of its ESG Policy Framework. The
policy commits Asetek to complying with applicable
data protection legislation, including GDPR, and sets
out expectations for employees and business part-
ners to prevent and mitigate data and privacy risks.
Actions and results
Employees with access to personal data complete
periodic e-learning on data handling and have
signed confidentiality undertakings. Management
monitors information security and data protection
through periodic assessments, and significant
incidents are handled according to established
response procedures. The Executive Board reports
at least annually to the Board of Directors on imple-
mentation and compliance.
Risks and outlook
Key risks relate to the management of consumer
data, employee personal data and data handling in
product development, including, where applicable,
the use of data in AI and machine learning applica-
tions. Asetek will continue to monitor and strength-
en data protection and information security efforts
through its established governance processes.
Diversity policy
Pursuant to Section 107d of the Danish Financial
Statements Act, the Company reports on its diver-
sity policy in the following sections. Furthermore,
Asetek’s diversity policy is available here:
https://ir.asetek.com/Diversity-Policy
This statement forms part of the Management’s
Report in the Annual Report for 2025 and covers the
financial period 1 January – 31 December 2025.
Asetek believes that diversity among employees and
management, including an even distribution of age,
nationality and educational background, contributes
positively to the work environment and strengthens
the Company’s competitiveness and performance.
Historically, Asetek has been a diverse workplace,
where employees have very different backgrounds,
competencies and living conditions. Not only in
relation to gender, age and origin, but equally in
relation to education, experience and personality. It is
therefore Asetek’s goal that the management should
reflect the diversity among our employees. To pro-
mote diversity among the company’s management
and Board of Directors, Asetek focuses on ensuring a
broad and diverse candidate field in recruitment and
promotion processes.
As of December 31, 2025, the Board of Directors
consists of five individuals, of which 100% are men
and 0% are women. In terms of age composition of
management, 0% is under 40 years old, 100% are
between 40 and 60 years old, and 0% is over 60.
The board members of Asetek cover a wide
range of experiences from both the Danish and
international business community. This composition
is considered appropriate, as it ensures a breadth in
the members’ approach to the tasks, and thus helps
to ensure qualified considerations and decisions.
FIVE-YEAR SUMMARY
FINANCIALS
FISCAL YEAR 2025 2024 2023 2022 2021
COMPREHENSIVE INCOME ($000’S)
Revenue 41,497 52,502 76,332 50,650 79,803
Gross profit 17,089 21,945 34,708 20,765 33,373
Operating income (9,969) (19,248) 9,403 (5,401) 779
Financial items, net (1,474) 1,031 (905) (477) 618
Income before tax (11,443) (18,217) 8,498 (5,878) 1,397
Income for the year (10,944) (23,936) 6,001 (4,325) 1,337
Comprehensive income (5,897) (25,273) 6,722 (6,296) (372)
Operating income before amortiza-
tion, depreciation and nancial items
(EBITDA), unaudited (4,614) (13,802) 14,503 (1,231) 4,529
Adjusted EBITDA (1,651) 271 15,864 (791) 7,223
BALANCE SHEET ($000’S)
Total assets 84,779 79,363 102,739 78,615 75,354
Total equity 47,129 41,135 66,126 42,748 48,388
Interest-bearing debt 23,015 22,061 18,378 21,689 3,243
Working capital 5,705 4,362 (3,232) (6,312) 20,603
Invested capital 127,147 115,860 112,177 99,346 80,900
Investment in property, plant and
equipment 2,195 7,823 24,902 22,215 8,322
Investment in intangible assets 2,619 2,320 2,561 3,405 10,196
CASH FLOW ($000’S)
Operating activities (5,302) 1,213 16,280 (8,354) 14,317
Investing activities (4,060) (10,096) (27,373) (25,395) (13,204)
Financing activities 9,244 4,959 11,836 18,327 (4,636)
Total cash flow 317 (5,828) 1,710 (15,885) (3,803)
RATIOS & METRICS
FISCAL YEAR 2025 2024 2023 2022 2021
PROFIT & LOSS
Gross margin 41.2% 41.8% 45.5% 41.0% 41.8%
Operating margin -24.0% –36.7% 12.3% –10.7% 1.0%
Return on invested capital (ROIC) -8.6% –20.7% 5.3% –4.4% 1.7%
Organic growth -21.0% –31.2% 50.7% –36.5% 9.7%
BALANCE SHEET
Quick ratio 0.9 0.9 0.6 0.6 1.6
Current ratio 1.3 1.2 0.9 0.8 1.8
Days sales outstanding 82.0 78.7 50.6 63.1 69.6
Inventory turns per year 3.4 3.9 5.2 4.8 11.5
Days payable outstanding 181.2 146.6 129.0 132.2 145.4
Debt to equity 48.8% 53.6% 27.8% 50.7% 6.7%
STOCK MARKET
Earnings per share, basic (USD) (0.03) (0.25) 0.07 (0.08) 0.03
Earnings per share, diluted (USD) (0.03) (0.25) 0.07 (0.08) 0.03
Shares issued (000's) 318,240 98,314 98,314 27,147 26,970
Treasury shares (000's) 1,257 1,257 1,256 1,256 1,262
Share price (DKK) 1.65 0.48 3.90 8.46 30.58
Share price to earnings – – 7.87 – 90.56
Market capitalization ($000's) 82,331 6,509 56,122 31,413 119,825
BUSINESS DRIVERS
Sealed loop units shipped (000's) 719 768 1,165 797 1,386
Average selling price per unit, liquid
coolers (USD) 49.1 55.7 59.3 56.2 52.6
Revenue per employee ($000's) 367 407 570 362 528
Average number of employees 113 129 134 140 151
FIVEYEAR SUMMARY ASETEK ANNUAL REPORT 2025 / PAGE 23
Refer to the Definitions of Ratios and Metrics on page 66 of this report.
XXXXX ANNUAL REPORT 2024 / Page 24
FINANCIAL STATEMENTS
Consolidated statement of
comprehensive income 25
Consolidated balance sheet 26
Consolidated statement of changes in equity 27
Consolidated statement of cash ows 28
Notes 29
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(USD 000’s)
Note 2025 2024
Revenue 4 41,497 52,502
Cost of sales 8 (24,408) (30,557)
GROSS PROFIT 17,089 21,945
Research and development (8,347) (8,295)
Selling, general and administrative (16,903) (19,107)
Special items 2, 8 (2,369) (13,791)
Other income 8 561 -
TOTAL OPERATING EXPENSES (27,058) (41,193)
OPERATING INCOME (9,969) (19,248)
Foreign exchange gain (loss) 9 (310) 1,444
Finance income 9 27 99
Finance costs 9 (1,191) (512)
TOTAL FINANCIAL INCOME (1,474) 1,031
INCOME BEFORE TAX (11,443) (18,217)
Income tax (expense) benet 10, 11 499 (5,719)
INCOME FOR THE YEAR (10,944) (23,936)
Other comprehensive income items:
Foreign currency translation adjustments 5,047 (1,337)
TOTAL COMPREHENSIVE INCOME (5,897) (25,273)
INCOME PER SHARE: (IN USD)
Basic 12 (0.03) (0.25)
Diluted 12 (0.03) (0.25)
FINANCIAL STATEMENTS ASETEK ANNUAL REPORT 2025 / PAGE 25
CONSOLIDATED BALANCE SHEET
(USD 000’s)
Note 2025 2024
ASSETS
NON-CURRENT ASSETS
Intangible assets 14 11,111 10,943
Property, plant and equipment 15 49,784 44,992
Other assets 47 39
TOTAL NON-CURRENT ASSETS 60,942 55,974
CURRENT ASSETS
Inventory 17 7,907 6,604
Trade and other receivables 16 12,320 13,492
Cash and cash equivalents 3,610 3,293
TOTAL CURRENT ASSETS 23,837 23,389
TOTAL ASSETS 84,779 79,363
(USD 000’s)
Note 2025 2024
EQUITY AND LIABILITIES
EQUITY
Share capital 18 4,552 1,478
Retained earnings 50,248 52,375
Translation and other reserves (7,671) (12,718)
TOTAL EQUITY 47,129 41,135
NON-CURRENT LIABILITIES
Long-term debt 19 19,518 19,201
TOTAL NON-CURRENT LIABILITIES 19,518 19,201
CURRENT LIABILITIES
Short-term debt 19, 20 3,497 2,860
Accrued liabilities 1,223 2,646
Accrued compensation and employee benefits 1,297 1,250
Trade payables 12,115 12,271
TOTAL CURRENT LIABILITIES 18,132 19,027
TOTAL LIABILITIES 37,650 38,228
TOTAL EQUITY AND LIABILITIES 84,779 79,363
FINANCIAL STATEMENTS ASETEK ANNUAL REPORT 2025 / PAGE 26
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(USD 000’s)
Share
capital
Share
premium
Translation
reserves
Treasury
share reserves
Retained
earnings Total
EQUITY AT DECEMBER 31, 2023 1,478 – (175) (11,206) 76,029 66,126
Total comprehensive income for 2024
Income for the year – – – – (23,936) (23,936)
Foreign currency translation adjustments – – (1,337) – – (1,337)
Total comprehensive income for 2024 – – (1,337) – (23,936) (25,273)
Transactions with owners in 2024
Share-based payment expense – – – – 282 282
Transactions with owners in 2024 – – – – 282 282
EQUITY AT DECEMBER 31, 2024 1,478 – (1,512) (11,206) 52,375 41,135
Total comprehensive income for 2025
Income for the year – – – – (10,944) (10,944)
Foreign currency translation adjustments – – 5,047 – – 5,047
Total comprehensive income for 2025 – – 5,047 – (10,944) (5,897)
Transactions with owners in 2025
Shares issued in rights offering, net of issuance costs 3,074 7,259 – – – 10,333
Transfer – (7,259) – – 7,259 –
Share-based payment expense – – – – 1,558 1,558
Transactions with owners in 2025 3,074 – – – 8,817 11,891
EQUITY AT DECEMBER 31, 2025 4,552 – 3,535 (11,206) 50,248 47,129
FINANCIAL STATEMENTS ASETEK ANNUAL REPORT 2025 / PAGE 27
CONSOLIDATED STATEMENT OF CASH FLOWS
(USD 000’s)
Note 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Income (loss) for the year (10,944) (23,936)
Depreciation and amortization 14,15 5,355 5,446
Impairment of property, plant and equipment 14 - 13,791
Impairment of intangible assets 14 554 211
Finance income recognized 9 (27) (99)
Finance costs incurred 9 1,191 1,494
Finance income, cash received 27 99
Finance costs, cash paid (1,177) (1,471)
Impairment of deferred tax assets 11 - 4,209
Income tax expense (income) 10, 11 (499) 1,510
Cash receipt (payment) for income tax (462) (1,480)
Share-based payments expense 7 1,558 282
Changes in receivables, prepaid assets, inventories 2,248 1,836
Changes in trade payables and accrued liabilities (3,126) (678)
NET CASH PROVIDED BY OPERATING ACTIVITIES (5,302) 1,213
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to intangible assets 14 (2,619) (2,320)
Purchase of property, plant and equipment 15 (1,403) (7,823)
Disposal of long-term assets 15 (38) 47
NET CASH USED IN INVESTING ACTIVITIES (4,060) (10,096)
FREE CASH FLOW (9,362) (8,883)
(USD 000’s)
Note 2025 2024
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings (repayment) on line of credit 19 (1,916) 5,759
Proceeds from issuance of share capital 18 13,851 –
Costs incurred for issuance of share capital 18 (2,207) –
Financing of equipment 19 170 171
Principal payments on equipment financing 19 (333) (262)
Principal payments on leases 20 (321) (709)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 9,244 4,959
Effect of exchange rate changes on cash and equivalents 435 (1,904)
NET CHANGES IN CASH AND CASH EQUIVALENTS 317 (5,828)
Cash and cash equivalents at beginning of period 3,293 9,121
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,610 3,293
SUPPLEMENTAL DISCLOSURE – NON-CASH ITEMS
Assets acquired under leases 20 792 152
FINANCIAL STATEMENTS ASETEK ANNUAL REPORT 2025 / PAGE 28
NOTES ANNUAL REPORT 2025 / Page 29
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these consolidated financial statements are
set out below. These policies have been consistently applied to all the years presented, unless otherwise
stated.
2.1. Basis of preparation
The consolidated financial statements have been prepared on a historical cost convention, in accordance
with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and the sup-
plementary Danish information requirements for class D publicly listed companies.
2.2. Consolidation
The consolidated financial statements comprise the Company and its consolidated subsidiaries. Subsidiaries
are all entities (including structured entities) over which the Group has control. The Group controls an entity
when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has
the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from
the date on which control is transferred to the Group. They are deconsolidated from the date that control
ceases. Intercompany transactions, balances, income and expenses on transactions between Group compa-
nies are eliminated. Profits and losses resulting from the intercompany transactions that are recognized in
assets are also eliminated. Accounting policies of subsidiaries are consistent with the policies adopted by the
Group.
2.3. Foreign currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of
the primary economic environment in which the entity operates (‘the functional currency’). The functional
currency of the Group’s operations in the United States of America, Denmark and China are the U.S. dollar,
Danish kroner, and Chinese Yuan Renminbi, respectively. The consolidated financial statements are presented
in U.S. dollars, which is the Group’s presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates prevail-
ing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of monetary assets and liabilities denomi-
nated in foreign currencies are recognized as operating expense in the income statement in foreign exchange
(loss)/gain.
Group companies that have a functional currency different from the presentation currency are translated
into the presentation currency as follows:
// Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that
balance sheet;
// Income and expenses for each income statement are translated at average exchange rates;
// All resulting exchange differences are recognized in other comprehensive income
2.4. Property and equipment
Property and equipment are stated at historical cost less accumulated depreciation. For assets constructed,
borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalized as part of the historical cost (Note 2.16). Subsequent costs are included in the asset’s
carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future
NOTES
1. GENERAL INFORMATION
Asetek A/S (‘the Company’), and its subsidiaries (together, ‘Asetek Group’, ‘the Group’ or ‘Asetek’) designs,
develops and markets gaming hardware for computers. The Group’s core products utilize liquid cooling tech-
nology to provide improved performance, acoustics and energy efficiency. The Company is based in Aalborg,
Denmark with personnel in USA, China and Taiwan. The Company’s shares trade on the Nasdaq Copenhagen
under the symbol ‘ASTK’.
1.1. Acquisition of company and liquidity
In April 2026, all outstanding shares of Asetek A/S will be purchased by CQXA Holdings Pte. Ltd., a controlled
subsidiary of Suzhou Chunqiu Electronic Technology Co., LTD. (“Chunqiu”) in an all-cash public takeover of
the Company. As of the date of this report, Chunqiu has received the approvals required under the outbound
direct investment (ODI) regime of the People’s Republic of China, including with the Ministry of Commerce
(MOFCOM), the National Development and Reform Commission (NDRC) and the State Administration of
Foreign Exchange (SAFE), and thus this condition to the Offer has been satisfied. As a result, the transaction
will close on April 21, 2026, per the terms described in Asetek’s exchange release dated November 25, 2025.
Chunqiu will pay DKK 1.72 per share in cash to shareholders for all outstanding shares, valuing Asetek at
approximately DKK 547.4 million.
Asetek requires additional funding to continue its operations. Chunqiu is listed on the Shanghai Stock
Exchange, has sufficient capital resources to maintain Asetek’s liquidity and has committed to funding Asetek’s
operations for the next year. At the time of closing, Chunqiu will provide Asetek with a loan to fulfill Asetek’s
liquidity needs and to cover incremental legal, audit and consulting expenditures associated with the acquisi-
tion.
economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. The carrying amount of any replaced part is derecognized. All other repairs and maintenance are
charged to the income statement during the financial period in which they are incurred. Depreciation is
provided over the estimated useful lives of the depreciable assets, generally three to five years, using the
straight-line method. The assets’ useful lives and residual values are reviewed, and adjusted if appropriate, at
the end of each reporting period. Gains and losses on disposals are determined by comparing the proceeds
with the carrying amount and are recognized as other income or expense in the consolidated income state-
ment. Property, plant and equipment is grouped as follows:
Group Esmated Useful LifeBuildings 30–50 yearsLeasehold improvements Lesser of 5 years or lease termPlant and machinery 5 yearsTools and fixtures 3 to 5 years
2.5. Research and development
Research costs are expensed as incurred. Costs directly attributable to the design and testing of new or
improved products to be held for sale by the Group are recognized as intangible assets within development
projects when all of the following criteria are met:
// it is technically feasible to complete the product so that it will be available for sale;
// management intends to complete the product and use or sell it;
// there is an ability to use or sell the product;
// it can be demonstrated how the product will generate probable future economic benefits;
// adequate technical, financial and other resources to complete the development and to use or sell the
product are available; and
// the expenditures attributable to the product during its development can be reliably measured.
Directly attributable costs that are capitalized as part of the product include the employee costs associated
with development. Other development expenditures that do not meet these criteria are recognized as
expense when incurred. Development costs previously recognized as expense are not recognized as an asset
in a subsequent period. Development costs recognized as assets are amortized on a straight-line basis over
their estimated useful lives, which generally range between three and sixty months. Amortization expense
related to capitalized development costs is included in research and development expense.
2.6. Impairment of non-financial assets
Assets that are subject to amortization are reviewed for impairment annually, and whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recov-
erable amount is the higher of 1) an asset’s fair value less costs to sell or 2) its value in use. For the purposes
of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash flows (cash-generating units). Non-financial assets other than goodwill that previously suffered an im-
pairment are reviewed for possible reversal of the impairment at each reporting date. Goodwill is tested for
impairment annually and whenever there is indication that the goodwill may be impaired. If an impairment
loss on goodwill is identified, it is recognized as an expense and is not reversed in a subsequent period.
2.7. Financial assets
Recognition and Measurement
The Group determines the classification of its financial assets at initial recognition. Financial assets within the
scope of IFRS 9 Financial Instruments are classified as follows:
// ‘ Amortized cost’ are financial assets representing contractual cash flows held for collection, where such
cash flows solely represent payment of principal and interest.
// ‘Fair value’. All other financial assets, representing other debt and equity instruments that do not meet
the ‘amortized cost’ criteria, are recognized at fair value. All fair value movements on financial assets are
taken through the income statement, or for certain debt instruments that qualify, through other compre-
hensive income.
For all years presented, the Group’s financial assets are all classified as ‘amortized cost’.
Impairment of financial assets
For financial assets carried at amortized cost, the Group measures at the end of each reporting period the
expected credit losses to be incurred for a financial asset or group of financial assets. The Company utilizes
historical experience, evaluation of possible outcomes, current conditions and forecasts of future economic
conditions to determine expected credit losses. Evidence may include indications that the debtors or a group
of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal pay-
ments, the probability that they will enter bankruptcy or other financial reorganization, and where observa-
ble data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in
arrears or economic conditions that correlate with defaults.
2.8. Financial liabilities
Recognition and measurement. Financial liabilities within the scope of IFRS 9 are classified as financial
liabilities at fair value through profit or loss, or other liabilities. The Group determines the classification of its
financial liabilities at initial recognition. Financial liabilities are recognized initially at fair value less, in the case
of other liabilities, directly attributable transaction costs. The measurement of financial liabilities depends on
their classification as follows:
NOTES ASETEK Annual report 2025 / Page 30
// ‘Financial liabilities at fair value through profit or loss’ are derivatives entered into that do not meet the
hedge accounting criteria as defined by IFRS 9. Gains or losses on liabilities held for trading are recognized
in profit and loss. At December 31, 2025, the Company has no liabilities measured at fair value through
profit and loss.
// ‘Other liabilities’ – After initial recognition, interest bearing debt is subsequently measured at amortized
cost using the effective interest rate method. Gains and losses are recognized in the income statement
when the liabilities are derecognized as well as through the amortization process. The calculation takes
into account any premium or discount on acquisition and includes transaction costs and fees that are an
integral part of the effective interest rate.
Offsetting of financial instruments. Financial assets and financial liabilities are offset, and the net amount
reported in the consolidated balance sheet if, and only if, there is a currently enforceable legal right to offset
the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle
the liabilities simultaneously.
2.9. Inventories
Inventories are stated at the lower of actual cost or net realizable value. Cost is determined using the first-in,
first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business
less estimated costs necessary to make the sale. Adjustments to reduce the cost of inventory to its net realiz-
able value, if required, are made for estimated excess, obsolescence, or impaired balances.
2.10. Trade receivables
Trade receivables are amounts due from customers for product sold in the ordinary course of business. Trade
receivables are recognized initially at fair value and subsequently measured at amortized cost using the
effective interest method, less any provision for expected credit losses. If collection is expected in one year
or less, trade receivables are classified as current assets. Expected credit losses are determined utilizing the
simplified approach allowed under IFRS 9 Financial Instruments.
2.11. Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits with banks, overdrafts and other short-term
highly liquid investments with original maturities of three months or less.
2.12. Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary
shares or options are recorded against equity in the period the equity transaction closes, as a deduction net
of tax, from the proceeds.
2.13. Share-based payments
The Company issues options (or warrants) that allow management and key personnel to acquire shares in
the Company. Through equity-settled, share-based compensation plans, the Company receives services from
employees as consideration for the granting of equity options to purchase shares in the Company at a fixed
NOTES ASETEK Annual report 2025 / Page 31
exercise price. The fair value of the employee services received in exchange for the grant of the options is
recognized as an expense. The total amount to be expensed is determined by reference to the fair value of
the options granted, excluding the impact of any non-market service and performance vesting conditions.
The grant date fair value of options granted is recognized as an employee expense with a corresponding in-
crease in equity, over the period that the employees become unconditionally entitled to the options (vesting
period). The fair value of the options granted is measured using the Black-Scholes model, taking into account
the terms and conditions as set forth in the share option program. Measurement inputs include share price
on measurement date, exercise price of the instrument, expected volatility, weighted average expected life
of the instruments (based on historical experience and general option holder behavior), expected dividends,
and the risk- free interest rate. Service and non-market performance conditions attached to the transactions
are not taken into account in determining fair value. At each reporting date, the Company revises its esti-
mates of the number of options that are expected to vest based on the non-market vesting conditions. The
impact of the revision to original estimates, if any, is recognized in the Statement of Comprehensive Income,
with a corresponding adjustment to equity.
2.14. Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement,
except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In
this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
The current income tax expense is calculated on the basis of the tax laws enacted or substantively enact-
ed at the balance sheet date in the countries where the Company and its subsidiaries operate and generate
taxable income. Management periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation. Management establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognized, using the liability method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill;
deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a trans-
action other than a business combination that at the time of the transaction affects neither accounting nor
taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred
income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the
balance sheet date and are expected to apply when the related deferred income tax asset is realized or the
deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilized.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate
to income taxes levied by the same taxation authority on either the same taxable entity or different taxable
entities where there is an intention to settle the balances on a net basis.
2.15. Revenue recognition and other income
Revenue represents sale of the Group’s products to customers which are principally resellers and original
equipment manufacturers. Revenue is measured at the fair value of the consideration received or receivable,
and represents amounts receivable for goods supplied, stated net of discounts, sales tax, returns and after
eliminating sales within the Group.
The Group’s revenue is predominantly comprised of shipment of Asetek products in fulfillment of customer
purchase orders. As such, the Company recognizes revenue when a valid contract is in place and control of
the goods have transferred to the customer. Customer purchase orders and/or contracts are used as evi-
dence of an arrangement. Delivery occurs and control of the goods is deemed to transfer when products are
shipped to the specified location and the risks of obsolescence and loss have been transferred to the custom-
er. For certain customers with vendor-managed inventory, delivery does not occur until product is acquired
by the customer from the vendor-managed inventory location. The Company assesses collectability based
primarily on the creditworthiness of the customer as determined by credit checks and customer payment
history. Customers do not generally have a right of return.
Income received as a result of patent litigation settlement is recorded as other income as an offset to
operating expense in the period the award is granted. Estimated costs for future product returns under war-
ranty are charged to cost of sales and included in accrued liabilities.
2.16. Borrowings and related costs
Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subse-
quently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and
the redemption amount is recognized in profit or loss over the period of the borrowings using the effective
interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the
loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee
is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all
of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized
over the period of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified in the contract is dis-
charged, cancelled or expired. The difference between the carrying amount of a financial liability that has
been extinguished or transferred to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs.
General and specific borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset are capitalized during the period of time that is required to complete and
prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substan-
tial period of time to get ready for their intended use or sale. Investment income earned on the temporary
investment of specific borrowings pending their expenditure on qualifying assets is deducted from the
borrowing costs eligible for capitalization. Other borrowing costs are expensed in the period in which they
are incurred.
2.17. Leases
Lease liabilities are accounted for under IFRS 16 Leases and measured at the present value of the remaining
lease payments, discounted using the lessee’s incremental borrowing rate. Lease liabilities include the net
present value of: fixed lease payments, amounts expected to be payable under residual value guarantees,
any purchase options that are reasonably expected to be exercised, and any penalties for termination re-
flected in the lease term. The corresponding rental obligations, net of finance charges, are included in other
long-term debt. Amounts due within one year are included in short-term debt.
NOTES ASETEK Annual report 2025 / Page 32
Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit
or loss over the lease period to reflect a constant periodic rate of interest on the remaining balance of the
liability for each period.
Leased assets are recognized as a right-of-use asset at the date at which the leased asset is available for
use by the Group, initially measured at the present value of the lease liability and included in Property and
equipment on the balance sheet.
2.18. Provisions
A provision is recognized when the Company has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required to settle the obligation, and the amount
has been reliably estimated. If the impact of time value is significant, the provision is calculated by discount-
ing anticipated future cash flow using a discount rate before tax that reflects the market’s pricing of the pres-
ent value of money and, if relevant, risks specifically associated with the obligation. Provisions are reviewed
at each balance sheet date and adjusted to reflect the current best estimate.
2.19. Contingent liabilities
Contingent liabilities are not recognized in the financial statements. Significant contingent liabilities are dis-
closed, with the exception of contingent liabilities where the probability of the liability occurring is remote.
2.20. Segment reporting
Business segmentation. The Group is reporting on two segments, Liquid cooling and SimSports. The seg-
ments are identified by their specific sets of products and specific sets of customers. The splitting of operat-
ing expenses between segments is based on the Company’s best judgment and done by using the Company’s
employee/project time tracking system to capture total hours charged by project code. Operating expenses
that are not divisible by nature (rent, telecommunication expenses, etc.) have been split according to actual
time spent on the three businesses, and the Company’s best estimate for attribution. Costs incurred for in-
tellectual property defense and headquarters administration have been classified separately as headquarters
costs and excluded from segment operating expenses. The CEO is the Group’s chief operating decision maker.
The CEO assesses the performance of the Group principally on measures of revenue and adjusted EBITDA.
Geographical segmentation. Each of the Group’s offices in its three principal geographies fulfills a particu-
lar function that serves the Asetek Group as a whole. The majority of costs incurred in each of the geogra-
phies are generally incurred for the benefit of the entire Group and not to generate revenue in the respective
geography. As a result, the financial results of the Group are not divided between multiple geographical
segments for key operating decision-making. Revenue and assets by geography is measured and reported in
Note 4, Geographical information.
2.21. Cash flow statement
The cash flow statement is prepared using the indirect method.
2.22. Critical accounting estimates and judgments
The preparation of financial statements in conformity with IFRS requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual
results could differ from those estimates. Areas where significant judgment has been applied are:
// Impairment of non-current assets: In 2025, management reviewed the Group’s asset and equity values
during the year and identified no signs of impairment that would require further testing. In October 2024,
management identified external indicators of impairment to the Group’s net asset book value, including
a significant decrease in the Group’s public market capitalization compared with the equity value as of
mid-2024. In performing an impairment test, management measured the net book value of equity against
the net present value of future prospective cash flows and estimated impairment to the Group’s equity
value of approximately $18 million to be applied to long-term assets. In property, plant and equipment,
the Group’s headquarters building had shown signs of impairment during an assessment of its alternative
uses. As a result, management used judgment to apply $13.8 million impairment to the headquarters
building. This impairment charge is classified as a special item within operating expense in the consolidat-
ed income statement in 2024.
// Valuation of deferred tax assets: At December 31, 2025 and 2024, deferred tax assets are valued at zero
on the consolidated balance sheet. Deferred income tax assets are recognized to the extent that the
realization of the tax benefit to offset future tax liabilities is considered to be probable. In prior years,
the Company has recorded deferred tax assets representing the estimated amount of net operating
losses that will be utilized to offset future taxable income for the next five years. In 2024, management
determined that it is not probable that the tax assets available to the Company would be utilized within
five years, and therefore recorded impairment of $4.2 million in the third quarter of 2024, resulting in
a net book value of zero. The impairment charge is included in income tax expense in the consolidated
income statement in 2024. Management’s conclusion regarding the realization of deferred tax assets is
unchanged in 2025. In future periods, management will continue to assess the probability of realization of
the assets’ value and adjust the valuation in accordance with IAS 12.
// Capitalization of development costs: the Group’s business includes a significant element of research and
development activity. Under IAS 38, there is a requirement to capitalize and amortize development spend
to match costs to expected benefits from projects deemed to be commercially viable. The application of
this policy involves the ongoing consideration by management of the forecasted economic benefit from
such projects compared to the level of capitalized costs, together with the selection of amortization peri-
ods appropriate to the life of the associated revenue from the product. If customer demand for products
or the useful lives of products vary from estimates, impairment charges on intangibles could occur.
NOTES ASETEK Annual report 2025 / Page 33
2.23. Defined contribution plan
In 2008, the Company established a defined contribution savings plan (the “Plan”) in the U.S. that meets the
requirements under Section 401(k) of the U.S. Internal Revenue Code. This Plan covers U.S. employees who
meet the minimum age and service requirements and allows participants to defer a portion of their annual
compensation on a pre-tax basis. Company contributions to the Plan may be made at the discretion of the
Board of Directors. For the year ended December 31, 2025, the Company’s matching contributions total
$14,000 ($15,000 in 2024).
2.24. Special items
The Company may identify special items that are significant non-recurring items that management does not
consider to be part of the Group’s ordinary activities. Such special items may include one-time impairment
costs, restructuring, and strategic considerations regarding the future of the business, and are presented
separately in the Consolidated Statement of Comprehensive Income to provide a more comparable basis
for the Company’s operations. Management assesses which items are to be identified as special items and
shown separately, in order to give a correct presentation of the statement of profit or loss and other compre-
hensive income.
2.25. ESEF Regulation
The Company’s Annual Report is prepared, in all material respects, in compliance with the Commission Dele-
gated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes
requirements related to the preparation of the Annual Report in XHTML format and iXBRL tagging of the
Consolidated Financial Statements.
2.26. Changes in accounting policy and disclosures -
New standards and amendments included in Annual Report for 2025
Certain new standards, amendments to standards, and annual improvements to standards and interpreta-
tions are effective for annual periods beginning after January 1, 2025 and have been applied in preparing
these consolidated financial statements. These applications did not materially impact the Group’s consolidat-
ed financial statements.
2.27. New standards and amendments not applied in the Annual Report for 2025
There are some new standards and amendments to standards and interpretations that have not been
applied in preparing these consolidated financial statements. None of these is expected to have a significant
effect on the consolidated financial statements of the Group:
Eecve Standard ContentdateEU endorsed as of December 31, 2025Amendments to the Classification May permit discharge of financial liabilities before 1-Jan-26and Measurement of Financial settlement when paid by electronic transfer; Instruments (Amendments to IFRS 9 amends classification of certain financial assets; and IFRS 7)requires additional disclosures for investments in equity instruments and disclosure of contractual terms that could change the timing or amount of contractual cash flows.Annual Improvements Volume 11 The amendments clarify guidance across several 1-Jan-26standards, including IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7, with most requiring retrospective application.Not endorsed by EU as of December 31, 2025IFRS 18 Presentation and Disclosure A significant new standard to replace IAS 1, 1-Jan-27in Financial Statementsrequiring management-defined performance measures that must be reconciled to IFRS defined subtotals, and clearly defined principles on aggregation and disaggregation, particularly in the statement of profit & loss. Requires restruc-turing the P&L into distinct categories including operating, investing, financing, income taxes, with mandatory subtotals. Applies to all entities reporting under IFRS.IFRS 19 Subsidiaries without Public Permits eligible subsidiaries without public 1-Jan-27Accountabilityaccountability to apply full recognition and measurement principles while significantly reducing disclosure requirements; aims to reduce reporting burdens for subsidiaries whose parents produce IFRS-compliant financial statements.
NOTES ASETEK Annual report 2025 / Page 34
3. RISK MANAGEMENT AND DEBT
The Group’s activities expose it to a variety of risks: liquidity risk, market risk (including foreign exchange risk
and interest rate risk) and credit risk. The primary responsibility for Asetek’s risk management and internal
controls in relation to the financial reporting process rests with executive management.
Asetek’s internal control procedures are integrated in the accounting and reporting systems and include
procedures with respect to review, authorization, approval and reconciliation. All entities in the Asetek Group
report financial and operational data to the executive office on a monthly basis, including commentary
regarding financial and business development. Based on this reporting, the Group’s financial statements
are consolidated and reported to executive management. Management is in charge of ongoing efficient risk
management, including the identification of material risks, the development of systems for risk management,
and that significant risks are routinely reported to the Board of Directors.
Liquidity risk. The Group incurred losses from operations and negative cash flows in the past two years. In
2023 and 2025, the Company issued new common shares of stock in rights offerings, raising net proceeds of
$16.1 million and $11.6 million, respectively. Asetek requires additional funding to continue its operations.
As described in Note 1.1 to the consolidated financial statements, in April 2026, all of the shares of Asetek
A/S will be acquired by CQXA Holdings Pte. Ltd., a controlled subsidiary of Suzhou Chunqiu Electronic
Technology Co., LTD. (“Chunqiu”). Chunqiu is listed on the Shanghai Stock Exchange, has sufficient capital
resources to maintain Asetek’s liquidity and has committed to funding Asetek’s operations for the next
year. At the time of closing, Chunqiu will provide Asetek with a loan to fulfill Asetek’s liquidity needs and to
cover incremental legal, audit and consulting expenditures associated with the acquisition.
The Group’s corporate finance team monitors risk of a shortage of funds through regular updates and
analysis of cash flow projections and maturities of financial assets and liabilities. The finance teams also
review liquidity, balance sheet ratios (such as days’ sales outstanding, inventory turns) and other metrics
on a regular basis to ensure compliance both on a short- and long-term basis. As part of current efforts to
maximize liquidity, management is pursuing options for factoring trade receivables, providing incentives to
customers for early payment, and seeking to reduce inventories through targeted sales activities.
Asetek will continue to invest its capital principally in the development and marketing of its products.
In 2016, the Board of Directors implemented a policy under which it may declare and distribute dividends
to shareholders. At the Annual General Meetings in 2025 and 2024, the Board was authorized to acquire
the Company’s own shares. In 2025 and 2024, the Company did not repurchase shares. When considering
payment of dividends or Asetek share purchases, the Board takes into consideration the Company’s growth
plans, international tax implications, liquidity requirements and necessary financial flexibility.
Debt covenants. Under lines of credit terms with Jyske Bank, the Company is required to comply with the
following financial covenants at each quarter-end:
// Group solvency of at least 40%
// Segment reporting of EBITDA at Group level
// Minimum liquidity reserve of USD 2.5 million, with the exception that a minimum liquidity reserve of USD
1.5 million will be accepted for 2026
The Company complies with these covenants at December 31, 2025 and there are no indications that the
Company will not comply with these covenants in the future.
The following are contractual maturities of financial liabilities, including lease and other financing payments
on an undiscounted basis:
AS OF DECEMBER 31, 2025On Less than 3 to 12 1 to 5 (USD 000’s)Demand3 monthsmonthsyears TotalLines of credit – (1,655) (1,110) (18,685) (21,450)Leases and equipment financing – (287) (498) (905) (1,690)Payables and accrued liabilities – (14,476) (159) – (14,635)– (16,418) (1,767) (19,590) (37,775)
AS OF DECEMBER 31, 2024On Less than 3 to 12 1 to 5 (USD 000’s)Demand3 monthsmonthsyears TotalLines of credit – (1,226) (987) (18,634) (20,847)Leases and equipment financing – (274) (461) (598) (1,333)Payables and accrued liabilities – (15,622) (545) – (16,167)– (17,122) (1,993) (19,232) (38,347)
NOTES ASETEK Annual report 2025 / Page 35
Market risk factors. The Group’s current principal financial liabilities consist of principally long-term lines of
credit and amounts owed on equipment financing and leases. The Group’s financial assets mainly comprise
trade receivables, cash and deposits. The Group’s operations are exposed to market risks, principally foreign
exchange risk and interest rate risk.
(a) Foreign exchange risk. With few exceptions, the Group’s inventory purchase and sale transactions
are denominated in U.S. dollars. The Group operates internationally and is exposed to foreign exchange risk
arising from currency exposures, principally with respect to the Danish kroner. Foreign exchange risk arises
from operating results and net assets associated with Denmark-based operations where the Danish krone is
the functional currency. Translation of the Denmark and Parent entity balance sheet accounts from Danish
kroner to U.S. dollars affect the equity balances of the Group.
The Group has available lines of credit totaling 143 million Danish krone, of which DKK 136 million (USD 21.4
million) is outstanding at December 31, 2025 (further described in “(b) Interest rate risk” below). The lines of
credit are revalued at the year-end exchange rate with the offset recognized as foreign exchange gain or loss
in the consolidated income statement. The Group does not enter into derivatives or other hedging transac-
tions to manage foreign exchange risk. Management mitigates this exposure through timely settlement of
intercompany operating liabilities.
The ending exchange rate at December 31, 2025 was 6.35 Danish kroner to one U.S. dollar (7.14 to the
U.S. dollar at December 31, 2024). The effect of a 10% strengthening of the Danish kroner against the U.S.
dollar for the reporting period would have resulted in a decrease in pre-tax income for fiscal year 2025 of
$3.4 million (in 2024, decrease of the pre-tax income of $2.5 million).
(b) Interest rate risk. The Group’s interest rate risk consists of the following credit lines. As of December
31, 2025, Asetek has two lines of credit totaling 148.1 million Danish krone (USD 23.3 million). In addition, the
Group had an overdraft position at year-end. In total, USD 21.4 million has been utilized, principally to finance
a new headquarters facility.
// Asetek A/S, the Parent company, has a line of credit with Jyske Bank for DKK 128.1 million (USD 20.2
million), of which USD 20.2 million was utilized at December 31, 2025. This line is secured by the Group’s
land and building and other security arrangements and carries interest at Danish CIBOR 3 rate plus 2.45
percentage points which in total was 4.45% at December 31, 2025. The line specifies quarterly payments
of DKK 2.35 million (USD 0.37 million) and matures on March 31, 2028. In addition, Asetek A/S had an
overdraft position of DKK 3.2 million (USD 0.5 million) utilized at December 31, 2025.
// Asetek Danmark A/S has a revolving line of credit facility with Jyske Bank for DKK 5 million (USD 0.8 mil-
lion) with a temporary increase to 20 million (USD 3.2 million), of which DKK 5.0 million (USD 0.8 million)
was utilized at December 31, 2025. The line is secured by a corporate floating charge and guarantee
arrangements and carries interest at the Danish CIBOR 3 rate plus 2.95 percentage points, which in total
was 4.95% at December 31, 2025. The DKK 5 million facility matures on March 31, 2028. The DKK 15
million facility matures on June 30, 2026.
The variable nature of the Danish CIBOR 3 rate results in risk of increased interest cost due to potential
changes in rates. At the level of borrowings as of December 31, 2025, the effect of a 50% relative increase in
NOTES ASETEK Annual report 2025 / Page 36
the Danish CIBOR 3 rate would result in increased annual interest cost of $0.2 million ($0.3 million in 2024).
Capital and debt management. To date the Company’s primary focus has been to support its product devel-
opment initiatives, maintain liquidity through use of financing alternatives, and maximize shareholder value.
The Group manages its capital and debt structure with consideration of the liquidity needs of the Company
and existing economic conditions. In April 2026, all shares of Asetek A/S will be acquired by CQXA Holdings
Pte. Ltd., a controlled subsidiary of Suzhou Chunqiu Electronic Technology Co., LTD. (“Chunqiu”). Refer to
Note 1.1. Chunqiu is listed on the Shanghai Stock Exchange and will oversee the Group’s capital and debt
management in the future.
Credit risk factors. Credit risk refers to the risk that a counterparty will default on its contractual obli-
gations resulting in financial loss to the Group. The Group is exposed to credit risk primarily through trade
receivables and cash deposits. Management mitigates credit risk through standard review of customer
credit-worthiness and maintaining its liquid assets primarily with banks with credit ratings of A or higher,
such as Wells Fargo Bank in the U.S. and Jyske Bank in Denmark. The carrying amount of the financial assets
represents the maximum credit exposure.
Trade receivables that are deemed uncollectible are charged to expense with an offsetting allowance recorded
against the trade receivable. Historically, bad debt expense has not been significant. Certain customers have
accounted for a significant portion of the Company’s revenue in the years presented, as follows. In 2025, the
Company’s four largest customers, all in the liquid cooling segment, accounted for 21%, 14%, 10% and 10%
of revenue (three customers accounted for 34%, 18% and 9% of revenue in 2024), respectively. The Company
mitigates risk with its largest customer by requiring two remittances per month as well as frequent monitoring
and communicating regarding invoices coming due. In addition, management closely oversees large outstand-
ing balances and will arrange payment plans as needed, to minimize losses on overdue balances.
At December 31, 2025 three customers, all in the liquid cooling segment, represented 28%, 17% and 10%
of outstanding trade receivables (three represented 31%, 12% and 10% at December 31, 2024), respectively.
The reserve for uncollectible trade accounts was $59,000 at December 31, 2025 and $32,000 at December 31,
2024. The aged trade receivables and bad debt reserve balances for all years presented are provided in Note 16.
The maximum exposure to credit risk at the reporting dates was:(USD 000’s) 2025 2024Cash and cash equivalents 3,610 3,293Trade receivables and other 12,320 13,492Other assets 47 39MAXIMUM CREDIT EXPOSURE 15,977 16,824
NOTES ASETEK Annual report 2025 / Page 37
4. GEOGRAPHICAL INFORMATION
The Group operates internationally in several geographical areas, principally in Asia, Europe and the Americas.
The following table presents the Group’s revenue and assets in each of the principal geographical areas:2025 2024Non- Non- Current current Current current (USD 000’s) Revenueassetsassets RevenueassetsassetsAsia 31,590 7,557 95 40,132 10,316 130Americas 4,918 4,354 43 6,420 5,029 49Europe 4,989 11,926 60,804 5,950 8,044 55,795TOTAL 41,497 23,837 60,942 52,502 23,389 55,974
For the purpose of the above presentation, the information pertaining to revenue and current assets is
calculated based on the location of the customers, whereas information pertaining to non-current assets is
based on the physical location of the assets. The information pertaining to current assets is calculated as a
summation of assets such as trade receivables and finished goods inventories reasonably attributable to the
specific geographical area.Non-current assets(USD 000’s) 2025 2024Denmark 60,804 55,795USA 43 49China 95 130TOTAL 60,942 55,974
Revenue(USD 000’s) 2025 2024Denmark 893 609China 4,646 5,631Singapore 2,815 6,808Taiwan 17,605 22,570USA 4,845 6,240Japan 6,140 4,034All others 4,553 6,610TOTAL 41,497 52,502
NOTES ASETEK Annual report 2025 / Page 38
5. SEGMENT INFORMATION
In 2025, the Company reports on two segments, Liquid cooling and SimSports. The segments are identified by
their specific sets of products and customers. The CEO is the Group’s chief operating decision-maker. The CEO
assesses the performance of each segment principally on measures of revenue, gross margin and adjusted
EBITDA. Refer to page 66 for definition of adjusted EBITDA. The following tables represent the results by oper-
ating segment in 2025 and 2024. Disaggregation of revenue by sales channel is also presented for the major
markets within each segment. Revenue generated from retailers and online webstore is principally from the
sale of SimSports products.
Reconciliation of Adjusted EBITDA to Income before tax
(USD 000’s) 2025 2024EBITDA adjusted - Liquid Cooling 10,294 12,495EBITDA adjusted - SimSports (8,517) (8,897)Special items (2,369) (13,791)Headquarters costs, net (3,428) (3,327)Share-based compensation (594) (282)Depreciation and amortization (5,355) (5,446)Total financial income (expenses) (1,474) 1,031CONSOLIDATED INCOME BEFORE TAX (11,443) (18,217)
Disaggregation of revenue (USD 000’s) 2025 2024OEM and System Integrators 35,278 42,803Retailers 2,325 5,265Online webstore 3,416 4,329Office lease 478 105TOTAL 41,497 52,502
Segment operating results – years ended December 31
2025 2024
Liquid Not allocable Liquid Not allocable (USD 000's)Cooling SimSportsto divisions TotalCooling SimSportsto divisions TotalRevenue 35,310 5,709 478 41,497 42,803 9,594 105 52,502Gross margin 44% 19% – 41% 45% 25% – 42%Personnel expense (3,968) (4,167) (2,529) (10,664) (4,563) (5,090) (2,221) (11,874)Adjusted EBITDA 10,294 (8,517) (3,428) (1,651) 12,495 (8,897) (3,327) 271
6. SALARY COSTS AND REMUNERATIONS
(USD 000’s) 2025 2024Salaries 10,276 11,460Retirement fund payments to defined contribution plan 656 629Social cost 1,464 1,492Share-based payment 590 282Other expenses 906 1,186TOTAL PERSONNEL COSTS 13,892 15,049Less: Costs applied to inventory production (589) (1,065)Less: Capitalized as development cost (2,639) (2,110)TOTAL PERSONNEL COSTS IN OPERATING EXPENSE 10,664 11,874AVERAGE NUMBER OF EMPLOYEES 113 129
(USD 000’s) 2025 2024Research and development 4,809 4,688Selling, general and administrative 9,083 10,361TOTAL PERSONNEL COSTS 13,892 15,049Options Granted 2025 2024Board of Directors – –TOTAL 18,806,133 –Officers 15,645,500 –Other executives 3,160,633 –Other employees – –
Compensation to Board of Directors, Officers and Other Executives
2025 2024*Other *Other (USD 000’s) Directors OcersExecuves Total Directors OcersExecuves TotalSalary – 1,235 834 2,069 – 1,147 1,003 2,150Bonus – 252 180 432 – 287 311 598Share-based** – 1,245 65 1,310 – 210 68 278Other 255 318 86 659 255 268 233 756TOTAL 255 3,050 1,165 4,470 255 1,912 1,615 3,782
* Other executives include other members of the executive team who are leaders of the key functions (Engineering, Brand & Digital, Sales and Operations).
** Including $810 thousand of share-based compensation expense related to accelerated vesting, attributable to Officers and Other Executives.
NOTES ASETEK Annual report 2025 / Page 39
The Company’s CEO has twelve months’ notice and an extraordinary severance payment of six months’ base
salary in case of termination by the Company (other than for material breach). The Company’s CFO has an
agreement of seven months’ severance pay in case of termination or termination in connection with change
of control. Except for the Company’s CEO and CFO and other members of the executive group, no member of
the administrative, management or supervisory bodies has contracts with the Company or any of its subsidi-
aries providing for benefits upon termination of employment.
Total compensation to the Board of Directors and Officers was $3,305,000 and $2,167,000 in 2025 and
2024, respectively. The 2025 amount included incremental share-based compensation expense of $964,117
related to accelerated vesting, classified in Special Items.
In 2024, total compensation to Other Executives included a one-time severance payment of $161,000
representing six months’ salary to the Chief Operating Officer (COO), as per the terms of his separation
agreement, and included in ‘Other’ compensation to ‘Other Executives’ in the compensation table below.
Share ownership of officers, including immediate family members, at December 31, 2025:André S. Peter D. EriksenMadsenCommon shares 4,080,037 1,870,376 Options at DKK 0.43 9,312,300 3,233,400 Options at DKK 0.77 2,300,900 798,900 Options at DKK 2.08 1,150,000 393,400 Options at DKK 2.29 151,900 50,975 Options at DKK 3.76 106,800 61,750 Options at DKK 5.84 68,500 42,075 Options at DKK 15.26 57,200 17,700 TOTAL SHARES CONTROLLED 17,227,637 6,468,576
7. SHARE BASED PAYMENT
Asetek’s Equity Incentive Program is a share compensation program where the employees that deliver servic-
es to the Group have been granted share options (or warrants). The options, if vested and executed, will be
settled in common shares of the Company. The options are granted at the time of employment and, under
other circumstances, at the discretion of the Board of Directors. The options are granted with exercise prices
equaling the fair market value of the underlying security. The exercise prices of option grants are determined
based on the closing market price of the shares for the five most recent trading days prior to the grant date.
Share-based compensation expense, before considering events that occurred subsequent to year-end,
was $594,000 and $282,000 for the years ended December 31, 2025 and 2024, respectively. Subsequent to
December 31, 2025, all outstanding shares of Asetek A/S will be acquired by an external entity (Note 24).
Under the terms of the transaction, all outstanding options fully vest. As a result, the Company recognized
an incremental $1.0 million of share-based compensation, classified in Special Items on the consolidated
income statement in the year ended December 31, 2025.
The goals of the equity incentive program are as follows:
// To attract and retain the best available personnel for positions of substantial responsibility;
// To provide additional incentive to employees, directors and consultants, and
// To promote the success of the Company’s business.
In January 2025, in consideration of the dilution effect of the Company’s January 2025 rights offering (Note
18), the Board of Directors reduced the exercise prices of outstanding share options to 51.1% of their original
level. The repricing of options is summarized as follows:
Original Revised Grant yearExercise Price Exercise Price2023 DKK 4.07 DKK 2.082022 DKK 4.49 DKK 2.292021 DKK 29.89 DKK 15.262020 DKK 11.44 DKK 5.842019 DKK 7.37 DKK 3.762018 DKK 13.82 DKK 7.06
The Company’s shares trade on the Nasdaq Copenhagen at prices denominated in Danish krone (DKK). The
exchange rate at December 31, 2025 of DKK to USD was 6.35.
In January 2025, the Company granted to Officers 15,532,800 options with an exercise price of DKK
0.43 per share and estimated fair value of $0.7 million, and in April 2025, the Company granted to Officers
3,099,800 options with exercise prices of DKK 0.77 per share and estimated fair value of $0.3 million. Also
in April 2025, the company granted 173,533 restricted stock units (RSU’s) to Other Executives with exer-
cise prices of DKK 0.77 per share and estimated fair value of $0.02 million. The Company did not grant any
options in 2024. Movements in the number of share options outstanding and their related weighted average
exercise price reflecting the revised exercise prices are specified in the following table.
Activity for exercise prices of DKK 0.43 to DKK 3.76
Weighted Weighted Average Average Exercise price Exercise price 2025(DKK) 2024(DKK)Outstanding on January 1 3,465,846 2.29 3,721,003 2.28Options/warrants granted 18,806,133 0.49 – –Options/warrants exercised – – – –Options/warrants forfeited (584,959) 2.10 (255,157) 2.20OUTSTANDING ON DECEMBER 31 21,687,020 0.73 3,465,846 2.29EXERCISABLE ON DECEMBER 31 722,637 3.04 659,145 3.14
This table does not consider the 100% vesting to result from the acquisition as described in Note 24.
Activity for exercise prices of DKK 5.84 to DKK 15.26
Weighted Weighted Average Average Exercise price Exercise price 2025(DKK) 2024(DKK)Outstanding on January 1 680,328 8.73 1,198,476 10.32Options/warrants granted – – – –Options/warrants exercised – – – –Options/warrants forfeited (263,168) 7.15 (518,148) 12.41OUTSTANDING ON DECEMBER 31 417,160 9.71 680,328 8.73EXERCISABLE ON DECEMBER 31 417,160 9.71 680,328 8.73
This table does not consider the 100% vesting to result from the acquisition as described in Note 24.
NOTES ASETEK Annual report 2025 / Page 40
The composition of options and warrants outstanding at December 31 is as follows:
Options and Warrants Outstanding at December 31
2025 2024DKK 0.43 15,532,800 –DKK 0.77 3,273,333 –DKK 2.08 2,158,250 2,733,300DKK 2.29 351,947 355,580DKK 3.76 370,690 376,966DKK 5.84 245,691 249,867DKK 7.06 – 255,442DKK 15.26 171,469 175,019TOTAL 22,104,180 4,146,174
Total outstanding options and warrants represents 6.9% of total common shares issued at December 31,
2025 (4.3% in 2024).
The Company calculated the fair value of each option award on the date of grant using the Black-Scholes
option pricing model, which requires subjective assumptions, including future stock price volatility and ex-
pected time to exercise. The Company sets the exercise price of shares granted as the average closing price
of the Company’s shares for the five most recent trading days prior to the grant date. The expected volatility
was based on the historical volatility of the Company’s stock price. The weighted average remaining contrac-
tual term of options outstanding is 3.85 years. However, following the accelerated vesting resulting from the
acquisition of Asetek A/S by CQXA Holdings Pte. Ltd. in an all-cash public takeover of the Company in April
2026 (see Note 24), the exercise period for vested options is estimated to be four months.
Expected volatility is calculated based on the actual volatility experienced during the three-year period
prior to each option’s grant date. The following weighted average assumptions were used for the period
indicated.
Valuation assumptions for options granted2025 2024Risk-free interest rate 3.7% to 4.2% NADividend yield 0.0% NAExpected life of options (years)* 4.0 NAExpected volatility 115% NA* Expected life represents the assumption used in the Black-Scholes valuation model at the grant date and does not reflect
the four-month exercise period applicable to vested options in connection with the April 2026 acquisition of the Company.
NOTES ASETEK Annual report 2025 / Page 41
8. EXPENSES BY NATURE
Expenses by Nature (USD 000’s) Note 2025 2024Inventories recognized as cost of sales 17 24,408 30,557Personnel expenses 6 13,892 15,049Depreciation and amortization 14,15 5,355 5,446Legal, patent, consultants and auditor 3,173 2,430Facilities and infrastructure 1,363 1,720Special items 2,369 13,791Other expenses 4,106 4,867TOTAL OPERATING EXPENSES BEFORE CAPITALIZATION 54,666 73,860Less: capitalized costs for development projects 14 (2,639) (2,110)TOTAL EXPENSES 52,027 71,750
Depreciation and amortization expense classification
(USD 000’s) 2025 2024Depreciation and amortization expense included in:Research and development 2,734 2,866Selling, general and administrative 2,621 2,580TOTAL 5,355 5,446
Special items. In 2025, the Company recorded the following as special items in the income statement:
– Incremental share-based compensation of $1.0 million (Note 7) and legal and advisory services of $0.8
million pertaining to the April 2026 acquisition of Asetek, as described at Note 24.
– Goodwill impairment of $0.6 million related to a prior business acquisition (Note 14).
In 2024, the Company recorded a non-cash impairment charge of $13.8 million as a consequence of an
assessed impairment within the cash generating units. This one-time charge was classified as a special item
in operating expense on the income statement and was recorded as impairment of the Company’s headquar-
ters facility included in property, plant and equipment.
Other income. In 2025, the Company received an insurance settlement resulting in net other income of $0.6
million presented separately as an offset to total operating expenses in the income statement in 2025.
9. FINANCE COSTS AND INCOME
(USD 000’s) 2025 2024FOREIGN EXCHANGE GAIN (LOSS) (310) 1,444FINANCE INCOME 27 99Interest cost on line of credit (948) (1,105)Interest cost on leases and equipment financing (52) (83)Other banking and finance fees (192) (306)Subtotal (1,191) (1,494)Less: amount capitalized – 982FINANCE COST (1,191) (512)
NOTES ASETEK Annual report 2025 / Page 42
10. INCOME TAXES
Asetek A/S, the Group’s parent company, moved from U.S. to Denmark in 2013 and is currently subject to
income tax in both U.S. and Denmark. The Company is working with the U.S. and Danish tax authorities to
negotiate a resolution in accordance with international double taxation treaties.
The tax expense on the group’s income before tax differs from the theoretical amount that would arise
using the weighted average tax rate applicable to profits of the consolidated entities as follows:
(USD 000’s) 2025 2024INCOME (LOSS) BEFORE TAX (11,443) (18,217)(Tax) benefit calculated at Denmark’s statutory income tax rate 2,517 4,008Tax effects of:Differences in tax rates in other countries 73 (17)R&D credit 72 61Timing differences between book and tax not recognized, in part due to book impairment charge on property plant and equipment (390) (3,206)Impairment of deferred tax assets – (4,209)Deferred tax value of current year losses, net unrecognized (1,329) (1,491)Effect of U.S. GILTI regulation applied to foreign corporation income pertaining to fiscal 2023 – (867)Other permanent differences between book and tax (444) 2TAX (EXPENSE) BENEFIT 499 (5,719)
11. DEFERRED INCOME TAX
(USD 000’s) 2025 2024Potential tax assets from net losses 6,999 5,227Potential tax assets resulting from timing differences between book and tax 8,028 6,799Tax assets not recognized (15,027) (12,026)DEFERRED INCOME TAX ASSETS – –
At December 31, 2025, potential income tax assets totaled $15.0 million (2024: $12.0 million) in respect
of timing differences and losses to be carried forward amounting to $27.3 million applied to different tax
rates. The losses can be carried forward against future taxable income but may be limited in use according
to local jurisdictions. The potential tax assets do not consider probable limitations of use resulting from the
April 2026 acquisition of Asetek A/S as described in Note 24. The potential tax assets resulting from timing
differences include the effect of dual taxation of the Parent company, by both U.S. and Denmark. Due to un-
certainty of the realizability of deferred tax assets, the Group has fully reserved the value of potential assets,
resulting in zero value on the balance sheet at December 31, 2025 and 2024.
In accordance with IAS 12, the Company recognizes deferred tax assets arising from unused tax loss-
es or tax credits only to the extent that the entity has sufficient taxable temporary differences or there is
convincing other evidence that sufficient taxable profit will be available against which the unused tax losses
or unused tax credits can be utilized by the Company. The estimated tax benefit is calculated considering
historical levels of income, expectations and risks associated with estimates of future taxable income. The
calculation utilizes the statutory tax rates that are expected to apply to taxable income for the years in which
the asset is expected to be realized.
Losses of the U.S. parent company and U.S. subsidiary will begin to expire in 2029 for carryforward pur-
poses. Losses of the Denmark subsidiary do not expire.
(USD 000’s) Tax eected lossExpire in years 2029 to 2045 1,023Expire in year 2033 59Do not expire 5,917TOTAL 6,999
13. FINANCIAL INSTRUMENTS CATEGORY AND FAIR VALUE ESTIMATION
The Company uses the following valuation methods for fair value estimation of financial instruments:
// Quoted prices (unadjusted) in active markets (Level 1).
// Inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices) (Level 2)
// Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
(Level 3).
All of the Company’s financial assets as of December 31, 2025 are classified as “amortized cost” having fixed
or determinable payments that are not quoted in an active market (Level 3). As of December 31, 2025, all of
the Company’s financial liabilities are carried at amortized cost having fixed or determinable payments that
are not quoted in an active market (Level 3).
Based on current interest rates, the Company believes that book value approximates fair value for all
financial instruments as of December 31, 2025 and 2024. The values of the Group’s assets and liabilities are
as follows:
At December 31, 2025(USD 000’s) Amorzed costAssets as per balance sheet:Trade receivables and other 12,320Cash and cash equivalents 3,61015,930
At December 31, 2024(USD 000’s) Amorzed costAssets as per balance sheet:Trade receivables and other 13,492Cash and cash equivalents 3,29316,785
At December 31, 2025 Liabilies at fair Other Financial value through Liabilies at (USD 000’s)prot and lossamorzed cost TotalLiabilities as per balance sheet:Long-term debt 19,518 19,518Short-term debt 3,497 3,497Trade payables and accrued liabilities 14,635 14,63537,650 37,650
At December 31, 2024Liabilies at fair Other Financial value through Liabilies at (USD 000’s)prot and lossamorzed cost TotalLiabilities as per balance sheet:Long-term debt – 19,201 19,201Short-term debt – 2,860 2,860Trade payables and accrued liabilities – 16,167 16,167– 38,228 38,228
NOTES ASETEK Annual report 2025 / Page 43
12. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Com-
pany by the weighted average number of common shares outstanding during the period. Diluted earnings
per share is calculated by adjusting the number of common shares outstanding used in the Basic calculation
for the effect of dilutive equity instruments, which include options and warrants to the extent their inclusion
in the calculation would be dilutive.
2025 2024Income attributable to equity holders of the Company (USD 000's) (10,944) (23,936)Weighted average number of common shares outstanding (000's) 313,617 97,058BASIC AND DILUTED EARNINGS PER SHARE ($0.03) ($0.25)
14. INTANGIBLE ASSETS
In 2021, the Company purchased intellectual property and other assets from a third party which included
intangible assets with an estimated fair value of $7.8 million, the majority of which were in development. As
the assets are placed in service, they are being amortized over their estimated useful lives ranging from 6 to
10 years.
Goodwill. In 2024, Asetek had goodwill of $0.5 million which originated from an acquisition by the
Company in 2020. Goodwill is not amortized but reviewed for impairment once a year and also if events or
changes in circumstances indicate the carrying value may be impaired. If impairment is established, goodwill
is written down to its lower recoverable amount. In 2025, due to the Company’s development of new tech-
nologies used in its SimSports products, goodwill associated with the 2020 transaction was deemed to be
fully impaired and written down to zero.
Intangible assets as of December 31 are as follows:
(USD 000’s) 2025 2024Goodwill – 513Capitalized development costs 5,950 5,162Other assets 5,161 5,268TOTAL INTANGIBLE ASSETS 11,111 10,943
Capitalized development costs. The Group routinely incurs costs directly attributable to the design and
testing of new or improved products to be held for sale. These costs are capitalized as intangible assets and
amortized over the estimated useful lives of the products, typically three to sixty months.
Impairment tests are performed annually on developed assets and assets under construction. Impairment
tests are also performed on completed assets whenever there are indications of a need for write-offs and for
assets still in development regardless of whether there have been indications for write downs. If the value of
expected future free cash flow of the specific development project is lower than the carrying value, the asset
is written down to the lower value. The booked value includes capitalized salary and related expenses for the
cash flow producing project. Expected future free cash flow is based on budgets and anticipations prepared
by management. The main parameters are the development in revenue, EBIT and working capital. Impair-
ment losses in 2025 and 2024 represent principally assets in the Liquid cooling segment which are no longer
associated with a future income stream.
Impairment assessment. In 2024, management identified indicators of impairment and therefore
performed an impairment assessment of long-term assets. As a result, impairment to long-term assets was
recorded as described in Note 2.22. In 2025, management did not identify significant indicators of potential
impairment to long-term assets.
Capitalized development costs (USD 000’s) 2025 2024COST:Balance at January 1 10,141 9,850Additions 2,619 2,320Deletions - completion of useful life – –Impairment loss (254) (2,029)BALANCE AT DECEMBER 31 12,506 10,141ACCUMULATED AMORTIZATION AND IMPAIRMENT LOSSES:Balance at January 1 (4,979) (4,639)Amortization for year (1,852) (2,158)Amortization associated with deletions – –Amortization associated with impairment losses 275 1,818BALANCE AT DECEMBER 31 (6,556) (4,979)CARRYING AMOUNT 5,950 5,162
Other intangible assets (USD 000’s) 2025 2024COST:Balance at January 1 6,794 7,195Additions – –Exchange rate differences 844 (401)BALANCE AT DECEMBER 31 7,638 6,794ACCUMULATED AMORTIZATION AND IMPAIRMENT LOSSES:Balance at January 1 (1,526) (899)Amortization for year (731) (704)Exchange rate differences (220) 77BALANCE AT DECEMBER 31 (2,477) (1,526)CARRYING AMOUNT 5,161 5,268
NOTES ASETEK Annual report 2025 / Page 44
15. PROPERTY, PLANT AND EQUIPMENT
In 2024, the Company capitalized $6.1 million of costs associated with the construction of a new headquar-
ters facility, including $1.0 million of borrowing costs. Construction was completed in 2024 and Asetek oc-
cupied the building beginning Q4 2024. Asetek recorded an impairment charge of $13.8 million against this
asset in 2024. Refer to Note 2.22. The Company is leasing sections of the building that are not occupied by
Asetek and plans to continue to do this for three to five years and to subsequently occupy the entire facility
thereafter. The sections leased are contiguous with the premises occupied by Asetek and cannot be feasibly
separated. As a result, the asset is accounted for as a domicile property, recorded at cost and depreciated
over its estimated useful life of 50 years. In 2025 and 2024, the Company recognized $0.5 million and $0.1
million of rental income associated with this lease, respectively.
The following table presents total property, plant and equipment:
Other xtures, Leasehold ngs, tools, Building under (USD 000’s)Improvements Machineryequipment Properesconstrucon TotalCOST:Balance at January 1, 2024 1,502 7,954 3,720 5,442 46,620 65,237 Additions 43 580 1,274 – 6,078 7,975Transfer – – – 52,698 (52,698) –Disposals (1,383) (601) (764) (130) – (2,878) Exchange rate differences (40) (442) (159) (163) – (804)BALANCE AT DECEMBER 31, 2024 122 7,491 4,071 57,847 – 69,531Balance at January 1, 2025 122 7,491 4,071 57,847 – 69,531Additions 32 1,074 510 579 – 2,195Disposals – (232) (510) (2,926) – (3,668)Exchange rate differences 14 965 473 7,105 – 8,557BALANCE AT DECEMBER 31, 2025 168 9,298 4,544 62,605 – 76,615ACCUMULATED DEPRECIATION:Balance at January 1, 2024 (1,441) (5,555) (2,156) (2,188) – (11,340) Disposals 1,382 600 586 – – 2,568Impairment – – – (13,791) – (13,791)Depreciation for the year (40) (1,154) (654) (740) – (2,588) Exchange rate differences 37 327 109 139 – 612BALANCE AT DECEMBER 31, 2024 (62) (5,782) (2,115) (16,580) – (24,539) Balance at January 1, 2025 (62) (5,782) (2,115) (16,580) – (24,539)Disposals – 215 351 2,926 – 3,492Depreciation for the year (28) (1,083) (796) (871) – (2,778)Exchange rate differences (8) (754) (265) (1,979) – (3,006)BALANCE AT DECEMBER 31, 2025 (98) (7,404) (2,825) (16,504) – (26,831)CARRYING AMOUNT AT DECEMBER 31, 2024 60 1,709 1,956 41,267 – 44,992CARRYING AMOUNT AT DECEMBER 31, 2025 70 1,894 1,719 46,101 – 49,784
NOTES ASETEK Annual report 2025 / Page 45
16. TRADE RECEIVABLES AND OTHER
Trade receivables are non-interest bearing and are generally on payment terms of Net 30 days. The trade
receivables of Asetek Danmark A/S carry a general lien on the business of Asetek Danmark A/S (refer to Note
25). The carrying amount of trade receivables is approximately equal to fair value due to the short term to
maturity. Regarding credit risks, refer to Note 3.
(USD 000’s) 2025 2024Gross trade receivables 9,380 11,349Provision for uncollectible accounts (59) (32)NET TRADE RECEIVABLES 9,321 11,317Other receivables 2,207 1,236Prepaid assets 792 939TOTAL TRADE RECEIVABLES AND OTHER 12,320 13,492Provision for uncollecble accounts (USD 000’s) 2025 2024Balance at January 1 (32) (59)Additions (59) (32)Reversals 32 59BALANCE AT DECEMBER 31 (59) (32)
The aging of trade receivables as of reporting date is as follows:
Past due:31 to 60 Over 60 (USD 000’s) Total Not yet due 1 to 30 daysdaysdaysDecember 31, 2025 9,380 7,658 229 534 959December 31, 2024 11,349 9,225 1,400 517 207Credit Loss Provision Matrix 2025Past due:31 to 60 Over 60 (USD 000’s) Total Not yet due 1 to 30 daysdaysdaysGross carrying amount 9,380 7,658 229 534 959Expected credit loss rate 0.1% 0.9% 0.9% 5.0%Lifetime expected credit loss (4) (2) (5) (48)
NOTES ASETEK Annual report 2025 / Page 46
17. INVENTORIES
The Company’s inventories are pledged as security for lines of credit outstanding as per Note 19. Inventories
at December 31 are as follows:
(USD 000’s) 2025 2024Raw materials and work-in-process 2,964 3,197Finished goods 5,957 4,390Total gross inventories 8,921 7,587Less provision for inventory reserves (1,014) (983)TOTAL NET INVENTORIES 7,907 6,604(USD 000’s) 2025 2024Inventories recognized as cost of sales during period (24,408) (30,557)Write-down of inventories to net realizable value (1,014) (983)
A summary of the activity in the provision for inventory reserves is as follows:
Provision for inventory reserves(USD 000’s) 2025 2024Balance at January 1 (983) (1,262)Additions (1,014) (983)Write-offs 983 1,262BALANCE AT DECEMBER 31 (1,014) (983)
Credit Loss Provision Matrix 2024
Past due:31 to 60 Over 60 (USD 000’s) Total Not yet due 1 to 30 daysdaysdaysGross carrying amount 11,349 9,225 1,400 517 207Expected credit loss rate 0.1% 0.5% 1.9% 2.9%Lifetime expected credit loss (32) (9) (7) (10) (6)
Debt covenants. Under the terms of the lines of credit, the Company is required to comply with certain
financial covenants as described in Note 3. As of December 31, 2025, the Company is in compliance with all
covenants.
The capitalization rate for borrowing costs on lines of credit was 100% up through September 30, 2024,
as all funds drawn to that point were utilized for additions to the qualifying asset. No borrowing costs have
been capitalized in 2025.
The Company has entered into agreements to finance equipment. The amortized cost of the equipment
at transaction date was used as the estimate on fair value and the liability is accounted for at amortized cost
using the effective interest rate method. The financing agreements carry interest at the Danish CIBOR 3 rate
plus 2.4 to 3.1 percentage points, which in total ranged from 4.4% to 5.1% at December 31, 2025.
The following are tables specifying the Company’s debt:
(USD 000’s) 2025 2024Line of credit - due within one year (2,765) (2,213)Equipment financing - due within one year (463) (320)Leases - amounts due within one year (269) (327)DEBT INCLUDED IN CURRENT LIABILITIES (3,497) (2,860)Line of credit - due after one year (18,685) (18,634)Equipment financing and other liabilities - due after one year (401) (556)Leases - amounts due after one year (432) (11)TOTAL DEBT (23,015) (22,061)Less cash and cash equivalents 3,610 3,293NET DEBT (19,405) (18,768)(USD 000’s) 2025 2024Beginning balance, line of credit (20,847) (16,189)Net paid (drawn) on line of credit (1,916) (5,759)Foreign exchange impact 1,313 1,101ENDING BALANCE, LINE OF CREDIT (21,450) (20,847)
(USD 000’s) 2025 2024Beginning balance, equipment financing (876) (1,026)Additions to equipment financing (170) (171)Payments on equipment financing 333 262 Foreign exchange impact (104) 59 ENDING BALANCE, EQUIPMENT FINANCING (817) (876)
NOTES ASETEK Annual report 2025 / Page 47
18. SHARE CAPITAL
In April 2026, 100% of the outstanding shares of Asetek A/S will be acquired by an external party. Refer to
Note 24.
In January 2025, the Company issued 219,925 thousand new common shares of stock in a rights offering,
raising net proceeds of $10.3 million after deduction of total issuance costs of $2.0 million. The shares were
issued through an offering to then-existing shareholders to purchase three common shares for each share
held at a price of DKK 0.40 per share. The transaction meets the requirements for exemption from account-
ing for derivative financial instruments per IAS 32 Financial Instruments Presentation.
In 2025 and 2024, there were no stock options exercised.
As of December 31, 2025, there are 316,983 thousand common shares outstanding with a nominal value
of 0.10 DKK per share and 1,257 thousand shares (0.4% of total shares, nominal value DKK 125.6 thousand)
held in treasury. Included in equity is a reserve for treasury shares of approximately $11,206 thousand at
December 31, 2025. All common shares outstanding are fully paid and carry no special rights.
The Company does not cancel shares that are repurchased but maintains them in treasury to fulfill option
exercises. Refer to ‘Shareholder information’ in this report for information regarding the composition of
Asetek shareholders.
The following table summarizes the common share activity in the years presented:
(000’s) 2025 2024Common shares outstanding - January 1 97,058 97,058Common shares issued in rights offering 219,925 –COMMON SHARES OUTSTANDING – DECEMBER 31 316,983 97,058COMMON SHARES OWNED BY THE COMPANY - DECEMBER 31 1,257 1,257
19. NET DEBT
The Company’s debt at December 31, 2025 consists of the following:
// Asetek A/S, the Parent company, has a line of credit with Jyske Bank for DKK 128.1 million (USD 20.2
million), of which USD 20.2 million was utilized at December 31, 2025. This line is secured by the Group’s
land and building and other security arrangements and carries interest at Danish CIBOR 3 rate plus 2.45
percentage points which in total was 4.45% at December 31, 2025. The line specifies quarterly payments
of DKK 2.35 million (USD 0.37 million) and matures on March 31, 2028. In addition, Asetek A/S had an
overdraft position of DKK 3.2 million (USD 0.5 million) utilized at December 31, 2025.
// Asetek Danmark A/S has a revolving line of credit facility with Jyske Bank for DKK 5 million (USD 0.8 mil-
lion) with a temporary increase to 20 million (USD 3.2 million), of which DKK 5.0 million (USD 0.8 million)
was utilized at December 31, 2025. The line is secured by a corporate floating charge and guarantee
arrangements and carries interest at the Danish CIBOR 3 rate plus 2.95 percentage points, which in total
was 4.95% at December 31, 2025. The DKK 5 million facility matures on March 31, 2028. The DKK 15
million facility matures on June 30, 2026.
20. LEASES
Asetek leases certain assets, principally office facilities and motor vehicles. Contracts are typically for fixed
periods of five years or more for office facilities, five years for equipment, and two years or less for motor
vehicles. The leased asset is depreciated over the shorter of the asset’s useful life and the lease term on a
straight-line basis. Operating expenses associated with leases of one year or less are not significant in 2025
and 2024.
In 2024, the Company moved its Aalborg, Denmark headquarters from a leased facility to a newly con-
structed facility owned by Asetek in Svenstrup, Denmark. The lease on the former office space in Aalborg
expired in March 2025. The Company’s office space in Taipei, Taiwan was renewed in 2025 and is under lease
until August 2030.
Reconciliation of lease liability
(USD 000’s) 2025 2024Beginning balance 338 1,163Additions to lease liabilities 792 152Payments of lease liabilities (321) (709)Adjustments/reductions to leases (214) (133)Foreign exchange impact 106 (135)ENDING BALANCE 701 338
Total cash payments for leases totaled $333,000 and $735,000 in 2025 and 2024, respectively.
Future minimum lease payments are as follows as of the balance sheet date:
Future minimum lease payments
(USD 000’s) 2025 2024Minimum lease payments at December 31 611 221Asset residual at end of lease 130 147Less: amount representing interest (40) (30)TOTAL OBLIGATIONS UNDER LEASES 701 338Obligations under leases due within one year 269 327Obligations under leases due after one year 432 11TOTAL OBLIGATIONS UNDER LEASES 701 338
Right-of-use Assets. The following table presents a summary of the Right-of-use assets under lease, which is
a subset of the property, plant and equipment presented in Note 15:
Autos (USD 000’s) Machineryand other Properes TotalCOST:Balance at December 31, 2024 1,402 265 2,619 4,286Additions 238 554 792Disposals and transfers (1,402) (214) (2,926) (4,542)Exchange rate differences 30 330 360BALANCE AT DECEMBER 31, 2025 – 319 577 896ACCUMULATED DEPRECIATION:Balance at December 31, 2024 (1,098) (65) (2,519) (3,682)Disposals and transfers 1,098 58 2,926 4,082Depreciation for the year (116) (212) (328)Exchange rate differences (10) (205) (215)BALANCE AT DECEMBER 31, 2025 – (133) (10) (143)CARRYING AMOUNT AT DECEMBER 31, 2024 304 200 101 605CARRYING AMOUNT AT DECEMBER 31, 2025 – 186 567 753
NOTES ASETEK Annual report 2025 / Page 48
22. SUBSIDIARIES
The following entities are included in the consolidated accounts:
Vong Company Domicile StakeShare AcvityAsetek A/S Denmark 100% 100% Trading Asetek Holdings, Inc. USA 100% 100% Inactive Asetek USA, Inc. USA 100% 100% Trading Asetek Danmark A/S Denmark 100% 100% Trading Xiamen Asetek Computer Industry Co., Ltd. China 100% 100% Trading JMH Gallows Pound Technologies Limited UK 100% 100% Inactive
NOTES ASETEK Annual report 2025 / Page 49
21. TRANSACTIONS WITH RELATED PARTIES
The Company’s CEO serves as Chairman of the Board for a vendor that supplies information technology ser-
vices to the Company. In 2025, the Company purchased services totaling $0.8 million ($0.9 million in 2024)
from this vendor. At December 31, 2025 and 2024, the Company had outstanding payables to this vendor of
$68,000 and $56,000, respectively.
In the past, the Company sponsored and occasionally purchased equipment and other services from
Valdemar Eriksen Racing A/S (“VER”), an organization partially owned by the Company’s CEO. In the years
ended December 31, 2025 and 2024, the Company paid $0 and $14,500 to VER.
23. AUDIT FEES
The Group’s principal auditors perform the Group audit for all of Asetek’s entities. The Xiamen, China subsid-
iary is also subject to a local audit performed by a local firm. The Group’s principal auditors received a total
fee of $449,000 and $415,000 in 2025 and 2024, respectively.
Fees for services other than statutory audits provided by PricewaterhouseCoopers Statsautoriseret Revi-
sionspartnerselskab to the group amount to $103,000 ($111,000 in 2024). Other assurance services in 2025
were non-audit services provided in connection with the Group’s Financial Reporting for the period January
1 to September 30, 2025 related to the public tender offer dated 25 November 2025. Tax and other services
in 2025 were primarily transfer pricing documentation and benchmarking, U.S. tax structure considerations,
and other miscellaneous services. Other assurance services in 2024 were principally review and verification
of filings associated with the Company’s rights offering preparation in late 2024 and early 2025. Tax and
other services provided in 2024 were transfer pricing documentation and benchmarking, U.S. tax structure
considerations, and other miscellaneous services.
The fee is distributed between these services: (USD 000’s) 2025 2024Audit 286 267Other assurance services 59 51Tax services 104 88Other services – 9TOTAL 449 415
25. CONTINGENT LIABILITIES
Debt collateral. In conjunction with the debt referenced in Note 19, Asetek’s creditors have secured the fol-
lowing as collateral for the credit provided: The total loan amount of DKK 148.1 million (USD 23.3 million) at
the Group level with Jyske Bank, representing DKK 128.1 million (USD 20.2 million) to Asetek A/S and DKK 20
million (USD 3.2 million) to Asetek Denmark A/S, is secured by the mortgage deed for the property located
at Skjoldet 20, 9230 Svenstrup. The mortgage deed of DKK 140 million (USD 22.0 million) and a lien on the
Asetek Danmark A/S business totaling DKK 105 million (USD 16.5 million) serves as collateral for the loan
commitments in both Asetek A/S and Asetek Danmark A/S. Asetek A/S has executed a guarantee to Jyske
Bank for all outstanding matters with Asetek Danmark A/S.
Legal proceedings. In the ordinary course of conducting business, the Company is involved in various intel-
lectual property proceedings, including those in which it is a plaintiff that are complex in nature and have
outcomes that are difficult to predict. Asetek records accruals for such contingencies to the extent that it is
probable that a liability will be incurred, and the amount of the related loss can be reasonably estimated.
The Company’s assessment of each matter may change based on future unexpected events. An unexpected
adverse judgment in any pending litigation could cause a material impact on the Group’s business opera-
tions, intellectual property, results of operations or financial position. In addition to the above, Asetek Group
is engaged in various other ongoing cases. In the opinion of Management, neither settlement nor contin-
uation of such proceedings are expected to have a material effect on Asetek’s financial position, operating
profit or cash flow.
The Company has challenged the Danish tax authorities in a matter related to the deductiblity of expens-
es related to stock options granted to certain employees of a subsidiary. The maximum tax exposure for the
Company is about $0.1 million. A formal complaint has been initiated and further proceedings are pending.
NOTES ASETEK Annual report 2025 / Page 50
24. POST BALANCE SHEET EVENTS
The Company has evaluated the period after December 31, 2025 up through the date of the Management
Statement and determined that there were no transactions that required recognition in the Company’s
financial statements, except for the following:
In April 2026, all outstanding shares of Asetek A/S will be purchased by CQXA Holdings Pte. Ltd., a
controlled subsidiary of Suzhou Chunqiu Electronic Technology Co., LTD. (“Chunqiu”) in an all-cash public
takeover of the Company. As of the date of this report, Chunqiu has received the approvals required under
the outbound direct investment (ODI) regime of the People’s Republic of China, including with the Ministry
of Commerce (MOFCOM), the National Development and Reform Commission (NDRC) and the State Admin-
istration of Foreign Exchange (SAFE), and thus this condition to the Offer has been satisfied. As a result, the
transaction will close on April 21, 2026, per the terms described in Asetek’s exchange release dated Novem-
ber 25, 2025. Chunqiu will pay DKK 1.72 per share in cash to shareholders for all outstanding shares, valuing
Asetek at approximately DKK 547.4 million..
In conjunction with the acquisition, all of Asetek’s outstanding options to purchase common shares
become fully vested, resulting in accelerated share-based compensation associated with the Asetek Equity
Incentive Program (Note 7) of USD 1.0 million. At December 31, 2025, this transaction was considered more
likely to occur than not, and therefore the accelerated $1.0 million expense for share-based compensation is
recorded in the 2025 consolidated income statement in Special items, included in total operating expense.
In February 2026, the U.S. Supreme Court ruled that certain tariffs imposed in 2025 were unauthorized.
While the Group expects to seek refunds for qualified duties paid as of December 31, 2025, no asset has
been recognized due to remaining uncertainties regarding the recovery process.
XXXXX ANNUAL REPORT 2024 / Page 50
PARENT COMPANY
FINANCIAL STATEMENTS
Comprehensive income statement,
parent company 52
Balance Sheet, parent company 53
Statement of changes in equity,
parent company 54
Statement of cash ows, parent company 55
Notes, parent company 56
COMPREHENSIVE INCOME STATEMENT, PARENT COMPANY
(USD 000’s)
Note 2025 2024
Service fees 14 2,509 2,646
Rental income 7 2,212 507
TOTAL REVENUE 4,721 3,153
Research and development 3, 4 (53) (52)
Selling, general and administrative 3, 4 (4,788) (4,065)
Special items 3 (1,794) (13,791)
TOTAL OPERATING EXPENSES (6,634) (17,908)
OPERATING INCOME (1,913) (14,754)
Foreign exchange gain (loss) 6 154 947
Finance income 6 12 5
Finance costs 6 (1,354) (1,414)
TOTAL FINANCIAL INCOME (1,188) (462)
INCOME BEFORE TAX (3,101) (15,216)
Income tax (expense) benefit 10 – (763)
INCOME FOR THE YEAR (3,101) (15,979)
Other comprehensive income items:
Foreign currency translation adjustments 5,330 –
TOTAL COMPREHENSIVE INCOME (LOSS) 2,229 (15,979)
FINANCIAL STATEMENTS, PARENT COMPANY ASETEK Annual report 2025 / Page 52
BALANCE SHEET, PARENT COMPANY
(USD 000’s)
Note 2025 2024
ASSETS
NON-CURRENT ASSETS
Investments in subsidiaries 11 22,600 20,100
Property, plant and equipment 7 46,592 42,150
TOTAL NON-CURRENT ASSETS 69,192 62,250
CURRENT ASSETS
Other assets 1,258 446
Receivables from subsidiaries 12, 14 637 –
Cash and cash equivalents 13 49
TOTAL CURRENT ASSETS 1,908 495
TOTAL ASSETS 71,100 62,745
(USD 000’s)
Note 2025 2024
EQUITY AND LIABILITIES
EQUITY
Share capital 13 4,552 1,478
Retained earnings 48,980 43,264
Translation and other reserves (5,876) (11,206)
TOTAL EQUITY 47,656 33,536
NON-CURRENT LIABILITIES
Payables to subsidiaries 12,14 – 8,634
Long-term debt 8, 9 18,790 17,998
TOTAL NON-CURRENT LIABILITIES 18,790 26,632
CURRENT LIABILITIES
Short-term debt 8, 9 2,138 1,700
Payables to subsidiaries 12, 14 862 –
Accrued liabilities 462 437
Accrued compensation and employee benefits 298 299
Trade payables 894 141
TOTAL CURRENT LIABILITIES 4,654 2,577
TOTAL LIABILITIES 23,444 29,209
TOTAL EQUITY AND LIABILITIES 71,100 62,745
FINANCIAL STATEMENTS, PARENT COMPANY ASETEK Annual report 2025 / Page 53
STATEMENT OF CHANGES IN EQUITY, PARENT COMPANY
(USD 000’s)
Share
capital
Share
premium
Translation
reserves
Treasury
share reserves
Retained
earnings Total
EQUITY AT DECEMBER 31, 2023 444 – – (11,206) 58,961 49,233
Total comprehensive income for 2024
Income for the year – – – – (15,979) (15,979)
Total comprehensive income for 2024 – – – – (15,979) (15,979)
Transactions with owners in 2024
Share-based payment expense – – – – 282 282
Transactions with owners in 2024 – – – – 282 282
EQUITY AT DECEMBER 31, 2024 1,478 – – (11,206) 43,264 33,536
Total comprehensive income for 2025
Income for the year – – – – (3,101) (3,101)
Foreign currency translation adjustments – – 5,330 – – 5,330
Total comprehensive income for 2025 – – 5,330 – (3,101) 2,229
Transactions with owners in 2025
Shares issued in rights offering, net of issuance costs 3,074 7,259 – – – 10,333
Transfer – (7,259) – – 7,259 –
Share-based payment expense – – – – 1,558 1,558
Transactions with owners in 2025 3,074 – – – 8,817 11,891
EQUITY AT DECEMBER 31, 2025 4,552 – 5,330 (11,206) 48,980 47,656
FINANCIAL STATEMENTS, PARENT COMPANY ASETEK Annual report 2025 / Page 54
STATEMENT OF CASH FLOWS, PARENT COMPANY
(USD 000’s)
Note 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Income (loss) for the year (3,101) (15,979)
Depreciation and amortization 7 1,010 407
Impairment of property, plant and equipment 7 – 13,791
Share-based payments expense 4 1,558 282
Finance cost incurred 6 1,354 2,396
Finance cost, cash paid 6 (1,348) (2,389)
Income tax expense (income) 10 – 763
Cash received (paid) for income taxes 10 – (1,287)
Changes in other assets (811) 553
Changes in trade payables and accrued liabilities 719 (322)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (619) (1,786)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment 7 (162) (6,780)
Net receipts from (payments to) subsidiaries 12 (9,679) 3,648
NET CASH USED IN INVESTING ACTIVITIES (9,841) (3,132)
FREE CASH FLOW (10,460) (4,918)
(USD 000’s)
Note 2025 2024
CASH FLOWS FROM FINANCING ACTIVITIES
Lease payments on right-of-use assets 9 (121) (63)
Borrowings (repayment) on line of credit 8 (1,188) 5,790
Proceeds from issuance of share capital 13 13,851 –
Costs incurred for issuance of share capital 13 (2,207) –
Financing of equipment – 76
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 10,335 5,803
Effect of exchange rate changes on cash and cash equivalents 89 (1,019)
NET CHANGES IN CASH AND CASH EQUIVALENTS (36) (134)
Cash and cash equivalents at beginning of period 49 183
CASH AND CASH EQUIVALENTS AT END OF PERIOD 13 49
SUPPLEMENTAL DISCLOSURE - NON-CASH ITEMS
Assets acquired under leases 214 152
FINANCIAL STATEMENTS, PARENT COMPANY ASETEK Annual report 2025 / Page 55
Special items. In 2025, the Company incurred expenses of $0.8 million for legal and advisory services and
$1.0 million of accelerated share based compensation relating to an outside party’s planned acquisition of
Asetek, as described in Note 1.1 in the consolidated financial statements. These expenses are included in
special items in the 2025 income statement. In 2024, the Company recorded a non-cash impairment charge
of $13.8 million as a consequence of an assessed impairment within the cash generating units. This one-time
charge was classified as a special item in operating expense on the income statement and was recorded as
impairment of the Company’s headquarters facility in property, plant and equipment. Refer to Note 2.22 in
the consolidated financial statements.
3. TOTAL OPERATING EXPENSES
Operating expenses consisted of the following for the year ended December 31
(USD 000’s) 2025 2024
Personnel expenses (Note 4) 2,529 2,124
Legal, consultants and auditor 907 769
Special items 1,794 13,791
Other expenses 1,404 1,224
TOTAL EXPENSES 6,6346,634 17,90817,908
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The 2025 financial statements for Asetek A/S have been prepared in accordance with International Financial
Reporting Standards (IFRS) as issued by IASB and adopted by the EU.
The financial statements are presented in U.S. Dollars (USD), which is the presentation currency. On
January 1, 2025, as a result of new revenue streams being generated in Danish krone (DKK) currency, the
Company changed the functional currency of the Parent Company from USD to DKK.
The accounting policies for the Parent Company are the same as for the Asetek Group, as per Note 2 to
the consolidated financial statements, with the exception of the items listed below:
1.1. Dividends on investments in subsidiaries, joint ventures and associates. Dividends on investments in
subsidiaries, joint ventures and associates are recognized as income in the income statement of the
Parent Company in the financial year in which the dividend is declared.
1.2. Investments in subsidiaries, joint ventures and associates. Investments in subsidiaries, joint ventures
and associates are measured at the lower of cost or the recoverable amount. An impairment test on
the investment is performed if the carrying amount of the subsidiaries’ net assets is below the carry-
ing value of the Parent Company’s investments in the consolidated financial statements.
NOTES, PARENT COMPANY
NOTES, PARENT COMPANY ASETEK Annual report 2025 / Page 56
1. GENERAL INFORMATION
Regarding accounting policies, refer to Note 2 to the Consolidated Financial Statements. For discussion of
financial risks, refer to Note 3 to the Consolidated Financial Statements.
4. PERSONNEL EXPENSES
Total personnel costs by type for the year ended December 31
(USD 000’s) 2025 2024
Salaries, pension and other 1,935 1,842
Share-based payment 594 282
TOTAL PERSONNEL EXPENSES 2,529 2,124
Total personnel costs by classification in the income statement for the year ended December 31
(USD 000’s) 2025 2024
Research and development 48 52
Selling, general and administrative 2,481 2,072
TOTAL EXPENSES 2,529 2,124
The average number of employees in the Parent company is two for both years presented. The figures listed
above include a portion of the executive management’s cash compensation based on an estimate of the
actual resources allocated to the management of the Parent company. The figures include incentive-based
compensation in the form of share options and warrants granted to employees in the Asetek Group. Refer
to Notes 6 and 7 in the Consolidated Financial Statements for information regarding incentive compensation
programs and management remuneration.
Remuneration of the Group Board of Directors is specified in Note 6 to the Consolidated Financial
Statements. The Company’s share-based incentive pay program is described in Note 7 to the Consolidated
Financial Statements.
5. AUDIT FEES
Fees associated with the Parent company financial statements for services provided by the Company’s princi-
pal auditors were as follows:
(USD 000’s) 2025 2024
Audit 230 189
Other assurance services 59 51
Tax services 104 88
Other services – 7
TOTAL 393 335
Services other than statutory audit are described in Note 23 in the consolidated financial statements.
NOTES, PARENT COMPANY ASETEK Annual report 2025 / Page 57
6. FINANCIAL INCOME AND COSTS
(USD 000’s) 2025 2024
FOREIGN EXCHANGE GAIN (LOSS) 154 947
Interest income on loans to subsidiaries 9 –
Interest from bank accounts 3 5
FINANCE INCOME 12 5
Interest cost on loans from subsidiaries (323) (1,027)
Interest cost on line of credit (936) (1,237)
Interest cost on leases and equipment financing (13) (7)
Other banking and finance fees (82) (126)
Subtotal (1,354) (2,396)
Less: amount capitalized – 982
FINANCE COST (1,354) (1,414)
7. PROPERTY, PLANT AND EQUIPMENT
In September 2024, the Company completed construction of its headquarters building and occupied it.
The Company is leasing sections of the building that are not occupied by Asetek and plans to continue to
do so for three to five years and to subsequently occupy the entire facility thereafter. The sections leased
are contiguous with the premises occupied by Asetek and cannot be feasibly separated. As a result, the
asset is accounted for as a domicile property, recorded at cost and depreciated over its estimated useful
life of 50 years. In 2024, the Company recorded an impairment charge of $13.8 million as a consequence of
an assessed impairment within the cash generating units. Refer to Note 2.22 in the consolidated financial
statements.
As of December 31, 2025 and 2024, carrying value of vehicles under right-of-use leases totaled $173,000
and $181,000, respectively, and their associated leases are for terms of 12 months. Total property, plant and
equipment is specified as follows:
Company
Vehicles and
soware
Land and
Building
Building under
construcon Total
COST:
Balance at January 1, 2024 555 2,493 46,620 49,668
Additions 854 – 6,078 6,932
Transfer – 52,698 (52,698) –
Disposals (223) – – (223)
BALANCE AT DECEMBER 31, 2024 1,186 55,191 – 56,377
Balance at January 1, 2025 1,186 55,191 – 56,377
Additions 375 25 – 400
Disposals (214) – – (214)
Exchange rate differences 150 6,867 – 7,017
BALANCE AT DECEMBER 31, 2025 1,497 62,083 – 63,580
ACCUMULATED DEPRECIATION:
Balance at January 1, 2024 (119) – – (119)
Impairment – (13,791) – (13,791)
Disposals 90 – – 90
Depreciation for the year (163) (244) – (407)
BALANCE AT DECEMBER 31, 2024 (192) (14,035) – (14,227)
Balance at January 1, 2025 (192) (14,035) – (14,227)
Disposals 58 – – 58
Depreciation for the year (351) (659) – (1,010)
Exchange rate differences (36) (1,773) – (1,808)
BALANCE AT DECEMBER 31, 2025 (521) (16,467) – (16,987)
CARRYING AMOUNT AT DECEMBER 31, 2024 994 41,156 – 42,150
CARRYING AMOUNT AT DECEMBER 31, 2025 976 45,616 – 46,592
11. INVESTMENT IN SUBSIDIARIES
(USD 000’s)
Investment in
Asetek Holdings, Inc.
Balance at December 31, 2024 20,100
Additions –
Exchange rate differences 2,500
Balance at December 31, 2024 22,600
CARRYING AMOUNT AT DECEMBER 31, 2024 20,100
CARRYING AMOUNT AT DECEMBER 31, 2025 22,600
Asetek A/S acquired 100% of Asetek Holdings, Inc. through the exchange of shares in February 2013. At the
time of acquisition, Asetek Holdings, Inc. had negative net equity, resulting in the initial investment to be
valued at zero. Asetek Holdings, Inc. represents Asetek A/S’s only direct investment in subsidiaries.
NOTES, PARENT COMPANY ASETEK Annual report 2025 / Page 58
8. NET DEBT
Asetek A/S has a long-term line of credit with Jyske Bank for DKK 128.1 million (USD 20.2 million) at De-
cember 31, 2025, of which USD 20.2 million was utilized at December 31, 2025. This line is secured by the
Group’s land and building and other security arrangements and carries interest at Danish CIBOR 3 rate plus
2.45 percentage points which in total was 4.45% at December 31, 2025. The line specifies quarterly pay-
ments of DKK 2.35 million (USD 0.37 million) and matures on March 31, 2028.
In addition, Asetek A/S had an overdraft position of DKK 3.2 million (USD 0.5 million) utilized at December
31, 2025.
Net debt is as follows at December 31:
(USD 000’s) 2025 2024
Line of credit - amounts due within one year (1,976) (1,537)
Leases - amounts due within one year (147) (151)
Equipment financing -amounts due within one year (15) (12)
DEBT INCLUDED IN CURRENT LIABILITIES (2,138) (1,700)
Line of credit - amounts due after one year (18,685) (17,934)
Equipment financing - amounts due after one year (57) (64)
Other long-term liability (48) –
TOTAL DEBT (20,928) (19,698)
Cash and cash equivalents 13 49
NET DEBT (20,914) (19,649)
Reconciliation of line of credit
(USD 000’s) 2025 2024
Beginning balance (19,471) (14,700)
Net paid (drawn) on line of credit 1,188 (5,790)
Foreign exchange impact (2,378) 1,018
ENDING BALANCE, LINE OF CREDIT (20,661) (19,471)
9. LEASES
Obligations under leases are as follows:
(USD 000’s) 2025 2024
Minimum lease payments as of December 31 3 5
Asset residual value at end of lease 144 147
Less: amount representing interest – (1)
TOTAL OBLIGATIONS UNDER LEASES 147 151
Total lease obligations due within one year were $147,000 and $151,000 at December 31, 2025 and 2024,
respectively. Operating expenses associated with leases of one year or less are not significant.
10. INCOME TAX
At December 31, 2025 and 2024, the tax benefit (provision) for Asetek A/S differed from the statutory tax
rate principally as a result of share compensation and impairment expenses that are treated differently for
tax purposes.
(USD 000’s) 2025 2024
INCOME BEFORE TAX (3,101) (15,216)
Tax calculated at domestic rates applicable to profits/losses in respective
countries
682 3,348
Differences between book and tax (682) (4,111)
INCOME TAX (EXPENSE) – (763)
15. EVENTS AFTER THE REPORTING PERIOD
Refer to Note 24 to the consolidated financial statements.
14. TRANSACTIONS WITH RELATED PARTIES
Asetek A/S charges its subsidiaries a management service fee. In addition, Asetek A/S owns the headquarters
facility and leases office space to its subsidiary, Asetek Danmark A/S, under a contract on market terms.
Utilities and other building-related operating costs are recharged at cost based on allocation principles re-
flecting the use of the premises (a portion of the building is leased to a third-party tenant, and the remaining
share of the utilities is borne by Asetek Danmark A/S, which is the only intercompany tenant).
Interest is charged on intercompany balances. In 2025, the interest rate was based on historical prime rates
(7.0%–7.5%) plus an additional 2.0% margin.
Income/(expense) recognized in the parent company income statement is as follows:
(USD 000’s) 2025 2024
Management fees 2,554 2,646
Building rent 1,762 402
Utilities and building cost recharges 210 64
Interest income 9 –
Interest expense (337) (1,027)
Total 4,198 2,085
Reference Notes 6 and 12 regarding transactions with subsidiaries.
16. CONTINGENT LIABILITIES
The Danish group enterprises are jointly and severally liable for tax on group income subject to joint taxation,
as well as for Danish withholding taxes by way of dividend tax, royalty tax, tax on unearned income and any
subsequent adjustments to these. Asetek A/S has executed a guarantee to its Group’s principal bank, Jyske
Bank, for all outstanding matters with its wholly owned subsidiary, Asetek Danmark A/S. Refer to Note 25 to
the Consolidated Financial Statements.
NOTES, PARENT COMPANY ASETEK Annual report 2025 / Page 59
12. NET RECEIVABLES FROM (PAYABLES TO) SUBSIDIARIES
Net receivables is as follows at December 31:
(USD 000’s) 2025 2024
Asetek Danmark A/S 474 (7,220)
Asetek USA, Inc. (862) (1,541)
Asetek Xiamen 55 31
Asetek Holdings, Inc. 108 96
NET DUE FROM (TO) SUBSIDIARIES (225) (8,634)
AVERAGE EFFECTIVE INTEREST RATE 9.4% 10.2%
13. EQUITY
Refer to Note 18 to the Consolidated Financial Statements.
MANAGEMENT STATEMENT
The Board of Directors and Executive Board have today considered and adopted the Annual Report of Asetek
A/S for the financial year 1 January – 31 December 2025.
The Consolidated Financial Statements and the Parent Company Financial Statements have been pre-
pared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the
Danish Financial Statements Act. Management’s Review has been prepared in accordance with the Danish
Financial Statements Act.
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give
a true and fair view of the financial position at 31 December 2025 of the Group and the Parent Company and
of the results of the Group and Parent Company operations and cash flows for 2024.
In our opinion, Management’s Review includes a fair review of the development in the operations and
financial circumstances of the Group and the Parent Company, of the results for the year and of the financial
position of the Group and the Parent Company as well as a description of the most significant risks and ele-
ments of uncertainty, which the Group and the Parent Company are facing.
In our opinion, the annual report of Asetek A/S for the financial year 1 January to 31 December 2025 with
the file name Asetek-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF
Regulation.
We recommend that the Annual Report be adopted at the Annual General Meeting.
MANAGEMENT STATEMENT ASETEK Annual report 2025 / Page 60
André S. Eriksen
CEO
Lars Kristensen
Member
Søren Klarskov Vilby
Chairman
Jakob Alsted Have
Vice chairman
Aalborg, Denmark
April 8, 2026
Board of Directors
Executive Board
Dennis Nymann
Member
Peter Dam Madsen
CFO
Lasse Dannulat
Member
INDEPENDENT AUDITOR’S REPORTS
To the shareholders of Asetek A/S
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Our opinion
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Compa-
ny’s financial position at 31 December 2025 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January to
31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.
Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors.
What we have audited
The Consolidated Financial Statements and Parent Company Financial Statements of Asetek A/S for the financial year 1 January to 31 December 2025 comprise in-
come statement and statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material account-
ing policy information for the Group as well as for the Parent Company. Collectively referred to as the “Financial Statements”.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities
under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Account-
ants (IESBA Code) as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark. We have
also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.
Appointment
We were first appointed auditors of Asetek A/S on 24 April 2014 for the financial year 2014. We have been reappointed annually by shareholder resolution for a total
period of uninterrupted engagement of 12 years including the financial year 2025. We were reappointed following a tendering process at the General Meeting on 30
April 2024.
INDEPENDENT AUDITOR’S REPORTS ASETEK Annual report 2025 / Page 61
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2025. These matters
were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Key audit matter
Capitalization of development costs
The Group capitalizes development costs when certain criteria according to IFRS
are met. The criteria for recognition and measurement of development costs
are subject to Management’s judgment and assumptions, which is uncertain by
nature.
Completed development projects are assessed for impairment indications. For
in-progress development projects impairment tests are performed at least annu-
ally. The impairment tests are based on the strategy plan approved by Manage-
ment and value-in-use calculations based on expected future cash flows.
We focused on this area because the criteria for recognition and measurement
of development projects are subject to Management judgments and assump-
tions.
Refer to note 14 in the Consolidated Financial Statements.
How our audit addressed the key audit matter
We assessed whether the Group’s accounting policies are in accordance with
IFRS Accounting Standards.
We carried out risk assessment procedures in order to obtain an understanding
of IT systems and business processes regarding capitalized development costs.
We selected a sample of completed and in-progress development projects and
considered whether all criteria described in IFRS Accounting Standards were met
as basis for capitalization.
We evaluated and challenged Management’s assessment of impairment
indicators of completed development projects based on the commercial
prospects of the projects. For in-progress development projects, we challenged
the key assumptions applied in the value-in-use calculations. Our work was based
on our understanding of the business cases and significant assumptions applied.
We challenged whether the intent to finalize the projects remain and whether
the projects are expected to generate future economic benefits exceeding the
carrying values.
INDEPENDENT AUDITOR’S REPORTS ASETEK Annual report 2025 / Page 62
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Re-
view is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
Moreover, we considered whether Management’s Review includes the disclosures required by the Danish Financial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company
Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstate-
ment in Management’s Review.
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in
accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as
Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclos-
ing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the
Parent Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these Financial Statements.
As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
INDEPENDENT AUDITOR’S REPORTS ASETEK Annual report 2025 / Page 63
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the
underlying transactions and events in a manner that gives a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the
group as a basis for forming an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and review of the audit work
performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to commu-
nicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate
threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial
Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter.
Report on compliance with the ESEF Regulation
As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of Asetek A/S for the financial year
1 January to 31 December 2025 with the filename Asetek-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated
Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in
XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes.
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:
• The preparing of the annual report in XHTML format;
• The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all
financial information required to be tagged using judgement where necessary;
• Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and
• For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.
INDEPENDENT AUDITOR’S REPORTS ASETEK Annual report 2025 / Page 64
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based
on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The
procedures include:
• Testing whether the annual report is prepared in XHTML format;
• Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process;
• Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes;
• Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suita-
ble element in the ESEF taxonomy has been identified;
• Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and
• Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.
In our opinion, the annual report of Asetek A/S for the financial year 1 January to 31 December 2025 with the file name Asetek-2025-12-31-en.zip is prepared, in all
material respects, in compliance with the ESEF Regulation.
Aalborg, 8 April 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Mads Melgaard Line Borregaard
State Authorised Public Accountant State Authorised Public Accountant
mne34354 mne34353
INDEPENDENT AUDITOR’S REPORTS ASETEK Annual report 2025 / Page 65
DEFINITIONS OF RATIOS AND METRICS
Asetek uses various metrics, financial and non-financial ratios which provide shareholders with useful
information about the Group’s financial position, performance and development.
PROFIT & LOSS
Adjusted EBITDA Operating income + amortization & depreciation
+ share-based compensation + special items
Gross margin Gross profit / Revenue
Operating margin Operating income / Revenue
Return on Invested
Capital (ROIC)
Income for the year / Invested capital
Organic growth (Revenue current year – Comparable revenue* prior year) / Comparable
revenue* prior year
BALANCE SHEET
Invested capital Equity raised from sale of shares and conversion of
debt + interest bearing debt
Quick ratio (Cash and cash equivalents + Trade receivables and other) /
Total Current Liabilities
Current ratio Total current assets / Total current liabilities
Days sales outstanding Trade receivables / (Revenue / 365 days)
Inventory turns per year Cost of sales / (beginning inventory + ending inventory / 2)
Days payable outstanding Trade payables / (Cost of sales / 365 days)
Debt to equity Interest-bearing debt / Total equity
STOCK MARKET
Earnings per share, basic Refer to Note 12 of the Consolidated financial statements
Earnings per share, diluted Refer to Note 12 of the Consolidated financial statements
Share price to earnings Share price / DKK to USD exchange rate / Earnings per share,
diluted. If earnings is negative, not reported.
Market capitalization (Shares issued – Treasury shares) x (Share price in DKK /
DKK to USD exchange rate)
BUSINESS DRIVERS
Average selling price per unit,
Liquid Cooling
Liquid cooling revenue / Sealed loop units shipped
Revenue per employee Revenue / Number of employees
* Comparable revenue excludes changes in revenue attributable to foreign exchange rates and any acquisitions or divestments.
DEFINITION OF RATIOS AND METRICS ASETEK Annual report 2025 / Page 66
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