春秋电子:Asetek2025年1~9月财务报告及审计报告

Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Asetek A/S – Financial Reporting for the period January 1 to September 30 2025

2020

Asetek A/S

Skjoldet 20

9230 Svenstrup J

Denmark

Financial Reporting for the period

January 1 to September 30 2025

Published December 19 2025

Company Registration (CVR) Number 34 88 05 22Docusign 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

2020

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

Sales unit volumes of sealed loop coolers for the headcount in 2025.first nine months of 2025 were 535000 compared During the first nine months of 2025 the U.S. Dollar

with 564000 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

2025 compared with 41.8% in the same period of before tax of $18.7 million in the same period of

2024. The gross margin increase is principally due to 2024.

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.

2025 operating expense excluding special items 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

11% weakening of the U.S. dollar versus the Danish

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

2020

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.

2025. 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

In June 2019 the U.S. released regulation for its Company could be reformed in the future; however

Global Intangible Low-Taxed Income (GILTI) such reform is not certain. The Company continues

inclusion for U.S. taxation effective beginning with to work with its tax advisors to clarify and address

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

2025. Revenue for the SimSports business is launch of its first offerings of mid-range liquid

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.

33%. 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

2024 approximately 50% of total revenue in the $65 million (previously $50 million) towards the end

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

In 2024 approximately two-thirds of the Company’s previous expectations. Further the Company aims

production was based in China and one-third in to consistently achieve an Adjusted EBITDA margin

Malaysia. The sim racing products are currently of above 25% (previously +25%) in the medium term

made in China while manufacturing of liquid coolers for the Liquid Cooling segment.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

Due to the tariffs Asetek has curtailed SimSports SimSports revenue from the import tariffs

shipments to the U.S. as well as major U.S.-based implemented by the U.S. government most

consumer electronics retailers have ceased significantly related to products made in China.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. 9733681. 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

In the ordinary course of business the Company is Master’s petition. The PTAB’s decision is not subject

involved in various ongoing legal disputes including to appeal and thus is final.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 Annual Report 2024 as proposed by the * The Nomination Committee is comprised of

Board of Directors was approved as published. Chairman Jakob Have S?ren Klarskov Vilby and

* The proposed remuneration to be paid to the Lars Kristensen.members of the Board of Directors was * The Board of Directors was authorized to

adopted. acquire the Company’s own shares.* The Board of Directors on April 28 2025 was * PricewaterhouseCoopers State Authorized

comprised of Chairman S?ren Klarskov Vilby Public Accountants were re-elected as

Vice Chairman Jakob Have Lars Kristensen auditors.Lasse Dannulat and Dennis Nymann. * Changes to the Articles of Association that were

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 2022 and has required significant investment in

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 25% tariff for the past several years and tariff rates

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

2023 the Company began manufacturing at an 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 2024 available at the Company’s website:

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.

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Consolidated Balance Sheet

These financial statements should be read in conjunction with the accompanying notes.

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Consolidated Statement of Changes in Equity

These financial statements should be read in conjunction with the accompanying notes.

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Consolidated Cash Flow Statement

These financial statements should be read in conjunction with the accompanying notes.

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Notes to the interim financial statements

1. General information

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.

2. Summary of significant accounting policies

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.

2.1. Basis of preparation. The consolidated financial statements have been prepared on a historical cost

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.

2.2. Consolidation. The consolidated financial statements comprise the Company and its consolidated

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.

2.3. Foreign currency. Items included in the financial statements of each of the Group’s entities are measured

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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2.4. Property and equipment. Property and equipment are stated at historical cost less accumulated

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.

2.5. Research and development. Research costs are expensed as incurred. Costs directly attributable to the

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.

2.6. Impairment of non-financial assets. Assets that are subject to amortization are reviewed for impairment

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.

2.7. Financial assets recognition and measurement The Group determines the classification of its financial assets

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.

2.8. Financial liabilities. Recognition and measurement. Financial liabilities within the scope of IFRS 9 are

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.

2.9. Inventories. Inventories are stated at the lower of actual cost or net realizable value. Cost is determined

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.

2.10. Trade receivables. Trade receivables are amounts due from customers for product sold in the ordinary

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.

2.11. Cash and cash equivalents. Cash and cash equivalents includes cash on hand deposits with banks

overdrafts and other short-term highly liquid investments with original maturities of three months or less.

2.12. Share capital. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue

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.

2.13. Share-based payments. The Company issues options (or warrants) that allow management and key

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

16Docusign 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.

2.14. Current and deferred income tax. The tax expense for the period comprises current and deferred tax. Tax

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.

2.15. Revenue recognition and other income. Revenue represents sale of the Group’s products to customers

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

17Docusign 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.

2.16. Borrowings and related costs. Borrowings are initially recognized at fair value net of transaction costs

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.

2.17. Leases. Lease liabilities are accounted for under IFRS 16 Leases and measured at the present value of the

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.

2.18. Provisions. A provision is recognized when the Company has a present legal or constructive obligation as a

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.

2.19. Contingent liabilities. Contingent liabilities are not recognized in the financial statements. Significant

contingent liabilities are disclosed with the exception of contingent liabilities where the probability of the liability

occurring is remote.

18Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Asetek A/S – Financial Reporting for the period January 1 to September 30 2025

2.20. Segment reporting. Business segmentation. The Group is reporting on three segments Liquid cooling

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.

2.21. Cash flow statement. The cash flow statement is prepared using the indirect method.

2.22. Critical accounting estimates and judgments. The preparation of financial statements in conformity with

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

2024. The deferred tax asset impairment charge is included in income tax expense in the consolidated income

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

19Docusign 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.

2.23. Defined contribution plan. In 2008 the Company established a defined contribution savings plan (the

“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.

2.24. Special items. The Company may identify special items that are significant non-recurring items that

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.

2. Impairment

In Oct ober 20 24 ma nage ment ide ntified external indicators of i mpairment to the Company’s net asset book

3. Segment information

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:

20Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Asetek A/S – Financial Reporting for the period January 1 to September 30 2025

4. Earnings (losses) per share

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.

5. Property plant and equipment

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.

21Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Asetek A/S – Financial Reporting for the period January 1 to September 30 2025

6. Intangible assets

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:

7. Trade receivables and other

The aging of trade receivables as of the reporting date is as follows:

22Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Asetek A/S – Financial Reporting for the period January 1 to September 30 2025

8. Inventories

9. Share capital

On January 6 2025 the Company issued 219925366 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 318239258

common shares issued including 1256115 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

173533 restricted stock units (RSU’s) to senior management employees having an estimated fair value of

$20000. 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.

23Docusign Envelope ID: 3D1FA4F5-60A5-49EA-9B6D-848F77DEC044

Asetek A/S – Financial Reporting for the period January 1 to September 30 2025

10. Net debt

A summary of the Company’s net debt as of the balance sheet date is as follows:

11. Related parties

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 $70000 and $56000.

12. Post balance sheet events

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.

24Docusign 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

2025 (“the Report”). The Report is presented in position results of operations and cash flows for the

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

Chairman

Jakob Have

Vice chairman

Lars Kristensen Lasse Dannulat

Member Member

Dennis Nymann Member

25Docusign 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:

26Docusign 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

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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