Trackunit ApS
CVR No 20 75 01 70
Gasværksvej 24, 4., 9000 Aalborg
Annual report for
1 January 2025 – 31 December 2025
The Annual Report was presented and adopted at the Annual General Meeting of the Company on:
24 March 2026
Chairman of the AGM
Thomas Christiansen
Trackunit ApS 1
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Company Information
Company
Trackunit ApS
Gasværksvej 24, 4
9000 Aalborg
CVR No: 20 75 01 70
Municipality of reg. office: Aalborg
Executive Board
Søren Brogaard
Michael Tritschler
Auditor
PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab
Strandvejen 44
2900 Hellerup
Trackunit ApS 2
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Key Figures
Key figures – DKK
000' DKK
2025
2024
2023
2022
2021
__________
__________
__________
__________
Recurring revenue % of total revenue (non
IFRS measure)*
96.4% 95.2% 92.1% 91.3% 90.7%
ARR - Annual recurring software revenue
(non IFRS measure)*
849,769 812,645 695,013 558,796 486,261
No of subscriptions - End of year (non IFRS
measure)*
1,737,976 1,674,000 1,511,922 1,243,999 1,082,208
Net revenue 1,260,497 1,286,441 1,168,020 990,963 506,016
Adjusted Earnings before special items,
depreciation, amortisation and impairment
(Adj. EBITDA)**
415,245 408,079 309,253 228,665 127,206
Earnings before special items, depreciation,
amortisation and impairment (EBITDA)
422,058 373,697 264,070 177,739 105,182
Earnings from financial items, net 33,931 746 19 (10,297) (8,901)
Profit for the period 206,319 188,253 33,661 (13,537) (29,404)
Investments in PPE 2,960 3,611 6,489 7,000 3,239
Total assets 3,129,891 3,240,168 3,174,295 2,953,703 2,792,802
Equity 1,706,117 1,643,075 1,405,097 1,379,428 1,367,018
Average number of employees 444 459 408 379 350
Ratios
Return on equity (%) 16.8 13.6 3.7 (1.8) (2.3)
Equity ratio (%) 54.5% 50.7% 44.3% 46.7% 48.9%
*Non IFRS measure are unaudited.
** Adjusted EBITDA = EBITDA before nonrecurring items – Non IFRS measure are unaudited.
Management considers items totaling DKK-6.9m (2024 DKK34.4m) as non-recurring. This mainly includes
adjustment of sharebased payments of DKK-8.8m. However, for External Financial Reporting these items have
been expensed as ordinary.
The key figures and financial ratios have been prepared on a consolidated basis. The financial ratios have been
calculated in accordance with the recommendations of the Association of Danish Financial Analysts.
Equity ratio is calculated as the equity divided by total assets.
Return on equity is calculated as the profit or loss for the year before tax divided by the average equity.
The additional key figures (non IFRS measures) have been prepared on a consolidated basis. The additional key
figures are calculated in accordance with customs within the industry.
Recurring revenue % of total revenue is calculated as the revenue recognized over time in percentage of the
total revenue.
Trackunit ApS 3
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Annualized recurring revenue is calculated as the recurring revenue in the last month of the reporting
period times 12.
The acquisition of the Industrial IOT division from ZTR Control Systems, LLC, ZTR Holdings LLC and Trac
Rail Inc. (ZTR IIOT) was completed on 18th of November 2021 and consolidated from this date.
Key figures – USD
000' USD 2025 2024 2023 2022 2021
__________
__________
__________
__________
__________
Recurring revenue % of total revenue (non
IFRS measure)*
96.4% 95.2% 92.1% 91.3% 90.7%
ARR - Annual recurring software revenue
(non IFRS measure)*
124,966 119,507 102,208 82,176 71,509
No of subscriptions - End of year (non IFRS
measure)*
1,737,976 1,674,000 1,511,922 1,243,999 1,082,208
Net revenue
190,651
186,556
169,515
139,975
80,481
Adjusted Earnings before special items,
depreciation, amortisation and impairment
(Adj. EBITDA)**
62,780 59,127 44,882 32,299 20,232
Earnings before special items, depreciation,
amortisation and impairment (EBITDA)
63,882 54,227 38,324 25,106 16,729
Earnings from financial items, net 5,169 103 3 (1,454) (1,416)
Profit for the period
30,775
27,567
4,885
(1,912)
(4,677)
Investments in PPE
465
504
961
1,008
493
Total assets
491,940
452,414
469,939
425,140
425,357
Equity
268,158
229,417
208,018
198,547
208,203
Average number of employees
444
459
408
379
350
Ratios
Return on equity (%)
16.8
13.6
3.7
(1.8)
(2.3)
Equity ratio (%)
54.5%
50.7%
44.3%
46.7%
48.9%
*Non IFRS measures are unaudited.
** Adjusted EBITDA = EBITDA before nonrecurring items – Non IFRS measure are unaudited.
Management considers items totaling USD-1.1m (2024 USD5.0m) as non-recurring. This mainly includes
adjustment of share-based payments of USD-1.4m. However, for External Financial Reporting these items have
been expensed as ordinary.
The key figures are translated from DKK to USD as follows:
Assets, liabilities, and equity are translated at the closing rate at the date of the balance sheet.
Income and expenses are translated at average exchange rate for the year; except for annual recurring
revenue which is translated at average exchange rate for the last month of the year.
Trackunit ApS 4
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Management Statement
The Executive Boards have today considered and adopted the Annual Report of Trackunit ApS for the financial
year 1 January 2025 - 31 December 2025.
The Consolidated Financial Statements are prepared in accordance with International Financial Reporting
Standards as adopted by the EU, and the Parent Company Financial Statements are prepared in accordance with
the Danish Financial Statements Act. Moreover, the Consolidated Financial Statements and the Parent
Company Financial Statements are prepared in accordance with additional disclosure requirements of the
Danish Financial Statements Act. Management’s Review is also prepared in accordance with disclosures
requirements of the Danish Financial Statements Act.
In our opinion, the Consolidated Financial Statements and the Parent Company's Financial Statements give a
true and fair view of the financial position on 31 December 2025 of the Group and the Parent Company and of
the results of the Group and Parent Company operations and consolidated cash flows for the financial year 1
January 2025 - 31 December 2025.
In our opinion, Management’s Review includes a true and fair account of the development in the operations
and financial circumstances of the Group and the Parent Company, of the results for the period and of the
financial position of the Group and the Parent Company.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Aalborg 24 March 2026
Executive Board
Søren Brogaard Michael Tritschler
Trackunit ApS 5
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Independent Auditor’s Report
To the Shareholders of Trackunit ApS
Opinion
In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial
position on 31 December 2025 and of the results of the Group’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.
Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent
Company’s financial position on 31 December 2025 and of the results of the Parent Company’s operations for
the financial year 1 January to 31 December 2025 in accordance with the Danish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of
Trackunit ApS Group for the financial year 1 January - 31 December 2025, which comprise income statement,
balance sheet, statement of changes in equity and notes, including a summary of significant accounting
policies, for both the Group and the Parent Company, as well as statement of comprehensive income and cash
flow statement for the Group (“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
are independent of the Group in accordance with the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover the 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 Review is materially inconsistent with the financial
statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Management’s Review provides the information required
under the Danish Financials 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 Statement Act. We did not identify any material
misstatement in Management’s Review.
Trackunit ApS 6
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Management’s Responsibilities for the Financial Statements
Management is responsible for the preparation of Consolidated 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 the preparation of Parent Company Financial Statements that give a
true and fair view in accordance with 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, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting in preparing the financial statements 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 aggregate, they could reasonably be expected to influence the economic decisions of users
taken based on these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional skepticisms 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.
Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the financial statements 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 and the Parent Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and contents 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.
Trackunit ApS 7
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
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.
Aalborg 24 March 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Søren Ørjan Jensen Henrik Berring Rasmussen
State Authorized Public Accountant State Authorized Public Accountant
mne33226 mne34157
Trackunit ApS 8
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Management’s review
The Group’s principal activities
Trackunit is the global leader in brand-agnostic, SaaS-based IoT solutions connecting off-highway vehicles and
equipment in construction with a data-driven approach focused on delivering actionable insights across a
connected and secure ecosystem.
Trackunit is present in more than 120 countries, has a Bluetooth Network covering approximately 100,000
jobsites around the globe and connects more than 3 million assets. We also have more than 1,200 IrisX
integrations on the Trackunit platform, enabling our customers to leverage AI powered actionable insights that
directly impact their businesses, help to develop the ecosystem and strengthen the relentless, industry-led battle
against downtime.
Our platform-driven approach to construction accelerated in 2025 with the introduction of the operating data
platform IrisX. That means we are now able to deliver even more co-creation opportunities for strong customer
impact in a secure, growing ecosystem. We’re building scale for our customers and are future-ready.
Developments in activities and financial affairs 2025
2025 was a pivotal year for Trackunit.
In June the company completed a sales process and welcomed Goldman Sachs Alternative as the new majority
investor in Trackunit, while Hg Capital continues to co-invest in Trackunit. The new investment marks a new
phase in Trackunit’s growth journey, and with the new investment, the company is better positioned to accelerate
innovation to increase value for our customers.
During 2025 Trackunit added AI-driven capabilities into the software product suite and introduced a new
consumption-based business model to our customers. Together, these represent a significant enhancement:
customers gain access to the full feature suite, with AI agents generating data models, workflows, and dashboards.
This substantially reduces implementation time and cost.
Financially, 2025 was a challenging year for Trackunit. Customers in its main markets, Europe and the U.S.,
generally postponed new investment which impacted Trackunit’s financial performance. Trackunit’s main
customers are construction equipment manufacturers, construction rental companies and construction
contractors. The impact can be attributed to certain macroeconomic factors; volatility in interest rates and
inflation levels, political uncertainty around U.S. import tariffs, indirect impact from lower governmental
spending in infrastructure.
While the underlying revenue, adjusted for FX fluctuations, increased over 2025, the weaker US dollar against
the Danish krone reduced total revenue by 2% in 2025.
Through focused cost monitoring Trackunit was able to offset the revenue shortfall and achieve a 13% increase
to adjusted EBITDA compared to last year. The cost mitigation was enhanced as Trackunit completed a
restructuring in early 2025. The reorganization was completed to position Trackunit to deliver on its purpose by
reinvesting the budget into other teams and markets. The group now employs 440+ people globally.
Revenue for the period amounted to DKK 1,206 million, EBITDA amounted to DKK 422 million and profit for
the period amounted to DKK 206 million.
In the 2024 financial statement outlook, management expected revenue in the range of DKK 1,300–1,500 million
and EBITDA in the range of DKK 350–450 million. Due to the aforementioned adverse market impact and
weaker U.S. dollar, the achieved results are considered satisfactory due to the strong EBITDA outcome.
Trackunit ApS 9
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Significant changes in operations and financial matters
There are no other significant changes in operations and financial matters that have affected recognition and
measurement of the Group’s results and financial status.
Unusual conditions that affect recognition and measurement
There are no unusual factors that have affected recognition and measurement of the Group’s results
and financial status.
Outlook
Management is positive going into 2026 and by delivering on the corporate strategy, revenue for 2026 is expected
in the range of DKK 1,150-1,400 million and EBITDA in the range of DKK 250-350 million.
We expect continued growth driven by the increased penetration of connected machines, expansion of the
construction ecosystem, and further development of our operating data platform. We remain focused on
strengthening IrisX, enhancing our digital solution portfolio, and supporting ecosystem collaboration.
We expect to maintain profitability through disciplined cost management and strategic investments that support
long-term value creation.
Significant assumptions and uncertainties
There are no material conditions and uncertainties that affect the Group’s results and balance sheet.
Risk factors
Activities in foreign countries and thereby earnings, exchange rates and interest rates of various currencies affect
cash flows and equity. Adjustment of investments in subsidiaries and associates that are independent entities, are
recognized directly in equity. Currency risks related to sales in transactional currencies different from DKK are
not hedged while overall cashflow in different currencies are to some degree aligned (natural hedge).
Development activities
In 2025, we continued developing the next generation of Trackunit services with a primary focus on enhancing
the software features of IrisX and Trackunit Manager. These development efforts form part of our long-term
product roadmap, which aims to strengthen our operating data platform and expand capabilities for customers
across the construction ecosystem.
Our product roadmap is publicly available on the Trackunit product portal. https://trackunit. com/product-portal/.
Significant events after the balance sheet date
No significant events have occurred after the balance sheet date.
Trackunit ApS 10
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Statement on corporate social responsibility
Business model
We enable our customers to grow through powerful, actionable insights that create impact through the organic
growth of a dynamic, evolving ecosystem of co-creation and innovation.
Trackunit collects machine and equipment data to proactively deliver actionable, business-critical insights.
Underpinned by our software-first, platform-driven approach, we empower customers with data-driven
intelligence across all of their visible assets to improve their fleet and machine health and utilization, operator
safety and fuel management.
We are global and we are local. With offices in Europe, North America and Asia, we deliver industry-leading
solutions with teams at the ready to help customers on every step of their digital journey towards business
efficiency and competitive advantage.
From deployment and installation, to customer care and software integration with a deliberate, platform-driven
approach, we offer tiered customer subscriptions and add-on applications that enable quick and easy access to
meaningful data.
We are a purpose-driven organization with highly-engaged employees and are on a mission to tackle long-
standing challenges with digital innovation to help eliminate downtime in construction. This mission is not only
to help the industry to recover from budget and schedule overruns, but also to re-establish the reputation of the
industry for innovation and leadership.
Research and development activities are based in Aalborg and in London, Ontario in Canada. IoT devices,
including proprietary firmware are designed and developed by Trackunit and manufactured in Denmark and
Vietnam by 3rd party electronic manufacturing partners.
Sales teams are placed in Aalborg and in the subsidiary companies in the USA, Canada, UK, France, Germany,
Switzerland, Netherlands, Sweden, Norway, Singapore, Australia and Japan. Sales teams in subsidiary
companies are responsible for building and maintaining customer relations in the respective country of
operation and adjacent markets whereas the sales team and sales management in Denmark are responsible for
Denmark, global accounts, and rest of world.
ESG
Trackunit has continued to develop its ESG platform through 2025 with a clear, forward-moving direction on
emissions and energy, diversity and inclusion, and compliance and security. It’s part of an ongoing, rigorous
reinforcement of the company vision and strategy allied to practice, bolstering Trackunit’s reputation as a
responsible and progressive ESG partner.
The Trackunit Way
At Trackunit, our actions are guided by the triple-focus model. It’s the platform for every one of our team to
drive their own development, take ownership and to align their actions with their team and the company
mission.
Just as we are part of an ecosystem that drives construction towards a better future through data sharing,
transparency and connectivity, our impact conversations foster an environment within Trackunit that we
believe creates the optimum conditions for creativity, innovation and work health.
Trackunit ApS 11
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
We’ve taken a very deliberate hybrid approach to the workplace at Trackunit giving autonomy to the teams to
decide how they work best. We believe by fostering flexibility and responsibility, we are able to ensure a
highly empowered, engaged and inclusive organization globally.
We're also addressing gender imbalances with the number of female applicants for positions in 2025 holding
steady at 36%. Though a little short of our target, we’re striving to make the company a place that is attractive
to everyone using our Develop Diverse tool to ensure our language in, for example, recruitment campaigns is as
inclusive as possible.
This human-centered philosophy has also governed our approach to the AI revolution with regular training
aimed at making sure every one of the team has the tools to contribute within that framework and help us to
maintain our leadership position in a fast-changing industry.
It adds up to a compelling setup that we assess and revise consistently in an effort to make it even better. When
you have a singular purpose like eliminating downtime, laser-focus is key. And that’s why the health and
engagement of our teams is paramount to everything we do.
Better leaders
In 2025, we continued our Mindful Leadership program which is aimed at giving Trackunit the best leaders
possible.
With compassion and self awareness underpinning the program, we believe this will help us create a workforce
that can give their best, because of the supportive environment we are deliberately creating. That means being
people-first, fostering flexibility and putting autonomy and responsibility at the heart of everything we do both
as an organization and as an individual.
We continue to push hard on addressing gender imbalances at mid- and senior-management level, our well-
established diversity and inclusion program TIDE (Trackunit Inclusivity, Diversity and Equity), and employee
engagement. We want to play our part in making construction a more attractive, more diverse industry open to
all.
With women making up 36% of applicants for Trackunit positions, the trend looks to be clearly going in one
direction and we expect both the number of women in the Mindful Leadership program and in leadership
positions to steadily grow over the next few years.
But diversity goes beyond gender. Our biggest assets are our employees and therefore also our biggest risk is
related to our employees, employee turnover rate, employee health and safety, diversity and inclusion. Our
overall objective is to create a global engaged, diverse and empowered organization where autonomy, freedom
of opinion and meaningful work thrive and which we constantly measure and refine using our employee
engagement surveys as our guide.
Trackunit ApS 12
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Reducing emissions. Strengthening sustainability
Trackunit delivers software solutions to customers that help them to reduce emissions in the construction
industry. The emissions reporting solution equips our partners with the means to record and monitor their
carbon output and take effective action to work within the scope 1 and 2 guidelines set by the Greenhouse Gas
Protocol. We also help shape the narrative on the sustainability debate with a powerful and prominent position
within the thought-leadership space.
Our significant environmental risks are, equal to the industry, Greenhouse Gas emissions, energy management
and climate risk in general. We are working with Normative, a standard setter for sustainable practice in
technology companies, making the Greenhouse Gas Protocols a key element of our planning and strategy.
Trackunit embarked on this journey in 2017 when we joined the UN Global Compact.
We continue to have high focus on how we can effect both scope 1, 2 and 3 but as 2025 have had been a year
focusing on the acquisition by Goldman Sachs Alternatives no significant changes have occurred. We do
continue to be committed to using recycled IT equipment, focusing on waste disposals in our hubs. To avoid
high travel, we are encouraging that the majority of cross-border meetings be conducted via Zoom. We are
proud of the culture of ownership and responsibility we are instilling within the organization, we’re even more
proud that we can nudge construction towards better scope 1 and 2 behaviors with our emissions reporting
solution.
While our emission reporting solution gives our customers clear numbers and insights on their machines’
emissions levels, it also has an impact on the culture within the industry. And that will in time ripple towards an
aggregate of emissions-reducing behaviors that change the narrative on a macro level. When we can help
impact the behavior of businesses at the micro-level, then we as an industry can finally start to get that number
lower.
Strong governance. Secure data.
Trackunit is committed to being a trustworthy business that follows all relevant privacy restrictions in respect
of national and international law to enable safe and secure data sharing with customers. We have significantly
strengthened our compliance training to instill a high level of risk understanding and mitigation among
employees and with our operating data platform IrisX in place, have strengthened our cyber security safeguards
through the ISO/IEC 27001 certification.
We are fully aligned and committed to UN Sustainable Development Goals and have made significant progress
through 2025 on various initiatives.
We have highlighted 2025 as a big year already and Trackunit also took significant steps with its commitment
to sustainability goals as outlined by the UN Global Compact.
Building the culture – The Trackunit Way
We have taken clear steps to ensure the health of our workforce and build a culture that is fit for purpose and
supports our key UN-aligned goals.
The Trackunit culture is underpinned by a strong belief system with clear, evidence-based, buy-in from
employees and therefore does not have formal CSR policies in place.
Nevertheless, we take pride in the care and consideration for the wellbeing of our people, society and the
environment using the Danish corporate culture as a starting point for all our global colleagues supported by
Danish law and under the jurisdiction of Danish authorities.
Trackunit ApS 13
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Trackunit also supports and respects internationally proclaimed human rights and makes sure that we are not
complicit in violations of such rights underpinned by the belief that we are all born free and equal in dignity
and rights regardless of nationality, race, religion, class, or political opinions. Our main focus and risk for
human rights is to ensure a diverse workplace free from harassment. This is backed up by the employee
initiative "Tide" implemented in late 2022 and which we have strengthened through 2024 and 2025. Tide puts
the focus on Inclusivity, Diversity and Equity.
It also promotes social interaction between people and cultures and has recruitment guidelines in place with
inclusive language at its core that deliberately aim for a mix of culture and gender in our organization.
Trackunit also focuses on how to affect human rights externally. During the year we have screened our
customers and suppliers for illicit activity multiple times. No illicit activity has been discovered during 2025.
Trackunit will continue to have full focus on the current initiative during 2026 together with new relevant
initiatives added. We introduced Mindful leadership in 2023 and embedded it firmly into the organization
through to secure an even better culture within Trackunit.
Fair working environment
Trackunit supports and respects the protection of internationally proclaimed labor rights, ensuring there is no
violation of such rights. That includes a commitment to a proper work-life balance with flexible work hours
that align with family requirements and an aim to keep staff mentally and physically fit.
We offer mindfulness and meditation courses and foster an environment where workers can continue their
education. We use monthly employee surveys as a vital tool to stay on message with staff sentiment, engage
our employees in one-to-one conversations at least once a year, and act accordingly on recommendations that
come our way.
Proactively promoting sustainability
Trackunit supports a proactive approach to environmental challenges and undertakes initiatives to promote
greater environmental responsibility.
This is embedded into our purpose statement to eliminate downtime within the construction industry incubating
efficiencies that will filter through work and external environments. That ranges from improvements to health
and safety, fewer delays in the construction process implying less energy consumption, and longer machine-
lifetime expectancy implying less consumption of raw materials for machine manufacturing.
Anti-corruption
Trackunit supports the work against corruption in all its forms, including extortion and bribery and will neither
participate in nor accept in any form of fraud or corruption. But the risk is a substantial part of working in
different markets and cultures and with third parties. To eliminate the risk of anti-corruption and bribery we
have a whistleblower program in place if someone needs to come forward with evidence of corruption. We
have not had any reporting to this program during 2025.
We define bribery as an act of offering or receiving money, goods, or other forms of recompense from a
business associate in exchange for an alteration of their behavior to the benefit or interest of the giver that the
recipient would otherwise not alter. We are determined to prevent, detect, and deter any form thereof.
Trackunit expects to have the same level of effort regarding anti-corruption and bribery in 2026.
Trackunit ApS 14
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Data Ethics and Responsible Conduct
Trackunit customers generate enormous amounts of data and they rightly expect us to handle their data in an
appropriate manner in line with international regulations. Data ethics is an integral part of the way
Trackunit engages with customers, suppliers, employees, and our other partners.
Trackunit is dedicated to providing our employees and customers with the right level of privacy and safeguards
necessary for processing data in general. Therefore, Trackunit has implemented industry-standard technical and
organizational measures relating to the usage and processing of data. Trackunit only processes data when the
appropriate measures are taken, and on a legitimate basis to ensure the common interest of all involved parties.
All decision-making in Trackunit is done on a non-discriminatory and unbiased basis. There is no circumstance
in which the violation of a person’s fundamental rights is tolerated in Trackunit.
Ethical Conduct and Platform Security
We are serious about corporate governance at Trackunit premised on providing a secure platform for data
sharing and putting ethics at the center of everything we do.
Trackunit wants to be recognized as a trustworthy business that delivers business-critical applications, is ethical
in its behavior and is accountable at all levels.
As custodians of the Iris platform, we have stringent measures in place to protect against all forms of
criminality including cybercrime to ensure the safeguarding of business-sensitive, customer data.
Data Protection and Privacy Compliance
Trackunit respects and adheres to all regulatory privacy directives at national and international level including
GDPR requirements in the handling of data that it collects from customers.
Trackunit does not buy data from other companies or data brokers nor use data from social media without
consent from the owners.
When Trackunit develops solutions, it conducts a process of testing, application and outcomes to ensure our
innovations cannot harm our customers’ businesses in any way. Evaluations are thorough and take into account
users, society and overall environmental factors. As a part of any such process, privacy requirements are
respected and deeply entrenched in the process of design and innovation.
Group Governance Structure
The ultimate parent company of Trackunit ApS is Tracer Topco Ltd. and a two-tier governance structure has
been established covering all entities in the group consisting of an Advisory Board and a Management Board.
The Advisory Board is made up of nine members, of which two have been registered with Companies House,
and a Management Board consisting of two members. In each legal entity of the group, selected members of
the Advisory Board and Management Board have been appointed as legal representatives registered with local
authorities.
Trackunit ApS 15
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Consolidated statement of profit and loss
1 January – 31 December
000' DKK Notes 2025 2024
Revenue from contracts with customers 2 1,260,497 1,286,441
Cost of providing services (363,432) (397,033)
Gross Profit
897,065
889,409
External costs 5 (113,129) (126,462)
Other operating expenses (90) 12
Employee costs 3 (361,787) (389,261)
Earnings before depreciation, amortisation and
impairment (EBITDA), and before special items
422,058 373,697
Special non-recurring items 6 (57,617) (21,716)
Depreciation, amortisation costs and impairment loss of
property, plant and equipment and intangible assets
10, 11, 12
(117,158) (145,523)
Earnings before interest and tax (EBIT) 247,283 206,458
Finance income 7 39,770 13,039
Finance costs 7, 12 (5,840) (12,293)
Earnings before tax (EBT) 281,214 207,204
Income tax expense 8 (74,894) (18,951)
Profit/(Loss) for the period
9
206,319 188,253
Trackunit ApS 16
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Consolidated statement of comprehensive income
1 January – 31 December
000' DKK Notes 2025 2024
Profit/(loss) for the period 206,319 188,253
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences regarding subsidiaries in another
currency
(107,431) 31,021
Other comprehensive income for the period, net of tax (107,431) 31,021
Total comprehensive income for the period 98,888 219,274
Trackunit ApS 17
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Consolidated Balance Sheet
31 December
Assets
000' DKK Notes 2025 2024
Non-current assets
Intangible assets
10
1,604,276 1,800,714
Property, plant and equipment
11
5,647 7,563
Right-of-use assets
12
11,668 21,947
Deferred tax assets
8
54,925 86,667
Connected devices, l 97,532 148,824
Deposits 2,227 2,418
Total non-current assets 1,776,274 2,068,134
Current assets
Inventories 13 68,704 60,655
Trade receivables 14, 15 164,422 171,267
Receivables from group enterprises 15 703,034 393,677
Connected devices
, k
154,517
210,982
Other financial assets at amortised cost 15 6,323 25,237
Other current assets 15 44,351 29,373
Cash and cash equivalents 15 212,266 280,842
Total current assets 1,353,617 1,172,034
Total assets
3,129,891 3,240,168
Trackunit ApS 18
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Consolidated Balance Sheet
31 December
Equity and Liabilities
000' DKK Notes 2025 2024
Equity
Share capital 16 500 500
Share premium 1,140,938 1,140,938
Reserve for currency translation (74,963) 32,468
Retained earnings 639,643 469,170
Total equity 1,706,117 1,643,075
Lease liabilities, l
12, 15
787 10,675
Deferred tax liabilities
8
107,130 135,688
Deferred revenue, l
2
486,417 589,090
Total non-current liabilities 594,334 735,452
Lease liabilities, k
12, 15
11,213 12,102
Trade and other payables
15
100,400 106,646
Payables to group enterprises
15
177,673 111,997
Current income tax liabilities 50,570 68,317
Deferred revenue, k
2
489,584 562,579
Total current liabilities
829,440 861,640
Total liabilities
1,423,774 1,597,093
Total equity and liabilities
3,129,891 3,240,168
Critical accounting estimates and judgements
1
Share-based payment
4
Related parties
17
Commitments and contingent liabilities
18
Business combinations
19
Financial risk management
20
Events after the balance sheet date
21
Group companies
23
Basis of preparation
24
Trackunit ApS 19
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Consolidated statement of changes in equity
1 January – 31 December
000' DKK
Share
capital
Share
premium
Reserve for
currency
translation
Retained
earnings
Total equity
Balance at 1 January 2025
500
1,140,938
32,468
469,170
1,643,076
Profit for the period
0
0
0
206,319
206,319
Other comprehensive income
0
0
(107,431)
0
(107,431)
Total comprehensive income for
the period
0 0 (107,431) 206,319 98,888
Transactions with owners in their
capacity as owners
Share-based payment
0
0
0
(35,847)
(35,847)
Balance at 31 December 2025
500
1,140,938
(74,963)
639,643
1,706,117
000' DKK
Share
capital
Share
premium
Reserve for
currency
translation
Retained
earnings
Total equity
Balance at 1 January 2024
500
1,140,938
1,447
262,212
1,405,097
Profit for the period
0
0
0
188,253
188,253
Other comprehensive income
0
0
31,021
0
31,021
Total comprehensive income for
the period
0 0 31,021 188,253 219,274
Transactions with owners in their
capacity as owners
Share-based payment
0
0
0
18,705
18,705
Balance at 31 December 2024
500
1,140,938
32,468
469,170
1,643,076
Trackunit ApS 20
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Consolidated cash flow statement
1 January – 31 December
000' DKK Notes 2025 2024
Earnings before interest and tax (EBIT) 247,283 206,458
Depreciations and amortizations 117,158 145,523
Non-cash items
(83,597) 18,693
Change in net working capital 22 (36,889) 45,530
Cash flows from primary operating activities 243,955 416,203
Received interests 32,074 27,171
Paid interests (13,713) (18,400)
Paid income taxes
(90,566) (61,150)
Cash flow from operating activities
171,751 363,824
Purchase of property, plant and equipment (2,982) (3,614)
Sale of property, plant and equipment 15 0
Purchase of intangible assets (15,946) (18,684)
Change in deposits 185 (63)
Cash flow from investing activities (18,728) (22,361)
Other financing to/from Group enterprises (214,060) (201,063)
Lease principal payments (11,575) (11,432)
Cash flow from financing activities (225,632) (212,492)
Net cash flow for the year (72,609) 128,970
Cash and cash equivalents, beginning of the period 280,842 158,596
Unrealized exchange rate gains and losses 4,032 (6,725)
Cash and cash equivalents, end of the year 212,266 280,842
The cash flow statement cannot be derived from the published financial information only.
Cash and cash equivalents 212,266 280,842
212,266 280,842
Trackunit ApS 21
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Index of consolidated notes
Note 1. Critical accounting estimates and judgements
Note 2. Revenue from contracts with customers
Note 3. Employee costs
Note 4. Share-based payment
Note 5. Audit fees
Note 6. Special non-recurring items
Note 7. Financial income and expenses
Note 8. Income tax
Note 9. Distribution of profit / loss
Note 10. Intangible assets
Note 11. Property, plant and equipment
Note 12. Leases as lessee
Note 13. Inventories
Note 14. Trade receivables
Note 15. Financial assets and liabilities
Note 16. Share capital
Note 17. Related parties
Note 18. Commitments and contingent liabilities
Note 19. Business combinations
Note 20. Financial risk management
Note 21. Events after the balance sheet date
Note 22. Changes in net working capital
Note 23. Group companies
Note 24. Basis of preparation
Trackunit ApS 22
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Consolidated notes
1. Critical accounting estimates and judgements
The preparation of the Group’s consolidated financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the
accompanying disclosures, and the disclosure of contingent liabilities at the date of the consolidated financial
statements. Estimates and assumptions are continually evaluated and are based on management’s experience
and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities affected in future periods.
In particular, the Group has identified a number of areas where significant judgements, estimates and
assumptions are required. Further information on each of these areas and how they impact the various
accounting policies are described and highlighted separately with the associated accounting policy note within
the related qualitative and quantitative note, as described below.
Revenue recognition
Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects
the consideration to which we expect to be entitled in exchange for those goods or services.
The Group determine revenue recognition through the following steps:
1. identification of the contract, or contracts, with a customer;
2. identification of the performance obligations in the contract;
3. determination of the transaction price;
4. allocation of the transaction price to the performance obligations in the contract; and
5. recognition of revenue when, or as, we satisfy a performance obligation.
The Group offer subscriptions to access our Cloud and IoT platforms. Customers subscribe to one or more
Applications which includes data that is primarily provided by various proprietary connected device access
points, including connectivity sensors. Our Cloud and IoT platforms and the related connected device access
points are highly interdependent and interrelated and represent a combined performance obligation.
The combined performance obligation is satisfied over time, as we continually provide access to and fulfill our
obligation to the customer over the subscription term. Accordingly, the fixed consideration related to the
combined performance obligation is recognized on a straight-line basis over the contract term, beginning on the
date that access to the Cloud and IoT platforms or specified application and connected device is provided.
Connected Devices
The Group capitalize connected devices associated with subscription contracts. These contract fulfillment costs
are directly related to customers, and the costs are amortized over a period of benefit of three years. The Group
determined the period of benefit by taking into consideration the expected life of the connected device, the
connected device’s warranty period, past experiences with customers, the duration of our relationships with our
customers and other available information.
Trackunit ApS 23
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Acquisition of enterprises and activities
In connection with acquisition of enterprises and activities the fair value of identifiable assets, liabilities and
contingent liabilities is measured. Estimation of fair value mainly applies to intangible and tangible assets,
inventories, and deferred tax hereof. The estimation of fair value is related to Management estimates which are
based on the expected future earnings of the assets. For a significant portion of the assets and liabilities there is
no active market that can be used for determining the fair value. This applies particularly to intangible assets
acquired such as customer relations and trademarks. The estimation of fair value is based on an estimate and
may therefore be subject to uncertainty and may subsequently be adjusted up to one year after the end of the
year of the acquisition.
Impairment of goodwill and customer relations
Determining whether goodwill and customer relations are impaired requires an estimation of the value in use of
the cash generating units to which goodwill and customer relations have been allocated. The value in use
calculation requires the directors to estimate the future cash flows expected to arise from the cash-generating
unit and a suitable discount rate to calculate present value. Where the actual future cash flows are less than
expected, a material impairment loss may arise. The key assumptions used in the impairment tests of goodwill
and customer relations are disclosed in note 10.
Deferred tax
Management’s judgement is required to determine the amount of deferred tax assets that can be recognized,
based upon the likely timing and the level of future taxable profits. Judgement is based on factors such as
historical profits and approved budgets.
2. Revenue from contracts with customers
§Accounting policy
Revenue Recognition
The Group generates revenue from subscriptions to access its cloud-hosted platform whereby the customer is
charged a subscription fee for access for a specified term. Subscription agreements contain multiple service
elements for one or more of Trackunit’s cloud-based Applications via mobile app(s) or website that enable data
collection and provide access to the cellular network, one or more wireless gateways and other devices
(collectively, “connected devices” or “IoT devices”), support services delivered over the term of the
arrangement and warranty coverage. The Group’s arrangements are generally sold as non-cancelable
subscriptions and have contract terms typically for three to five years in length. The Group determines revenue
recognition through the following steps:
Identification of the contract, or contracts, with a customer
A contract with a customer exists when
i. The Group, enters into an enforceable contract with a customer that defines each party’s rights
regarding the goods or services to be transferred and identifies the payment terms related to these
goods or services,
ii. The contract has commercial substance, and
iii. The Group determines that collection of substantially all consideration for goods or services that are
transferred is probable based on the customer’s intent and ability to pay the promised consideration.
Trackunit ApS 24
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Identification of the performance obligations in the contract
Performance obligations promised in a contract are identified based on the goods or services that will be
transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the
goods or services either on their own or together with other resources that are readily available from third
parties or from Trackunit, and are distinct in the context of the contract, whereby the transfer of the goods or
services is separately identifiable from other promises in the contract. To the extent a contract includes multiple
promised goods or services, Trackunit applies judgment to determine whether promised goods or services are
capable of being distinct in the context of the contract. If these criteria are not met, the promised goods or
services are accounted for as a combined performance obligation. Trackunit has determined that its integrated
solution represents a combined performance obligation as the cloud-based Applications and connected devices,
individually, are not distinct within the context of customer contracts because they are highly interdependent
and interrelated.
Trackunit has certain accessories sold in connection with its integrated sensor solution, which have been
determined to be separate performance obligations. Also, consultancy services and installation of the IoT
devices, are considered to be separate performance obligations.
Determination of the transaction price
The transaction price is determined based on the consideration to which Trackunit will be entitled in exchange
for transferring goods or services to the customer. Such amounts are stated within the customer contracts.
Allocation of the transaction price to the performance obligations in the contract
If the contract contains a single performance obligation, the entire transaction price is allocated to the single
performance obligation. Contracts that contain multiple performance obligations require an allocation of the
transaction price to each performance obligation based on a relative standalone selling price (SSP) basis. The
Group determines SSP based on the price at which the performance obligation is sold separately. If the SSP is
not observable through past transactions, Trackunit estimates the SSP taking into consideration available
information, such as market conditions and internally approved pricing guidelines related to the performance
obligations.
Recognition of revenue when or as Trackunit satisfies a performance obligation
Trackunit satisfies, substantially all of its performance obligations over time. Specifically, the combined cloud-
based application and connected device performance obligation and related support services and warranty
coverage represent stand-ready performance obligations provided throughout the term the customer has access
to the platform. Revenue recognition commences ratably when control of the services is transferred to the
customers, in an amount that reflects the consideration that Trackunit expects to receive in exchange for those
services over the contractual term. Other revenue is earned through the sale of replacement devices, as well as
related shipping and handling fees and professional services fees for consulting or installation services.
Deferred Revenue
Deferred revenue represents amounts billed to customers or payments received from customers for which
revenue has not yet been recognized. Deferred revenue consists of prepayments made by customers for future
periods. A portion of customer contracts is paid in advance for the full, multi-year term. Additionally,
Trackunit enables its customers to prepay all, or part, of their contractual obligations monthly, quarterly, or
annually. As a result, the deferred revenue balance does not represent the total contract value of all multi-year,
non-cancelable subscription agreements. The current portion of deferred revenue represents the amount that is
expected to be recognized within one year of the consolidated balance sheet date.
Trackunit ApS 25
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Cost of Revenue
Cost of revenue consists primarily of the amortization of the cost of capitalized connected devices, software
hosting-related costs as well as connectivity cost for telecom services.
Costs to Obtain and Fulfill a Contract
For typical sales arrangements, Trackunit capitalizes the cost of connected devices sold to customers upon
shipment and the capitalized cost is recorded as connected devices on Trackunit’s consolidated balance
sheet. Connected devices are amortized over a period of benefit of three years. Trackunit determined the period
of benefit by taking into consideration the expected life of the connected device, the connected device’s
warranty period, past experiences with customers, the duration of Trackunit’s relationships with its customers,
and other available information. Amortization of these costs is included in cost of revenue on the consolidated
statements of operations and comprehensive loss.
000' DKK
EMEA US APJ Total 2025
Timing of revenue recognition
At a point in time 13,794 29,689 1,451
44,934
Over time 558,123 629,429 28,011
1,215,563
________
___________
___________
___________
Total revenue 571,917 659,118 29,462 1,260,497
________
___________
___________
___________
000' DKK EMEA US APJ Total 2024
Timing of revenue recognition
At a point in time 14,342 46,744 673
61,759
Over time 503,246 685,232 36,205
1,224,683
________
___________
___________
___________
Total revenue 517,588 731,976 36,878 1,286,441
________
___________
___________
___________
The Group’s operating segments are defined based on geographical markets. EMEA comprises Europe, NA
comprises the United States and Canada, and APJ comprises the Asia-Pacific and Japan region.
Liabilities related to contracts with customers
000' DKK 2025 2024
Non-current contract liabilities - Deferred revenue 486,417 589,090
Current contract liabilities - Deferred revenue 489,584 562,579
976,001 1,151,669
Future cashflow is positively affected by several multi-year contracts. The outstanding performance
obligations resulting from these contracts amounted to DKK 976m as of 31 December 2025. The group has
recognized the following assets and liabilities related to contracts with customers:
Trackunit ApS 26
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Revenue recognized in relation to deferred revenue
000' DKK 2025 2024
Deferred revenue beginning of period 1,151,669 1,071,209
(562,579) (517,750)
Revenue recognized and billed in the period (652,984) (706,932)
Deferred revenue invoiced in the period 1,039,895 1,305,143
Deferred revenue end of period 976,001 1,151,669
Revenue recognized that was included in deferred revenue at the beginning
of the period
The following table shows how much of the revenue recognized in the current reporting period relates to
carried-forward contract liabilities and how much relates to performance obligations that were satisfied in a
prior year.
3. Employee costs
§Accounting policy
Salary costs comprise of salaries, social security contributions, pension contributions and other staff-related
costs. Staff costs are recognized in the financial year during which the employees performed the related work.
000' DKK 2025 2024
Wages and salaries 297,504 331,773
Termination benefits
419 73
Social security costs 24,631 21,279
Pension costs, defined contribution plans 18,834 17,794
Other employee costs 20,400 18,342
Total employee cost 361,787 389,261
Average number of full time employees 444 459
Segment split of Staff cost
EMEA 226,702 240,746
US 119,620 134,297
APJ 15,465 14,219
Total employee cost 361,787 389,261
Trackunit ApS 27
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Key Management Compensation
Salaries and other short-term employee benefits
30,185 21,507
Post-employment benefits
1,202 1,086
Total employee cost for Key Management 31,387 22,593
Compensation to the Board of Directors and Executive Management
Compensation to the Board of Directors 467 403
Compensation to the Executive Management 5,063 5,710
5,530 6,113
Key Management includes Board of Directors, Executive management as well as executive management in
key affiliates. The compensation paid or payables to key management for employee services is shown
below:
4. Share-based payment
§Accounting policy
The group operates an equity-settled, share-based compensation plan, under which the entity receives services
from employees as consideration for equity instruments (warrants) of the group.
The fair value of the employee services received in exchange for the grant of the warrants is recognized as an
expense. The total amount to be expensed is determined by reference to the fair value of the warrants granted
including any market performance conditions excluding the impact of any service and non-market performance
vesting conditions and including the impact of any non-vesting conditions.
The fair value of warrants is determined using a Black-Scholes valuation model.
The total expense is recognized over the vesting period, which is the period over which all the specified vesting
conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number
of warrants that are expected to vest based on the non-market vesting conditions and service conditions. It
recognizes the impact of the revision to original estimates, if any, in the income statement, with a
corresponding adjustment to equity.
2025 2024
Outstanding warrants 1 January 2,629,180 2,087,160
Granted during the year 496,063 679,420
Forefeited during the year (3,500) (137,400)
Exercised during the year (2,911,743) 0
Outstanding warrants 31 December 210,000 2,629,180
Trackunit established an incentive program for all non-executive employees in 2022. In June 2025 Goldman
Sachs Alternatives acquired the majority share in Trackunit ApS’s ultimate UK parent company, Galaxy UK
Topco Limited together with a reinvestment from Hg Capital. In connection with the acquisition the incentive
programme was settled and paid out to the employees.
Trackunit ApS 28
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
After the acquisition a new incentive programme was established. The warrant program is an equity settled
program established in October 2025. The vesting period is expected to be 4 years starting from the grant date.
The program comprises a total of 210,000 warrants on 31 December 2025. Each warrant gives the holder the
right to share capital of DKK 0.01 nominal value in the ultimate parent company Tracer Topco Ltd.
The total number of warrants granted in 2025 was 210,000. The total fair value of the program is DKK14.1m.
The valuation is based on the following assumptions:
Vesting period: 4 years
Expected volatility: 42% - based on peer group analysis
Risk free interest rate: 2,1%
Total expenses arising from the incentive program are DKK0.9m and is recognized as staff cost.
5. Audit fees
Group elected auditor – PwC
000' DKK 2025 2024
Statutory audit
1,288 987
Tax advisory services 34 34
Other services 71 0
Total Audit fees 1,393 1,021
Non-group elected auditors
000' DKK 2025 2024
Statutory audit
508 779
Tax advisory services 1,561 1,879
Other services 351 286
Total Audit fees 2,420 2,944
Trackunit ApS 29
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
6. Special non-recurring items
§Accounting policy
Special non-recurring items consist of costs and income of a one-off nature in relation to the Group's primary
activities. Special items relate to M&A activities, restructuring costs, consultancy costs for systems
implementations, costs regarding integration and significant non-recurring items including cost related to
change of members to the board and executive management.
000' DKK 2025 2024
Consultancy
1,924 0
Restructuring
19,653 14,649
M&A
36,040 7,068
Total special non-recurring items
57,617 21,716
M&A – includes external cost for lawyers, advisors and auditors related to M&A activities, as well as cost
regarding integration (end of life products and termination of office lease etc.)
Restructuring – includes costs relating to a reorganization to ensure we are better equipped to deliver on our
purpose together with the close of Flexcavo GmbH and integration into Trackunit.
Consultancy – includes cost related to recruitment of executive management in relation to ownership change.
Also, management considers items totaling DKK-6.9m (2024 DKK34.4m) as non-recurring. This mainly
includes adjustment of share-based payments of DKK-8.8m. However, for External Financial Reporting these
items have been expensed as ordinary.
7. Financial income and expenses
§Accounting policy
Financial income and expenses comprise interest income and expense, realized and unrealized exchange gains
and losses on transactions in foreign currencies, amortization of financial assets and liabilities as well as
surcharges and refunds under the on-account tax scheme. Financial income and expenses are recognized at the
amounts relating to the financial year.
000' DKK 2025 2024
Interest income, banks 4,048 7,846
Exchange rate adjustments, i 18,808 0
Interest received from group enterprises 16,676 4,676
Other interest income 238 516
Total financial income 39,770 13,039
Trackunit ApS 30
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
000' DKK 2025 2024
Interest expenses, mortgage debt and borrowings 0 1
Interest and finance charges for lease liabilities 394 1,119
Exchange rate adjustments
, e
3,542
8,201
Other financial expenses, including bank fees 1,903 2,971
Total financial cost 5,840 12,293
8. Income tax
§Accounting policy
The tax expense for the period comprises current and deferred tax. Tax is recognized in profit and loss, 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 charge is calculated based on the tax laws enacted or substantively enacted 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. It establishes provisions, where appropriate, based on
amounts expected to be paid to the tax authorities.
000' DKK 2025 2024
Current tax on profits for the year 76,399 87,227
Current tax on profits for prior years (3,530) 244
Total current tax 72,868 87,471
Origination and reversal of temporary differences 2,026 (68,520)
½
Total deferred tax 2,026 (68,520)
Income tax expenses for the period
74,894 18,951
Profit before tax
281,214 207,204
Computed 22%
(61,867) (45,585)
Tax effects of:
Effect of income/expenses that is exempt from taxation (17,585) (14,511)
Effect of not recognized tax assets 0 49
Effect of different tax rates of subsidiaries operating in other jurisdictions (1,773) (3,323)
Effect of opening balance adjustment to deferred tax (16) 45,041
Effect of tax on profit for prior years 3,462 (244)
Other 2,885 (378)
Tax charge (74,894) (18,951)
Income tax expenses for the period
(74,894) (18,951)
Trackunit ApS 31
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
§Accounting policy
Deferred income tax is recognized 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 the initial recognition of an asset or liability in a transaction other than a business
combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. 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 liabilities are provided on taxable temporary differences arising from investments in
subsidiaries, except for deferred income tax liability where the timing of the reversal of the temporary
difference is controlled by the Group and it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred income tax assets are recognized on deductible temporary differences arising from investments in
subsidiaries, only to the extent that it is probable that the temporary difference will reverse in the future and
that there is sufficient taxable profit available, against which the temporary difference 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.
000' DKK 2025 2024
Deferred tax assets
Deferred tax at 1 January 86,667 46,525
Deferred tax prior period
35 40,930
Deferred tax recognized in the income statement (22,833) (3,305)
Currency exchange
(8,947) 2,517
Deferred tax at 31 December 54,922 86,667
Deferred tax relates to:
Intangible assets
(42,517) (37,000)
Property, plant and equipment
426 500
Current assets 46,224 119,171
Provisions
713 0
Other liabilities
50,076 3,997
54,922 86,667
Tax loss carry forwards are recognized to the extent that they are expected to be used in the future. If the result
of expected future earnings gives a reasonable probability that the losses will be realized in the foreseeable
future, the deferred tax assets have been recognized.
Trackunit ApS 32
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
000' DKK 2025 2024
Deferred tax liabilities
Deferred tax at 1 January 135,688 169,462
Addition on acquisition of subsidiaries 0 0
Deferred tax prior period 72 (4,394)
Deferred tax recognized in the income statement (20,879) (26,501)
Currency exchange
(7,753) (2,879)
Deferred tax at 31 December
107,128 135,688
Deferred tax relates to:
Intangible assets 119,436 146,409
Property, plant and equipment (1,292) (908)
Current assets (10,740) (9,713)
Provisions
(207) 0
Other liabilities (69) (100)
0
107,128 135,688
Of the deferred tax liability DKK73.7m is expected to be recovered after more than 12 months.
9. Distribution of profit / loss
000' DKK 2025 2024
Retained earnings
206,319 188,253
206,319 188,253
10. Intangible assets
§Accounting policy
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred
over the group’s interest in net fair value of the net identifiable assets, liabilities, and contingent liabilities of
the acquiree.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the
CGUs, or groups of CGUs, which is expected to benefit from the synergies of the combination. Each unit or
group of units to which the goodwill is allocated represents the lowest level within the entity at which the
goodwill is monitored for internal management purposes.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances
indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which
is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately
as an expense and is not subsequently reversed.
Trackunit ApS 33
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Trademarks, customer relations, technology platform and order backlog
Separately acquired trademarks, customer relations, technology platform and order backlog acquired at the
acquisition of subsidiaries are shown at historical cost and fair value, respectively. Trademarks, customer
relations, technology platform and order backlog have a finite useful life and are carried at cost less
accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over
their estimated useful lives as follows:
Trademarks 2-15 years
Customer relations 6-18 years
Technology platform 3-4 years
Order backlog 3 years
Software
Externally acquired software is recognized as intangible assets if the costs are expected to generate future
economic benefits. Externally acquired software is recorded at historical cost.
Costs associated with maintaining software programs are recognized as an expense as incurred.
Amortization is based on the straight-line method over the expected useful lives of 5 years.
The amortization begins when the software is at a stage where its commercial potentials can be utilized in the
manner intended by Management.
Development projects
Research expenses are recognized as an expense as they are incurred. Development costs are recognized as
intangible assets if the costs are expected to generate future economic benefits, and the criteria below are met.
Development costs that are directly attributable to the design and testing of identifiable and unique software
controlled by the group are recognized as intangible assets where the following criteria are met:
it is technically feasible to complete the software so that it will be available for use
management intends to complete the software and use or sell it
there is an ability to use or sell the software
it can be demonstrated how the software will generate probable future economic benefits
adequate technical, financial, and other resources to complete the development and to use or sell the
software are available, and
the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalized as part of the software include employee costs and an appropriate
portion of relevant overheads.
Capitalized development costs are recorded as intangible assets and amortized from the point when the
development project is at a stage where its commercial potential can be utilized in the manner intended by
Management.
Amortization is based on the straight-line method over the expected useful lives of 3-5 years.
Research expenditure and development expenditure that do not meet the criteria above are recognized as an
expense in the income statement as incurred. Development costs previously recognized as an expense are not
recognized as an asset in a subsequent period.
Trackunit ApS 34
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Impairment of non-financial assets
Intangible assets that have an indefinite useful life (Goodwill) are not subject to amortization and are tested
annually for impairment, or more frequently if events or changes in circumstances indicate that they might be
impaired. Assets that are subject to amortization are reviewed 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 recoverable amount is the higher of an
asset’s fair value less cost of disposal and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are largely independent cash inflows from other assets or groups of
assets (cash-generating units). Prior impairment of non-financial assets (other than goodwill) is reviewed for
possible reversal at each reporting date.
000' DKK
Goodwill
Trade-
marks
Custo-
mer rela-
tions Software
Software
Order
Book
Techno-
logy
Platform
Completed
develop-
ment
projects
Develop-
ment pro-
jects in
progress Total
2025
Cost:
At 1 January
1,286,449 47,191 793,354 1,794 40,379 149,986 51,761 14,528 2,385,442
Exchange
differences
(86,424) (479) (31,793) 0 (2,756) (9,347) 0 0 (130,799)
Additions during
the year
0 0 0 0 0 0 0 16,436 16,436
Disposals
0 0 0 (119) 0 0 (2,740) (491) (3,350)
Reclassifications 0 0 0 0 0 0 14,161 (14,161) 0
At 31 December
1,200,025 46,712 761,561 1,675 37,623 140,639 63,182 16,312 2,267,727
Amortisation and impairment:
At 1 January
0 31,563 375,838 1,770 40,379 110,214 24,964 0 584,727
Exchange
differences
0 (480) (8,280) 0 (2,756) (7,845) 0 0 (19,361)
Amortisation
charge
0 3,088 48,309 24 0 38,270 11,253 0 100,944
Disposals 0 0 0 (119) 0 0 (2,740) 0 (2,859)
At 31 December
0 34,172 415,867 1,675 37,623 140,639 33,477 0 663,451
Carrying
amount 31
December
1,200,025 12,540 345,694 0 0 0 29,705 16,312 1,604,276
Trackunit ApS 35
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
000' DKK
Goodwill
Trade-
marks
Custo-
mer rela-
tions Software
Software
Order
Book
Techno-
logy
Platform
Completed
develop-
ment
projects
Develop-
ment pro-
jects in
progress Total
2024
Cost:
At 1 January
1,256,305 47,320 801,392 1,903 41,278 153,041 72,652 3,290 2,377,181
Exchange
differences
30,143 (130) (8,037) 0 (900) (3,055) 0 0 18,021
Additions during
the year
0 0 0 0 0 0 0 18,684 18,684
Disposals
0 0 0 (110) 0 0 (28,336) 0 (28,445)
Reclassifications 0 0 0 0 0 0 7,446 (7,446) 0
At 31 December
1,286,449 47,191 793,354 1,794 40,379 149,986 51,761 14,528 2,385,442
Amortisation and impairment:
At 1 January
0 28,904 316,825 1,804 29,239 75,818 35,313 0 487,902
Exchange
differences
0 (130) 134 0 (757) (1,974) 0 0 (2,728)
Amortisation
charge
0 2,789 58,880 75 11,897 36,370 14,422 0 124,433
Disposals 0 0 0 (110) 0 0 (24,771) 0 (24,880)
At 31 December
0
31,563
375,838
1,770
40,379
110,214
24,964
0
584,727
Carrying
amount 31
December
1,286,449 15,628 417,516 24 0 39,772 26,797 14,528 1,800,716
Research and development cost included in the income statement amounts to DKK24.6m (2024: DKK16.7m).
Impairment test for goodwill
Impairment test was performed at the end of 2025. The impairment test was based on the cash-generating units
(CGU's) to which goodwill can be allocated. The basis for determining the recoverable amount is value-in-use
for the CGU's. Acquired companies and/or activities are integrated into the Trackunit business as quickly as
possible, in order to obtain optimum synergies. Consequently, soon after an acquisition, it is no longer possible
to allocate goodwill to individual acquisitions. Trackunit as a group is evaluated to be one cash-generating unit
(Trackunit). This is also sustained by our business model where all subsidiaries are sales companies with access
to the same software portfolio. No special software is made for one subsidiary alone. We act as one company.
The impairment test compares the recoverable amount, equivalent to the present value of the expected future
cash flows, with the invested capital of the individual CGU. The expected future cash flow is based on the
budget for 2026 and business plans for 2027-2028. Budget and business plans are approved by group
management and the board of directors. Primary variables are sales, EBIT, and investments.
Trackunit ApS 36
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
The construction industry is one of the least digitalized industries and the market for connectivity will continue
to expand for many years. Therefore, expected growth rates on revenue are high. Trackunit is expecting growth
rates up to 23% during the budget and strategy period. The growth rate beyond the budget and forecast periods
(the terminal period) are considered to be 2%. All growth rates are based on management expectation to the
underlying market growth and further supported by historic performance. Revenue and EBIT margin is in line
with the overall business plan and forecasted in a detailed model including volume of new subscriptions, churn,
price mix, license mix and expectations to the development in gross profit margins. Sales expectations and
EBIT margin used in the impairment test are therefore considered reasonable taking the initiatives in the
business plan and general market outlook into consideration. Investments are assumed to be level with
depreciations and amortizations in the terminal period. The pre-tax discount rate used to calculate the
recoverable amount is 12,0%.
Determination of value in use is considered a level 3 measurement due to application of a discount compared to
the observable multiples.
The performed impairment test did not show any need for impairment. Therefore, impairment will not be
required. In relation to sensitivity analysis, a simultaneous 1 percentage point increase in WACC and 1
percentage point decrease in the terminal period growth rate does not lead to an impairment charge.
Further Goldman Sachs Alternatives acquired the majority share in Trackunit ApS’s ultimate UK parent
company, Galaxy UK Topco Limited together with a reinvestment from Hg Capital. The acquisition indicates
that no impairment is needed on Trackunit ApS level as the market value is higher than booked value.
Impairment test for customer relations
Customer relations are amortized and tested if there are indications of impairment. Customer relations are
amortized over 6-18 years. Customer relations valuation is performed at the time of the acquisition and based
on a multi-period excess earnings method (MEEM), considering the customers present at that time.
Management has analyzed whether the main prerequisites of the MEEM calculation are still present.
11. Property, plant and equipment
§Accounting policy
Tangible assets are mainly comprised of plant and machinery and other equipment, which are measured at cost
less accumulated depreciation, and any impairment losses. The cost comprises the acquisition cost and other
directly attributable expenses of preparing the asset for its intended use.
Depreciation is calculated using the straight-line method to allocate the cost or revalued amounts of the assets,
net of their residual values, over their estimated useful lives as follows:
Plant and Machinery 3-7 years
Other equipment 3 years
The assets’ residual values and useful lives 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. These are
included in profit or loss.
An asset is impaired to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount. The impairment loss is recognized in profit and loss when the impairment is identified.
Trackunit ApS 37
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
000' DKK
Plant and
machinery
Other
equipment
Total
2025
Cost:
At 1 January
5,900 19,438 25,339
Exchange differences (72) (364) (436)
Additions during the year
716 2,244 2,960
Disposals during the year (960) (7,819) (8,779)
At 31 December
5,584 13,499 19,084
Amortisation and impairment:
At 1 January 3,200 14,574 17,774
Exchange differences (58) (279) (337)
Depreciation for the year
1,686 3,045 4,731
Depreciation of disposed assets (955) (7,778) (8,733)
At 31 December
3,873 9,562 13,435
Carrying amount 31 December 1,711 3,937 5,647
000' DKK
Plant and
machinery
Other
equipment Total
2024
Cost:
At 1 January
6,038 17,773 23,811
Exchange differences
(23) (59) (82)
Additions during the year
758 2,853 3,611
Disposals during the year (872) (1,130) (2,002)
___________
___________
___________
At 31 December
5,900 19,438 25,340
___________
___________
___________
Amortisation and impairment:
At 1 January
2,249 11,695 13,944
Exchange differences
(15) (53) (68)
Depreciation for the year
1,823 4,062 5,885
Depreciation of disposed assets (857) (1,130) (1,987)
___________
___________
___________
At 31 December
3,200 14,574 17,774
___________
___________
___________
Carrying amount 31 December
2,700 4,864 7,564
___________
___________
___________
Trackunit ApS 38
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
12. Leases as lesse
§Accounting policy
The lessee is required to recognize all leases as a lease liability and a lease asset in the balance sheet with two
exceptions: short-term leases (less than 12 months) and leases relating to low-value assets. It must furthermore
be considered whether the agreement is a lease or a service arrangement.
The group leases various vehicles, offices, and other equipment. From 1 January 2019, leases are recognized as
a right-of-use asset and a corresponding liability at the date the leased asset is available for use by the group. In
general, all lease contracts are recognized as a lease liability and a lease asset in the balance sheet with two
exceptions: short-term leases (less than 12 months) and leases relating to low-value assets (< USD5.000).
When determining the present value of lease assets and lease liabilities the Group makes estimations regarding
amortization period based on expected useful lives and internal interest.
Cars
Lease contracts could be separated between a leasing contract and a service arrangement. The group has
decided not to separate lease and non-lease components and instead recognize each car as one contract.
Assets and liabilities arising from a lease are initially measured on a present value basis. To find the present
value of a lease contract several factors must be determined. Leasing period and fixed payments appears in the
lease contract which means only interest rate must be determined. Here the group’s incremental borrowing rate
to obtain an asset of similar value is used (4,5%).
Variable lease payments as extra miles beyond the lease contract, damages, bridge tolls etc. are not measured as
a lease liability and a lease asset in the balance sheet. Instead, these costs are recognized in the profit and loss
when they occur.
Offices
Assets and liabilities arising from a lease are initially measured on a present value basis. To find the present
value of a lease contract several factors must be determined. Fixed payments appear in the lease contract. The
leasing period for all offices is set at the same date as the headquarters in Aalborg office expires even though
different terms of condition may occur. The group’s incremental borrowing rate to obtain an asset of similar
value of 4,5% has been applied.
Other equipment
Assets and liabilities arising from a lease are initially measured on a present value basis. To find the present
value of a lease contract several factors must be determined. Leasing period and fixed payments appears in the
lease contract which means only interest rate must be determined. Here the group’s incremental borrowing rate
to obtain an asset of similar value is used (4,5%).
Trackunit ApS 39
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
This note provides information for leases where the group is a lessee.
The following amounts relating to leases are recognized in the balance sheet:
000' DKK 2025 2024
Right-of-use assets
Premises
10,906 19,449
Vehicles
762 2,498
11,668 21,947
Lease liabilities
Current
11,213 12,102
Non-current
787 10,675
12,000 22,776
Overview of the lease liabilities are included in note 20.
The following amounts relating to leases are recognized in the statement of profit or loss:
000' DKK 2025
2024
Depreciation charge of right-of-use assets
Premises 9,988 9,624
Vehicles 1,345 1,976
Others 0 22
11,334 11,621
Interest expense (included in finance cost) 394 1,119
0 0
0 0
519 855
Total cash outflow for leases 12,698 13,367
21 4,142
Expense relating to short-term leases (included in cost of goods sold and
administrative expenses)
Expense relating to leases of low-value assets that are not shown above
as short-term leases (included in administrative expenses)
Expense relating to variable lease payments not included in lease
liabilities (included in administrative expenses)
Additions to right-of-use assets
Trackunit ApS 40
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
13. Inventories
§Accounting policy
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out
(FIFO) method. The cost of raw materials and consumables comprises purchase price and other direct costs.
Finished goods are recognized at manufacturing cost including materials consumed and labor costs plus
allowance for production overheads including operating costs, maintenance, and depreciation of production
plant. It excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of
business, less applicable variable selling expenses.
000' DKK 2025 2024
Raw materials and supplies 17,724 16,217
Finished goods 62,066 56,914
Total inventories 79,790 73,130
Less: provision for inventory reserves (11,086) (12,475)
Total net inventories 68,704 60,655
274,812 310,031
Hereof Inventory write down recognized as an expense
(1,389) 3,791
Inventories recognized as an expense and included in ‘Cost of providing
services’
Trackunit ApS 41
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
14. Trade receivables
§Accounting policy
Receivables are measured at amortized cost. Receivables are written down for expected credit losses based on
the simplified approach to providing for expected credit losses, which requires expected lifetime losses to be
recognized from initial recognition of receivables. Impairment losses are calculated as the difference between
the carrying amount and present value of expected cash flows, including the expected realizable value of any
collateral provided. The discount rate is the effective interest rate used at the time of initial recognition of the
receivable.
000'DKK
Current
0-30 days
past due
31-60 days
past due
61-90 days
past due
More than 90
days past due
Total 31
December
2025
Gross carrying amount 107,260 29,984 12,171 5,073 19,100 173,588
Loss allowance (553) (243) (531) (807) (7,032) (9,166)
Trade receivables 106,707 29,741 11,640 4,266 12,068 164,422
Expected loss rate 1% 1% 4% 16% 37% 5%
000'DKK
Current
0-30 days
past due
31-60 days
past due
61-90 days
past due
More than 90
days past due
Total 31
December
2024
Gross carrying amount 129,942 30,000 6,037 1,387 14,491 181,856
Loss allowance (1,081) (903) (883) (962) (6,760) (10,589)
Trade receivables 128,860 29,097 5,154 425 7,731 171,267
Expected loss rate 1% 3% 15% 69% 47% 6%
000' DKK 2025 2024
Movement on the Group provision for impairment of trade receivables are as follows:
Opening balances
10,589 15,301
Change in provision 1,339 2,236
Write-offs during the year (2,762) (6,949)
At 31 December 9,166 10,589
According to IFRS 9 a provision matrix for the group is applied. The provision matrix is based on historical
loss rate and management’s expectations for future losses. The historical loss rate is calculated based on the
2024 data. The matrix provision is applied after adjusting for any specific provisions and is based on the
Groups expectations to the industry in which it operates.
Trackunit ApS 42
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
15. Financial assets and liabilities
§Accounting policy
Financial assets
Classification
The group classifies its financial assets in the following measurement category; those to be measured at
amortized cost. The classification depends on the purpose for which the financial assets were acquired.
Management determines the classification of its financial assets at initial recognition.
Amortized cost
The group classifies its financial assets as at amortized cost only if both of the following criteria are met:
the assets are held within a business model whose objective is to collect the contractual cash flows, and
the contractual terms give rise to cash flows that are solely payments of principal and interest.
Recognition and Measurement
Regular purchases and sales of financial assets are recognized on the trade date - the date on which the Group
commits to purchase or sell the asset. Investments are initially recognized at fair value, plus transaction costs
for all financial assets not carried at fair value through profit or loss. Financial assets are derecognized when the
rights to receive cash flows from the investments have expired or have been transferred and the Group has
transferred substantially all risks and rewards of ownership.
Financial liabilities and equity instruments
Classification
Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangements and the definitions of a financial liability and an
equity instrument.
Financial liabilities
Financial liabilities are initially measured at fair value less transaction costs incurred. Subsequently, the loans
are measured at amortized cost. Amortized cost is calculated as original cost less installments plus/less the
accumulated amortization of the difference between cost and nominal value. Losses and gains on loans are thus
allocated over the term so that the effective interest rate is recognized in the income statement over the loan
period. Financial liabilities are derecognized when settled.
Deferred revenue
Deferred revenue are prepayments received from customers, comprising of payments received regarding
income in subsequent years.
Trackunit ApS 43
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
000' DKK 2025 2024
Financial assets at amortised cost:
Trade receivables 164,422 171,267
Receivables from group enterprises 703,034 393,677
Other financial assets at amortised costs
6,323 25,237
Cash and cash equivalents 212,266 280,842
Other current assets 44,351 29,373
Total 1,130,396 900,397
Financial liabilities at amortised cost:
Lease liabilities 12,000 22,776
Trade and other payables
100,400 106,646
Payables to group enterprises
177,673 111,997
Financial liabilities at fair value:
Derivative financial instruments:
Fair value through other comprehensive income 0 0
Total
290,073 241,419
Fair values are approximately the same as the carrying amounts.
16. Share capital
§Accounting policy
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting
all its liabilities. Equity instruments issued by a group entity are recognized at the proceeds received, net of
direct issue costs.
Other reserves include:
Foreign currency translation - movements in other comprehensive income from retranslation of foreign
operations.
Other undistributable reserve - movement in share warrants
Reserve for hedging - movements in other comprehensive income from fair value adjustments of cash flow
hedging
The share capital comprises 500,000 shares of a nominal value of DKK1 each.
All shares are fully issued and paid. One share holds one vote.
Dividends
The dividends paid in 2025 were DKK0 (2024: DKK0).
Trackunit ApS 44
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Capital management
The group’s objectives when managing capital are to safeguard the group’s ability to continue as a going
concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an
optimal capital structure to reduce cost of capital.
The management and the owners monitor the share and capital structure to ensure that Trackunit ApS’ capital
resources support the strategic goals.
Consistent with others in the industry, the group monitors capital based on the gearing ratio. This ratio is
calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including ‘current and
non-current borrowings’ as shown in the consolidated balance sheet) less cash and cash equivalents. Total
capital is calculated as ‘equity’ as shown in the consolidated balance sheet plus net debt.
During 2025, the group’s strategy was to maintain the gearing ratio below 10%. The gearing ratio on 31
December 2025 was -13.3% (2024: -18.6%).
17. Related parties
Galaxy Bidco ApS owns 100% of the share capital in Trackunit ApS. Tracer Topco Ltd is the ultimate legal
parent entity of Trackunit ApS with 100% indirect ownership.
Tracer Topco Ltd is owned by Tracer Lux Holdco SARL and Tracer Luxembourg SARL through fund
structures. Each structure is respectively managed by Goldman Sachs Alternatives and Hg Capital. The
investment partners of Tracer Lux Holdco SARL and Tracer Luxembourg SARL manages the investment in
Tracer Topco Ltd through joint control.
No limited partner in the limited partnerships managed by Goldman Sachs Alternatives or Hg Capital has an
ownership interest above 25%.
Trackunit ApS Group is included in the consolidated annual report for Galaxy Holdco ApS and the
consolidated annual report for Galaxy UK Topco Limited.
Transactions with parent companies have been management fee, financing, and interest.
Trackunit’s interests in subsidiaries are shown in note 23, Group companies. No transactions were carried out
during the year with subsidiaries except for intra-group transactions eliminated in the consolidated financial
statements.
The disclosure of “Key management compensation” is presented in note 3. No other transactions were carried
out during the year with Key management.
The disclosure of shares issued during the period is presented in note 16.
Transactions with related parties have all been at arm's-length.
Trackunit ApS 45
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
18. Commitments and contingent liabilities
Subject to customary legal provisions, the Group and subsidiaries act as guarantors of loans for the Group
entity Tracer Jersey Bidco Ltd.
The Danish companies are jointly and severally liable for tax on the Group's jointly taxed income. The jointly
taxed amount is stated in the financial statement of the management company for the joint taxation, Galaxy
Holdco ApS. The Group's Danish companies are also jointly and severally liable for withholding taxes, royalty
taxes and interest taxes. Any subsequent adjustments to corporation and withholding taxes may result in the
company's liability amounting to a larger amount.
Contractual obligations
In the ordinary course of business, the Group enters into non-cancellable agreements with third-party suppliers.
Certain of these agreements extend beyond the reporting date and include fixed or minimum payment
commitment.
Payments under these agreements are recognized as operating expenses as the related service are received. As
the service relating to future periods have not yet been received at 31 December 2025, no liability has been
recognized in the financial statement in respect of these future commitments.
The obligation to third-party suppliers is calculated based on most accurate estimate after review of all contract
variables.
000' DKK 2025
Total liabilities under contractual obligations until maturity 84,541
19. Business combinations
§Accounting policy
The acquisition method of accounting is used to account for all business combinations, regardless of whether
equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary
comprises the:
fair values of the assets transferred
liabilities incurred to the former owners of the acquired business
equity interests issued by the group
fair value of any asset or liability resulting from a contingent consideration arrangement, and
fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with
limited exceptions, measured initially at their fair values at the acquisition date. The group recognizes any non-
controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the
non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets.
Acquisition-related costs are expensed as incurred.
Trackunit ApS 46
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
The excess of the
consideration transferred,
amount of any non-controlling interest in the acquired entity, and
acquisition-date fair value of any previous equity interest in the acquired entity
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than
the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in
profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted
to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing
rate, being the rate at which a similar borrowing could be obtained from an independent financier under
comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial
liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s
previously held equity interest in the acquiree is re-measured to fair value at the acquisition date. Any gains or
losses arising from such remeasurement are recognized in profit or loss.
Acquisition in 2025
There have been no acquisitions in 2025.
Acquisition in 2024
There have been no acquisitions in 2024.
20. Financial risk management
Financial risk factors
The group’s activities expose it to a variety of financial risks: market risk (currency and interest risk), credit
risk and liquidity risk. The group’s overall risk management program focuses on the unpredictability of
financial markets and seeks to minimize potential adverse effects on the group’s financial performance.
The Financial risks of the group are managed centrally. The overall risk management guidelines and policies
have been approved by the board of directors. The board provides principles for overall risk management, as
well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of
derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.
Market risk
Foreign exchange risk
The group operates internationally and is exposed to foreign exchange risk arising from various currency
exposures. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities
and net investments in foreign operations. Increases or decreases in the exchange rate of such foreign
currencies against the functional currency, the DKK, can affect the group’s results and cash position negatively
or positively.
Trackunit ApS 47
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Management has set up a policy to require group companies to manage their foreign exchange risk against their
functional currency. Foreign exchange risk arises when future commercial transactions or recognized assets or
liabilities are denominated in a currency that is not the entity’s functional currency.
The Groups sales, cost of goods sold, and expenses are mainly incurred in DKK, EUR, USD, CAD, or GBP.
The Group has transactions in other currencies, but the foreign exchange risks related to this are not considered
material. The group's debt is denominated in EUR, GBP, and USD. All loan facilities are placed on a higher
level in the Group.
The group is primarily exposed to changes in DKK/GBP, DKK/USD and DKK/CAD exchange rate.
Sensitivity analysis - foreign exchange risk
The following table details the group's sensitivity to a 10% decrease in USD, GBP and CAD exchange rates.
The analysis includes impact to the profit and loss and total equity by translating the profit and loss accounts
and balance sheet with USD, GBP and CAD exchange rates 10% lower than actual balance sheet ending rates.
All other variables are held constant.
000' DKK
USD GBP
CAD
Net profit
(6,968)
(98)
(2,550)
Equity
(71,850)
841
(35,876)
Inventories
(6,630)
(34)
-
Trade receivables
(8,237)
(1,036)
-
Cash and cash equivalents
(3,618)
(930)
(361)
Trade payables
(14)
(8)
(18)
2025
000' DKK
USD GBP
CAD
Net profit (3,972) (18) (1,329)
Equity (67,573) 907 (35,542)
Inventories (5,659) (24) -
Trade receivables (9,707) (1,284) 15
Cash and cash equivalents (3,292) (2,391) (2,855)
Trade payables (129) (6) (33)
2024
Credit risks
Credit risk is managed on Group basis. Standard terms and conditions apply for the Group and changes are
subject to central approval. Intercompany is not considered a credit risk.
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as
credit exposure to customers, including outstanding receivables. For banks and financial institutions, only
independently rated parties with a minimum rating of ‘A’ are accepted. For customers individual risk limits are
set based on internal or external ratings.
The maximum exposure corresponds to the carrying amount.
Trackunit ApS 48
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Liquidity risk
Cash flow forecasting is performed by group finance. Group finance monitors rolling forecasts of the group’s
liquidity requirements to ensure it has sufficient cash to meet operational needs while always maintaining
sufficient headroom on its undrawn committed borrowing facilities so that the group does not breach borrowing
limits or covenants (where applicable) or any of its borrowing facilities. Such forecasting takes into
consideration the group’s debt financing plans, covenant compliance and compliance with internal balance
sheet ratio targets.
Contractual maturities for financial liabilities
The table below analyses the group’s non-derivative and derivative financial liabilities into relevant maturity
groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts
disclosed in the table are the contractual undiscounted cash flows.
000' DKK
Less than 1
year
1 to 5 years
More than 5
years
Total
31 December 2025
Lease liabilities
11,213
787
0
12,000
Trade and other payables
100,400
0
0
100,400
111,613 787 0 112,400
31 December 2024
Lease liabilities
12,102
10,675
0
22,776
Trade and other payables
106,646
0
0
106,646
118,747 10,675 0 129,422
21. Events after the balance sheet date
No subsequent events have occurred after the balance sheet date that required adjustment to or disclosure in the
consolidated financial statements.
22. Changes in net working capital
000' DKK 2025 2024
Changes in inventories (16,290) (19,693)
Changes in trade receivables and other receivables 83,562 45,098
Changes in trade and other payables and deferred revenue (104,161) 20,125
(36,889) 45,530
Trackunit ApS 49
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
23. Group companies
Name and registered office Country
Trackunit Pty Ltd Australia 100%
Trackunit KK Japan 100%
Trackunit Asia Pacific Pte Ltd Singapore 100%
Trackunit AB Sweden 100%
Trackunit AS Norway 100%
Trackunit America ApS Denmark 100%
Trackunit Inc USA 100%
Trackunit Canada Inc Canada 100%
Trackunit SAS France 100%
Trackunit Ltd United Kingdom 100%
Trackunit GmbH Germany 100%
Flexcavo GmbH Germany 100%
Trackunit AG Switzerland 100%
Trackunit BV Netherlands 100%
Direct Group holding
24. Basis of preparation
This note provides a list of the significant accounting policies adopted in the preparation of these consolidated
financial statements to the extent they have not already been disclosed in the other notes. These policies have
been consistently applied throughout the financial year presented, unless otherwise stated.
With regards to the true and fair view of the financial statements, certain reclassifications have been made to
the balance sheet and notes. Comparative figures have been adjusted accordingly.
General
The Consolidated Financial Statements for Trackunit ApS have been prepared in accordance with IFRS
Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as
adopted by the European Union as well as additional Danish disclosure requirements applying to entities of
reporting class C.
The annual report is prepared according to standards and interpretations effective for the financial year
beginning on 1 January 2025. No standards or interpretations other than those mentioned below have been
adopted early.
General information on recognition and measurement
The Financial Statements have been prepared under the historical cost method, except for the measurement of
certain financial instruments at fair value.
Implementation of new standards, amendments, and interpretations
No new standards or amendments have been applied for the first time for its annual reporting period
commencing 1 January 2025.
Trackunit ApS 50
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
New standards, amendments and interpretations adopted but not yet effective
Certain new accounting standards and interpretations have been published that are not mandatory for 31
December 2025 reporting periods and have not been early adopted by the group.
The group’s assessment of the
impact of these new standards and amendments is set out below:
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to
achieve comparability of the financial performance of similar entities and provide more relevant information
and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the
financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those
related to the statement of financial performance and providing management-defined performance measures
within the financial statements.
Management is currently assessing the detailed implications of applying the new standard on the group’s
consolidated financial statements. From the high-level preliminary assessment performed, the following
potential impacts have been identified:
Although the adoption of IFRS 18 will have no impact on the group’s net profit, the group expects that
grouping items of income and expenses in the statement of profit or loss into the new categories will
impact how operating profit is calculated and reported. From the high-level impact assessment that the
group has performed, the following items might potentially impact operating profit:
o Foreign exchange differences currently aggregated in the line item ‘other income and other
gains/(losses) – net’ in operating profit might need to be disaggregated, with some foreign
exchange gains or losses presented below operating profit.
The line items presented on the primary financial statements might change as a result of the application
of the concept of ‘useful structured summary’ and the enhanced principles on aggregation and
disaggregation. In addition, since goodwill will be required to be separately presented in the statement
of financial position, the group will disaggregate goodwill and other intangible assets and present them
separately in the statement of financial position.
The group does not expect there to be a significant change in the information that is currently disclosed
in the notes because the requirement to disclose material information remains unchanged; however, the
way in which the information is grouped might change as a result of the aggregation/disaggregation
principles. In addition, there will be significant new disclosures required for:
o management-defined performance measures;
o a break-down of the nature of expenses for line items presented by function in the operating
category of the statement of profit or loss – this break-down is only required for certain nature
expenses; and
o for the first annual period of application of IFRS 18, a reconciliation for each line item in the
statement of profit or loss between the restated amounts presented by applying IFRS 18 and the
amounts previously presented applying IAS 1.
From a cash flow statement perspective, there will be changes to how interest received and interest paid
are presented. Interest paid will be presented as financing cash flows and interest received as investing
cash flows, which is a change from current presentation as part of operating cash flows.
The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective
application is required, and so the comparative information for the financial year ending 31 December 2026
will be restated in accordance with IFRS 18.
Trackunit ApS 51
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Basis of consolidation
Subsidiaries
Subsidiaries are all 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, and unrealized gains on transactions between group companies are
eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of
the transferred asset. The accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the group.
Foreign currency translation
Functional and presentation currency
Items in the financial statements of each of the reporting companies of the Group are measured in the currency
of the primary economic environment in which the company operates (the functional currency).
The financial statements are presented in Danish Kroner (DKK), which is Trackunit ApS’ functional and
presentation currency. The financial statements have been rounded to the nearest thousand.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions or valuation where items are re-measured. 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 denominated in foreign currencies are recognized in profit and loss, except when deferred in other
comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange
gains and losses are presented in the income statement within “finance income or costs”.
Group companies
The results and financial position of all the group entities 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 statement of profit and loss are translated at average exchange rates; and
All resulting exchange differences are recognized in other comprehensive income.
Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and
liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in
other comprehensive income.
Statement of cash flow
The Statement of Cash Flows is presented using the indirect method. The Statement of Cash Flows shows cash
flows used in operating activities, cash flows used in investing activities, cash flows from financing activities,
and the group's cash and cash equivalents at the beginning and end of the year.
Trackunit ApS 52
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Cash flows used in operating activities is comprised of net profit or loss for the year adjusted for non-cash
items, such as share based payment expense, fair value revaluations of shareholder warrants, depreciations,
paid financial items, corporate tax paid, and change in working capital. Cash flows used in investing activities
are comprised of payments relating to property, plant, and equipment.
Cash flows from financing activities are comprised of proceeds from borrowings, such as interest-bearing
convertible loans, and proceeds from share issuances and related transaction costs.
Cash and cash equivalents
In the consolidated statement of cash flows, cash and cash equivalents includes cash in hand and other short-
term highly liquid investments with original maturities of three months or less.
Trackunit ApS 53
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Trackunit ApS
CVR No 20 75 01 70
Gasværksvej 24, 4., 9000 Aalborg
Annual report for the parent company for
1 January 2025 – 31 December 2025
Trackunit ApS 54
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Parent - Statement of profit and loss
1 January – 31 December
000' DKK Notes 2025 2024
Net revenue 735,930 844,434
Cost of goods sold (261,083) (324,338)
Gross profit/(loss) 474,847 520,096
External costs (85,005) (90,161)
Employee costs 1 (204,328) (180,936)
Profit/loss before depreciations 185,513 248,999
Depreciation, amortisation and impairment of intangible
assets and property, plant and equipment
3
(44,074) (51,816)
Other operating expenses 4 (50,161) (10,621)
Earnings before interest and tax (EBIT) 91,278 186,562
Income from investments in subsidiaries 2,305 0
Finance income 5
53,176 40,380
Finance costs 5
(22,618) (19,344)
Profit/loss before tax 124,142 207,597
Income tax expense 6 (36,753) (48,789)
Profit/(Loss) for the year
14
87,388 158,808
Trackunit ApS 55
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Parent - Balance Sheet
31 December
Assets
000' DKK Notes 2025 2024
Completed development projects 7 29,251 26,343
Acquired licenses
7 0 24
Goodwill
7 274,960 274,960
Trademarks
7 12,540 15,180
Customer relations
7 43,834 64,875
Development projects in progress 7 16,766 14,982
Intangible assets
377,352 396,364
Land and buildings 8 5,480 10,434
Other fixtures and fittings, tools and equipment
8 4,344 5,721
Leasehold improvements 8 206 395
Property, plant and equipment
10,031 16,550
Investments in subsidaries 9 1,076,325 1,044,550
Deposits 10 1,881 1,844
Fixed assets investments 1,078,207 1,046,394
Total non-current assets 1,465,590 1,459,308
Inventories 11 2,056 3,773
Trade receivables 44,615 44,404
Receivables from group enterprises 645,949 352,380
Connected device costs 75,346 90,881
Other receivables 4,161 8,603
Prepayments 12 44,157 30,403
Receivables 814,227 526,671
Cash and cash equivalents 106,518 164,795
Total current assets 922,801 695,239
Total assets
2,388,390 2,154,546
Trackunit ApS 56
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Parent - Balance Sheet
31 December
Equity and Liabilities
000' DKK Notes 2025 2024
Share capital 500 500
Reserve for development costs 37,938 33,895
Retained earnings 1,743,594 1,660,249
Total equity
13
1,782,032 1,694,643
Provision for deferred tax 15 7,754 15,988
Provision 7,754 15,988
Lease obligations
, l
16
0
5,218
Deferred income
, l
16, 17
148,535
162,358
Total non-current liabilities 148,535 167,576
Lease obligations
, k
16
5,785
5,854
Trade payables
26,330 29,359
Payables to group enterprises
179,552 0
Corporation tax payables to group enterprises
44,948 56,549
Other payables
16 28,118 23,992
Deferred income, k
16, 17 165,335 160,585
Total current liabilities 450,068 276,339
Total liabilities
598,603 443,916
Total equity and liabilities
2,388,390 2,154,546
Share-based payment
2
Contingent assets, liabilities and financial obligations 18
Events after the balance sheet date 19
Related parties 20
Significant accounting policies 21
Trackunit ApS 57
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Parent - Statement of changes in equity
1 January – 31 December
000' DKK
Share capital
Reserve for
development costs
Retained
earnings
Total equity
Balance at 1 January 2025
500
33,895
1,660,249
1,694,644
Development costs for the year
0
12,820
(12,820)
0
Amortisation for the year
0
(8,777)
8,777
0
Net profit/loss for the year
0
0
87,388
87,388
Balance at 31 December 2025
500
37,938
1,743,594
1,782,032
000' DKK
Share capital
Reserve for
development costs
Retained
earnings
Total equity
Balance at 1 January 2024
500
30,570
1,504,765
1,535,836
Development cost for the year
0
14,574
(14,574)
0
Amortisation for the year
0
(11,249)
11,249
0
Net profit/loss for the year
0
0
158,808
158,808
Balance at 31 December 2024
500
33,895
1,660,249
1,694,644
Trackunit ApS 58
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Parent - Notes
1. Employee costs
000' DKK 2025 2024
Wages and salaries 168,952 149,597
Pensions 14,387 13,761
Other social security costs 1,722 954
Other employee costs 19,267 16,624
Total employee cost 204,328 180,936
Including remuneration to the Executive Management and Board of Directors of:
Exectutive Management 5,063 5,710
Board of Directors 467 403
5,530 6,113
Average number of full time employees 225 237
2. Share-based payment
000' DKK
2025 2024
Outstanding warrants 1 January 1,282,740 940,120
Granted during the year
361,063 405,820
Forefeited during the year
(3,500) (63,200)
Exercised during the year
(1,503,803) 0
Outstanding warrants 31 December
136,500 1,282,740
Trackunit established an incentive program for all non-executive employees in 2022. In June 2025 Goldman
Sachs Alternatives acquired the majority share in Trackunit ApS’s ultimate UK parent company, Galaxy UK
Topco Limited together with a reinvestment from Hg. In connection with the acquisition the incentive
programme was settled and paid out to the employees.
After the acquisition a new incentive programme was established. The warrant program is an equity settled
program established in October 2025. The vesting period is expected to be 4 years starting from the grant date.
The program comprises a total of 136,500 warrants on 31 December 2025. Each warrant gives the holder the
right to share capital of DKK 0.01 nominal value in the ultimate parent company Tracer Topco Ltd.
The total number of warrants granted in 2025 was 136,500. The total fair value of the program is DKK9.1m.
Trackunit ApS 59
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
The valuation is based on the following assumptions:
Vesting period: 4 years
Expected volatility: 42% - based on peer group analysis
Risk free interest rate: 2,1%
Total expenses arising from the incentive program are DKK0.4m and is recognized as staff cost.
3. Depreciation, amortization and impairment of intangible assets and
property, plant and equipment
000' DKK 2025 2024
Amortisation of intangible assets 34,887 42,563
Depreciation of property, plant and equipment 9,187 9,254
44,074 51,816
4. Other operating expenses
000' DKK 2025 2024
M&A activities 30,446 7,068
Restructuring 18,745 0
Consultancy 869 0
Other expenses 101 3,553
50,161 10,621
5. Financial income and expenses
000' DKK
2025 2024
Financial income
Exchange rate adjustments 14,952 4,283
Interest received from group enterprises 34,328 28,275
Other financial income 3,896 7,822
53,176 40,380
Financial cost
Interest expenses, bank debt 0 1
Interest and finance charges for lease liabilities 311 539
Interest paid to Group enterprises 20,978 16,765
Other financial expenses, including bank fees 1,329 2,040
22,618 19,344
Trackunit ApS 60
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
6. Tax on profit/loss for the year
000' DKK 2025 2024
Current tax for the year 44,987 56,634
Deferred tax for the year (8,233) (7,845)
36,753 48,789
7. Intangible assets
000' DKK Goodwill Trademarks
Customer
relations Software
Completed
development
projects
Development
projects in
progress Total
2025
Cost:
At 1 January
318,816 39,600 259,500 1,752 51,307 14,982 685,957
Additions during the
year
0 0 0 0 0 16,436 16,436
Disposals
0 0 0 (119) (2,740) (491) (3,350)
Reclassifications 0 0 0 0 14,161 (14,161) 0
At 31 December
318,816 39,600 259,500 1,633 62,728 16,766 699,043
Amortisation and impairment:
At 1 January
43,856 24,420 194,625 1,728 24,964 0 289,593
Disposals 0 0 0 (119) (2,740) 0 (2,859)
Amortisation charge 0 2,640 21,041 24 11,253 0 34,958
At 31 December
43,856 27,060 215,665 1,633 33,477 0 321,692
Carrying amount
31 December 274,960 12,540 43,835 (0) 29,251 16,766 377,351
Completed development projects relate to development of products and services that are ready for sale.
Trackunit ApS 61
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
8. Property, plant and equipment
000' DKK
Land and
buildings
Other fixtures
and fittings,
tools and
equipment
Leasehold
improve-ments
2025
Cost:
At 1 January 27,725 16,279 3,921
Additions during the year 9,590 2,413 0
Disposals during the year (27,725) (5,178) (1,506)
At 31 December 9,590 13,514 2,415
Amortisation and impairment:
At 1 January 17,291 10,558 3,527
Depreciation for the year 5,414 3,585 188
Depreciation of disposed assets (18,595) (4,973) (1,506)
At 31 December 4,110 9,170 2,209
Carrying amount 31 December 5,480 4,344 207
Including assets under finance leases amounting to 5,480 0 0
Trackunit ApS 62
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
9. Investments in subsidiaries
000' DKK 2025 2024
Cost at 1 January 1,044,550 1,044,550
Additions for the year 31,775 0
Cost at 31 December 1,076,325 1,044,550
Investment in subsidiaries is specified as follows:
Name and registered office Country
Direct Group
holding (pct.)
Trackunit Pty Ltd Australia 100%
Trackunit KK Japan 100%
Trackunit Asia Pacific Pte Ltd Singapore 100%
Trackunit AB Sweden 100%
Trackunit AS Norway 100%
Trackunit America ApS Denmark 100%
Trackunit Inc USA 100%
Trackunit Canada Inc Canada 100%
Trackunit SAS France 100%
Trackunit Ltd United Kingdom 100%
Trackunit GmbH Germany 100%
Flexcavo GmbH Germany 100%
Trackunit AG Switzerland 100%
Trackunit BV Netherlands 100%
10. Other fixed investments
000' DKK 2025 2024
Cost at 1 January 1,844 1,693
Additions for the year 64 151
Disposals for the year (27) 0
Cost at 31 December 1,881 1,844
Carrying amount at 31 December 1,881 1,844
11. Inventories
000' DKK 2025 2024
Raw materials and consumables 1,658 3,424
Finished goods and goods for resale 398 349
2,056 3,773
Trackunit ApS 63
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
12. Prepayments
Prepayments amounts to DKK44.1m for 2025 (2024: DKK30.4m) and consist of prepaid expenses concerning
rent, insurance premiums and subscriptions.
13. Share capital
The share capital consists of 500,000 shares of a nominal value of DKK 1. No shares carry any special rights.
14. Distribution of profit/loss
000' DKK
2025 2024
Retained earnings 87,388 158,808
87,388 158,808
15. Provision for deferred tax
000' DKK
2025 2024
Provision for deferred tax at 1 January 15,988 23,833
Amounts recognized in the income statement for the year
(8,233) (7,845)
Amounts recognized prior year
0 0
Provision for deferred tax at 31 December
7,754 15,988
16. Long-term debt
Payments due within 1 year are recognized in short-term debt. Other debt is recognized in long-term debt.
The debt falls due for payment as specified below:
000' DKK
Less than 1 year 1 to 5 years More than 5 years
Total
31 December 2025
Lease obligations 5,785 0 0 5,785
Other payables 28,118 0 0 28,118
Deferred income 165,335 148,535 0 313,870
199,238 148,535 0 347,773
000' DKK
Less than 1 year 1 to 5 years More than 5 years
Total
31 December 2024
Lease obligations 5,854 5,218 0 11,072
Other payables 23,992 0 0 23,992
Deferred income 160,585 162,198 160 322,943
190,431 167,416 160 358,007
Trackunit ApS 64
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
17. Deferred revenue
Deferred revenue consists of payments received in respect of subsequent income years. The total deferred
revenue amounts to DKK313.9m in 2025 (2024: DKK322.9m)
18. Contingent assets, liabilities, and financial obligations
The Danish group companies are jointly and severally liable for tax on the Danish jointly taxed incomes etc. of
the Danish Group. The total amount of corporation tax payable is disclosed in the Annual Report of Galaxy
Holdco ApS, which is the administration company of the jointly taxation purpose. Moreover, the Danish group
companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty
payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes
may increase the Company’s liability.
Contractual obligations
In the ordinary course of business, Trackunit enters into non-cancellable agreements with third-party suppliers.
Certain of these agreements extend beyond the reporting date and include fixed or minimum payment
commitment.
Payments under these agreements are recognized as operating expenses as the related service are received. As
the service relating to future periods have not yet been received at 31 December 2025, no liability has been
recognized in the financial statement in respect of these future commitments.
The obligation to third-party suppliers is calculated based on most accurate estimate after review of all contract
variables.
000' DKK 2025
Total liabilities under contractual obligations until maturity 84,541
19. Events after the balance sheet date
No subsequent events have occurred after the balance sheet date that required adjustment to or disclosure in the
financial statements.
20. Related parties
Transactions with related parties have been at arm's-length.
Refer to the consolidated financial statement regarding the company's ownership structure.
Trackunit ApS 65
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
21. Accounting policies
The Annual Report of Trackunit ApS for 2025 has been prepared in accordance with the provisions of the
Danish Financial Statements Act applying to reporting class C (Large).
Recognition and measurement of financial instruments are made in accordance with International Financial
Reporting Standards (IFRS), cf. the Danish Financial Statements Act, §37 section 5.
Additionally, revenue is measured in accordance with International Financial Reporting Standards (IFRS 15),
and leasing is measured in accordance International Financial Reporting Standards (IFRS 16).
The accounting policies are unchanged compared with last year.
The Financial Statements for 2025 are presented in 000’ DKK.
Cash flow statement
With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included
in the consolidated financial statements of Trackunit ApS, the Company has not prepared a cash flow
statement.
Recognition and measurement
Revenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets
and liabilities measured at fair value or amortized cost are recognized. Moreover, all expenses incurred to
achieve the earnings for the year are recognized in the income statement, including depreciation, amortization,
impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that
have previously been recognized in the income statement.
Assets are recognized in the balance sheet when it is probable that future economic benefits attributable to the
asset will flow to the Company, and the value of the asset can be measured reliably.
Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow out of
the Company, and the value of the liability can be measured reliably.
Assets and liabilities are initially measured in cost. Subsequently, assets and liabilities are measured as
described for each item below.
Leases as lessor
The lessee is required to recognize all leases as a lease liability and a lease asset in the balance sheet with two
exceptions: short-term leases (less than 12 months) and leases relating to low-value assets. It must furthermore
be considered whether the agreement is a lease or a service arrangement.
The company leases various vehicles, offices, and other equipment. From 1 January 2019, leases are recognized
as a right-of-use asset and a corresponding liability at the date the leased asset is available for use by the group.
In general, all lease contracts are recognized as a lease liability and a lease asset in the balance sheet with two
exceptions: short-term leases (less than 12 months) and leases relating to low-value assets (< USD 5.000).
Trackunit ApS 66
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Cars
Lease contracts could be separated between a leasing contract and a service arrangement. The group has
decided not to separate lease and non-lease components and instead recognize each car as one contract
according to IFRS 16.15.
Assets and liabilities arising from a lease are initially measured on a present value basis. To find the present
value of a lease contract several factors must be determined. Leasing period and fixed payments appears in the
lease contract which means only interest rate must be determined. Here the group’s incremental borrowing rate
to obtain an asset of similar value is used. In accordance with the Senior facilities agreement, placed in Group
company above Trackunit ApS, the interest rate for cars is 4.5%.
Variable lease payments as extra miles beyond the lease contract, damages, bridge tolls etc. are not measured as
a lease liability and a lease asset in the balance sheet. Instead, these costs are recognized in the profit and loss
when they occur.
Offices
Assets and liabilities arising from a lease are initially measured on a present value basis. To find the present
value of a lease contract several factors must be determined. Fixed payments appear in the lease contract. The
leasing period for all offices is set on the same date as the HQ office expires even though different terms of
condition may occur. To find the group’s incremental borrowing rate to obtain an asset of similar value, the
interest rate is set at 4.5% for Offices in accordance with the Senior facilities agreement, placed in Group
company above Trackunit ApS,
Other equipment
Assets and liabilities arising from a lease are initially measured on a present value basis. To find the present
value of a lease contract several factors must be determined. Leasing period and fixed payments appears in the
lease contract which means only interest rate must be determined. Here the group’s incremental borrowing rate
to obtain an asset of similar value is used. In accordance with the Senior facilities agreement, placed in Group
company above Trackunit ApS, the interest rate for other equipment is 4.5%.
Translation policies
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and
losses arising due to differences between the transaction date rates and the rates at the dates of payment are
recognized in financial income and expenses in the income statement.
Receivables, payables, and other monetary items in foreign currencies that have not been settled at the balance
sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange
rates at the balance sheet date and the transaction date rates are recognized in financial income and expenses in
the income statement; however, see the section on hedge accounting.
Income statements of foreign subsidiaries that are separate legal entities are translated at transaction date rates
or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance
sheet date. Exchange adjustments arising from the translation of the opening equity and exchange adjustments
arising from the translation of the income statements at the exchange rates at the balance sheet date are
recognized directly in equity.
Derivative financial instruments
Derivative financial instruments are initially recognized in the balance sheet at cost and are subsequently re-
measured at their fair values. Positive and negative fair values of derivative financial instruments are classified
as “Other receivables” and “Other payables”, respectively.
Trackunit ApS 67
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Changes in the fair values of derivative financial instruments are recognized in the income statement unless the
derivative financial instrument is designated and qualified as hedge accounting, see below.
Hedge accounting
Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a
recognized asset, or a recognized liability are recognized in the income statement as are any changes in the fair
value of the hedged asset or the hedged liability related to the hedged risk.
Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of
expected future transactions are recognized in retained earnings under equity as regards the effective portion of
the hedge. The ineffective portion is recognized in the income statement. If the hedged transaction results in an
asset or a liability, the amount deferred in equity is transferred from equity and recognized in the cost of the
asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount
deferred in equity is transferred from equity to the income statement in the period in which the hedged
transaction is recognized. The amount is recognized in the same item as the hedged transaction.
Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments
in independent foreign subsidiaries or associates are recognized directly in equity as regards the effective
portion of the hedge, whereas the ineffective portion is recognized in the income statement.
Revenue
Revenue Recognition
Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects
the consideration to which we expect to be entitled in exchange for those goods or services.
We determine revenue recognition through the following steps:
1. identification of the contract, or contracts, with a customer;
2. identification of the performance obligations in the contract;
3. determination of the transaction price;
4. allocation of the transaction price to the performance obligations in the contract; and
5. recognition of revenue when, or as, we satisfy a performance obligation.
We offer subscriptions to access our Cloud and IoT platforms. Customers subscribe to one or more
Applications which includes data that is primarily provided by various proprietary connected device access
points, including connectivity sensors. Our Cloud and IoT platforms and the related connected device access
points are highly interdependent and interrelated and represent a combined performance obligation.
Deferred Revenue
Deferred revenue represents amounts billed to customers or payments received from customers for which
revenue has not yet been recognized. Deferred revenue consists of prepayments made by customers for future
periods. A portion of customer contracts is paid in advance for the full, multi-year term. Additionally, the
Group enables its customers to prepay all, or part, of their contractual obligations monthly, quarterly, or
annually. As a result, the deferred revenue balance does not represent the total contract value of all multi-year,
non-cancelable subscription agreements. The current portion of deferred revenue represents the amount that is
expected to be recognized within one year of the consolidated balance sheet date.
Trackunit ApS 68
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Connected Devices
Trackunit capitalize connected devices associated with subscription contracts. These costs are directly related
to the customer. These contract fulfillment costs are amortized over a period of benefit of three years. Trackunit
determined the period of benefit by taking into consideration the expected life of the connected device, the
connected device’s warranty period, past experiences with customers, the duration of our relationships with our
customers and other available information.
Other external expenses
Other external expenses comprise expenses for premises, sales, and distribution as well as office expenses, etc.
Staff expenses
Staff expenses comprise wages and salaries as well as payroll expenses.
Amortization, depreciation, and impairment losses
Amortization, depreciation, and impairment losses comprise amortization, depreciation and impairment of
intangible assets and property, plant, and equipment.
Other operating income and expenses
Other operating income and other operating expenses comprise items of a secondary nature to the main
activities of the Company, including gains and losses on the sale of intangible assets and property, plant, and
equipment.
Financial income and expenses
Financial income and expenses are recognized in the income statement as the amounts relating to the financial
year.
Tax on profit/loss for the year
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable
to the profit for the year is recognized in the income statement, whereas the tax attributable to equity
transactions is recognized directly in equity.
The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint
taxation is allocated to enterprises in proportion to their taxable incomes.
Intangible assets
Development projects, patents, and licenses
Costs of development projects comprise salaries, amortization, and other expenses directly or indirectly
attributable to the Company’s development activities.
Development projects that are clearly defined and identifiable and in respect of which technical feasibility,
sufficient resources and a potential future market or development opportunity in the enterprise can be
demonstrated, and where it is the intention to manufacture, market or use the project, are recognized as
intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover the
cost of sales, distribution and administrative expenses involved as well as the development costs.
Development projects that do not meet the criteria for recognition in the balance sheet are recognized as
expenses in the income statement as incurred.
Trackunit ApS 69
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Capitalized development costs are measured at cost less accumulated amortization and impairment losses or at
a lower recoverable amount. An amount corresponding to the recognized development costs is allocated to the
equity item “Reserve for development costs”. The reserve comprises only development costs recognized in
financial years beginning on or after 1 January 2016. The reserve is reduced by amortization of and impairment
losses on the development projects on a continuing basis.
As of the date of completion, capitalized development costs are amortized on a straight-line basis over the
period of the expected economic benefit from the development work. The amortization period is 3-5 years.
Licenses are measured at cost less accumulated amortization and less any accumulated impairment losses or at
a lower value in use.
Software licenses are amortized over the period of the agreement, which is 3-5 years.
Goodwill
Goodwill is amortized on a straight-line basis over the estimated useful life of 10 years determined based on
Management’s experience with the individual business areas.
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and less if any accumulated
impairment losses.
Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when
the asset is ready for use.
Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected
useful lives of the assets, which are:
Other buildings 4 years
Plant and machinery 3-7 years
Other fixtures and fittings, tools and equipment 3-5 years
The depreciation period and residual value are reassessed annually.
Assets with a useful life less than 1 year are expensed in the year of acquisition.
Impairment of fixed assets
The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to
determine whether there is any indication of impairment other than that expressed by amortization and
depreciation.
If so, the asset is written down to its lower recoverable amount.
Investments in subsidiaries
Investments in subsidiaries are recognized and measured at cost. If the cost exceeds the recoverable amount, it
is written down.
Dividends from subsidiaries are recognized as income in the financial year in which the dividend is declared.
Trackunit ApS 70
______________________________________________________________________________________________
Gasværksvej 24, 4
DK-9000 Aalborg info@trackunit.com
+45 96 73 74 00 www.trackunit.com
Other fixed asset investments
Other fixed asset investments consist of deposits.
Inventories
Inventories are measured at the lower of cost under the FIFO method and net realizable value.
The net realizable value of inventories is calculated at the amount expected to be generated by sale of the
inventories in the process of normal operations with deduction of selling expenses. The net realizable value is
determined allowing for marketability, obsolescence, and development in expected selling price.
The cost of goods for resale, raw materials and consumables equals landed cost.
The cost of finished goods and work in progress comprises the cost of raw materials, consumables, and direct
labor with addition to indirect production costs. Indirect production costs comprise the cost of indirect materials
and labor as well as maintenance and depreciation of the machinery, factory buildings and equipment used in
the manufacturing process as well as costs of factory administration and management.
Receivables
Receivables are recognized in the balance sheet at amortized cost, which substantially corresponds to nominal
value. Provisions for estimated bad debts are made.
Prepayments
Prepayments comprise prepaid expenses concerning rent, insurance premiums and subscriptions.
Equity - Dividend
The dividend distribution proposed by Management for the year is disclosed as a separate equity item.
Deferred tax assets and liabilities
Deferred income tax is measured using the balance sheet liability method in respect of temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes based on the intended use of the asset and settlement of the liability, respectively.
Deferred tax assets are measured at the value at which the asset is expected to be realized, either by elimination
in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.
Deferred tax is measured based on the tax rules and tax rates that will be effective under the legislation at the
balance sheet date when the deferred tax is expected to crystallize as current tax. Any changes in deferred tax
due to changes to tax rates are recognized in the income statement or in equity if the deferred tax relates to
items recognized in equity.
Current tax receivables and liabilities
Current tax liabilities and receivables are recognized in the balance sheet as the expected taxable income for the
year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment
under the on-account taxation scheme are recognized in the income statement in financial income and
expenses.
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2025-01-012025-12-312024-01-012024-12-315299001FFF0FQ8LUTF70Reporting class C, large enterpriseOpinionBasis for Opinion5299001FFF0FQ8LUTF702025-01-012025-12-31cmn:ConsolidatedMember5299001FFF0FQ8LUTF702025-01-012025-12-315299001FFF0FQ8LUTF702024-01-012024-12-315299001FFF0FQ8LUTF702025-12-315299001FFF0FQ8LUTF702024-12-315299001FFF0FQ8LUTF702024-12-31ifrs-full:IssuedCapitalMember5299001FFF0FQ8LUTF702025-01-012025-12-31ifrs-full:IssuedCapitalMember5299001FFF0FQ8LUTF702025-12-31ifrs-full:IssuedCapitalMember5299001FFF0FQ8LUTF702024-12-31ifrs-full:SharePremiumMember5299001FFF0FQ8LUTF702025-01-012025-12-31ifrs-full:SharePremiumMember5299001FFF0FQ8LUTF702025-12-31ifrs-full:SharePremiumMember5299001FFF0FQ8LUTF702024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5299001FFF0FQ8LUTF702025-01-012025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5299001FFF0FQ8LUTF702025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5299001FFF0FQ8LUTF702024-12-31ifrs-full:RetainedEarningsMember5299001FFF0FQ8LUTF702025-01-012025-12-31ifrs-full:RetainedEarningsMember5299001FFF0FQ8LUTF702025-12-31ifrs-full:RetainedEarningsMember5299001FFF0FQ8LUTF702023-12-31ifrs-full:IssuedCapitalMember5299001FFF0FQ8LUTF702024-01-012024-12-31ifrs-full:IssuedCapitalMember5299001FFF0FQ8LUTF702023-12-31ifrs-full:SharePremiumMember5299001FFF0FQ8LUTF702024-01-012024-12-31ifrs-full:SharePremiumMember5299001FFF0FQ8LUTF702023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5299001FFF0FQ8LUTF702024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5299001FFF0FQ8LUTF702023-12-31ifrs-full:RetainedEarningsMember5299001FFF0FQ8LUTF702024-01-012024-12-31ifrs-full:RetainedEarningsMember5299001FFF0FQ8LUTF702023-12-315299001FFF0FQ8LUTF702025-01-012025-12-31cmn:ConsolidatedMember15299001FFF0FQ8LUTF702025-01-012025-12-31cmn:ConsolidatedMember25299001FFF0FQ8LUTF702025-01-012025-12-31cmn:ConsolidatedMember15299001FFF0FQ8LUTF702025-01-012025-12-31cmn:ConsolidatedMember25299001FFF0FQ8LUTF702024-01-012024-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure