Interim Report 1H-2026
Company Announcement no 45 / 2026
2
NewCap Holding A/S Interim Report 1H-2026
Contents
Management's review
Company announcement no. 45 / 2026 3
Financial highlights and key ratios for the Group 6
Other matters 7
Outlook 8
Development in the asset management segment 9
Development in the Observatum segment 10
Statements
Statement by Management 11
Consolidated and interim financial statements
Income and comprehensive income statement 12
Balance sheet 13
Statement of changes in equity 14
Cash flows Statement 15
Notes 16
3
NewCap Holding A/S Interim Report 1H-2026
Management's review
Company announcement no. 45 / 2026
The Board of Directors today approved the interim report for the period 1 January to 30 June 2026. The
interim report is presented in English pursuant to the resolution adopted at the Company's Annual General
Meeting on 21 April 2026.
The activities of NewCap Holding A/S Group (the “Group”) comprise the activities of the wholly owned
subsidiaries NCI Advisory A/S and Observatum Compliance ApS (“Observatum”). The Group was
established on 30 December 2025 following Newcap Holding A/S acquisition of 100% of the shares in NCI
Advisory A/S, which was conducted as a reverse takeover of NewCap Holding A/S by NCI Advisory A/S.
NewCap Holding A/S’ acquisition of Observatum was completed on 1 May 2026.
The 2025 figures in the report comprise only the activities of NCI Advisory A/S and hence are not
comparable with the consolidated 2026 figures of the Group.
"We are proud to continue developing NewCap Holding A/S as a listed Nordic platform for asset
management, compliance, risk management and related services. With NCI Advisory A/S and Observatum
Compliance ApS, we are well positioned to support investment teams in an increasingly complex market
environment and pursue future growth opportunities," says Jørgen Beuchert, Chief Executive Officer of
NewCap Holding A/S.
Since the acquisition at the end of 2025, the Group has strengthened its asset management activities
through NCI Advisory A/S’ managed funds Nordic Corporate Investments A/S and NCI Credit Opportunity
Fund A/S. The acquisition of Observatum, which primarily provides compliance and risk management
services to financial enterprises in the asset management sector, has created a platform for servicing asset
managers across all the functional areas they are required to control, including compliance with increasingly
extensive regulatory requirements.
Since their inception in 2008 and 2020, respectively, Nordic Corporate Investments A/S and NCI Credit
Opportunity Fund A/S have generated an average yearly return of more than 10% for investors. Over the
past five years Nordic Corporate Investments A/S has generated an annual return exceeding 15%.
H1 2026 summary
Group revenue for H1 2026 was DKK 6.3 million, an increase of DKK 1.2 million compared to the same
period last year. The increase was attributable to higher asset management income in NCI Advisory A/S as
well as the revenue generated by Observatum, which has been consolidated in the Group’s accounts from
the acquisition date of 1 May 2026.
Operating profit (EBIT) for H1 2026 was a loss of DKK 0.9 million. The operating profit is affected by one-off
costs incurred in connection with the acquisition of Observatum, as well as other costs supporting the
Group's growth strategy, including one-off costs (app. DKK 1,0 million) related to maintaining NewCap
Holding A/S’ Nasdaq stock exchange listing following the acquisition of NCI Advisory A/S at the end of 2025.
The realized loss before tax for H1 2026 of DKK 0.5 million is in line with the guidance for 2026, although the
costs referred to above are at the upper end of expectations. The realized loss should be viewed in light of
the timing of revenue recognition, as part of the Group's revenue from NCI Advisory A/S’ asset management
activities will be recognized in H2 2026. Reference is also made to the subsequent section on the outlook for
2026.
4
NewCap Holding A/S Interim Report 1H-2026
Management's review, continued
The loss after tax for H1 2026 amounted to DKK 0.4 million; see the comments above regarding seasonality.
Cash flows from operating activities amounted to DKK 1.0 million. Cash flows from investing activities totaled
DKK -10.0 million, comprising DKK 4.5 million relating to the acquisition of Observatum and DKK 5.5 million
relating to investments in securities and other equity investments.
On 30 June 2026, the Group's total financial resources in the form of cash and cash equivalents, other
securities and equity investments amounted to DKK 14.2 million.
On 30 June 2026, the Group's equity amounted to DKK 26.6 million.
Highlights
• On 30 June 2026, NewCap Holding A/S was notified by Nasdaq Copenhagen that it had approved
the continued listing of NewCap Holding A/S and would remove NewCap Holding A/S from Nasdaq
Copenhagen's observation list. Reference is made to Company Announcement no. 40 of 30 June
2026.
• On 10 June 2026, NewCap Holding A/S completed a capital increase with a nominal value of DKK
321,800 for cash proceeds of DKK 1.4 million, which was partly subscribed for by a member of the
senior management of NewCap Holding A/S. Reference is made to Company Announcements nos.
34 and 36 of 10 June 2026.
• On 4 June 2026, NewCap Holding A/S entered into a market maker agreement with Danske Bank.
The agreement forms part of an initiative to strengthen the Group's investor relations and improve
trading opportunities for existing and potential investors in the Company's shares.
• In May 2026, NewCap Holding A/S completed the reverse share split adopted at the Annual General
Meeting, changing the nominal value per share to DKK 100 from DKK 0.05. Reference is made to
Company Announcement no. 21 of 21 May 2026.
• With effect from 1 May 2026, Malene Ehrenskjöld joined the Executive Management with specific
responsibility for the operation and development of the business area focusing on compliance and
risk management. Reference is made to Company Announcement No. 33 of 10 June 2026
• At the end of April, NewCap Holding A/S acquired activities that are now consolidated in Observatum
Compliance ApS, a well-established business providing compliance and risk management services
to financial enterprises in the asset management sector, including alternative investment fund
managers (AIFMs) and investment firms. Reference is made to Company Announcement No. 21 of
24 April 2026.
• In February 2026, Jørgen Beuchert, who is also Chief Executive Officer of the subsidiary NCI
Advisory A/S and a major shareholder of NewCap Holding A/S, was appointed Chief Executive
Officer of NewCap Holding A/S. The Company's former Chief Executive Officer, Peter Steen
Christensen, continues unchanged as a member of the Company's Board of Directors and continues
to perform a number of duties for the Company relating to financial reporting, finance, investor
relations, etc. Reference is made to Company Announcement No. 10 of 10 February 2026
5
NewCap Holding A/S Interim Report 1H-2026
Management's review, continued
Outlook
Based on the realized numbers and expectations for performance-based management fees, the guidance is
updated to total revenue of DKK 17.5-19.5 million (previously: DKK 14-16 million) and profit before tax of
DKK 2.5-5.0 million (unchanged).
The principal uncertainty continues to be in relation to general economic developments, including the
potential impact on performance-based asset management income earned based on the funds' results for
2026.
The expected results for 2026 are affected by exceptional, non-recurring expenses relating to the
continuation of the Nasdaq stock exchange listing, acquisition activities and the integration following the
establishment of the Group on 30 December 2025. The established business structure is scalable through
the acquisition of additional asset management activities.
Events after the reporting period
No material events have occurred after the end of the reporting period that may affect the assessment of the
financial position at 30 June 2026.
Yours sincerely / Regards
NewCap Holding A/S
For further information, please contact:
Jørgen Beuchert
Telephone: +45 4199 8250
E-mail: info@newcap.dk
Peter Steen Christensen
Telephone: +45 2370 5885
Email: info@newcap.dk
Financial highlights and key ratios
Financial highlights from profit and loss
2026 H1 2025 H1 2025 FY
t.DKK t.DKK t.DKK t.DKK
Revenue ........................................................................................... 6.331 5.118 11.965
Staff and other external cost .............................................................
-7.100 -2.819 -5.966
-903 2.268 5.969
Financial items ..................................................................................
442 92 409
-360 1.840 4.973
Financial highlights from balance sheet
Investment in non current assets -10.001 -3.883 5.223
21.073 4.154 10.872
6.876 4.440 17.258
27.949 8.594 28.130
Share capital .....................................................................................
25.022 6.300 24.701
Total equity ....................................................................................... 26.637 7.518 25.713
Current liabilities ............................................................................
1.312 1.076 2.417
Equity and liabilities ....................................................................... 27.949 8.594 28.130
Key ratios
2026 H1 2025 H1
t.DKK t.DKK t.DKK
Equity ratio ........................................................................................ 95,31% 87,48% 91,41%
Return on equity after tax (annualised for 12 months) ..................... -2,77% 56,24% 31,68%
Share ratios *)
2026 H1 2025 H1 2025 FY
t.DKK t.DKK t.DKK
Average number of shares outstanding (thousands) ........................ 250.228 6.300 247.011
Diluted average number of shares outstanding (thousands) ............ 250.228 6.300 247.011
Basic earnings per share (EPS), DKK .............................................. 0,00 0,29 0,04
Diluted earnings per share (EPS), DKK ............................................ 0,00 0,29 0,04
Cash flow per share (CFPS), DKK ................................................... 0,00 0,57 0,03
Dividend per share, DKK .................................................................. 0,00 0,00 0,00
Share price at period-end, Nasdaq Copenhagen ............................. 404,00 260,00 240,00
The key ratios have been calculated in accordance with the Danish Finance Society’s
“Recommendations & Financial Ratios”.
Operating profit/loss before financial items (EBIT) ........................
Net profit for the period .....................................................................
Total non-current assets ...................................................................
Total current assets ...........................................................................
Total assets .........................................................................................
* The number of shares for prior years has been restated to reflect
the change in the denomination of the shares in 2026
NewCap Holding A/S 6 Interim Report H1-2026
7
NewCap Holding A/S Interim Report 1H-2026
Management's review, continued
Other matters
Annual General Meeting held on 21 April 2026
At the Company's Annual General Meeting held on 21 April 2026, it was resolved:
• To change the nominal value per share from DKK 0.05 to DKK 100.00
• To authorise the Board of Directors to increase the Company's share capital by up to a nominal
amount of DKK 4,500,000 through the issue of new shares
• To authorise the Board of Directors to distribute extraordinary dividends. This resolution renewed a
resolution adopted at a previous general meeting
• That the Company's annual reports and interim reports may be prepared in English with effect from
the 2026 interim report
Board resolutions
In June, the Board of Directors resolved to exercise the authorisation granted at the Annual General Meeting
on 21 April 2026 to increase the share capital by DKK 321,800 at a subscription price of 434.80,
corresponding to total proceeds of DKK 1,399,864.
Events after the reporting period
No material events have occurred after the end of the reporting period that may affect the assessment of the
financial position on 30 June 2026.
8
NewCap Holding A/S Interim Report 1H-2026
Management's review, continued
Outlook
In connection with the publication of the 2025 Annual Report, the Board of Directors announced that,
following the establishment of the Group at the end of 2025, it expected 2026 revenue of DKK 11.5-13.5
million and profit before tax of DKK 2.5-5.0 million. In connection with the acquisition of the Observatum
Compliance activities, see Company Announcement No. 21 of 24 April 2026, the revenue guidance was
revised to DKK 14.0-16.0 million, while the guidance for profit before tax remained unchanged.
Based on the realized numbers and expectations for performance-based management fees, the guidance is
updated to total revenue of DKK 17.5-19.5 million (previously: DKK 14-16 million) and profit before tax of
DKK 2.5-5.0 million (unchanged).
The principal uncertainty continues to relate to general economic conditions in Denmark, the Nordic region
and the rest of Northern Europe, together with the potential impact of geopolitical developments on credit
markets, interest rates and foreign exchange rates. These factors may affect performance-based asset
management income earned based on the funds' results for 2026.
The expected results for 2026 are affected by exceptional, non-recurring expenses relating to the
continuation of the stock exchange listing, acquisition activities and the integration following the
establishment of the Group on 30 December 2025. In addition, the established business structure is scalable
through the acquisition of additional asset management activities.
__________________________
Forward-looking statements
The forward-looking statements in this interim report, including expectations regarding earnings and cash
flows, are inherently subject to risks and uncertainties and may be affected by factors such as global
economic conditions, including developments in credit markets, interest rates and foreign exchange rates.
Consequently, actual developments and results may differ materially from the expectations expressed in the
interim report.
9
NewCap Holding A/S Interim Report 1H-2026
Management's review, continued
Development in the asset management segment
The Group's asset management activities are conducted by its wholly owned subsidiary NCI Advisory A/S.
The strategic objective is to develop the Group into a prominent and focused participant in the Nordic market
for asset management within credit investments and adjacent asset classes.
NCI Advisory A/S’s business platform and expertise have been developed over almost 20 years, providing a
strong foundation for the Group’s future growth strategy. In the coming years, the Group aims to continue
growing organically while attracting other asset management businesses to the NewCap Holding A/S
platform, through partnerships and acquisitions. A shared platform for multiple asset managers can generate
significant synergies, strengthen expertise and support stronger performance for the benefit of investors and
shareholders.
Financial highlights for H1 (figures in thousands DKK):
2026 2025 Change
Revenue for the period 5,853 5,118 14.3%
Operating profit 1,763 2,268 -22.2%
The total equity in the two funds, Nordic Corporate Investments A/S and NCI Credit Opportunity Fund A/S,
which are managed by NCI Advisory A/S, have increased as per 30. June 2026 to DKK 525 million from
DKK 440 million per 30. June 2025. An increase of 19%.
Asset management income primarily comprises a management fee based on the amount of
invested/deployed capital, as well as a performance-based fee calculated and recognized at year-end.
A key capability of a professional asset manager investing in such asset classes is the ability to engage
actively throughout the life of an investment and create value from the developments in the underlying
credits. This may generate additional returns above the target returns of the managed investment funds,
which form the basis for calculating the performance-based management income.
Revenue and operating profit for the period developed in line with the full-year expectations. Part of the
Group's income consists of performance-based fees calculated at year-end. The amount is subject to
uncertainty and depends on the realized return for the full year 2026.
The decrease in operating profit for H1 stems from investment in growth initiatives and a general increase in
costs for operating asset management activities
In H2 2026, the Board of Directors expects to launch a number of initiatives to attract additional assets under
management, including from internationally based clients. These initiatives are not expected to affect the
guidance for 2026.
10
NewCap Holding A/S Interim Report 1H-2026
Management's review, continued
Development in the Observatum segment
As stated in company announcement no. 17 / 2026 of 30 March 2026, with effect from 1 May 2026, NewCap
Holding A/S acquired all activities operated under the business names Observatum Compliance Consulting
and Observatum Compliance Services. Observatum is a well-established business providing compliance and
risk management services to financial enterprises in the asset management sector, including alternative
investment fund managers (AIFMs) and investment firms.
The acquisition comprised both an asset transfer and a transfer of shares. The total purchase consideration
was agreed at DKK 4,500,000 and was paid in cash.
Compliance and focus on governance are essential to all financial enterprises and fund managers, as they
constitute a 'license to operate'. This will be a key growth area for the Group going forward.
Prior to the acquisition by NewCap Holding A/S, Observatum provided compliance services to NewCap
Holding A/S's subsidiary NCI Advisory A/S and to the funds managed by it. This gave the Group a solid
understanding of Observatum’s activities and management. Observatum currently serves a number of
compliance clients in addition to NCI Advisory A/S. Going forward, the strategy is to develop compliance into
a separate business area responsible for compliance across the Group, while continuing to service
Observatum’s existing compliance clients and relationships. The business area will also focus on attracting
new clients. The Board of Directors expects this business area to become a key element of the Group’s
future value creation and to support the Group's growth strategy.
Observatum activities constitute a separate business area and operational set-up with its own management,
independent of the Group's other activities.
The management and employees of Observatum have remained with the Group post the acquisition. The
former Managing Director and principal owner, Malene Ehrenskjöld, has joined the Executive Management
of NewCap Holding A/S, with specific responsibility for the operation and development of the business area.
Co-owner Nina Lauritsen has joined the board of directors of the acquired activities, which continue under
the name Observatum Compliance ApS.
Financial highlights for May and June 2026 (figures in thousands DKK):
2026
Revenue for the period 478
Operating loss -37
The focus in H1 (May and June) was on integrating the acquired activities into NewCap Holding A/S and the
overall business structure of NewCap Holding A/S.
Revenue and operating profit for the period developed in line with the full-year expectations.
11
NewCap Holding A/S Interim Report 1H-2026
Executive Management:
Board of Directors:
INCOME AND COMPREHENSIVE INCOME STATEMENT
Note 2026 H1 2025 H1 2025 FY
t.DKK t.DKK t.DKK
3 6.331 5.118 11.965
-134 -31 -30
-3.456 -877 -2.129
-3.644 -1.942 -3.837
-903 2.268 5.969
-448 0 0
-461 2.360 6.378
-360 1.840 4.973
Allocation of profit/loss and comprehensive income:
-360 1.840 4.973
-360 1.840 4.973
DKK DKK DKK
Earnings per share (EPS Basic) .........................................
Diluted earnings per share (EPS-D) ....................................
Revenue ..............................................................................
Direct cost ...........................................................................
Gross profit ........................................................................
Group
Operating profit/loss before financial items (EBIT) .......
Other external expenses .....................................................
Staff cost .............................................................................
Financial income .................................................................
Financial expenses ..............................................................
Shareholder of NewCap Holding A/S ..................................
Comprehensive income ....................................................
Profit/loss before tax ........................................................
Tax on profit/loss for the period/year ...................................
Net profit ............................................................................
NewCap Holding A/S 12 Interim Report H1-2026
Balance Sheet
Note 2026 H1 2025 H1 2025 FY
Assets t.DKK t.DKK t.DKK
7 10.902 0
8 9.984 3.967 4.280
2026 H1 2025 H1 2025 FY
Equity and liabilities t.DKK t.DKK t.DKK
Current liabilities ............................................................... 1.312 1.076 2.417
Liabilities ............................................................................
Group
Trade receivables ................................................................
Goodwill ...............................................................................
Other securities and equity investments .............................
Total non-current assets ..................................................
Other financial assets ..........................................................
Cash and short terms deposits ...........................................
Total current assets ..........................................................
Group
Total assets .......................................................................
Other current financial liabilities ..........................................
Total equity ........................................................................
Current tax payable .............................................................
Deferred tax assets .............................................................
Equity and liabilities ..........................................................
Other receivables ................................................................
Prepayments .......................................................................
Share capital .......................................................................
Retained earnings ...............................................................
NewCap Holding A/S 13 Interim Report H1-2026
STATEMENT OF CHANGES IN EQUITY
Retained
Sharecapital earnings Total
t.DKK t.DKK t.DKK
Statement of changes in equity H1 2026
Comprehensive income for the period
Transactions with owners
-115
-115
Statement of changes in equity H1 2025
Comprehensive income for the period
Statement of changes in equity FY 2025
Changes following new group structure
Comprehensive income for the period
Total comprehensive income for the period .........................
Equity at 31 December 2025 ....................................................
Equity at 1 January 2025 ............................................................
Profit for the year ......................................................................
Capital increase in NewCap Holding A/S 30 December 2025 ....
Additions from business combination .........................................
Changes following PPA at 30 December 2025 ..........................
Total changes ...........................................................................
Profit for the period ..................................................................
Total comprehensive income for the period .........................
Equity at 30 June 2025 .............................................................
Group
Equity at 1 January 2026 ............................................................
Transactions with owners for the period ...............................
Equity at 30 June 2026 .............................................................
Total comprehensive income for the period .........................
Equity at 1 January 2025 ............................................................
Capital increase 10 June 2026 ...................................................
Profit for the period ..................................................................
Purchase of own shares, changes of nominel value per share ..
NewCap Holding A/S 14 Interim Report H1-2026
2026 H1 2025 H1 2025 FY
t.DKK t.DKK t.DKK
-903 2.268 5.969
-480 -683 -1.069
-1.141 1.593 4.912
-448 203 261
-625 -336 36
-4.497 0 0
-5.504 -3.883 -3.883
-10.001 -3.883 5.223
-115 0 0
-7.677 -311 9.440
Cash flow from investing activities ......................................
Purchase of own shares ..........................................................
Capital increase, net proceeds from issue ...............................
Paid company tax .....................................................................
Changes in trade receivables ...................................................
Changes in other liabilities .......................................................
Cash flow from operation activities .....................................
Changes in other assets ..........................................................
Acquisition of intangible assets ................................................
Acquisition other financial assets .............................................
Acquisition of subsidiaries, net of cash acquired .....................
Operating profit/loss ..............................................................
Financial items, net ..................................................................
Cash Flow Statement
Group
Cash flow from financing activities .....................................
Net cash flow for the period ..................................................
Cash, beginning of the period/year ..........................................
Cash, end of period ...............................................................
NewCap Holding A/S 15 Interim Report H1-2026
Notes
1 Accounting policies
New and amended standards and interpretations
NewCap Holding A/S has adopted the standards and interpretations that became effective in the EU for
financial years beginning on or after 1 January 2026. None of these have affected recognition and
measurement in 2026 or are expected to have a material impact on NewCap Holding A/S.
The interim financial report for the Group has been prepared in accordance with IAS 34 Interim Financial
Reporting as adopted by the EU and the additional Danish disclosure requirements for listed companies.
The application of IAS 34 means that the presentation is more condensed than that of a complete annual
report and that the recognition and measurement principles set out in International Financial Reporting
Standards (IFRS) have been applied.
The Annual Report 2025 contains a complete description of the accounting policies applied to the other
financial statement items.
The estimates applied are based on historical information and assumptions that Management considers
reasonable. However, such estimates and assumptions are inherently subject to uncertainty and
unpredictability. The assumptions may be incomplete and subject to risks and uncertainties that could
cause actual results to differ from the estimates. Specific risks are described in the Annual Report 2025.
Except as described below, the accounting policies applied are unchanged from those applied in the
consolidated financial statements and the parent company financial statements for 2025, to which
reference is made.
This interim report have been prepared in English pursuant to a resolution passed at the annual general
meeting on 21 April 2026. This represents a change from the Annual Report for 2025, which was
prepared in Danish. Reference is made to the Annual Report for 2025 (published in Danish), which
contains the Group's complete accounting policies. The accounting policies applied in this interim report
are consistent with those applied in the Annual Report for 2025. The Annual Report for 2026 will also be
At the end of 2025, a reverse acquisition was completed. Consequently, the comparative figures reflect
NCI Advisory A/S and not the figures previously reported by NewCap Holding A/S. Reference is made to
the Annual Report 2025, in which the accounting treatment is described in detail.
NewCap Holding A/S 16 Interim Report H1-2026
Notes
2 Judgements and estimates
2026 H1 2025 H1 2025 FY
t.DKK t.DKK t.DKK
10.902 0 6.405
9.984 3.967 4.280
The preparation of interim financial statements requires Management to make accounting judgements
and estimates that affect the application of accounting policies and the recognised amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates.
Except for the estimates described below, the significant judgements made by Management in applying
the Group’s accounting policies and the key sources of estimation uncertainty are the same in the
preparation of the interim financial statements as those applied in the preparation of the consolidated
financial statements and the parent company financial statements for 2025.
Reference is made to note 7 and 8 for further information on the estimates made in connection with the
recognition of intangible assets and the impairment testing performed.
Group
Other securities and equity investments ...........................
Goodwill ............................................................................
NewCap Holding A/S 17 Interim Report H1-2026
Notes
3 Segment information
Activities - H1 2026
Compliance,
Asset risk mana-
management ment Total
External revenue............................................................. 5.853 478 6.331
Total revenue.................................................................. 5.853 478 6.331
Profit from operations..................................................... 1.763 -37 1.726
Activities - H1 2025
Compliance,
Asset risk mana-
management ment Total
External revenue............................................................. 5.118 0 5.118
Total revenue.................................................................. 5.118 0 5.118
Profit from operations..................................................... 2.268 0 2.268
Activities - FY 2025
Compliance,
Asset risk mana-
management ment Total
External revenue............................................................. 11.965 0 11.965
Total revenue.................................................................. 11.965 0 11.965
Profit from operations..................................................... 5.969 0 5.969
NewCap Holding A/S 18 Interim Report H1-2026
Notes
3 Segment information, continued
2026 H1 2025 H1 2025 FY
t.DKK t.DKK t.DKK
Reconciliation of revenue
Revenue from reportable segments............................... 5.853 478 6.331
Revenue as pres. in the statement of profit and loss...... 5.853 478 6.331
Reconciliation of profit or loss
Operating profit from reportable segments..................... 1.726 2.268 5.969
Other operating income.................................................. 0 0 0
Financial income............................................................. 890 92 409
Financial expences......................................................... -448 0 0
Other unallocated Group cost, central functions............. -2.629 0 0
Profit before tax as presented in the statement of P/L.... -461 2.360 6.378
4 Seasonal fluctations
As in previous years, the Group’s revenue from asset management is affected by seasonal fluctuations,
as part of the asset management revenue is performance-based and is only determined at the end of
the financial year.
Group
NewCap Holding A/S 19 Interim Report H1-2026
Notes
5 Revenue
Disaggregation of revenue from contracts with customers
Compliance,
Asset risk mana-
management ment Total
Activities - H1 2026
Primary geographic markets:
Denmark......................................................................... 5.757 478 6.235
Other countries............................................................... 96 0 96
Total................................................................................ 5.853 478 6.331
Products:
Fees................................................................................ 5.208 0 5.208
Consultancy.................................................................... 645 478 1.123
Total................................................................................ 5.853 478 6.331
Time for revenue recognition:
At a specific point in time................................................ 5.853 478 6.331
Over time........................................................................ 0 0 0
Total................................................................................ 5.853 478 6.331
Compliance,
Asset risk mana-
management ment Total
Activities - H1 2025
Primary geographic markets:
Denmark......................................................................... 5.068 0 5.068
Other countries............................................................... 50 0 50
Total................................................................................ 5.118 0 5.118
Products:
Fees................................................................................ 4.383 0 4.383
Consultancy.................................................................... 735 0 735
Total................................................................................ 5.118 0 5.118
Time for revenue recognition:
At a specific point in time................................................ 5.118 0 5.118
Over time........................................................................ 0 0 0
Total................................................................................ 5.118 0 5.118
NewCap Holding A/S 20 Interim Report H1-2026
Notes
5 Revenue, continued
Disaggregation of revenue from contracts with customers, continued
Compliance,
Asset risk mana-
management ment Total
Activities - FY 2025
Primary geographic markets:
Denmark......................................................................... 11.771 0 11.771
Other countries............................................................... 194 0 194
Total................................................................................ 11.965 0 11.965
Products:
Fees................................................................................ 11.129 0 11.129
Consultancy.................................................................... 836 0 836
Total................................................................................ 11.965 0 11.965
Time for revenue recognition:
At a specific point in time................................................ 11.965 0 11.965
Total................................................................................ 11.965 0 11.965
NewCap Holding A/S 21 Interim Report H1-2026
Notes
6 Acquisition of subsidiaries and activities
Recognised
amount
t.DKK
Trade receivables........................................................... 68
Cash and cash equivalents............................................. 85
Other payables................................................................ -150
Identifiable net assets acquired...................................... 3
Goodwill.......................................................................... 4.497
Net assets acquired........................................................ 4.500
The purchase consideration was settled in cash.
With effect from 1 May 2026, NewCap Holding A/S obtained control of Observatum Compliance through
a combination of acquiring all shares in a private limited company and an asset acquisition. The
acquisition is expected partly to constitute a separate business area and partly to support overall growth
across the Group's other business areas.
The Group incurred acquisition-related costs of approximately DKK 0.1 million for legal advisers. These
costs were recognized in other external expenses in the income statement.
The purchase price allocation has not yet been finalized. Accordingly, the fair value of identifiable assets
acquired and liabilities assumed, including goodwill are provisional.
The recognised amounts of assets acquired and liabilities assumed at the acquisition date were as
follows:
The purchase consideration amounted to DKK 4.5 million and was settled in cash. In addition, the Group
settled contingent consideration of DKK 0.5 million relating to a share reinvestment arrangement with
the seller, recognized in financial expenses.
Following recognition of identifiable assets acquired, liabilities assumed and contingent liabilities at fair
value, goodwill was measured at DKK 4.5 million. Goodwill represents the value of the assembled
workforce and know-how, as well as synergies expected to support the Group's growth strategy within
asset management. The non-current asset note for goodwill is included in note 7, to which reference is
made.
For the period since the acquisition date, Observatum Compliance contributed DKK 0.0 million to
operating profit and DKK 0.5 million to revenue. Had Observatum Compliance been acquired on 1
January 2026, the Group's revenue and profit for H1 2026 would have amounted to DKK 1.5 million and
DKK 0.0 million.
NewCap Holding A/S 22 Interim Report H1-2026
Notes
7 Intangible assets
2026 H1 2025 H1 2025 FY
t.DKK t.DKK t.DKK
Goodwill
Cost at 1 January ...........................................................
6.405 0 0
Additions arising from business combinations ...............
4.497 0 6.405
Cost at 30 June / 31 December .....................................
10.902 0 6.405
Impairment testing
8 Other securities and equity investments
Cost at 1 January ...........................................................
3.883 0 0
Additions during the period/year .................................... 5.504 3.883 3.883
Cost at 30 June / 31 December .....................................
9.387 3.883 3.883
Accumulated fair value adjustments at 1 January ......... 397 0 0
Fair value adjustment for the period/year ...................... 200 84 397
Accumulated fair value adjust. at 30 June / 31 Dec. ......
597 84 397
Carrying amount 30 June / 31 Dec ................................
9.984 3.967 4.280
At 30 June 2026, Management assessed that there were no indicators of impairment of the carrying
amounts of goodwill with an indefinite useful life. Accordingly, no impairment test was performed for
these assets at 30 June 2026.
Other securities comprise investments in investment funds with which a Group subsidiary has entered
into investment management and administration agreements. Fair value was determined by NCI
Advisory A/S on behalf of the investment funds as part of the ongoing investment management and
administration. Reference is made to note 9 on fair value disclosures.
The annual impairment test of goodwill is performed at 31 December, after completion of the budget and
strategic plans for the forthcoming five-year period, and whenever events or circumstances indicate that
the carrying amount may be impaired.
Group
NewCap Holding A/S 23 Interim Report H1-2026
Notes
9 Financial risks and fair value disclosures
Fair value hierarchy for financial instruments measured at fair value in the statement of financial position.
Qouted Observable Unobserva-
prices input ble inputs
(Level 1) (Level 2) (Level 3) Total
Other securities and equity investment ..........................
0 0 9.984 9.984
Financial assets measured at fair value at
30 June 2026 .................................................................
0 0 9.984 9.984
2026 H1 2025 H1 2025 FY
t.DKK t.DKK t.DKK
Carrying amount 1 January ............................................
4.280 0
Gain/loss recognized in profit and loss ..........................
200 397
Purchases ......................................................................
5.504 3.883
Carrying amount 30 June / 31 Dec ................................
9.984 0 4.280
Method and assumptions used to determine fair values
Other securities and equity investments
Financial instruments measured at fair value in the statement of financial position based on Level 3
inputs
Group
The methods and assumptions applied in determining the fair values of financial instruments are
described by class of financial instrument. The methods applied are unchanged compared with 2025.
When determining the fair values of assets and liabilities, the Group has considered the potential effects
of climate-related matters where material. No material effects from climate-related matters were
identified in the Group financial statements for the period.
The investments made by the investment funds primarily comprise investments in corporate bonds and
unlisted shares.
Other securities and equity investments comprise investments in funds with which the Group has
entered into investment management and administration agreements. Fair value is based on net asset
value according to approved financial statement for 2025.
NewCap Holding A/S 24 Interim Report H1-2026
Notes
9 Financial risks and fair value disclosures, continued
Corporate bonds
Securities and equity investments
10 Own shares
11 Events after the interim reporting period
The management of the investment funds determines fair value based on the information available to
the investment fund at the date of preparation of the annual financial statements. Valuations are based
on indicative prices from market participants with knowledge of the relevant bonds and equity
investments, supplemented by any available information about prices from recent transactions and
Management's own assessment of the borrower's creditworthiness and equity value, based on
Management's ongoing monitoring of the issuers' financial performance and outlook (Level 3 of the fair
value hierarchy).
No events have occurred after the end of the reporting period that affect the assessment of the
Company's or the Group's financial position at 30 June 2026.
The investment funds' investments in securities and equity investments comprise unlisted shares. Fair
value is determined on the basis of unobservable market data, etc. (Level 3 of the fair value hierachy).
The investment funds’ investments in corporate bonds comprise less liquid listed and unlisted corporate
bonds.
During the first half of 2026, the Group acquired 481 treasury shares for a total consideration of t.DKK
115. At 30 June 2026, the Group held 720 treasury shares, corresponding to 0,1% of the Company's
share capital. The consideration paid has been recognised directly in equity.
The determination of Level 3 fair values involves significant judgement and is therefore subject to
significant uncertainty.
The management of the investment funds determines fair value based on the information available to
the investment fund at the date of preparation of the annual financial statements. Valuations are based
on generally accepted valuation methods and techniques for measuring fair value, taking into account
the industry, market position and earnings capacity of the investees, including peer-group multiples, i.e.
(a) the market value of comparable listed companies, (b) transaction multiples from recent M&A
transactions involving comparable companies, (c) value indications from potential buyers, and (d) the
present value of expected future earnings.
NewCap Holding A/S 25 Interim Report H1-2026
Notes
12 Correction to the 2025 Annual Report
1. Statement of cash flows of the Parent Company
The impact on the Parent Company’s statement of cash flows for 2025 can be illustrated as follows:
Cash flow
for parent
company
presented
in FS 2025
Correction
Corrected
statement
of cash
flows of
the Parent
Company
for 2025
Cash flows from operating activities ..............................
-4.043 0 -4.043
Cash flows from investing activities ...............................
-44.163 44.163 0
Cash flow from financing activities .................................
43.763 -44.163 -400
Cash flows for the year ..................................................
-4.443 0 -4.443
Cash and cash equivalents at 31 december 2025 .........
8.574 0 8.574
2. First-time adoption of IFRSs
For accounting purposes, the 2025 consolidated financial statements were prepared as a continuation of
NCI Advisory A/S, reflecting the reverse acquisition completed on 30 December 2025. As NCI Advisory
A/S had not previously prepared financial statements in accordance with IFRSs, the 2025 Annual Report
constitutes the Group’s first IFRS financial statements.
This should have been clearly disclosed in the 2025 Annual Report in accordance with the disclosure
requirements of IFRS 1 First-time Adoption of International Financial Reporting Standards . The matter
has no impact on the amounts presented in the income statement, statement of financial position,
statement of changes in equity or statement of cash flows for 2024 and 2025. As supplementary
information to the 2025 consolidated financial statements, the following information is provided.
The Parent Company’s statement of cash flows for 2025 reflected Newcap Holding A/S’ acquisition of
NCI Advisory A/S by way of a contribution in kind on 30 December 2025, with an amount of DKK 44,163
thousand presented under investing activities and a corresponding amount under financing activities,
representing the value of the shares issued in connection with the contribution in kind.
As the acquisition was effected by way of a contribution in kind and did not involve any cash flows, the
transaction should not have been presented in the Parent Company’s statement of cash flows for 2025.
Following the publication of the 2025 Annual Report, two matters have been identified that will be
corrected in connection with the Company’s preparation of the 2026 Annual Report. The matters have
no impact on the 2026 Interim Report.
The Group’s date of transition to IFRSs is 1 January 2024. Prior to the date of transition, NCI Advisory
A/S prepared its annual financial statements in accordance with the Danish Financial Statements Act
applicable to reporting class B entities, with the application of certain provisions applicable to reporting
class C entities.
NewCap Holding A/S 26 Interim Report H1-2026
Notes
12 Correction to the 2025 Annual Report, continued
The Group’s statement of financial position at 1 January 2024 was as follows:
1. january
2024
t.DKK
Other securities and equity investments ........................
4.420
Deposits .........................................................................
191
Total non-current assets ................................................
4.611
Trade receivables ..........................................................
12.261
Other receivables ...........................................................
279
Prepayments ..................................................................
518
Total receivables ............................................................
13.058
Cash and cash equivalents ............................................
1.711
Total current assets .......................................................
14.769
Total assets ..................................................................
19.380
Equity .............................................................................
14.733
3.434
1.213
Total current liabilities ....................................................
4.647
Passiver i alt .................................................................
19.380
At 1 January 2024, the Group’s total assets amounted to DKK 19,380 thousand and equity amounted to
DKK 14,733 thousand under both previous GAAP and IFRSs.
The Group has applied the exemption in IFRS 1 under which business combinations occurring before
the date of transition to IFRSs have not been retrospectively restated in accordance with IFRS 3
Business Combinations. The Group has also retained its previous accounting estimates without
adjustment. No other optional exemptions or mandatory exceptions under Appendices B and D of IFRS
1 were considered relevant to the Group.
Management performed a review of the differences between NCI Advisory A/S’ previous accounting
framework (previous GAAP) and IFRSs. No differences in recognition, measurement or presentation
were identified, and consequently no adjustments were made on transition to IFRSs. Assets and
liabilities at 1 January 2024, 31 December 2024 and 31 December 2025 were recognised and measured
at the same amounts under previous GAAP and IFRSs. No reclassifications between line items in the
Current tax payable ...........................................................
Other current financial liabilities ........................................
NewCap Holding A/S 27 Interim Report H1-2026
NewCap Holding A/S
Annexstræde 6
2500 Valby
Danmark
CVR nr.: 13 25 53 42