Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Asetek A/S
Skjoldet 20
Denmark
Financial Reporting for the period
January 1 to September 30, 2025
Published December 19, 2025
Company Registration (CVR) Number 34 88 05 22
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Highlights
• Nine months year-to-date revenue of $30.9 million, and adjusted EBITDA of ($0.7) million
compared to $37.1 million and ($0.3) million in 2024, respectively
• Signed major agreement with global customer for high-end liquid cooling solutions with
estimated minimum commitment of $35 million over the first two-year term
• Year-to-date SimSports revenue at $3.8 million, in line with expectations as U.S. import
tariffs continue to impact demand ($5.4 million in first nine months of 2024)
• Group revenue expectation for 2025 adjusted to around $41 million (previously $45 to $53
million) with adjusted EBITDA margin at negative 3-5% (0% to 3%)
• Raised mid-term Liquid Cooling segment revenue-ambition
Key figures
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Summary
Financial • Asetek reported revenue for the first nine months of 2025 totaling $30.9 million compared
results with $37.1 million in the same period of 2024. The change in revenue mainly reflects fewer
shipments of liquid cooling products.
• Gross margin was 44% for the first nine months, compared with 42% in the respective
period of 2024. The gross margin increase is principally due to a supply chain issue
recognized in September 2024.
• Adjusted EBITDA was ($0.7) million in the first nine months of 2025, compared with ($0.3)
million in the same period of 2024.
• During the first nine months of 2025, the Company invested $1.8 million in property and
equipment and $2.0 million in capitalized costs for the development of new products. In
January, Asetek completed an equity rights offering, raising net proceeds of $10.3 million
through the issuance of 219.9 million new common shares. At September 30, 2025, Asetek
had working capital of $8.7 million, including $2.8 million of cash and cash equivalents. The
lower cash balance reflects increased use of working capital in preparation for Black Friday
and year-end holiday sales period.
Operations • In October, Asetek announced a significant long-term agreement with a global gaming
component supplier and long-time Asetek customer to provide high-end liquid cooling
solutions, including a minimum volume commitment by the customer estimated at $35
million over the first two-year term. The agreement covers two products based on the
Company’s new high-performance Ingrid technology platform. Deliveries of the first
product are scheduled to start in the second quarter of 2026 with deliveries for the second
product scheduled to begin in the fourth quarter of next year.
• In August, at the Gamescom event in Germany, the Company announced the launch of
Initium, a new mass-market SimSports product portfolio designed for the aspiring sim racer,
providing high-quality sim racing at an affordable price point. Initium sim racing products
are offered separately or as a complete bundle that includes compact race seat, steering
wheel, wheelbase and brake & throttle pedal set.
Outlook • For 2025, the Group outlook has been revised to a revenue of around $41 million and
adjusted EBITDA margin at negative 3% to 5%. The previous Group revenue expectation
was for $45 to $53 million in 2025 and adjusted EBITDA of 0% to 3% of revenue. The revised
outlook reflects two major Liquid Cooling customers reducing purchasing during the year,
and the impact on SimSports revenue from the import tariffs implemented by the U.S.
government, most significantly related to products made in China.
• Based on the above-mentioned long-term liquid cooling agreement, the Company has
revised its medium-term ambitions communicated in November 2024. For the Liquid
Cooling segment, the Company now aims to reach revenue of above $65 million (previously
$50 million) towards the end of the medium term. The Company expects revenue growth
from 2026 and onwards aligned with previous expectations. Further, the Company aims to
consistently achieve an Adjusted EBITDA margin of above 25% (previously +25%) in the
medium term for the Liquid Cooling segment.
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Financial review
The figures below relate to the consolidated accounts for the first nine months of 2025. The nine month period
ending September 30, 2024, is unaudited.
Income Statement
Asetek reported total revenue of $30.9 million in Personnel costs decreased to $10.0 million in the
the first nine months of 2025, compared with $37.1 first nine months of 2025 ($10.7 million in same
million in the same period of 2024. period of 2025), principally due to lower average
headcount in 2025.
Sales unit volumes of sealed loop coolers for the
first nine months of 2025 were 535,000 compared During the first nine months of 2025, the U.S. Dollar
with 564,000 in the same period of 2024. As weakened by 11% versus the Danish krone. Finance
expected, average selling price (ASP) per unit in the income included net foreign exchange loss of $0.4
first nine months of 2025 decreased from the prior million in the first nine months of 2025 (net foreign
year period ($50.09 and $56.28, respectively), due exchange loss of $0.5 million in the same period of
to a recent shift in demand toward lower cost 2024).
cooling solutions.
Asetek reported a loss before tax of $6.3 million in
Gross margin was 43.7% for the first nine months of the first nine months of 2025, compared with loss
a supply chain issue recognized in September 2024.
Income tax benefit was $12 thousand in the first
Total operating expense excluding special items nine months of 2025 compared with income tax
decreased 7% in the first nine months, when expense of $6.7 million in the same period of 2024.
compared with the prior period, due to the Income tax expense in the 2024 period was a result
Company’s cost reduction program initiated in the of estimated lower realization of deferred tax
third quarter of 2024. In the first nine months of assets.
Currency translation adjustment (CTA) of positive
was $18.6 million compared with $19.9 million in
$5.1 million is included in other comprehensive
the same period of 2024.
income for the first nine months of 2025 (positive
$0.3 million in the first nine months of 2024). The
positive CTA adjustments in 2025 result from the
krone in the first nine months of 2025.
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Balance Sheet and Working Capital
At September 30, 2025, Asetek’s total assets were associated with the Company’s recently constructed
$86.3 million, compared with $79.4 million at the headquarters building increased due to weakening
end of 2024. of the U.S. dollar, partly offset by principal
In the first nine months of 2025, Property, plant and payments of net $2.3 million.
equipment increased by $5.0 million principally due Working capital (current assets minus current
to weakening of the U.S. dollar, partly offset by liabilities) was $8.7 million at September 30, 2025,
depreciation. Inventory increased by $2.7 million in compared with $4.4 million at 2024 year-end. In
the first nine months due to investment in working January 2025, Asetek raised $10.3 million of net
capital and fewer shipments than anticipated. capital from a rights offering of new common
Total liabilities decreased by $2.6 million in the first shares. A significant portion of the capital raise was
nine months of 2025. Trade payables decreased by utilized to pay down liabilities and invest in new
$2.4 million due to lower manufacturing volumes products. Total cash and cash equivalents were $2.8
and accrued liabilities decreased by $0.7 million due million at September 30, 2025.
to reduced personnel and other costs. Debt
Cash Flow
Net cash used by operating activities was $6.7 Cash provided by financing activities was $7.5
million in the first nine months of 2025 compared million in the first nine months of 2025 compared
with $0.9 million used in the same period of 2024. with $4.1 million provided in the same period of
The decrease was principally due to the year-to- 2024. In January 2025, Asetek raised $10.3 million
date net loss and the paydown of trade payables of net capital from a rights offering of new common
and accrued liabilities in the first nine months of shares.
Net change in cash and cash equivalents was a
Cash used by investing activities was $2.9 million in decrease in cash of $0.5 million in the first nine
the first nine months of 2025 compared with $9.0 months of 2025, compared with a decrease of $5.7
million used in same period of 2024. The reduction million in 2024. The Company’s cash conversion
in usage in 2025 compared with 2024 is due to cycle increased to 72 days in the first nine months
completion of construction of a new headquarters of 2025 from 30 days in the same period of 2024,
and R&D facility in the third quarter of 2024. principally from an increase in days inventory on
hand due to lower sales.
Income Tax
Asetek moved from USA to Denmark in 2013. tax year 2018. The GILTI regulation requires U.S.
However, USA – in a unilateral tax treaty override - companies to report foreign corporation intangible
still considers Asetek A/S a U.S. tax subject, resulting income that exceeds 10% return on foreign invested
in double taxation of Parent earnings. Asetek has assets. Under prior law, U.S. owners of foreign
approached both countries’ tax authorities with the corporations were able to defer recognizing taxable
aim of resolving the situation per an existing double income until there was a distribution of earnings
taxation treaty. However, a determination may take back to U.S. owners. In 2024, The GILTI regulation
several years, and the authorities are not obligated caused incremental tax liability of approximately
to resolve the problem. The Company continues to $0.9 million. Because of Asetek’s U.S. tax status as
work with the tax authorities of Denmark and U.S. described above, management believes that the
to possibly resolve this issue. impact of the GILTI regulation as it applies to the
Company could be reformed in the future; however,
In June 2019, the U.S. released regulation for its
such reform is not certain. The Company continues
Global Intangible Low-Taxed Income (GILTI)
to work with its tax advisors to clarify and address
inclusion for U.S. taxation, effective beginning with
these matters.
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Market Update
Liquid Cooling. In October, Asetek announced a mid-range market, aiming to capture a broader
significant long-term agreement with a global consumer base. This shift positions Asetek to meet
gaming component supplier and long-time Asetek the evolving needs of both premium and mid-
customer to provide high-end liquid cooling market consumers.
solutions, including a minimum volume
A limited volume of mid-market coolers was
commitment by the customer estimated at $35
successfully deployed in China as part of a local
million over the first two-year term. The agreement
offering by a leading international OEM. In June,
covers two products based on the Company’s new
Asetek signed a new customer agreement with
high-performance Ingrid technology platform.
Antec, a global leader in high-performance
Deliveries of the first product are scheduled to start
computer components for the gaming, PC upgrade,
in the second quarter of 2026 with deliveries for the
and Do-It-Yourself markets. Antec is a previous
second product scheduled to begin in the fourth
customer returning to Asetek with deliveries of mid-
quarter of next year.
market liquid cooling products in 2026.
SimSports. In August, at the Gamescom event in
Germany, the Company announced the launch of
Initium, a new mass-market SimSports product
portfolio designed for the aspiring sim racer,
providing high-quality sim racing at an affordable
price point. Initium sim racing products are offered
separately or as a complete bundle that includes
compact race seat, steering wheel, wheelbase and
brake & throttle pedal set. The Initium products
offer an upgradable and flexible eco-system
allowing for end-user customization. The Initium
line is also the basis for the upcoming console-
Asetek’s highest performance offerings now include supported product.
Gen8 liquid cooling technology, which powers the
ASUS RYUJIN III WB and TRYX Panorama coolers. In April, Asetek signed an agreement with a leading
This technology is the Company’s newest and most electronics retail chain in the Nordics making the
advanced liquid cooling technology to date. Gen8 new mass-market sim racing products available in
features a performance-engineered cold plate with stores in Sweden, Denmark, Norway, and Finland, as
a square design for maximum coverage, widely well as online.
requested by PC enthusiasts. The new design is SimSports revenue was $3.8 million in the first nine
optimized for the latest AMD and Intel CPUs, and months of 2025 ($5.4 million in the same period of
system enhancements enable even quieter 2024), consistent with management expectations
operation compared with prior generations. given the significant U.S. import tariffs announced
In addition to the continued development of the early in the year.
high-end offerings, Asetek is expanding its Liquid
Cooling product range to include products for the
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Group Outlook
SimSports segment. The Company continues to that, at present, there are reduced levels of sales
develop its SimSports sales channels and being made to the U.S. market. The full-year
distribution network, including offering its products revenue guidance for the SimSports business
on Amazon.com, while building the Asetek brand. segment also reflects the business unit’s soft start in
The Company is planning to release its initial 2025.
console-supported products in early 2026, with
Liquid Cooling segment. In 2025, Asetek is
planned launches in U.S. and Europe.
expanding its product range to include products for
Earlier in the year, Asetek updated its revenue the mid-range market, aiming to capture a broader
outlook for the SimSports segment for the full year consumer base. The Company anticipates full
expected to be in the range of $5 to $10 million, coolers in early 2026, via OEM partners such as
with gross margin expected to be in the range of 28- Antec.
The previously discussed newly signed long-term
The tempered outlook mainly reflects the impact of liquid cooling agreement has enabled the Company
tariffs announced by the U.S. government on to revise its medium-term ambitions communicated
imports from other countries, most significantly in November 2024. For the Liquid Cooling segment,
related to products made in China and Malaysia. In the Company now aims to reach revenue of above
SimSports segment was derived from sales to the of the medium term. The Company expects revenue
U.S. market. growth from 2026 and onwards aligned with
previous expectations. Further, the Company aims
In 2024, approximately two-thirds of the Company’s
to consistently achieve an Adjusted EBITDA margin
production was based in China and one-third in
of above 25% (previously +25%) in the medium term
Malaysia. The sim racing products are currently
for the Liquid Cooling segment.
made in China while manufacturing of liquid coolers
is split between both countries. In response to Group Summary. For 2025, the Group outlook has
tariffs on Chinese goods, Asetek began expanding been revised to revenue of around $41 million and
its production capacity in Malaysia late last year. adjusted EBITDA margin at negative 3% to 5%. The
While the U.S. has also recently announced tariffs previous Group revenue expectation was for $45 to
on goods imported from Malaysia, this geographic $53 million in 2025 and adjusted EBITDA of 0% to
diversification provides Asetek with a relative 3% of revenue. The revised outlook reflects two
advantage over competitors with greater exposure major Liquid Cooling customers reducing
to China-based manufacturing. purchasing during the year, and the impact on
SimSports revenue from the import tariffs
Due to the tariffs, Asetek has curtailed SimSports
implemented by the U.S. government, most
shipments to the U.S. as well as major U.S.-based
significantly related to products made in China.
consumer electronics retailers have ceased
purchasing from China, which effectively means
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Intellectual Property
Asetek holds a portfolio of intellectual property (IP) On September 30, 2024, Cooler Master Co., Ltd.
rights including patents providing competitive filed an inter partes review petition with the Patent
advantages and high barriers to entry for Trial and Appeal Board (PTAB) of the U.S. Patent and
competitors. As part of efforts to build and maintain Trademark Office to challenge the validity of
its market share, Asetek continues to review and Asetek’s U.S. Patent No. 9,733,681. Asetek filed an
assess all competitive offerings for infringement of opposition (“Patent Owner Response”) to Cooler
its patents. Asetek has strengthened its intellectual Master’s petition, explaining flaws in the petition
property platform and competitiveness via several and requesting that the PTAB deny the petition. The
positive lawsuit outcomes in prior years. PTAB agreed with Asetek and denied Cooler
Master’s petition. The PTAB’s decision is not subject
In the ordinary course of business, the Company is
to appeal and thus is final.
involved in various ongoing legal disputes, including
the following matter:
Corporate Matters
The Company’s annual general meeting was held on • Mr. Dennis Nymann is Chairman of the Audit
April 28, 2025, where the following matters Committee and Mr. S?ren Klarskov Vilby is
occurred or were reported: Chairman of the Remuneration Committee.
• The Nomination Committee is comprised of
• The Annual Report 2024, as proposed by the
Chairman Jakob Have, S?ren Klarskov Vilby and
Board of Directors, was approved as published.
Lars Kristensen.
• The proposed remuneration to be paid to the
• The Board of Directors was authorized to
members of the Board of Directors was
acquire the Company’s own shares.
adopted.
• PricewaterhouseCoopers, State Authorized
• The Board of Directors on April 28, 2025 was
Public Accountants, were re-elected as
comprised of Chairman S?ren Klarskov Vilby,
auditors.
Vice Chairman Jakob Have, Lars Kristensen,
• Changes to the Articles of Association that were
Lasse Dannulat and Dennis Nymann.
proposed in the general meeting notification
were adopted.
Risk Factors
Asetek’s revenue is subject to fluctuations and is customers to grow their respective market shares
dependent on its ability to develop new, high- and order volumes.
performance products that meet customer
The Company’s SimSports business segment
demands; the popularity of offerings from Asetek’s
released its first products to the market in March
customers; timely releases and availability of new
GPUs and CPUs; and recurring releases of high-
product development and marketing to fulfill its
profile computer games in the PC industry.
operating plan.
In the first nine months of 2025, two customers
The U.S. imposes tariffs on imports of goods
accounted for 23% and 10% of total revenue (39%
manufactured in China and Malaysia. Asetek liquid
and 18% in the first nine months of 2024). In the
coolers produced in China have been subject to a
event of a decline or loss of significant customers,
replacement of the revenue stream would be
are increasing. Beginning in August 2025, goods
difficult for Asetek to achieve in the short term. The
produced in Malaysia imported to the U.S. are
Company is actively working with several of its
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
subject to a 19% tariff. The U.S. tariff situation is cases may proceed for an extended period and
volatile and subject to change. In 2024, could potentially lead to an unfavorable outcome to
approximately 50% of SimSports revenue was Asetek. In the past, Asetek has incurred significant
derived from the U.S. market. Due to the tariffs, legal costs associated with litigation and may do so
Asetek has curtailed SimSports shipments to the in the future to the extent management believes it
U.S. as well as major U.S.-based consumer is necessary to protect intellectual property.
electronics retailers have ceased purchasing from
Asetek moved from USA to Denmark in 2013.
China, which has reduced sales to the U.S. market.
However, USA still considers Asetek A/S a U.S. tax
This has negatively impacted projected revenue.
subject, resulting in double taxation of Parent
Asetek relies upon suppliers and partners to supply earnings. Asetek has approached both countries’
products and services at competitive prices. Supply tax authorities with the aim of resolving the
constraints, such as a global chip shortage or situation per the double taxation treaty. However,
disruptions in the global supply chain, can have a the authorities are not obligated to resolve it. Also,
material adverse impact on the Company’s ability to recent U.S. regulations on taxation of foreign
fulfill customer demand. Asetek’s Liquid Cooling earnings impact Asetek’s tax liability. Asetek is
products have been historically assembled in working with its advisors to address these matters.
Xiamen, China by a single contract manufacturer. In
Asetek operates internationally in Denmark, USA,
China, Malaysia and Taiwan and is subject to foreign
additional site in Malaysia, operated by the same
exchange risk. Asetek’s principal cash holdings are
contract manufacturer. In the event of a disruption
maintained in U.S. Dollar and Danish Krone.
with this manufacturer, it would be difficult for
Asetek to establish a replacement in the short term. For more information, refer to the Company’s 2024
Prospectus and the Company’s Annual Report for
Asetek has filed and defended lawsuits against
competitors for patent infringement. While some of
www.asetek.com
the cases have been settled or dismissed, some may
continue, and new cases may be initiated. Such
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Condensed Interim Financial Statements
Consolidated Statement of Comprehensive Income
These financial statements should be read in conjunction with the accompanying notes.
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Consolidated Balance Sheet
These financial statements should be read in conjunction with the accompanying notes.
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Consolidated Statement of Changes in Equity
These financial statements should be read in conjunction with the accompanying notes.
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Consolidated Cash Flow Statement
These financial statements should be read in conjunction with the accompanying notes.
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Notes to the interim financial statements
Asetek A/S (‘the Company’), and its subsidiaries (together, ‘Asetek Group’, ‘the Group’ or ‘Asetek’) designs,
develops and markets gaming hardware for computers. The Group’s core products utilize liquid cooling
technology to provide improved performance, acoustics and energy efficiency. The Company is based in Aalborg,
Denmark with personnel in USA, China and Taiwan. The Company’s shares trade on the Nasdaq Copenhagen
under the symbol ‘ASTK.
These condensed consolidated financial statements for the nine months ended September 30, 2025 have been
prepared on a historical cost convention in accordance with International Accounting Standard 34 (IAS 34)
‘Interim Financial Reporting’ as adopted by the European Union (EU) and do not include all of the information
and disclosure required in the annual consolidated financial statements. These statements should be read in
conjunction with the Asetek A/S 2024 Annual Report.
The principal accounting policies applied in the preparation of these consolidated financial statements are set
out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
convention, in accordance with International Accounting Standard 34 (IAS34) ‘Interim Financial Reporting’ as
adopted by the European Union (EU). The accounting policies applied in the Financial Reporting for the period
January 1 to September 30, 2025are unchanged from those applied in the Group’s Annual Report for 2024.
subsidiaries. Subsidiaries are all entities (including structured entities) over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date
that control ceases. Intercompany transactions, balances, income and expenses on transactions between Group
companies are eliminated. Profits and losses resulting from the intercompany transactions that are recognized
in assets are also eliminated. Accounting policies of subsidiaries are consistent with the policies adopted by the
Group.
using the currency of the primary economic environment in which the entity operates (‘the functional currency’).
The functional currency of the Company’s operations in the United States of America, Denmark and China are
the U.S. dollar, Danish kroner, and Chinese Yuan Renminbi, respectively. The consolidated financial statements
are presented in U.S. dollars, which is the Group’s presentation currency. Foreign currency transactions are
translated into the functional currency using the exchange rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized as
operating expense in the income statement in foreign exchange (loss)/gain. Group companies that have a
functional currency different from the presentation currency are translated into the presentation currency as
follows:
// Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that
balance sheet;
// Income and expenses for each income statement are translated at average exchange rates;
// All resulting exchange differences are recognized in other comprehensive income
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
depreciation. For assets constructed, borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are capitalized as part of the historical cost (Note 2.16).
Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the
cost of the item can be measured reliably. The carrying amount of any replaced part is derecognized. All other
repairs and maintenance are charged to the income statement during the financial period in which they are
incurred. Depreciation is provided over the estimated useful lives of the depreciable assets, generally three to
five years, using the straight-line method. The assets’ useful lives and residual values are reviewed, and adjusted
if appropriate, at the end of each reporting period. Gains and losses on disposals are determined by comparing
the proceeds with the carrying amount and are recognized as other income or expense in the consolidated
income statement.
design and testing of new or improved products to be held for sale by the Group are recognized as intangible
assets within development projects when all of the following criteria are met:
// it is technically feasible to complete the product so that it will be available for sale;
// management intends to complete the product and use or sell it;
// there is an ability to use or sell the product;
// it can be demonstrated how the product will generate probable future economic benefits;
// adequate technical, financial and other resources to complete the development and to use or sell the product
are available; and
// the expenditures attributable to the product during its development can be reliably measured.
Directly attributable costs that are capitalized as part of the product include the employee costs associated with
development. Other development expenditures that do not meet these criteria are recognized as expense when
incurred. Development costs previously recognized as expense are not recognized as an asset in a subsequent
period. Development costs recognized as assets are amortized on a straight-line basis over their estimated useful
lives, which generally range between three and sixty months. Amortization expense related to capitalized
development costs is included in research and development expense.
annually, and whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of 1) an asset’s fair value less costs to sell or 2) its
value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there
are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that
previously suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
Goodwill is tested for impairment annually and whenever there is indication that the goodwill may be impaired.
If an impairment loss on goodwill is identified, it is recognized as an expense and is not reversed in a subsequent
period.
at initial recognition. Financial assets within the scope of IFRS 9 Financial Instruments are classified as follows:
// ‘Amortized cost’ are financial assets representing contractual cash flows held for collection, where such cash
flows solely represent payment of principal and interest.
// ‘Fair value’. All other financial assets, representing other debt and equity instruments that do not meet the
‘amortized cost’ criteria, are recognized at fair value. All fair value movements on financial assets are taken
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Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
through the income statement, or for certain debt instruments that qualify, through other comprehensive
income.
For all years presented, the Group’s financial assets are all classified as ‘amortized cost’.
Impairment of financial assets. For financial assets carried at amortized cost, the Group measures at the end of
each reporting period the expected credit losses to be incurred for a financial asset or group of financial assets.
The Company utilizes historical experience, evaluation of possible outcomes, current conditions and forecasts of
future economic conditions to determine expected credit losses. Evidence may include indications that the
debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or
principal payments, the probability that they will enter bankruptcy or other financial reorganization, and where
observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes
in arrears or economic conditions that correlate with defaults.
classified as financial liabilities at fair value through profit or loss, or other liabilities. The Group determines the
classification of its financial liabilities at initial recognition. Financial liabilities are recognized initially at fair value
less, in the case of other liabilities, directly attributable transaction costs. The measurement of financial liabilities
depends on their classification as follows:
// ‘Financial liabilities at fair value through profit or loss’ are derivatives entered into that do not meet the hedge
accounting criteria as defined by IFRS 9. Gains or losses on liabilities held for trading are recognized in profit and
loss. At September 30, 2025, the Company has no liabilities measured at fair value through profit and loss.
// ‘Other liabilities’ – After initial recognition, interest bearing debt is subsequently measured at amortized cost
using the effective interest rate method. Gains and losses are recognized in the income statement when the
liabilities are derecognized as well as through the amortization process. The calculation takes into account any
premium or discount on acquisition and includes transaction costs and fees that are an integral part of the
effective interest rate.
Offsetting of financial instruments. Financial assets and financial liabilities are offset, and the net amount
reported in the consolidated balance sheet if, and only if, there is a currently enforceable legal right to offset the
recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the
liabilities simultaneously.
using the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course
of business less estimated costs necessary to make the sale. Adjustments to reduce the cost of inventory to its
net realizable value, if required, are made for estimated excess, obsolescence, or impaired balances.
course of business. Trade receivables are recognized initially at fair value and subsequently measured at
amortized cost using the effective interest method, less any provision for expected credit losses. If collection is
expected in one year or less, trade receivables are classified as current assets. Expected credit losses are
determined utilizing the simplified approach allowed under IFRS 9 Financial Instruments.
overdrafts and other short-term highly liquid investments with original maturities of three months or less.
of new ordinary shares or options are recorded against equity in the period the equity transaction closes, as a
deduction net of tax, from the proceeds.
personnel to acquire shares in the Company. Through equity-settled, share-based compensation plans, the
Company receives services from employees as consideration for the granting of equity
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
options to purchase shares in the Company at a fixed exercise price. The fair value of the employee services
received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed
is determined by reference to the fair value of the options granted, excluding the impact of any non-market
service and performance vesting conditions. The grant date fair value of options granted is recognized as an
employee expense with a corresponding increase in equity, over the period that the employees become
unconditionally entitled to the options (vesting period). The fair value of the options granted is measured using
the Black-Scholes model, taking into account the terms and conditions as set forth in the share option program.
Measurement inputs include share price on measurement date, exercise price of the instrument, expected
volatility, weighted average expected life of the instruments (based on historical experience and general option
holder behavior), expected dividends, and the risk- free interest rate. Service and non-market performance
conditions attached to the transactions are not taken into account in determining fair value. At each reporting
date, the Company revises its estimates of the number of options that are expected to vest based on the non-
market vesting conditions. The impact of the revision to original estimates, if any, is recognized in the Statement
of Comprehensive Income, with a corresponding adjustment to equity.
is recognized in the income statement, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive
income or directly in equity, respectively. The current income tax expense is calculated on the basis of the tax
laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its
subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax regulation is subject to interpretation. Management
establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However,
deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and
does not give rise to equal taxable and deductible temporary differences. Deferred income tax is determined
using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are
expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is
settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilized.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities where there
is an intention to settle the balances on a net basis.
which are principally resellers and original equipment manufacturers. Revenue is measured at the fair value of
the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of
discounts, sales tax, returns and after eliminating sales within the Group. The Group’s revenue is predominantly
comprised of shipment of Asetek products in fulfillment of customer purchase orders. As such, the Company
recognizes revenue when a valid contract is in place and control of the goods have transferred to the customer.
Customer purchase orders and/or contracts are used as evidence of an arrangement. Delivery occurs and control
of the goods is deemed to transfer when products are shipped to the specified location and the risks of
obsolescence and loss have been transferred to the customer. For certain customers with vendor-managed
inventory, delivery does not occur until product is acquired by the customer from the vendor-managed inventory
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
location. The Company assesses collectability based primarily on the creditworthiness of the customer as
determined by credit checks and customer payment history. Customers do not generally have a right of return.
Income received as a result of patent litigation settlement is recorded as other income as an offset to operating
expense in the period the award is granted. Estimated costs for future product returns under warranty are
charged to cost of sales and included in accrued liabilities.
incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net
of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings
using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction
costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case,
the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some
or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized
over the period of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs.
General and specific borrowing costs that are directly attributable to the acquisition, construction or production
of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset
for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get
ready for their intended use or sale. Investment income earned on the temporary investment of specific
borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalization. Other borrowing costs are expensed in the period in which they are incurred.
remaining lease payments, discounted using the lessee’s incremental borrowing rate. Lease liabilities include the
net present value of: fixed lease payments, amounts expected to be payable under residual value guarantees,
any purchase options that are reasonably expected to be exercised, and any penalties for termination reflected
in the lease term. The corresponding rental obligations, net of finance charges, are included in other long-term
debt. Amounts due within one year are included in short-term debt.
Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or
loss over the lease period to reflect a constant periodic rate of interest on the remaining balance of the liability
for each period.
Leased assets are recognized as a right-of-use asset at the date at which the leased asset is available for use by
the Group, initially measured at the present value of the lease liability and included in Property and equipment
on the balance sheet.
result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the
amount has been reliably estimated. If the impact of time value is significant, the provision is calculated by
discounting anticipated future cash flow using a discount rate before tax that reflects the market’s pricing of the
present value of money and, if relevant, risks specifically associated with the obligation. Provisions are reviewed
at each balance sheet date and adjusted to reflect the current best estimate.
contingent liabilities are disclosed, with the exception of contingent liabilities where the probability of the liability
occurring is remote.
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
SimSports and Data center. The three segments are identified by their specific sets of products and specific sets
of customers. The splitting of operating expenses between segments is based on the Company’s best judgment
and done by using the Company’s employee/project time tracking system to capture total hours charged by
project code. Operating expenses that are not divisible by nature (rent, telecommunication expenses, etc.) have
been split according to actual time spent on the three businesses, and the Company’s best estimate for
attribution. Costs incurred for intellectual property defense and headquarters administration have been
classified separately as headquarters costs and excluded from segment operating expenses. The CEO is the
Group’s chief operating decision maker. The CEO assesses the performance of the Group principally on measures
of revenue and adjusted EBITDA.
Geographical segmentation. Each of the Group’s offices in its three principal geographies fulfills a particular
function that serves the Asetek Group as a whole. The majority of costs incurred in each of the geographies are
generally incurred for the benefit of the entire Group and not to generate revenue in the respective geography.
As a result, the financial results of the Group are not divided between multiple geographical segments for key
operating decision-making.
IFRS requires management to make estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those estimates. Areas where significant
judgment has been applied are:
// Impairment of non-current assets: In October 2024, management identified external indicators of impairment
to the Company’s net asset book value, including a significant decrease in the Group’s market capitalization as
reflected on Nasdaq Copenhagen compared with the equity value as of mid-2024. In performing an impairment
test, management measured the net book value of equity for the Group against the net present value of future
prospective cash flows. As a result of the test, management estimated impairment to the Group’s equity value
of approximately $18 million to be applied to long-term assets in 2024. Current assets were not impaired because
they are stated at net realizable value. Deferred tax assets were determined to be impaired as specified in the
following paragraph. In property, plant and equipment, the Group’s headquarters building had shown signs of
impairment during a recent assessment of its alternative uses. As a result, management used judgment to apply
$13.8 million impairment to the headquarters building. This impairment charge is classified as a special item
within operating expense in 2024 consolidated income. At September 30, 2025, management did not identify
further impairment indicators. However, if circumstances change indicating revised assumptions are required in
the projection of future cash flows, additional impairment charges may be recognized in the future.
// Valuation of deferred tax assets: Deferred income tax assets are recognized to the extent that the realization
of the tax benefit to offset future tax liabilities is considered to be probable. In prior years, the Company has
recorded deferred tax assets representing the estimated amount of net operating losses that will be utilized to
offset future taxable income for the next five years. In 2024, management determined that it is not probable that
the tax assets available to the Company would be utilized within five years, and therefore recorded impairment
of $4.2 million in the third quarter of 2024 and valued the assets at zero on the balance sheet at December 31,
statement in 2024. Refer to the previous paragraph regarding the impairment of other non-current assets. In
future periods, management will continue to assess the probability of realization of the assets’ value and adjust
the valuation in accordance with IAS 12. As of September 30, 2025, the Company’s determination of the usability
of deferred tax assets has not changed from the assessment in 2024 and thus continues to value deferred tax
assets at zero on the balance sheet.
// Capitalization of development costs: the Group’s business includes a significant element of research and
development activity. Under IAS 38, there is a requirement to capitalize and amortize
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
development spend to match costs to expected benefits from projects deemed to be commercially viable. The
application of this policy involves the ongoing consideration by management of the forecasted economic benefit
from such projects compared to the level of capitalized costs, together with the selection of amortization periods
appropriate to the life of the associated revenue from the product. If customer demand for products or the useful
lives of products vary from estimates, impairment charges on intangibles could occur.
“Plan”) in the U.S. that meets the requirements under Section 401(k) of the U.S. Internal Revenue Code. This Plan
covers U.S. employees who meet the minimum age and service requirements and allows participants to defer a
portion of their annual compensation on a pre-tax basis. Company contributions to the Plan may be made at the
discretion of the Board of Directors.
management does not consider to be part of the Group’s ordinary activities. Such special items may include one-
time impairment costs, restructuring, and strategic considerations regarding the future of the business, and are
presented separately in the Consolidated Statement of Comprehensive Income to provide a more comparable
basis for the Company’s operations. Management assesses which items are to be identified as special items and
shown separately, in order to give a correct presentation of the statement of profit or loss and other
comprehensive income.
In Oct ober 20 24, ma nage ment ide ntified external in dicators of i mpairment to the Company’s net asset book
The Company reports on two segments: Liquid cooling and SimSports. Data center results were not material for
all periods presented. The Group’s chief operating decision-maker, the CEO, assesses the performance of each
segment principally on measures of revenue and adjusted EBITDA. The following tables present results by
operating segment and disaggregation of revenue:
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
IAS 33 requires disclosure of basic and diluted earnings per share for entities whose shares are publicly traded.
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company
by the weighted average number of common shares outstanding during the period. Diluted earnings per share is
calculated by adjusting the number of common shares outstanding used in the Basic calculation for the effect of
dilutive equity instruments, which include options and warrants to the extent their inclusion in the calculation
would be dilutive.
Property plant and equipment, net (PP&E) totaled $50.0 million at September 30, 2025 compared with $45.0
million at December 31, 2024. Additions to PP&E in the first nine months of 2025 totaled $1.8 million. The
increase in PP&E resulted principally from the 11% weakening of the U.S. dollar versus the Danish krone in the
first nine months of 2025.
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
The Group’s business includes a significant element of research and development activity. Under IAS 38, there is
a requirement to capitalize and amortize development spend to match costs to expected benefits from projects
deemed to be commercially viable. Costs capitalized are recorded on the balance sheet as intangible assets, net
of amortization. A summary of intangible assets at the balance sheet date is as follows:
The aging of trade receivables as of the reporting date is as follows:
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
On January 6, 2025, the Company issued 219,925,366 new shares in a rights offering, raising net proceeds of
$10.3 million after deduction of total issuance costs of $2.0 million. The shares were issued through an offering
to then-existing shareholders to purchase three common shares for each share held at a price of DKK 0.40 per
share. The transaction meets the requirements for exemption from accounting for derivative financial
instruments per IAS 32 Financial Instruments Presentation. At September 30, 2025, there were 318,239,258
common shares issued including 1,256,115 shares held in treasury. Treasury shares may be used to fulfill
employee options as they are exercised.
On January 27, 2025, the Company granted to senior management 15.5 million options with an exercise price of
DKK 0.43 per share and estimated fair value of $0.7 million. Also on January 27, 2025, the Company reduced the
exercise prices by 51% on all then-outstanding options (4.1 million) to compensate for dilution.
On April 28, 2025, the Company granted to members of management 3.1 million options with an exercise price
of DKK 0.77 per share and estimated fair value of $0.3 million. Also on April 28, 2025, the Company granted
$20,000. The RSU’s will mature three years following the grant date. At September 30, 2025, there were a total
of 22.9 million options and RSU’s outstanding.
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
A summary of the Company’s net debt as of the balance sheet date is as follows:
The Company’s CEO serves as Chairman of the Board for a vendor that supplies information technology services
to the Company. In the first nine months of 2025, the Company purchased services totaling $0.6 million ($0.7
million in the first nine months of 2024) from this vendor. At September 30, 2025 and December 31, 2024, the
Company had outstanding payables to this vendor of $70,000 and $56,000.
The Company has evaluated the period after September 30, 2025 up through the date of the Management
Statement and determined that there were no transactions that required recognition in the Company’s financial
statements, except for the following:
On November 25, 2025, the Company entered into a binding agreement with CQXA Holdings Pte. Ltd. (the
“Offeror”) pursuant to which the Offeror will make an all-cash voluntary recommended public takeover offer to
the shareholders of Asetek to acquire all shares in Asetek for an offer price of DKK 1.72 per share. For full details
refer to the Nasdaq Copenhagen stock exchange release issued by Asetek on November 25, 2025.
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Statement by the Board of Directors and Management
The Board of Directors and the Management have overall presentation of the Report adequate.
considered and adopted the Asetek A/S Financial Accordingly, we believe that the Report gives a true
Reporting for the period 1 January – 30 September and fair view of Asetek’s consolidated financial
accordance with the International Accounting period.
Standard IAS 34 on Interim Financial Reporting. The
In our opinion, the Report includes a true and fair
accounting policies applied in the Report are
account of the matters addressed and describes the
unchanged from those applied in the Group’s
most significant risks and elements of uncertainty
Annual Report for 2024.
facing Asetek, which are described in further detail
We consider the accounting policies appropriate, in the Company’s Annual Report for 2024.
the accounting estimates reasonable and the
Asetek A/S
Aalborg, 19 December 2025
Management:
André S. Eriksen Peter Dam Madsen
CEO CFO
Board of Directors:
S?ren Klarskov Vilby Jakob Have
Chairman Vice chairman
Lars Kristensen Lasse Dannulat
Member Member
Dennis Nymann
Member
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Independent Auditor’s Report on Consolidated Financial
Statements for the period 1 January – 30 September 2025
To the Management of Asetek A/S
Opinion
In our opinion, the Consolidated Financial Statements for the period 1 January – 30 September 2025 are, in all
material respects, prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. We
have audited the Consolidated Financial Statements for the period 1 January – 30 September 2025 of Asetek
A/S (pages 10 – 24), which comprise statement of comprehensive income, condensed balance sheet, statement
of changes in equity, cashflow statement and selected explanatory notes, including material accounting policy
information (“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.
Other Matter
In accordance with the entered binding agreement with CQXA Holdings Pte. Ltd. dated 25 November 2025,
Asetek A/S has included certain comparative figures in the Financial Statements for the period 1 January – 30
September 2024. Please note that these comparative figures have not been audited, which also appears from
the Financial Statements.
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of financial statements in accordance with IAS 34, Interim
Financial Reporting, as adopted by the EU 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 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 to cease operations or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs
and the additional requirements applicable in Denmark, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
• 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 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 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 to cease to continue as a going concern.
• 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 Financial
Statements. We are responsible for the direction, supervision and review of the audit work performed for
purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
Aalborg, 19 December 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Mads Melgaard Line Borregaard
State Authorised Public Accountant State Authorised Public Accountant
mne34354 mne34353
Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044
Asetek A/S – Financial Reporting for the period January 1 to September 30, 2025
Asetek A/S Contact:
André S. Eriksen, CEO: +45 2125 7076
Peter Dam Madsen, CFO: +45 2080 7200
Company Information:
Asetek A/S
Skjoldet 20
DK9230 Svenstrup J
Denmark
Phone: +45 9645 0047
Fax: +45 9645 0048
Web site: www.asetek.com
Email: investor.relations@asetek.com
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