Company Registration No. 07998183 (England and Wales)
Jamf Ltd
Annual report and financial statements
for the year ended 31 December 2024
Jamf Ltd
Company information
Directors
Jeff Lendino
Benjamin Oxnam
Shawn Abbas
(Appointed 15 August 2025)
Company number
07998183
Registered office
C/O Freeths Llp 3rd Floor
Northgate House
450-500 Silbury Boulevard
Milton Keynes
England
MK9 2AD
Independent auditor
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Jamf Ltd
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 29
Jamf Ltd
Strategic report
For the year ended 31 December 2024
1

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

Jamf Ltd, is a leader in zero trust cloud security and access for mobile devices to help IT and security teams protect devices, data, and applications. A powerful console that protects against security threats, access-based risk and prevents non-business data use from impacting productivity, causing bill shock and increasing legal liability. The solution is suitable for smartphones, tablets, and laptops, and can be standalone or integrated with a Unified Endpoint Management (UEM) solution. From advanced anti-phishing and network threat protection to privacy-aware content filtering and fast, secure zero trust access, our network-based technologies are designed for any end user working from any platform.

Business Review

Jamf Ltd is fully owned by Wandera Inc, a company registered in the United States and whose registered address is c/​o The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle, Delaware 19801.

The business continued to grow in 2024, with revenue increasing by 12% to £19,535,426 (202 3: £17,456,574). This was facilitated by an increasing number of customers as well as strengthening the partnerships with our resellers, which will continue to be a key strategic focus. As a result of the above, other operating income generated was £13,766,954 (2023: £10,183,163). The administrative expenses have increased by 9% to £47,151,177 (2023: £43,253,574) which is due to the increased business activity caused by general business growth driven by increased sales and business operations.

During the year, the business recognised an impairment loss of £17,155,024 related to the DataJar investment in 2023. The impairment arose following a review of the financial performance of the investment and updated expectations regarding the future performance of the underlying business.

Market Opportunity

Since being acquired and being a part of the Jamf group, we estimate that the Group’s Total Addressable Market grew to approximately $49 billion as a result of the additional products we are able to sell to run on devices that could run one or more of Jamf’s security solutions. We look beyond the device hardware to ensure the full technology stack between the user and the application is optimised. This includes identity and access management that does not interrupt user productivity and workflows, security monitoring that respects end user privacy, and traffic routing that is optimised for each specific application.

Jamf Ltd
Strategic report (continued)
For the year ended 31 December 2024
2
Future Developments and Growth Strategy

Jamf Ltd provides a software service to enterprises that secures their mobile data and delivers controls including cost management, compliance enforcement and threat prevention.

The key elements of our growth strategy include:

Extend technology leadership through R&D investment and new products.

We intend to continue investing in research and development and pursuing select technology acquisitions to enhance our existing solutions, add new capabilities and deployment options, and expand use cases. We believe this strategy of continued innovation will allow us to reach new customers, cross-sell to existing customers, and maintain our position. In addition, many organisations with Apple also have non-Apple devices. The solutions they use to connect, manage, and protect devices, users, and data can vary in platform-centricity (i.e. the level of focus centered on a specific platform, like Apple) as you move from the device to the network. As you move further away from device-level capabilities and move closer to cloud security and identity functions like network security and identity-based focus, the broader our focus is, and that’s where solutions that offer cross-platform support, such as Jamf Private Access, provide Jamf with the ability to capture Windows and Android users in addition to our Apple base.

Grow customer base with targeted sales and marketing investment.

We aim to expand our customer base by continuing to make significant and targeted investments in our direct sales and marketing to attract new customers and drive broader awareness of our software solutions. In addition, with our expanded platform, we can reach beyond our historical sales efforts focused on IT executives and administrators and sell to Chief Information Officers, Chief Information Security Officers, and line-of-business leaders. We also plan to increase our channel sales and marketing organisation to deepen and expand our joint go-to-market efforts through partners, including resellers, managed service providers, global systems integrators, carriers, and the Apple consultant network, to reach new territories and further scale our business through their loyal customer network and expert service delivery. We believe the channel is an efficient way to sell to a wide variety of customers and reach new jurisdictions in a cost-effective manner while still focusing on customer satisfaction and retention.

Increase sales to existing customers.

We believe our base of customers as of December 31, 202 4 represents a significant opportunity for sales expansion. Our opportunities to deliver further value to existing customers include (1) growing the customers’ number of devices currently in use; (2) selling additional Jamf products; (3) expanding customers’ use of Jamf from one Apple product, like Mac, to additional Apple products used within the organisation, like iPad, iPhone, and Apple TV; and (4) expanding the way customers use Apple products by showcasing capabilities available once customers fully embrace Jamf for deployment.

Principal Risks and Uncertainties

The following summarizes the principal factors for our Company:

• our reliance, in part, on channel partners for the sale and distribution of our products. As detailed in our Growth Strategy above, we anticipate that we will continue to depend on relationships with third parties, such as our channel partners and system integrators, to sell, market, and deploy our products;

• our ability to successfully develop new products or materially enhance current products through our research and development efforts. As a result, a key element of our strategy is to invest significantly in our research and development efforts to develop new products and enhance our existing products to address additional applications and markets;

• our ability to continue to attract new customers. To mitigate this, we must also continually increase the depth and breadth of deployments of our products with our existing customers;

All identified risks are closely monitored to ensure the appropriate measures are taken to minimise the impact on the company.

Jamf Ltd
Strategic report (continued)
For the year ended 31 December 2024
3
Statement by the directors in performance of their statutory duties in accordance with the Companies Act 2006

This report sets out how the Directors comply with the requirements of the Companies Act 2006 and how these requirements have impacted the Board’s decision making throughout 202 4 in a manner that promotes the long-term success of the Company. We are committed to being a responsible business. Our behaviour is aligned with the expectations of our people, clients, investors, communities, and society as a whole.

Section 172 Statement

Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing this section 172 of the Companies Act 2006 requires directors to have regard to among other matters the following:

Our ambition and strategy, and consideration of the consequences of decision for the long-term

Jamf’s purpose is to simplify work by helping organisations manage and secure an Apple experience that end users love and organisations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy.

By preserving and enhancing the Apple experience in an enterprise context, we believe we can drive our growth within the current Apple ecosystem as well as fuel further Apple penetration in enterprises, which will extend our opportunity. The key elements of our growth strategy include:

• Extend technology leadership through R&D investment and new products.

• Deliver unique industry-specific innovation.

• Grow customer base with targeted sales and marketing investment.

• Increase sales to existing customers.

• Cultivate relationships with developer partners.

Some of these areas are further expanded upon within the ‘Future Developments and Growth Strategy’ section above.

Our people

We believe that our corporate culture has been a critical component to our success and that our culture creates an environment that drives and perpetuates our overall business strategy. We have invested substantial time and resources in building our team and we expect to continue to hire aggressively as we expand both locally and internationally. As we grow and mature as a company and grow internationally, we may find it difficult to maintain our corporate culture. Over time, our remote operations may decrease the cohesiveness of our teams and our ability to maintain our culture, both of which are critical to our success. Any failure to preserve our culture could negatively affect our future success, including our ability to recruit and retain personnel and effectively focus on and pursue our business strategy. Further to this we are committed on attracting and retaining highly qualified personnel in order to execute our growth plan.

Jamf Ltd
Strategic report (continued)
For the year ended 31 December 2024
4
Business Relationships

To continuously offer a software solution built specifically for Apple, we have always worked closely with Apple’s worldwide developer relations organisation in an effort to support all new Apple innovations the moment their hardware and software is released. Additionally, throughout the course of our relationship, Jamf and Apple have formalised several contractual agreements. In addition to these contractual relationships, Apple and Jamf personnel frequently join forces to influence and collaborate as we work with customers, helping them succeed with Apple.

We also plan to increase our channel sales and marketing organisation to deepen and expand our joint go-to-market efforts through partners, including resellers, managed service providers, global systems integrators, carriers, and the Apple consultant network.

Community and Environment

Jamf’s culture is rooted in giving back. Through the Jamf Nation Global Foundation (JNGF), which was founded by our parent company, the company encourages Jamf employees to participate in their communities and organisations of choice through volunteering and financial contributions. Jamf also offers a charitable donation matching program, with employees matched donations per calendar year.

In recent years, Jamf has taken a proactive stance in reducing its impact on the environment. From partnering with cloud providers that integrate sustainability into their data center management, enlisting a tool to keep track of company emissions, to offsetting carbon dioxide. Jamf also provides environmentally responsible options, such as encouraging employees to work where they work best, thus eliminating the need for a daily commute to the office. Jamf creates awareness to continue fostering eco-friendly behaviour within the company and individually.

Communication with shareholders

The Company follows the Group’s overall investor relations policy in order to act fairly between the ultimate shareholders of the Company. All company press releases and public filings for the group can be found here: https://ir.jamf.com/.

Key Performance Indicators

We review several operating and financial metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. The Company’s Key Performance Indicators (KPIs) are based on the financial performance of the business including metrics for revenue, gross profit and non-financial performance, primarily focused on the number of employees. The directors are satisfied with the performance of the business and all the above named KPIs are available within the Jamf Ltd financial statements.

On behalf of the board

Jeff Lendino
Director
12 March 2026
Jamf Ltd
Directors' report
For the year ended 31 December 2024
5

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Jeff Lendino
Benjamin Oxnam
Anthony Grabenau
(Appointed 20 November 2024 and resigned 15 August 2025)
Ian Goodkind
(Resigned 20 November 2024)
Shawn Abbas
(Appointed 15 August 2025)
Auditor

Saffery LLP have expressed their willingness to continue in office as auditors of the company.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Jamf Ltd
Directors' report (continued)
For the year ended 31 December 2024
6
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

For the year ended 31 December 202 4, the Company made a loss after tax of £34,067,251 (202 3: £24,946,150). The Company has a net current liabilities position of £70,757,887 (202 3: £55,247,105) and a net liabilities position of £87,559,086 (202 3: £53,491,835). The Company meets its day-to-day working capital requirements through cash generated from operations as well as intercompany borrowings. The Directors have concluded that that Company relies upon the continuing unconditional financial support of its ultimate parent entity Jamf Holding Corp.

Jamf Holding Corp. has confirmed it will provide financial support to the Company to assist with meeting liabilities as they fall due, but only to the extent that money is not otherwise available to meet such liabilities. Jamf Holding Corp. will provide this support to the Company, to the extent outlined above for a period of at least 12 months from the date of approval of Jamf Ltd’s balance sheet. The Group’s financial forecasts, taking into consideration the current environment, show that the Group has adequate resources to continue in operational existence for the period of at least 12 months from the date of signing these financial statements.

The Directors of the Company have made appropriate enquiries to ensure that Jamf Holding Corp. has sufficient resources to provide the support to the Company. Consequently, the Directors are confident that the Company will have sufficient funds to continue to operate and meet liabilities and therefore have prepared the financial statements on a going concern basis.

On behalf of the board
Jeff Lendino
Director
12 March 2026
Jamf Ltd
Independent auditor's report
To the members of Jamf Ltd
7
Opinion

We have audited the financial statements of Jamf Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we 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.

Jamf Ltd
Independent auditor's report
To the members of Jamf Ltd (continued)
8

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Jamf Ltd
Independent auditor's report
To the members of Jamf Ltd (continued)
9

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Watkinson
Senior Statutory Auditor
For and on behalf of Saffery LLP
13 March 2026
Statutory Auditors
St John's Court
Easton Street
High Wycombe
HP11 1JX
Jamf Ltd
Statement of comprehensive income
For the year ended 31 December 2024
10
2024
2023
Notes
£
£
Turnover
3
19,535,426
17,456,574
Cost of sales
(2,072,333)
(2,880,450)
Gross profit
17,463,093
14,576,124
Administrative expenses
(47,151,177)
(43,253,574)
Other operating income
13,766,954
10,183,163
Exceptional item - impairment losses
4
(17,155,024)
(6,000,000)
Operating loss
5
(33,076,154)
(24,494,287)
Interest receivable and similar income
9
19,142
6,718
Interest payable and similar expenses
10
(1,010,239)
(492,473)
Loss before taxation
(34,067,251)
(24,980,042)
Tax on loss
11
-
0
33,892
Loss for the financial year
(34,067,251)
(24,946,150)

The income statement has been prepared on the basis that all operations are continuing operations.

Jamf Ltd
Statement of financial position
As at 31 December 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
47,863
71,793
Tangible assets
13
455,748
228,765
Investments
14
2,853,556
20,008,580
3,357,167
20,309,138
Current assets
Debtors falling due after more than one year
16
228,249
150,620
Debtors falling due within one year
16
10,341,452
3,702,923
Cash at bank and in hand
2,481,573
2,879,787
13,051,274
6,733,330
Creditors: amounts falling due within one year
17
(83,809,161)
(61,980,435)
Net current liabilities
(70,757,887)
(55,247,105)
Total assets less current liabilities
(67,400,720)
(34,937,967)
Creditors: amounts falling due after more than one year
18
(20,158,366)
(18,553,868)
Net liabilities
(87,559,086)
(53,491,835)
Capital and reserves
Called up share capital
23
2
2
Share premium account
24
11,206,097
11,206,097
Capital contribution reserve
24
117,172
117,172
Profit and loss reserves
24
(98,882,357)
(64,815,106)
Total equity
(87,559,086)
(53,491,835)
The financial statements were approved by the board of directors and authorised for issue on 12 March 2026 and are signed on its behalf by:
Jeff Lendino
Director
Company Registration No. 07998183
Jamf Ltd
Statement of changes in equity
For the year ended 31 December 2024
12
Share capital
Share premium account
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
2
11,206,097
117,172
(39,868,956)
(28,545,685)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(24,946,150)
(24,946,150)
Credit to equity for equity settled share-based payments
22
-
-
4,868,929
-
4,868,929
Recharge from parent company
22
-
0
-
0
(4,868,929)
-
(4,868,929)
Balance at 31 December 2023
2
11,206,097
117,172
(64,815,106)
(53,491,835)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(34,067,251)
(34,067,251)
Credit to equity for equity settled share-based payments
22
-
-
5,395,718
-
5,395,718
Recharge from parent company
22
-
0
-
0
(5,395,718)
-
(5,395,718)
Balance at 31 December 2024
2
11,206,097
117,172
(98,882,357)
(87,559,086)
Jamf Ltd
Notes to the financial statements
For the year ended 31 December 2024
13
1
Accounting policies
Company information

Jamf Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Freeths Llp 3rd Floor, Northgate House, 450-500 Silbury Boulevard, Milton Keynes, England, MK9 2AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 40 1 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Jamf Ltd is a wholly owned subsidiary of Jamf Holding Corp. and the results of Jamf Ltd are included in the consolidated financial statements of Jamf Holding Corp. which are available from 100 Washington Ave S, Suite 1100, Minneapolis, MN 55401, USA.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
14
1.2
Going concern

For the year ended 31 December 202 true 4, the Company made a loss after tax of £34,067,251 (202 3: £24,946,150). The Company has a net current liabilities position of £70,757,887 (202 3: £55,247,105) and a net liabilities position of £87,559,086 (202 3: £53,491,835). The Company meets its day-to-day working capital requirements through cash generated from operations as well as intercompany borrowings. The Directors have concluded that that Company relies upon the continuing unconditional financial support of its ultimate parent entity Jamf Holding Corp.

Jamf Holding Corp. has confirmed it will provide financial support to the Company to assist with meeting liabilities as they fall due, but only to the extent that money is not otherwise available to meet such liabilities. Jamf Holding Corp. will provide this support to the Company, to the extent outlined above for a period of at least 12 months from the date of approval of Jamf Ltd’s balance sheet. The Group’s financial forecasts, taking into consideration the current environment, show that the Group has adequate resources to continue in operational existence for the period of at least 12 months from the date of signing these financial statements.

The Directors of the Company have made appropriate enquiries to ensure that Jamf Holding Corp. has sufficient resources to provide the support to the Company. Consequently, the Directors are confident that the Company will have sufficient funds to continue to operate and meet liabilities and therefore have prepared the financial statements on a going concern basis.

1.3
Turnover

The company’s revenue is primarily derived from sales of SaaS subscriptions and related professional services. The company’s products and services are marketed and sold directly, as well as indirectly through third-party resellers, to the end-user.

The company assesses the contract term as the period in which the parties to the contract have enforceable rights and obligations. Customer contracts are generally standardized and non-cancellable for the duration of the stated contract term.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably; and

- it is probable that the company will receive the consideration due under the contract.

The company receives intercompany revenues from Wandera Inc. Wandera Inc acts as a distributor for Jamf Ltd, the distributor agreement provides a 50% share for Jamf Ltd on Wandera Inc revenues.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
15
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual property
5 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
3 years straight line
Fixtures and fittings
3 years straight line
Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
16

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
17
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
18
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

1.15
Share-based payments

The company was included within a group share based payment plan, with all options equity-settled in the parent company. As permitted by FRS 102 Section 26, the costs were included within the financial statements of the parent company.

The ultimate parent company grants share options ("equity-settled share-based payments") to certain employees of its subsidiaries, including Jamf Ltd.

The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in the consolidated financial statements of JAMF Holdings Inc. The directors consider the number of unvested options granted to the company’s employees compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
19
1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing at the transaction date and then re-assessed at month-end.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the month-end rate, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue

The company’s revenue is primarily derived from sales of SaaS subscriptions and related professional services. The company assesses the contract term as the period in which the parties to the contract have enforceable rights and obligations. Customer contracts are generally standardized and non-cancellable for the duration of the stated contract term.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
SaaS revenue
11,114,848
11,135,819
Inter-company revenue
8,420,578
6,320,755
19,535,426
17,456,574
Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
3
Turnover and other revenue (continued)
20
2024
2023
£
£
Turnover analysed by geographical market
America
9,232,609
7,851,366
Asia-Pacific
643,104
669,205
Europe, the Middle East and Africa
9,659,713
8,936,003
19,535,426
17,456,574
2024
2023
£
£
Other revenue
Interest income
19,142
6,718
4
Exceptional item
2024
2023
£
£
Expenditure
Impairment losses
17,155,024
6,000,000

An impairment loss was recognised following an impairment review that was undertaken on the carrying amount of the investment in Data Jar Ltd, a wholly owned subsidiary of the company.

5
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
143,481
154,752
Research and development costs
(1,029,848)
-
Depreciation of owned tangible fixed assets
166,109
116,785
Loss/(profit) on disposal of tangible fixed assets
641
(2,240)
Amortisation of intangible assets
23,930
24,693
Share-based payments
5,395,718
4,868,929
Operating lease charges
571,708
450,024
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
76,570
47,500
For other services
All other non-audit services
3,500
3,500
Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
21
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Cost of sales
41
31
General & Administrative
22
25
Research & Development
33
29
Sales & Marketing
98
108
Total
194
193

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
24,855,198
21,869,717
Social security costs
2,362,063
2,725,808
Pension costs
792,147
693,116
28,009,408
25,288,641

Included within wages and salaries are £5,395,718 (202 3: £4,868,929) in relation to share based payments.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
22
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
587,780
592,324
Company pension contributions to defined contribution schemes
12,122
11,107
599,902
603,431

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
587,780
592,324
Company pension contributions to defined contribution schemes
12,122
11,107

One director received share options in 202 3 and 2024.

The remuneration of two of the Company’s Directors are born by other companies within the group and it is not practicable to apportion their remuneration between qualifying services to this company and other companies within the group.

9
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
19,142
6,718
10
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
1,010,239
492,473
Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
23
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(34,157)
Adjustments in respect of prior periods
-
0
265
Total current tax
-
0
(33,892)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(34,067,251)
(24,980,042)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
(8,516,813)
(5,870,310)
Research and development tax credit
(257,462)
(163,993)
Non-deductible expenses
4,288,756
1,500,000
Unrecognised deferred tax asset
4,485,519
4,500,411
Taxation charge/(credit) for the year
-
(33,892)

12
Intangible fixed assets
Intellectual property
£
Cost
At 1 January 2024 and 31 December 2024
117,172
Amortisation and impairment
At 1 January 2024
45,379
Amortisation charged for the year
23,930
At 31 December 2024
69,309
Carrying amount
At 31 December 2024
47,863
At 31 December 2023
71,793

Intangible fixed assets brought forward relate to an intellectual property transfer agreement with Jamf Software LLC and Wandera Inc.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
24
13
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2024
157,268
42,784
44,008
514,373
758,433
Additions
320,414
-
0
40,744
76,122
437,280
Disposals
(157,268)
(42,784)
(36,747)
(12,630)
(249,429)
At 31 December 2024
320,414
-
0
48,005
577,865
946,284
Depreciation and impairment
At 1 January 2024
157,268
-
0
44,008
328,392
529,668
Depreciation charged in the year
37,895
-
0
3,395
124,819
166,109
Eliminated in respect of disposals
(157,268)
-
0
(36,747)
(11,226)
(205,241)
At 31 December 2024
37,895
-
0
10,656
441,985
490,536
Carrying amount
At 31 December 2024
282,519
-
0
37,349
135,880
455,748
At 31 December 2023
-
0
42,784
-
0
185,981
228,765
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
2,853,556
20,008,580
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 & 31 December 2024
26,008,580
Impairment
At 1 January 2024
6,000,000
Impairment losses
17,155,024
At 31 December 2024
23,155,024
Carrying amount
At 31 December 2024
2,853,556
At 31 December 2023
20,008,580
Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
25
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares
% Held
held
Direct
Indirect
Jamf Software s.r.o
Moraske namesti 1007/14, 602 00 Brno, Czech Republic
Development centre
Ordinary
100
-
Wandera AU Pty Ltd
6/9 Blake Street, Morington VIC 3931, Australia
Sales centre
Ordinary
100
-
Jamf Software Pte Ltd
101 Telok Ayer Street #04-01 Singapore 068574
Sales centre
Ordinary
100
-
Jamf Software srl.
Via Flamina, 141, 00196 Roma, Italy
Sales centre
Ordinary
100
-
Wandera Israel Ltd
9 Ha'Arad St. Ramat Ha'Chayal, Tel Aviv, Israel
N/A
Ordinary
100
-
Data Jar Ltd
16 Ship Street, Brighton, England, BN1 1AD
IT Consultancy
Ordinary
100
-
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,980,932
1,890,429
Corporation tax recoverable
24,505
-
0
Other debtors
1,921,225
1,357,601
Prepayments and accrued income
414,790
454,893
10,341,452
3,702,923
2024
2023
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
228,249
150,620
Total debtors
10,569,701
3,853,543
Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
26
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
352,002
467,771
Amounts owed to group undertakings
75,722,206
44,706,027
Corporation tax
-
0
63,976
Other taxation and social security
708,896
3,600,249
Deferred income
4,272,634
1,935,657
Other creditors
508
9,044,608
Accruals
2,752,915
2,162,147
83,809,161
61,980,435

Amounts owed to group undertakings are interest free and repayable on demand.

18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
19
19,502,712
18,492,473
Deferred income
655,654
61,395
20,158,366
18,553,868
19
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings
19,502,712
18,492,473
Payable after one year
19,502,712
18,492,473

The loan note instrument is unsecured.

The principal value of the loan note instrument is £18,000,000. Interest accrues on the outstanding principal balance at a rate of 0.25%, plus the adjuster term SOFR rate.

The principal, along with any accrued interest is due to be repaid upon the maturity date.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
27
20
Deferred taxation

A deferred tax asset has not been recognised in respect of estimated taxable losses carried forward amounting to £40,452,993 (2023 - £68,290,564) as there is insufficient evidence that the asset will be recovered. The tax loss position will carry forward to be recovered over an extended period of years when the business achieves ongoing profitability.

As a result of group restructuring, trading losses totalling £38,685,839, were eliminated from the brought forward position on the basis these arose prior to the change in ownership.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
792,147
693,116

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share-based payment transactions

During the year, the company recognised total share-based payment expenses of £5,395,718 (2023: £4,868,929) which related to equity settled share based payment transactions.

Liabilities and expenses

Jamf Software Holding Corp. Omnibus Incentive Plan

During the year 2021, the employees were enrolled to Omnibus Incentive Plan (the “2020 Plan”) provided by JAMF Holding Corporation. The Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) performance awards, (v) other share-based awards, and (vi) other cash-based awards to eligible employees, non-employee directors, and consultants of the Company. The Company initially reserved 14,800,000 shares of common stock for issuance under the 2020 Plan. The total number of shares reserved for issuance under the 2020 Plan increases on January 1st of each of the first 10 calendar years during the term of the 2020 Plan by the lesser of: (i) a number of shares of common stock equal to 4% of the total number of shares of common stock outstanding on December 31st of the preceding calendar year or (ii) a number of shares of common stock as determined by Board of Jamf Software Corp. The maximum number of shares of common stock available for issuance under the 2020 Plan was 24,256,740 shares as of January 1, 202 3. As of December 31, 202 4, 14,170,433 shares of common stock are reserved for additional grants under the 2020 Plan. We use the fair market value of our common stock on the date of grant to estimate the fair value of restricted stock units (“RSUs”). We recognize compensation expense for service-based options and RSUs on a straight-line basis over the applicable vesting period.

Employee Stock Purchase Plan

The Company offers an employee stock purchase plan to eligible employees. On a purchase date, the company purchases shares on behalf of the employee at a discount of 15%. The Company recognizes compensation expense for all stock-based awards granted to our employees and non-employee directors in the statements of comprehensive income based on the estimated fair value of the awards on the date of grant. We use the Black-Scholes option pricing model to estimate the fair value of service-based options and purchase rights granted under the Jamf Holding Corp. 2021 Employee Stock Purchase Plan (the “2021 ESPP”). We recognize compensation expense for the purchase rights granted under the 2021 ESPP on a straight-line basis over the offering period. Forfeitures are accounted for as they occur.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
28
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
200
200
2
2

All Ordinary shares have attached to them full voting, dividend and capital distribution rights; they do not confer any rights of redemption.

24
Reserves
Share premium

Consideration received for shares issued above their nominal value.

Capital contribution reserve

This reserve includes charges for Intellectual property contribution and the associated recharges in respect of the Employee Share Option Plan. The Company recognizes compensation expense for all stock-based awards granted to employees based on the estimated fair value of the awards on the date of grant.

Profit and loss reserves

Cumulative profit and loss net of distributions to owners.

25
Financial commitments, guarantees and contingent liabilities

The company does not have any financial commitments, guarantees, or contingent liabilities.

26
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
385,875
76,837
Between two and five years
625,384
-
0
1,011,259
76,837
27
Related party transactions

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

Jamf Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
29
28
Ultimate controlling party

The immediate parent undertaking is Jamf Software LLC, a company incorporated in the United States.

At the balance sheet date, the ultimate parent undertaking was Jamf Holding Corp, a company incorporated in the United States. Jamf Holding Corp is the parent of the smallest and largest group of undertakings for which consolidated financial statements are prepared that include the company.

The registered address of Jamf Holdings Corp is 100 Washington Square, 100 S Washington Ave #1100, Minneapolis, Mn 55401, United States.

The acquisition of the Jamf Holding Corp group, by funds managed by Francisco Partners, completed on 30 January 2026. With effect from this date the company was ultimately controlled by Francisco Partners VII Funds, managed by Francisco Partners. The registered address of Francisco Partners is One Letterman Drive, Building C, Suite 410, San Francisco, CA 94129, United States.

Prior to this date, the directors did not consider there to be a singular ultimate controlling party.

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