Monsenso A/s OMXCOP:MONSO

Monsenso A/S : H1 Report 2025

Published

Source: MarketScreener

H1/2025

Interim report

Company reg. 35517391





CO N TEN T

Management review 3

Financial review 4

Key figures and ratios 6

Financial statement 7

Income statement 8

Cash flow 9

Balance sheet 10

Equity 11

Notes 12

Management statement 14

Company information 15



"

This partnership with Monsenso enables us to streamline and enhance the way we recruit

patients and assess outcomes. By integrating continuous data collection, digital phenotyping

tools and standardising clinical endpoints, we can accelerate our understanding of treatment-resistant depression and drive more precise and personalised future interventions."

Professor Steven Marwaha

Monsenso interim report - H1/2025 Page 2/15

Co-director of the Midlands Mental Health Mission and Professor at the University of Birmingham

Disclaimer

This report contains forward-looking statements, which are based on the current expectations.

All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual results and developments deviating substantially from what has been expressed or implied in such statements.

3

Management review

Interim report 2025

Monsenso interim report - H1/2025 Page 3/15



FIN A N CIA L REV IEW


Highlights

Total revenue was 5,166k (H1 2024: DKK 5,527k).

EBITDA was DKK -1,755k (H1 2024: DKK -1,270k).

EBIT was DKK -4,066k (H1 2024: DKK -3,484k)

Cash flow from operations was DKK 666k (H1 2024: DKK -3,826k)

Cash and cash equivalents were DKK 1,381k (FY 2024: DKK 1,861k)

Business review

We are pleased to report on the results and the development in H1 2025. Our continued commitment to innovation and strategic growth has yielded significant progress across multiple areas.

Commercial milestones

Implementation revenue grew by 12% in the period, driven by the launch of a digital research platform in Birmingham (UK), which will be used to provide long-term engagement and monitoring of patients with treatment-resistant depression.

Our major digital, decentralised patient-centric study on headache/migraine with a global pharmaceutical company was completed with great success. New subscription revenue did not fully offset the completion of this project in the first half of 2025, which is the primary reason for a 16% decline in subscription revenue during this period.

in Spain, and the extensive work on this during the next months will contribute to the expected of the business for the second half of 2025.

Monsenso interim report - H1/2025

Page 4/15



In collaboration with three Spanish partners, we were selected as a vendor for a large project in a public tender



growth

FIN A N CIA L REV IEW


Innovation and research

Our three major innovation and research projects, Phase V, PERSONAE and MENTBEST are now operational and recruitment of patients is progressing across their total of five studies. However, the projects have been delayed due to difficulties with approvals and patient recruitment, but we now look forward to seeing the results over the next couple of years.

We have added great new functionality to our digital health platform, including treatment content queue, automated content recommendations and patient screening.

Cash flow

The payments from customers and credits from suppliers have improved in the period, causing cash from operations to be DKK 0.7m compared to DKK -3.8m in H1 2024.

Unchanged outlook for 2025

For 2025, we expect revenue to be DKK 12-13m, corresponding to growth of 8-16%, and an EBIT of DKK

-7m to DKK -6m.

Uncertainties and other financial information for 2025 are included in notes 1 and 2 of the financial statement.

Monsenso interim report - H1/2025

Page 5/15



Management expects to have sufficient liquidity to manage the group's activities for the coming period.

KEY FIG U RES A N D RA TIO S



H1 2025

H1 2024

5,166

5,527

1,909

2,311

(1,755)

(1,270)

(4,066)

(3,484)

(3,839)

(3,231)

('000 DKK)

Income Statement

Revenue Gross profit EBITDA

Operating profit (EBIT) Profit (loss) for the period

666

(3,826)

(1,175)

(1,286)

29

9,271

Cash flow Operating activities Investing activities Financing activities

1,381

1,861

14,479

18,490

10,354

14,164

Balance Sheet

Cash and cash equivalents Total assets

Other key figures and ratios

Gross Margin

Revenue, commercial part Commercial revenue in % of the total. Total investment in R&D

Total operating expenses (OPEX) Average no. of employees (FTE)

No. of employees (FTE) end of the period

Net profit per share (DKK)

No. of shares end of period ('000) Net profit per share, diluted (DKK)

No. of shares end of the period, diluted ('000) MONSO shareprice end of period DKK

Market cap (mio DKK)

Equity

37%

42%

1,827

1,979

35%

36%

(1,807)

(2,052)

(6,997)

(6,797)

11

11

12

12

(0.06)

(0.07)

66,774

66,547

(0,05)

(0,06)

74,600

71,748

0.33

0.47

22.0

31.5



Monsenso interim report - H1/2025 Page 6/15

3

Financial statement

Interim report 2025

Monsenso interim report - H1/2025 Page 7/15



IN CO M E STA TEM EN T



Monsenso interim report - H1/2024 Side 8/16

('000 DKK)

Note

H1 2025

H1 2024

Revenue

5,166

5,527

Cost of revenue 3

(3,257)

(3,216)

Gross profit

1,909

2,311

Sales & marketing costs 3,4

(2,000)

(1,380)

Research & development costs 3,4

(2,873)

(3,096)

General & administrative costs 3,4

(1,178)

(1,319)

Other income

76

-

Operating profit (EBIT)

(4,066)

(3,484)

Financial income

3

29

Financial expenses

(35)

(18)

Profit (loss) before tax

(4,098)

(3,473)

Tax on profit/loss for the period 5

259

242

Profit (loss) for the period

(3,839)

(3,231)

Monsenso interim report - H1/2025

Page 8/15



CA SH FLO W



('000 DKK)

Note

H1 2025

H1 2024

Operating profit (EBIT)

(4,066)

(3,484)

Depreciations and amortizations

4

2,311

2,214

EBITDA

(1,755)

(1,270)

Financial payments

(31)

11

Taxes paid /received

-

-

Cash flow before working capital

(1,786)

(1,259)

Changes in receivables

2,656

188

Changes in current liabilities

(204)

(2,755)

Cash flow from operating activities

666

(3,826)

Purchase of intangible assets

6

(1,175)

(1,388)

Purchase of tangible assets

-

102

Cash flow from investing activities

(1,175)

(1,286)

Proceeds from capital increase, net of costs

29

9,271

Cash flow from financing activities

29

9,271

Net cash flow

(480)

4,159

Cash and cash equivalents, beginning of the period

1,861

1,812

Net cash flow

(480)

4,159

Cash and cash equivalents, end of the period

1,381

5,971



Monsenso interim report - H1/2025 Page 9/15

BA LA N CE SHEET



('000 DKK)

Note

H1 2025

Dec 2024

Contract assets

279

349

Completed development projects

9,021

9,212

Development projects in progress

1,175

2,050

Intangible assets 6

10,475

11,611

Tangible assets

99

99

Total non-current assets

10,574

11,710

Accounts receivable

1,552

4,306

Other receivable

52

31

Corporation tax

710

451

Prepayments

210

131

Receivables

2,524

4,919

Cash and cash equivalents

1,381

1,861

Total current assets

3,905

6,780

Total assets

14,479

18,490

Share capital

6,677

6,664

Other reserves

57

57

Retained earnings

3,620

7,443

Equity

10,354

14,164

Other liabilities > 5 years

625

614

Non-current liabilities

625

614

Accounts payables

399

618

Prepayments from customers

1,358

902

Other liabilities

1,743

2,192

Current liabilities

3,500

3,712

Liabilities

4,125

4,326

Equity and liabilities

14,479

18,490

Contingent liabilities 7



Monsenso interim report - H1/2025 Page 10/15

EQ U ITY



('000 DKK)

Share Capital

Share Premium

Other reserves

Retained

earnings Total

Equity January 1, 2024

3,056

0

57

7,760

10,873

Capital increase

3,598

6,103

9,701

Costs regarding capital increase

(430)

(430)

Transfers

(5,673)

5,673

0

Distribution of profit/loss for the period

(3,231)

(3,231)

Equity June 30, 2024

6,654

0

57

10,202

16,913

Equity January 1, 2025

6,664

0

57

7,443

14,164

Capital increase

13

16

29

Costs regarding capital increase

Transfers

(16)

16

0

Distribution of profit/loss for the period

(3,839)

(3,839)

Equity June 30, 2025

6,677

0

57

3,620

10,354

Patients in PhaseV project

Monsenso interim report - H1/2025

Page 11/15



N O TES



Note 1: Uncertainties and estimates

In general, management makes judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent liabilities.

Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Management continuously reassesses these estimates and judgments based on several factors under the given circumstances. The value of all capitalised research & development costs is amortised over their useful lives. Every year, the management evaluates an impairment assessment to make sure the total value of the capitalised projects is fair. The estimated value of intangible assets is based on management estimates and assumptions and by nature subject to uncertainty.

Note 2: Cash forecast

Monsenso manages its capital to ensure that it can continue as a going concern. Management expects sufficient liquidity resources to manage the Group's activity for the coming year. In the last part of 2025, new orders are expected to contribute with cash.

('000 DKK)

H1 2025

H1 2024

Note 3 Employee costs

Wages and salaries

4,884

4,509

Pensions

297

263

Social security and other costs

169

155

5,350

4,927

Employee costs included in development projects

(900)

(850)

Employee costs expensed in the income statement

4,450

4,077

Included in the income statement are as follows:

Cost of revenue

2,091

2,242

Sales & marketing costs

1,201

815

Research & development costs

534

611

General & administrative costs

624

409

Total

4,450

4,077

The average number of employees (FTE)

11

11

Number of employees end of period (FTE)

12

12



Monsenso interim report - H1/2025 Page 12/15

N O TES



('000 DKK)

Note 4

Depreciations and amortizations Amortization on intangible assets Depreciation on tangible assets Total

Included in the income statement are as follows:

Sales & marketing costs Research & development costs General & administrative costs Total

Note 5

Tax on profit/loss for the period

Current income tax Deferred income tax Total

Deferred tax, with a value of DKK 4.2m end of 2024, is not included in the balance sheet as an asset.

Note 6 Investment

Development projects in progress Deposits

Total

H1 2025

H1 2024

('000 DKK)

2,311

2,214

0

0

2,311

2,214

70

70

2,241

2,144

0

0

2,311

2,214

(259)

(242)

0

0

(259)

(242)

(1,175)

(1,100)

0

102

(1,175)

(998)

Contract assets

Development Projects

Projects in progress

Patents, licenses and other rights

Total



Intangible assets

Cost, January 1, 2025

4,042

0

4,042

3,693

70

3,763

279

33,467

2,050

761

40,320

1,175

0

41,495

28,709

2,311

31,020

10,475

Additions

0

1,175

0

Transfer

2,050

(2,050)

Cost, at June 30, 2025

35,517

1,175

761

Amortization, January 1, 2025

24,255

0

761

Amortization

2,241

0

Amortization, at June 30, 2025

26,496

0

761

Carrying amount, at June 30, 2025

9,021

1,175

0

n through th

o be sold in

e use of the resources allocated

the present and new markets to

The development projects are progressing according to pla by Management to development. The software is expected t the Company's existing and new customers.

Note 7

Contingent liabilities

Rental commitments, non-termination period, accounts for DKK 99k at June 30, 2025. At June 30, 2024 the value was DKK 99k.

Monsenso interim report - H1/2025 Page 13/15

M A N A G EM EN T STA TEM EN T


The Management and Board of Directors have considered and approved the interim financial report of Monsenso A/S for the first six months of 2025. The interim financial report has not been audited or reviewed by the company's independent auditors.

The interim financial report is prepared in accordance with the Danish Financial Statements Act. The accounting policies adopted in the preparation are consistent with those applied in our annual report for 2024.

In our opinion, the accounting policies applied, and the interim financial report gives a true and fair view of the Group's financial position at June 30, 2025, and of the results of the Group's operations and cash flow for the first six months of 2025.

We believe that the management commentary includes a true and fair review of the affairs and conditions referred to herein.

Copenhagen, August 29, 2025

Management

Thomas Lethenborg, CEO Nanna Iversen, COO

Board of Directors

27

Monsenso interim report - H1/2025

Page 14/15



Peter Mørch Eriksen Chairman

Kaspar R. Kristiansen Vice-chairman

Claus Stie Kallesøe

Mette Zacho

CO M PA N Y IN FO RM A TIO N



Company

Monsenso A/S Rosenørns Allé 31, 2.

1970 Frederiksberg C

CVR-nr. 35517391

Tel. +45 7875 5000

[email protected] https://www.monsenso.com

Board of Directors

Peter Mørch Eriksen, Chairman Kaspar R. Kristiansen, Vice-chairman Claus Stie Kallesøe

Mette Zacho

Management

Thomas Lethenborg, CEO Nanna Iversen, COO

Certified Advisor HC Andersen Capital Bredgade 23,

More information on

monsenso.com/investors

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