Untitled

Annual report 2025

For the period 1 January – 31 December 2025

BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT

AS OF 31 DECEMBER 2025

Board of Directors

Erik Fischbeck Fredrik Djavidi

Chairman Board Member

Laurent Kssis Christopher Kock

Board Member CEO / Board Member

Management Team

Christopher Kock Peter Arvidsson Andreas Severin Daniel Lundberg

CEO COO CSO CFO

TABLE OF C O N T E N T S

- Statement from the CEO 4

- Management- and Corporate Governance Report 6

- Financial Statements 13

- Notes to the financial statements 19

- Board Endorsement 40

- Auditor’s report 41

Virtune AB (Publ)

Org. no. 559175-2067

STATEMENT FROM THE CEO

Virtune ends 2025 as the market leader in the Nordics and with its first profitable

full year

2025 has been a defining year for Virtune. During the year, we took several important

steps in our development - geographically, operationally, and financially. We close

the year as the leading crypto asset manager in the Nordics, with our first profitable

full year and a clear position for continued European expansion.

As we entered 2025, Virtune began its second full year in the market. The

investments we made in previous years in product development, compliance,

operational infrastructure, and partnerships laid the foundation for a scalable

business. During the year, we were able to capitalize on this work and accelerate our growth.

One of the most important milestones of the year was our geographic expansion. In January, we established our presence in

Finland through the launch of Finland’s first locally listed crypto ETPs on Nasdaq Helsinki. Later in the year, we also entered

the German market through listings on Deutsche Börse Xetra. These launches mark important steps in our ambition to build

a leading European platform for exchange-traded crypto products.

During the year, our product offering also continued to grow. In total, we launched eight new ETPs and completed several

strategic collaborations, including an index product in partnership with Coinbase, the Virtune Coinbase 50 Index ETP, as well

as a partnership with Chainlink around proof-of-reserves. These initiatives strengthen transparency and quality in our

products and contribute to further professionalizing the market for crypto-based investment products.

Despite periods of volatility in the crypto market during the year, demand for our products remained strong. In 2025, net

inflows exceeded SEK 2 billion, making Virtune one of the fastest-growing crypto asset managers in Europe during the year.

At the same time, we achieved a market share of approximately 95 percent of trading volume in crypto ETNs on Nasdaq

Nordics, clearly demonstrating our strong foothold in the region.

Our growth is not driven solely by product development and geographic expansion. During the year, we continued to invest

in market presence and education around crypto assets. Through seminars, events, and collaborations with banks, platforms,

and advisors, we reached thousands of investors and strengthened knowledge about crypto assets as an emerging asset

class.

Virtune AB (Publ)

Org. no. 559175-2067

Financially, 2025 marks an important breakthrough for the company. During the year, we achieved our first

profitable full year while continuing to invest in the organization, technology, and distribution capacity to

enable future growth.

We now enter 2026 from a strong position. Our ambition is to continue increasing net inflows, launch new

innovative products, and establish ourselves in additional European markets - something already

demonstrated through our listing of the first-ever crypto ETNs on the Warsaw Stock Exchange in Poland in

February 2026. At the same time, we will continue working closely with banks, advisors, and institutional

participants to help ensure that crypto assets become an integrated part of the modern investment landscape.

I would like to extend a sincere thank you to our employees, shareholders, partners, and investors who have

been part of this journey. Together, we will continue building a company that drives the development of

crypto-based investment products in Europe.

Christopher Kock

Co-Founder and Chief Executive Officer

Virtune AB (Publ)

Org. no. 559175-2067

MANAGEMENT- AND CORPORATE

GOVERNANCE

REPORT

General information of Virtune AB (Publ)

Virtune AB (Publ) is a regulated Swedish digital asset manager and issuer of exchange-traded products

(ETPs) on regulated European exchanges. The company has its registered office in Stockholm.

Financial performance of the financial year of 2025

The company's net sales for 2025 amounted to 66,704 thousand SEK (18,868 thousand SEK), where the

company's commercial operations began in May 2023 with the listing of the company's first ETPs.

The company has a total AUM of 3,118 million SEK (2,576 million SEK) (the total managed capital in all

ETPs) and the growth in the form of inflows has been significantly greater (approximately 2 billion SEK)

than the development of the total AUM, where the difference lies in the negative value development that

has been in 2025 of the underlying assets. The company has a total of 21 (13) ETPs admitted to trading

as of the end of December 2025 and the total number of investors for the ETPs as of the end of December

2025 amounted to 153 thousand (102 thousand).

The company operates in a market with strong underlying growth where the market has previously been

primarily associated with capital inflows from private investors via online brokers and banks. In line with

increased acceptance of digital assets as an asset class and increased regulation of the market, we are

experiencing growing interest from institutional investors who are striving to include digital assets in their

portfolios. The inflow of institutional capital to our products is therefore expected to grow in the coming

years in line with growing acceptance of digital assets as an asset class from the traditional financial

market.

EBITDA for the most recent financial year amounted to SEK 11,269 thousand (SEK -9,808 thousand) where

the company's business model has proven itself in the form of strong profitable inflows during the year.

This combined with the company reinvesting parts of the profit in the form of an expanded product portfolio

and launch in two new geographical markets during the year. The company prioritizes continued growth

and expansion of our product portfolio and distribution verticals in both existing and new geographical

markets over short-term results.

The company has shown exponential growth over the past year in the form of net inflows in the company's

ETP-program, where investments in educational efforts towards the market, adequate partners, regulatory

compliance and a robust product structure have positioned Virtune as a leading asset manager of digital

assets in the Nordic market.

Virtune's investments will also enable international expansion based on our Nordic operations as a base

where we primarily need to carry out market investments in the new markets we enter in the future. Virtune

has thus laid the foundation commercially and regulatory-wise to be able to scale up the business on a

broad front.

Virtune AB (Publ)

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Exchange-traded products

The issuer is a company whose sole purpose is to issue exchange-traded products (ETPs) and to manage

the underlying digital assets that serve as the collateral for the ETPs. Virtune ETPs track the price

performance of the relevant underlying digital assets (e.g. Bitcoin or Ethereum) minus a management fee.

The issuer does not engage in any other business activity and is not a licensed financial advisor.

The issuer's ETPs have no fixed maturity and no scheduled maturity date. ETPs are not capital protected

and are non-interest bearing. The Issuer's ETPs shall always provide a 1:1 exposure to the performance of

the underlying digital assets minus a management fee, and the price of each ETP is secured by the Issuer

holding at least 100% of the corresponding underlying digital assets with the Issuer's custodian. The ETPs

are also affected by the change in exchange rate between USD and SEK or EUR.

Exchange-traded products on stock exchanges

The issuer's 21 ETPs are Virtune Crypto Top 10 Index ETP SEK, Virtune Crypto Top 10 Index ETP EUR,

Virtune Staked Ethereum ETP, Virtune Bitcoin ETP, Virtune Chainlink ETP, Virtune Arbitrum ETP, Virtune

Staked Polkadot ETP, Virtune Staked Solana ETP, Virtune Polygon ETP, Virtune Staked Cardano ETP,

Virtune XRP ETP, Virtune Avalanche ETP, Virtune Crypto Altcoin Index ETP, Virtune Litecoin ETP, Virtune

Stellar ETP, Virtune Bitcoin Prime ETP, Virtune Coinbase 50 Index ETP, Virtune Staked NEAR ETP, Virtune

Sui ETP, Virtune Stablecoin Index ETP and Virtune Bittensor ETP. All ETPs are governed by Swedish law

and are listed for trading on Nasdaq Stockholm. Parts of the company's ETPs are cross-listed on Nasdaq

Helsinki, Deutsche Boerse Xetra, Euronext Amsterdam and Euronext Paris. The Issuer's main market for

the products is Nasdaq Stockholm and from there the Company cross-lists its ETPs to other Issuer's main

market marketplaces or multilateral trading platforms in Europe.

The Issuer's base prospectus under which the ETPs are issued was renewed by the Swedish Financial

Supervisory Authority on 4 April 2025 and is valid for twelve months until the base prospectus needs to

be renewed again. The base prospectus is passported to all EU member states, Iceland and Norway, which

allows the Issuer to list its ETPs on regulated trading venues within these member states.

Development of the company's operations, results and financial position

Multiple-year comparison*

Year 2025

2024

2023

2022

2021

Net turnover (TSEK) 66,704

18,868

591

Net growth (%) 254%

3091%

N/A

Adjusted EBITDA (TSEK) 13,954

-9,697

-13,081

-2,728

EBITDA (TSEK) 11,269

-9,808

-13,081

-2,728

EBIT (TSEK) 10,804

-10,273

-13,384

-2,728

EBITDA margin (%) 21%

N/A

Balance sheet total (TSEK) 2,977,996

1,967,171

197,031

2,982

118

Equity ratio (%) 57%

67%

46%

89%

AUM (TSEK) 3,118,498

2,576,242

209,155

Number of investors 153,466

101,747

8,603

Number of ETP’s 21

*) For definitions of key figures, see Notes to the financial statements.

Virtune AB (Publ)

Org. no. 559175-2067

Financial position and liquidity

The operating cash flow was positive at SEK 14 million (-21 million) where, thanks to continued inflows

and thus high assets under management, we are now generating general returns, but where the company

continues to invest in an expanded product portfolio, new geographic markets and to reach more investors.

Furthermore, Virtune will continue to invest in accelerating our growth journey to more sales channels and

new markets with the help of our stable operating cash flow. Increased growth initiatives will be made in

the Nordics as well as in Germany with the goal of establishing ourselves as the leading digital asset

manager in Northern Europe.

The financial cash flow amounted to SEK 0 million (SEK 17 million), where the company is now, with its

recurring income from its current managed asset base and investor base, in a position to finance the

continued expansion in line with the established growth plan.

The total cash flow for the year was positive at SEK 14 million (-4 million).

Personnel

At the end of the year, the company had 7 (7) full-time employees.

Significant events during the financial year

 Finland welcomed Virtune with the first five crypto ETPs listed on Nasdaq Helsinki traded in euros in

January 2025.

 Virtune announced a change of ETP calculation agent for all ETPs in February 2025.

 Virtune AB (Publ) launched Virtune Litecoin ETP on Nasdaq Stockholm in March 2025.

 Virtune AB (Publ) renewed its EU Base Prospectus for the issuance program of crypto ETPs under EU

regulations and published the Base Prospectus for 2025.

 Virtune AB (Publ) launched Virtune Stellar ETP on Nasdaq Stockholm in April 2025.

 Virtune AB (Publ) announced a change of Index Provider in May 2025.

 Virtune AB (Publ) launches Virtune Bitcoin Prime ETP on Nasdaq Stockholm in May 2025.

 Virtune AB (Pulb) announces that the company has become an approved issuer on the Xetra exchange in

Germany and launched the Virtune Coinbase 50 Index ETP in July 2025.

 Virtune AB (Publ) launched the Virtune Staked NEAR ETP on Nasdaq Stockholm in August 2025.

 Virtune AB (Publ) launched Europe's most cost-effective Sui ETP on Euronext Paris, with a focus on broad

European distribution in October 2025.

 Virtune AB (Publ) launched the Virtune Stablecoin Index ETP on Nasdaq Stockholm, Nasdaq Helsinki and

Deutsche Börse Xetra in November 2025.

 Virtune AB (Publ) informed about an update from the reference price provider MarketVector regarding the

underlying price source for single asset ETPs in December 2025.

 Virtune AB (Publ) launched the Virtune Bittensor ETP on Nasdaq Stockholm in December 2025.

 Virtune AB (Publ) held an extraordinary general meeting in December 2025 where the shareholders

decided to repay all conditional shareholder contributions and adopt new articles of association.

Significant events after the financial year

 Virtune carried out an issue of shares linked to the subscription of TO1 2022/2026, which provided the

company with proceeds of SEK 4.7 million in January 2026.

Virtune AB (Publ)

Org. no. 559175-2067

Information on risks and uncertainties

The issuer is exposed to the risks inherent in our core business and, to a material extent, the following risks:

Risks related to digital assets

The digital assets to which the issuer's exchange-traded products provide exposure are publicly available,

which means that further innovation and changes may occur. These changes could potentially negatively

impact on the issuer in the future.

Ability to manage growth

If the Company fails to manage future growth effectively, it could adversely affect the Company's

operations, financial position and performance. The Company's management works proactively by

ensuring that effective processes are in place to implement the Company's business plan.

Market risks

The risk of significant declines in the value of the exchange of traded products and therefore the assets

under management as a result of, among other things, changes in prevailing market parameters, in the

volatility of such parameters and/or correlations between them.

Liquidity risks

Liquidity risk is the risk that the company will not be able to meet its payments due to insufficient liquidity

and/or difficulty in obtaining credit from lenders. The company has a stable financial position based on the

latest capital round in 2024. Future growth will be financed from the company's equity. Based on currently

available funds, management and the Board of Directors believe that the liquidity needs for 2025 are

secured.

Dependence on key people

Within the company there are a number of key people who are of great importance to the company's

operations. The skills, experience and commitment of the current staff of Virtune play a crucial role in the

future development of the company. Should one or more key personnel choose to leave the company, it

could have a negative impact on the business. There is also a risk that recruitment of new personnel to

these positions may take time and entail increased costs for the company, which may have negative

consequences for the company's operations, financial position and results.

Supplier risk

The company's operations depend on a number of suppliers and the provision of deliveries on favorable

terms. A termination or deterioration of the terms of the Company's supplier agreements, or a delay in

delivery, may - in the absence of alternative suppliers - result in financial losses for the Company, which

could adversely affect its operations, financial position and results.

Business risk

Risk arising from external circumstances or events that damage the Company's reputation or otherwise

impair its financial position. Developments in the crypto industry may be particularly relevant and may

adversely affect the Company's reputation and/or operating results.

Operational risk

This risk relates to potential losses that the Company may experience as a result of operational factors

such as incorrect or inadequate procedures, human error, system deficiencies and/or legal risks. If the

governance or controls over the Company's operational activities have been inadequate, this could have a

negative impact on the Company's reputation and/or operating results.

Economic developments

The Company's performance and financial position are partly dependent on factors beyond its control,

including general economic conditions, market conditions for investors and the existence of new competing

products and services. There is a risk that investors in the Company's exchange-traded products will reduce

their demand for the Company's products as a result of general economic and market conditions. This could

result in a reduced earning capacity for the Company and thereby adversely affect the Company's earnings

and financial position.

Virtune AB (Publ)

Org. no. 559175-2067

Risks associated with the ETP’s

Significant risks associated with the company's financial instruments:

o ETPs lack capital protection, the possibility of losing all or part of the amount invested.

o The risk of an Extraordinary Event occurring.

o Risks related to the secondary market.

o Currency exposure risks.

o Risks related to limitations on market makers' commitments.

o Factors that adversely affect the performance of the underlying digital asset to which the

financial instrument is linked.

Risks associated with the digital assets to which the ETP’s are correlated

Risks related to the digital assets serving as the underlying asset for the exchange-traded products

o The market value, from time to time, of a given digital asset will be affected by expectations

regarding the future use or other applications of such digital assets, which may cause the digital

asset to be highly volatile.

o Future regulations of a digital asset may have a negative impact on the performance of such

digital assets and therefore the exchange-traded product that provides exposure to such digital

asset.

o The risk of fraud occurring, leading to the loss of all or some of the digital assets in the relevant

digital wallets.

Corporate governance report

As the issuer's share capital is not listed, the Corporate Governance Code is not applicable to the issuer.

Statutes and general meeting

This is based, inter alia, on the issuer's articles of association (the "Articles of Association") and the

Companies Act. Both of these underpin the issuer's corporate governance framework.

Amending the company's articles of association is a matter to be dealt with by its shareholders from time

to time. A qualified majority of 2/3 of the shareholders' votes present at the general meeting is required to

amend the issuer's articles of association, but some specific amendments referred to in the Companies Act

require unanimity.

The General Meeting of Shareholders is the only decision-making forum where the issuer's shareholders

can exercise their influence. The responsibilities of the general meeting are governed by the articles of

association and the Companies Act and include: electing the board of directors, appointing the auditor,

approving the financial statements and discharging the board of directors and the managing director from

liability. The Annual General Meeting for the 2025 financial year will be held on 2026-05-21.

Ownership overview

Order Shareholder list on the 2025-12-31 Number of shares Proportion of shares and votes

1 Gert Åke Nordin 1 273 015 19,96%

2 AlphaDot Ventures AB 1 175 879 18,44%

3 Christopher Alexander Kock 571 826 8,97%

4 Peter Mikael Arvidsson 571 825 8,97%

5 Violet AI AB 364 135 5,71%

6 Sutjagin Capital AB 289 651 4,54%

7 Henry Mischa Forelius 249 300 3,91%

8 Blademaster AB 232 398 3,64%

9 Servisen Venture AB 200 301 3,14%

10 Niki Mia Invest AB 158 947 2,49%

5 087 277 79,78%

Other shareholders 1 289 683 20,22%

6 376 960 100,00%

Total, 10 largest shareholders

Total number of shares

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The Board of Directors

The board of directors of the issuer (the "Board") is responsible for developing the issuer's long-term

strategies, policies, vision and values. In 2025, the Board consisted of the following members:

o Erik Fischbeck, Chairman of the Board since 2024 Erik was born in 1972 and is a Danish citizen.

o Fredrik Djavidi, Board member since 2024. Fredrik was born in 1967 and is a Swedish citizen.

o Laurent Kssis, Member of the Board since 2024. Laurent was born in 1968 and is a British citizen.

o Christopher Kock, Board member and CEO since 2022. Christopher was born in 1992 and is a

Swedish citizen.

The provisions of the Companies Act and the Company's Articles of Association regarding the duties of the

members of the Board of Directors are complemented by certain working procedures adopted by the Board

of Directors, which include provisions on the division of work between the Board of Directors and the Chief

Executive Officer. The working procedures stipulate that the Board of Directors should meet at least six

times a year, which it did in 2025. All Board meetings for the company were held in Stockholm and

Sweden, as were the General Meetings in line with the company's regulations. The company also has an

Audit Committee, which is the only committee that has met, and the committee's charter stipulates that

the committee should meet at least twice a year, which it did in 2025.

Chief Executive Officer

Since 2022, the CEO of the company is Christopher Kock (1992). Christopher directly controls shares

amounting to 9 percent of the total number of shares and votes. Christopher has no significant assignments

outside the company.

Executive management

The CEO has appointed a management team, which is also Virtune's senior management team. In 2024,

the management team consisted of the CEO, COO, CSO and CFO.

The management teams work very closely together, with almost daily contact, and the extended

management work is carried out at monthly management meetings. During the year, issues of both

operational and strategic nature were addressed on an ongoing basis.

Internal control and risk management over financial reporting

Under the Swedish Companies Act, the Board of Directors is responsible for internal control. The Board's

responsibility is also regulated in the Annual Accounts Act. The aim of internal control is to create a clear

responsibility structure and an efficient decision-making process.

The Board has established a number of fundamental documents relevant to financial reporting to ensure

an effective control environment. The Board's rules of procedure and instructions for the CEO also ensure

a clear division of roles and responsibilities, aimed at effective management of the risks of the business.

The Board has also established a number of basic guidelines and policies that are relevant to internal

control. The basic policy documents are subject to ongoing review. In addition, a well-functioning control

environment requires an adequate organizational structure and continuous review of the same. Virtune's

management reports regularly to the Board based on established procedures.

Furthermore, the management is responsible for the system of internal controls required to manage

significant risks in the day-to-day operations. Managers at different levels within the company have defined

authority and responsibility for internal control.

Auditor

Öhrlings PricewaterhouseCoopers AB is the company's auditor firm and Johan Engstam is the Auditor in

Charge.

Virtune AB (Publ)

Org. no. 559175-2067

Outline of results (amount stated in SEK)

The following funds are available to the Annual General Meeting:

Share premium 38,638,039

Shareholder contributions 450,000

Retained earnings -29,198,621

Result for the year 9,797,312

Total 19,686,730

The Board of Directors proposes that the available funds, SEK 19,686,730, be carried forward.

Further information regarding the Company’s profit and financial position information can be found in the

following in-come statement, balance sheet, cash flow statement and pertaining notes.

Virtune AB (Publ)

Org. no. 559175-2067

FINANCIAL STATEMENTS

CONTENTS

Income statement 14

Balance sheet 15

Statement of Changes in Equity 17

Statement of Cash Flows 18

Notes to the Financial Statements 19

Virtune AB (Publ)

Org. no. 559175-2067

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

All amounts in thousands of SEK

Note

2025-01-01

2025-12-31

2024-01-01

2024-12-31

Operating revenue

Net revenue 3

704

868

Other operating income 4

812

474

Total operating income

517

342

Operating expenses

Direct cost

446

598

Unrealized losses digital assets 12

686

111

Other external charges 6

522

034

Personnel costs 5, 16

594

406

Total operating costs

248

150

Operating profit before depreciation (EBITDA)

269

808

Adjusted EBITDA

954

697

Depreciation of intangible and tangible fixed assets 10,11

465

Operating profit (EBIT)

804

273

Results from financial items

Realized Gains on Securities & Digital Assets

789

001

Realized losses on Securities & Digital Assets

789

001

Other interest income and similar income items

Other interest expenses and similar income items 7

057

343

Result after financial items

797

615

Results before tax

797

615

Tax on the results for the year 8

Results for the year 9

797

615

There are no items to report in Other comprehensive income.

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BALANCE SHEET

AS OF 31 DECEMBER 2025

All amounts in thousands of SEK Note

2025-12-31

2024-12-31

ASSETS

Fixed assets

Intangible fixed assets

Capitalized expenses for development work and similar work 10

039

481

Total intangible assets

039

481

Tangible fixed assets

Equipment 11

Total tangible fixed assets

Total fixed assets

045

510

Current assets

Inventories, etc.

Inventory - Digital Assets 12

951

954

956

036

Total inventories, etc.

951

954

956

036

Receivables

Accounts receivable 13

414

Other receivables

Prepayments and accrued income 14

6,914

5,856

Total current receivables

7,387

5,992

Cash and cash equivalents 15

17,609

633

Total current assets

2,976,950

965

661

TOTAL ASSETS

977

996

967

171

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All amounts in thousands of SEK Note

2025-12-31

2024-12-31

EQUITY AND LIABILITIES

Equity

Share capital

531

994

Unregistered share capital

–

463

Development Expenditure Fund

919

361

Share premium

38,638

638

Profit/loss carried forward

29,199

026

Shareholder contribution received

450

530

Results for the year

9,797

615

Total equity

137

419

Liabilities

Short-term liabilities

Current liabilities ETP Program 17

940 997

944

269

Accounts payable

432

270

Current tax liabilities 8

Other short-term liabilities 18

117

956

Current liabilities repayment of conditional shareholder contributions 23

080

–

Accruals and deferred income 19

137

231

Total short-term liabilities

956

859

951

752

TOTAL EQUITY AND LIABILITIES

977

996

967

171

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CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

Restricted Equity

Non-restricted equity

All amounts in thousands of

SEK

capital

Unregistered

share capital

Development

Fund

premium

Balanced

result

Shareholder

Contributions

Received

The result of

the period

Total

equity

Equity on 2024-01-01

8,573

255

1,803

12,093

-5,044

4,530

-13,423

8,786

Outline of previous year’s

results

– 13,423

13,423

–

Registration ongoing issue

December 2023

255

-255

–

Warrant premium

(TO 2024)

358

Provision funds for

development expenses

-442

442

–

Directed share issue

February 2024

166

3,706

3,872

Issuance costs in 2024

-1,277

Ongoing change reduced

share capital

-8,494

8,494

–

Ongoing share issue

15,265

15,295

Result of the period

-11,615

Equity on 2024-12-31 8,994

-8,463

1,361

38,638

-18,026

4,530

-11,615

15,419

Equity on 2025-01-01 8,994

-8,463

1,361

38,638

-18,026

4,530

-11,615

15,419

Outline of previous year’s

results

-11 615

11 615

–

Registration changes reduced

share capital and registered

issue

-8,463

8,463

–

Provision funds for

development expenses

-442

442

–

Current liabilities repayment of

conditional shareholder

contributions

-4,080

Result of the period

9,797

-9,797

Equity on 2025-12-31 531

–

919

38,638

-29,199

450

9,797

21,137

2025-12-31 2024-12-31

TSEK

Conditional shareholder contributions – 4,080

Virtune AB (Publ)

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STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

All amounts in thousands of SEK Note

202

2025-12-31

202

2024-12-31

Operating activities

Operating profit

804

273

Adjustment for non-cash items 24

465

Interest received

–

Interest expenses and similar items

Other financial items

053

–

Income tax paid

–

Cash flow from operating activities before changes in working capital

262

891

Cash flow from changes in working capital

Increase (–)/decrease (+) in Digital assets 12

810

768

Increase (–)/decrease (+) in operating receivables 14

395

112

Increase (+)/decrease (–) in accounts payable

161

167

Increase (+)/decrease (–) in operating liabilities 18,19

138

387

Cash flow from changes in working capital

714

326

Cash flow from operating activities

976

217

Investing activities

Investments in intangible assets 10

–

Investments in tangible fixed assets 11

–

Cash flow from investing activities

–

Financing activities

Rights issue

–

630

Options program

–

358

Cash flow from financing activities

–

988

Increase/decrease of cash and cash equivalents

976

229

Cash/cash equivalents at the beginning of the year

633

862

Cash/cash equivalents at the end of the year 15

17,609

633

Virtune AB (Publ)

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Note 1 General information

Virtune AB (Publ) is a limited liability company registered in Sweden with its

registered office in Stockholm and with address c/o RKO AB Sybellegatan 47, 114 42

& Stockholm. All amounts are reported in thousands of SEK (TSEK) unless otherwise

stated. Figures in brackets refer to the previous year unless otherwise stated.

The board of directors approved the annual report for publication on March 27, 2026

Note 2 Summary of significant accounting policies

Compliance with standards and legislation

The company financial is compliance with RFR 2 Accounting for Legal Entities and the

Annual Accounts Act. The application of RFR 2 means that the company applies all

IFRS standards and statements adopted by the EU in the annual report as far as

possible within the framework of the Annual Accounts Act, the Pension Obligations

Vesting Act and with regard to the relationship between accounting and taxation.

New IFRS standards not yet applied

Regarding new or amended standards and policies approved by the IASB on January

1, 2025, IFRS 18 is expected to have a significant impact on the company's financial

statements from the 2027 financial year onwards regarding how the company's

financial figures are presented.

Valuation principles applied in the preparation of the financial statements

Assets and liabilities are recognized at historical cost.

Significant accounting policies applied

The accounting policies set out below have been applied consistently to all periods

presented in the financial statements, with the exceptions detailed below.

Classification etc.

Fixed assets primarily consist of amounts expected to be recovered or paid after more

than twelve months from the balance sheet date, while current assets mainly

comprise amounts expected to be recovered or paid within twelve months from the

balance sheet date. Long-term liabilities primarily consist of amounts for which the

company, at the end of the reporting period, has an unconditional right to choose to

defer payment beyond twelve months after the end of the reporting period. If the

company does not have such a right at the end of the reporting period—or if the

liability is held for trading or expected to be settled within the normal operating

cycle—the liability amount is reported as a current liability.

Virtune AB (Publ)

Org. no. 559175-2067

Revenue

The company has two main revenue streams: Management fees and staking rewards.

Management fees

The Company earns revenue by issuing and listing ETPs with underlying digital assets

as collateral. Management fees are calculated on each ETP at the applicable

predetermined management fee rate and are accrued on a daily basis over the period

the ETP is outstanding at the market price of the underlying digital assets. The

management fee income is first determined in the quantity of digital assets, which is

then translated into USD values using today's reference price, which is then revalued

to SEK using the transaction date rate. Based on the assets under management for

each ETP, the management fee is calculated daily as accrued income and the accrued

income is extracted on a monthly basis in the following month from the ETP's assets

and transferred in the form of digital assets to the company.

The management fees charged include all expenses related to the ETP, including

trading fees, custody and custody fees, etc.

Staking rewards

The Company participates in decentralized finance and blockchains that apply proof-

of-stake as a consensus mechanism by confirming and validating transactions,

thereby contributing to the operations and security of the relevant blockchain. Based

on this work, the company receives rewards in the form of digital assets. The company

is rewarded for its contribution to the network with digital assets that constitute so-

called staking rewards. Staking rewards are received in digital assets and these are

revalued USD values using today's reference price, which is then revalued to SEK

using the transaction day rate. Revenue is generated when the staking rewards reach

the company's asset account and are distributed between the product and the issuer

in accordance with the final terms of the respective ETP. Earned staking rewards are

made available to the company on a monthly basis in the transfer to the company's

digital asset accounts and through extractions from the ETPs' underlying digital

assets.

Leased assets

All leases are accounted for as operating leases.

Operating leases

Lease payments under operating leases, including increased initial rentals but

excluding charges for services such as insurance and maintenance, are recognized as

an expense on a straight-line basis over the lease term.

Financial income and expenses

The company's financial income and expenses include:

– interest income,

– interest costs,

– foreign exchange gains/losses on financial assets and financial liabilities,

Interest income or interest expense is recognized using the effective interest

method.

Virtune AB (Publ)

Org. no. 559175-2067

Taxes

Income taxes consist of current tax and deferred tax. Income taxes are recognized in

profit or loss except when the underlying transaction is recognized in other

comprehensive income or in equity, in which case the related tax effect is recognized

in other comprehensive income or in equity.

Current tax is the tax payable or receivable in respect of the current year, using tax

rates enacted or substantively enacted at the balance sheet date. Current tax also

includes adjustments to current tax relating to previous periods.

ETP’s

Financial assets and liabilities are accounted for using the historical cost convention.

Accounting policies for current liabilities securities (ETP’s)

The Company's ETPs are physically backed, which means that the value of the

instruments always corresponds to at least a 1:1 ratio to the underlying digital assets.

The Company's outstanding instruments are valued as a current liability and in line

with the valuation of these digital assets at the balance sheet date. The liabilities

amount to the total number of ETPs the issuer has outstanding and the cost of its

underlying digital assets. If the company receives a creation or redemption order from

authorized participants in the program, the liability side increases or decreases by the

same amount as the underlying digital assets increase or decrease. A creation or

redemption order can be executed by the authorized participant sending over the

corresponding value of the ETPs in the underlying digital assets or via cash transfer

where the issuer procures or sells the relevant amount of underlying digital assets.

The risk that the value of the digital assets serving as the underlying collateral for the

ETPs falls below their acquisition cost is borne by the investors in the company's ETPs.

Any realized gains or losses from the sale of these instruments accrue to the investors

of the ETP. The company reports realized gains and losses on a gross basis in its

income statement, under financial items, in relation to the sold digital assets and ETPs.

However, the effect of these gains or losses is neutralized, as the asset and liability

values related to ETP development are correlated.

Recognition and derecognition

A financial asset or financial liability is recognized in the balance sheet when the entity

becomes a party to the contractual provisions of the instrument. A financial asset is

derecognized when the contractual right

to the cash flows from the asset has ceased or has been settled. The same applies

when the risks and rewards of ownership are substantially transferred to another

party and the entity no longer has control over the financial asset. A financial liability

is derecognized when the contractual obligation is discharged or cancelled.

Valuation of financial assets

Financial assets are initially measured at cost, including any transaction costs directly

attributable to the acquisition of the asset. Subsequent to initial recognition, current

financial assets are measured at the lower of cost and net realizable value at the

balance sheet date.

Trade and other receivables that are current assets are valued individually at the

amount expected to be received. After initial recognition, financial fixed assets are

Virtune AB (Publ)

Org. no. 559175-2067

measured at cost less any impairment losses and plus any revaluations.

Interest-bearing financial assets are measured at amortized cost using the effective

interest method.

For the purposes of valuation at the lower of cost or market and impairment testing,

the Company's financial instruments held for risk diversification are considered to be

part of a portfolio of securities and are therefore measured as one item.

Valuation of financial liabilities

Financial liabilities are measured at amortized cost. Expenditure directly attributable

to the raising of a loan adjusts the cost of the loan and is accrued using the effective

interest method.

Intangible fixed assets

Intangible assets comprise development costs and patents and are stated at cost less

accumulated amortization and any impairment losses. Research expenditure is

expensed immediately, while expenditure on development projects is capitalized as

intangible assets to the extent that it meets the criteria for capitalization in the balance

sheet. Expenditure that does not meet such criteria is expensed as incurred. The

amount capitalized during the year is transferred between unrestricted and restricted

capital and is designated as the development expenditure fund. The criteria to be met

are as follows:

* It is technically possible to complete the asset so that it can be used or sold.

* The entity intends to complete the asset and to use or sell it

* The entity has the ability to use or sell the asset.

* It is probable that the asset will generate future economic benefits.

* There are sufficient resources to complete the asset and to use or sell it.

* The development expenditure can be reliably measured.

Depreciation is mainly on a straight-line basis over the estimated useful life. The

following amortization period applies to the Company's intangible assets:

Number of years

Capitalized expenditure for development work 5 years

Removal from the balance sheet:

Intangible fixed assets are removed when the asset is retired or disposed of. When

intangible assets are disposed of, the capital gain or loss is determined as the

difference between the sale price and/or when no future benefits are expected from

the use of the asset, the asset is scrapped or disposed of at its carrying amount and

recognized in the income statement.

The assessment of the need for impairment of intangible and tangible fixed assets is

made on each balance sheet date to determine whether there are any indications that

the value of an asset is lower than its carrying amount. If there is such an indication,

the asset's recoverable amount is calculated. If the recoverable amount is less than

the carrying amount, an impairment loss is recognized as an expense. An internally

generated intangible asset that is not yet available for use or sale at the balance sheet

date is always tested for impairment. The recoverable amount of an asset or a cash-

generating unit is the higher of its fair value less costs to sell and its value in use.

Tangible fixed assets

Assets owned

Virtune AB (Publ)

Org. no. 559175-2067

Property, plant and equipment are stated at cost less accumulated depreciation and

any impairment losses. Cost includes the purchase price and expenditure directly

attributable to the asset to bring it to the location and condition necessary for it to be

capable of operating in the manner intended. The accounting policy for impairment

losses is set out below.

The carrying amount of an item of property, plant and equipment is derecognized on

disposal or retirement or when no future economic benefits are expected from its use

or disposal/disposal. The gain or loss arising on the disposal or retirement of an asset

is the difference between the sale price and the carrying amount of the asset minus

direct selling costs. Gains and losses are recognized as other operating

income/expenses.

Depreciation principles

Depreciation is calculated using the straight-line method over the estimated useful

life of the asset.

Number of years

Estimated useful lives:

- Machinery, equipment and installations 5 years

Impairment of fixed assets

If there is an indication of impairment, the asset's recoverable amount is calculated

(see below).

If it is not possible to determine substantially independent cash flows for an individual

asset, and its fair value minus costs to sell cannot be used, the assets are grouped for

impairment testing at the lowest level at which substantially independent cash flows

can be identified - a so-called cash-generating unit.

An impairment loss is recognized when the carrying amount of an asset or cash-

generating unit (group of units) exceeds its recoverable amount. An impairment loss

is recognized as an expense in profit or loss.

When an impairment loss is identified for a cash-generating unit (group of units), the

amount of the impairment loss is allocated on a pro rata basis to the assets included

in the unit (group of units).

The recoverable amount is the higher of fair value minus costs to sell and value in use.

In calculating value in use, future cash flows are discounted using a discount rate that

reflects the risk-free interest rate and the risk associated with the specific asset.

Reversal of impairment

An impairment loss is reversed if there is both an indication that the impairment loss

no longer exists and there has been a change in the assumptions used to calculate the

recoverable amount.

A reversal is made only to the extent that the carrying amount of the asset after

reversal does not exceed the carrying amount that would have been recognized,

minus depreciation where applicable, if no impairment loss had been recognized.

Virtune AB (Publ)

Org. no. 559175-2067

Accounting policies for digital assets in relation to the company's ETPs

The Company is an issuer of exchange-traded products (ETPs) that are 100%

physically backed by one or several digital assets. The digital assets are recorded by

the Company as an Inventory Asset and the asset is valued at the lower of cost or

market. The lowest value principle shall be the lower of either market value or cost.

The cost is calculated using the current reference value of the underlying digital assets

transferred in the context of a creation order. The direct costs and acquisition values

are set in USD values via today's reference price which is revalued to SEK using the

transaction date exchange rate. The liabilities are linked to the holders of the issued

ETPs and are valued as a current liability in line with the valuation of the digital assets

at the balance sheet date. The risk that the value of the digital assets serving as the

underlying for the ETPs falls below their cost lies with the investor in the Company's

ETPs and any capital gains or losses on sales of the digital assets accrue to the

investors in the ETPs. The Company recognizes realized gains and losses through

gross accounting in the Company's income statement and under financial items in

relation to digital assets and ETPs sold, however, the effect neutralizes these gains or

losses as the asset and liability side value of the ETP development is correlated.

The Company, at the start of each new month, withdraws the previous month's

accrued management and staking reward income which is transferred to Virtune's

own digital assets in their segregated custody wallets.

Accounting policies for Virtune's own digital assets

At each new month, the Company charges the previous month's accrued management

fees and the issuer's share of staking rewards in the underlying digital asset in relation

to the Company's ETPs. Thus, the Company manages its own digital assets and these

digital assets are recorded by the Company as an Inventory Asset and the asset is

valued at the lower of cost or net realizable value. The acquisition value is calculated

using the reference value in USD at the date of withdrawal and then in SEK using the

current transaction rate.

The net realizable value is the market value of the asset. The company thus takes into

account the risk of obsolescence and, in the event of obsolescence, the company's

direct costs are charged with a write-down of the company's assets. When the

company's own digital digital are converted into fiat currency, the company realizes a

gain or loss that is recognized in the company's other income or direct costs in the

company's income statement.

Short-term remuneration:

Short-term employee benefits in the form of salaries, bonuses and paid annual leave

are employee benefits that fall due within 12 months of the balance sheet date in the

year in which the employee earned the benefit. Short-term employee benefits are

measured at the undiscounted amount that the entity expects to pay as a result of the

unused entitlement.

Defined contribution pension plans

Defined contribution plans are those plans where the company's obligation is limited

to the contributions it has undertaken to pay. In such cases, the amount of the

employee's pension depends on the contributions paid by the enterprise to the plan

or to an insurance company and the return on investment generated by the

contributions.

Consequently, it is the employee who bears the actuarial risk (that the benefit will be

Virtune AB (Publ)

Org. no. 559175-2067

lower than expected)

and investment risk (that the invested assets will be insufficient to provide the

expected benefits). The company's obligations in respect of contributions to defined

contribution plans are recognized as an expense in profit or loss as they are earned by

employees in respect of services rendered to the company during a period.

All pension plans in the company are defined contribution plans.

Compensation in the event of dismissal:

Termination benefits are provided when a company decides to terminate an

employment before the normal termination date of the employment or when an

employee accepts an offer for voluntary severance in exchange for such benefits. If

the compensation does not provide the company with any future economic benefit, a

liability and an expense are recognized when the company has a legal or informal

obligation to provide such compensation. The compensation is valued at the best

estimate of the amount that would be required to settle the obligation at the balance

sheet date.

Cash flow statement

The cash flow statement is prepared using the indirect method. The reported cash

flow only includes transactions that have resulted in cash receipts or payments. In

addition to cash and cash equivalents, the company classifies as cash and cash

equivalents available balances with banks and other credit institutions and short-term

liquid investments that are listed on a marketplace and have a maturity of less than

three months from the date of acquisition. Restricted cash is not classified as cash and

cash equivalents.

Contingent liabilities (contingencies)

Contingent liabilities are disclosed when there is a possible obligation that arises from

past events and whose existence will be confirmed only by one or more uncertain

future events beyond the control of the entity or when there is an obligation that is

not recognized as a liability or provision because it is not probable that an outflow of

resources will be required or cannot be measured with sufficient reliability.

Virtune AB (Publ)

Org. no. 559175-2067

Note 3 Revenue

No income other than income from management fees and staking reward income is recognized in the Net

turnover line of the Profit and Loss Account. The Company presents a breakdown by type of revenue in

the following table.

Type of revenue 2025-12-31 2024-12-31

TSEK 12 months 12 months

Management fees

311

145

Staking rewards

393

723

Total

704

868

Revenue by geographical breakdown* 2025-12-31 2024-12-31

TSEK 12 months 12 months

Sweden

852

868

Finland

483

Germany

369

Total

66,704

18,868

*) Income from external investors has been attributed to individual countries according to the country of the

exchange managed assets are localized.

Revenue by business area 2025-12-31 2024-12-31

TSEK 12 months 12 months

Asset management

66,704

18,868

Total

66,704

18,868

Note 4 Other operating income

2025-12-31 2024-12-31

TSEK 12 months 12 months

Marketing grant from the Polkadots fund

475

347

Forwarding of administrative costs

990

101

Realized profit on sale of digital assets

348

–

Other

–

Total

2,812

5,474

Virtune AB (Publ)

Org. no. 559175-2067

Note 5 Employees, personnel costs and remuneration of senior executives

Employee benefits costs 2025-12-31 2024-12-31

TSEK 12 months 12 months

Salaries and remuneration, etc.

924

887

Pension costs, defined contribution plans (see also

Note 16)

529

130

Social security contributions

017

340

Total

470

358

Average number of employees 2025-12-31 2024-12-31

12 months 12 months

Average number of employees

Total

Gender balance in senior management 2025-12-31 2024-12-31

Percentage of women Percentage of women

The Board of Directors

Executive management

2025

2024

Management

Other

employees

Sum

Management

Other

employees

Sum

Salaries and remuneration to

staff

Salaries and other remuneration 3,195 2,729 5,924

444

443

887

(of which bonuses etc.) (534) (–) (534)

(

–

)

(

–

)

(

–

)

Total 3,195 2,729 5,924

444

443

887

(of which royalties etc.)

(534)

(

–

)

(534)

(

–

)

(

–

)

(

–

)

Social costs

004

013

017

454

887

340

(of which pension costs) (432) (97) 529

(–)

(

–

)

Virtune AB (Publ)

Org. no. 559175-2067

2025 2024

Gross

salary

Pension

cost

Total

Gross salary

Pension

cost

Total

Salaries and other

remuneration of senior

executives

Managing Director/ Member of

the Board (Christopher Kock)

372

257

629

819

–

819

Chairman of the Board (Erik

Fischbeck) *

172

–

172

–

Member of the Board (Laurent

Kssis) *

–

Member of the Board (Fredrik

Djavidi) *

115

–

Other members of the

management team (3 persons)

537

175

712

625

–

625

Total

195

432

627

444

–

444

* )

No board

remuneration

have been paid and/or expensed in 2024. However,

remuneration

have been introduced

and paid during 2025.

Virtune AB (Publ)

Org. no. 559175-2067

Note 6 Fees and reimbursement of expenses to auditors

2025-12-31 2024-12-31

TSEK 12 months 12 months

Öhrlings PricewaterhouseCoopers AB

Audit engagement

314

420

Other audit activities

Other assignments

125

Total

439

602

Audit engagement means the statutory audit of the annual accounts and accounting records and of the

the management by the Chief Executive Officer, and audits and other reviews carried out in accordance with

agreements or contracts. Other audit activities in addition to the audit assignment include, among other

things, costs relating to audited opinions. This includes other tasks that are incumbent on the company's

auditor, as well as advice or other assistance arising from observations made during such an audit or the

performance of such other tasks.

Note 7 Net financial results expenses

2025-12-31 2024-12-31

TSEK 12 months 12 months

Financial income

Other interest income and similar income

items

–

Financial expenses

Interest expenses

–

Net exchange rate losses

053

Interest expenses convertible

–

-1,343

Other

–

Net financial items reported in the income

statement

-1,007 -1,343

Note 8 Tax

Deferred tax

The company has an accumulated tax loss carryforward of 18,387 thousand SEK (29,102

thousand SEK). The underlying value of the deferred tax attributable to these losses amounts

to 3,788 thousand SEK (5,995 thousand SEK). In the financial statements for 2025 and 2024,

the company has chosen not to report the value of these loss carryforwards in the balance

sheet.

Virtune AB (Publ)

Org. no. 559175-2067

Note 9 Earnings per share

Earnings per share

Diluted earnings per share are calculated by adjusting the average number of shares to include

all potential dilution of shares. The company has issued the following option programs during

the respective years:

1. The estimated fair value on the grant date for warrants granted in 2022 was SEK 0.12 per

warrant. A total of 400,000 warrants were issued and granted, of which one warrant entitles

one share. 50,000 warrants have been bought back in 2023. The fair value on the grant date is

calculated using the Black-Scholes valuation model. The model has calculated the option price

at SEK 0.12 per option according to the following parameters:

A. Strike price: 14 kr.

B. Valuation date: 24 November 2022.

C. Subscription period: Subscription of shares may be made for the holder's warrants

from 1 January 2026 until 31 January 2026.

D. Expected volatility of the company's share price: 35%.

E. Expected dividend yield: 0%.

F. Risk-free rate: 2.26%.

The expected volatility of the share price is based on comparable listed companies as Virtune's

share is not listed.

2. The estimated fair value on the grant date for warrants granted in 2024 was SEK 1.13 per

warrant. A total of 316,000 warrants were issued and granted, of which one warrant entitled

to one share. The fair value on the grant date is calculated using the Black-Scholes valuation

model. The model has calculated the option price at SEK 1.13 per option according to the

following parameters:

A. Strike price: 87.30 kr.

B. Valuation date: May 17, 2024.

C. Subscription period: Subscription of shares may take place for the holder's warrants

from 1 May 2027 until 31 May 2027.

D. Expected volatility of the company's share price: 35%.

E. Expected dividend yield: 0%.

F. Risk-free rate: 2.61%.

The expected volatility in the share price is based on comparable listed companies because

Virtune's share is not listed.

Result per share before and after dilution 2025-12-31 2024-12-31

TSEK 12 months 12 months

Profit/loss attributable to the company's

shareholders

797

615

Weighted number before dilution, number

376

960

030

697

Weighted number after dilution, number

050

460

640

197

Earnings per share before dilution, SEK

Earnings per share after dilution, SEK

Virtune AB (Publ)

Org. no. 559175-2067

Note 10 Intangible fixed assets

2025-12-31 2024-12-31

Accumulated cost, opening balance

210

Acquisitions for the year

Closing balance

210

Accumulated depreciation, opening balance

729

287

Depreciation for the year

442

Accumulated depreciation, closing balance

171

729

Closing carrying amount

1,039

1,481

Note 11 Tangible assets

2025-12-31 2024-12-31

Cost, opening balance

Acquisitions for the year

Cost, closing balance

Depreciation, opening balance

Depreciation for the year

Accumulated depreciation, closing balance

Closing carrying amount

Virtune AB (Publ)

Org. no. 559175-2067

Note 12 Digital asset

2025

2025-12-31 2024-12-31

2024-12-31

TSEK

Coins

TSEK Coins

TSEK

Ethereum

17 156

459 564

12 299

370 675

Bitcoin

1 086

718 169

684

351 648

Chainlink

1 014 337

115 853

851 397

189 566

Polkadot

3 071 704

53 721

623 591

45 264

Bitcoin Cash

2 951

15 297

–

Litecoin

46 795

32 255

24 266

26 221

The Stellar network

14 331 212

28 334

–

Uniswap

253 161

11 947

186 918

26 215

Axie Infinity Shards

–

Arbitrum

17 954 448

31 793

8 299 854

66 401

Solana

244 414

278 898

116 974

201 627

XRP

63 577 035

1 089 890

31 620 624

527 970

Polygon

9 303 172

9 084

5 345 081

26 607

Avalanche

333 655

39 157

152 296

55 847

Cardano

16 656 993

56 337

8 482 222

67 959

Filecoin

–

Bittensor

2 033

4 158

–

NEAR

390 684

5 603

–

SUI

79 890

1 063

–

Övrigt

62 305

832

2 806

Total

127

343

032

951

954

719

015

956

036

The direct costs for the company include unrealized losses regarding the company's own digital

assets of 2,686 tkr (111 tkr).

*) Fair value has been derived using reference prices per digital asset and as of the last balance

sheet date. Fair value is derived through IFRS hierarchy 2. The Company uses the same

reference prices according to the Company's base prospectus for the Company's ETPs to

calculate the market values of the underlying digital assets.

2025-12-31 2024-12-31

TSEK

Reported values of digital assets

951 954

956

036

Of which reported values

are digital assets

that are the company's owned

958

768

Of which reported values

are digital assets

backed underlying for the ETP program

940

997

944

269

2025-12-31 2024-12-31

TSEK

Fair value digital assets*

3 118 498

2 576 242

Virtune AB (Publ)

Org. no. 559175-2067

Note 13 Accounts receivable

TSEK

2025

2024

Accounts receivable

414

Minus: loss on provisions

Net Accounts receivable

414

As of December 31, 2025, good receivables amounted to SEK 414 thousand (37 thousand) for

the company.

As of December 31, 2025, overdue receivables amounted to SEK 414 thousand (8 thousand)

and taking into account the company's history where the company has never historically

reported customer losses, the company has not recorded any provision loss during these years.

Note 14 Prepaid expenses and accrued income

TSEK

2025

2024

Accrued management and reward income

908

400

Prepaid office expenses

309

281

Prepaid expenses ETP program

396

730

Prepaid expenses marketing efforts

175

–

Other

125

444

Total

914

856

Note 15 Cash and cash equivalents

TSEK

2025

2024

The following sub

components are included in cash and

cash equivalents:

Bank balances

609

633

Total according to the statement of financial position and

statement of cash flows

609

633

Change during the year 2025-12-31 2024-12-31

TSEK

Opening balance

956 036

186

314

Rebalancing and reward effect

467

608

Decrease in value Lowest value principle

037

528

Net inflows via creation and redemption

orders

015

980

763

114

Closing balance

951

954

956

036

Virtune AB (Publ)

Org. no. 559175-2067

Note 16 Pensions

Defined contribution pension plans

The company has only defined contribution pension plans.

2025

2024

TSEK

12 months

Cost of defined contribution plans

529

130

Total

529

130

Note 17 Current liabilities ETP program

*) Fair value has been derived using reference prices per digital asset and as of the last balance

sheet date. Fair value is derived through IFRS hierarchy 2. The Company uses the same

reference prices according to the Company's base prospectus for the Company's ETPs to

calculate the market values of the underlying digital assets.

2025-12-31 2024-12-31

TSEK TSEK TSEK

Virtune Crypto Top 10 Index ETP EUR

25 568

13 000

Virtune Crypto Top 10 Index ETP SEK

136 226

119 338

Virtune Bitcoin ETP

470 370

293 738

Virtune Chainlink ETP

99 685

162 072

Virtune Staked Ethereum ETP SEK

380 162

319 094

Virtune

Arbitrum ETP

31 697

65 822

Virtune Avalanche ETP

23 385

28 929

Virtune Crypto Altcoin Index ETP

138 441

179 338

Virtune Polygon ETP

9 005

26 607

Virtune Staked Polkadot ETP

37 904

43 394

Virtune Staked Solana ETP

245 382

167 248

Virtune XRP ETP

1 049 158

487 524

Virtune Staked Cardano ETP

38 728

38 164

Virtune Litecoin ETP

18 592

–

Virtune Stellar ETP

12 901

–

Virtune Bitcoin Prime ETP

151 717

–

Virtune Coinbase 50 Index ETP

56 068

–

Virtune Staked NEAR ETP

5 497

–

Virtune Stablecoin Index ETP

5 289

–

Virtune Bittensor ETP

4 158

–

Virtune Sui ETP

1 063

–

Total 2,940,997 1,944,269

2025-12-31 2024-12-31

TSEK

Fair value ETP program*

3 118 498

2 576 242

Virtune AB (Publ)

Org. no. 559175-2067

TSEK

2025

2024

Opening balance

944

269

185

962

Net inflows via creation and redemption orders

015

980

770

567

Decrease in value Lowest value principle

970

014

Rebalancing and reward effect

467

608

Withdrawal of management income and share of reward

income

704

868

Closing balance

2,940,997

1,944,269

Note 18 Other liabilities

TSEK

2025

2024

Staff taxes

128

Social costs

140

116

Value added tax

848

285

Unused marketing grant polkadot campaign

–

475

Other

–

Total

1,117

956

Note 19 Accrued cost and deferred income

TSEK

2025

2024

Accrued vacation pay incl. social

833

727

Accrued wages

925

612

Accrued costs linked to ETP program

870

898

Accrued costs linked to advertising

761

–

Accrued costs supplier invoices

885

–

Other

864

994

Total

137

231

Virtune AB (Publ)

Org. no. 559175-2067

Note 20 Financial risks and risk management

Financial risk factors

Through its activities, the Company is exposed to various financial risks such as market risk

(currency risk and interest rate risk), credit risk, cash flow and liquidity risk. The Company's

overall approach focuses on the unpredictability of financial markets and seeks to minimize

potential adverse effects on its financial performance.

Risk management is handled centrally by the company's management, with the CEO being

responsible. The CEO approves the risk management measures that are implemented. During

the year, the company established a risk management procedure and structured its work on

risk management.

Credit risk

Credit risk arises from cash and cash equivalents, derivative financial instruments, and balances

with banks and financial institutions, as well as credit exposures to customers, including

outstanding receivables and contracted transactions. The use of credit limits is monitored

regularly, and management does not expect any losses due to non-payment by counterparties.

For each new customer, the credit risk is analyzed before standard terms of payment and

delivery are offered.

Cash flow and liquidity risks

The Company's management closely monitors rolling forecasts of the Company's liquidity

reserve to ensure that the Company has sufficient cash to meet the needs of its ongoing

operations.

2025-12-31

TSEK

Nominal

amount

original

currency

Total

Less than

1 year

2 years

> 3 years

Accounts Payable

432

–

Current Liabilities ETP Program

940

997

940

997

940

997

–

Tax Liabilities

–

Other short

term Liabilities

117

–

Total

944

643

944

643

944

643

–

2024-12-31

TSEK

Nominal

amount

original

currency

Total

Less than

1 year

2 years

> 3 years

Accrued vacation pay including social

security

270

–

Accrued wages and salaries

944

269

944

269

944

269

–

Accrued expenses related to ETP program

–

Other

956

–

Total

947

522

947

522

947

522

–

Virtune AB (Publ)

Org. no. 559175-2067

Note 21 Pledged assets, contingent liabilities and contingent assets

TSEK

2025

2024

Contingent liabilities/guarantees none none

Collateral pledged

Digital assets pledged for the ETP Program

940

997

944

269

Total

940

997

944

269

Note 22 Allocation of company profits

Note 23 Related party transactions

Relationships with related parties

 Laurent Kssis, who is part of the board, has invoiced 188 thousand SEK during

the year for his advisory services within the ETP program. Virtune AB has an

outstanding debt to Laurent Kssis of 0 thousand SEK (0 thousand SEK) as of 31

December 2025.

 Fredrik Djavidi, who is part of the board, has invoiced 281 thousand SEK during

the year through his own company AlphaDot Ventures AB for his advisory

services in marketing and distribution. Virtune AB has an outstanding debt to

AlphaDot Ventures AB of 0 thousand SEK (0 thousand SEK) as of 31 December

2025.

 The company held an extraordinary general meeting in December 2025 where a

decision was made on a directed dividend to repay all conditional shareholder

contributions. The dividend was paid in January 2026 and the company

therefore reports the unpaid dividend as other short-term debt in the financial

statements to these parties.

For information on the remuneration of each key management personnel, see note 5.

Note 24 Specifications to the cash flow statement

Cash and cash equivalents

TSEK

2025

2024

Cash and bank balances

609

633

Total according to the balance sheet and cash flow

statement

609

Proposal for the appropriation of the

company's profits

To be entered in the balance sheet

686

730

Total

686

730

Purchases of goods and services 2025-12-31 2024-12-31

TSEK 12 months 12 months

Advisory services provided by Laurent Kssis

188

670

Advisory services provided by AlphaDot

Ventures AB

281

Virtune AB (Publ)

Org. no. 559175-2067

Note 25 Events after the balance sheet date

The following significant events occurred after the financial year up to the publication of this

report:

 Virtune carried out an issue of shares linked to the subscription of TO1 2022/2026, which

provided the company with proceeds of SEK 4.7 million in January 2026.

Interest paid 2025-12-31 2024-12-31

TSEK 12 months 12 months

Interest paid

Transactions not involving payments

TSEK

2025

2024

Depreciation of intangible and tangible fixed assets

465

Total

465

Virtune AB (Publ)

Org. no. 559175-2067

Note 26 Definitions of key figures

Key figures Definition of key figures

Net sales growth Net revenues current year / Net revenues

previous period

EBITDA margin Operating profit before depreciation / Net

revenues

Adjusted EBITDA Operating profit before depreciation and

amortization excluding unrealized losses

on Virtune's digital holdings

Equity ratio Adjusted equity / total assets

AUM Total assets under management in the

company's financial instruments

Virtune AB (Publ)

Org. no. 559175-2067

BOARD ENDORSEMENT

The annual report has, as stated above, been approved for issuance by the board of directors and the CEO upon

this signing. The company’s income statement and balance sheet will be subject to approval at the annual

general meeting on 2026-05-21.

The board of directors approved the annual report for publication on March 27, 2026.

Stockholm on the date shown in our electronic signature.

Virtune AB (Publ)

Board of Directors

Erik Fischbeck

Chairman of the board

Fredrik Djavidi

Board Member

Laurent Kssis

Board Member

Christopher Kock

Board Member

CEO

AUDIT OPINION

Our audit report was issued on the date indicated by our electronic signature.

Öhrlings PricewaterhouseCoopers AB

Johan Engstam

Authorized Public Accountant

Auditor's report

To the general meeting of the shareholders of Virtune AB (Publ), corporate identity number 559175-2067

Report on the annual accounts

Opinions

We have audited the annual accounts of Virtune AB (Publ) (publ) for the year 2025 except for the corporate governance

statement on pages 10-11. The annual report is included on pages 6–40 of this document.

In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly,

in all material respects, the financial position of the Virtune AB (Publ)s as of 31 December 2025 and its financial

performance and cash flow for the year then ended in accordance with the Annual Accounts Act. Our opinions do not

cover the corporate governance statement on pages 10-11. The statutory administration report is consistent with the

other parts of the annual accounts.

We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for

the Virtune AB (Publ).

Our opinions in this report on the annual accounts are consistent with the content of the additional report that has been

submitted to the company's audit committee in accordance with the Audit Regulation (537/2014/EU) Article 11.

Basis for Opinions

We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing

standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities

section. We are independent of the Virtune AB (Publ) in accordance with professional ethics for accountants in Sweden

and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. This includes that, based

on the best of our knowledge and belief, no prohibited services referred to in the Audit Regulation (537/2014/EU)

Article 5.1 have been provided to the audited company or, where applicable, its parent company or its controlled

companies within the EU.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.

Our audit approach

Focus and scope of the audit

We designed our audit by determining materiality and assessing the risks of material misstatement in the consolidated

financial statements. In particular, we considered where the Board of Directors and the Managing Director made

subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and

considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management

override of internal controls, including among other matters consideration of whether there was evidence of bias that

represented a risk of material misstatement due to fraud.

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the

consolidated financial statements as a whole, taking into account the structure of the company, the accounting processes

and controls, and the industry in which the company operates.

Materiality

The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable

assurance whether the financial statements are free from material misstatement. Misstatements may arise due to fraud

or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of the financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the

overall materiality for the financial statement as a whole. These, together with qualitative considerations, helped us to

determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of

misstatements, both individually and in aggregate on the financial statement as a whole.

Key audit matters

We have determined that there are no matters of particular significance to the audit that need to be communicated in the

auditor’s report.

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Other information than the annual accounts

This document also contains other information than the annual accounts and can be found on 1-5. The Board of

Directors and the Managing Director are responsible for this other information.

If we, based on the work performed concerning this information, conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and that

they give a fair presentation in accordance with the Annual Accounts Act. The Board of Directors and the Managing

Director are also responsible for such internal control as they determine is necessary to enable the preparation of annual

accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the Board of Directors and the Managing Director are responsible for the assessment

of the company's ability to continue as a going concern. It disclose, as applicable, matters related to going concern and

using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of

Directors and the Managing Director intends to liquidate the company, cease operations or has no realistic alternative to

doing any of this.

Auditor's responsibility

Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable

assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and

generally accepted auditing standards in Sweden 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 annual accounts.

A further description of our responsibility for the audit of the annual accounts is available on the Swedish Inspectorate of

Auditors’ website: www.revisorsinspektionen.se/revisornsansvar. This description is part of the auditor's report.

Report on other legal and regulatory requirements

Opinions

In addition to our audit of the annual accounts, we have also audited the administration of the Board of Directors and

the Managing Director of Virtune AB (Publ) for year 2025 and the proposed appropriations of the company’s profit or

loss.

We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in

the statutory administration report and that the members of the Board of Directors and the Managing Director be

discharged from liability for the financial year.

Basis for Opinions

We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under

those standards are further described in the Auditor’s Responsibilities section. We are independent of the Virtune AB

(Publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical

responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal

of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the

company's type of operations, size and risks place on the size of the company's equity, consolidation requirements,

liquidity and position in general.

The Board of Directors is responsible for the company’s organization and the management of the company’s affairs. This

includes among other things continuous assessment of the company's financial situation and ensuring that the

company's organization is designed so that the accounting, management of assets and the company’s financial affairs

otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration

according to the Board of Directors’ guidelines and instructions and among other matters take measures that are

2 of 3

Johan Engstam

Authorized Public Accountant

necessary to fulfill the company’s accounting in accordance with law and handle the management of assets in a

reassuring manner.

Auditor's responsibility

Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to

obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or

the Managing Director in any material respect:

has undertaken any action or been guilty of any omission which can give rise to liability to the company, or

in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of

Association.

Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our

opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the

Companies Act.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to

the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the

Companies Act.

A further description of our responsibility for the audit of the administration is available on the Swedish Inspectorate of

Auditors’ website: www.revisorsinspektionen.se/revisornsansvar. This description is part of the auditor's report.

The auditor's examination of the corporate governance statement

It is the Board of Directors who is responsible for that the corporate governance statement on pages 10-11 has been

prepared in accordance with the Annual Accounts Act.

Our examination of the corporate governance statement is conducted in accordance with FAR’s auditing standard RevR

16 The auditor’s examination of the corporate governance statement. This means that our examination of the corporate

governance statement is different and substantially less in scope than an audit conducted in accordance with

International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the

examination has provided us with sufficient basis for our opinions.

A corporate governance statement has been prepared. Disclosures in accordance with chapter 6 section 6 the second

paragraph points 2-6 of the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are

consistent with the other parts of the annual accounts and consolidated accounts and are in accordance with the Annual

Accounts Act/the Annual Accounts Act for Credit Institutions and Securities Companies/the Annual Accounts Act for

Insurance Companies.

Öhrlings PricewaterhouseCoopers AB, Torsgatan 21, 113 97 Stockholm, was appointed as auditor of Virtune AB (publ) by

the general meeting on 21 May 2025 and has been the company’s auditor since 2022.

Stockholm the date indicated by our electronic signature

Öhrlings PricewaterhouseCoopers AB

This is a translation of the Swedish language original. In the event of any differences between this translation and the

Swedish language original, the latter shall prevail.

3 of 3

CONTACT

Christopher Kock, CEO & Board Member

Email address:

christopher@virtune.com

Daniel Lundberg, CFO

Email address:

daniel@virtune.com

Website

: virtune.com

General queries:

hello@virtune.com

All financial reports are available at the company website:

virtune.com/en/investor-relations