Siteimprove A/S
Havneholmen 33, 6.
DK-1561 Copenhagen, Denmark
CVR No. 25 53 70 17
Annual Report 2025
The Annual Report was presented and adopted at the Annual General Meeting of
the Company on June 26, 2026.
__________________________________
John Damgaard
Chair
2
Content
Content 2
Letter from the CEO 3
Management’s Statement 4
Company Details 9
Management’s Review 10
Corporate Social Responsibility 13
Consolidated Financial Statements 16
Financial Statements for the Parent Company 676
3
Letter from the CEO
Dear reader,
2025 was a defining year for Siteimprove and for the digital experience category.
AI is transforming how organizations create content, search content, and ensure their content is
accessible, compliant, and visible in both traditional and AI-driven searches. At the same time, increasing
regulations in North America (American Disability Act) and Europe (European Accessibility Act) with
deadlines in 2025 and 2026 are creating tailwinds for Siteimprove’s business and driving strong double-
digit bookings growth.
In 2025, we launched Siteimprove.ai, our agentic content intelligent platform that brings together
Accessibility, Analytics, Search (SEO/AEO), and Content Strategy into one unified platform powered by
AI. This enables our customers to address both their content compliance and content performance
needs on our unified platform, which is a big competitive differentiator. Our Siteimprove.ai Agents
enable customers to detect accessibility issues and auto-remediate issues across web, mobile, social,
and documents. We have released multiple agentic use-cases for Accessibility and Content Strategy.
This progress was reinforced by important external recognition. Siteimprove was named a Leader in
Digital Accessibility Platforms by Forrester, a milestone that reflects the strength of our technology, the
depth of our expertise, and our continued commitment to helping organizations meet a higher standard
for inclusive digital experiences.
We also closed our largest deal ever in 2025 for over $1M ACV as we see continued momentum
momentum with our largest enterprise customers. Our customer NPS scores have been the highest in
the last five years. We are accelerating growth across all regions in North America, Europe, and Asia-
Pacific and Japan (“APJ”).
Looking ahead to 2026, our direction is clear. We will continue to lead as an AI-native company and
continue helping organizations create digital experiences that are compliant, inclusive, and performing
in the AI era.
Our mission remains simple and powerful: “Together, we transform access to the world.”
Thank you to our customers, partners, and employees for your continued trust and collaboration.
Warm Regards,
Nayaki Nayyar
Siteimprove, CEO
4
Management’s Statement
The Executive Board and Board of Directors have today considered and adopted the Annual Report of
Siteimprove A/S for the financial year January 1
st
– December 31
st
2025.
The Consolidated Financial Statements are prepared in accordance with International Financial
Reporting Standards as adopted by the EU and additional requirements in the Danish Financial
Statements Act. The Financial Statements of the Parent Company are prepared in accordance with the
Danish Financial Statements Act. Management’s Review has been prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the Consolidated Financial Statements and the Financial Statements of the Parent
Company give a true and fair view of the financial position at December 31
st
2025 of the Group and the
Parent Company and of the results of the Group and Parent Company operations and consolidated cash
flows for the financial year January 1
st
– December 31
st
2025.
In our opinion, Management’s Report includes a true and fair account of the development in the
operations and financial circumstances of the Group and the Parent Company, of the results for the year
and of the financial position of the Group and the Parent Company as well as a description of the most
significant risks and elements of uncertainty facing the Group and the Parent Company.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Copenhagen, June 26, 2026
Executive Board
Nayaki Ranga Nayyar
CEO
Board of Directors
John Damgaard
Chair
Morten Ebbesen
Philipp Krispin
Patrick Fong
Nayaki Ranga Nayyar
5
Independent Auditor’s Report
To the Shareholder of Siteimprove A/S
Opinion
In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial
position at 31 December 2025 and of the results of the Group’s operations and cash flows for the
financial year 1 January to 31 December 2025 in accordance with IFRS Accounting Standards as adopted
by the EU and further requirements in the Danish Financial Statements Act.
Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the
Parent Company’s financial position at 31 December 2025 and of the results of the Parent Company’s
operations for the financial year 1 January to 31 December 2025 in accordance with the Danish Financial
Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements
of Siteimprove A/S for the financial year 1 January - 31 December 2025, which comprise income
statement, balance sheet, statement of changes in equity and notes, including a summary of significant
accounting policies, for both the Group and the Parent Company, as well as statement of comprehensive
income and cash flow statement for the Group (“the financial statements”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the
additional requirements applicable in Denmark. Our responsibilities under those standards and
requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Group in accordance with the
International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
6
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover Management’s Review, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Management’s
Review and, in doing so, consider whether Management’s Review is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether Management’s Review provides the information
required under the Danish Financials Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the
Consolidated Financial Statements and the Parent Company Financial Statements and has been
prepared in accordance with the requirements of the Danish Financial Statement Act. We did not
identify any material misstatement in Management’s Review.
Management’s Responsibilities for the Financial Statements
Management is responsible for the preparation of Consolidated Financial Statements that give a true
and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further
requirements in the Danish Financial Statements Act and for the preparation of Parent Company
Financial Statements that give a true and fair view in accordance with the Danish Financial Statements
Act, and for such internal control as Management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Group’s and the
Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting in preparing the financial statements
unless Management either intends to liquidate the Group or the Parent Company or to cease
operations, or has no realistic alternative but to do so.
7
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in
Denmark, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from
error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s and the Parent Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting
in preparing the financial statements and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the
Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group and the Parent
Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and contents of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the group as a basis for forming an
opinion on the Consolidated Financial Statements. We are responsible for the direction,
supervision and review of the audit work performed for purposes of the group audit. We remain
solely responsible for our audit opinion.
8
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, June 26, 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Niels Henrik B. Mikkelsen
Jacob Dannefer
State Authorised Public Accountant
Mne16675
State Authorised Public Accountant
Mne47886
9
Company Details
Company
Siteimprove A/S
Havneholmen 33, 6.
DK-1561 Copenhagen
Denmark
Cvr. No.:
CVR No. 25 53 70 17
Fiscal year
January 1 – December 31
Municipality of
registration office
Copenhagen
Board of directors:
John Damgaard, Chairman
Morten Ebbesen
Patrick Fong
Philipp Krispin
Nayaki Nayyar
Executive Board:
Nayaki Nayyar, CEO
Auditor
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Strandvejen 44
2900 Hellerup
10
Management’s Review
Welcome
Siteimprove is a global provider of digital content and experience technology, enabling enterprises to
manage and optimize digital content across its lifecycle. The Company’s platform integrates accessibility,
analytics, search, and content strategy to improve performance and ensure regulatory compliance
across digital channels.
In 2025, Siteimprove launched Siteimprove.ai, introducing a unified, agentic content intelligence
platform. This evolution enables customers to automate content optimization, improve digital visibility,
and address both performance and compliance requirements through a single platform.
Siteimprove has more than 400 employees located across approximately 10 countries, with physical
offices in selected locations including Denmark, the United States, the United Kingdom, Canada, and
Australia.
Financial review
Income statement
Revenue totaled USD 113.0 million in 2025 compared to USD 106.5 million in 2024, which is an increase
of 6.1%. Revenue increased across North America and EMEA markets, with North America continuing to
be the most noteworthy driver of growth measured in absolute numbers.
Revenue growth was driven by organic growth in new customers and increased sales to existing
customers.
EBITDA totaled USD 17.1 million (2024: 22.6 million) corresponding to an EBITDA margin of 15.2% (2024:
21.2%). Decrease in EBITDA margin is directly attributed to increased investment in company initiatives
in 2025, such as the Group’s FedRAMP readiness initiatives, as well as a change in share-based
compensation. In 2024, share-based compensation resulted in net income, whereas in 2025 it
represents an expense, resulting in a negative year-over-year impact on EBITDA.
Net loss: The current loss after taxation of USD 3.2 million (2024: loss of USD 0.2 million) resulted from
our continued investments in the business in accordance with the strategy initiated by our new CEO. The
year-over-year increase in net loss reflects increased investment in these company initiatives in 2025.
Balance sheet
The balance sheet totaled USD 74.1 million as of December 31,
2025 compared to USD 71.2 million as of
December 31, 2024. The increase of USD 2.9 million was primarily due to increased cash balances as well
as increased capitalized development projects . Total equity as of December 31, 2025 totaled USD -56.5
million, compared to USD -51.8 million as of December 31, 2024. The increase in negative equity is
mainly due to the current period net loss and downward impact of currency translation adjustments due
to changing exchange rates.
11
Net interest-bearing debt was USD 9.7 million as of December 31, 2025 compared to USD 14.7 million
as of December 31, 2024. Net interest-bearing debt decreased primarily due to impact from cash
management strategies resulting in increased cash balances at December 31, 2025.
Cash Flow
Cash flows from operating activities in 2025 was an inflow of USD 15.0 million compared to an inflow of
USD 7.5 million in 2024. The increase in cash flows from operating activities was driven by net positive
impact from working capital items, including the increase in contract liabilities.
Cash outflow from investing activities totaled USD 8.1 million in 2025 compared to USD 7.4 million in
2024. The increased use of cash is driven by incremental investment in internally developed software.
Cash flows from financing activities in 2025 was a use of cash of USD 2.4 million compared to an
outflow of cash of USD 2.4 million in 2024; the use of cash in 2025 is driven by lease payments.
As a combination of the above, net cash flow for the year 2025 was an inflow of USD 5.0 million
compared to a use of USD 2.3 million in 2024.
2025 results compared to Outlook
In the 2024 financial statement, Siteimprove indicated an expectation of continued growth in total
customer revenue of 4%-8%. During 2025, the Company saw revenue growth of 6%, consistent with
expectations. Siteimprove also estimated an approximate net loss for 2025 of USD 5 to 10 million; actual
2025 net loss was USD 3.2 million, which exceeds the stated expectations, and is a result continued
diligence on controlling costs balanced against growth in 2025.
Outlook for 2026
In 2026, Siteimprove expects to see a continued growth in total customer revenue. Expected revenue
growth rate for 2026 is 5%-9%. The revenue growth is expected as a result of new customer wins,
additional product offerings, including AI-related product offerings, and increased focus on expansion
sales to our existing customer base.
Estimated adjusted EBITDA for 2026 is expected to range from USD 29.0 million to USD 34.0 million.
Adjusted EBITDA is adjusted for non-recurring items. The Group’s non-recurring items are related to
one-time initiatives and costs associated with M&A activities.
USD '000 2025 2024 2023
Cash and cash equivalents 15.3 10.3 12.6
Interest-bearing borrowings (25.0) (25.0) (30.0)
NIBD (Net Interest-Bearing Debt) (9.7) (14.7) (17.4)
12
Corporate Social Responsibility
Business Model
Siteimprove develops and delivers software-as-a-service (SaaS) solutions that help organizations
improve digital accessibility, content quality, analytics, search engine optimization, and digital
governance. The Group serves customers globally through a subscription-based business model. As a
digital software provider, the Group’s most significant sustainability impacts and risks relate to
employees, digital accessibility, data privacy and security, responsible business conduct, supplier
relationships, and the environmental impact of digital infrastructure.
Human Rights
Policy
Siteimprove supports and respects internationally proclaimed human rights and expects the same
standards from suppliers and business partners. These commitments are reflected in the Group’s Code
of Conduct, Supplier Code of Conduct, and Whistleblower Policy.
Significant Risks
Given the Group’s SaaS business model, the most significant human rights risks relate to potential
human rights violations within the supply chain, protection of personal data and privacy rights, and
digital accessibility barriers that may limit equal access to online information and services.
Implementation
Siteimprove seeks to mitigate supplier-related risks by requiring suppliers to adhere to the Supplier
Code of Conduct, which includes expectations relating to human rights, labor practices, safe working
conditions, and lawful employment practices.
As a processor of customer data, Siteimprove maintains a comprehensive data protection framework
supported by the Legal, Information Security, and IT functions. GDPR compliance activities include
employee training, periodic reviews of data protection controls, ongoing security enhancements, and
oversight of personal data processing activities.
The Group also maintains a confidential whistleblower reporting channel that enables employees and
external stakeholders to report suspected violations of law, policy, human rights standards, or ethical
business conduct.
Siteimprove further promotes digital inclusion through its products, educational programs, accessibility
awareness initiatives, and free accessibility tools that help organizations improve access to digital
content for people with disabilities.
Results in 2025
13
During 2025, Siteimprove maintained its human rights governance framework, including supplier
oversight processes, GDPR compliance activities, accessibility awareness initiatives, and whistleblower
reporting mechanisms.
Mandatory GDPR training continued during the year to support employee awareness and compliance
with privacy obligations.
No material human-rights-related incidents were identified through the Group’s whistleblower or
compliance processes during 2025.
Future Expectations
In 2026, Siteimprove intends to continue strengthening supplier oversight, data protection controls,
accessibility initiatives, and employee awareness programs relating to human rights and responsible
business conduct.
Social and Employee Matters
Policy
Siteimprove is committed to providing a safe, inclusive, and respectful workplace and promoting equal
opportunity, employee development, wellbeing, and engagement.
Significant Risks
Key risks include employee retention, employee engagement, leadership effectiveness, diversity and
inclusion, and maintaining a safe and respectful workplace culture.
Implementation
The Group manages these risks through employee engagement surveys, leadership development
programs, diversity initiatives, wellbeing programs, and whistleblower channels.
Results in 2025
Employee engagement increased by 17 points year-over-year. Participation in the employee survey
reached 85%, and 86% of employees agreed that leadership keeps them informed. The Women in
Leadership Program was launched and Siteimprove earned Great Place to Work certification in the
United States in early 2026.
Future Expectations
The Group will continue to invest in employee development, engagement, recognition, and diversity
initiatives.
14
Environment and Climate
Policy
Siteimprove is committed to reducing its environmental impact and promoting responsible
environmental practices through its Environmental Policy.
Significant Risks
As a SaaS provider, the Group’s principal environmental risks relate to energy consumption and
associated greenhouse gas emissions arising from digital infrastructure and cloud-service providers. The
Group also faces challenges associated with measuring and monitoring environmental impacts across its
operations and value chain.
Implementation
The Group promotes environmental responsibility through employee engagement programs,
environmental partnerships, and ongoing efforts to improve environmental measurement and reporting
capabilities.
Results in 2025
Employees recorded approximately 1,900 sustainability actions through the GetGreen platform,
corresponding to approximately 8.6 metric tons of avoided CO2 emissions. Approximately 8,550 trees
were planted through environmental partnership initiatives.
Future Expectations
The Group plans to establish environmental baselines, improve emissions measurement and reporting,
continue employee sustainability initiatives, and enhance ESG transparency.
Anti-Corruption and Bribery
Policy
Siteimprove maintains a zero-tolerance approach to bribery, corruption, kickbacks, facilitation
payments, and other improper business practices. These requirements are established through the Code
of Conduct and Supplier Code of Conduct and apply to all employees, contractors, and business
partners.
Significant Risks
The principal anti-corruption risks arise in the Group’s relationships with customers, suppliers, vendors,
partners, and other third parties operating across multiple jurisdictions.
15
Implementation
The Group addresses these risks through mandatory annual anti-corruption training, employee
compliance obligations, supplier conduct requirements, management oversight, and confidential
whistleblower reporting channels.
Employees are prohibited from offering, soliciting, or accepting inappropriate gifts, payments, favors, or
other benefits intended to influence business decisions. Suppliers are expected to comply with
applicable anti-corruption laws and maintain ethical business practices consistent with the Supplier
Code of Conduct.
Results in 2025
The Group maintained its anti-corruption compliance framework and continued annual employee
training during 2025.
No material cases, allegations, investigations, or incidents relating to bribery or corruption were
identified during the financial year ended December 31, 2025.
Future Expectations
In 2026, the Group will continue annual anti-corruption training, maintain compliance monitoring
activities, and further strengthen third-party governance processes where appropriate.
16
Consolidated Financial Statements
Key Figures and Financial Ratios
17
Consolidated Income statement 1
st
January – 31
st
December
USD '000 Note 2025 2024
Subscriptions 111,910 105,167
Professional services 1,079 1,288
Revenue 2.1 112,989 106,455
Cost of revenue 2.2 / 2.5 (27,506) (26,137)
Gross profit 85,483 80,318
Sales & marketing costs 2.2 / 2.5 (37,140) (35,847)
Res
earch & development costs 2.2 / 2.4 / 2.5 (27,624) (19,882)
General & administrative costs 2.2 / 2.5 (19,807) (16,741)
Other income 4 14
Operating income 916 7,862
Financial income 4.4 517 197
Financial costs 4.4 (3,980) (7,507)
Net income (loss) before tax (2,547) 552
Income tax credit/(charges) 2.6 (663) (751)
Net loss (3,210) (199)
Other comprehensive Income 1
st
January – 31
st
December
Net loss (3,210) (199)
Items that will be reclassified to income statement
Exchange differences on translation of foreign operations (2,354) 770
Other comprehensive income (loss) for the period, net of tax (2,354) 770
Total comprehensive income (loss) for the period (5,564) 571
18
Consolidated Balance Sheet at December 31
ASSETS
USD '000 Note 2025 2024
Development projects 10,728 9,239
Development projects in progress 1,905 2,021
Patents 321 410
Goodwill 1,100
1,100
Total intangible assets 3.1 14,054 12,770
Leasehold improvements 213 385
Other fixtures, furniture and fittings 593 1,046
Right-of-use assets 2,288 3,713
Total property, plant and equipment 3.2 3,094 5,144
Contract assets 3.3 17,433 18,707
Deferred tax assets 2.6 34 469
Other financial fixed assets 4.3 3,588 4,490
Total other non-current assets 21,055 23,666
Total non-current assets 38,203 41,580
Trade receivables 3.4 / 4.2 14,828 14,155
Other receivables 4.2 530 600
Income tax receivables 2.6 1,916 2,316
Prepayments 3.5 3,292 2,244
Cash and cash equivalents 4.2 15,334 10,289
Total current assets 35,900 29,604
Total assets 74,103 71,184
19
Consolidated Balance Sheet at December 31
EQUITY AND LIABILITIES
USD '000 Note 2025 2024
Share capital 4.5 96 96
Reserve for currency translation 2,029 4,383
Retained earnings (58,995) (56,322)
Total equity (56,870)
(51,843)
Deferred tax liabilities 2.6 75 153
Other provisions 3.6 3,
246 2,784
Lease liabilities 4.2 4,289 5,751
Contract liabilities 3.7 449 636
Borrowings 4.1 / 4.2 25,000 -
Total non-current liabilities 33,059 9,324
Prepayments received from customers
Trade payables 4.2 5,501 1,960
Income tax liabilities 2.6 1,117 1,141
Other liabilities 4.2 10,058 8,380
Liabilities to parent companies 4.2 14,052 12,844
Lease liabilities, current portion 4.2 2,105 2,633
Contract liabilities, current portion 3.7 65,081 61,745
Borrowings, current portion 4.1 / 4.2 - 25,000
Total current liabilities 97,914 113,703
Total liabilities 130,973 123,027
Total equity and liabilities 74,103 71,184
20
Consolidated Statement of Changes in Equity
Share capital
Reserve for
currency
translation
Retained
earnings
Total
2025
Equity at January 1, 2025 96 4,383 (56,322) (51,843)
COMPREHENSIVE INCOME
Income (loss) after tax (3,210) (3,210)
OTHER COMPREHENSIVE INCOME
Exchange rate adjustments (2,354) (2,354)
TRANSACTIONS WITH SHAREHOLDERS
Share based payments 537 537
Total transactions with shareholders - - 537 537
Equity at December 31, 2025 96 2,029 (58,995) (56,870)
Share capital
Reserve for
currency
translation
Retained
earnings
Total
2024
Equity at January 1, 2024 96 3,613 (65,544) (61,835)
COMPREHENSIVE INCOME
Income (loss) after tax (199) (199)
OTHER COMPREHENSIVE INCOME
Exchange rate adjustments 770 770
TRANSACTIONS WITH SHAREHOLDERS
Cash contribution from parent 5,000 5,000
Share based payments (1,309) (1,309)
Acquisition of subsidiary 5,730 5,730
Total transactions with shareholders - - 9,421 9,421
Equity at December 31,2024 96 4,383 (56,322) (51,843)
21
Consolidated Cash Flow Statement 1
st
January – 31
st
December
USD '000 Note 2025 2024
Cash flows from operating activities
Net loss (3,210) (199)
Non-cash items 5.1 21,811 19,758
Changes in net working capital 4.6 4,620 (1,223)
Payments for contract assets 3.3 (6,025) (5,191)
Changes in contract liabilities 3,149 56
Financial income 4.4 45 197
Financial costs 4.4 (3,980) (3,860)
Income tax reimbursements/(payments) (1,449) (1,603)
Cash provided by (used in) operating activities 14,961 7,935
Cash flows from investing activities
Payments for intangible assets 3.1 (8,135) (4,947)
Payments for property, plant and equipment 3.2 - (2,816)
Payments for other financial fixed assets 4.3 - -
Proceeds from other financial fixed assets 4.3 - 371
Cash (used in) investing activities (8,135) (7,392)
Cash flows from financing activities
Cash capital increase 4.5 - 5,000
Proceeds from borrowings - (5,000)
Principal elements of lease payments (2,399) (2,385)
Cash (used in) provided by financing activities (2,399) (2,385)
Effect of foreign exchange rate changes on cash 618 (441)
Net change in cash and cash equivalents 5,045 (2,283)
Cash and cash equivalents at January 1 10,289 12,572
Cash and cash equivalents at December 31 15,334 10,289
22
Consolidated Notes Overview
BASIS OF PREPARATION
1.1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.2 OTHER ACCOUNTING POLICIES
1.3 OTHER GENERAL ACCOUNTING POLICIES
RESULTS FOR THE YEAR
2.1 REVENUE
2.2 STAFF COSTS
2.3 SHARE-BASED PAYMENTS
2.4 RESEARCH & DEVELOPMENT COSTS
2.5 DEPRECIATIONS, AMORTIZATIONS AND IMPAIRMENT
2.6 INCOME TAXES AND DEFERRED TAXES
OPERATING ASSETS AND LIABILITIES
3.1 INTANGIBLE ASSETS
3.2 PROPERTY, PLANT & EQUIPMENT
3.3 CONTRACT ASSETS
3.4 TRADE RECEIVABLES
3.5 PREPAYMENTS
3.6 OTHER PROVISIONS
3.7 CONTRACT LIABILITIES
CAPITAL STRUCTURE AND FINANCING ITEMS
4.1 FINANCIAL INSTITUTIONS
4.2 FINANCIAL RISKS AND INSTRUMENTS
4.3 OTHER FINANCIAL FIXED ASSETS
4.4 FINANCIAL INCOME & FINANCIAL COSTS
4.5 SHARE CAPITAL
4.6 CHANGES IN NET WORKING CAPITAL (CASH FLOW STATEMENT)
OTHER DISCLOSURES
5.1 CASH FLOW ADJUSTMENTS
5.2 CONTINGENT ASSETS, LIABILITIES AND OTHER FINANCIAL OBLIGATIONS
5.3 RELATED PARTY TRANSACTIONS
5.4 OWNERSHIP AND CONSOLIDATED FINANCIAL STATEMENTS
5.5 SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
5.6 FEE TO STATUTORY AUDITOR
5.7 ENTITIES IN THE SITEIMPROVE GROUP
5.8 ACQUISITION OF SUBSIDIARY
23
Notes
1.1 Summary of significant accounting policies
The Consolidated Financial Statements of the Siteimprove Group have been prepared in accordance
with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU) and
further requirements in the Danish Financial Statements Act.
Recognition and Measurement
The Consolidated Financial Statements have been prepared under the historical cost basis except when
IFRS explicitly requires the use of fair value. The principal accounting policies set out below have been
applied consistently in the preparation of the Consolidated Financial Statements for all the years
presented.
The Consolidated Financial Statements are presented in USD thousands.
Principal accounting policies
The Group’s accounting policies are described in relation to the individual notes to the Consolidated
Financial Statements. Considering all the accounting policies applied in the preparation of the
Consolidated Financial Statements, Management regards the following as the most significant
accounting policies for the recognition and measurement of reported amounts as well as relevant to an
understanding of the Consolidated Financial Statements:
• Revenue (note 2.1)
• Research & development costs including intangible assets (notes 2.4 and 3.1)
• Income taxes and deferred taxes (note 2.6)
• Trade receivables (note 3.4)
• Contract liabilities (note 3.7)
• Right-of-use assets and lease liabilities (notes 3.2 and 4.2)
Critical accounting estimates and judgments
In preparing the Group’s Consolidated Financial Statements, Management makes various accounting
estimates, judgments and assumptions which form the basis of presentation, recognition and
measurement of the Group’s assets and liabilities. Accounting estimates and underlying assumptions are
reviewed on an ongoing basis. In some circumstances a change in the estimates may be necessary
because of changes in the underlying assumptions.
Estimation uncertainty
Determining the carrying amount of some assets and liabilities requires estimates and assumptions
concerning future events.
The judgments, estimates, and assumptions made are based on historical experience and other factors
which Management assesses to be reliable, but which by their very nature are associated with
uncertainty and unpredictability. These assumptions may prove incomplete or incorrect, and
unexpected events or circumstances may arise.
24
Management regards the following areas to include the key accounting estimates and assumptions used
in the preparation of the Consolidated Financial Statements:
• Income taxes and deferred taxes (note 2.6)
• Intangible assets (note 3.1)
• Contract assets (note 3.3)
• Trade receivables (note 3.4)
Please refer to the specific notes for further information on the key accounting estimates and
assumptions applied.
Defining materiality
The Consolidated Financial Statements are a result of processing large numbers of transactions and
aggregating those transactions into classes according to their nature or function. When aggregated, the
transactions are presented in classes of similar items in the Consolidated Financial Statements.
If a line item is not individually material, it is aggregated with other items of a similar nature in the
Consolidated Financial Statements or in the notes. There are substantial disclosure requirements
throughout IFRS. Management provides specific disclosures required by IFRS unless the information is
considered immaterial to the economic decision-making of the users of these financial statements or
not applicable.
1.2 Other accounting policies
New or amended IFRS that have come into effect in 2025
The Group has adopted all new and amended IFRS Accounting Standards and interpretations issued by
the International Accounting Standards Board (IASB) that are effective for financial years beginning on
or after 1 January 2025 and that are relevant to the Group's operations.
The following amendments came into effect for financial years beginning on or after 1 January 2025:
IAS 21, The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability
The adoption of the above amendments has not had a material impact on the Group's financial position,
financial performance or disclosures in the consolidated financial statements.
New or amended IFRS that have been issued but not yet effective
At the date of authorisation of these financial statements, a number of new standards, amendments to
existing standards and interpretations have been issued by the IASB but are not yet effective and have
not been early adopted by the Group. The Group intends to adopt these standards, if applicable, when
they become effective.
The following new or amended standards are expected to be of relevance to the Group:
• IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027)
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027)
25
• Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments
(effective 1 January 2026)
• Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity
(effective 1 January 2026)
• Annual Improvements to IFRS Accounting Standards – Volume 11 (effective 1 January 2026)
The Group has not yet started to analyze the consequences of the new standard.
1.3 Other general accounting policies
Basis of consolidation
The Consolidated Financial Statements comprise the Parent Company, Siteimprove A/S, and subsidiaries
in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the
Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the
Group holds between 20% and 50% of the votes and exercises significant influence but not control are
classified as associates.
On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income
and expenses, shareholdings, dividends and accounts as well as of realized and unrealized profits and
losses on transactions between the consolidated enterprises.
The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent
Company’s share of the net asset value of subsidiaries stated at the time of consolidation.
Business Combinations
Newly acquired or newly established subsidiaries are recognized from the time control is established
over the acquired enterprise (acquisition date). The purchase method is applied to acquisition of
subsidiaries.
The cost of acquisitions is calculated as the fair value of the acquired assets and liabilities and shares
issued. The cost incorporates the fair value of any contingent considerations (earn-outs). Expenses in
connection with the acquisition are charged to the income statement in the period in which they are
incurred.
Identifiable assets, liabilities, and contingent liabilities (net assets) relating to the acquired enterprise
are recognized at fair value on the acquisition date.
In connection with each acquisition, goodwill and non-controlling interests are recognized in accordance
with one of the following methods:
- Goodwill related to the acquired enterprise is made up of any positive difference between the total fair
value of the acquired enterprise and the fair value of the total net assets for accounting purposes. Non-
controlling interests are recognized at the share of the acquired enterprise’s total fair value (full
goodwill).
- Goodwill related to the acquired enterprise is made up of any positive difference between the
purchase price and the fair value of the Group’s share of the acquired enterprise’s total net assets for
accounting purposes at the acquisition date. Non-controlling interests are recognized at the
proportionate share of the acquired net assets (proportionate goodwill).
26
Goodwill is recognized under intangible assets. Goodwill is not amortized but is assessed on an annual
basis, or where there are indications of a decrease in value, to determine whether it has been subject to
a decrease in value. If this is the case, it is written down to the asset’s lower recoverable value.
Enterprises that are sold or wound up are recognized until the date of disposal. Any gain or loss relative
to the carrying amount at the disposal date is taken to income at the time of sale where control of the
subsidiary is also being relinquished.
The difference between cost and carrying amount of acquired non-controlling interest is recognized in
the equity. Profit or loss on sale of non-controlling interests is also recognized in equity.
Translation policies
Functional and presentation currency
Items are measured using the currency of the primary economic environment in which the entity
operates (functional currency). Given that most of the Group’s transactions are in USD the Consolidated
Financial Statements are presented in USD.
Translation of transactions and balances
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction.
Exchange differences arising due to differences between the transaction date rates and the rates at the
dates of payment are recognized in financial income and expenses in the income statement. Where
foreign exchange transactions are considered hedging of future cash flows, the value adjustments are
recognized directly in equity.
Receivables, payables and other monetary items in foreign currencies that have not been settled at the
balance sheet date are translated at the exchange rates at the balance sheet date. Any differences
between the exchange rates at the balance sheet date and the rates at the time when the receivable or
the debt arose are recognized in financial income and costs in the income statement.
Translation of Group companies
Income statements of foreign subsidiaries are translated at transaction date rates or approximated
average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet
date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments
arising from the translation of the income statements at the exchange rates at the balance sheet date
are recognized directly in equity.
Cost of revenue
Cost of revenue includes hosting, compensation and benefits, commissions and bonuses, share-based
compensation costs, depreciation and amortization, as well as allocated overhead costs for cost of
revenue departments, such as Customer Success and Technical Support.
Sales & marketing costs
Sales & marketing costs include costs associated with sales, marketing, and product marketing
personnel and consist of compensation and benefits, commissions and bonuses, share-based
compensation costs, depreciation and amortization, allocated overhead costs, and promotional and
advertising expenses, travel, and entertainment expenses related to these personnel.
27
Research & development costs
Research & development expenses include personnel-related costs for the Group’s development team,
including compensation and benefits, bonuses, stock-based compensation expenses and allocated
overhead costs. Research and development expenses also include contractor or professional services
fees, third-party cloud infrastructure expenses incurred in developing the Group’s solution and software
services dedicated for use by the Company’s research and development organization.
General & administrative costs
General & administrative costs include costs for finance, human resources, information technology, legal
and administrative support functions. This includes compensation and benefits, share-based
compensation, professional services, depreciations and amortizations and allocated overhead costs.
Other income
Other income and other costs comprise items of a secondary nature to the main activities of the Group.
Government grants are recognized in the income statement on a straight-line basis and is presented as
other income. Government grants not fully recognized in the income statement are presented as part of
other liabilities.
Equity
Proposed dividend is recognized as a liability at the time of approval by the general meeting. Dividend
which is expected to be distributed for the year is disclosed in the statement of changes in Group equity.
The reserve for currency translation in the Consolidated Financial Statements comprises foreign
exchange differences arising from translation of financial statements of foreign enterprises from their
functional currencies to the presentation currency of the Group (USD). On full or partial disposal of the
net investment, the foreign exchange adjustments are recognized in the income statement.
Cash flow statement
The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing
and financing activities, changes for the year in cash and cash equivalents, and the Group’s cash and
cash equivalents at the beginning and end of the year.
Cash flows from operating activities are calculated as the income/loss after tax adjusted for changes in
working capital and non-cash operating items such as depreciation, amortization and impairment losses,
and provisions. Working capital includes current assets less short-term debt excluding items included in
cash and cash equivalents or financing activities.
Cash flows from investing activities includes cash flows from internally-developed software, purchase
and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.
Cash flows from financing activities includes cash flows from the raising and repayment of long-term
debt as well as payments to and from shareholders.
Cash and cash equivalents are comprised of “Cash and cash equivalents”.
The cash flow statement cannot be immediately derived from the published financial statements.
28
Consolidated five-year summary
The key figures and financial ratios have been prepared on a consolidated basis. Except for ‘Annual
recurring revenue’, the Key Ratios have been prepared in accordance with the recommendations and
guidelines issued by the Danish Society of Financial Analysis.
• Annual recurring revenue: Equals the annual contract value of all customers at the balance
sheet end date
• Revenue growth: (Change in revenue compared to previous period / Revenue previous period)
• Gross margin: (Gross profit / Revenue)
• Solvency ratio: (Equity at year end / Total assets at year-end)
• EBITDA margin: (EBITDA / Revenue)
2.1 REVENUE
ACCOUNTING POLICIES
Revenue is mainly derived from subscription fees charged for the Siteimprove Intelligence
Platform, support fees and professional services. For software contracts which are comprised of
several components, the total contract sum is allocated to the separate performance obligations
for the purpose of revenue recognition.
Revenue recognition requires an agreement with the client which creates enforceable rights and
obligations between the parties, has commercial substance, and identifies payment terms. In
addition, it must be probable that the consideration determined in the contract will be
collected.
Revenue is recognized when the client has obtained control of the subscription or service and
has the ability to use and obtain substantially all the benefits from the subscription or service.
For multi-element contracts, the basis for revenue recognition is an assessment of the
standalone selling prices for the identified performance obligations, including rebates,
discounts, allowances, and inherent interest.
No element of financing is deemed present as the sales are generally made with a credit term of
30 days, which is consistent with market practice.
SUBSCRIPTION FEES
Fixed term subscription agreements give the right to use the software for a determined period
of time, which can be extended at the end of the initial term. Clients obtain control of the
subscription in a cloud-based infrastructure.
The main possible performance obligation related to subscription agreements has been
identified as the right to use the software. The right to use software subscription is considered a
separate performance obligation when it satisfies the following conditions: it can be delivered
separately from other services, can be accessed by a third party, and is functional with access to
technical support.
29
Siteimprove has assessed that the client obtains control of the subscription when all of the
following criteria are met: a binding contract is entered into; the subscription period is initiated;
and the client has the right to use it. Subscription revenue is therefore recognized over the
course of the subscription period. The consideration attributable to subscription-based
agreements are discounted to net present value when the value of the financing element is
deemed significant.
Professional services fees and technical support
Professional services agreements can include multiple performance obligations including
technical support. The main possible performance obligations are implementation services
related to the implementation of new and existing contracts irrespective of the terms of the
contract. Time and material implementation contracts are recognized based on work
performed. Fixed fee agreements are recognized based on percentage of completion.
The Group derives the following types of revenue:
USD '000 2025 2024
Subscriptions 111,910 105,167
Professional services 1,079 1,288
Total revenue 112,989
106,455
In the table below, sales to external customers are attributable to the country of the customers’
domicile as follows:
USD '000 2025 2024
Revenue
North America 80,086 73,780
Europe 29,924 29,556
Asia Pacific 2,979 3,119
Total revenue 112,989 106,455
2.2 STAFF COSTS
ACCOUNTING POLICIES
Staff costs comprise wages and salaries as well as other payroll related expenses. Staff costs are
included in sales & marketing costs, research & development costs, and general &
administrative costs.
30
2.2 STAFF COSTS, continued
USD '000 2025 2024
Wages and salaries 61,768 58,
085
Pensions (defined contribution plans) 2,618 2,518
Social security costs 6,791 6,257
Share-based payments 536 (1,293)
Total 71,713 65,567
Staff costs included in development projects (8,140) (7,582)
Commissions included in contract assets (5,750) (5,062)
57,823 52,923
Average number of employees 415 429
Total staff costs have been recognized in the income statement as follows:
USD '000 2025 2024
Cost of revenue 14,519 15,
046
Sales & marketing costs 18,886 19,193
Research & development costs 12,677 9,342
General & admin costs 11,741 9,343
Total 57,823 52,923
Remuneration to key management can be specified as follows:
USD '000 2025 2024
Salary and bonus 3,706 1,862
Pension 112 42
Share-based compensation 169 (1,293)
Total 3,987 611
Remuneration to the Executive Board & Board of Directors
USD '000 2025 2024
Executive Board
Salary and bonus 699 1,348
Pension 21 -
Share-based compensation 40 (1,270)
Total
760 78
Board of Directors
Salary and bonus 412 419
Pension - -
Share-based compensation 48 161
Total
460 580
Staff costs expensed to the income statement
31
2.3 SHARE-BASED PAYMENTS
Accounting policies
Equity-settled share-based payments
The value of services received in exchange for equity-settled share-based payment
arrangements is measured at fair value at the grant date and recognized in the income
statement as a staff cost over the vesting period with a corresponding entry in equity.
On initial recognition, an estimate is made of the grant date fair value of the awards,
incorporating market and non-vesting conditions, and the number of awards expected to vest,
incorporating service and non-market performance conditions. Subsequently, the cumulative
amount recognized as a cost over the service period is adjusted to reflect updated expectations
of the number of awards for which the service and non-market performance conditions will be
met.
Cash-settled share-based payments
For cash-settled share-based payment arrangements, the awards are measured at the fair value
as at the reporting date and recognized in the income statement as a staff cost over the vesting
period with the balancing entry being recognized as a liability.
The liability is remeasured at each reporting date and at the settlement date, based on the
current fair value of the share-based payment arrangement. Any changes in the liability are
recognized in profit or loss.
Group share-based payment arrangements
In a group share-based payment arrangement, where the award is granted by a parent to the
employees of a subsidiary, the cost of the award is recorded as an expense in the separate
financial statements the subsidiary to whom the recipient of the award renders the service,
while the parent instead recognises an increase in its investment in subsidiary in its separate
financial statements. The subsidiary accounts for this amount as a capital contribution from the
parent.
Where Siteimprove A/S acts as an intermediate parent in respect of grants made by Siteimprove
Holding A/S and Cidron Shanghai SCSp to employees of subsidiaries of Siteimprove A/S under
the Management Incentive Program and the Global Equity Program, it has made the accounting
policy choice not to recognize share-based payment arrangements in its separate financial
statements.
Presentation of share-based payment expenses
The Group allocates the share-based payment staff cost by function, amongst cost of revenue,
sales & marketing costs, research & development costs, and general & administrative costs,
based on the department of the employee to whom the award is granted.
32
2.3 SHARE-BASED PAYMENTS (continued)
Overview of the programs
At 31 December 2025, the Group had the following share-based payment arrangements:
Management Incentive Program (equity-settled) and Shadow Incentive Program (cash-settled)
Under the Management Incentive Program, share-based payment awards are granted by Cidron
Shanghai SCSp, a shareholder of Siteimprove Holding A/S under the control of Nordic Capital, to
Siteimprove management personnel employed by Siteimprove A/S and its US subsidiary,
Siteimprove Inc., for services performed for Siteimprove A/S and its Siteimprove Inc. The awards
consist of Class B shares in Cidron Shanghai SCSp. Since all entities in the Group are receiving
entities in the share-based payment arrangement, and have no obligation to settle the
arrangement, the Management Incentive Program is treated as equity-settled in the
consolidated financial statements of the Siteimprove A/S Group.
Under the Shadow Incentive Program, Siteimprove A/S grants a cash awards to Siteimprove
management personnel employed by Siteimprove A/S and its US subsidiary, Siteimprove Inc., for
services performed for Siteimprove A/S and its Siteimprove Inc. The cash awards are based on
the value of Cidron Shanghai SCSp’s Class B shares. As such, the Shadow Incentive Program is
treated as cash-settled in the consolidated financial statements of the Group.
The awards granted under both the Management Incentive Program and the Shadow Incentive
Program contain two vesting components: a time-based vesting and a performance-based
vesting component. The time-based vesting component vests in tranches with staggered vesting
dates. The performance-based vesting component vests only upon a listing or divestment, and
the number of share awards that vest depends on the quotient of investor returns divided by
investor investments. This is treated as a market performance condition. In addition, the award-
holder must remain employed by the Group until the Exit date to receive the performance-
based vesting component. No exercise price is attached to acquisition of the awards.
Both the time-based and performance-based vesting component contain Good Leaver clauses
for employees who leave employment as a result of death, permanent disability, or termination
without cause, or are designated as Good Leavers by Siteimprove.
The Class B shares in Cidron Shanghai SCSp granted under the Management Incentive Program
and mirrored under the Shadow Incentive Program are subject to a waterfall schedule, with the
effect that amounts only accrue to the holders of the Class B shares in excess of a specified
floor, corresponding to the minimum return which is required to be achieved on the sale of
Cidron Shanghai SCSp’s shares in Siteimprove Holding A/S, for distributions on the awarded
Class B shares to occur. The assets of Cidron Shanghai SCSp comprise solely of shares in
Siteimprove Holding A/S.
33
2.3 SHARE-BASED PAYMENTS (continued)
Global Equity Program (equity-settled)
In December 2022, Siteimprove Holding A/S initiated the Global Equity Program, in which it
grants restricted stock unit ("RSU") awards to selected employees of Siteimprove A/S and its
subsidiaries. These awards give the recipient the right to a specific number of shares in
Siteimprove Holding A/S, subject to vesting conditions. No exercise price is attached to
acquisition of the shares.
All awards may be settled, at the Board of Directors' discretion, wholly or partly, in shares or in
cash equal to the market value of the shares. The program is classified as equity-settled as it is
Management's stated intention to settle all awards in shares.
Awards granted under the Global Equity Program contain two vesting components: a time-
based vesting component and a performance-based vesting component. For the majority of
grants, 40% of each award is subject to the time-based vesting component and 60% is subject to
the performance-based vesting component. The number of awards that vest under the
performance-based vesting component depends on the ratio of investor returns at Exit divided
by investor investments. This is treated as a market performance condition.
However, any employee that leaves prior to the date a listing or divestment is achieved forfeits
all awards – both vested and unvested – unless they qualify as Good Leavers or are designated
at Siteimprove’s discretion. As such, this exit condition extends the implicit service condition to
the listing/divestment date. Qualification as a Good Leaver is only applicable to employees that
leave employment as a result of death, permanent disability, or termination without cause.
Units granted under this program are predominantly 50% Preferred A shares and 50% Ordinary
B shares of Siteimprove Holding A/S.
Measurement of fair values
Equity-settled share-based payment arrangements
The fair value of granted equity-settled share-based payment awards is measured using the fair
market value as at date of grant, based on a third-party valuation. This calculation incorporates
assumptions including the risk-free rate, volatility, expected time to vesting and an illiquidity
premium. The valuation is prepared on the assumption that all performance-based thresholds
are met, and a dividend yield of 0%.
The grant date fair value of the awards granted under the Management Incentive Program also
incorporates the subordination of the Class B shares via the waterfall structure that governs the
allocation of returns between Cidron Shanghai SCSp’s share classes.
As at 31 December 2025, the total carrying amount of the equity balance arising from the
equity-settled share-based payment programs was USD 1,169 thousand (2024: USD 690
thousand). Of this, USD 900 thousand related to the Global Equity Program, and USD 269
thousand related to the Management Incentive Program.
34
2.3 SHARE-BASED PAYMENTS (continued)
Cash-settled share-based payment arrangements
The liability associated with the Shadow Incentive Program is measured using the fair market
value as at the reporting date, as determined by a third-party valuation report. As at 31
December 2025, a fair value of 0.025 USD per award was used to measure the liability, based on
the same valuation of Siteimprove Holding A/S’s shares, as used for the equity-settled grants
awarded in 2025.
As at 31 December 2025, the total carrying amount of the liability arising from the Shadow
Incentive Program amounted to USD 6 thousand (2024: USD 6 thousand).
Expense recognized in Income Statement
The total expense recognized in the Siteimprove A/S Group consolidated income statement in
2025 from share-based payment transactions amounted to USD 479 thousand (2024: income of
USD 1,293 thousand), of which USD 479 thousand (2024: income of USD 1,276 thousand) arose
from equity-settled share-based payment transactions.
Reconciliation of outstanding awards
The number of share awards under the Management Incentive Program, Shadow Incentive
Program, and Global Equity Program were as follows:
Management Incentive Program (equity-settled)
Executive
Board
Other
Management
Personnel
Total
Weighted
average grant
date fair
value per
award (USD)
Outstanding at 1 January
2024
2,474,550
-
2,474,550
0.000
Granted in 2024
9,217,028
11,285,000
20,502,028
0.030
Forfeited in 2024
(2,474,550)
-
(2,474,550)
0.000
Outstanding at 31 December
2024
9,217,028
11,285,000
20,502,028
0.030
Granted in 2025
14,724,840
6,700,000
21,424,840
0.027
Forfeited in 2025
(9,217,028)
(3,500,000)
(12,717,028)
0.029
Outstanding at 31 December
2025
14,724,840
14,485,000
29,209,840
0.028
35
2.3 SHARE-BASED PAYMENTS (continued)
Shadow Incentive Program (cash-settled)
Executive
Board
Total
Weighted average air
value per award at
reporting date (USD)
Outstanding at 1 January 2024
274,950
274,950
0.00
Granted in 2024
974,950
974,950
-
Forfeited in 2024
(274,950)
(274,950)
-
Outstanding at 31 December 2024
974,950
974,950
0.017
Granted in 2025
1,013,871
1,013,871
-
Forfeited in 2025
(974,950)
(974,950)
-
Outstanding at 31 December 2025
1,013,871
1,013,871
0.025
Global Equity Program (equity-settled)
Other
Employees
Total
Weighted average
grant date fair
value per award
(USD)
Outstanding at 1 January 2024
3,995,000
3,995,000
0.558
Granted in 2024
4,317,307
4,317,307
0.180
Forfeited in 2024
(1,336,000)
(1,336,000)
0.464
Outstanding at 31 December 2024
6,976,307
6,976,307
0.342
Granted in 2025
2,627,500
2,627,500
0.195
Forfeited in 2025
(2,045,470)
(2,045,470)
0.302
Outstanding at 31 December 2025
7,558,337
7,558,337
0.302
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2.4 RESEARCH & DEVELOPMENT COSTS
ACCOUNTING POLICIES
Siteimprove's research & development costs focus on the development of the Siteimprove
platform.
Research & development costs include costs associated with the development of new products,
enhancements of existing products for which technological feasibility has not been achieved and
quality assurance activities. This includes compensation and benefits, share-based
compensation costs, consulting costs, depreciation and amortization costs, the cost of software
development equipment, and allocated overhead.
Research & development costs that are not eligible for capitalization have been expensed in the
period and they are recognized in research & development costs in the income statement.
USD '000 2025 2024
This years incurred research & development costs 28,497 22,369
Amortization of intangible assets 6,485 4,231
Depreciation of property, plant & equipment 214 444
Depreciation of right-of-use assets 568 420
Development costs capitalized in development projects (8,140) (7,582)
Total research & development costs 27,624 19,882
2.5 DEPRECIATION, AMORTIZATION AND IMPAIRMENT
USD '000 2025 2024
Amortizations and impairment of intangible assets 13,558 12,279
Depreciations and impairment on property, plant & equipment 989 817
Depreciations and impairment on right-of-use assets 1,662 1,665
Total
16,209 14,761
Amortizations, impairment and (gains)/losses on intangible assets and contract assets have been
recognized in the income statement as follows:
2025 2024
Cost of revenue - -
Sales & marketing costs 7,073 7,106
Research & development costs 6,485 4,231
General & admin costs - -
Total 13,558 11,337
37
2.5 DEPRECIATION, AMORTIZATION AND IMPAIRMENT (continued)
Depreciations, impairment and (gains)/losses on property, plant & equipment have been
recognized in the income statement as follows:
2025 2024
Cost of revenue 560 992
Sales & marketing costs 653 857
Research & development costs 782 864
General & admin costs 656 711
Total 2,651 3,424
No impairment on intangible assets, contract assets, and property, plant & equipment has been
recognized.
38
2.6 INCOME TAXES AND DEFERRED TAXES
ACCOUNTING POLICIES
Income taxes
The tax expense for the period comprises current and deferred tax including adjustments to
previous years. Tax is recognized in the income statement, except to the extent that it relates to
items recognized in other comprehensive income. Any changes in deferred tax due to changes in
tax rates are recognized in the income statement or in other comprehensive income depending
on the original recognition. Income tax credit / (charges) in the income statement reflects tax
refunds from prior years and also includes interest income earned on those refunds.
Current tax receivables and liabilities
Current tax receivables and liabilities are recognized in the balance sheet at the amount
calculated on the basis of the expected taxable income for the year and prior year adjustments.
Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an
intention to settle on a net basis or simultaneously.
Deferred tax assets and liabilities
Deferred tax is recognized in respect of all temporary differences between the carrying amount
and the tax base of assets and liabilities. Deferred tax is measured on the basis of the tax rules
and tax rates that will be effective under the legislation at the balance sheet date when the
deferred tax is expected to materialize as current tax. In cases where the computation of the tax
base may be made according to alternative tax rules, deferred tax is measured on the basis of
the intended use of the asset and settlement of the liability, respectively. Deferred tax assets,
including the tax base of tax loss carry-forwards, are measured at the value at which the asset is
expected to be realized, either by elimination in tax on future earnings or by set-off against
deferred tax liabilities.
KEY ACCOUNTING ESTIMATES
The Group is subject to income taxes around the world. Significant judgment and estimates are
required in determining the worldwide accrual for income taxes, deferred income tax assets and
liabilities, and provision for uncertain tax positions.
The Group has a deferred tax asset of USD 0.03 million (2024: USD 0.5 million).
The Group recognizes only deferred income tax assets if it is probable that sufficient taxable
income will be available in the future against which the temporary differences and unused tax
losses can be utilized. Management has considered future taxable income and used judgment in
assessing whether deferred income tax assets should be recognized.
39
2.6 INCOME TAXES AND DEFERRED TAXES (continued)
USD '000 2025 2024
INCOME TAXES
Current income tax (152) (256)
Deferred income tax (387) 162
Adjustments concerning previous years (124) (657)
Total (663) (751)
Deferred tax on other comprehensive income - -
INCOME TAX RECONCILIATION
Breakdown of tax charge on profit for the
year:
Net profit/(loss) before tax from continuing operations (2,547) 552
Tax calculated using the Danish corporation tax rate (22%) 560 (121)
Tax effect of:
Other tax percentages in foreign jurisdictions 6 (1)
Non-deductable costs 68 43
Non-taxable income - -
Prior-year adjustments 389 657
Unrecognized tax asset (128) 474
Others, including adjustment of prior years (1,558) (1,803)
Tax charge in the income statement (663) (751)
40
2.6 INCOME TAXES AND DEFERRED TAXES (continued)
USD '000 2025 2024
DEFERRED INCOME TAXES
Deferred income tax at January 1 316 (1,875)
Exchange rate adjustments 31 (178)
Provision to return (527) 88
Movement for the year 139 (680)
Goodwill - 2,961
Deferred income tax at December 31 (41) 316
Recognized in the balance sheet as follows:
Deferred tax assets 34 469
Deferred tax liabilities (75) (153)
Deferred tax, net (41) 316
DEFERRED TAX BREAKDOWN
Property, plant & equipment (933) (1,095)
Intangible assets 1,406 1,806
Receivables - 339
Other assets 572 (2,773)
Other liabilities (2,991) (618)
Tax losses to be carried forward 2,804 2,603
Other (899) 54
Total (41) 316
Siteimprove performs an assessment to reduce deferred tax assets to reflect the net amount
that is more likely than not to be realized. Realization of the deferred tax assets is dependent
upon the generation of future taxable income, the amount and timing of which are uncertain.
The assessment takes into account both positive and negative evidence when determining
whether it is more likely than not that deferred tax assets are recoverable; such assessment is
required on a jurisdiction-by-jurisdiction basis. The key assumptions are ARR growth and
stability in churn-rate, historically ARR has grown and churn has been stable.
At December 31, 2025, the Group has no unrecognized tax liabilities.
At December 31, 2025, the Group has a total of USD 30.2 million as unrecognized deferred tax
assets (2024: USD 34.7 million). There is no expiry date on the deferred tax assets.
41
3.1 INTANGIBLE ASSETS
ACCOUNTING POLICIES
Development projects
Costs of development projects comprise salaries and other expenses directly or indirectly
attributable to the Group’s development activities. The costs for development projects are all
internally generated.
Development projects that are clearly defined and identifiable, in respect of which technical
feasibility, sufficient resources and a potential future market or development opportunity in the
enterprise can be demonstrated, and where it is the intention to market or use the project, are
recognized as intangible assets. This applies if sufficient certainty exists that the value in use of
future earnings can cover cost of sales activities and administrative expenses involved as well as
the development costs. Development projects that do not meet the criteria for recognition in
the balance sheet are recognized as expenses in the income statement as incurred.
Capitalized development costs are measured at cost less accumulated amortization and
impairment losses or a lower recoverable amount.
Amortizations and impairment losses are recognized in the consolidated income statement as
elaborated in note 2.5.
Development costs that do not meet the criteria above are recognized as an expense in the
income statement as incurred. Development costs previously recognized as an expense are not
recognized as an asset in a subsequent period.
As of the date of completion, capitalized development costs are amortized between 3-5 years
based on the expected economic benefit from the development work.
Patents
Patents are measured at cost less accumulated amortization and impairment losses and are
amortized on a straight-line basis over their estimated useful lives.
Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of
identifiable net assets acquired in a business combination. Goodwill is not amortized but is
tested annually for impairment and whenever indicators of impairment exist.
Impairment of intangible assets
The carrying amounts of intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill
and development projects not yet available for use are tested for impairment annually.
42
3.1 INTANGIBLE ASSETS (continued)
An impairment loss is recognized when the carrying amount of an asset or cash-generating unit
exceeds its recoverable amount. The recoverable amount is the higher of value in use and fair
value less costs of disposal.
KEY ACCOUNTING ESTIMATES
The impairment assessment of development projects, development projects in progress,
patents and goodwill requires Management to make significant judgments regarding future cash
flows, revenue growth rates, operating expense growth rates, discount rates and other
assumptions used in determining the recoverable amount of the Group's cash-generating unit.
Changes in these assumptions could result in future impairment charges and materially impact
the Group's financial position and results of operations.
INTANGIBLE ASSETS
2025
USD '000
Development
projects
Development
projects in
progress
Patents Goodwill Total
Accumulated cost at January 1, 2025 30,128 2,021 592 1,100 33,841
Exchange rate adjustments -
Additions - - - - -
Additions (internally generated) - 8,135 - - 8,135
Disposals (3,622) - - - (3,622)
Transfers 8,251 (8,251) - - -
Accumulated cost at December 31, 2025 34,757 1,905 592 1,100 38,354
Accumulated amortizations and impairment at
January 1, 2025
(20,890) - (182) - (21,072)
Exchange rate adjustments - - - - -
Amortizations (6,762) - (89) - (6,851)
Impairment - - - - -
Disposals 3,622 - - - 3,622
Accumulated amortizations and impairment
at December 31, 2025
(24,030) - (271) - (24,301)
Carrying amount at December 31, 2025 10,727 1,905 321 1,100 14,053
43
3.1 INTANGIBLE ASSETS (continued)
2024
USD '000
Development
projects
Development
projects in
progress
Patents Goodwill Total
Accumulated cost at January 1, 2024 23,383 1,006 627 - 25,016
Exchange rate adjustments (1,520) - (35) - (1,555)
Additions 1,698 - - 1,100 2,798
Additions (internally generated) - 7,582 - - 7,582
Disposals - - - - -
Transfers 6,567 (6,567) - - -
Accumulated cost at December 31, 2024 30,128 2,021 592 1,100 33,841
Accumulated amortizations and impairment at
January 1, 2024
(16,928) - (105) - (17,033)
Exchange rate adjustments 183 - 9 - 192
Amortizations (4,144) - (86) - (4,230)
Impairment - - - - -
Disposals - - - - -
Accumulated amortizations and impairment
at December 31, 2024
(20,889) - (182) - (21,071)
Carrying amount at December 31, 2024 9,239 2,021 410 1,100 12,770
Development Projects and Goodwill
Development projects relate to the continuous development of new tools and features for the
Group’s software platform. Development projects in progress are expected to be finalized
during 2026, whereafter the marketing of the new software services is expected to commence.
The developed tools and features relate to Quality Assurance, Accessibility, Analytics, SEO, Ads,
Performance, Policy Management, CMS plugins, Response and Data Privacy. As of December 31,
2025 the carrying amount of development projects primarily relates to Quality Assurance,
Accessibility, Analytics, CMS plugins and Performance.
Management believes projects are progressing as planned and that the related software
solutions will continue to be marketed in both existing and new markets. Continued investment
in product development is expected to strengthen the Group’s competitive position and support
future growth in revenue and profitability.
In October 2024, Siteimprove, Inc., a US subsidiary of the Group, acquired 100% of the issued
shares of MarketMuse, Inc, and its wholly-owned Canadian subsidiary. MarketMuse provides
advanced technology in the SEO and Digital Experience spaceand complements the Group’s
existing product portfolio.
44
3.1 INTANGIBLE ASSETS (continued)
As a result of the acquisition, the Group recognized $1.7 million in Development Projects and
$1.1 million in additional Goodwill in 2024. Please see note 5.8 Acquisition of Subsidiary for
further information.
Impairment Testing and Key Assumptions
The Group is considered a single cash-generating unit ("CGU") based on the manner in which the
business is managed and monitored internally.
Development projects, development projects in progress, patents and goodwill are tested
annually for impairment and whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable.
The recoverable amount of the CGU is determined using a value-in-use model based on
discounted future cash flows over a ten-year forecast period. The forecast is based on the
Board-approved budget for the next fiscal year and Management's projections for subsequent
periods. Cash flows beyond the budget period are extrapolated using estimated growth rates
that are consistent with industry forecasts and Management's expectations regarding future
market conditions.
Assumptions as of
2025 2024
Long term revenue growth rate 10.0% 10.0%
Long term opex growth rate 4.8% 3.0%
Pre-tax discount rate 10.8% 11.7%
Marginal tax rate 22.0% 22.0%
Revenue growth assumptions are based on historical performance, current sales pipeline,
anticipated customer retention and expansion, expected market growth and Management's
expectation that the Group will continue to enhance its product offerings through ongoing
innovation, including the integration of artificial intelligence capabilities. Average annual
revenue growth over the forecast period is expected to range from 7% to 12% (2024: 4% to
12%).
Operating expense assumptions reflect historical trends and Management's expectations
regarding continued cost discipline and scalability of operations. Average annual operating
expense growth over the forecast period is expected to range from 3% to 14% (2024: less than
4% to 3%).
The tax rate assumption reflects the Danish corporate income tax rate of 22% and incorporates
the expected utilization of the Group's tax loss carryforwards.
Based on the impairment assessment performed as of December 31, 2025, the recoverable
amount of the CGU exceeded its carrying amount and, accordingly, no impairment was
recognized.
45
3.1 INTANGIBLE ASSETS (continued)
Management performed sensitivity analyses over the key assumptions used in the impairment
model, including revenue growth rates, operating expense growth rates and discount rates.
Based on these analyses, Management concluded that no reasonably possible change in key
assumptions would cause the carrying amount of the CGU to exceed its recoverable amount.
46
3.2 PROPERTY, PLANT AND EQUIPMENT
ACCOUNTING POLICIES
Leasehold improvements, other fixtures, furniture and fittings are measured at cost less
accumulated depreciation and less any accumulated impairment losses.
Costs include the cost of acquisition and expenses directly related to the acquisition up until the
time when the asset is ready for use.
Depreciation is based on cost reduced by any residual value and is calculated on a straight-line
basis over the expected useful lives of the assets, which are:
Leasehold improvements 3-8 years
Other fixtures, furniture and fittings 3-5 years
Assessment of residual value and useful life is performed annually for assets under property,
plant and equipment.
Gains and losses arising from disposal of property, plant & equipment are calculated as the
difference between the sales price less sales costs and the carrying amount at the time of sale.
Gains and losses are recognized in the income statement.
The carrying amounts of property, plant and equipment are reviewed on an annual basis to
determine whether there is any indication of impairment other than that expressed by
depreciation. If so, an impairment test is carried out to determine whether the recoverable
amount is lower than the carrying amount and the asset is written down to its lower
recoverable amount.
Depreciations and impairment losses are recognized in the consolidated income statement as
elaborated in note 2.5.
Right-of-use assets
For contracts which are, or contain, a lease, Siteimprove recognizes a right-of-use asset and a
lease liability. The right-of-use asset is initially measured at cost, being the initial amount of the
lease liability adjusted for any lease payments made at or before the commencement date.
The right-of-use asset is subsequently depreciated using the straight-line method over the lease
term. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted
for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments outstanding at
the commencement date, discounted using Siteimprove’s incremental borrowing rate.
47
3.2 PROPERTY, PLANT AND EQUIPMENT (continued)
ACCOUNTING POLICIES, continued
The lease liability is measured using the effective interest method. It is remeasured when there
is a change in future lease payments, typically due to a change in index or rate (e.g. inflation) on
property leases, or if there is a reassessment of whether an extension or termination option will
be exercised. A corresponding adjustment is made to the right-of-use asset, or in the income
statement when the right-of-use asset has been fully depreciated.
The right-of-use asset is presented in Property, Plant and Equipment and the lease liabilities are
presented in non-current liabilities or current liabilities.
Lease contracts that have a lease term of 12 months or less and low value assets are not
recognized on the balance sheet. These lease payments are expensed on a straight-line basis
over the lease term.
If circumstances or changes in Siteimprove’s operations indicate that the carrying amount of
non-current assets in a cash-generating unit may not be recoverable, management reviews the
asset for impairment.
The basis for the review is the recoverable amount of the assets, determined as the greater of
the fair value less cost to sell or its value in use. Value in use is calculated as the net present
value of future cash inflow generated from the asset. If the carrying amount of an asset is
greater than the recoverable amount, the asset is written down to the recoverable amount. An
impairment loss is recognized in the income statement when the impairment is identified.
48
3.2 PROPERTY, PLANT AND EQUIPMENT, continued
2025
USD '000
Leasehold
improvements
Other fixtures,
furniture and
fittings
Right-of-use
assets
Total
Accumulated cost at January 1, 2025 1,428 1,917 8,406 11,751
Additions - - 237 237
Disposals (44) - (718) (762)
Accumulated cost at December 31, 2025 1,384 1,917 7,925 11,226
Accumulated depreciations and impairment at
January 1, 2025
(1,043) (873) (4,691) (6,607)
Depreciations (172) (169) (1,664) (2,005)
Disposals 44 (282) 718 480
Accumulated depreciations and impairment at
December 31, 2025
(1,171) (1,324) (5,637) (8,132)
Carrying amount at December 31, 2025 213 593 2,288 3,094
2024
USD '000
Leasehold
improvements
Other fixtures,
furniture and
fittings
Right-of-use
assets
Total
Accumulated cost at January 1, 2024 2,256 4,970 17,967 25,193
Exchange rate adjustments (33) (161) (175) (369)
Additions 226 - (1,979) (1,753)
Disposals (1,021) (2,892) (7,407) (11,320)
Accumulated cost at December 31, 2024 1,428 1,917 8,406 11,751
Accumulated depreciations and impairment at
January 1, 2024
(1,835) (3,237) (6,591) (11,663)
Exchange rate adjustments 29 136 890 1,055
Depreciations (261) (603) (2,560) (3,424)
Disposals 1,024 2,831 3,570 7,425
Accumulated depreciations and impairment at
December 31, 2024
(1,043) (873) (4,691) (6,607)
Carrying amount at December 31, 2024 385 1,046 3,713 5,144
49
3.2 PROPERTY, PLANT AND EQUIPMENT (continued)
The carrying amount of right-of-use assets as of December 31st can be specified into below
categories:
USD '000 2025 2024
Buildings 2,288 3,713
Total 2,288 3,713
Besides what is shown in notes 2.5 and 4.4, the Consolidated Income Statement shows the
following amounts relating to leases:
USD '000 2025 2024
Expense relating to short-term leases included under:
Cost of revenue 52 3
Sales & marketing costs 63 4
Research & development costs 77 3
General & administrative costs 29 57
Total 221 67
Total cash outflow for leases 2,937 2,930
50
3.3 CONTRACT ASSETS
ACCOUNTING POLICIES
Contract assets stem from subscription agreements with payments in the future. Contract assets
consist of sales commissions directly associated with obtaining a contract with a new client and
deemed realizable through the future revenue streams under the contract.
Contract assets are recognized at cost, as part of sales & marketing costs, when control over
goods or services is transferred to a client. Subsequently contract assets are measured at cost
less accumulated amortization and any accumulated impairment losses.
Contract assets are amortized on a straight-line basis, based on the expected lifetime (historical
churn rate) of the contract, but not exceeding 5 years. Amortizations, impairment and
(gains)/losses on contract assets are recognized in the income statement under 'Sales &
Marketing costs'.
Contract assets are within the scope of impairment requirements in IFRS 15. For contract assets
the simplified approach is used, and the expected loss provision is measured at the estimate of
the lifetime expected credit losses.
KEY ACCOUNTING ESTIMATES
The expected lifetime of contract assets is based upon assumptions on churn rates. When
evaluating the expected churn rates for contracts, historical performance on specific markets
and verticals is considered in the estimation process. The analysis is furthermore based upon
current economic trends in the specific market and vertical.
USD '000 2025 2024
Accumulated cost at January 1 36,919 60,414
Exchange rate adjustments - (1,255)
Additions 6,025 5,191
Disposals (5,749) (27,431)
Accumulated cost at December 31 37,195 36,919
Accumulated amortizations and impairment at January 1 (18,212) (39,342)
Exchange rate adjustments - 804
A
mortizations (7,299) (7,106)
Impairment - -
Disposals 5,749 27,432
Accumulated amortizations and impairment at December 31 (19,762) (18,212)
Carrying amount at December 31 17,433 18,707
51
3.4 TRADE RECEIVABLES
ACCOUNTING POLICIES
Trade receivables are measured in the balance sheet at the lower of amortized cost and net
realizable value, which corresponds to nominal value less provisions for bad debts.
Provisions for bad debts are determined by using the simplified expected credit loss model
(ECL). The ECLs on trade receivables are estimated by using a matrix by reference to geography,
past default experience, analysis of the debtor’s current financial position, adjusted for factors
that are specific to the debtors, general economic conditions in which the debtors operate and
an assessment of the forecast direction of developments at the reporting date.
KEY ACCOUNTING ESTIMATES
Management makes allowance for doubtful trade receivables in anticipation of estimated losses
resulting from customers not being able to make required payments. When evaluating the
adequacy of the allowance for doubtful trade receivables, Management analyzes trade
receivables and examines historical bad debt, customer creditworthiness and payment history,
current economic trends and changes in customer payment terms.
52
3.4 TRADE RECEIVABLES (continued)
USD '000 2025 2024
Trade receivables (gross) 14,951 14,340
Allowance for doubtful trade receivables (123) (185)
Total 14,828 14,155
Age analysis of trade receivables:
- Not yet due 9,733 10,670
- Overdue by up to 30 days 4,444 2,756
- Overdue by up to 31 days and 60 days 299 336
- Overdue by between 61 days and 90 days 162 143
- Overdue by more than 90 days 190 249
Trade receivables with credit risk exposure 14,828 14,155
Movement in allowance for doubtful trade receivables
Balance at January 1 (185) (881)
Reversal of allowance on realized losses - -
Provision made during the year 65 712
Exchange rate adjustments (3) (17)
Balance at December 31 (123) (185)
Allowance for doubtful trade receivables split by age analysis:
- Not yet due - -
- Overdue by up to 30 days (13) (10)
- Overdue by up to 31 days and 60 days (6) (7)
- Overdue by between 61 days and 90 days (6) (5)
- Overdue by more than 90 days (98) (164)
Balance at December 31 (123) (185)
53
3.5 PREPAYMENTS
ACCOUNTING POLICIES
Prepayments are measured at cost and comprise prepaid costs concerning rent, licenses,
insurance premiums, and subscriptions, etc.
3.6 OTHER PROVISIONS
ACCOUNTING POLICIES
Provisions are recognized when – in consequence of an event occurring before or on the
balance sheet date – the Group has a legal or constructive obligation and it is probable that
economic benefits must be given up to settle the obligation.
Provisions are measured at the present value of the anticipated expenditure for settlement of
the legal or constructive obligation based on Management’s best estimate.
Other provisions cover obligation to re-establish the Group’s leased premises and long-term
vacation accruals.
USD '000 2025 2024
Balance at January 1 2,784 2,931
Exchange rate adjustments 335 (18)
Additions 127 (129)
Balance at December 31 3,246 2,784
54
3.7 CONTRACT LIABILITIES
ACCOUNTING POLICIES
Contract liabilities represent prepayments from clients for unsatisfied or partially satisfied
performance obligations in relation to subscriptions, services and technical support.
Management expects that the majority of the transaction price allocated to the unsatisfied
contracts at December 31, 2025 will be recognized as revenue during 2026. The remaining
amounts will be recognized in the 2026-2027 financial years.
USD '000 2025 2024
Balance at January 1 62,381 62,325
Exchange rate adjustments 2,042 (
364)
Revenue recognized in the period (112,989) (106,455)
Total bookings 113,647 106,875
Balance at December 31 65,081 62,381
55
4.1 FINANCIAL INSTITUTIONS
ACCOUNTING POLICIES
Borrowings are recognized initially at fair value. Borrowings are subsequently measured at
amortized cost. Borrowing costs are expensed in the income statement in the period they are
incurred.
USD '000 2025 2024
Current liabilities - 25,000
Non-current liabilities 25,000 -
Total 25,000 25,000
The Group has entered into a borrowing agreement with Financial Institutions under which USD
35 million was provided as a revolving credit facility bearing interest of Compounded SOFR and a
fixed element of 4%.
The undrawn amount of the credit facility at December 31, 2025 and 2024 was USD 10 million.
In 2024, the outstanding balance under the revolving credit facility was presented as a current
liability in accordance with IAS 1, as the Group did not have a substantive right at the reporting
date to defer settlement for at least 12 months. The facility was subsequently renegotiated in
March 2025 to extend the maturity to November 3, 2027. As a result of this renegotiation, the
outstanding balance is presented as a non-current liability in 2025.
4.2 FINANCIAL RISKS AND INSTRUMENTS
ACCOUNTING POLICIES
The Group manages financial risks based on directions from the Board of Directors.
As a general direction, the Group does not engage in financial transactions or manage risk
exposures that are not related to the underlying business-driven risks. This means that the
Group does not enter into any speculative transactions.
The Group’s financial risks must be managed with the aim of protecting the value and financial
stability of the Group, taking into consideration the cost and accounting consequences of such
transactions.
The risk management activities of the Group are managed centrally by Group Finance and
primarily involve the following different financial risks.
56
4.2 FINANCIAL RISKS AND INSTRUMENTS (continued)
Foreign Exchange Risk
The Group's reporting currency is USD, while the most significant currencies for revenue and
cost are the USD, DKK and EUR. Fluctuating currency rates influence the reported net
income/loss, assets and liabilities, as well as the value of future cash flows. A significant part of
the Group's operations are in DKK and EUR, where translation risk is present.
The Group does not hedge its exposure to foreign currency fluctuations. A hedging strategy
might not be possible to execute as hedging instruments may not be available for all currencies,
or may not always offset losses resulting from currency exchange rate fluctuations. Moreover,
the use of hedging instruments can itself result in losses if the Group is unable to structure
effective hedges with such instruments.
A 5% increase/decrease in the USD rate versus local currencies would impact EBIT
positively/negatively by USD 2.2 million (2024: USD 2.3 million).
Interest Rate Risk
The Group's total borrowings amounts to USD 39.1 million as of December 31, 2025 (2024: USD
37.8 million).
The Group's borrowings are subject to interest of Compounded SOFR and a fixed element of 4%.
Fluctuating interest rates influence the Group’s income statement, balance sheet and the
present value of future cash flows resulting from changes in interest rates.
The objective of actively managing the Group’s interest rate exposure is to maintain the interest
rate risk at a known and acceptable level and to minimize the Group’s cost of borrowing
requirements.
The Group does not hedge against the interest rate risk as it is assessed to be insignificant,
although the development in interest rates are closely monitored in order to react in a timely
fashion and taking required measures.
A 1% increase/decrease in the interest rate would impact net financial items
positively/negatively by USD 0.4 million (2024: USD 0.4 million).
Credit Risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Group is exposed to credit risks
from its operating activities (primarily trade receivables), including deposits with banks and
other financial instruments.
57
4.2 FINANCIAL RISKS AND INSTRUMENTS (continued)
Operational Credit Risk
The Group’s balance sheet at December 31, 2025 included trade receivables with a net book
value of USD 14.8 million (2024: USD 14.2 million).
The allowance for doubtful trade receivables is estimated by analyzing trade receivables and
examining historical bad debt, customer creditworthiness and payment history, current
economic trends and changes in customer payment terms. Refer to note 3.4.
If the Group is unable to collect receivables from customers, the Group could incur write-offs for
bad debt, which could have a material adverse effect on the Group’s results of operations for
the periods in which the write-offs occur. In the future, bad debt may exceed reserves for such
contingencies and its bad debt exposure may increase over time. An increase in write-offs for
bad debt could have a materially negative effect on the Group’s business, financial condition
and operating results.
The Group’s revenue primarily comprises the sale of subscriptions to the Group’s Intelligence
Platform to different companies and institutions within the private and public sector. The Group
has historically experienced limited risk with regard to the solvency of its customers and
therefore limited losses. As part of the Group’s internal procedures regarding risk management,
the operational credit risk relating to customers is monitored on a monthly basis. The Group has
no significant concentration of credit exposure as the exposure has been spread among
different sectors.
In addition, total other receivables including deposits totals USD 4.1 million (2024: USD 5.1
million). Management deems no significant risk in relation to these amounts. For further details
please refer to note 4.3.
Financial Credit Risk
Financial credit risk management has the objective of minimizing financial loss through a
financial distress or the default of a financial counterparty whether due to the financial
insolvency of the counterparty, the inability of the counterparty to perform due to changed
national legislation or any other circumstance.
The Group’s exposure to counterparty risk is managed by establishing approved counterparty
limits detailing the maximum exposure that the Group is prepared to accept with respect to the
individual counterparty.
Financial credit risk from balances with banks and financial institutions is managed by
Management on a regular basis. Based on external credit ratings, no material risk has been
identified in respect to the Group’s cash balances.
LIQUIDITY RISK
The Group ensures the availability of the required liquidity through a combination of cash
management and committed credit facilities. To centralize and optimize liquidity the Group
utilizes cash pooling in addition to intercompany lending and borrowing.
58
4.2 FINANCIAL RISKS AND INSTRUMENTS (continued)
The Group has entered into a borrowing agreement with Financial Institutions under which USD
35 million was provided as a revolving credit facility bearing interest of Compounded SOFR and a
fixed element of 4%.
Under the terms of the revolving credit facility, the Group is required to maintain a minimum
liquidity level, defined as cash and available borrowing capacity of USD 10.0 million. Compliance
is assessed on a monthly basis based on internally prepared liquidity calculations submitted to
the lenders.
The Group complied with this covenant throughout the reporting period.
In May 2024, the Company received a $5 million shareholder contribution from the Ultimate
Parent. This contribution will ensure that the company has sufficient funds to execute the
planned strategy and continue its operations.
The table below summarizes the maturity profile of the Group's financial liabilities and assets
based on contractual undiscounted payments:
USD '000
Maturity at December 31, 2025
Carrying
amount
Total 0-1 year 1-5 years >5 years
Measured at amortized cost
Cash and cash equivalents
15,334 15,334
Trade receivables
14,828 14,828
Other receivables
530 530
Total financial assets
30,692 30,692 - - -
Measured at amortized cost
Borrowings 25,000 29,461 2,433 27,028
Trade payables 5,501 5,501 5,501
Liabilities to parent companies
14,052 14,052 14,052
Other liabilities 10,058 10,058 10,058
Lease liabilities 4,289 6,980 2,277 3,875 828
Total financial liabilities 58,900 66,052 34,321 30,903 828
Contractual maturity incl. interest
59
4.2 FINANCIAL RISKS AND INSTRUMENTS (continued)
USD '000
Maturity at December 31, 2024
Carrying
amount
Total 0-1 year 1-5 years >5 years
Measured at amortized cost
Cash and cash equivalents
10,289 10,289
Trade receivables
14,155 14,155
Other receivables
600 600
Total financial assets
25,044 25,044 - - -
Measured at amortized cost
Borrowings 25,000 25,000 27,175
Trade payables 1,960 1,960 1,960
Liabilities to parent companies
12,844 12,844 12,844
Other liabilities 8,380 8,380 8,380
Lease liabilities 5,751 9,309 2,942 6,366
Total financial liabilities 53,935 57,493 53,301 6,366 -
Contractual maturity incl. interest
4.3 OTHER FINANCIAL FIXED ASSETS
ACCOUNTING POLICIES
Other financial fixed assets primarily consists of deposits paid for the Group's leased premises.
Other financial fixed assets are measured at cost less accumulated impairment losses in the
balance sheet. Where cost exceeds the recoverable amount, an impairment charge is
recognized.
Additions in 2024 include sublease rental receivables associated with an office lease in the US.
60
4.3 OTHER FINANCIAL FIXED ASSETS (continued)
USD '000 2025 2024
Accumulated cost at January 1 4,490 1,066
Exchange rate adjustments - -
Additions - 3,768
Disposals (902) (344)
Accumulated cost at December 31 3,588 4,490
Accumulated revaluation and impairment at January 1 - -
Accumulated revaluation and impairment at December 31 - -
Carrying amount at December 31 3,588 4,490
4.4 FINANCIAL INCOME & FINANCIAL COSTS
ACCOUNTING POLICIES
Financial income and costs comprise interests, realized and unrealized exchange adjustments
and other financial income and costs.
USD '000 2025 2024
FINANCIAL INCOME
Interests received from affiliated companies - -
Other financial income 45 197
Net foreign exchange gain 472 -
Total 517 197
FINANCIAL COSTS
Interests paid to affiliated companies 1,203 740
Other financial costs 2,459 2,643
Interests paid for lease liabilities 318 477
Net foreign exchange loss - 3,647
Total 3,980 7,507
61
4.5 SHARE CAPITAL
The Group’s objectives when managing capital are to safeguard its ability to continue as a going
concern, so that it can continue to provide returns for shareholders and benefits for other
stakeholders, and maintain an optimal capital structure to reduce the cost of capital.
The share capital consists of 579,486 shares of nominal value of DKK 1. The share capital has
been paid in full and comprise 1 share class.
The share capital has developed as follows:
USD '000 2025 2024 2023 2022 2021
Share capital at January 1 96 96 96 96 92
Capital increases 4
Capital decrases
Share capital at December 31 96 96 96 96 96
62
4.6 CHANGES IN NET WORKING CAPITAL (CASH FLOW STATEMENT)
ACCOUNTING POLICIES
Working capital is defined as current assets less current liabilities. It measures how much in
liquid assets the Group has available for its operations.
USD '000 2025 2024
Change in receivables (1,651) 5,761
Change in liabilities 6,889 (7,425)
Total 5,238 (1,664)
5.1 CASH FLOW ADJUSTMENTS
For the purpose of presenting the cash flow statement, non-cash items with effect on the
income statement must be reversed to identify the actual cash flow effect from the income
statement. The adjustments are specified as follows:
USD '000 2025 2024
Financial income (517) (197)
Financial costs 3,980 7,507
Depreciations, amortizations and impairment losses 16,209 14,761
Provision movement (1,629) (3,198)
Allowance for doubtful trade receivables 6 (465)
Share-based payments 536 (1,295)
Income taxes 663 751
Acquisition of subsidiary - 2,798
Exchange rate adjustments 2,563 (904)
Total 21,811 19,758
5.2 CONTINGENT ASSETS, LIABILITIES AND OTHER FINANCIAL OBLIGATIONS
ACCOUNTING POLICIES
All leases are classified as operating leases. Payments made under operating leases are
recognized in the income statement on a straight-line basis over the lease term.
63
5.2 CONTINGENT ASSETS, LIABILITIES AND OTHER FINANCIAL OBLIGATIONS
(continued)
LEASE OBLIGATIONS
The Group has entered into operating lease agreements for offices. The leases expire between
2026 and 2031 years, and the majority of the lease agreements are renewable at the end of the
lease period at market rate.
GUARANTEE OBLIGATIONS
The Group has provided corporate pledges to banks totaling USD 25.9 million (2024: USD 25
million). The corporate pledges include current and non-current tangible and intangible assets
and secure the Group’s borrowing arrangements.
As part of these arrangements:
• The Group has an outstanding balance of USD 25.0 million (2024: USD 25.0 million) on its
revolving credit facility, which is secured by the corporate pledge.
• The Group has additionally issued letters of credit totaling USD 0.9 million (2024: USD 0.9
million) in connection with lease agreements, which are also secured by the corporate
pledge.
No limitations in the use of assets apply.
The Group has issued letters of comfort to its subsidiaries.
CONTINGENT LIABILITIES
Through participation in joint Danish taxation schemes, the Group is jointly and severally liable
for the tax payables for Danish entities.
5.3 RELATED PARTY TRANSACTIONS
Related parties comprise companies controlled by Cidron Vega X, SCSp and Key Management.
Key Management are Siteimprove A/S’ Board of Directors and Executive Board as well as
management in the controlling companies.
64
5.3 RELATED PARTY TRANSACTIONS (continued)
The Group has had the following arm's length transactions with related parties:
USD '000 2025
2024
Cost recharged to subsidiaries - -
Services sold to subsidiaries - -
Services rendered from subsidiaries - -
Services rendered from parent companies - -
Interest paid to subsidiaries - -
Interest received from subsidiaries - -
Interest paid to parent companies 1,203 1,137
Receivables from subsidiaries - -
Receivables from parent companies - -
Payables to subsidiaries - -
Payables to parent companies 14,052 12,846
5.4 OWNERSHIP AND CONSOLIDATED FINANCIAL STATEMENTS
CONTROLLING INTEREST
Cidron Vega X, SCSp, Luxembourg Parent Company
Siteimprove Holding A/S, Copenhagen Parent Company
SI I A/S, Copenhagen Parent Company
SI II A/S, Copenhagen Parent Company
OWNERSHIP
The following shareholders are recorded in the Company's register of shareholders as holding at
least 5% of the votes or at least 5% of the share capital:
SI II A/S, Copenhagen
CONSOLIDATED FINANCIAL STATEMENTS
Cidron Vega X, SCSp is Parent Company to Siteimprove Holding A/S. The ultimate owner of
Cidron Vega X, SCSp are funds managed by Nordic Capital.
Siteimprove A/S is included in the Consolidated Financial Statements of Siteimprove Holding
A/S, Copenhagen, Denmark.
65
5.5 SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
No events have occurred after the balance sheet date that would require adjustment to or
disclosure in the financial statements.
5.6 FEE TO STATUTORY AUDITOR
The total fee for the statutory auditor which is included in general & administrative costs can be
specified as follows:
USD '000 2025 2024
Statutory audit 282 140
Tax advisory services 256 188
Other services 60 0
Total 598 328
5.7 ENTITIES IN THE SITEIMPROVE GROUP
Name
Country
Currency
Share
Capital
Ownership
Siteimprove A/S Denmark, Copenhagen DKK 579,486 Parent
Siteimprove AS Norway, Oslo NOK 50,
000 100%
Siteimprove GmbH Germany, Berlin EUR 25,000 100%
Siteimprove GmbH Switzerland, Zurich CHF 20,000 100%
Siteimprove GmbH Austria, Vienna EUR 35,000 100%
Siteimprove I Sveriage AB Sweden, Malmo SEK 100,000 100%
Siteimprove, Inc. USA, Minneapolis USD 1,000 100%
Siteimprove Inc. Canada, Toronto CAD 100 100%
Siteimprove K.K. Japan, Tokyo JPY 50,000 100%
Siteimprove Ptd. Ltd. Singapore SGD 100,000 100%
Siteimprove Foroyar S/f Faroe Islands, Torshavn DKK 50,000 100%
Siteimprove Ltd. United Kingdom, London GBP 1 100%
Siteimprove Ltd. Australia, Sydney AUD 1 100%
Siteimprove B.V. Netherlands, Amsterdam EUR 1 100%
Siteimprove Oy Finland, Helsinki EUR 2,500 100%
Siteimprove S.L.U. Spain, Madris EUR 3,000 100%
Sitemprove S.R.L. Italy, Milan EUR 10,000 100%
Siteimprove SAS France, Paris EUR 1 100%
Siteimprove SPRL Belgium, Brussels EUR 6,200 100%
MarketMuse Inc. USA, Delaware USD 1,000 100%
Laboratoire MarketMuse Canada Canada, Quebec CAD 100,000 100%
66
5.8 ACQUISITION OF SUBSIDIARY
In October 2024, Siteimprove, Inc., a US subsidiary of the Group, acquired 100% of the issued
shares of MarketMuse, Inc, a US company incorporated in Delaware, and its 100% owned
subsidiary, Laboratoire MarketMuse Canada, located in Canada. The acquisition called for a
holdback liability of $540K to be paid to MarketMuse legacy shareholders in October 2025
pending one year of operations and the discovery of any unrecorded liabilities.
In October 2025, the Group settled the holdback obligation with a payment of USD 272K,
representing full and final settlement of the liability. The difference between the initial estimate
and the final settlement was recorded as a reduction of the liability recognized at the acquisition
date.
67
Financial Statements for the Parent Company
68
Parent Income statement January 1 – December 31
DKK '000 Note 2025 2024
Subscriptions 272,543 319,137
Professional services - -
Revenue 272,543 319,137
Cost of revenue 2 / 3 (72,087) (74,062)
Gross profit 2 / 3 200,456 245,074
S
ales & marketing costs 2 / 3 (40,003) (85,870)
Research & development costs 2 / 3 (82,718) (83,361)
General & admin costs 2 / 3 (42,551) (40,196)
EBIT 35,184 35,647
Financial income 4 1,714 39,735
Financial costs 5 (30,708) (118,636)
Net profit/(loss) before tax 6,190 (43,254)
Income taxes 6 (2,384) 5,632
Net profit/(loss) 3,806 (37,622)
69
Parent Balance Sheet at December 31
ASSETS
DKK '000 Note 2025 2024
Contract assets 4,530 4,743
Development projects 49,315 44,631
Development projects in progress 9,086 9,954
Patents 2,341 2,926
Goodwill - -
Total intangible fixed assets 7 65,272 62,254
Leasehold improvements - -
Other fixtures, furniture and fittings 723 2,116
Right-of-use assets 1,650 5,984
Total tangible fixed assets 8 2,373 8,100
Investments in subsidiaries 9 6,090 6,090
Other financial fixed assets 10 2,377 2,377
Total other non-current assets 8,467 8,467
Total non-current assets 76,112 78,821
Trade receivables 3,323 2,768
Receivables from subsidiaries - 14,004
Receivables from associated companies - 15
Other receivables - 0
Deferred tax assets 6 - -
Income tax receivables 524 11,000
Prepayments 11 13,238 11,355
Total receivables 17,085 39,141
Cash and cash equivalents 18,677 6,081
Total current assets 35,762 45,223
Total assets 111,874 124,044
70
Parent Balance Sheet at December 31
EQUITY AND LIABILITIES
DKK '000 Note 2025 2024
Share capital 12 579 579
Reserve for development projects 38,276 42,386
Retained earnings (580,164) (589,319)
Total equity (541,309) (546,353)
Deferred income tax liabilities - -
Provision for financial assets 13 - -
Other provisions 13 19,996 19,191
Lease liabilities 14 - 1,635
Contract liabilities 204 97
Borrowings 172,856 178,500
Total non-current liabilities 193,056 199,422
Trade payables 35,892 11,470
Payables to subsidiaries 293,953 339,520
Payables to associated companies 99,359 91,703
Income tax liabilities 431 431
Deferred tax liability 6 3,474 1,090
Other liabilities 9,991 7,115
Lease liabilities 14 1,791 4,726
Contract liabilities, current portion 15,236 14,919
Total current liabilities 460,127 470,975
Total liabilities 653,183 670,397
Total equity and liabilities 111,874 124,044
Contingent assets, liabilities and other
financial obligations
15
Related parties, transactions, ownership
and consolidated financial statements
16
Distribution of result 17
Significant events after the reporting period
18
71
Parent Statement of Changes in Equity
DKK '000
Share capital
Reserve for
development
projects
Retained
earnings
Total
Equity at 1st January, 2025 579 42,386 (589,319) (546,354)
Development costs for the year 27,789 (27,789) -
Amortizations and impairment for the year (33,058) 33,058 -
Tax of development projects 1,159 (1,159) -
Share-based payments 1,239 1,239
Net profit/loss 3,806 3,806
Equity at 31st December, 2025 579 38,276 (580,164) (541,309)
72
Notes
1 Accounting policies
Basis of Preparation
The Financial Statements of Siteimprove A/S for 2025 have been prepared in accordance with the
provisions of the Danish Financial Statements Act applying medium-sized enterprises of reporting class
C.
The Financial Statements are presented in DKK thousands.
The Consolidated Financial Statements have been prepared in accordance with IFRS. The accounting
policies applied for the Financial Statements regarding recognition and measurement have also been
applied for the Parent Company with the below exceptions.
With reference to §86, para. 4 of the Danish Financial Statements Act no Cash Flow Statement for the
Parent Company is disclosed. Please refer to the Consolidated cash flow statement for the Group.
With reference to §101, para. 4 of the Danish Financial Statements Act no separate 5-year summary for
the Parent Company is disclosed. Please refer to the Consolidated 5-year summary for the Group.
With reference to §96, para. 3 of the Danish Financial Statements Act no separate disclosure of auditor’s
fee for the Parent Company is disclosed. Please refer to the Consolidated Financial Statements.
Changes in accounting policies
The accounting policies applied are unchanged from last year.
Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment losses and amortizations
on positive differences on initial recognition in the balance sheet. Where cost exceeds the recoverable
amount, write-down is made to this lower value.
On disposal of investments in subsidiaries, the difference between net disposal proceeds and the
carrying amounts of the investments is taken to the income statement.
Share-based payments
In relation to share-based payments, the provisions in IFRS 2 have been adopted as the Danish Financial
Statements Act does not regulate share-based payments settled via equity instruments, but only cash-
settled share-based payments.
Derogation from the Danish Financial Statements Act for share-based payments means that the year’s
cost for share-based payments are not recognized as a liability in the balance sheet, but directly in the
statement of equity. For the monetary impact, please refer to the statement of changes in equity and
note 4 ‘Staff costs’.
73
Right-of-use assets and lease liabilities
In relation to right-of-use assets, the provisions in IFRS 16 have been adopted as the Danish Financial
Statements Act does not regulate the recognition of assets that are not owned by the Company
(“operating leases”) as part of the balance sheet.
Derogation from the Danish Financial Statements Act for right-of-use assets means that the discounted
value of future lease payments is recognized as an asset and liability as part of the balance sheet. For the
monetary impact, please refer to the balance sheet and note 14 ‘Short-term and long-term liabilities’.
2 STAFF COSTS
DKK '000 2025 2024
Wages and salaries 93,858 100,295
Pensions 5,424 6,285
Social security costs 1,
088 1,247
Share based payments 1,241 (3,087)
Total 101,611 104,740
Staff costs included in development projects (36,875) (37,594)
Commissions included in deferred commissions (1,585) (1,484)
Staff costs expensed to the income statement 63,151 65,662
Above includes remuneration to the Executive Board & Board of Directors
DKK '000 2025 2024
Executive Board
Salary and bonus 1,023 2,448
Pension - -
Share-based compensation 73 (8,758)
Total
1,096 (6,310)
Board of Directors
Salary and bonus 2,668 2,894
Pension - -
Share-based compensation 100 1,110
Total 2,768 4,004
Average number of employees 105 132
74
DKK '000 2025 2024
3 DEPRECIATIONS, AMORTIZATIONS AND IMPAIRMENT
Amortizations of intangible assets 32,353 28,731
Depreciations on tangible assets 8,712 13,159
Gains/losses on disposals - 95
Total 41,065 41,985
4
FINANCIAL INCOME
Interests received from affiliated companies 1,575 660
Other financial income 139 983
Exchange rate gains - -
Total 1,714 1,643
5
FINANCIAL COSTS
Interests paid to affiliated companies 33,762 35,588
Other financial costs (1,106) 19,222
Exchange rate losses (1,948) 25,734
Total 30,708 80,544
6
TAXES
INCOME TAXES
Current income tax - 5,500
Deferred income tax current year 80 673
Deferred income tax previous years - -
Adjustments concerning previous years (2,464) (541)
Total (2,384) 5,632
DEFERRED INCOME TAXES
Deferred income tax 1st January
(1,090) (1,653)
Adjustment of deferred tax concerning previous years
(2,464) (110)
Movement for the year
80 673
Deferred income tax 31st December (3,474) (1,090)
The deferred tax liability primarily consists of timing differences on intangible assets and other
assets that will be utilized within 5 years. When assessing the utilization of the tax asset, an
emphasis is put on the Company’s significant growth rates on existing markets as well as entry
into new markets. At December 31, 2025, the Company has a total of DKK 191,481k (2024: DKK
246,496k) as unrecognized deferred tax assets. The net operating losses remain available for
offset to future taxable income for tax purposes.
75
7
INTANGIBLE ASSETS
DKK '000
Contract
assets
Development
projects
Development
projects in
progress
Patents Total
Accumulated cost at 1st January 10,046 192,023 9,954 4,228 216,251
Additions 1,585 - 36,875 - 38,460
Disposals (1,999) (23,042) - - (25,041)
Transfers - 37,743 (37,743) - -
Accumulated cost at 31st December 9,632 206,724 9,086 4,228 229,670
1st January
(5,303) (147,392) - (1,301) (153,996)
Amortizations (1,798) (33,059) - (586) (35,443)
Impairment - - - - -
Disposals 1,999 23,042 - - 25,041
31st December
(5,102) (157,409) - (1,887) (164,398)
Carrying amount at 31st December 4,530 49,315 9,086 2,341 65,272
Development Projects relates to the continuous development of new tools and features for the
Company’s Intelligence Platform. The Development Projects in Progress are expected to be finalized
over the course of 2026, after which the marketing of the new software services can begin. The projects
are progressing as planned and it is expected that the software will be sold in current and new markets.
The developed tools and features relate to Quality Assurance, Accessibility, Analytics, SEO, Ads,
Performance, Policy Management, CMS plugins, and Response and Data Privacy. As of December 31,
2025 the carrying amount of development projects primarily relates to Quality Assurance, Accessibility,
Analytics, CMS plugins and Performance.
The continued product development of the Intelligence Platform is expected to result in a considerable
competitive advantage and, hence, a significant further increase in the level of activity and results of
operations.
76
8 TANGIBLE ASSETS
DKK '000
Other
fixtures,
furniture and
fittings
Right-of-use
assets
Total
Accumulated cost at 1st January 5,050 10,264 15,314
Additions - - -
Disposals (873) (103) (976)
Transfers - - -
Accumulated cost at 31st December 4,177 10,161 14,338
1st January
(2,934) (4,280) (7,214)
Amortizations (1,393) (4,231) (5,624)
Impairment - - -
Disposals 873 - 873
31st December
(3,454) (8,511) (11,965)
Carrying amount at 31st December 723 1,650 2,373
77
9 INVESTMENTS IN SUBSIDIARIES
DKK '000 2025 2024
Accumulated cost at 1st January
9,030 9,030
Adjustment to previous years
- -
Additions - -
Disposals - -
Accumulated cost at 31st December
9,030 9,030
1st January
(2,940) (2,940)
Impairment - -
Revaluation - -
Accumulated amortizations and impairment at 31st December (2,940) (2,940)
Carrying amount at 31st December 6,090 6,090
Investments in subsidiaries are specified as follows:
Name
Country Currency
Share
capital
Owner-
ship
Siteimprove A/S Denmark, Copenhagen DKK 579.486 Parent
Siteimprove AS Norway, Oslo NOK 50.000 100%
Siteimprove GmbH Germany, Berlin EUR 25.000 100%
Siteimprove GmbH Switzerland, Zürich CHF 20.000 100%
Siteimprove GmbH Austria, Vienna EUR 35.000 100%
Siteimprove i Sverige AB Sweden, Malmo SEK 100.000 100%
Siteimprove Inc. USA, Minneapolis USD 1.000 100%
Siteimprove Inc. Canada, Toronto CAD 100 100%
Siteimprove K.K. Japan, Tokyo JPY 50.000 100%
Siteimprove Pte. Ltd. Singapore SGD 100.000 100%
Siteimprove Føroyar Sp/f Faroe Islands, Tórshavn DKK 50.000 100%
Siteimprove Ltd. United Kingdom, London GBP 1 100%
Siteimprove Ltd. Australia, Sydney AUD 1 100%
Siteimprove B.V. Netherlands, Amsterdam EUR 1 100%
Siteimprove Oy Finland, Helsinki EUR 2.500 100%
Siteimprove S.L.U. Spain, Madrid EUR 3.000 100%
Siteimprove S.R.L. Italy, Milan EUR 10.000 100%
Siteimprove SAS France, Paris EUR 1 100%
Siteimprove SPRL Belgium, Brussels EUR 6.200 100%
MarketMuse Inc. USA, Delaware USD 1.000 100%
Laboratoire MarketMuse Canada Canada, Quebec CAD 100.000 100%
78
10 OTHER FINANCIAL FIXED ASSETS
DKK '000 2025 2024
Accumulated cost at 1st January 2,377 2,451
Additions - -
Disposals - (74)
Accumulated cost at 31st December 2,377 2,377
Accumulated revaluation and impairment 1st January - -
Accumulated revaluation and impairment 31st December - -
Carrying amount at 31st December 2,377 2,377
11 PREPAYMENTS
Prepayments comprise prepaid expenses concerning rent, insurance premiums and
subscriptions.
12 SHARE CAPITAL
The share capital consists of 579,486 shares of nominal value of DKK 1. The share capital is not
divided into share classes.
The share capital has developed as follows:
DKK '000 2025 2024 2023 2022 2021
Share capital at January 1 579 579 579 579 555
Capital increases 24
Capital decrases
Share capital at December 31 579 579 579 579 579
13 PROVISIONS
Provision for financial assets covers write-downs on the Company's subsidiaries. Other
provisions cover obligation to re-establish the Company’s leased premises.
79
14 SHORT-TERM AND LONG-TERM LIABILITIES
Repayments that fall due within 1 year are recognized under current liabilities. Repayments that
fall due after 1 year are recognized under non-current liabilities.
Liabilities are due according to the following order:
DKK '000 2025 2024
Within 1 year
1,995 4,726
Between 1 and 5 years 172,856 180,135
After 5 years - -
Total 174,851 184,861
15 CONTINGENT ASSETS, LIABILITIES AND OTHER FINANCIAL OBLIGATIONS
CONTINGENT LIABILITIES
The Company has provided corporate pledges to banks totaling DKK 5.6 million (2024: DKK 5.6
million). The corporate pledge includes current and non-current tangible and intangible assets.
No limitations in the use of assets apply.
Through participation in joint taxation schemes, the Company is jointly and severally liable for
the tax payables.
The Company has issued letter of comfort to subsidiaries.
16 RELATED PARTIES, TRANSACTIONS, OWNERSHIP AND CONSOLIDATED
FINANCIAL STATEMENTS
CONTROLLING INTEREST
Cidron Vega X, SCSp, Luxembourg
Siteimprove Holding A/S, Copenhagen
Si I A/S, Copenhagen
Si II A/S, Copenhagen
80
16 RELATED PARTIES, TRANSACTIONS, OWNERSHIP AND CONSOLIDATED
FINANCIAL STATEMENTS (continued)
TRANSACTIONS WITH RELATED PARTIES
With reference to §98c, para. 7 of the Danish Financial Statements Act the following activity is
disclosed:
DKK '000 2025 2024
Cost recharged to subsidiaries 27,951 29,458
Services sold to subsidiaries 295,331 294,750
Services rendered from subsidiaries 61,779 44,974
Services rendered from parent companies - -
Interest paid to subsidiaries 26,060 27,746
Interest received from subsidiaries 1,530
660
Interest paid to parent companies 7,656 7,842
Receivables from subsidiaries - -
Receivables from parent companies - -
Payables to subsidiaries 293,953 314,018
Payables to parent companies 99,359 91,688
OWNERSHIP
The following shareholders are recorded in the Company's register of shareholders as holding at
least 5% of the votes or at least 5% of the share capital:
SI II A/S, Copenhagen
CONSOLIDATED FINANCIAL STATEMENTS
Cidron Vega X, SCSp is Parent Company to Siteimprove Holding A/S. The ultimate owner of
Cidron Vega X, SCSp is funds managed by Nordic Capital.
Siteimprove A/S is included in the Consolidated Financial Statements of Siteimprove Holding
A/S, Copenhagen, Denmark.
17 DISTRIBUTION OF RESULT
DKK '000 2025 2024
Extraordinary dividend paid - -
Proposed dividends - -
Retained earnings 3,806 (37,622)
Total 3,806 (37,622)
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