Seier Capital A/S  
c/o lawyer J. Korsø Jensen  
Sankt Annæ Plads 13, 3., 1250 Copenhagen K  
CVR no. 28 09 87 82  
Annual report 2025  
Approved at the Company's annual general meeting on 26 June 2026  
Chairman:  
........................................................  
John Korsø Jensen
 
Seier Capital A/S  
Annual report 2025  
Contents  
Statement by Management  
Independent auditor's report  
2
3
Management's review  
Company details  
5
5
6
7
Financial highlights  
Operating review  
Financial statements for the period 1 January – 31 December  
Statement of comprehensive income  
Statement of financial position  
Statement of changes in equity  
Cash flow statement  
8
8
9
10  
11  
12  
13  
Note summary  
Notes to the financial statements  
1
 
Seier Capital A/S  
Annual report 2025  
Statement by Management
The Board of Directors and the Executive Board have today discussed and approved the annual report of  
Seier Capital A/S for the financial year 1 January – 31 December 2025.  
The annual report has been prepared in accordance with the IFRS Accounting Standards as adopted by  
the EU and additional Danish requirements.  
In our opinion, the financial statements give a true and fair view of the financial position of the company at  
31 December 2025 and of the results of their operations and cash flows for the financial year 1 January –  
31 December 2025.  
Further, in our opinion, the management's review gives a fair review of the development in the company’s  
operations and financial matters, the results for the year and the financial position.  
We recommend that the annual report be approved at the annual general meeting.
Copenhagen, 26 June 2026
Executive Board:  
Jørgen Hauglund
Board of Directors:  
John Korsø Jensen
Chairman
Jens Ahrendt
Lars Seier Christensen
2
 
Seier Capital A/S  
Annual report 2025  
Independent auditor's report
To the shareholders of Seier Capital A/S
Opinion  
We have audited the financial statements of Seier Capital A/S for the financial year 1 January –  
31 December 2025, which comprise income statement, statement of comprehensive income, balance  
sheet, statement of changes in equity, cash flow statement and notes, including materiel accounting policy  
information. The financial statements are prepared in accordance with IFRS Accounting Standards as  
adopted by the EU and additional requirements of the Danish Financial Statements Act.  
In our opinion, the financial statements give a true and fair view of the financial position of the Company 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 IFRS Accounting Standards as adopted by the EU and  
additional requirements of the Danish Financial Statements Act.  
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis  
for our opinion.  
Independence  
We are independent of the Company 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.  
Statement on the Management's review  
Management is responsible for the Management's review.  
Our opinion on the financial statements does not cover the Management's review, and we do not express  
any assurance conclusion thereon.  
In connection with our audit 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 audit, 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.  
Management's responsibilities for the financial statements  
Management is responsible for the preparation of financial statements that give a true and fair view in  
accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of 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.  
3
 
Seier Capital A/S  
Annual report 2025  
Independent auditor's report (continued)  
In 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 audit of the financial statements  
Our objectives are to obtain reasonable assurance as to 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 additional requirements applicable in Denmark will always  
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are  
considered material if, individually or in the aggregate, they could reasonably be expected to influence the  
economic decisions of users taken on the basis of the financial statements.  
As part of an audit conducted in accordance with ISAs and 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 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 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 Company to cease to continue as a going concern.  
•
Evaluate the overall presentation, structure and contents of the financial statements, including the  
note disclosures, and whether the financial statements represent the underlying transactions and  
events in a manner that gives a true and fair view.  
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.  
Copenhagen, 26 June 2026
EY Godkendt Revisionspartnerselskab
CVR-nr. 30 70 02 28
Lars Rhod Søndergaard
State Authorised
Public Accountant
mne28632
Rasmus Berntsen
State Authorised
Public Accountant
mne35461
4
 
Seier Capital A/S  
Annual report 2025  
Management's review  
Company details  
Name:  
Seier Capital A/S  
Address:  
c/o lawyer J. Korsø Jensen  
Sankt Annæ Plads 13,3.  
1250 Copenhagen K  
Denmark  
Registration no.:  
Registered office:  
Financial year:  
CVR no. 28 09 87 82  
Copenhagen  
1 January – 31 December  
Date of establishment:  
Executive Board:  
15 August 2004  
Jørgen Hauglund  
Board of Directors:  
John Korsø Jensen  
Lars Seier Christensen  
Jens Ahrendt  
Auditors:  
EY Godkendt Revisionspartnerselskab  
Dirch Passers Alle 36, 2000 Frederiksberg, Denmark  
5
 
Seier Capital A/S  
Annual report 2025  
Management's review  
Financial highlights  
DKK’000  
2025  
2024  
2023  
2022  
2021  
Key figures  
Value adjustment of investments in  
portfolio companies  
145,389  
-7,213  
50,116  
-22,197  
-6,091  
Profit/loss before financial income  
and expenses  
Financial income and expenses  
Profit/loss for the year  
126,413  
11,679  
138,208  
13,801  
27,754  
40,855  
37,808  
11,838  
49,646  
21,507  
4,058  
25,565  
-128,191  
-3,806  
-131,812  
Investments in portfolio companies  
Total assets  
Equity (net asset value)  
1,267,109  
1,874,153  
1,826,751  
954,070  
1,767,836  
1,763,543  
807,647  
1,801,354  
1,797,688  
641,016  
1,863,259  
1,860,042  
318,154  
1,836,396  
1,834,477  
Cash flows from operating activities  
Cash flows from investing activities  
Cash flows from financing activities  
Total cash flows  
-121,575  
0
-75,000  
-196,575  
-148,557  
0
-75,000  
-223,557  
-116,485  
0
-112,000  
-228,485  
-94,860  
-176,596  
0
-150,000  
-326,569  
0
0
-94,860  
Financial ratios  
Equity ratio  
Return on equity in percentage  
97,5  
7,6  
99,8  
2,3  
99,8  
2,7  
99,8  
1,4  
99,9  
-6,7  
The financial ratios have been calculated as follows:  
퐸푞푢푖푡푦 푎푡 푦푒푎푟 푒푛푑 푥 100  
Equity ratio  
푇표푡푎푙 푒푞푢푖푡푦 푎푛푑 푙푖푎푏푖푙푖푡푖푒푠 푎푡 푦푒푎푟 푒푛푑  
푇표푡푎푙 푐표푚푝푟푒ℎ푒푛푠푖푣푒 푖푛푐표푚푒 푓표푟 푡ℎ푒 푦푒푎푟 푥 100  
퐴푣푒푟푎푔푒 푒푞푢푖푡푦  
Return on equity  
6
 
Seier Capital A/S  
Annual report 2025  
Management's review  
Operating review  
Principal activities  
Seier Capital A/S is a private investment entity, with the main objective of achieving the highest possible  
financial return on the invested capital by investing in a diversified portfolio. The company therefore trade,  
hold and manage investments in financial instruments and one investment property.  
Financial review  
In 2025, The Company realised a profit of DKK 138,208 thousand against a profit of DKK 40,855 thousand  
last year. The profit in 2025 primarily relates to the unrealised gains from the Company’s investments in  
unlisted funds and listed shares.  
At 31 December 2025, the Company had a total equity of DKK 1,826,751 thousand (2024: DKK 1,763,543  
thousand). At year-end 2025, total assets amounted to DKK 1,874,153 thousand (2024: DKK 1,767,836  
thousand).  
During 2025, total investments increased from DKK 957,052 thousand to DKK 1,267,109 thousand,  
primarily due to increases of value adjustments of DKK 120,204 thousand and net increase in other  
receivables of DKK 167,521 thousand.  
Uncertainty about the measurement of investments  
Portfolio companies include small or medium-sized, unlisted companies and funds primarily within  
technology and blockchain technology. The investments are measured at fair value. As there is generally  
no active market for such or similar assets, the fair value of the investments is determined using valuation  
methods and assumptions made by Management. Accordingly, the measurement of the investments,  
including Receivables from portfolio companies, is by nature subject to uncertainty.  
Events after the balance sheet date  
No events have occurred after the balance sheet date that have a significant impact on the assessment of  
the annual report.  
7
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Statement of comprehensive income  
Note  
DKK'000  
2025  
2024  
Income  
8
9
Value adjustment of investments in portfolio companies  
Value adjustment of investment properties  
Other operating income  
145,389
-11,000
1,457
-7,213
32,000
1,564
Total income  
135,846
26,351
Expenses  
4
Staff costs  
-400
-454
Other external cost  
-9,033
-12,096
Total expense  
-9,433
-12,550
Profit before financial income and expenses  
Finance income  
Finance expense  
126,413
12,308
-629
13,801
28,437
-683
5
6
Profit before tax  
138,092
41,555
7
Tax for the year  
116
-700
Profit for the year  
138,208
40,855
Other comprehensive income  
0
0
Total comprehensive income for the year  
138,208
40,855
8
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Statement of financial position  
Note  
DKK'000  
31.12.2025  
31.12.2024  
ASSETS  
Non-current assets  
8,10 Investments  
Investments in portfolio companies  
Receivables from portfolio companies  
Other receivables  
1,090,976
8,612
167,521
954,070
2,982
0
Total investments  
1,267,109
90,000
957,052
Property, plant and equipment  
8, 9 Investment properties  
101,000
Total non-current assets  
1,357,109
1,058,052
Current assets  
Inventories  
1,407
2,366
Receivables  
Income taxes receivable  
10 Other receivables  
20,270
13,272
0
28,948
Total receivables  
10 Cash at bank and in hand  
Total current assets  
TOTAL ASSETS  
33,542
482,095
28,948
678,470
517,044
709,784
1,874,153
1,767,836
EQUITY AND LIABILITIES  
Equity  
11 Share capital  
Revaluation reserve  
Proposed dividend  
Retained earnings  
500
177,515
75,000
500
131,470
75,000
1,573,736
1,556,573
Total equity  
1,826,751
1,763,543
Liabilities  
Current liabilities  
10 Payable to shareholder and management  
Payable to portfolio companies  
Joint taxation contribution payable  
10 Trade payables  
560
44,586
0
1,893
363
202
0
990
1,892
1,209
10 Other payables  
Total current liabilities  
Total liabilities  
47,402
47,402
4,293
4,293
TOTAL EQUITY AND LIABILITIES  
1,874,153
1,767,836
9
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Statement of changes in equity  
Share  
capital  
Revaluation  
reserve  
Proposed  
dividend  
Retained  
earnings  
DKK'000  
Total  
500
0
0
0
0
164,378
75,000
0
1,557,810
40,855
32,908
0
1,797,688
Equity at 1 January 2024  
Profit/loss for the year  
Revaluation reserve adjustment  
Paid dividend  
0
40,855
-32,908
0
0
-75,000
0
0
0
-75,000
75,000
Proposed dividend for the year  
-75,000
500
0
0
0
0
131,470
75,000
0
1,556,573
138,208
-46.045
0
1,763,543
138,208
0
-75,000
0
Equity at 31 December 2024  
Profit/loss for the year  
Revaluation reserve adjustments  
Paid dividend  
0
46,045
0
0
0
-75,000
75,000
Proposed dividend for the year  
-75,000
Equity at 31 December 2025  
500
177,515
75,000
1,573,736
1,826,751
10  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Cash flow statement  
DKK'000  
2025  
2024  
Profit/loss after tax  
138,208
-109,204
-16,702
-5,630
-167,521
44,586
40,855
1,465
-24,241
-149,666
0
Adjustments of non-cash operating items  
Investments in portfolio companies  
Loans to portfolio companies  
Other receivables – Investments  
Payable to subsidiaries  
0
Cash generated from operations before changes in working capital  
Changes in inventories  
-116,263
959
-131,587
632
Changes in receivables  
Change in payables  
-4,794
-487
-18,229
627
Changes in working capital  
Corporation tax paid  
-4,322
-990
-16,970
0
Cash flows from operating activities  
-121,575
-148,557
Shareholders:  
Distributed dividend  
-75,000
-75,000
-75,000
-75,000
Cash flows from financing activities  
Cash flows for the year  
-196,575
-223,557
Cash and cash equivalents, beginning of year  
678,670  
902,227
Cash and cash equivalents, year end  
482,095
678,670  
11  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Note summary  
1
2
3
4
5
6
7
8
9
Material accounting policy information  
Significant accounting judgements, estimates and assumptions  
Standards issued not yet effective  
Staff costs  
Finance income  
Finance expense  
Tax for the year  
Investments  
Investment properties  
10 Financial risk  
11 Share capital  
12 Contractual obligations and contingencies, etc.  
13 Related party disclosures  
12  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
Material accounting policy information  
Corporate information  
1
Seier Capital A/S is a private investment entity, with the main object of achieving the highest possible  
financial return on the invested capital by investing in a diversified portfolio. The company therefore trade,  
hold and mange’s investments in financial instruments and one investment property.  
The financial statements of Seier Capital A/S for the year ended 31 December 2025 were approved and  
authorised for issue by the Board of Directors and the Executive Board on 24 June 2026. Seier Capital A/S  
is incorporated and domiciled in Denmark.  
Basis of preparation  
The financial statements of the Company have been prepared in accordance with IFRS Accounting  
Standards (IFRS) as adopted by the EU and the provisions applying to reporting class B enterprises under  
the Danish Financial Statements Act.  
The financial statements are prepared based on the standards and interpretations that are effective as of  
31 December 2025.  
The financial statements have been prepared on a historical-cost basis, except for financial assets held at  
fair value through profit or loss. The separate financial statements are presented in DKK and all values are  
rounded to the nearest thousand DKK, except where otherwise indicated.  
The accounting policy information is unchanged from prior year.  
Group structure and activity  
Seier Capital is an investment entity. Accordingly, the Company has decided to use the exemption in IFRS  
10 not to prepare consolidated financial statements and instead the controlled subsidiaries and associates  
are accounted for at fair value through profit or loss in accordance with IFRS 9.  
Functional and presentation currency  
The majority of the Company’s investments and returns are DKK-related, the capital is raised in DKK and  
the performance is evaluated in DKK terms and the liquidity of the Company is also managed in DKK.  
Therefore, the Company concludes that DKK is its functional currency. The presentation currency is also  
DKK.  
Statement of comprehensive income  
Foreign currency translation  
On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates  
at the transaction date. Foreign exchange differences arising between the exchange rates at the  
transaction date and the date of payment are recognised in the income statement as financial income or  
financial expenses.  
Receivables, payables and other monetary items denominated in foreign currencies are translated at the  
exchange rates at the balance sheet date. The difference between the exchange rates at the balance  
sheet date and the date at which the receivable or payable arose or was recognised in the latest financial  
statements is recognised in the income statement as financial income or financial expenses.  
Value adjustment of investments in portfolio companies  
Portfolio companies compromise subsidiaries, associates, and other investments. Realised and unrealised  
fair value adjustments of investments in portfolio companies, including receivables from portfolio  
companies are recognised in a separate item in the income statement.  
13  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
1
Summary of significant accounting policies (continued)  
Value adjustment of investment properties  
Realised and unrealised fair value adjustments of investment properties are recognised in a separate item  
in the income statement.  
Other operating income  
Other operating income comprises items secondary to the entities' activities.  
Staff cost  
Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social  
security contributions, etc., for the Company's employees. The item is net of refunds made by public  
authorities.  
Other external cost  
Other external costs comprise costs incurred in the year related to travel, administration, auditor and legal  
etc  
Finance income and cost  
Finance income and cost comprise interest income and expenses, payables and transactions  
denominated in foreign currencies.  
Tax for the year  
The Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish  
subsidiaries.  
The Company acts as administration company for the joint taxation arrangement and consequently settles  
all corporate income tax payments with the tax authorities.  
On payment of joint taxation contributions, the Danish corporation tax charge is allocated between the  
jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation  
contributions from entities that have been able to use the tax losses to reduce their own taxable income.  
Tax for the year comprises current income tax, joint taxation contribution and changes in deferred tax for  
the year due to changes in the tax rate. The tax expense relating to the profit/loss for the year is  
recognised in the income statement, and the tax expense relating to amounts recognised directly in equity  
is recognised directly in equity.  
Statement of financial position  
Investments in portfolio companies  
Portfolio companies are the companies in which the Company invests in order to create added value for  
the investors of the Company.  
In accordance with the exemption under IFRS 10 Consolidated Financial Statements, the Company does  
not prepare consolidated financial statements. Investments in subsidiaries are accounted for as financial  
instruments at fair value through profit or loss in accordance with IFRS 9.  
In accordance with the exemption within IAS 24 Investments in Associates and Joint Ventures, the  
Company does not account for its investments in associates using the equity method. Instead, the  
Company has elected to measure its investments in associates at fair value through profit or loss.  
14  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
Summary of significant accounting policies (continued)  
Initial measurement  
1
Investments in portfolio companies, comprising subsidiaries and their investments in subsidiaries as well  
as associates and other equity investments, are upon initial recognition measured at fair value, typically  
the consideration paid for the shares or cash injections into the portfolio companies.  
Subsequent measurement  
Subsequently, investments in portfolio companies are measured at fair value through profit or loss. Value  
adjustments are recorded in the income statement.  
Dividends from investments in portfolio companies are recognised in the income statement at the time of  
declaration (usually at the time of adoption at the annual general meeting).  
Fair value measurement  
The Company measures its investments in subsidiaries, associates and other equity investments at fair  
value at each reporting date.  
For fair value of investments in portfolio companies, including receivables from portfolio companies and  
loans, reference is made to note 8.  
Receivables from portfolio companies  
In addition to equity investments, the Company holds investments in receivables on a fair value basis for  
investment income and fair value gains. The receivables are managed, and its performance evaluated, on  
a fair value basis.  
Initial measurement  
Receivables from portfolio companies are recognised at the trade date, initially measured at fair value,  
typically the nominal amount that its paid out at the grant date.  
Subsequent measurement  
Subsequently, the receivables are measured at fair value through profit or loss. Value adjustments are  
recorded in the income statement.  
For fair value of receivables from portfolio companies, reference is made to note 8.  
Investment properties  
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial  
recognition, investment properties are stated at fair value, which reflects the market conditions at the  
reporting date. Gains or losses arising from changes in the fair values of investment properties are  
included in profit or loss in the period in which they arise. Fair values are determined based on an annual  
valuation performed by an accredited external independent valuer.  
Investment properties are derecognised either when they have been disposed of (i.e., at the date the  
recipient obtains control) or when they are permanently withdrawn from use and no future economic  
benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying  
amount of the asset is recognised in profit or loss in the period of derecognition.  
The net realisable value of inventories is determined as the selling price less costs of completion and costs  
incurred to effect the sale, taking into account marketability, obsolescence and developments in the  
expected selling price.  
15  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
1
Summary of significant accounting policies (continued)  
Other receivables  
Other receivables are measured at amortised cost.  
Share capital  
Share capital comprises paid in capital by the investor.  
Revaluation reserve  
The revaluation reserve consists of positive fair value changes from investments in subsidiaries and  
associates. The reserve cannot be used to pay dividend or to cover accumulated losses. The reserve is  
reduced or derecognised when the subsidiaries are derecognised. The reserve is then transferred to  
retained earnings.  
Retained earnings  
Retained earnings comprise accumulated gains and losses, adjusted for distributions during the lifetime of  
the Company.  
Proposed dividend  
Proposed divided is recognised as a liability when approved by the annual general meeting. Managements  
proposed divided for the financial year is therefore presented as a separate item in equity.  
Financial liabilities  
Financial liabilities are recognised at the date of borrowing at the proceeds received less transaction costs  
paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the  
capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and  
the nominal value is recognised in the income statement over the term of the loan.  
Other liabilities are measured at net realisable value.  
Statement of cash flows  
The cash flow statement shows cash flows from operating, investing and financing activities for the year,  
the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the  
beginning and end of the year.  
Cash flows from operating activities  
Cash flows from operating activities are calculated according to the indirect method as profit/loss for the  
year adjusted for non-cash operating items and changes in working capital, excluding payments in  
connection with acquisition and disposal of portfolio companies.  
Cash flows from investing activities  
Cash flows from investing activities comprise cash payments in connection with other investment activities  
than acquisition and disposal of portfolio companies etc, if such occur.  
Cash flows from financing activities  
Cash flows from financing activities comprise changes in the size or composition of the share capital and  
related costs as well as the raising of loans, repayment of interest-bearing debt and payment of dividend to  
shareholders.  
16  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
Summary of significant accounting policies (continued)  
Cash and cash equivalents  
1
Cash and cash equivalents comprise cash that are subject to only minor risks of changes in value.  
2
Significant accounting judgements, estimates and assumptions  
The preparation of the Company’s financial statements requires Management to make judgements,  
estimates and assumptions that affect the reported amounts recognised in the financial statements and  
disclosure of contingent liabilities. However, uncertainty as to these assumptions and estimates could  
result in outcomes that could require a material adjustment to the carrying amount of the asset or liability  
affected in future periods.  
Judgements  
In the process of applying the Company’s accounting policies, Management has made the following  
judgements, which have impacted the amounts recognised in the financial statements at the most:  
Assessment as investment entity  
Entities that meet the definition of an investment entity within IFRS 10 are required to measure their  
subsidiaries at fair value through profit or loss (FVPL) rather than to consolidate them. The criteria which  
define an investment entity are, as follows:  
•
•
•
An entity that obtains funds from one or more investors for the purpose of providing those investors  
with investment management services  
An entity that commits to its investors that its business purpose is to invest funds solely for returns  
from capital appreciation, investment income, or both  
An entity that measures and evaluates the performance of substantially all of its investments on a fair  
value basis.  
The Company is a private investment entity, with the main object of achieving the highest possible  
financial return on the invested capital by investing in a diversified portfolio of venture entities, listed  
entities and funds for purposes of creating value for the investors. Investments are primarily made within  
technology and blockchain technology. Investments are realised on an ongoing basis in accordance with  
the documented investment strategy. The Company provides professional investment services and has a  
clear policy regarding exit strategies for the investments.  
All investments are reported at least annually to the investor at fair value to the extent allowed by IFRS in  
the Company’s annual report.  
Investments are measured at fair value to the extent allowed by IFRS in the annual report and are reported  
to Management at least annually.  
One of the typical characteristics of an investment entity is that it has more than one investor. Seier Capital  
A/S has one shareholder and thereby one investor. Nevertheless, this does not disqualify the Company  
from meeting the definition of an investment entity. Management has applied judgment and concluded that  
they meet other additional characteristics of an investment entity as it has more than one investment and  
the ownership interests are predominantly in the form of equities and shareholder receivables or loans.  
Management has concluded that the Company meets the definition of an investment entity.  
Estimates and assumptions  
The key assumptions concerning future and other key sources of estimation uncertainty at the reporting  
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and  
liabilities within the next financial year, are discussed below. The Company based its assumptions and  
estimates on parameters available when the financial statements were prepared. However, existing  
circumstances and assumptions about future developments may change due to market changes or  
circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions  
when they occur.  
17  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
2
3
Significant accounting judgements, estimates and assumptions (continued)  
Fair value  
For fair value of investments in portfolio companies, including receivables from portfolio companies and  
loans, reference is made to note 8.  
Standards issued but not yet effective  
In April 2024, the IASB issued IFRS 18, which replaces IAS 1. The standard will be effective from the  
financial year 2027 and is expected to change the presentation of the statement of comprehensive income  
and to add additional disclosures.  
The Company believes that IFRS 18 among other amended Standards and Interpretations, which have not  
entered into force, will not have significant impact on the financial statements as well as they have not  
been implemented before time.  
DKK'000  
2025  
2024  
4
Staff costs  
Wages and salaries  
Pensions  
400  
0
454  
0
Other social security costs  
Other staff costs  
0
0
0
0
400  
454  
Average number of full-time employees  
1
1
Remuneration of the Executive Board totalled DKK 400 thousand (2024: DKK 400 thousand).  
5
Finance income  
Interest income  
11,175  
863  
26.114  
2,118  
205  
Foreign exchange  
Interest income from subsidiaries  
270  
12,308  
28,437  
6
7
Finance expense  
Foreign exchange losses  
Other interest expenses  
354  
275  
683  
0
629  
683  
Tax for the year  
Current tax for the year  
Deferred tax adjustment for the year  
Prior year adjustments  
0
0
-116  
830  
0
-130  
-116  
700  
At 31 December 2025, the Company had unrecognised deferred tax assets of DKK 36,859 thousand that can be set off  
against future taxable income (2024: DKK 35,679 thousand).  
18  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
Investments  
8
2025  
Receivables  
from  
portfolio  
companies  
Investments  
in portfolio  
companies  
Other  
Total  
DKK'000  
receivables  
investments  
Cost at 1 January  
1,126,500  
2,982  
5,630  
0
0
1,129,482  
189,853  
Additions during the year  
Deduction during the year  
Conversion of receivable to equity  
16,702  
167,521  
0
0
0
0
0
0
0
Cost at 31 December  
1,143,202  
8,612  
167,521  
1,319,335  
Value adjustment at 1 January  
Unrealised value adjustment for the year  
-172,430  
120,204  
0
0
0
0
-172,430  
120,204  
Value adjustment at 31 December  
Carrying amount at 31 December  
-52,226  
0
0
-52,226  
1,090,976  
8,612  
167,521  
1,267,109  
Specification  
Equity investments in subsidiaries  
Equity investments in associates  
Other investments and securities  
672,805  
403,232  
14,939  
8,612  
0
0
681,417  
403,232  
182,460  
0
0
167,521  
1,090,976  
8,612  
167,521  
1,267,109  
2024  
Receivables  
from  
portfolio  
companies  
Investments  
in portfolio  
companies  
Other  
Total  
DKK'000  
receivables  
investments  
Cost at 1 January  
951,646  
24,241  
-3,250  
8,761  
149,666  
-1,582  
0
0
0
0
960,407  
173,907  
-4,832  
0
Additions during the year  
Deduction during the year  
Conversion of receivable to equity  
153,863  
-153,863  
Cost at 31 December  
1,126,500  
2,982  
0
1,129,482  
Value adjustment at 1 January  
Unrealised value adjustment for the year  
-143,999  
-28,431  
0
0
0
0
-143,999  
-28,431  
Value adjustment at 31 December  
Carrying amount at 31 December  
-172,430  
954,070  
0
0
0
-172,430  
957,052  
2,982  
Specification  
Equity investments in subsidiaries  
Equity investments in associates  
Other investments and securities  
578,379  
359,737  
15,954  
2,982  
0
0
0
581,361  
359,737  
15,954  
0
0
954,070  
2,982  
0
957,052  
The Company measures its investments at fair value at each reporting date.  
The investments are subject to individual risks, including but not limited to operational risks, environmental  
risks, political risks, social risks as well as compliance risks and other related risks for the portfolio  
companies. In determining the fair value of the investments, management considers the impact from these  
risks. The risks may potentially materialize negatively compared to management’s expectations, adversely  
impacting the fair value.  
19  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
Investments (continued)  
8
Investments in portfolio companies primarily consist of investments in subsidiaries and associates. Below  
are an overview of the significant subsidiaries and associates and the financial information in the latest  
publicly available financial statements.  
Subsidiaries  
Voting  
rights and  
ownership  
Profit/loss  
DKK'000  
Equity  
DKK'000  
Name and registered office  
Seier Capital International AG*, Zug  
Café Dan Turell ApS, Copenhagen  
LSC Fine Wine ApS, Copenhagen  
Alchemist ApS, Copenhagen  
Geranium ApS, Copenhagen  
SpeakerBee ApS, Copenhagen  
Stringlearning ApS, Copenhagen  
LK2025 ApS**, Copenhagen  
100%  
100%  
100%  
91%  
-
-1,874  
34  
565  
-470  
-1,895  
0
-
769  
14,764  
4,320  
10,458  
-956  
12  
85%  
100%  
100%  
100%  
70%  
-
**  
-
**  
Epirurus ApS, Copenhagen  
* The Company does not publish financial statements.  
** No financial statements are available.  
Associates  
Voting  
rights and  
ownership  
Profit/loss  
DKK'000  
Equity  
DKK'000  
Name and registered office  
Parken Sport & Entertainment A/S, Copenhagen  
Rungsted Ishockey ApS, Copenhagen  
Spring Copenhagen ApS, Copenhagen  
World Fairs ApS, Copenhagen  
22.5%  
31.2%  
30.0%  
20.0%  
30.0%  
50,0%  
39,6%  
33,0%  
205,682  
-3,258  
3,508  
2,408  
-16,517  
-394  
1,514,891  
-421  
26,750  
5,890  
37,124  
91  
1,449  
4,722  
UVH A/S, Copenhagen  
Beestreamed ApS, Copenhagen  
Provenance Tags ApS, Copenhagen  
CMPR ApS, Copenhagen  
154  
1,651  
Net changes in fair value of financial assets and financial liabilities through profit or loss are specified as:  
DKK'000  
2025  
2024  
Realised value adjustments for the year  
Unrealised value adjustments for the year  
25,185  
120,204  
21,218  
-28,431  
Value adjustment of investments  
145,389  
-7,213  
The Company meets the definition of an investment entity. Therefore, it does not consolidate its  
subsidiaries but recognises them (including related receivables and associates) as investments at fair  
value through profit or loss.  
20  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
Investments (continued)  
8
Fair value of investments in portfolio companies  
Equity investments are measured at fair value through profit or loss. In general, the fair value is  
determined in accordance with IPEV Valuation Guidelines and primarily performed based on the below  
described methods. The valuation principles are depending on the characteristics of the portfolio  
companies and below are the different valuation methods described.  
Multiple method  
These valuations are based on a normalised EBIDTA or EBIT levels and a corresponding multiple  
(EV/EBITDA or EV/EBIT). From this, the normalised net interest-bearing debt is deducted. The applied  
multiples are based on comparable entities, where market value and earnings levels are known. Further,  
the multiple also reflects entity specific factors, such as size, maturity, market position and the risk  
associated with the entity.  
Available listed market prices  
The Company has one investment in a listed entity, which therefore is classified as level 1 in the IFRS 13  
fair value hierarchy. For this investment, the last observed market price on the balance sheet date is  
applied.  
Value of underlying investments  
A large portion of the Company’s investments are made through a subsidiary which further invests in a  
diversified portfolio of funds. This value is based on underlying capital account statements, adjusted for  
illiquidity premiums, if necessary.  
Cost  
Newly acquired investments during the year are generally valued at the cost/transaction price, as this is  
the last known transaction between two independent parties, and hence considered to be the fair value.  
Other  
A part of the portfolio is valued based on the last recent and available transaction price between two  
independent parties or the equity value of the Company, where the net assets values of the portfolio  
company are measured at fair value.  
Sensitivity  
The estimated fair value of investments in level 3 in the IFRS 13 Fair Value hierarchy is affected by the  
applied assumptions made by management in the valuation process. A change in the assumptions will  
therefore affect the fair value of the investments. The fair value is further dependent on the expected  
development in the macrocosmic environment.  
Based on the composition of the Company’s investments, the most important assumptions are illiquidity  
premium from investments in funds and the applied EV/EBITDA multiple.  
Of the total fair value level 3 investments, that amounts to DKK 940,863 thousand, DKK 33,416 thousand  
are measured using multiple methods on 31 December 2025. A change in the applied multiples with +/- 1  
changes the valuation with DKK +/- 7,662 thousand.  
Of the total fair value level 3 investments, DKK 68,051 thousand comprise the valuation of a subsidiary,  
which invests in a diversified portfolio of funds. This value is based on underlying capital account  
statements, adjusted for illiquidity premiums if necessary. A change of 5% in the illiquidity premium for the  
funds where it is applied, changes the valuation of the subsidiary with DKK +/- 2,303 thousand.  
Of the total fair value level 3 investments, DKK 69,280 thousand are measured based on the last recent  
and available transaction price between two independent parties.  
21  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
Investments (continued)  
8
Fair value of Receivables from portfolio companies  
The fair value of Receivables from portfolio companies are generally valued based on a discounted cash  
flow model. In the fair value estimate, the expected cash flows from the loan are used, discounted by the  
current market interest rate at the balance sheet date.  
All loans in the portfolio carry a fixed interest rate and are therefore affected by changes in the market rate  
and changes in the counterparties’ credit risk. Management has performed sensitivity analysis and based  
on the results concluded that changes in market interest rates within a reasonable interval are immaterial  
due to limited loans at 31 December 2025 (2024: due to limited loans).  
Fair value of investment properties  
Fair value of investment properties is determined based on an annual valuation performed by an  
accredited external independent valuer. The valuation is based on observable market information.  
Significant increases (decreases) in estimated rental value and rent growth per annum in isolation would  
result in a significantly higher (lower) fair value of the property. Significant increases (decreases) in the  
long-term vacancy rate and discount rate (and exit yield) in isolation would result in a significantly lower  
(higher) fair value.  
Uncertainty about the measurement of investments  
DKK 940,863 thousand of the total investment portfolio of DKK 1,357,109 thousand is classified as level 3  
in the IFRS 13 fair value hierarchy. These are primarily small or medium-sized, unlisted companies  
primarily within technology and blockchain technology. The investments are measured at fair value. As  
there is generally no active market for such or similar assets, the fair value of the investments, including  
Receivables from portfolio companies, is determined using valuation methods and assumptions made by  
Management. Accordingly, the measurement of the investments, including Receivables from portfolio  
companies, is by nature subject to uncertainty.  
Investments are classified based on the fair value hierarchy, see below:  
Level 1: Value in an active market for similar assets/liabilities  
Level 2: Value based on recognised valuation methods on the basis of observable market information  
Level 3: Value based on recognised valuation methods and reasonable estimates (non-observable  
market information).  
2025  
DKK'000  
Level 1  
Level 2  
Level 3  
Total  
Investments  
Investments in portfolio companies  
Receivables from portfolio companies  
Other receivables  
326,246  
0
0
0
764,730  
8,612  
167,521  
0
1,090,976  
8,612  
167,521  
90,000  
0
0
0
Investment properties  
90,000  
Total financial assets  
326,246  
90,000  
940,863  
1,357,109  
22  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
Investments (continued)  
8
2024  
Level 2  
DKK'000  
Level 1  
Level 3  
Total  
Investments  
Investments in portfolio companies  
Receivables from portfolio companies  
Other receivables  
283,934  
0
0
0
670,136  
2,982  
954,070  
2,982  
0
0
0
0
0
0
Investment properties  
101,000  
101,000  
Total financial assets  
283,934  
101,000  
673,118  
1,058,052  
The Company’s investments are with one exemption not quoted in an active market and transactions in  
such investments do not occur on a regular basis. There were no transfers between level 1, 2 and 3 during  
2025 and 2024. All gains and losses are recognised as value adjustment of investments in portfolio  
companies and fair value adjustments of investment properties in profit and loss.  
2025  
Receivables  
Investments  
in portfolio  
companies  
from  
portfolio  
Other  
Investment  
properties  
DKK'000  
companies  
receivables  
Total  
Balance at 1 January  
Total gains or losses  
Net purchases  
954,070  
120,204  
16,702  
0
2,982  
0
5,630  
0
0
101,000  
-11,000  
1,058,052  
109,204  
189,853  
0
0
167,521  
0
0
0
Debt conversion  
Total financial assets  
1,090,976  
8,612  
167,521  
90,000  
1,357,109  
2024  
Receivables  
from  
Investments  
in portfolio  
companies  
portfolio  
companies  
Other  
Investment  
properties  
DKK'000  
receivables  
Total  
Balance at 1 January  
Total gains or losses  
Net purchases  
807,647  
-28,431  
20,991  
8,761  
0
148,084  
-153,863  
0
0
0
0
69,000  
32,000  
885,408  
3,569  
169,075  
0
0
0
Debt conversion  
153,863  
Total financial assets  
954,070  
2,982  
0
101,000  
1,058,052  
23  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
Investment properties  
9
The Group’s investment properties consist of one property located in greater Copenhagen area, Denmark.  
During the year, DKK 450 thousand (2024: DKK 900 thousand) is recognised as rental income and direct  
operating expenses (including repairs and renovations) and equals DKK 322 thousand (2024: DKK 657  
thousand). Further, a negative change in fair value of DKK 11,000 thousand (2024: Positive DKK 32,000  
thousand) is recognised in the income statement.  
The Company has no restrictions on the realisability of its investment property and no contractual  
obligations to purchase, construct or develop investment properties or for repairs, maintenance and  
enhancements. Disclosure on fair value hierarchy for investment properties is given in note 8.  
DKK'000  
2025  
2024  
Cost at 1 January  
65,155  
65,155  
Additions during the year  
Disposal during the year  
0
0
0
0
Cost at 31 December  
65,155  
65,155  
Value adjustment at 1 January  
35,845  
3,845  
Unrealised value adjustments for the year  
-11,000  
32,000  
Net trading income  
24,845  
35,845  
Carrying amount at 31 December  
90,000  
101,000  
10 Financial risk  
The Company’s objective when managing risk is to create and protect the Company’s investment and  
return. Some risks are inherent in the Company’s investment activities, refer to note 8 for details. The  
Company is exposed to interest rate risk, liquidity risk, credit risk and currency risk.  
Risk management structure  
Management is responsible for identifying and controlling risks and to secure those investments are made  
in accordance with the investment policies.  
The Board of Directors supervises Management and is ultimately responsible and liable for the overall risk  
management of the Company.  
Risk mitigation  
The Company has investment policies that set out its overall business strategies, its risk tolerance, and its  
general risk management philosophy for the investments. Management assesses the risk profile before  
entering investments.  
Credit risk  
Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the  
Company by failing to discharge an obligation. The Company is exposed to the risk of credit-related losses  
that can occur as a result of a counterparty being unable or unwilling to honour its contractual obligations.  
These credit exposures exist within Receivables from portfolio companies and cash and cash equivalents.  
In 2025, the Company accounted for an impairment loss of receivables to subsidiaries of DKK 0 thousand  
(2024: DKK 0 thousand).  
The carrying amount of the Company’s financial instruments, as disclosed in the statement of financial  
position represents the maximum credit exposure, hence, no separate disclosure is provided. Reference is  
made to the statement of financial position.  
24  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
10 Financial risk (continued)  
Currency risk  
Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in exchange  
rates.  
The exposure to currency risk is primarily through cash positions in EUR, CHF, GBP and USD.  
Further, the Company is exposed to currency risks through its investments in entities outside of Denmark.  
This risk primarily relates to investments though the subsidiary, Seier Capital International AG,  
incorporated and domiciled in Switzerland, where investments are in funds which are exposed to USD,  
GBP, CHF and EUR.  
Interest rate risk  
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate  
because of changes in market interest rates. We refer to note 8 for the exposures to investments in  
receivable to subsidiaries where the fair value of the investments is exposed to changes in interest rate  
risk.  
The Company has limited interest-bearing debt, and the Company’s interest rate risk primarily relates to  
the position of cash in banks.  
Liquidity risk  
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due.  
Management monitors the risk of a shortage of funds on an ongoing basis.  
The table below summarises the maturity profiles of the Company’s financial assets and liabilities based  
on contractual undiscounted receipts and payments:  
Falling  
due within  
1 year  
Falling due  
between  
1-5 years  
Falling  
due after  
5 years  
No fixed  
maturity  
Carrying  
amount  
DKK'000  
Total  
2025  
Investments  
Investments in portfolio companies  
Receivables from portfolio companies  
Other receivables – Investments  
Income taxes receivable  
Other receivables  
0
0
0
0
0
0
0
0
0
0
0
0
0
1,090,976  
8,612  
167,521  
0
1,090,976  
8,612  
1,090,976  
8,612  
0
0
167,521  
20,270  
167,521  
20,270  
20,270  
13,272  
0
0
13,272  
13,272  
Cash at bank and in hand  
482,095  
482,095  
482,095  
Total financial assets  
33,542  
0
0
1,749,204  
1,782,746  
1,782,746  
Liabilities  
Payable to portfolio companies  
Payable to shareholder and management  
Joint taxation contribution payable  
Trade payables  
0
560  
0
0
0
0
0
0
0
0
0
0
0
44,586  
44,586  
560  
44,586  
560  
0
0
0
0
0
0
1,893  
363  
1,893  
363  
1,893  
363  
Other payables  
Total financial liabilities  
2,816  
0
0
44,586  
47,402  
47,402  
Cash at bank without restrictions and available upon request are presented as no fixed maturity.  
Repayment of Receivables from portfolio companies is dependent on entities ability to succeed with its  
commercial operations. The actual repayment is further dependent on available liquid funds. The total  
balance with the individual portfolio company is therefore included as ‘no fixed maturity’ in the above table.  
25  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
10 Financial risk (continued)  
Falling  
due within  
1 year  
Falling due  
between  
1-5 years  
Falling  
due after  
5 years  
No fixed  
maturity  
Carrying  
amount  
DKK'000  
Total  
2024  
Investments  
Investments in portfolio companies  
Receivables from portfolio companies  
Other receivables – Investments  
Income taxes receivable  
Other receivables  
0
0
0
0
0
0
0
0
0
0
0
0
0
954,070  
954,070  
2,982  
0
954,070  
2,982  
0
0
2,982  
0
0
0
28,948  
0
0
0
0
0
28,948  
678,670  
28,948  
678,670  
Cash at bank and in hand  
678,670  
Total financial assets  
28,948  
0
0
1,635,722  
1,664,670  
1,664,670  
Liabilities  
Payable to portfolio companies  
Payable to shareholder and management  
Joint taxation contribution payable  
Trade payables  
0
202  
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
202  
0
202  
990  
990  
990  
1,892  
1,209  
1,892  
1,209  
1,892  
1,209  
Other payables  
Total financial liabilities  
4,293  
0
0
0
4,293  
4,293  
Cash at bank without restrictions and available upon request are presented as no fixed maturity.  
Repayment of Receivables from portfolio companies is dependent on entities ability to succeed with its  
commercial operations. The actual repayment is further dependent on available liquid funds. The total  
balance with the individual portfolio company is therefore included as ‘no fixed maturity’ in above table.  
11 Share capital  
The share capital comprises:  
500 class A shares of DKK 1,000 each  
Every class A share carries 1 voting right. The share capital has remained unchanged for the past five  
years.  
The Company held no treasury shares at the balance sheet date. No treasury shares were acquired or  
sold in the financial year.  
The Company’s objective for managing capital is to achieve the highest possible financial return on the  
invested capital by investing in a diversified portfolio.  
12 Contractual obligations and contingencies, etc.  
Contingent liabilities  
The Company has legally committed itself to provide its wholly owned subsidiaries Café Dan Turell ApS  
and Speakerbee ApS with such funding deemed necessary, for a period of at least 12 months from the  
balance sheet date, for the subsidiaries to fulfil their obligations as they fall due. Furthermore, the  
Company has given a letter of support to Spar Nord Bank A/S of a total value of DKK 10,000 on behalf of a  
subsidiary.  
As management company, the Company is jointly taxed with other Danish group entities and is jointly and  
severally liable, with other jointly taxed group entities, for payment of income taxes as well as withholding  
taxes on interest, royalties and dividends. The total tax liability jointly taxed group entities amounts to zero  
at 31 December 2025.  
26  
 
Seier Capital A/S  
Annual report 2025  
Financial statements for the period 1 January – 31 December  
Notes to the financial statements  
13 Related party disclosures  
Seier Capital A/S' related parties comprise the following:  
Control  
Lars Seier Christensen, Wilerstrasse 26, 9536 Schwarzenbach SG, Switzerland, holds 100% of the share  
capital in the Company.  
Related party transactions  
DKK'000  
2025  
2024  
Income statement  
Interest income from subsidiaries  
270  
205  
Balance sheet  
Receivables from portfolio companies - Cafe Dan Turell ApS  
Receivables from portfolio companies - SpeakerBee ApS  
Receivables from portfolio companies - LSC Fine Wine Invest ApS  
Receivables from portfolio companies – LK2025 ApS  
Receivables from portfolio companies - Jointly taxed group entities  
Payable to portfolio companies – Seier Capital International AG  
Payable to shareholder Lars Seier Christensen  
2,170  
3,028  
2,255  
1,000  
159  
608  
716  
1,658  
0
0
0
202  
44,586  
560  
Remuneration of the Executive Board and the Board of Directors is  
disclosed in note 4.  
27