Company Registration No. 38916394
Amazon Data Services Denmark ApS
Annual Report  
For the year ended December 31, 2025  
c/o Spaces Ny Carlsberg Vej 80, Copenhagen, 1799, Denmark  
The Annual Report was presented and adopted at the  
Annual General Meeting of the Company  
on  
, 2026  
Chairman of the Annual General Meeting  
 
Amazon Data Services Denmark ApS  
38916394  
Table of Contents  
Page  
Management Statement  
Management Review  
3
4
Independent Auditor's Report  
Statement of Cash Flows  
Statement of Comprehensive Income  
Balance Sheet  
5
7
8
9
Statement of Stockholder’s Equity  
Notes to Annual Report  
10  
11  
- 2 -  
 
Amazon Data Services Denmark ApS  
38916394  
Management Statement  
The Executive Board have today considered and adopted the Management Statement, Management Review and  
Financial Statements of Amazon Data Services Denmark ApS for the year ended December 31, 2025.  
The Management Statement, Management Review and Financial Statements are prepared in accordance with  
International Financial Reporting Standards ("IFRS") as adopted by the EU and the additional requirements of the  
Danish Financial Statements Act.  
In our opinion, the Financial Statements give a true and fair view of the financial position at December 31, 2025  
of the Company and of the results of the Company's operations for the year and its cash flows.  
The Financial Statements of the Company have been subjected to an extended review by an independent audit  
firm in line with requirements of the Danish Financial Statements Act.  
We recommend that the Management Statement, Management Review and Financial Statements be adopted at  
the Annual General Meeting.  
Management  
Nina Roed
- 3 -  
 
Amazon Data Services Denmark ApS  
38916394  
Management Review  
The Company's revenue for the year ended December 31, 2025 was DKK30,766,975 (2024: DKK26,195,299).  
The Company's profit for the year was DKK1,387,703 (2024: DKK806,135).  
Principal Activities  
The principal activity of the Company is the provision of data hosting services to related parties.  
Going Concern  
The Financial Statements have been prepared on a going concern basis as we have ready access to financial  
resources and there are reasonable grounds to believe that we will be able to pay our debts as and when they  
become due and payable.  
Principal Risks and Uncertainties  
The Company is dependent on the continued success of the Amazon.com group companies. The principal risks  
and uncertainties they face include, among others, risks related to competition, management growth, new  
products, services and technologies, potential fluctuations in operating results, international expansion,  
outcomes of legal proceedings and claims, data center and fulfilment center optimization, seasonality,  
commercial agreements, acquisitions and strategic transactions, foreign exchange rates, loss of key personnel,  
system interruption, data loss or security breaches, inventory, intellectual property rights, stock price volatility,  
government regulation and taxation, payments and fraud. More information about the principal risks and  
uncertainties facing the group is included in Amazon.com, Inc's filings with the U.S. Securities and Exchange  
Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025, and all subsequent  
filings.  
- 4 -  
 
EV  
Building a better  
working world  
lndependent auditor's report
To the shareholders of Amazon Data Services Denmark ApS
Conclusion  
We have pertormed an extended review of the financial statements of Amazon Data Services Denmark ApS for the financial  
year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, cash  
flow statement and notes, including policies. The financial statements are prepared in accordance with lnternational Financial  
Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.  
Based on the work pertormed, in our opinion, the financial statements give a true and fair view of the Company's financial  
position at 31 December 2025 and of the results of the Company's operations and cash flows for the financial year 1  
January - 31 December 2025 in accordance with lnternational Financial Reporting as adopted by the EU and additional  
requirements of the Danish Financial Statements Act.  
Basis for conclusion  
We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard tor Small  
Enterprises and FSR - Danish Auditors' standard on extended review of financial statements prepared in accordance with  
the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described  
in the "Auditor's responsibilities for the extended review of the financial statements" section of our report. We believe  
that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.  
lndependence  
We are independent of the Company in accordance with the lnternational Ethics Standards Board tor Accountants'  
lnternational Code of Ethics tor 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.  
Management's responsibilities for the financial statements  
Management is responsible tor the preparation of financial statements that give a true and fair view in accordance with  
lnternational Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial  
Statements Act and tor 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.  
ln preparing the financial statements, Management is responsible for assessing the 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 Company or to cease operations, or  
has no realistic alternative but to do so.  
Auditor's responsibilities for the extended review of the financial statements  
Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures  
in order to obtain limited assurance for our conclusion on the financial statements and in addition pertorm specifically required  
supplementary procedures to obtain further assurance tor our conclusion.  
An extended review comprises procedures that primarily consist of making inquiries of Management and others within the  
Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as  
evaluation of the evidence obtained.  
The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not  
express an audit opinion on the financial statements.  
- 5 -  
 
EV  
Building a better  
working world  
lndependent auditor's report  
Statement on the Management's review  
Management is responsible for the Management's review.  
Our conclusion on the financial statements does not cover the Management's review, and we do not express any farm of  
assurance conclusion thereon.  
ln connection with our extended review of the financial statements, our responsibility is to read the Management's review  
and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our  
knowledge obtained during the extended review, or otherwise appears to be materially misstated.  
Moreover, it is our responsibility to consider whether the Management's review provides the information required under the  
Danish Financial Statements Act.  
Based on the work we have performed, we conclude that the Management's review is in accordance with the financial  
statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not  
identify any material misstatement of the Management's review.  
Copenhagen, 18 February 2026
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
´
Birgit Morville Schrøder
Ole Sømark
State Authorised
Public Accountant
mne21337
State Authorised
Public Accountant
mne51497
- 6 -  
 
Amazon Data Services Denmark ApS  
38916394  
Statement of Cash Flows  
Year ended December 31,  
2024  
DKK  
2025  
DKK  
Cash and cash equivalents, beginning of year  
OPERATING ACTIVITIES:  
—
2,459
Net income  
806,135
1,387,703
Adjustments to reconcile net income to net cash from operating activities:  
Depreciation of property and equipment and lease assets  
Stock-based compensation  
13,406,966
465,280
14,237,545
(231,902)
304,654
Finance income, finance costs and non-operating expense (income), net  
Deferred income taxes  
(43,677)
(264,536)
(374,574)
Changes in operating assets and liabilities:  
Amounts due from / to related parties, net  
Accounts receivable, net and other  
Prepayments  
(5,087,053)
(342,415)
(186,513)
(172,731)
4,383,566
354,520
11,003,051
(7,444,935)
(52,714)
Accounts payable  
(92,002)
Accrued expenses and other  
7,800,511
157,106
Cash received for interest  
Cash paid for interest  
(350,141)
(4,588,991)
8,380,410
(449,773)
(7,809,777)
18,434,893
Cash paid for income taxes  
Net cash provided by (used in) operating activities  
INVESTING ACTIVITIES:  
Purchases of property and equipment  
Incentives relating to equipment  
Net cash provided by (used in) investing activities  
(1,790,792)
92,847
(11,678,922)
419,071
(1,697,945)
(11,259,851)
FINANCING ACTIVITIES:  
Principal repayments of lease liabilities  
Net cash provided by (used in) financing activities  
(6,680,006)
(6,680,006)
(7,175,032)
(7,175,032)
Net increase (decrease) in cash and cash equivalents  
Cash and cash equivalents, end of year  
2,459
2,459
10
2,469
See accompanying notes to Annual Report  
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Amazon Data Services Denmark ApS  
38916394  
Statement of Comprehensive Income  
Year ended December 31,  
2024  
DKK  
2025  
DKK  
Note  
Net service sales  
4
2
26,195,299
(25,161,565)
1,033,734
30,766,975
(28,763,270)
2,003,705
General and administrative expenses  
Operating income  
Finance income  
354,520
(350,141)
(24,445)
157,106
(449,773)
21,242
Finance costs  
Other income (expense), net  
Income before income taxes  
1.5  
3
1,013,668
1,732,280
Benefit (provision) for income taxes  
(207,533)
806,135
(344,577)
1,387,703
Net income representing total comprehensive income  
See accompanying notes to Annual Report  
- 8 -  
 
Amazon Data Services Denmark ApS  
38916394  
Balance Sheet  
December 31,  
2025  
DKK  
2024  
DKK  
Note  
CURRENT ASSETS  
Cash and cash equivalents  
Amounts due from related parties  
Accounts receivable, net and other  
Prepayments  
2,459
2,469
4
20,453,143
1,084,977
13,759
11,993,863
2,344,118
119,503
1.8  
Income tax receivable  
119,072
6,304,865
20,764,818
Total current assets  
21,673,410
NON-CURRENT ASSETS  
Property and equipment, net  
Leases  
5
6
16,995,472
23,277,046
904,827
22,876,317
16,321,709
851,797
Prepayments  
1.11  
3
Deferred tax assets  
Total non-current assets  
Total assets  
749
41,178,094
62,851,504
375,322
40,425,145
61,189,963
CURRENT LIABILITIES  
Accounts payable  
2,792,661
6,113,072
3,952,694
5,412,416
Accrued expenses and other  
Amounts due to related parties  
Total current liabilities  
1.12  
4
42,215
8,947,948
2,586,466
11,951,576
NON-CURRENT LIABILITIES  
Long-term lease liabilities  
Total non-current liabilities  
6
8,464,574
8,464,574
2,643,604
2,643,604
STOCKHOLDER'S EQUITY  
Share capital, DKK10 par value:  
Authorized shares – Unlimited and Unlimited  
Issued shares – 5,000 and 5,000  
Additional paid-in capital  
50,000
39,300,000
683,027
50,000
39,300,000
451,125
Stock-based compensation reserve  
1.15  
Retained earnings  
5,405,955
6,793,658
45,438,982
46,594,783
Total stockholder's equity  
Total liabilities and stockholder’s equity  
62,851,504
61,189,963
See accompanying notes to Annual Report  
Management  
- 9 -  
 
Amazon Data Services Denmark ApS  
38916394  
Statement of Stockholder’s Equity  
Stock-based  
compensation  
reserve  
Additional paid-  
in capital  
Total stockholder's  
equity  
Share capital  
DKK  
Retained earnings  
DKK  
DKK  
DKK  
DKK  
Balance as at January 1, 2024  
50,000
39,300,000
—
217,747
4,599,820
806,135
—
44,167,567
806,135
465,280
45,438,982
Net income representing total comprehensive income  
Stock-based compensation  
—
—
—
465,280
683,027
—
Balance as at December 31, 2024  
50,000
39,300,000
5,405,955
Net income representing total comprehensive income  
Stock-based compensation  
—
—
—
—
—
(231,902)
451,125
1,387,703
—
1,387,703
(231,902)
Balance as at December 31, 2025  
50,000
39,300,000
6,793,658
46,594,783
See accompanying notes to Annual Report  
 
- 10 -  
 
Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES  
1.1  
Description of business  
Amazon Data Services Denmark ApS ("we", "our" or "the Company") is a private limited company domiciled in  
Denmark. Our registered address is located at c/o Spaces Ny Carlsberg Vej 80, Copenhagen, 1799, Denmark.  
Our immediate parent is A100 ROW, Inc. ("the Parent"), a company incorporated in United States of America.  
Our ultimate parent entity is Amazon.com, Inc., a company incorporated in the United States of America.  
Our principal activity is the provision of data hosting services to related parties.  
Our Annual Report was authorized for issue by the board of directors on February 18, 2026.  
1.2  
Basis of preparation  
The Annual Report has been prepared in accordance with IFRS accounting standards as issued by EU, and in  
conformity with Danish Financial Statements Act, as laid down in the IFRS order issued in accordance with the  
provisions of the Danish Financial Statements Act applying to enterprises of reporting Class B as well as selected  
provisions as regards larger entities. The Annual Report has been prepared using the accrual basis of accounting  
and on the basis of historical cost.  
The Annual Report has been presented in Danish Krone ("DKK"), which is also our functional currency.  
Certain prior period amounts have been reclassified to conform to the current period presentation.  
1.3  
Revenue  
Revenue is measured based on the amount of consideration that we expect to receive. Revenue also excludes  
any amounts collected on behalf of third parties, including value-added tax ("VAT").  
A description of our principal revenue generating activities is as follows:  
Revenue from related parties – We provide data hosting services to related parties. Revenue is recognized over  
time as services are rendered.  
1.4  
Short-term employee benefits  
The cost of short-term employee benefits are recognized in the year in which the service is rendered. Liabilities  
for short-term employee benefits, including wages, salaries, social security contributions, bonuses and  
accumulated leave, expected to be settled within twelve months of the reporting date are recognized in respect  
of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when  
the liabilities are settled.  
1.5  
Other income (expense), net  
Other income (expense), net, consists primarily of foreign currency (losses) gains of (DKK24,445) and DKK21,242  
in 2024 and 2025.  
- 11 -  
 
Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
1.6  
Income taxes  
Income taxes have been provided for using an asset and liability based approach. Income taxes are recognized in  
correlation to the underlying transaction in profit or loss, other comprehensive income, or directly in equity.  
Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of  
assets and liabilities and their tax bases, as well as net operating loss and tax credit carryforwards, and are stated  
at enacted or substantively enacted tax rates expected to be in effect when taxes are actually paid or recovered.  
Deferred tax assets represent amounts available to reduce income taxes payable in future periods. Deferred tax  
assets are recognized only if it is probable that future taxable profits will be available to utilize those temporary  
differences and losses.  
We have applied the temporary, mandatory exception provided under paragraph 4A of IAS 12 - Income Taxes to  
neither recognize nor disclose information on deferred tax assets and liabilities related to Pillar Two income taxes.  
In its capacity as a group company, the company is jointly taxed with other Danish group entities and is jointly  
and severally liable with the other jointly taxed entities for the payment of income taxes and withholding taxes  
on dividends, interest, and royalties falling due for payment after the joint taxation became effective.  
1.7  
We classify all highly liquid instruments with an original maturity of three months or less as cash equivalents.  
1.8 Accounts receivable, net and other  
Cash and cash equivalents  
Included in "Accounts receivable, net and other" on our balance sheet are receivables primarily related to VAT.  
As of December 31, 2024 and 2025, VAT receivables were DKK1,084,977 and DKK2,344,118.  
1.9  
Property and equipment, net  
Property and equipment are stated at cost less accumulated depreciation. Costs include costs incurred to acquire  
or construct an item of property and equipment, and costs incurred subsequently to add to or replace part of it.  
Incentives that we receive from property and equipment vendors are recorded as a reduction to our costs.  
Property includes leasehold improvements. Equipment includes assets such as servers and networking  
equipment, heavy equipment and computers and associated equipment.  
Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets (generally six years  
for our servers, six years for networking equipment, two to five years for computers and associated equipment  
and the shorter of the lease term or the useful life for leasehold improvements). Depreciation expense is  
classified within "General and administrative expenses" in the statement of comprehensive income.  
1.10  
Leases  
We record lease assets and liabilities for leases with contractual terms longer than twelve months. For leases of  
twelve months or less, we recognize the rental expense on a straight-line basis over the lease term. Our leases  
generally have terms that range from 5 to 20 years for equipment and 1 to 5 years for property.  
Certain lease contracts include obligations to pay for other services, such as operations and maintenance. For  
leases of property, we account for these other services as a component of the lease. For substantially all other  
- 12 -  
 
Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
leases, the services are accounted for separately and we allocate payments to the lease and other services  
components based on estimated stand-alone prices.  
Lease liabilities are recognized at the present value of the fixed lease payments, reduced by landlord incentives  
using a discount rate based on similarly secured borrowings available to us. Lease assets are recognized based  
on the initial present value of the fixed lease payments, reduced by landlord incentives, plus any direct costs  
from executing the leases or lease prepayments reclassified from “Prepayments” upon lease commencement.  
Lease assets are tested for impairment in the same manner as property and equipment.  
When we have the option to extend the lease term, terminate the lease before the contractual expiration date,  
or purchase the leased asset, and it is reasonably certain that we will exercise the option, we consider the option  
in determining the measurement of the lease. We remeasure lease liabilities, with a corresponding adjustment  
to the lease assets, for changes in price indices or market interest rates when there is a change in cash flows.  
Lease assets are depreciated within “General and administrative expenses" on a straight-line basis over the  
shorter of the estimated useful lives of the assets or, in the instance where title does not transfer at the end of  
the lease term, the lease term. The interest component of a lease is included in “Finance costs” and recognized  
using the effective interest method over the lease term.  
1.11  
Prepayments  
Included in "Prepayments" on our balance sheet are non-recurring charges for telecommunication services. As  
of December 31, 2024 and 2025, prepayments were DKK904,827 and DKK851,797.  
1.12  
Accrued expenses and other  
Included in “Accrued expenses and other” on our balance sheet are liabilities primarily related to leases of  
DKK6,014,149 and DKK5,406,815 as of December 31, 2024 and 2025.  
1.13  
Financial instruments  
Initial recognition and subsequent measurement  
Financial assets and financial liabilities are recognized in our balance sheet when we become party to the  
contractual provisions of the instruments. We classify financial instruments, or their component parts, on initial  
recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of  
the contractual arrangement.  
A financial asset or financial liability is initially measured at fair value plus, for an item not at fair value through  
profit or loss, transaction costs that are directly attributable to its acquisition. Accounts receivable and amounts  
due from related parties that do not contain a significant financing component are measured at the transaction  
price.  
A financial asset is classified based on the business model for managing the asset and the asset’s contractual  
cash flow characteristics, as follows:  
•
A financial asset is subsequently measured at amortized cost if it meets both of the following  
conditions and is not designated as at fair value through profit or loss:  
◦
it is held within a business model whose objective is to hold assets to collect contractual cash  
flows; and  
◦
its contractual terms give rise on specified dates to cash flows that are solely payments of principal  
and interest on the principal amount outstanding.  
- 13 -  
 
Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
•
•
A financial asset is subsequently measured at fair value through other comprehensive income if it is held  
in a business model whose objective is achieved by both collecting contractual cash flows and selling  
financial assets.  
Any financial assets that are not held in one of the two business models mentioned above are measured  
at fair value through profit or loss.  
Financial assets at amortized cost are subsequently measured using the effective interest rate ("EIR") method.  
EIR is deemed to be nil due to short term maturity of the financial assets.  
Our financial assets and liabilities consist of cash and cash equivalents, amounts due from related parties,  
accounts receivable, net and other (excluding VAT receivable), accounts payable, accrued expenses and other  
(excluding VAT payable), amounts due to related parties and lease liabilities.  
Our financial liabilities are classified as subsequently measured at amortized cost.  
Derecognition  
Financial assets and financial liabilities are derecognized from our balance sheet when the contractual rights over  
the cash flows are extinguished or have been transferred, provided that in that transfer the risks and benefits  
inherent to ownership have been substantially conveyed.  
Offsetting  
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if, and only  
if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle  
on a net basis, or to realize the assets and settle the liabilities simultaneously.  
1.14  
Foreign currency  
Transactions denominated in foreign currencies are initially recognized at the rates of exchange on the  
transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the  
functional currency at the exchange rates at the reporting date.  
Non-monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated  
using the exchange rates as at the date of the initial transaction. Non-monetary items measured at fair value in  
a foreign currency are translated into the functional currency using the exchange rates at the date when the fair  
value was determined.  
Currency translation differences are recognized in the statement of comprehensive income.  
1.15  
Stock-based compensation  
Our ultimate parent company granted selected employees restricted stock units. Restricted stock units represent  
the right to receive shares of common stock of the ultimate parent company, on a one-to-one basis, upon vesting.  
There is no exercise price associated with a restricted stock unit.  
Employees vest in restricted stock units over the corresponding service term, generally between two and five  
years. Unvested restricted stock units are subject to forfeiture if the holder’s employment with Amazon.com,  
Inc. (or its subsidiaries) terminates.  
Amazon.com, Inc. does not charge us for the cost of restricted stock units and we are not required to make  
repayments. The related compensation cost of the restricted stock units has been recorded in our statement of  
comprehensive income with the offset to the "Stock-based compensation reserve".  
- 14 -  
 
Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
Compensation cost for all restricted stock units expected to vest is measured at fair value on the date of grant  
and recognized over the service period. The fair value of restricted stock units is determined based on the number  
of shares granted and the quoted price of Amazon.com, Inc.’s common stock on the date of grant. Such value is  
recognized as expense over the service period, net of estimated forfeitures, using the accelerated method.  
The estimated number of restricted stock units that will ultimately vest requires judgment, and to the extent  
actual results or updated estimates differ from our current estimates, such amounts will be recorded as a  
cumulative adjustment in the period estimates are revised. We may consider many factors when estimating  
expected forfeitures, including historical forfeiture experience.  
1.16  
Use of estimates  
The preparation of Annual Report in conformity with IFRS requires estimates and assumptions that affect the  
reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities  
in the Annual Report and accompanying notes.  
Estimates are used for, but not limited to, useful lives of equipment and stock-based compensation forfeiture  
rates. Actual results could differ materially from these estimates.  
1.17  
Accounting pronouncements not yet adopted  
In April 2024, the IASB issued IFRS 18 – Presentation and Disclosure in Financial Statements amending the  
presentation and disclosure of the statement of cash flows, the statement of comprehensive income and  
accompanying notes. IFRS 18 – Presentation and Disclosure in Financial Statements is effective for financial  
reporting periods commencing on or after January 1, 2027.  
The impact of applying IFRS 18 – Presentation and Disclosure in Financial Statements for the year ended  
December 2027 will result in changes to the structure of the statement of comprehensive income, aggregation  
or disaggregation of classification of expenses or income and other limited changes to presentation and  
disclosures in the statement of cash flows. We are still assessing the impact of the standard.  
2.  
General and administrative expenses  
Significant items included within "General and administrative expenses", include:  
Year ended December 31,  
2024  
2025  
DKK  
DKK  
Depreciation of property and equipment and lease assets  
Pension costs  
13,406,966  
122,129  
387,169  
4,438,199  
3,609,033  
1,701,585  
140,010  
465,280  
14,237,545  
16,459  
Infrastructure  
5,776,769  
4,193,510  
3,784,214  
205,512  
30,963  
Telecommunication costs  
Facilities  
Short-term employee benefits  
Other employee expenses  
Stock-based compensation expense  
(231,902)  
Average number of full-time employees was 0 in 2025 (2024:2).  
- 15 -  
 
Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
3.  
Income taxes  
The components of the provision (benefit) for income taxes are as follows:  
Year ended December 31,  
2024  
DKK  
2025  
DKK  
Current taxes  
472,069  
719,151  
Deferred taxes  
(264,536)  
207,533  
(374,574)  
344,577  
Provision (benefit) for income taxes  
The items accounting for differences between income taxes computed at the statutory rate and the provision  
recorded for income taxes are as follows:  
Year ended December 31,  
2024  
DKK  
2025  
DKK  
Income before income taxes  
Income taxes computed at the statutory rate of 22%  
Effect of:  
1,013,668  
1,732,280  
223,007  
381,101  
Non-deductible expenses  
Stock-based compensation  
Other  
(5,599)  
102,362  
(112,237)  
207,533  
13,372  
(51,018)  
1,122  
Total provision (benefit) for income taxes  
344,577  
Deferred income tax assets and liabilities are as follows:  
December 31,  
2024 2025  
DKK  
DKK  
Deferred tax assets:  
Lease liabilities  
3,338,812  
565,120  
1,757,212  
1,065,294  
2,822,506  
Depreciation and amortization  
Total deferred tax assets  
Deferred tax liabilities:  
Lease assets  
3,903,932  
(3,903,183)  
(3,903,183)  
749  
(2,447,184)  
(2,447,184)  
375,322  
Total deferred tax liabilities  
Net deferred tax assets (liabilities)  
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Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
4.  
Related parties  
Related party transactions and balances:  
During the year ended December 31, we entered into the following transactions with related parties:  
Sale of services  
Purchase of property and equipment  
2024  
2025  
2024  
DKK  
2025  
DKK  
DKK  
DKK  
Other related parties  
26,195,299  
30,766,975  
(165,258)  
(1,767,523)  
Amounts due from related parties  
Amounts due to related parties  
As of December 31,  
2024  
2025  
2024  
DKK  
2025  
DKK  
DKK  
DKK  
Other related parties  
20,453,143  
11,993,863  
42,215  
2,586,466  
Amounts due from other related parties includes DKK9,091,628 (2024: DKK9,916,650) related to cash pooling  
arrangements, repayable on demand and bearing interest at 2.16% (2024: 3.57%). Interest income on cash  
pooling arrangements amounts to DKK354,520 and DKK157,106 in 2024 and 2025. Interest expense on cash  
pooling arrangements amounts to DKK0 and DKK137,184 in 2024 and 2025.  
Amounts due to/from related parties are unsecured, non-interest bearing and payable within 90 days from the  
date of invoice. No guarantees have been given or received. No expense has been recognized in 2024 and 2025,  
for bad or doubtful debts in respect of amounts owed by related parties.  
Remuneration of key management personnel  
No remuneration was paid to the key management personnel in 2024 and 2025.  
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Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
5.  
Property and equipment, net  
Leasehold  
improvements  
Equipment  
DKK  
Total  
DKK  
DKK  
Net book value at January 1, 2024  
Additions  
53,664  
20,570,287  
20,623,951  
—
—
2,393,668  
(29,428)  
2,393,668  
(29,428)  
Disposals  
Depreciation  
(14,976)  
38,688  
(5,977,743)  
16,956,784  
(5,992,719)  
16,995,472  
Net book value at December 31, 2024  
Net book value at January 1, 2025  
Additions  
38,688  
139,767  
—
16,956,784  
12,318,588  
(38,378)  
16,995,472  
12,458,355  
(38,378)  
Disposals  
Depreciation  
(71,756)  
106,699  
(6,467,376)  
22,769,618  
(6,539,132)  
22,876,317  
Net book value at December 31, 2025  
At December 31, 2024  
Cost  
373,998  
(335,310)  
38,688  
68,019,604  
(51,062,820)  
16,956,784  
68,393,602  
(51,398,130)  
16,995,472  
Accumulated depreciation  
Net book value  
At December 31, 2025  
Cost  
213,765  
(107,066)  
106,699  
67,669,751  
(44,900,133)  
22,769,618  
67,883,516  
(45,007,199)  
22,876,317  
Accumulated depreciation  
Net book value  
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Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
6.  
Leases  
We have entered into non-cancellable leases for facilities as well as equipment. The carrying amount of lease  
assets at December 31 2024 and 2025, and additions and depreciation expense for the year then ended are as  
follows:  
Equipment  
DKK  
Property  
DKK  
Total  
DKK  
December 31, 2024  
Additions  
—
1,337,078  
1,337,078  
Depreciation expense  
Carrying amount  
December 31, 2025  
Additions  
(337,162)  
5,535,303  
(7,077,085)  
17,741,743  
(7,414,247)  
23,277,046  
—
(337,161)  
5,198,142  
743,075  
(7,361,251)  
11,123,567  
743,075  
(7,698,412)  
16,321,709  
Depreciation expense  
Carrying amount  
Other information about lease amounts recognized in our financial statements is summarized as follows:  
Year ended December 31,  
2024  
DKK  
2025  
DKK  
Interest on lease liabilities (recognized in "Finance costs")  
396,230  
264,718  
Expense relating to short-term leases and variable lease cost (recognized  
in "General and administrative expenses")  
36,037  
506,770  
Total cash outflow for leases  
7,112,273  
7,946,520  
Our contractual cash flows of lease liabilities, by maturity, were as follows:  
December 31,  
2024  
2025  
DKK  
DKK  
Less than one year  
6,290,910  
8,594,347  
14,885,257  
5,531,465  
2,659,354  
8,190,819  
Between one and five years  
Total minimum lease payments  
- 19 -  
 
Amazon Data Services Denmark ApS  
38916394  
Notes to Annual Report  
7.  
Restricted stock unit activity  
The following table summarizes our restricted stock unit activity:  
Weighted average  
Number of units  
2,834  
grant-date fair value  
DKK  
Outstanding as at January 1, 2024  
Units forfeited  
944  
(1,282)  
123  
753  
Units transferred in  
1,261  
1,088  
1,127  
1,134  
1,110  
—
Units transferred out  
(592)  
1,083  
(763)  
(320)  
—
Outstanding as at December 31, 2024  
Units forfeited  
Units transferred out  
Outstanding as at December 31, 2025  
Scheduled vesting of outstanding restricted stock units as of December 31, 2025, is as follows:  
Year Ended  
2026  
2027  
2028  
2029  
2030  
Thereafter  
Total  
Scheduled vesting  
—
—
—
—
—
—
—
As at December 31, 2025, there was DKK0 of net unrecognized compensation costs related to unvested stock-  
based compensation arrangements. Approximately 0.00% of this compensation is expected to be expensed in  
the next twelve months, and has a remaining weighted-average recognition period of 0 years.  
During 2024 and 2025, the fair value of restricted stock units that vested was DKK0 and DKK0.  
8.  
Financial risk management  
The main risk arising from our use of financial instruments is foreign exchange risk. We do not hold or issue  
derivative financial instruments for trading purposes or in our risk management activities. Policies for managing  
this risk is summarized below.  
Foreign exchange risk  
Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate  
due to changes in foreign exchange rates. Our exposure to the risk of changes in foreign exchange rates relates  
primarily to our operating activities.  
Having performed a sensitivity analysis on all foreign currency balances, management believe that foreign  
currency risk is not material to the Annual Report.  
9.  
Capital management  
We consider share capital, additional paid-in capital and all other equity reserves as capital. We manage our  
capital structure and make adjustments in light of changes in economic conditions and our needs.  
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