1
INTERIM REPORT  
FIRST HALF YEAR 2025 / 26  
Rovsing A/S  
Ejby Industrivej 38  
DK-2600 Glostrup  
Phone:  
www.rovsing.dk  
info@rovsing.dk  
CVR:  
+45 44 200 800  
16 13 90 84  
 
PROFILE  
LIST OF CONTENTS  
Rovsing A/S (Rovsing) develops, manufactures and  
delivers systems for functional and electrical  
testing of critical infrastructure such as spacecrafts  
(primarily satellites) and their payloads.  
PROFILE............................................................. 2  
LIST OF CONTENTS........................................... 2  
HIGHLIGHTS OF THE HALF YEAR...................... 3  
FINANCIAL HIGHLIGHTS AND RATIOS.............. 4  
CORPORATE INFORMATION ............................ 5  
MANAGEMENT STATEMENT ...........................10  
2
Rovsing products and systems are used for testing  
of  
key  
sub-systems,  
including  
external  
communication connections and instruments.  
INCOME AND COMPREHENSIVE INCOME  
STATEMENT .....................................................11  
The Company’s products are modular and are sold  
either on a stand-alone basis or used as modules in  
system solutions, customized for the specific  
mission applications. In connection with the  
configuration of system solutions, third parties’  
products are also used, and software is configured  
for the individual spacecraft needs.  
BALANCE SHEET ..............................................12  
BALANCE SHEET ..............................................13  
STATEMENT OF CHANGES IN EQUITY ............14  
CASH FLOW STATEMENT ................................15  
DEFINITION OF RATIOS ...................................21  
GLOSSARY ...................................................... 22  
The products, inclusive software packages, are  
flexible and configurable, facilitating tailor-made  
customer solutions.  
More specifically, Rovsing offers the following  
equipment solutions:  
Power & Launch EGSE (Electrical Ground  
Support Equipment)  
Payload EGSE  
Platform EGSE  
Instrument EGSE  
Avionics Test Beds  
Central Check-out Equipment  
Thermal EGSE  
Real-time Simulators  
Earth Observation Services (partnerships)  
In addition, Rovsing develops software solutions,  
including solutions based on specific customer  
specifications, and performs independent software  
verification/validation (ISVV) for critical mission  
related software developed by third parties.  
Rovsing also provides engineering services for large  
corporations in the space & defense industry at  
various locations in Europe.  
Rovsing works on the development of high level  
down-stream services and remote services  
providing system and software know-how. The  
main customers of Rovsing are European and US-  
based Large System Integrator (LSI) such as Airbus  
DS, Thales Alenia Space, OHB, Boeing and their  
key sub-suppliers. The European Space Agency  
(ESA), NASA and various national space agencies  
are also among Rovsing’s customers.  
Cover photo: Rovsing.  
 
HIGHLIGHTS OF THE HALF YEAR  
Revenue and EBITDA have been below expectations, in the first half year of the financial year 2025/26,  
the revenue amounted to DKK 13.4 million (H1 2024/25: DKK 17.3 million) or a decrease of DKK 3.9  
million.  
3
EBITDA amounted to DKK -3.6 million (H1 2024/25: DKK 0.3 million). The decision to close the last part  
of the Company's activity in Kourou, French Guinea, results in a provision of DKK 0.9 million as of  
December 31, which directly affects the EBITDA in H1 2025/26.  
Rovsing has projects that have been delayed for extensive periods by their customers, these delays  
incur an increase in material costs and effort due to inflation in the same period. Rovsing expects to  
have the impacts settled with the customers. Until settlement is reached proceeds cannot be quantified  
and are therefore not included in the guidance for the ongoing financial year.  
During H1 2025/26, the Company has worked on co-financed product development together with ESA  
and with customers already ordering our new products for delivery in H2.  
The order backlog at 31 December 2025 remains at a high level of DKK 33.1 million (H1 2024/25 DKK  
34.9 million), with an order intake in H1 of 2025/26 of DKK 9.7 million (H1 2024/25 DKK 12.9 million).  
Tender activity remains at a high level during the first half year of FY 2025/26 and clarification on these  
bids is expected during the first half year of 2026. The portfolio of contracts is diverse, ranging across  
several different missions and customers in both institutional and commercial space.  
At the ESA Ministerial Council meeting which took place late November 2025, a record commitment  
of EUR 22.3 billion was approved by the member states, with Denmark increasing its commitments to  
DKK 2.3 billion over the coming 3 years, an increase of DKK 1.4 billion compared to previous budget  
period. With ongoing growth, European space budgets are expected to support continued market  
growth, where Rovsing with only retention of current market share should see growth in coming years.  
Tender activity has been at a high-level and is expected to continue to increase with the ongoing  
market trends. Rovsing is supporting customers by providing bids for upcoming key missions under the  
European Commission, ESA and national and commercial programmes. These efforts are resource  
demanding for the organization during the tender phase and an important investment in a future  
profitable business outlook. The Company expects decisions on several ongoing tenders during the  
2025/26 financial year, as well as the initiation of new contract activities in the second half of the  
financial year.  
Execution on the updated strategy focusing on accelerating growth and identifying and qualifying  
potential acquisition targets as part of the Company’s buy-and-build strategy is on track with concrete  
decisions expected before end of the financial year 2025/26.  
Due to the H1 developments, the Company’s Management and the Board of Directors sent out  
announcement n0. 393 on 22nd December 2025, adjusting the guidance for the financial year 2025/26,  
to expecting revenue in the range of DKK 33 to 37 million and EBITDA in the range of DKK -2.5 to 0.5  
million compared to previous revenue range of DKK 37 to 41 million and EBITDA range of DKK 1.0 to  
3.0 million.  
 
4
FINANCIAL HIGHLIGHTS AND RATIOS  
1H  
2025/26  
1H  
2024/25  
Full year  
2024/25  
INCOME STATEMENT  
DKK’000  
Revenue  
13,371  
-3,635  
17,338  
296  
37,024  
1,318  
-988  
Earnings before interest, taxes,  
depreciation and amortisation,  
EBITDA  
Operating profit (EBIT)  
Financial income and expenses,  
net  
-4,779  
-579  
-778  
-580  
-1,259  
-2,885  
Profit/loss for the year  
-5,358  
-1,358  
BALANCE SHEET  
Non-current assets  
Current assets  
18,247  
16,879  
35,126  
10,754  
3,821  
18,293  
14,069  
32,362  
8,331  
17,079  
13,940  
31,019  
8,416  
Total assets  
Equity  
Non-current liabilities  
Current liabilities  
Total equity and liabilities  
5,145  
4,426  
18,177  
31,019  
20,551  
35,126  
18,886  
32,362  
CASH FLOW STATEMENT  
Cash flow from operating activities  
Cash flow from investing activities  
Cash flow from financing activities  
Total cash flow  
-365  
-1,469  
1,835  
1
-1,891  
-317  
2,208  
0
1,324  
-645  
-670  
9
KEY FIGURES  
3.6  
-2.7  
EBITDA margin, %  
EBIT margin, %  
-27.2  
-35.7  
-52.7  
-7.8  
1.7  
-4.5  
-15.2  
-2.4  
-2.4  
3.1  
-28.5  
-4.7  
-4.7  
0.9  
Return on equity, %  
Earnings per share (EPS)  
Earnings per share (EPS-D)  
Cash flow per share (CFPS)  
Equity per share, DKK  
Solvency, %  
-7.8  
-1.4  
15.7  
30.6  
11.3  
25.7  
14.7  
27.1  
Average number of shares (1,000  
shares  
Number of shares at year-end  
(1,000 shares)  
684  
740  
571  
571  
609  
685  
Rovsing’s financial year is from 1 July to 30 June.  
 
CORPORATE INFORMATION  
5
The Company  
Rovsing A/S
Ejby Industrivej 34-38
2600 Glostrup, Denmark
Phone:  
Fax:  
Website:  
+45 44 200 800
+45 44 200 801
www.rovsing.dk
info@rovsing.dk
E-mail:  
Company reg. (CVR) no.:  
Date of incorporation:  
16 13 90 84
20 May 1992
Municipality of registered office:  
Glostrup, Denmark
Board of Directors  
Ulrich Beck (Chairman)
Carsten Jørgensen
Kim Brangstrup
Michael Lumholt
Lars Ankjer Jensen
Christian Klarskov
Executive Management  
Hjalti Pall Thorvardarson, CEO
Sigurd Hundrup, CFO
Auditors  
KPMG Statsautoriseret Revisionspartnerskab  
Dampfærgevej 28  
2100 København Ø  
 
project has been delayed pending input from the  
customer and is now only expected to pick up pace  
late in the financial year.  
MANAGEMENTS’ REVIEW  
REVENUE AND RESULTS  
Revenue for the first half year 2025/26 amounted to  
DKK 13.4 million compared to DKK 17.3 million in  
the same period last year or a decrease of DKK 3.9  
million.  
6
The Company’s Management and the Board of  
Directors have taken action to counter the negative  
impacts, however the positive effects will not be  
able to weigh up against the accrued negative  
effects before the end of the ongoing financial year  
2025/26.  
Gross profit for the period amounted to DKK 8.9  
million compared to DKK 11.6 million in the first  
half of 2024/25.  
Following a comprehensive project and business  
review, the negative project impacts and the  
definitive closure of the Company activities in  
Kourou, the one-off effects during H1 amount to  
DKK 2.5 million and further impacts are not  
expected.  
The Company’s earnings before interest, tax,  
depreciation and amortisation (EBITDA) for the  
period amounted to DKK -3.6 million compared to  
DKK 0.3 million in the same period of the financial  
year 2024/25 or a decrease of DKK 3.9 million.  
Revenue and EBITDA have been below  
expectations, primarily due to increased efforts and  
prices required to complete ongoing projects  
compared to the original budgets. Rising costs for  
these projects are due to increases in the cost of  
materials over the life of the project associated with  
external factors and delays. These additional costs  
are sought to be compensated by the customer.  
The size and timing of settlement are pt. unknown,  
but Rovsing expects to have an agreement in place  
before final deliveries in 2025/26.  
Order intake in the first 6 months of the financial  
year 2025/26 totaled DKK 9.7 million, and the  
Company maintains a diversified order backlog of  
DKK 33.1 million, distributed across several  
missions and customers in both the institutional  
and commercial segments.  
OPERATIONAL REVIEW  
Strategic focus areas  
With the Rovsing’s strong positions in ESA and EU  
space programs, the Company is looking to expand  
further into high-potential markets while pursuing  
a selective buy-and-build strategy. The focus is to  
strengthen the core Space business and extend into  
adjacent Defense markets where our expertise in  
mission-critical testing and software validation  
provides clear synergies.  
The closing of the last part of the Company's  
activity in Kourou, French Guinea, results in a one-  
off provision of DKK 0.9 million as of December 31,  
which directly affects EBITDA negatively.  
The net profit for the first half year amounted to  
DKK -5.4 million compared to DKK -1.4 million in  
the same period last year.  
During H1 2025/26 efforts have focused on  
identifying and qualifying potential acquisition  
targets as part of the Company’s buy-and-build  
strategy is on track with concrete decisions  
expected before end of the financial year 2025/26.  
Equity as per 31 December 2025 amounted to DKK  
8.3 million (31 December 2024: DKK 8.4 million).  
Cash flow from operating activities for the period  
amounted to DKK -1.9 million compared to DKK 1.3  
million in the first half year 2024/25. Net cash flow  
from investing activities amounted to DKK -0.3  
million (2024/25: DKK -0.6 million). Cash flow from  
financing activities amounted to DKK 2.2 million  
(2024/25: DKK -0.7 million) while net cash flow for  
the period amounted to DKK 0.0 million (2024/25:  
DKK 0.0 million).  
The European market  
Rovsing continues to be a key player within the  
European institutional space market, holding a  
position as one of the key level 1 suppliers of the  
major European Prime contractors in their efforts  
to capture upcoming missions within space  
exploration, earth observation, communication  
and other critical infrastructure as showcased by  
our ongoing contracts across the spectrum of  
missions withing Science, Exploration, Earth  
Observation, Telecoms and Defense.  
During H1 of the financial year 2025/26, revenue  
and EBITDA have been below expectations,  
primarily due to increased efforts required to  
complete ongoing projects compared to the  
original budgets, primarily related to a large project  
expected to be completed during the current  
financial year. In addition, a large service-based  
At the ESA Ministerial Council meeting which took  
place late November 2025, a record commitment of  
EUR 22.3 billion was approved by the member  
states, with Denmark increasing its commitments  
 
to DKK 2.3 billion over the coming 3 years, an  
increase of DKK 1.4 billion compared to previous  
budget period. With ongoing growth, European  
space budgets are expected to support continued  
market growth, where Rovsing with only retention  
of current market share should see growth in  
coming years  
built by European industry. Rovsing has already  
secured multiple contracts and is working on 4 out  
of 6 satellites with different primes (LSTM, ROSE-  
L, CIMR and CRISTAL). The tendering phase for the  
continuation of the Sentinel missions under the  
Copernicus space component has also begun, with  
Rovsing already responding to several tenders.  
7
Tender activity is increasing and expected to  
continue to increase, with Rovsing supporting  
customers by providing bids for upcoming key  
missions under the European Commission, ESA and  
national and commercial programmes. The  
Company expects decisions on several ongoing  
tenders during the 2025/26 financial year, as well as  
the initiation of new contract activities in the  
second half of the financial year.  
In June 2023, Rovsing and customer TAS-I  
conducted the successful Kick-off of the CIMR  
UMB/COTE SCOE project, however due to  
progamme changes the project has been on hold  
but is expected to resume during H2 2025/26.  
The ROSE-L Power EGSEs were awarded to  
Rovsing by TAS-I in July 2023. The project was on  
hold awaiting changes from the customer until the  
autumn of 2024. The PDR was concluded  
successfully in March 2024. The CDR has been  
conducted, and the first deliveries are expected  
during H2 2025/26.  
The Rovsing team continued work on the large  
Galileo Second Generation (G2G) EGSEs project for  
customer Thales Alenia Space (TAS) Italy. Several  
deliveries and milestones were completed during  
2025/26. The project is in the final stages of the  
recurring system delivery phase. However, due to  
the already incurred extensive delays on the  
programme, the efforts needed to complete the  
project and with increased cost of materials since  
the contract start, the impact on the project  
profitability is negatively impacted. Rovsing seeks  
to have these additional costs recovered by the  
customer and seeks to have an agreement in place  
before final deliveries in 2025/26.  
Rovsing delivered the FORUM Thermal EGSE to  
OHB during H1 2025/26. Having also previously  
delivered the FORUM Platform Emulator SCOE to  
OHB. FORUM is an ESA mission which will measure  
Earth’s outgoing radiation in the far-infrared part of  
the electromagnetic spectrum that has never been  
measured from space before.  
Rovsing has continued support for the Artemis  
missions with the Orion Multi-Purpose Crew  
Vehicle (MPCV) European Service Module (ESM).  
Four Solar Array Wing Front End Equipment (SAW  
FEE) systems are deployed, two with Airbus DS in  
Bremen and Ariane Group in Les Mureaux, one with  
Lockheed Martin in Colorado for the Integrated  
Test Lab and the fourth with NASA at the Kennedy  
Space Center. Three MPCV-ESM PCDU EGSE have  
also been delivered to Leonardo in Milan. As part of  
the NASA Artemis and Lunar Gateway  
programmes, ESA has committed to providing  
additional ESMs. In this connection Rovsing is  
continuing to provide key engineering support both  
remote & onsite as well as spare parts and  
upgrades.  
The Mars Sample Return (MSR) programme is in  
the process of being restructured as the NASA  
contributions to the programme have been  
stopped. This affects three of our contracts under  
MSR, all of which have already been at standstill or  
low progress for extensive time period. Rovsing  
expects close-out of the contracts during H2  
2025/26 and full compensation for costs incurred.  
For customer SITAEL S.p.A in Italy, Rovsing has  
delivered several UMB SCOE systems in recent  
years. SITAEL has ordered towards end of 2025 a  
recurring UMB SCOE for delivery during H2  
2025/26.  
In H1 2025/26, Rovsing delivered to Airbus DS in  
Germany the Simulation Front-End for the GRACE-  
C mission.  
The European Commission Copernicus programme  
provides vital data from satellites which help  
address challenges such as urbanisation, food  
security, rising sea levels, diminishing polar ice,  
natural disasters and, of course, climate change.  
Rovsing has contributed to many of the current  
suite of Sentinel satellite missions. Looking to the  
future, the capabilities of the Copernicus space  
component will be enhanced by six new satellites  
(CO2M, LSTM, CHIME, ROSE-L, CIMR and  
CRISTAL), currently being developed by ESA and  
TAS-Italy awarded Rovsing with a contract to  
deliver several Satellite Interface Simulators for the  
ESA EnVision mission in March 2025. After  
significant changes the CDR was completed during  
H1 2025/26 and the TRR datapack for set 1 was  
delivered before Christmas. However, due to NASA  
contributions being unsure, further changes are  
expected and priority has shifted at beginning of  
 
2026 to the European payloads. Delivery of first  
systems is expected H2 2025/26.  
Emerging space markets  
During H1 2025/26, Rovsing provided proposals for  
delivery of its products to several actors in South-  
Korea. Further development is expected during H2.  
In May 2025, Rovsing signed a contract with The  
Exploration Company to support their Nyx vehicle  
program a modular and reusable space vehicle  
designed to deliver cargo to and from space  
stations in Low Earth Orbit and beyond.  
This collaboration marks another exciting step for  
Rovsing as we contribute to this visionary space  
transportation solution by performing Independent  
Software Verification and Validation (ISVV)  
services, ensuring mission-critical software  
reliability and compliance with the highest industry  
standards. The contract work has been delayed by  
the customer for much of H1 2025/26 but is  
expected to pick up pace during H2. The contract is  
of considerable size and expected to run until end  
of 2028.  
8
Rovsing continues to closely monitor emerging and  
ambitious space markets with their increasing  
space budgets, with the target of acquiring new  
customers in coming years.  
Product development, production and strategic  
initiatives  
Rovsing’s strategic roadmap focuses on achieving  
increased scalability such that our already modular  
products can better address the expanding range of  
satellite architectures. During H1 2025/26, efforts  
related to product development and feature  
improvements in the domains of both software and  
hardware have continued as these are key enablers  
for the Company’s abilities to deliver diverse  
market leading system solutions to customers. In  
line with the strategic roadmap Rovsing conducted  
co-financing studies and development projects in  
cooperation with ESA.  
Our onsite service business in CSG Kourou ended  
ultimo 2023. Rovsing decided to ramp down the  
activities at CSG and during 2023/24 conducted the  
process of offloading the team and operations  
related to the previous activity. The Company has  
retained one employee which has been under  
education and training during 2024/25, preparing  
for an upcoming tender. Due to continued delays  
and limited outlook at CSG Kourou despite best  
efforts, Rovsing has decided to fully disband its  
operations at CSG Kourou and the one-off costs of  
DKK 0.9 million have been taken into account as of  
31 December 2025 as provision.  
During H1 2025/26, Rovsing has been developing  
the next generation of our Second Level Protection  
(SLP) product line under the ESA ARTES  
programme. The development of the SLP200A  
showcases our commitment to delivering cutting-  
edge solutions that meet high aerospace industry  
standards and needs. The project is already well  
underway and expected to be finalized during H2  
with also the first customer delivery to a USA-based  
prime contractor. Another ESA contract under the  
IPTF programme for the further development of  
Rovsing’s Leasing based scalable EGSE solution has  
been kicked off during H1 2025/26 with work  
expected to finalize during 2026.  
The North American market  
As a supplier of various EGSE to the European  
Service Module (ESM) for the Orion Crew Capsule,  
Rovsing remains a vital partner for the Artemis  
programme with the aim of bringing humans back  
to the Moon. Rovsing participates with related  
service agreements for the coming years and  
delivered in H1 2025/25 the 5th SAW FEE system to  
the NASA Kennedy Space Center (KSC).  
Rovsing holds an ISO9001 certification,  
a
procedural environment, ensuring quality and  
knowledge sharing. Benefits in workflow related to  
the Company’s facilities allow for further scaling of  
our operations and development.  
During H1 2025/26, Rovsing has kicked off a  
contract with a major U.S. based Aerospace Prime  
Contractor for the delivery of the first batch of our  
next generation of Second Level Protection (SLP)  
modules, capable of 200 Amperes. The new  
generation SLP200A represents a breakthrough in  
spacecraft bus power protection technology,  
offering impressive performance, features and  
reliability. The delivery is expected to be completed  
by mid-2026.  
During H1 2025/26 Rovsing has continued efforts  
related to further opportunities, matching the  
Company’s expertise, concerning mainly Defence  
and Critical Infrastructures on Danish and European  
level to broaden the scope of business in close  
cooperation with Prime Contractors and other  
potential partners.  
The overall North American market for  
commercial, military, and civil space remains a  
growth opportunity and strategic focus for the  
Company while monitoring closely the changing  
landscape with the new administration in the USA.  
Organisation and management  
By the end of December 2025, Rovsing employed a  
total of 27 employees, counted on a full-time-  
 
equivalent basis. Most employees were employed  
at the Company’s head office in Glostrup,  
Denmark.  
9
At the Company’s annual general meeting in  
October 2025 Kim Brangstrup, Michael Lumholt,  
Carsten Jørgensen and Ulrich Beck as Chairman  
were reelected and new members Lars Ankjer  
Jensen and Christian Klarskov were elected as new  
members to the Board of Directors.  
World Events  
The war in Ukraine and the increasing global  
geopolitical tension has continued to be a major  
disruption event affecting the global prices, lead-  
times and financial stability.  
The new administration in the USA with changed  
focus, views and methods across many sectors and  
policies is followed with sharp focus. Impacts  
encountered are discussed with our partners and  
mutual solutions to overcome barriers sought and  
mitigate risks.  
Changes in geopolitical environment can also give  
rise to opportunities for Rovsing.  
Management continues to monitor the situation  
and implement appropriate actions to minimize  
any potential business impacts moving forward.  
Outlook for 2025/26  
Rovsing adjusted its guidance for the financial year  
2025/26 with Announcement no. 393, expecting  
revenue in the range of DKK 33 to 37 million and  
EBITDA in the range of DKK -2.5 to 0.5 million  
compared to previous revenue range of DKK 37 to  
41 million and EBITDA range of DKK 1.0 to 3.0  
million.  
EVENTS AFTER THE REPORTING PERIOD  
After the balance sheet date, no events have  
occurred that materially affect the Company's  
financial position.  
 
MANAGEMENT STATEMENT  
10  
The Board of Directors and the Executive Management have today discussed and approved the interim report  
for Rovsing A/S for the period 1 July 31 December 2025.  
The interim report, which has neither been audited nor reviewed by the company’s auditor, has been prepared  
in accordance with IAS 34, “Interim Financial Reporting”, as adopted by the EU and in line with additional Danish  
interim reporting requirements for listed companies.  
In our opinion, the financial statements give a true and fair view of Rovsing A/S’ assets, liabilities and financial  
position as at 31 December 2025 and of the results of the company’s operations and cash flow for the period 1  
July 31 December 2025.  
Further, in our opinion, the management review gives a true and fair review of the development in the  
company’s operations and financial matters, the result of the company’s operations for the period and the  
financial position as a whole as well as a description of the principal risks and uncertainties that the company  
faces.  
Glostrup, 17 February 2026
Executive Management  
Hjalti Pall Thorvardarson (CEO)  
Sigurd Hundrup (CFO)  
Board of Directors  
Ulrich Beck (Chairman)
Carsten Jørgensen
Lars Ankjer Jensen
Kim Brangstrup
Michael Lumholt
Christian Klarskov
 
INCOME AND COMPREHENSIVE INCOME STATEMENT  
11  
INCOME AND COMPREHENSIVE INCOME  
STATEMENT  
Note  
2
1H  
2025/26  
1H  
2024/25  
Full year  
2024/25  
DKK’000  
13,371
-5,388
921
17,338
-6,308
551
37,024
-13,369
1,673
Revenue  
Changes in inventories and work materials used  
Work performed by the entity and capitalised  
8,904
11,581
25,328
Gross profit  
-1,441
-11,098
-1,415
-9,870
-3,388
-20,622
Other external expenses  
Staff costs  
Operating profit before depreciation and  
amortisation (EBITDA)  
-3,635
296
1,318
-1,144
-1,074
-2,306
Depreciation, amortisation and impairment  
-4,779
-778
-988
Operating profit/loss (EBIT)  
8
4
16
Financial income  
-587
-584
-1,275
Financial expenses  
-5,358
0
-1,358
0
-2,247
-638
Profit/loss before tax  
Tax on profit/loss for the year  
Net profit  
-5,358
-5,358
-1,358
-1,358
-2,885
-2,885
Comprehensive income  
Allocation of profit/loss and comprehensive  
income:  
-5,358
-1,358
-2,885
Shareholders of Rovsing A/S  
Earnings per share  
-7.8
-7.8
-2.4
-2.4
-4.7
-4.7
3
Earnings per share (EPS Basic)  
Earnings per share (EPS-D)  
 
BALANCE SHEET  
12  
Note  
BALANCE SHEET, ASSETS  
31/12/2025  
31/12/2024  
30/6/2025  
DKK’000  
Non-current assets  
Intangible assets  
12,031
2,014
11,789
847
12,513
836
5
5
Completed development projects  
Development projects in progress  
14,045
12,636
13,349
Property, plant and equipment  
Property, plant and equipment  
Right-of-Use assets  
365
2,378
588
1,301
484
2,909
6
2,743  
1,889  
3,393  
Other non-current assets  
504
411
504
Tax  
1,001
2,143
1,001
Deferred tax  
1,505
2,554
1,505
18,293
17,079
18,247
Total non-current assets  
Current assets  
Inventories  
Trade receivables  
Contract work in progress  
Tax  
5,036
6,581
2,138
0
5,162
4,224
4,342
0
4,360
4,460
7,024
411
61
237
16
0
188
24
387
221
16
Other receivables  
Prepayments  
Cash  
14,069
32,362
13,940
31,019
16,879
35,126
Total current assets  
TOTAL ASSETS  
 
BALANCE SHEET  
13  
Note  
BALANCE SHEET, EQUITY AND LIABILITIES  
31/12/2025  
31/12/2024 30/6/2025  
DKK’000  
Equity  
7,403
5,470
-4,542
5,705
5,006
-2,295
6,848
5,316
-1,410
Share capital  
Reserves for development costs  
Retained earnings  
8,331
8,416
10,754
Total equity  
Non current liabilities  
Credit institutions  
Bond loans  
1,999
1,512
1,634
1,999
1,912
515
1,725
0
2,096
6
Lease liabilities  
5,145
4,426
3,821
Total non current liabilities  
Current liabilities  
Credit institutions  
Bond loans  
Lease liabilities  
Prepayments, customers  
Trade payables  
4,023
0
913
6,518
2,570
2,281
2,581
4,526
0
4,149
1,912
927
8,684
2,574
1,678
627
808
7,494
2,541
2,808
0
6
Other payables  
Deferred income  
18,886
24,031
32,362
18,177
22,603
31,019
20,551
24,372
35,126
Total current liabilities  
Total liabilities  
TOTAL EQUITY AND LIABILITIES  
 
STATEMENT OF CHANGES IN EQUITY  
14  
DKK’000  
RESERVES  
SHARE  
CAPITAL  
FOR  
DEVELOP-  
MENT COSTS  
RETAINED  
EARNINGS  
2024/25  
TOTAL  
10,179
Equity at 1 July 2024  
5,705
4,820
-346
Comprehensive income for the  
period  
Comprehensive income  
0
0
0
-1,358
-186
-1,358
0
Transferred between reserves  
186
Total comprehensive income for  
the period  
0
186
-1,544
-1,358
Other transactions  
Warrant programme  
0
0
-405
-405
Total transactions with owners  
0
0
-405
-405
Equity at 31 December 2024  
5,705
5,006
-2,295
8,416
RESERVES  
FOR  
DEVELOP-  
MENT COSTS  
SHARE  
CAPITAL  
RETAINED  
EARNINGS  
2025/26  
TOTAL  
10,754
Equity at 1 July 2025  
6,848
5,316
-1,410
Comprehensive income for the  
period  
Comprehensive income  
0
0
0
0
-5,358
0
Transferred between reserves  
154
-154
Total comprehensive income for  
the period  
0
154
-154
-5,358
Other transactions  
Capital increase  
555
0
0
0
0
2,480
-100
3,035
-100
Costs capital increase  
Total transactions with owners  
555
2,380
2,935
7,403
5,470
-4,542
8,331
Equity at 31 December 2025  
 
CASH FLOW STATEMENT  
1H  
2025/26  
1H  
2024/25  
Full year  
2024/25  
15  
CASH FLOW STATEMENT  
DKK’000  
-5,358
-1,358
-2,885
Profit/loss for the year  
Adjustment for non-cash operating items etc.:  
Depreciation, amortisation and impairment  
Other non-cash operating items, net  
Financial income  
1,144
0
1,074
-405
-4
2,306
-404
-16
-8
587
0
584
0
1,275
638
Financial expenses  
Tax on profit/loss for the year  
Cash flows from operations before changes in  
working capital  
-3,635
-109
914
1,912
1,544
-489
Change in working capital  
Cash flow from operations  
-1,723
1,435
425
8
-587
411
4
-584
469
16
-1,275
469
Interest receivable  
Interest payable  
Refund of corporate tax (LL§8x)  
-1,891
1,324
-365
Cash flow from operating activities  
-1,178
872
-629
0
-16
-1,831
406
Acquisition of intangible assets  
Received development subsidies  
Acquisition of tangible assets  
-11
-44
-168
-645
-1,469
Cash flow from investing activities  
-250
-477
3,035
-100
-258
-412
0
-909
-932
3,811
-135
Bond loans and debt with credit institutions  
Principal paid on lease  
Capital increase, net proceeds from issue  
Costs charged to equity  
0
2,208
0
-670
9
1,835
1
Cash flow from financing activities  
Net cash flow for the period  
Cash, beginning of year  
16
15
15  
16
24
16
Cash, end of period  
 
16  
NOTES  
1 ACCOUNTING POLICIES  
The interim report has been prepared in accordance with IAS 34, Interim financial reporting, as adopted by the  
EU and further Danish disclosure requirements in respect of interim reports for listed companies.  
The accounting policies used for the interim report are the same as used for the Annual Report 2024/25.  
Due to rounding, numbers presented throughout this report may not add up precisely to the totals.  
The interim report is presented in DKK thousands (DKK ‘000).  
For further details regarding accounting policies, we refer to the Annual Report 2024/25.  
New standards, interpretations and amendments adopted  
Rovsing has implemented all new and amended standards (IFRS) and interpretations (IFRIC) as adopted by the  
EU and which are effective for the financial year beginning on 1 July 2025. The implementation of these new or  
amended standards and interpretations had no material impact on the financial statements.  
The half-year report is prepared in DKK.  
 
17  
1H  
2025/26  
1H  
2024/25  
2
REVENUE  
DKK’000  
Developed products and systems  
Software Verifications (ISVV)  
On-site Engineering Services  
12,530  
582  
15,911  
776  
259  
651  
13,371  
17,338  
GEOGRAPHIC MARKETS  
DKK’000  
EU  
UK  
12,832  
0
16,739  
567  
Outside Europe  
539  
32  
13,371  
17,338  
Revenue from products, systems and services is recognised over time, using the input method.  
The majority of the projects are sold as fixed price contracts and revenue from projects is usually recognised  
over time; applying the percentage of completion cost-to-cost method. A project contract will often entitle us  
to receive a down payment from the customer, followed by several milestone payments linked to a milestone  
progress plan. Upon completion and customer acceptance we will usually be entitled to the final payment.  
 
18  
3
4
SEASON  
The Company´s activities have not been affected by any season in the period.  
H1  
2025/26  
H1  
2024/25  
EARNINGS PER SHARE  
DKK’000  
Profit/loss for the year  
-5,358  
684  
-1,358  
571  
Average number of issued shares (1,000)  
Earnings per share, (EPS Basic), of DKK 10 each  
-7.8  
-2.4  
5
INTANGIBLE ASSETS  
The Company has during the period 1 July - 31 December 2025 incurred costs for intangible assets for  
DKK 1.2 million. As described in the management's report in the 2024/25 annual report, future earnings  
are related to product development projects. Earnings size and timely realization is subject to  
uncertainty. Impairment test for intangible assets will be carried out per 30 June 2026, after completion  
of budgets, etc. for the next 3 years period. See also the section "Risk factors" in the annual report  
2024/25.  
 
19  
6
RIGHT OF USE ASSETS  
Property  
lease  
Other  
leases  
Total  
DKK’000  
Right-of-use as of 1 July 2025  
Additions  
Depreciations  
2,794  
0
-465  
115  
0
-66  
49  
2,909  
0
-531  
2,378  
Right-of-use as of 31 December 20245  
2,329  
Lease liabilities  
DKK’000  
31-12-2025  
1,634  
Non-current  
Current  
913  
Lease liabilities  
2,547  
Amounts included in the income statement  
DKK’000  
31-12-2025  
Interest expense leases  
96  
Depreciation recognised on Right-of-use assets  
531  
7
CONTINGENT ASSETS AND LIABILITIES  
The Company has co-funded development projects with ESA. A co-financing obligation in the agreements  
entered into with ESA, the Company itself holds about 25% - 50% of the estimated costs.  
 
20  
TRANSACTIONS BETWEEN PARTNERS AND  
RELATED PARTIES  
8
The Company has no related parties or partners with a controlling influence.  
The company has registered the following shareholders as holding 5% or more of the share capital:  
14.1%, Kim Brangstrup  
12.2%, Lars Ankjer Jensen  
The Company’s related parties include also the board of directors and management.  
9
EVENTS AFTER THE 31 DECEMBER 2025  
The Company knows of no events or issues after 31 December 2025 that has a substantial influence on  
the financial position of the company.  
 
DEFINITION OF RATIOS  
21  
Ratio  
Explanation  
No. of shares, end of period  
The total number of outstanding shares at any given time,  
exclusive of the Company’s treasury shares.  
Cash flow per share (DKK)  
Cash flows from operating activities divided by average  
number of shares.  
EBITDA margin (profit margin before  
depreciation and amortisation) (%)  
Earnings before interest, tax depreciation and amortisation as  
a percentage of revenue.  
EBIT margin (profit margin) (%)  
Equity ratio  
Earnings before interest and tax as a percentage of revenue.  
Equity, end of year, as a percentage of total assets.  
Return on equity (%)  
Profit/loss for the year after tax divided by average equity.  
Average no. of outstanding shares (1,000) Average number of outstanding shares at any given time.  
Net asset value per share (DKK)  
Earnings per share (DKK)  
Solvency ratio (%)  
Equity at year-end divided by number of shares at year-end.  
The Company’s share of profit/loss for the year divided by  
average no. of shares.  
Traditional way of expressing the Company’s financial  
strength.  
 
GLOSSARY  
22  
Term  
Explanation  
Application  
Airbus Defense & Space  
Specific use of a product  
French, German, British and Spanish company operating in the  
defense, space and telecommunications industry  
System for testing and controlling a satellite or instrument  
Digital Simulation & Test Equipment  
The European Space Agency  
Check-out system  
DSTE  
ESA  
ESTEC  
FTE  
European Space Research and Technology Centre  
Full time equivalent  
Copernicus  
Galileo  
Earth Observation Satellite programme under EU  
European satellite navigation system  
ISVV (Independent Software Verification  
Independent verification and validation of software  
& Validation)  
Kick-Off  
Command control system  
Kick-Off meeting to start up a project  
Guidance system  
CSG  
Centre Spatial Guyanais  
Critical software  
Software, the failure or breakdown of which may cause loss of  
life, loss of spacecraft or loss of performance of the planned  
task, or software for which error rectification may prove very  
costly.  
MPCV  
Multi-Purpose Crew Vehicle  
NASA  
Outsourcing  
National Aeronautics and Space Administration  
The outsourcing of part of or a whole assignment with a  
subcontractor  
Prime Contractor  
The company with the main responsibility for carrying out a  
major project  
Project manager  
Thales Alenia Space  
OHB  
EGSE  
Power SCOE  
Person in charge of carrying out a project  
European space and defense industry company  
German space industry company  
Electrical Ground Support Equipment  
Special Checkout Equipment for testing satellite power  
systems  
SAS  
SLP  
Solar Array Simulator  
Second Level Protection  
MASC  
MetOp-SG  
Measurement, Acquisition, Simulation & Commanding  
Meteorological Operational Satellite - Second Generation  
 
23  
Rovsing A/S  
Ejby Industrivej 34-38  
2600 Glostrup, Denmark  
Company reg. (CVR) no. 16 13 90 84  
Tel: +45 +45 44 200 800  
Fax: (+45) 45 44 200 801  
Website: www.rovsing.dk