Shark Solutions A/S
Langebjerg 1, DK-4000 Roskilde, Denmark
CVR-no.: 35 41 34 72
Annual Report for 2025
The Annual Report was presented and adopted at the Annual General Meeting of the Company on 29 June 2026
Michael Troensegaard Andersen
Chairman of the general meeting
Table of contents
Management’s Statement 1
Independent Auditor’s Report 2
Group information 4
Group chart 5
Financial highlights 6
Management’s Review 7
Consolidated financial statement 9
Consolidated Income statement 9
Consolidated statement of other comprehensive income 10
Consolidated balance sheet 11
Consolidated statement of changes in equity 13
Consolidated statement of cash flows 15
Contents of the notes to the consolidated financial statements 16
Parent financial statements 55
Income statement 55
Balance sheet 56
Statement of changes in equity 58
Contents of the notes to the financial statements 60
Mana
gement’s Statement
The Bo
ard of Directors and the Executive Board have today considered and adopted the Annual Report of Shark Solutions A/S for
the financial year 1 January - 31 December 2025.
The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU
and further requirements in the Danish Financial Statements Act, and the Parent Company Financial Statements have been
prepared in accordance with the Danish Financial Statements Act. Management’s Review has been prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the
financial position at 31 December 2025 of the Group and the Parent Company and of the results of the Group and Parent Company
operations and consolidated cash flows for the financial year 1 January - 31 December 2025.
In our opinion, Management’s Review includes a fair review of the development in the operations and financial circumstances of the
Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well
as a description of the most significant risks and elements of uncertainty, which the Group and the Parent Company are facing.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Roskilde, 29 June 2026
Executive Board
Jens Holmegaard
CEO
Board of Directors
Michael Troense
gaard Andersen
Chairman
Peter Skau-Andersen
Christian Møller Christensen Ian Michael Nolan
Simeon John Stevenson Bridgewater
Page 1 of 70
Independent Auditor’s Report
To the Shareholders of Shark Solutions A/S
Opinion
In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position at 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 at 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 D
anish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Shark Solutions A/S for
the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity
and notes, including material accounting policy information, for both the Group and the Parent Company, as well as statement of
comprehensive income and cash flow statement for the Group (“the financial statements”).
Basis
for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable
in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for
the Audit of the Financial Statements” section of our report. We 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 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
Financial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial
Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the
Danish Financial Statement Act. We did not identify any material misstatement in Management’s Review.
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.
Page 2 of 70
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise
professional judgement and maintain professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent
Company’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.
● 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.
● 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.
Hellerup, 29 June 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Rasmus Friis Jørgensen Jacob
Brinch
State Authorised Public A
ccountant State Authorised Public Accountant
mne28705 mne35447
Page 3 of 70
Group info
rmation
The company Shark Solutions A/S
Langebjerg 1
DK-4000 Roskilde
Denmark
CVR-no.: 35 41 34 72
Financial year: 1 January - 31 December
Board of Directors Michael Troensegaard Andersen, Chairman
Peter Skau-Andersen
Christian Møller Christensen
Ian Michael Nolan
Simeon John Stevenson Bridgewater
Executive Board Jens Holmegaard, Chief Executive Officer
Auditors PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Strandvejen 44
DK-2900 Hellerup
Page 4 of 70
Group char
t
Shark Solutions A/S
Denmark
Shark Solutions Bv
Belgium
Shark Solutions Inc
USA
Shark PVB
Processing, LLC
USA
Shark Glass
Recycling North
America LLC
USA
Shark Glass
Recycling NE,
LLC
USA
Shark Glass
Recycling West,
LLC
USA
Shark Glass
Recycling, LLC
USA
Georgia
Greenleaf, LLC
USA
Page 5 of 70
Financial highlights
Key figures
EUR
Profit/loss
Revenue
Gross profit
Operating profit/(loss)
Net financials
Net profit/(loss) for the year
Balance sheet
Total non-current assets
Balance sheet total
Equity
Cash flows
Operating activities
Investing activities
Financing activities
Net cash flow for the year
Employees
Average number of employees
Financial Key Ratios
Solvency ratio (%)
Return on invested capital (%)
Return on equity (%)
41
10%
(17%)
(87%)
291.440
(345.704)
(334.232)
(388.588)
344.392
10.940.454
1.073.709
(416.204)
118.646
(1.865.209)
8.567.349
Investment in property, plant and
equipment
2021
7.974.382
5.836.454
(31%) (24%)
408% 622%
(3%) -16%
60 47
(5.970.505) (225.179)
11.217.662 2.239.106
3.644.554 (24.619)
(1.602.603) (2.038.547)
23.203.752 12.546.381
(758.501) (1.966.821)
15.628.302 9.447.691
5.970.505 225.179
(1.406.385) 349.758
(5.559.975) (2.777.642)
12.760.232 10.911.585
9.088.895 7.917.582
(2.175.051) (1.648.465)
2023 2022
(38%) (11%)
(137%) (106%)
31% 24%
89 87
(1.403.391) (3.616.527)
3.970.552 2.568.203
(428.545) (3.052.809)
(2.995.706) (2.004.485)
20.468.944 22.393.257
6.414.136
5.348.721
15.019.760
17.418.462
1.414.904 3.616.527
(3.555.693) 475.191
(8.048.585) (2.442.027)
17.177.907 15.248.642
11.094.419 10.463.367
(1.788.331) (566.224)
2025 2024
The financial ratios have been calculated in accordance with the recommendations of the Association of Danish Financial
Analysts.
Seen over a five-year period, the development of the Group is described by the following financial highlights:
On 1 January 2025 Shark Solutions A/S was merged with its immediate Parent Company, BE Shark Holding ApS. Based on the
pooling of interests method, 2024 figures have been restated accordingly. Comparative figures for the period 2023 - 2021 have
not been restated.
Page 6 of 70
Mana
gement’s Review
Business activities
Shark Solutions specializes in the conversion of damaged laminated glass from windshields and architectural glass into new raw
materials, with special focus on the PVB interlayer. Laminated glass comprises two layers of glass with a polyvinyl butyral (PVB)
polymer layer, which acts as a strong adhesive, enhancing the glass's strength and sound-dampening properties.
Utilizing proprietary technology, Shark Solutions upcycles broken laminated glass by transforming the PVB layer into a sustainable
raw material (rPVB). This rPVB is then used in various industrial applications, including paints, coatings, carpets, flooring, textiles,
and thermoplastic elastomers (TPE). The recycled glass is supplied to industries producing glass-related products.
Headquartered in Denmark, Shark Solutions also operates in Belgium and the United States, with facilities in Georgia, California,
and Pennsylvania. The strategic placement of these sites near sourcing partners optimizes logistics and minimizes environmental
impact by reducing transportation emissions. From these locations, Shark Solutions primarily serves markets in Europe and the
USA.
Sustainability, circularity and providing post-consumer based less toxic raw materials are fundamental to Shark Solutions' business
model. With the exceptions of water, packaging materials, and minor additives, the company's entire offering is derived from waste
streams. Production processes are continuously optimized to minimize non-recyclable waste, and efforts are made to maximize the
use of renewable energy sources. Shark Solutions is committed to reducing its own and mainly its customers' carbon footprints by
enhancing production efficiencies and fostering close collaborations to support sustainable raw material usage. As many industries
see upcoming shortages and regulation issues using traditional virgin raw materials Shark Solutions post-consumer, available rPVB
materials get increasing interest.
Shark Solutions' position as a supplier of sustainable raw materials continues to attract significant interest, driven by increasing
sustainability demands from consumers, governments, and the EU. In 2025, several leading regional and global companies across
our key industries launched products incorporating rPVB raw materials, reinforcing our market relevance.
Additionally, customers who initially adopted rPVB products expand their usage across multiple product lines and geographies.
Based on our reliable supply, constant quality level and strong value proposition we are fortunate to have a growing loyal customer
base and keep adding more and more as the word is spreading to the broader market that sustainable raw materials are available for
immediate commercial application.
Financial review
In 2025, net revenue increased by 12.7%, reaching EUR 17,2 million, driven by existing and new customers. Although the initial
growth target for 2025 was higher, unexpected temporary production challenges tempered the results. Nevertheless, management
considers the achieved growth rate acceptable under the circumstances. The PVB and glass segments grew by 9.7% and 23.7%,
respectively.
The financial development in 2025 was primarily influenced by irregularities in the US production operations, while production at
the Belgian manufacturing facility progressed in line with plan to satisfaction. In the United States, high employee turnover affected
seniority and experience levels within the day-to-day production organization, resulting in temporary and, in some cases, prolonged
stoppages on the production line. These temporary disruptions had an adverse impact on operational performance, especially in the
PVB segment during parts of the year. However, no customer supply shortages occurred, as production at the Belgian facility
effectively compensated and ensured continued fulfillment of all customer orders.
Overall operational performance improved in 2025 compared to the production challenges experienced in the prior year. Glass
production operations were stable and showed operational progress throughout the year, with few production downtimes, reflecting
improved process reliability and efficiency. While the PVB production in the United States remained subject to intermittent
operational adjustments, these interruptions were temporary, and production has resumed showed progress and improvement in
the last part of the year. Underlying demand and strategic customer relationships remained stable and continued to support the
Group’s long-term growth objectives.
Additionally, several PVB leads within the paints and coatings industry initiated their market introduction in 2025; however, the
ramp-up progressed at a slower pace than initially expected, which negatively impacted revenue performance for the year. These
leads are expected to gain further traction and contribute more meaningfully to revenue in 2026. Operating expenses, adjusted for
non-recurring items, remained stable and in line with expectations.
Page 7 of 70
The Consolidated income statement reported a loss of EUR -8,0 million for 2025 compared to a loss of EUR -2,4 million in 2024.
EBITDA for 2025 ended at EUR -1,8 million versus EUR -0,6 million for 2024. The Parent Company reported a loss of EUR-5,3
million for 2025 compared to EUR-3,6 million in 2024.
The Parent Company's income statement was also negatively impacted by the recognition of an allowance for intercompany debts of
EUR 4,3 million, included in Gross profit.
As of 31 December 2025, total consolidated assets were EUR 20,5 million, and equity of EUR 6,4 million. During 2025, two capital
increases were completed on 10 July and 28 October, resulting in total gross proceeds of EUR 6,8 million, of which EUR 5,2 million
in kind of cash payment and EUR 1,6 million from conversion of shareholder loans. Taken together, these transactions had a positive
impact on the Group’s equity position.
No significant events, other than the capital contribution of EUR 1,0 million as described in note 2 to the financial statements, have
occurred after post-2025 that would materially affect the financial results and balance sheet for 2025.
Outlook
The outlook for Shark Solutions in 2026 and beyond continues to be strong. Overall, Shark Solutions remains well positioned as a
supplier of sustainable raw materials. Growing sustainability requirements from consumers, governments, and the EU continue to
drive market interest, and the commercialization of rPVB-based products by several leading regional and global companies during
2025 underscores the increasing adoption and long-term potential of our solutions.
The continued development of key customers and leads during 2025, particularly within the carpet and paint & coatings industries,
is expected to support further growth and strengthen the Group’s financial position in 2026. While growth ambitions remain high
for 2026, accurately forecasting lead conversions and balancing production capacity remains a focal point. The current production
capacity is sufficient to meet our 2026 growth targets.
For 2026, revenue growth is projected between 15% to 30%, with the PVB segment as the primary growth driver. A positive full-year
EBITDA margin is also anticipated, with major opportunities for much further improvement as we have excess capacity and no need
for further overheads, so revenue increase has direct impact on profitability.
The Group’s liquidity position continues to require attention and remains an important focus area for management. Liquidity is
actively monitored and managed on an ongoing basis to ensure the Group’s operational and strategic objectives can be pursued in a
responsible manner. The Board of Management maintains a prudent and proactive approach to liquidity management, supported by
constructive and continued commitment from the Group’s shareholders, who have demonstrated their willingness to support the
Group’s financial position as needed.
Page 8 of 70
Consolidated income statement
for the year ended 31 December 2025
EUR
Notes
3
4
5
7
8
8
9
(6.271.205)
(4.980.323)
20242025
15.248.642 17.177.907
187.717 195.048
141.591
1.403.936
(3.697.284)
(928.745)
(2.792.608)
(2.348.963)
11.094.419
10.463.367
(1.788.331)
(566.224)
(6.794.586)
(5.628.002)
88.047
(2.031)
Revenue
Gross profit
Staff costs
Operating profit before amortisation, depreciation and
impairment (EBITDA)
Depreciation, amortisation and impairment
Operating profit (loss) before financial income
and expenses
Financial income
Financial expenses
Loss before tax
Tax on profit/loss for the year
Net loss for the year
Other external expenses
Raw materials and consumables used
Other operating income
Page 9 of 70
(6.088.164) (5.401.589)
(2.915.187)
(4.580.939)
(2.439.996)
(8.136.632)
(8.048.585)
(2.442.027)
Consolidated statement of comprehensive income
for the year ended 31 December 2025
EUR
Notes
2.325.426
(932.078)
2025
2024
(8.048.585)
(2.442.027)
Other comprehensive income
Items that may be reclassified to profit or loss
Loss for the year
Total comprehensive income for the period
Exchange differences on translation of currencies
Page 10 of 70
(3.374.105)
(5.723.159)
Consolidated balance sheet
as at 31 December 2025
EUR
Notes
11
12
14
13
14
14
16
20.468.944
305.593
5.449.184
22.393.257
734.138
4.974.795
1.834.447
519.465
103.686
1.783.059
2.168.915
367.116
111.727
2.495.833
17.418.462
12.706.875
166.163
3.303.642 4.621.940
89.647
15.019.760
2025 2024
11.549.955
Non-current assets
Assets
Property, plant and equipment
Total non-current assets
Current assets
Inventory
Prepayments
Trade receivables
Other financial assets at amortised cost
Other receivables
Total current assets
Total assets
Deposits
Cash and cash equivalents
Right-of-use assets
Receivables from other affiliates
Page 11 of 70
Yes
Consolidated balance sheet
as at 31 December 2025
EUR
Notes
17
14, 18
14, 18
12
4
14, 18
14, 18
12
22
14, 15
9, 10
4
2.674.894
5.722.053
402.297
1.149.295
7.335.298
9.115.313
166.481
-
137.579
273.214
602.364
125.699
1.063.464
2.866.563
1.754.687
862.457
4.316
2.907.080
433.516
456.504
1.252.852
634.233 (1.691.193)
6.985.465
6.414.136
5.348.721
3.946.288
3.315.151 3.038.423
795.006
2025
1.219.684
2024
57.850 54.449
141.993 1.388.030
6.719.510
4.316
7.929.223
20.468.944
22.393.257
56.058 61.133
14.054.808
17.044.536
Non-current liabilities
Liabilities
Payables to credit institutions
Deferred income
Total non-current liabilities
Current liabilities
Trade payables
Deferred tax liabilities
Total current liabilities
Total liabilities
Total liabilities and equity
Other liabilities
Equity
Share capital
Foreign currency translation reserve
Retained earnings
Total equity
Deferred income
Shareholder loans and other affiliates
Other liabilities
Borrowings
Borrowings
Lease liabilities
Lease liabilities
Payables to credit institutions
Payables taxes
Page 12 of 70
Yes
Consolidated statement of changes in equity
for the year ended 31 December 2025
EUR
Notes
As at 1 January 2025
As at 31 December 2025
5.348.721
2.325.426
(8.048.585)
54.449 (1.691.193) 6.985.465
(8.048.585)
2.325.426
Other comprehensive income
Total comprehensive income
Transactions with owners in their
capacity as owners
Share capital
Foreign currency
translation reserve
Retained earnings Total equity
Profit for the period
Total transactions with owners
Capital increase in kind of cash payment and conversion of debt
Page 13 of 70
(5.723.159)
- 2.325.426
(8.048.585)
6.414.136
57.850 5.722.053 634.233
3.401 6.785.173 6.788.574
3.401
6.785.173
6.788.574
-
Yes
Consolidated statement of changes in equity
for the year ended 31 December 2024
EUR
Notes
As at 1 January 2024
17
6
6
6
As at 31 December 2024
65.149
-
5.348.721
35.854
373.349 372.847
- 35.854
-
- 65.149
(932.078)
473.850
474.352
(1.691.193)
6.985.465
54.449
502
-
502
-
Other comprehensive income
Total comprehensive income
Transactions with owners in their
capacity as owners
Share capital
Foreign currency
translation reserve
Retained earnings Total equity
Profit for the period
Share-based payments
Total transactions with owners
Exercise of warrants
Issue of warrants
Net effect of merger
Adjusted opening as at 1 January 2024
Page 14 of 70
(758.501)
(53.333) 53.947 (759.115)
53.947
(759.115)
8.953.642
8.248.474
(3.374.105)
(2.442.027)
- (932.078)
(932.078)
-
(2.442.027)
(2.442.027)
-
9.006.975
9.006.975
-
-
Yes
Consolidated statement of cash flows
for the year ended 31 December 2025
EUR
Notes
16
16
8
11
11
19
19
19
19
12
22
8
(939.338) (961.907)
(1.246.037) 1.388.030
-
20.336
6.788.574
- 373.349
35.854
(1.154.230) 993.219
(169.994) (239.285)
- 64.980
(1.403.391)
(3.616.527)
(1.414.904) (3.616.527)
11.513
-
(654.597) (771.820)
(2.995.706)
(2.004.485)
2025 2024
(8.048.585) (2.442.027)
(669.236)
(869.825)
6.376.713 2.079.186
3.970.552
2.568.203
691.577 893.627
305.593
734.138
(428.545)
(3.052.809)
734.138
3.786.947
Cash flows from operating activities
Net loss for the year
Interest paid
Net cash inflow (outflow) from operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Net cash inflow (outflow) from investing activities
Cash flows from financing activities
Repayment of borrowings
Net cash inflow (outflow) from financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at end of year
Changes in net working capital
Adjustments
Principal elements of lease payments
Drawn/(repayment) on credit facilities
Proceeds/repayment from/to Group enterprises
Financial income received
Proceeds from borrowings
Proceeds from capital increases
Proceeds from exercise of warrants
Proceeds from credit institutions
Proceeds from sale of property, plant and equipment
Page 15 of 70
Contents of the notes to the consolidated financial statements
Note 1 Summary of material accounting policies Accounting policies
Note 2 Critical estimates, judgements and errors Critical estimates, judgements
Note 3 Revenue Revenue
Note 4 Other operating income and deferred income Other income
Note 5 Staff costs Staff costs
Note 6 Share-based payments Share-based payments
Note 7 Depreciation, amortisation and impairment Depreciations
Note 8 Financial income and expenses Financial income and expenses
Note 9 Income tax expense Income tax expense
Note 10 Deferred tax Deferred tax
Note 11 Property, plant and equipment PPE
Note 12 Leases Leases
Note 13 Inventory Inventory
Note 14 Financial assets and financial liabilities Fin. assets and fin. liab.
Note 15 Financial risk management Financial risk management
Note 16 Cash flow specifications Cash flow specifications
Note 17 Share capital Share capital
Note 18 Borrowings Borrowings
Note 19 Changes in liabilities arising from financing activities Changes in liabilities arising
Note 20 Capital management Capital management
Note 21 Contingent liabilities, commitments and contingencies Contingent liabilities
Note 22 Related party transactions Related party transactions
Note 23 Interests in other entities Interests in other entities
Note 24 Subsequent events Subsequent events
Page 16 of 70
Yes
Contents of the notes to the consolidated financial statements
Accounting policies
Note 1 Summary of material accounting policies
This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial
statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The consolidated
financial statements are for the group consisting of Shark Solutions A/S and its subsidiaries.
Basis of preparation
The consolidated financial statements of the group have been prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU as well as additional Danish disclosure requirements applying to entities of
reporting class C.
The consolidated financial statements are presented in Euro (EUR), except when otherwise indicated.
New standards and interpretations not yet adopted
Certain new accounting standards, amendments to 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. These standards,
amendments or interpretations are not expected to have a material impact on the group in the current or future reporting
periods and on foreseeable future transactions.
The consolidated financial statements of Shark Solutions A/S and its subsidiaries (the group) for the year ended 31 December
2025 were authorised for issue in accordance with a resolution of the directors and approval at general meeting 29 June
2026.
Principles of consolidation
Subsidiaries
Subsidiaries are all entities over which the group has control. The group controls an entity where 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 to
direct the activities of 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.
The acquisition method of accounting is used to account for business combinations by the company.
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the
Group.
Business combinations (pooling of interest method)
The pooling of interest method is used for intra-group business combinations. This means that the two companies are
combined at book values, and no differences are identified. Any consideration that exceeds the book value of the surviving
company is recognised directly in equity. The pooling of interest method is implemented as if the two companies had always
been combined, by adjusting comparative figures.
Page 17 of 70
Contents of the notes to the consolidated financial statements
Accounting policies
Note 1 Summary of material accounting policies
Functional and presentation currency
Items included in the financial statements of each of the company’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are
presented in Euro (EUR), as the majority of the Group's operations resides in countries in which the primary currency is Euro.
Shark Solutions A/S' functional currency is Danish Kroner (DKK).
On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in
other comprehensive income. When a foreign operation is sold the associated exchange differences are reclassified to profit or
loss, as part of the gain or loss on sale.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of
monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit
or loss. They are deferred in equity if they are attributable to part of the net investment in a foreign operation.
The results and financial position of foreign operations that have a functional currency different from Euros are translated into
Euros 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 or loss and statement of comprehensive income are translated at average
- exchange rates, and
- all resulting exchange differences are recognised in other comprehensive income.
Foreign currency translation
Revenue
The Group process a former waste stream of damaged laminated glass into two raw materials, glass cullet and Post consumer
PolyVinyl Bytyral (PVB). Revenue is generated from the sale of standardised products.
Revenue from contracts with customers is recognised when control of the goods are transferred to the customers at an amount
that reflects the transaction price which the group expects to be entitled in exchange for these products.
Each delivery of a standardised product comprise a single performance obligation. Revenue related to the standardised
products is recognised at a point in time when control of the products has been transferred to the customer. This is usually
when the products are made available to the customer at a designated location, and the customer must cover the transport costs
(Ex Works).
The products are sold at fixed price and does not include any form of variable consideration.
Payment is due upon delivery of the products. No significant element of financing is deemed present as the sales are made with
a credit term of 30 - 60 days, which is consistent with market practice. A receivable is recognised when the products are
delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before
the payment is due.
Revenue is measured exclusive VAT and other taxes collected on behalf of third parties and less any discount.
Page 18 of 70
Contents of the notes to the consolidated financial statements
Accounting policies
Note 1 Summary of material accounting policies
Other operating income
Other operating income comprise items of a secondary nature to the main activities of the group, including government grants,
gains and losses on the sale of intangible assets and property, plant and equipment.
Other external expenses
Other external expenses comprise expenses for premises and bad debts to the extent that these do not exceed normal
writedowns, sales, advertising and distribution as well as office expenses, etc.
Staff costs
Staff costs comprise wages and salaries, remuneration, pension costs and costs for share-based payment programs for the
groups's employees and Management.
Government grants
Grants from governments are recognised at their fair value where there is a reasonable assurance that the grant will be received
and the group will comply with all attached conditions. The grant is initially recognised in the balance sheet as deferred income.
When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related
costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in
equal amounts over the expected useful life of the related asset (on a gross-basis).
Share-based payments
Share-based
p
a
y
ments are
p
rovided to
p
artici
p
ants via the warrant
p
ro
g
ramme. Information relatin
g
to these schemes is set out
in note 6.
The fair value of the warrants granted under the warrant programme is recognised as a staff cost, with a corresponding increase
in equity. The total amount to be expensed is determined by reference to the fair value of the warrants granted. The total
expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be
satisfied.
Raw materials and consumables used
Raw materials and consumables include the cost of raw materials and consumables used during the year for the production of
the Group's invoiced finished goods as well as change in inventory. Any write-downs of inventories for the year are also
included.
Because the vesting of the warrants is conditional on the participants' ongoing employment until the occurrence of an exit
event, the group revises its estimate of the length of the expected vesting period until the actual outcome is known. Upon a
change in estimate, the group adjusts the recognised share-based payment cost on a cumulative basis in the period in which the
estimate is revised.
Page 19 of 70
Contents of the notes to the consolidated financial statements
Accounting policies
Note 1 Summary of material accounting policies
Financial income and expenses
Financial income and expenses are recognised in the income statement at the amounts that concern the financial year. Net
financials include interest income, interest expenses calculated using the effective interest rate method, fair-value adjustmentof
performance- and exit-payment derivatives.
Income tax
The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the
applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the company and its subsidiaries and associates 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 and considers whether it is probable that a taxation authority will accept an uncertain tax treatment.
The group measures its tax balances either based on the most likely amount or the expected value, depending on which method
provides a better prediction of the resolution of the uncertainty.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary
differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of
investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences
and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities
and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where
the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the
liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.
Deferred tax assets and liabilities
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are
not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises
from 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 end of the reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax liability is settled.
Page 20 of 70
Contents of the notes to the consolidated financial statements
Accounting policies
Note 1 Summary of material accounting policies
Intangible assets
Property, plant and equipment
Plant and machinery, other fixtures and fittings, tools and equipment is stated at historical cost less depreciation, whereas land
is stated at historical cost and is not subject to depreciation. Historical cost includes expenditure that is directly attributable to
the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other
repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than
its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.
Depreciation methods and useful lives
Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, overtheir
estimated useful lives as follows:
Plant and machinery
Other fixtures and fittings, tools and equipment 3 - 5 years
5 - 10 years
Leases
The group's leasing activities and how these are accounted for
The group leases various properties, trucks and machinery, and other equipment.
Lease terms are negotiated on an individual basis and may contain a range of different terms and conditions. Property contracts
are typically made for periods of 3 to 5 years with options to extend and/or terminate the lease (see note 2 regarding
judgements in relation to extension and termination options).
Software
Software is measured in the balance sheet at cost less accumulated amortisation and impairment losses.
Software is amortised using the straight-line method based on useful lives.
Amortisation methods and useful lives
The group amortises intangible assets with a limited useful life, using the straight-line method over the following periods:
Software
3 - 5 years
Land is not depreciated.
Page 21 of 70
Contents of the notes to the consolidated financial statements
Accounting policies
Note 1 Summary of material accounting policies
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present
value of the following lease payments:
- fixed payments (including in-substance fixed payments), less any lease incentives receivable
- variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement
- date
- amounts expected to be payable by the group under residual value guarantees
- the exercise price of a purchase option if the group is reasonably certain to exercise that option, and
- payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which
is generally the case for leases in the group, the lessee’s incremental borrowing rate is used, being the rate that the individual
lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar
economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the group:
- where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect
- changes in financing conditions since third party financing was received
- uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the group, and
- makes adjustments specific to the lease (e.g. the term, country, currency and security).
The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included
in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease
liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
- the amount of the initial measurement of lease liability
- any lease payments made at or before the commencement date less any lease incentives received
- any initial direct costs, and
- restoration costs.
Right-of-use assets are depreciated over the lease term on a straight-line basis.
Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease
and non-lease components based on their relative stand-alone prices.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease
agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased
assets may not be used as security for borrowing purposes.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense
in profit or loss. Short-term leases are leases with a lease term of 12 months or less without a purchase option. Low-value assets
comprise IT equipment and small items of office furniture.
Page 22 of 70
Contents of the notes to the consolidated financial statements
Accounting policies
Note 1 Summary of material accounting policies
Inventories
The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting
directly from the purchase.
The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the
sale and is determined taking into account marketability, obsolescence and the expected development in the selling price.
Trade receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant
financing components when they are recognised at fair value. They are subsequently measured at amortised cost less loss
allowance. The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected
loss.
Other receivables
Other receivables consist of government grants and marketing contributions. Other receivables are measured at cost which
normally correspond to the nominal amount.
Prepayments
Prepayments consist of prepaid expenses concerning insurance premiums, subscriptions and interest. Prepayments are
measured at costs.
Trade and other payables
These amounts represent liabilities for goods and services provided to the group prior to the end of the financial year which are
unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented
as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their
fair value and subsequently measured at amortised cost using the effective interest method.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised cost using the effective interest method. Any difference between the proceeds (net of transaction costs) and the
redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.
Financial liabilities
Inventories are measured at the lower of cost and net realisable value under the weighted average method.
The cost of manufactured finished goods and work in progress is determined as the value of direct and indirect material and
labour costs. Production overheads include indirect material and labour costs as well as maintenance of machinery, buildings
and equipment used in the production processes and related factory administration and management cost. Interest on loans
arranged to finance production is not included in the cost.
Deposits
Deposits are measured at amortised cost and consists of rent deposits.
Page 23 of 70
Contents of the notes to the consolidated financial statements
Accounting policies
Note 1 Summary of material accounting policies
Derivatives embedded in financial liabilities which are triggered upon certain events, such as additional payments upon an exit-
event on performance based payments, are separated and accounted for separately when the risks of the derivative and the debt
host contract are dissimilar. Such derivatives are initially measured at fair value and presented within borrowings. The
derivatives are subsequently measured at fair value through profit or loss with fair value changes presented within financial
income and expenses.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or
expired. The difference between the carrying amount of a financial liability that has been extinguished and the consideration
paid is recognised in profit or loss as finance costs.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for
at least 12 months after the reporting period.
Employee benefits
Pensions
For defined contribution plans, the group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been
paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as
an asset to the extent that a cash refund or a reduction in the future payments is available.
Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the
entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
Equity reserves
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as
a deductions, net of tax, from the proceeds.
Foreign currency translation reserve
Exchange differences arising on translation of the parent company and of foreign controlled entities into EUR, are recognised in
other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to
profit or loss when the net investment is disposed of.
Statement of cash flows
The cash flow statement shows the group's cash flows for the year broken down by operating, investing and financing
activities, changes for the year in cash and cash equivalents as well as the group's cash and cash equivalents at the
beginning and end of the year.
Deferred income
Deferred income consists of received government grants. When the grant relates to an expense item, it is recognised as income
on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.
Page 24 of 70
Contents of the notes to the consolidated financial statements
Accounting policies
Note 1 Summary of material accounting policies
Return on invested capital
Return on equity x 100
x 100
x 100
Average total equity
Net profit / (loss) for the period
Average total assets
Net profit / (loss) for the period
Total assets at year end
Equity at year end
Solvency ratio
Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and
non-cash operating items such as share-based payment expenses, depreciation, amortisation and impairment losses. Working
capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.
Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant
and equipment as well as fixed asset investments.
Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal
element on lease payments as well as payments to and from shareholders.
Key figures
The financial ratios have been calculated in accordance with the recommendations of the Association of Danish Financial
Analysts.
Cash and cash equivalents
Cash and cash equivalents comprises cash and bank balances.
Page 25 of 70
Contents of the notes to the consolidated financial statements
Critical estimates, judgements
Note 2 Critical estimates, judgements and errors
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the
actual results. Management also needs to exercise judgement in applying the group’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are
more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about
each of these estimates and judgements is included in other notes together with information about the basis of calculation for
each affected line item in the financial statements. In addition, this note also explains where there have been actual adjustments
this year as a result of an error and of changes to previous estimates.
Judgements
Going concern assumptions
Management has assessed the Group’s ability to continue as a going concern by considering the Group’s current operations,
liquidity position, budgets and cash flow forecasts.
Most of the investments required to build capacity to meet the expected future demand were completed in prior years, and only
limited maintenance investments are planned for 2026. During 2025, the shareholders demonstrated their continued commitment
to the Group by completing a capital increase of approximately EUR 5.2 million. The capital injection strengthened the Group’s
liquidity position and capital structure and the continued support from the Group’s shareholders represents an important element
of Management’s assessment of the Group’s ability to continue as a going concern.
Management have prepared liquidity forecasts and budgets for 2026 and the first part of 2027. These forecasts indicate that the
Group’s liquidity position will be challenged during the period. Based on the cash flow forecast, the Group is expected to experience
periods where available liquidity will not be sufficient to meet its obligations as they fall due without access to additional financing.
As a result of the prepared liquidity forecasts and the Group's current liquidity needs, shareholders have after the balance date, but
before the date of approval of the financial statements, carried out a capital contribution of EUR 1.0 million to accommodate
current capital needs. Furthermore, shareholders have signed a non-binding letter of intent, describing the shareholders intent to
provide additional capital and funding, should it be necessary in order for the Group to continue operations and meet its
obligations as they fall due.
Furthermore, trading performance in the early part of 2026 has developed more favourably than in the corresponding period of
2025 and ahead of budget. This supports Management’s expectation of improved cash generation compared to the cash flow
forecasts for the remainder of the year.
Nevertheless, the conditions described above indicate the existence of some uncertainty, but no material uncertainty, that may cast
doubt on the Group's ability to continue as a going concern. The financial statements have been prepared on a going basis, as
Management expects that the necessary funding will materialise and will be received when needed, to enable the Group to continue
its operations and meet its obligations as they fall due.
Page 26 of 70
Contents of the notes to the consolidated financial statements
Critical estimates, judgements
Note 2 Critical estimates, judgements and errors
The group's warrant programme includes a redemption feature which the group may repurchase the warrants from the
participants in a bad leaver scenario. In accordance with the provisions under IFRS 2 Share-based payments,this redem
p
tion
feature, effectively, provides the group with a choice of settlement, for which the classification of the warrant programme may
either be cash-settled or equity-settled.
In determining the classification, the group has assessed whether it, in substance, has an obligation to settle the programme
in cash. In doing so, the group has considered its intent of settlement, its practical ability to settle in equity and its past
practice. On that basis, Management has concluded the share-based payment program should be classified as equity-settled.
Phantom shares, as described in note 6 are classified as cash-settled.
Share-based payments
For property leases, the following factors are normally the most relevant:
- If there are significant penalty payments to terminate (or not extend), the group is typically reasonably certain to extend (or
- not terminate).
- If any leasehold improvements are expected to have a significant remaining value, the group is typically reasonably certain to
- extend (or not terminate).
- If the property lease is of significant operational importance, the group is reasonably certain to extend (or not terminate).
Otherwise, Shark Solutions considers other factors including historical lease durations, the location and the costs and business
disruption required to replace the leased asset.
The lease term is reassessed if an option is actually exercised (or not exercised) or the group becomes obliged to exercise (or not
exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances
occurs, which affects this assessment, and that is within the control of the lessee.
Leases
Determining the lease term
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise
an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only
included in the lease term if the lease is reasonably certain to be extended (or not terminated).
Estimates
Phantom share valuation
The fair value of the phantom shares is determined using the valuation of the Group from the lastest capital raise, as this is the best
estimate of the fair value of a future exit. The expected date of exit in assessing the fair value is within 12 months.
Page 27 of 70
Yes
Contents of the notes to the consolidated financial statements
Revenue
Note 3 Revenue
EUR
6.583.804
8.664.838
15.248.642
10.216.987
17.177.907
6.960.920
2025
8.791.016
-
17.177.907
8.386.891
2024
15.248.642
455.393
8.015.158
6.778.091
Disaggregation of revenue from contracts with customers
The Group recognizes revenue from the transfer of goods in the following product categories:
PVB
Other
Total revenue
Revenues from external customers are from the sale of goods on a retail basis. Other revenue consist of revenue of a
secondary nature to the Group's activity.
The Group recognizes revenue from the transfer of goods in the following geographical regions:
Europe
United States
Total revenue
Glass
Page 28 of 70
Yes
Contents of the notes to the consolidated financial statements
Staff costs
Note 4 Other operating income and deferred income
EUR
EUR
134.633 140.643
(77.314) 43.649
189.704
219.217
55.071 78.574
2025 2024
739.943
836.937
(134.633) (140.643)
527.996
739.943
- -
2025 2024
(64.994) (24.169)
187.717
195.048
189.704
219.217
63.007 -
Gain/(loss) on sale of fixed assets
Total
Government grants recognised within other income relate to the following:
Total
Government grants related to income are recognised at their fair value where there is a reasonable assurance that the grant will
be received and the group will comply with all attached conditions. When the grant relates to an expense item, it is recognised
as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.
There are no unfulfilled conditions or other contingencies attaching to these grants.
Government grants related to income
Government grants as of 1 January
Grants received
Government grants as of 31 December
Government grants received but which have not yet been recognised in the income statement are presented as deferred income.
The movement in the balance of deferred income is as follows:
These grants relates to acquisitions of assets.
Government grants related to assets, amortised
Grants recognised as income
Foreign exchange rate adjustment
Government grants
Insurance compensations
Page 29 of 70
Yes
Contents of the notes to the consolidated financial statements
Staff costs
Note 5 Staff costs
EUR
* The Chief Operating Officer included remuneration for the period 1 January 2025 to 30 June 2025.
** The Chief Financial Officer is an external hire-in and the associated costs are recognised as part
of 'Other external expenses'.
561.576 533.173
182.781 216.729
-
65.149
577.121
552.590
2025 2024
1.206.503 814.317
89 87
6.794.586
5.628.002
5.324.455 4.420.867
80.847 110.940
15.545
19.417
Defined contribution plans
Average number of employees
Key management personnel compensation
Other social security costs
Other staff costs
Key management personnel in 2025 consist of the Chief Executive Officer, Chief Operating Officer*, Chief Financial
Officer** and the Board of Directors. In 2024, key management personnel included the Chief Executive Officer, Chief
Financial Officer and the Board of Directors.
The compensation paid or payable to key management personnel for employee services are disclosed below:
Wages and salaries
Key management personnel
Wages and salaries
Defined contribution plans
Share-based payment
Total
Page 30 of 70
Yes
Contents of the notes to the consolidated financial statements
Staff costs
Note 6 Share-based payments
2025 2024
- 65.149
1.998
33,40%
2,66%
2.935
5
Warrant programme
Shark Solutions A/S has a warrant-based long-term equity-settled incentive program whereby Management and other employees
in key positions are granted warrants linked to shares in Shark Solutions A/S, either at market value or at no consideration. The
programme is established with the purpose to create further incentive to the participants to work for and contribute to future
value added to the Group.
The vested warrants may only be exercised upon the occurrence of an exit event, or, where an exit event has not occurred, on 31
May 2026, and is conditional on the participant's ongoing employment with Shark Solutions A/S. Upon the occurrence of an exit-
event, all warrants will become fully vested. For participants in the warrant program who have been granted options, the fair value
of these options is recognized over vesting periods. For participants who have paid the fair value of the options, no cost is
recognized.
The program includes a redemption feature under which Shark Solutions A/S may repurchase the warrants from the participants
in a bad leaver scenario.
Fair value measurement
The fair value at grant date is determined using a Black-Scholes Model calculation that takes into account the share price at
grant date, the exercise price, the risk free interest rate for the term of the warrants, the expected volatility and the term of the
warrant (the expected maturity).
The model inputs for the warrants granted during the years ended included (no warrants granted in 2025):
Exercise price (DKK)
Share price at grant date (DKK) (weighted average)
Expected volatility (%)
Risk free rate (%)
Expected maturity (years)
The expected price volatility is based upon an analysis of the historical volatility of peer-group companies and factors specific to
Shark Solutions A/S. Share price at grant date is determined by using a linear interpolation with the data points related to actual
share transactions.
Expenses recognised in the statement of profit or loss
Share-based payment expenses (equity-settled)
Page 31 of 70
Contents of the notes to the consolidated financial statements
Staff costs
Note 6 Share-based payments
1.339 1.872
1,05 1.358 1.998
314.913 456.504
2025 2024
(141.591) 52.135
1.872
1.328 1.998
3.200
1.624
(1.874) 386
3.200
1.624
3.747
1.551
3.200
1.328
7.493
872
2,05
0,42 386 2.935
1.358 1.998
Set out below is an overview of the warrants outstanding:
Number of
warrants
Weighted
average
exercise
prices (DKK)
Weighted
average fair
value per
warrant
(EUR)
Weighted
avera
g
e
y
ears
to maturity
Range of exercise prices for
warrants outstanding (DKK)
Low High
Grants of warrants:
November 2021
As at 31 December 2023
Phantom shares
Besides the regular warrant programme, the Company has also issued a number of phantom shares.
Phantom shares may only be exercised upon the occurrence of an exit even, and is conditional on the participants' ongoing
employment with the Group. Phantom shares are a cash-settled arrangement, in which the participants are paid based on the
value of their shares in the event of an exit.
The cost of the phantom shares is thus recognised over the expected vesting period, considering the expected date of an exit. The
fair value of the phantom shares is determined using the valuation of the Group from the lastest capital raise, as this is the best
estimate of the fair value of a future exit. The expected date of exit in assessing the fair value is within 12 months. The fairvalue
assessment of the value of the phantom shares are reassessed annualy if changes occur to the valuation or expected date of exit.
Upon a change in estimate, the group adjusts the recognised share-based payment cost on a cumulative basis in the period in
which the estimate is revised.
Gain/loss recognised in the statement of profit or loss
Liability recognised in the balance sheet
Fair value adjustment of issued phantom shares
Fair value of issued phantom shares recognised as other liabilities
Warrants forfeited
Warrants exercised
As at 31 December 2024
December 2024
Warrants granted
As at 31 December 2025
Number of phantom shares issued
During the year, a participant's phantom shares were reduced to 1.339. The fair value adjustment as a result hereof is recognised
in the income statement.
Page 32 of 70
Yes
Contents of the notes to the consolidated financial statements
Depreciations
Note 7 Depreciation, amortisation and impairment
EUR
2.792.608
2.348.963
2025 2024
945.880
1.001.287
316.088 216.397
1.131.279 1.530.640
Depreciation of plant and machinery
Depreciation of right-of-use assets
Depreciation of other fixtures and fittings, tools and equipment
Depreciation and amortisation
Total depreciation, amortisation and impairment
Page 33 of 70
Yes
Contents of the notes to the consolidated financial statements
Financial income and expenses
Note 8 Financial income and expenses
EUR
-
52.135
613.051
- 77.555
168.724 213.279
- 20.336
141.591
-
1.403.936
487.302
29.419 6.736
2.998.630
-
3.697.284
928.745
669.235
922.009
2025 2024
13.209 43.544
- 1.306.045
141.591
Foreign exchange rate gains
Financial expenses
Other financial expenses
Interest paid to group enterprises
Financial income
Foreign exchange rate losses
Total financial expenses
Total interest expense related to financial liabilities not at fair value through
profit or loss
Total financial income
Other financial income
Interest expenses on lease liabilities
Fair value adjustment of issued phantom shares
Fair value adjustment of issued phantom shares
Interest income
Interest on borrowings and payables to credit institutions
Page 34 of 70
Yes
Contents of the notes to the consolidated financial statements
Income tax expense
Note 9 Income tax expense
EUR
EUR
2025 2024
(3.986)
-
(2.151) 88.047
- 4.106
2025 2024 %%
88.047
(2.031)
(1.790.059) 22% (599.102) 22%
533.953 (20%)
88.047
1%
- (0%)
(2.031)
1.790.059 (22%)
0%
65.149 (2%)
Current tax
Current tax on profits for the year
Income tax expense
Reconcilliation of effective tax rate
Tax at the Danish tax rate of 22% (2024: 22%)
Tax effects of amounts which are not deductible (taxable)
in calculating taxable income:
Non-deductible expenses, share-based payment
Losses not recognised
Income tax expense
Adjustments for current tax of prior periods
Deferred tax for the year
Page 35 of 70
Yes
Contents of the notes to the consolidated financial statements
Deferred tax
Note 10 Deferred tax
EUR
4.316
4.316
4.316
4.316
2025 2024
4.316 8.422
(4.106)
-
4.316
4.316
Deferred tax at the beginning of period
Deferred tax liability
Deferred tax at year end
Deferred tax relates to:
Other
Total
Adjustment to deferred tax recognised in the statement of profit or loss
In 2024, the Group has unrecognised tax losses of EUR 8.176.630. The losses can be carried forward indefinitely and have no
expiration date. Accumulated unrecognised tax losses amounts to EUR 23.007.420.
Page 36 of 70
Yes
Contents of the notes to the consolidated financial statements
PPE
Note 11 Property, plant and equipment
EUR
At 1 January 2024
At 31 December 2024
At 1 January 2024
At 31 December 2024
Carrying amount 31 December 2024
At 1 January 2025
At 31 December 2025
At 1 January 2025
At 31 December 2025
Carrying amount 31 December 2025
536.831 878.073
-
5.376.424
-
(277.141) (277.141)
1.414.904
11.549.955
(648.587)
1.043.935
10.327.403
(1.286.217)
(9.524.542)
(90.546)
(537.239) -
-
(700.181) (6.778.905)
913.739
11.593.716
18.683
252.887
(879.583)
(7.657.297)
(1.347.676)
21.234.380
(216.397) (1.131.279)
1.793.321 19.251.013
(7.479.086)
3.616.527 850.330 2.766.196
5.376.424
-
17.656.708
19.851.945
21.234.379 1.793.321 19.251.013
981.846 11.108.393
280.944
(8.527.506)
-
(20.802)
(11.428)
178.617
-
-
-
- -
-
-
-
(10.822.187)
12.706.875
(1.846.728)
22.372.142
(8.527.506)
200.634
190.045
-
190.045
-
190.045
190.045
9.374
-
9.374
9.374
199.419
-
- 200.634 - -
-
- - (316.088) (1.530.640)
(879.583) (7.657.297)
2.330.152
(5.376.424)
- -
(38.855) - - - (38.855)
18.312 - - - 18.312
-
-
-
Total
Cost:
Depreciation charge
DisposalsExchange differences
Depreciation charge
Other
fixtures,
fittings and
equipment
Plant and
machinery
Accumulated depreciation and impairment:
Cost:
Accumulated depreciation and impairment:
Additions
Exchange differences
Some property, plant and equipment is pledged as security. Refer to note 21 for further detail.
Construction
work in
progress and
payments on
account
Land
Commitments for acquisition of property, plant and equipment are disclosed in note 21.
Additions
Disposals
Disposals
Disposals
Transfers upon completion
Disposals
Page 37 of 70
Yes
Contents of the notes to the consolidated financial statements
Leases
Note 12 Leases
EUR
3.738.358
5.095.583
1.063.464 1.149.295
2.674.894
3.946.288
3.303.642
4.621.940
403.745
646.537
- -
-
52.060
-
52.060
- -
-
-
2.899.897 3.975.403
2025 2024
768.270 799.495
177.610
201.792
945.880
1.001.287
1.108.062 1.175.186
-
-
168.724 213.279
The balance sheet shows the following amounts relating to leases:
Buildings
Trucks, machinery and other equipments
Current
Non-current
Lease liabilities
Additions to the right-of-use assets during the year ended
Right-of-use assets
Amounts recognised in the statement of profit or loss
Depreciation charge of right-of-use assets
Properties
Trucks, machinery and other equipments
Interest expense on lease liabilities
Total cash outflow for leases
Amounts recognised in the balance sheet
The statement of profit or loss shows the following amounts relating to leases:
Buildings
Trucks, machinery and other equipments
Expenses related to short-term leases and leases of low value are 0.
For maturity of future lease payments, refer to note 15.
The Group's nature of leasing activities relates to various properties, trucks and machinery as well as other equipment.
Disposals to the right-of-use assets during the year ended
Buildings
Trucks, machinery and other equipments
The Group has not entered into any signed lease agreements that have not yet commenced.
Page 38 of 70
Yes
Contents of the notes to the consolidated financial statements
Leases
Note 13 Inventory
EUR
362.074 209.703
555.132
627.227
2.168.915
1.834.447
2025 2024
523.297 343.457
728.412 654.061
Inventory
Raw materials
Work in progress
Finished goods
Spare parts
Write-downs of inventory to net realisable value amounted to EUR 146.826 (2024: EUR 0). The write-downs were
recognised as an expense during the period and included in 'Raw materials and consumables used'.
Page 39 of 70
Yes
Contents of the notes to the consolidated financial statements
Fin. assets and fin. liab.
Note 14 Financial assets and financial liabilities
EUR
* Included under Borrowings in the balance sheet. Information hereon described below.
** Included under Other liabilities in the balance sheet. Refer to note 6 for more information.
- -
12.026.664
15.376.685
- -
314.913
456.504
2025 2024
305.593
734.138
166.163 89.647
2.495.833 1.783.059
367.116 519.465
2.866.563 2.907.080
3.334.705
3.126.309
11.711.751
14.920.181
3.311.637 3.481.631
3.738.358 5.095.583
141.993
1.388.030
1.653.200 2.047.857
The group holds the following financial instruments:
Financial assets
Financial assets at amortised cost
Cash and cash e
q
uivalents
Financial liabilities
Liabilities at amortised cost
Trade payables
Borrowings
Lease liabilities
Shareholder loans and other affiliates
Payables to credit institutions
Liabilities at fair value through profit and loss
Derivative financial instruments (exit payment)*
Measurement and fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
recognised and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs
used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the
accounting standards. If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3.
Recurring fair value measurements
Financial liabilities measured at fair value
Exit-payment derivative
For financial assets and liabilities of short-term nature, such as trade receivables and trade payables, the carrying amount
approximates their fair value. For borrowings, the fair values are not materially different from their carrying amounts,
since the interest payable on those borrowings is close to current market rates.
Exit-payment derivative
The fair value of the exit-payment derivative is based on the probability weighted discounted cash flows reflecting possible
triggering events, the probability and expected timing.
Deposits
Trade receivables
Receivables from other affiliatesPrepayments
Fair value of issued phantom shares**
Page 40 of 70
Contents of the notes to the consolidated financial statements
Fin. assets and fin. liab.
Note 14 Financial assets and financial liabilities
- -
- -
-
-
-
-
0% 0%
2025
2024
- -
- 0,25
Probability weighted cash flows (kEUR)
Probability of payment (percentage)
Probability weighted time to maturity (years)
An increase/decrease in the probability weighted time to maturity by 1 year will reduce/increase the fair value of the exit-
a
ment liabilit
b
EUR 0 thousands. The
robabilit
wei
hted cash flows reflects the maximum amount
a
able, which
Management considers being the most realistic outcome.
The recurring fair value measurement required for the Group's financial liabilities are monitored by Management. The
significant unobservable inputs are updated at least by the end of each reporting period to reflect Management's most
recent expectations. There has been no change in the valuation technique compared to previous years.
The following table presents the changes in level 3 items:
Opening balance 1 January
Gains/(losses) recognised in financial items *
Closing balance 31 December
* Includes unrealised gains /(losses) recognised in profit or loss attributable to
balances held at the end of the reporting period.
Page 41 of 70
Yes
Contents of the notes to the consolidated financial statements
Financial risk management
Note 15 Financial risk management
50
2025 2024
(50)
54
(54)
The Group’s principal financial liabilities, comprise loans and borrowings, and trade payables. The main purpose of these
financial liabilities is to finance the group’s operations. The Group’s principal financial assets include trade receivables, and
cash and cash equivalents. These includes risks from financial instruments to which the Group is exposed, and which can have
an impact on the Group's financial statements.
There has been no change in the Group's financial risk management policies compared to last year.
The group is exposed to market risk, credit risk and liquidity risk.
Market risk
Interest rate risk
The Group’s main interest rate risk arises from long-term borrowings with variable interest rates, which expose the group to
cash flow interest rate risk.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
The Group's borrowings from the Danish Export- and Investment Fund are floating rate loans, and do therefore expose the
Group to cash flow interest rate risk.
Sensitivity from changes in interest rates:
A reasonably possible change in the market interest rate compared to the interest rates as of the end of the reporting period
will have the following hypothetical impact on profit after tax and equity:
Interest rate - increase of 100 basis points (kEUR)
Impact on post tax profit and equity:
Interest rate - decrease of 100 basis points (kEUR)
The sensitivity analysis is based on the assumption that all other variables and exposures remains constant. The impact on post
tax profit is based on those financial instruments that were recognised at the respective balance sheet dates. The sensitivity
analysis does not consider impact from repayments and other changes in borrowings made during the year.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a balance sheet exposure will fluctuate because of
changes in foreign exchange rates.
The Group's income and expenses are recognised in the respective subsidiaries local currencies, being EUR and USD, which
limits the risks regarding possible fluctuations in exchange rates.
Market risk is related to the volatility in interest rates and foreign exchange rates.
Page 42 of 70
Contents of the notes to the consolidated financial statements
Financial risk management
Note 15 Financial risk management
707 787
(865) (962)
2025 2024
Credit risk
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures
to customers, including outstanding receivables. The Treasury Policy of the Group sets forth authority limits for the credit risk
exposure related to cash and cash equivalents. The limits are based on the counterparty credit rating. The Group aim at using
banks of high quality in the countries the group operate in.
Credit risk is managed on a Group basis.
To assess the credit risk of a customer, prior to entering into a binding sales agreement, it is the Group's policy to evaluate the
customer's credit rating, if possible, provided by external parties. Furthermore, the majority of the Group's customers are long-
standing clients. The Group has historically not incurred any losses from trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss
allowance for all trade receivables.
The Group's loss allowance as at 31 December 2025 and 31 December 2024 was nill.
The Group is however exposed to foreign currency risks relating to the Group's intercompany oustandings in EUR and USD.
Due to the fixed exchange rate policy in Denmark against the EUR, the foreign exchange rate risk against the EUR is not
considered material.
On that basis, Management has concluded that only the group's intercompany outstandings carries a substantial foreign
currency risk.
Sensitivity from changes in foreign currency exchange rates:
Exchange rate, USD/EUR - increase of 10% (kEUR)
Impact on post tax profit and equity:
Exchange rate, USD/EUR - decrease of 10% (kEUR)
The sensitivity analysis assumes all other variables remain constant. The impact on post tax profit and equity is based on those
financial instruments that were recognised at the respective balance sheet dates.
Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable
expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a
failure to make contractual payments for a period greater than 120 days past due.
Page 43 of 70
Contents of the notes to the consolidated financial statements
Financial risk management
Note 15 Financial risk management
EUR
EUR
3.311.638
2.866.563
433.516 1.219.684 -
1.653.200
2.497.669
- -
1.076.749 1.829.055 1.378.955
273.214
3.481.631
5.498.847 4.733.643 3.299.334 13.531.824
- -
1.252.852
1.172.435 3.022.555 1.695.272 5.890.262
2.907.080 - -
2.907.080
12.116.160
2.866.563
4.284.759
1.711.088 1.604.062
1.919.710 1.118.714
1.252.852
4.650.042 4.968.449
166.481
Liquidity risk
Maturities of financial liabilities
Less than 1
year
Between 1
and 5 years
More than 5
years
Total
Less than 1
year
Between 1
and 5 years
More than 5
years
Total
Non-derivatives
Borrowings, current and non-current
Trade payables
Lease liabilities
Total non-derivatives
As at December 202
4
Non-derivatives
Borrowings, current and non-current
Trade payables
Lease liabilities
Total non-derivatives
As at December 202
5
The maturity analysis is based on the following assumptions:
- The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payments). Balances other
ffthan leases due within 12 months equal their carrying balances as the impact of discounting is not significant.
- Payments for lease liabilities includes only lease agreements which have commenced before the end of the reporting period.
Payables to credit institutions, current and non-current
Payables to credit institutions, current and non-curret
The group monitors rolling forecasts of the group's liquidty reserve, comprising undrawn credit facilities and cash and cash
equivalents on the basis of expected cash flows. Liquidity risk is managed on a Group basis.
In addition, the group's liquidity management policy involves monitoring of balance sheet liquidity ratios against internal and
external regulatory requirements and maintaining debt financing plans. For more information, refer to note 18 and 20.
Page 44 of 70
Yes
Contents of the notes to the consolidated financial statements
Cash flow specifications
Note 16 Cash flow specifications
EUR 2025 2024
- (1.403.936)
3.697.284 928.745
6.376.713
2.079.186
2.792.608 2.348.963
685 2.031
27.727
86.099
- 65.149
(141.591) 52.135
(40.517)
(479.627)
(654.597)
(771.820)
(334.468) (346.784)
(644.982) (112.439)
365.370 167.030
Financial income
Financial expenses
Adjustments
Changes in net working capital
Change in inventories
Change in receivables
Change in other payables
Depreciation, amortisation and impairment charges
Income tax
Other adjustments, non-cash
Change in trade payables
Share-based payment (equity-settled)
Fair value adjustment of issued phantom shares
Page 45 of 70
Yes
Contents of the notes to the consolidated financial statements
Share capital
Note 17 Share capital
In number of shares
431.021 431.021
405.618
431.021
20242025
405.618
405.618
2025 2024
405.618
401.872
25.403
3.746
9.006.975
(758.501)
8.248.474
Ordinary shares (fully paid) in DKK
The share capital comprise:
Changes in share capital
Opening balance
Total
Number of
shares
Nominal
value
Number of
shares
Nominal
value
No shares carry any special rights. Options and warrants are described in note 6.
Capital increases
On 20 June 2025 at an extraordinary general meeting, the merger plan signed 30 December 2024 was adopted, why a reversed
vertical merger between Shark Solutions A/S and BE Shark Holding ApS with Shark Solutions A/S as the continuing company
was carried out.
The merger is carried out based on the pooling of interest method, as also described in the accounting policies. As a result, the
comparative figures of the Group have been restated.
The mergers effect is recognised in the consolidated financial statements for 2025 prepared in accordance with IFRS, whereas
the effect in the parent financial statement prepared in accordance with the Danish Financial Statements Act was recognised in
the 2024 parent financial statements, as the Danish Financial Statements Act allow for recognition of retroactive mergers,
whereas IFRS does not. The impact of the merger is recognised in the opening equity of 2024, as listed below.
Merger between Shark Solutions A/S and BE Shark Holding ApS
Opening equity 1 Janury 2024
Adjusted opening equity 1 Janury 2024
Net effect of merger
Page 46 of 70
Yes
Contents of the notes to the consolidated financial statements
Share capital
Note 18 Borrowings
EUR
Borrowings and payables to credit institutions
4.964.837
5.529.488
706.730 1.419.332
4.258.107
4.110.156
-
-
3.311.637
3.481.631
1.653.200
2.047.857
1.653.200 893.627
-
1.154.230
3.311.637 3.481.631
20242025
Borrowings (debt-host-contract)
Borrowings
Current
Non-current
Total borrowings and payables to credit institutions
Borrowings (exit-payment)
Payables to credit institutions
Payables to credit institutions, loans
Payables to credit institutions, overdraft
Borrowings
The Group's borrowings consists of the following loans:
A loan from the Danish Export- and Investment Fund entered into in 2023 with a total nominal value of EUR 3.350
thousand. The loan is structured as a 10-year annuity loan with an initial 2-year grace period, maturing in October 2033.
The loan carries a variable interest rate based on Cibor 3M plus a margin of 7,80%. At the time of entering the loan, the
interest rate was 11,67% per annum. The loan includes financial covenants based on NIBD/EBITDA multiples and
solvency ratio. The financial covenant on NIBD/EBITDA has been waived by the lender for the 2025 financial year, as it
would have otherwise been breached.
The terms of the loan includes provisions for early repayment. The embedded derivative is separated from the debt-host
contract and is presented within borrowings. At 31 December 2024 and 31 December 2025, the embedded derivative is
recognised with a value of EUR 0.
Assets pledged as securities of the loans are described in note 21.
Page 47 of 70
Contents of the notes to the consolidated financial statements
Share capital
Note 18 Borrowings
Payables to credit institutions
The Group's payables to credit institutions includes the following:
Nykredit
Credit facilities
Credit facilities of up to DKK 10 million (EUR 1.345 thousands) was entered into on 1 March 2019. The credit facility
carries an variable interest based on 3M Cibor plus an interest margin. At the time of entering into the credit facility, the
interest was 2,5% per annum.
BNP Paribas
Credit facilities of up to EUR 200 thousands were entered into on 21 February 2018. The credit facility has a commitment
fee of 0,125% per quarter based on the unused credit. It has a variable interest rate based on Euribor plus 1,25%.
Other creditors
The Group has engaged in financing of fixed assets with a combined loan value of EUR 1,6 million per 31 December 2025.
The loans are annuities with a maturity between 48 and 60 months and carries interests ranging between 2 - 8,5%.
Page 48 of 70
Yes
Contents of the notes to the consolidated financial statements
Share capital
Note 19 Changes in liabilities arising from financing activities
EUR
EUR
- 3.311.637 3.481.631 (169.994) - -
- - 2.047.858
10.625.072 (1.740.709) - - (181.168)
9.564.823
3.481.631 3.655.936 (174.305) - - -
5.747.876 (1.175.186) 52.060 - 470.833
161.011 1.886.847 - - -
537.356 52.060
67.995 1.653.200
3.738.358
(462.653)
- 470.833 10.625.072
2.047.858
5.095.583
8.703.194
5.095.583 (1.108.062) - - (249.163)
This section sets out an analysis of liabilities arising from financing activities and the movements in each of the periods
presented.
31 December
2025
Other
changes ***
Changes in
fair value **
New leases *Cash flows
1 January
2025
Non-cash changes
Borrowings, current and
non-current
Payables to credit institutions,
current and non-current
Lease liabilities, current and
non-current
Total liabilities from financing
activities
31 December
2024
Other
changes ***
Changes in
fair value **
New leases *Cash flows
1 January
2024
Non-cash changes
Borrowings, current and non-current
Payables to credit institutions,
current and non-current
Lease liabilities, current and
non-current
Total liabilities from financing
activities
* Including remeasurements.
** The exit-payment derivative is presented as borrowings in the balance sheet, and is included in the proceeds from
** borrowings in the cash flow statement.
*** Other changes include non-cash movements, e.g. foreign exchange rate differences and accrued interest expense which
will be presented as operating cash flows in the statement of cash flows when paid.
Page 49 of 70
Yes
Contents of the notes to the consolidated financial statements
Capital management
Note 20 Capital management
The Group’s objectives when managing capital are to:
- ensure sufficient liquidity to support the Group’s growth strategy and maintain operational flexibility,
- extend and actively manage cash runway through disciplined control of the Group’s burn rate,
- secure access to external funding, including equity and debt financing, to support continued growth,
- maintain a capital structure that provides financial flexibility rather than short-term optimization of cost of capital,
- balance growth investments with prudent risk management and ongoing scenario planning.
A
s su
pp
ort to o
p
erations, the shareholders com
p
leted a ca
p
ital increase of a
pp
roximatel
y
EUR 5.2 million in 2025. The Grou
p
uses its available cash, together with limited cash inflows from operations to finance investments, service existing loans, and
fund daily operations.
The Group is currently in a growth phase and has not yet achieved positive cash flow. Based on the expected financial
performance for 2026, existing funding is not sufficient to support operations for 2026 and the first part of 2027.
To address this, an additional capital increase of EUR 1.0 million was completed in June 2026. Furthermore, the
shareholders have provided a non-binding commitment to supply additional capital, if required, to support the Group’s
continued operations and ensure that the Group can meet its obligations as they fall due.
In addition, several funding initiatives are ongoing, with the expectation of securing further financing during 2026.
During 2025, a loan previously held with EIFO (formerly The Danish Green Investment Fund) expired. The Group continues
to have one loan agreement with EIFO, established in 2023, as well as credit facilities with Nykredit and BNP.
Based on the completed capital increase, the non-binding support from shareholders, and the ongoing funding initiatives,
management expects that sufficient liquidity will be available to support operations in 2026 and the first part of 2027.
For more information, refer to going concern assumptions in note 2.
Page 50 of 70
Yes
Contents of the notes to the consolidated financial statements
Contingent liabilities, commitments and contingencies
Note 21 Contingent liabilities, commitments and contingencies
EUR
EUR
754.643 -
- 754.643
20.468.944 22.393.257
305.593 734.138
5.449.184 4.974.795
2.168.915 1.834.447
2.495.833 1.783.059
111.727 103.686
367.116 519.465
15.019.760 17.418.462
11.549.955
166.163
12.706.875
89.647
3.303.642 4.621.940
The Group had contingent liabilities at year end in respect of:
Charges and security
The carrying amounts of assets pledged as security for current and non-current borrowings are:
Contingent liabilities
2025
2024
Floating charge
Non-current assets
Property, plant and equipment
Deposits
Total non-current a
ss
et
s
Current assets
Inventory
Trade receivables
Other receivables
DepositsCash and cash equivalents
Total current assets
Total assets pledged as security
The pledges comprise a floating charge provided as security for borrowings from the Danish Export- and Investment Fund up
to a nominal value of EUR 3.312 thousand (31 December 2024: EUR 3.315 thousand). The terms restrict the Group for using
the assets for other securities.
Right-of-use assets
Receivables from group enterprisesPrepayments
Commitments
2025
2024
Property, plant and equipment
Commitments relate to acqusition of new property, plant and equipment.
Other contingent liabilities
The Group companies are taxed jointly with the other companies in the group and has joint several and unlimited liability for
income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies.
The total known tax liability for the jointly taxed companies has not yet been determined.
Page 51 of 70
Yes
Contents of the notes to the consolidated financial statements
Related party transactions
Note 22 Related party transactions
EUR 2025 2024
141.993
1.388.030
82.431 722.870
43.620 240.163
15.942
219.542
-
205.455
No single entity or person has control or exercises significant influence over the Group as a whole.
The following entities are registered with an ownership share of more than 10% of the Group.
The following transactions occurred with related parties:
Transactions with related parties
Shareholder loans - End of year
Shareholder loans consist of outstandings to major shareholders. The balances are a result of ongoing cash inflows to maintain
the Group's operations. The balances bears interests of 3%. The balances are expected to be paid back on an ongoing basis
within 12 months. The amount of interest is listed in note 8.
Information about remuneration to key management personnel has been disclosed in note 5.
Interests in subsidiaries are set out in note 23.
On 20 June 2025, BE Shark Holding ApS and Shark Solutions A/S were merged in a reversed vertical merger, with Shark
Solutions A/S as the continuing company. The merger had effect from 1 January 2024. As IFRS does not allow for mergers with
retroactive effects, the merger was not accounted for in the consolidated financial statements for 2024, only in the parent financial
statements for 2024 for Shark Solutions A/S prepared in accordance with the Danish Financial Statements Act. For more
information, see note 17 of the consolidated financial statements. At 31 December 2024, BE Shark Holding ApS held an ownershi
p
CH AF 1/5 - 1989 ApS
Shark Finans ApS
Circularity European Growth Fund I LP
AXA Impact Fund Climate and Biodiversity SA SICAV-RAIF
CH AF 1/5 - 1989 ApS
Shark Finans ApS
AXA Impact Fund Climate and Biodiversity SA SICAV-RAIF
Circularity European Growth Fund I LP
Page 52 of 70
Yes
Contents of the notes to the consolidated financial statements
Interests in other entities
Note 23 Interests in other entities
Shark Solutions Bv Belgium
Shark Solutions Inc USA
Shark PVB Processing LLC USA
Shark Glass Recycling North America LLC USA
Shark Glass Recycling LLC USA
Shark Glass Recycling West LLC USA
Shark Glass Recycling NE LLC USA
Georgia Greenleaf LLC USA
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
2025 2024
Name of entity
The group’s principal subsidiaries at year end are set out below. Unless otherwise stated, they have share capital consisting
solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting
rights held by the group. The country of incorporation or registration is also their principal place of business.
Place of business
Ownership interests held by the
group
Page 53 of 70
Yes
Contents of the notes to the consolidated financial statements
Subsequent events
Note 24 Subsequent events
No subsequent events, other than the capital contribution of EUR 1.0 million as described in note 2 to the financial
statements, have occurred after the balance sheet date that required adjustment to or disclosure in the financial statements of
the Group.
Page 54 of 70
Parent Financial Statements
Income statement
for the year ended 31 December 2025
EUR
Notes
2
3
3
4
(5.296.770)
(3.588.226)
88.732
(542.504)
(3.751.284)
(2.653.525)
(5.299.202)
(4.047.990)
(1.547.918)
(1.394.465)
(1.268.293)
(603.188)
(5.299.202)
(4.047.990)
20242025
(5.385.502)
(3.045.722)
1.181.993 1.605.456
Gross profit
Staff costs
Operating profit before amortisation, depreciation and
impairment (EBITDA)
Operating profit before financial income
and expenses
Financial income
Financial expenses
Profit (loss) before tax
Tax on profit/loss for the year
Net profit (loss) for the year
Page 55 of 70
Balance sheet
as at 31 December 2025
EUR
Notes
6
2025
2024
9.620
9.631
- -
352.172
13.770.912
79.264
53.263
49.061
13.780.543
12.725.700
9.631
13.237.152
9.620
12.532.237
20.500
57.540
32.946
12.716.080
72.857
Non-current assets
Assets
Equity investments in group companies
Total non-current assets
Current assets
Prepayments
Trade receivables
Other receivables
Total current assets
Total assets
Deposits
Cash and cash equivalents
Receivables from group enterprises
Page 56 of 70
Balance sheet
as at 31 December 2025
EUR
Notes
2.247.709
2.250.391
2.250.391
2.247.709
6.311.564
8.850.742
1.025.432
3.285.201
12.725.700
13.780.543
12.725.700
233.364 244.814
363.415
13.780.543
00
342.883
115 1.152.560
273.214 166.481
141.993 1.388.031
1.881 1.883
2024
3.038.423
3.315.151
2025
57.850 54.449
(586) 6.883
6.356.872
4.868.469
6.414.136
4.929.801
3.038.423
3.315.151
Provisions
Liabilities
Total non-current liabilities
Current liabilities
Trade payables
Payables to credit institutions
Total current liabilities
Total liabilities
Total liabilities and equity
Equity
Share capital
Foreign currency translation reserve
Retained earnings
Total equity
Shareholder loans
Income tax liabilities
Other liabilities
Borrowings
Borrowings
Non-current liabilities
Total provisions
Provision for deferred tax
Page 57 of 70
Yes
Statement of changes in equity
for the year ended 31 December 2025
EUR
As at 1 January 2025
As at 31 December 2025 57.850
(586) 6.356.872
54.449
6.883 4.868.469
- (7.469) -
- -
3.401 - 6.785.173
(5.296.770)
4.929.801
(7.469)
6.414.136
6.788.574
(5.296.770)
Share capital
Foreign currency
translation reserve
Retained earnings Total equity
Foreign currency translation
Profit/loss for the period
Capital increase in kind of cash payment and conversion of debt
Page 58 of 70
Yes
Statement of changes in equity
for the year ended 31 December 2024
EUR
As at 1 January 2024
As at 31 December 2024
(3.588.226)
- 372.847 373.349
- 35.854 35.854
- (3.588.226)
6.883
4.929.801 4.868.469
8.047.994
(11.421) - (11.421)
8.120.245 53.947 18.304
-
54.449
-
502
-
Share capital
Foreign currency
translation reserve
Retained earnings Total equity
Profit/loss for the period
Issue of warrants
Exercise of warrants
Foreign currency translation
Page 59 of 70
Contents of the notes to the financial statements
Note 1 Accounting policies Accounting policies
Note 2 Staff costs Staff costs
Note 3 Financial income and expenses Financial income & expenses
Note 4 Income tax expense Special items
Note 5 Share capital Share capital
Note 6 Equity investments in group enterprises PPE
Note 7 Contingent liabilities, commitments and contingencies Contingent liabilities
Note 8 Related party transactions Related party transactions
Note 9 Subsequent events Subsequent events
Page 60 of 70
Yes
Contents of the notes to the financial statements
Staff costs
Note 1 Accounting policies
The Annual Report of Shark Solutions A/S for 2025 has been prepared in accordance with the provisions of the Danish
Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting Class C.
The accounting policies applied remain unchanged from last year.
The Financial Statements for 2025 are presented in EUR.
Because a statement of cash flows is prepared for the group in the consolidated financial statements, no separate statement of
cash flows has been prepared for the parent, as permitted under the Danish Financial Statements Act. Please refer to the
consolidated statement of cash flows for the group.
The accounting policies for the parent are the same as for the consolidated financial statements with the adjustments described
below. For a description of the accounting policies of the group, please refer to the consolidated financial statements.
Business combinations (pooling of interest method)
The pooling of interest method is used for intra-group business combinations. This means that the two companies are
combined at book values, and no differences are identified. Any consideration that exceeds the book value of the surviving
company is recognised directly in equity. The pooling of interest method is implemented as if the two companies had always
been combined, by adjusting comparative figures.
Equity investments in group enterprises
Equity investments in group enterprises are measured at cost less any impairment losses in the balance sheet of the parent.
Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments in the balance sheetof
the parent, while transactions costs are recognised in the income statement in the financial statements.
Gains or losses on disposal of equity investments in group enterprises are determined as the difference between the disposal
consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the
expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from
equity investments.
Receivables from group enterprises
Receivables from group enterprises are measured at amortised cost, which usually corresponds to the nominal value, less write-
downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is
no objective evidence of individual impairment of a receivable.
Leases
Leases relating to assets where the company has substantially all the risks and benefits incidental to the ownership of the asset
(finance leases) are recognised in the balance sheet. On initial recognition, assets held under finance leases and related lease
commitments are measured at the lower of the fair value of the leased asset and the present value of future lease payments.
Subsequently, assets held under finance leases are treated like other similar assets.
Lease commitments relating to assets held under finance leases are recognised in the balance sheet as payables. Subsequent to
initial recognition, lease commitments are measured at amortised cost according to which the interest element of the lease
payment is recognised in the income statement over the lease term.
Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term.
Page 61 of 70
Contents of the notes to the financial statements
Staff costs
Note 1 Accounting policies
Payables to group enterprises
Payables to group enterprises are measured at amortised cost, normally corresponding to the nominal value of such payables.
Share-based payment
The company has chosen not to adopt IFRS 2 regarding share-based payment, and continues to follow the guidelines in
accordance with the Danish Financial Statements Act, which does not require recognition of share-based payment.
Gross profit
With reference to section 32 of the Danish Financial Statements Act, gross profit is calculated as a summary of revenue and
other external expenses.
Page 62 of 70
Yes
Contents of the notes to the financial statements
Staff costs
Note 2 Staff costs
EUR 2025 2024
21.901 21.748
10 8
1.547.917
1.394.465
1.445.477 1.264.616
53.258 81.362
27.281
26.740
Defined contribution plans
Average number of employees
Other social security costs
Other staff costs
Wages and salaries
Page 63 of 70
Yes
Contents of the notes to the financial statements
Staff costs
Note 3 Financial income and expenses
EUR
1.181.993
1.605.456
1.268.293
603.188
12.518 43.544
859.357 -
71.475
38.130
324.944 521.515
1.181.096 1.061.619
- 439.514
83.989
897 20.335
-
2025 2024
Exchange rate gains
Financial expenses
Interest on shareholder loans
Financial income
Total financial expenses
Total financial income
Interest from subsidiaries
Other financial expenses
Gain on sale of fixed asset investment
Exchange rate loss
Interest on borrowings and payables to credit institutions
Interest income
Page 64 of 70
No
Contents of the notes to the financial statements
Special items
Note 4 Income tax expense
2025 2024
88.732 (678.233)
- -
- 135.729
-
-
88.732
(542.504)
Deferred tax for the year
Current tax for the year
Adjustment of deferred tax concerning previous years
Adjustment of current tax concerning previous years
Page 65 of 70
No
Contents of the notes to the financial statements
Interests in associates and joint ventures
Note 5 Share capital
6.887.312
(1.966.821)
8.854.133
Merger between Shark Solutions A/S and BE Shark Holding ApS
With effect from 1 January 2024, a reversed vertical merger was carried out between Shark Solutions A/S and BE Shark
Holding ApS with Shark Solutions A/S as the continuing company. The merger plan was signed on 30 December 2024 and
finally adopted on a extraordinary general meeting held on 20 June 2025.
The merger is carried out based on the pooling of interest method, as also described in the accounting policies. As a result, the
comparative figures of Shark Solutions A/S have been restated.
The merger only has effect in the parent financial statements of Shark Solutions A/S for 2024, as the parent financial
statements are prepared in accordance with the Danish Financial Statements Act, which allow for recognition of mergers with
retroactive effect. The Shark Solutions A/S Groups consolidated financial statements prepared in accordance with IFRS does
not allow for recognition of a retroactive merger. As a result, the merger was first recognised in the consolidated financial
statements in 2025.
Opening equity 1 January 2023
Net effect of merger
Adjusted opening equity 1 January 2023
Page 66 of 70
No
Contents of the notes to the financial statements
PPE
Note 6 Equity investments in group enterprises
EUR
At 1 January 2025
At 31 December 2025
At 1 January 2025
At 31 December 2025
Carrying amount 31 December 2025
Shark Solutions Bv Belgium
Shark Solutions Inc USA
Shark PVB Processing LLC USA
Shark Glass Recycling North America LLC USA
Shark Glass Recycling LLC USA
Shark Glass Recycling West LLC USA
Shark Glass Recycling NE LLC USA
Georgia Greenleaf LLC USA 100%
100%
100%
100%
100%
100%
100%
100%
-
3.875.639
3.875.639
(3.875.639)
(3.875.639)
Equity
investments
in group
enterprises
Cost:
Ownership
interest
Name of entity
Value adjustments:
Place of business
Page 67 of 70
Yes
Contents of the notes to the financial statements
Contingent liabilities, commitments and contingencies
Note 7 Contingent liabilities, commitments and contingencies
The Company had contingent liabilities at year end in respect of:
Guarantee commitments
The company has provided a payment guarantee of EUR 743 thousands to one of its subsidiaries bank connection.
Contingent liabilities
Other contingent liabilities
The company is taxed jointly with the other companies in the group and has joint several and unlimited liability for income
taxes and any obligations to withhold tax at source on interest, ro
y
alties and dividends for the
j
ointl
y
taxed com
p
anies. The total
known tax liability for the jointly taxed companies has not yet been determined.
Charges and security
As security for debt of EUR 3.312 thousands, a company charge of EUR 437 thousands has been provided comprising all
current assets. The total carrying amount of the comprised assets is EUR 12.716 thousands.
A transport declaration has been given to the Company's bank for all receivables from subsidiaries. The total carrying
amount of the comprised receivables is EUR 12.532 thousands.
A share pledge agreement regarding the Company's shares in Shark Solutions Bv has been agreed with the company's bank
connections.
Page 68 of 70
Yes
Contents of the notes to the financial statements
Related party transactions
Note 8 Related party transactions
Transactions
The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with
section 98(c)(7) of the Danish Financial Statements Act.
With effect from 1 January 2024, Shark Solutions A/S was merged with its immediate parent company, BE Shark Holding ApS,
with Shark Solutions A/S as the continuing company. For more information, see note 5.
Page 69 of 70
Yes
Contents of the notes to the financial statements
Contingent liabilities, commitments and contingencies
Note 9 Subsequent events
No subsequent events, other than the capital contribution of EUR 1.0 million as described in note 2 to the consolidated financial
statements, have occurred after the balance sheet date that required adjustment to or disclosure in the financial statements of the
Company.
Page 70 of 70
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