Danish Aerospace Company A/S issues Annual Report for 2025

COMPANY ANNOUNCEMENT

Odense, April 15^th, 2026

Company Announcement no. 82 – 15.04.2026

Danish Aerospace Company A/S issues Annual Report for 2025

The Board of Directors of Danish Aerospace Company A/S (DAC) have today approved the audited annual report for 2025.

2025 Project Highlights:

• E4D Multifunction Exercise Device: DAC successfully completed the first four E4D models under our contract with the European Space Agency. This includes the "proto-flight model," which was shipped in January 2025 for final integration ahead of its planned April 2026 launch to the ISS. Additionally, ground training units were delivered to the European Astronaut Center (Cologne) and NASA’s Johnson Space Center (Houston) to prepare crews for upcoming missions. 
• FERGO Ergometer: Now a cornerstone of NASA’s ISS exercise suite, FERGO (known by NASA as “Teal CEVIS”) has completed nearly 2.5 years of flawless operation. Its high reliability continues to drive significant interest from both national space agencies and the emerging commercial spaceflight sector. 
• Commercial Human Spaceflight: During 2025 DAC completed the first E4D exercise equipment model and a comprehensive spares package for Axiom Space to use on its commercial space station. This marks a successful milestone in DAC’s commercial spaceflight growth strategy. 
• Motion Capture: The European Space Agency awarded DAC a precursor contract to study development of a Motion Capture capability for the E4D exercise device on the ISS. In addition, supporting astronaut exercise routines, this system has direct applications for rehabilitating and training injured military personnel.
• 3-D Bone Scanning:  DAC has teamed with Adaptix Ltd (UK) to develop a prototype 3D Bone Imaging capability for potential use on future government and commercial human spaceflight missions.
• Exercise equipment for Lunar Gateway: DAC signed a contract with the European Space Agency ESA to develop and build a prototype of a new exercise device that can be used on the Lunar Gateway space station, orbiting the Moon and eventually for human missions to Mars.
• Defence Applications: DAC’s space technologies are generating increasing interest from national and European defence applications. With this in mind, in 2025 DAC entered into a strategic partnership with NECAS A/S, one of Denmark's most experienced electronics manufacturers, to develop and produce advanced technological solutions applicable across the military, space and extreme environment-domains.

2025 Financial Results: 

For the 2025 fiscal year, Danish Aerospace Company A/S reported a revenue of DKK 18.9 million. EBITDA were DKK -2.0 million. The Net result amounted to DKK -3.5 million and the company’s equity amounts to DKK 4.7 million as of December 31st, 2025.

The lower-than-expected Revenue and EBITDA in 2025 was due to slower-than-expected progress of project contracts and certain procurement delays in late 2025. One-off costs incurred in connection with an administrative cleanup and costs associated with the merger of our subsidiary, Danish Aerospace Medical Company, into DAC, also negatively impacted 2025. Finally, the Company had an increase in financial and administrative costs following a significant rise in the number of DAC shareholders to more than 7.500. The positive development in the number of shareholders also prompted the Board to provide quarterly trading updates for improved communication with the investors.

Expectations for the 2026 fiscal year:

In the fiscal year 2026 Danish Aerospace Company’s current expectations are:

• Revenue incl. other income of DKK 22-25 million; and
• EBITDA of DKK 1-3 million.

Danish Aerospace Company continues to pursue new development projects for applications of its expertise and technology for space and defence.

DAC is currently in dialogue with several potential commercial and institutional customers – both in the space and national defence sectors. If successful, this could positively impact the expectations.

Events after end of fiscal year:

After the end of the financial year, the Company has on March 19th, 2026 launched a capital raise in the form of a fully guaranteed rights issue of DKK 24.7 million with preemptive rights for existing shareholders. The offering will be completed on April 17th, 2026.

The Audited Annual Report for 2025 will be available on the company’s website by April 15^th, 2026, via the link below:

Annual Reports - Danish Aerospace Company

General Assembly 2026

DAC’s General Assembly will take place on April 30^th, 2026. DAC will publish its interim report for 2026 on August 24^th, 2026.

Attached to this document:

Appendix 1 – Key Figures 2025

Appendix 2 – Changes in Equity 2025

Appendix 3 – Cash Flow 2025

For further information, please contact:

Danish Aerospace Company A/S:

Chairman of the Board of Directors Niels Heering

Mobil: +45 40 17 75 31

CEO Thomas A.E. Andersen

Mobil: +45 40 29 41 62

Certified Adviser:

HC Andersen Capital

ca@hcandersencapital.dk
(+45) 30 93 18 87
Bredgade 23B, 2. 1260 København K

About Danish Aerospace Company A/S:

Danish Aerospace Company is a high-tech company operating in the area of advanced medical instrumentation and other engineering fields primarily within space applications. Our products are based on many years of specialized research and development. These consist of developing, integrating, and applying new as well as established medical technologies to the challenges of functioning and remaining reliable in space. These products and services bring the potential of space research and experience from space operations down to Earth for the benefit of all Mankind.

Danish Aerospace Company employs engineers and technicians who deliver full engineering, production and technical services for our customers. We specialize in customer specific design, development, manufacturing, certification, maintenance, testing, and operations.

The company has developed five generations respiratory equipment for spaceflight, bicycle ergometers for astronauts, countermeasures, adapted several commercial medical equipment for spaceflight and has participated in the development of the minus eighty-degree Celsius freezers.

The Company’s quality system is certified in obligation to BS EN ISO 9001:2015, BS EN 9100:2018 technical equivalent to AS9100D that is the acknowledged standard in the area.

Note: This is a translation of the corresponding Company Announcement in Danish. In case of discrepancies between the Danish wording and the English translation, the Danish wording prevails.

Appendix 1 – Key figures 2025

Comparative figures for 2024 and 2023 have been adjusted as a result of the merger between Danish Aerospace Company A/S and Danish Aerospace Medical Company A/S as of 1. January 2025.

Appendix 2 – Changes in Equity 2025

All amounts in DKK.

Appendix 3 – Cash flow 2025

All amounts in DKK.