Pharma Equity Group A/S - Audit Report / Information 2024

SUPPLEMENTARY INFORMATION (CORRECTIVE INFORMATION) TO THE ANNUAL REPORT 2024 AND THE INTERIM REPORT FOR H1 2025

*SUPPLEMENTARY INFORMATION (CORRECTIVE INFORMATION)*

*TO THE ANNUAL REPORT 2024 AND THE INTERIM REPORT FOR H1 2025*

Hørsholm 26 February 2026

Company announcement #1

Pharma Equity Group A/S (the “Company”) hereby publishes the effects of a correction to the Company’s annual report for 2024 as well as the interim report for the first half of 2025.

*TABLE OF CONTENTS*

Background to the corrective information
Management’s statement
Independent auditor’s report
Correction to the consolidated financial statements for 2024

a. Income statement

b. Balance sheet

c. Statement of changes in equity

d. Cash flow statement

e. Notes

Correction to the parent company financial statements for 2024

a. Income statement

b. Balance sheet

c. Statement of changes in equity

d. Cash flow statement

e. Notes

Correction to the interim financial statements for the first half of 2025

a. Income statement

b. Balance sheet

c. Statement of changes in equity

d. Cash flow statement

e. Notes

*1.* BACKGROUND TO THE CORRECTIVE INFORMATION****

Pharma Equity Group A/S ("the Company") has received a decision from the Danish Business Authority dated 20 November 2025 regarding the Authority's control of the Company's annual reports for 2023 and 2024.

In the decision, the Danish Business Authority orders the Company to undertake a renewed measurement of the Company's receivable from Portinho S.A. using an "Expected Credit Loss" (ECL) model in accordance with IFRS 9, paragraph 5.5.17. The Authority has assessed that the previously applied valuation model, which was based on a simplified net present value calculation, did not sufficiently reflect the credit risk through probability-weighted scenarios.

The Company takes note of the decision. Management has on this basis prepared a new valuation model based on IFRS 9 ECL principles. The model recognizes four probability-weighted outcomes (settlement, legal recovery, insolvency, and loss) and deducts explicit expected recovery costs.

The implementation of this model entails a significant write-down of the carrying amount of the receivable as of 31 December 2024 and as of 30 June 2025. In accordance with IAS 8, paragraph 42, the change is treated as a correction of an error. As the Company assesses that the estimate for 2023 was within an acceptable range given the knowledge available at the time, the total cumulative effect as of 31 December 2024 is recognized in the annual financial statements for 2024.

This supplementary information ("the Supplement") must be read in conjunction with the originally published Annual Report for 2024 and Interim Report for H1 2025. The legal and commercial circumstances regarding the claim against Portinho S.A. remain unchanged, and the Company maintains the full legal claim.

*2.* MANAGEMENT’S STATEMENT****

The Board of Directors and the Executive Board have today discussed and approved this supplementary information to the Annual Report for 2024 and Interim Report for H1 2025 for Pharma Equity Group A/S.

The supplementary information is prepared in accordance with IFRS as adopted by the EU, including IAS 8 and IFRS 9, and additional Danish disclosure requirements for listed companies.

It is our opinion that the supplementary inforation gives a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2024 and 30 June 2025 and of the results of the Group's and the Parent Company's operations for the periods covered, after recognition of the effect from the Danish Business Authority's order.

Hørsholm, 26 February 2026

Direktion:

Christian Tange

CEO

Bestyrelse:

Christian Vinding Thomsen (Formand)

Lars Rosenkrantz Gundorph

Peter Vilmann

Omar S. Qandeel

Charlotte Pahl

Troels Troelsen

*3.* INDEPENDENT AUDITOR’S REPORT ON SUPPLEMENTARY CORRECTIVE INFORMATION TO THE ANNUAL REPORT 2024 AND THE INTERIM REPORT FOR THE FIRST HALF OF 2025****

To the Shareholders of Pharma Equity Group A/S

Opinion

We have audited the Supplementary corrective information to the Annual Report 2024 and the interim report for the first half of 2025 which comprise income statement, total income statement, balance sheet, statement of changes in equity, cash flow statement and notes. The supplementary corrective information to the Annual Report 2024 which is prepared in accordance with “Danish Financial Supervisory Authority” approval of 20 November 2025.

In our opinion, the Supplementary corrective information to the Annual Report 2024 and the interim report for the first half of 2025 in all material aspects in accordance with the approval of 20 November 2025 from “Danish Financial Supervisory Authority”.

Our opinion is consistent with our extract from audit book to the audit committee and the board of directors.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

To the best of our belief we have not performed any prohibited non-audit services, as stated in article 5, subarticle 1, in regulation (EU) no. 537/2014.

Emphases of matter in the Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025

The Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025 is prepared with the intention of fulfilling the requirements in “Danish Financial Supervisory Authority” approval of 20 November 2025.

The Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025 should be read together with the Annual Report 2024 and interim report for the first half of 2025 for Pharma Equity Group A/S, which were approved by the Board of Directors on 20 March 2025 and 14 August 2025, respectively. We draw attention to Note 1 in the Supplementary corrective information to the Annual Report 2024.

Our opinion is not modified in respect of this matter.

Emphases of matter regarding the audit

We have audited the Annual Report 2024 and issued our independent auditor’s report thereon on 20 March 2025. Our independent auditor’s report on the supplementary corrective information to the Annual Report 2024 covers only audit procedures performed on the supplementary corrective information and does not extend to the Annual Report as a whole, including subsequent events.

The interim report for the first half of 2025 has not been subject to an audit in accordance with International Standards on Auditing (ISAs). Furthermore, the supplementary corrective information relating to the interim report for the first half of 2025, including the figures presented therein, has not been audited or reviewed by us, and we do not express any audit opinion or review conclusion thereon.

Management’s Responsibilities for The Supplementary corrective information to the Annual Report 2024

Management is responsible for the preparation of The Supplementary corrective information to the Annual Report 2024 in accordance with “Danish Financial Supervisory Authority” approval of 20 November 2025.

Management is moreover responsible for such internal control as Management determines is necessary to enable the preparation of The Supplementary corrective information to the Annual Report 2024 that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibilities for the Audit of Supplementary corrective information to the Annual Report 2024 and interim report for the first half of 2025

Our objectives are to obtain reasonable assurance about whether the supplementary corrective information as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Supplementary corrective information to the Annual Report 2024 in conjunction with the original issued Annual Report 2024.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Supplementary corrective information, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate them all relationships and other matters that may reasonably thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

København, 26. februar 2026

BDO Statsautoriseret Revisionspartnerselskab

CVR-nr. 45 71 93 75

MNE-nr. mne46621

Statsautoriseret revisor

Mikkel Mauritzen

*4.* CORRECTION TO THE CONSOLIDATED FINANCIAL STATEMENT FOR 2024****


	Consolidated Statement of Comprehensive Income

		2024
Note		Original	Correction	Updated
		TDKK	TDKK	TDKK

	Revenue	0	0	0
	Production costs	0	0	0
	Gross profit	0	0	0

	Research & development costs	-9,002	0	-9,002
	Administrative costs	-12,285	0	-12,285
	Operating profit/loss (EBIT)	-21,287	0	-21,287

2	Allowance Portinho receivable	0	-16,188	-16,188
	Financial income	14	0	14
	Financial expenses	-4,964	0	-4,964
	Profit/loss for the year	-26,237	-16,188	-42,425

8	Tax on profit/loss for the year	1,815	0	1,815
	Net profit/loss for the year	-24,422	-16,188	-40,610

	Other comprehensive income/loss	0	0	0
	Total comprehensive income/loss	-24,422	-16,188	-40,610

9	Earnings per share (EPS basic), DKK	-0.02	-0.02	-0.04
	Diluted earnings per share (EPS-D), DKK	-0.02	-0.02	-0.04


	Consolidated statement of financial position
		2024
Note		Original	Correction	Updated
		TDKK	TDKK	TDKK
	Assets
	Non-current assets
	Tangible assets	37	0	37
	Right-of-use assets	234	0	234
	Total non-current assets	271	0	271

	Current assets
12	Receivable Portinho S.A.	58,000	-16,188	41,812
	Other receivables	472	0	472
	Prepaid expenses	813	0	813
8	Current tax receivable	1,815	0	1,815
	Cash and cash equivalents	4,234	0	4,234
	Total current assets	65,335	-16,188	49,147

	Total asset	65,606	-16,188	49,418

	Equity and liabilities
	Share capital	122,756	0	122,756
	Other reserves	-73,881	-16,188	-90,069
	Total equity	48,875	-16,188	32,687

	Subordinated convertible loans	8,100	0	8,100
	Lease liabilities	0	0	0
	Total long-term liabilities	8,100	0	8,100

	Trade payables	4,085	0	4,085
	Bank debt	1,192	0	1,192
	Financial loans	1,519	0	1,519
	Lease liabilities	234	0	234
	Other liabilities	1,599	0	1,599
	Total current liabilities	8,631	0	8,631

	Total liabilities	16,731	0	16,731

	Total equity and liabilities	65,606	-16,188	49,418


Consolidated statement of changes in equity

Original Statement of changes in equity 01-01-2024 - 31-12-2024	Share capital	Share premium account	Reserve for capital reduction	Other reserves	Total equity

Equity PEG Group as at 01-01-2024	1,022,964	0	0	-997,631	25,333

Net profit/loss	0	0	0	-24,422	-24,422
	0	0	0	-24,422	-24,422

Capital increase from private issue	20,459	30,689	0	0	51,148
Costs related to capital increase	0	-3,184	0	0	-3,184
Share capital reduction transferred to special reserve	-920,667	0	920,667	0	0
Transfer of share premium to other reserves	0	-27,504	0	27,504	0
Transfer of special reserve to other reserves	0	0	-920,667	920,667	0
Dividends	0	0	0	0	0
Transactions with owners	-900,208	0	0	948,172	47,964
Equity PEG Group as at 31-12-2024	122,756	0	0	-73,880	48,875



Updated Statement of changes in equity 01-01-2024 - 31-12-2024	Share capital	Share premium account	Reserve for capital reduction	Other reserves	Total equity updated

Equity PEG Group as at 01-01-2024	1,022,964	0	0	-997,631	25,333

Net profit/loss	0	0	0	-40,610	-40,610
	0	0	0	-40,610	-40,610

Capital increase from private issue	20,459	30,689	0	0	51,148
Costs related to capital increase	0	-3,184	0	0	-3,184
Share capital reduction transferred to special reserve	-920,667	0	920,667	0	0
Transfer of share premium to other reserves	0	-27,504	0	27,504	0
Transfer of special reserve to other reserves	0	0	-920,667	920,667	0
Dividends	0	0	0	0	0
Transactions with owners	-900,208	0	0	948,172	47,964
Equity PEG Group as at 31-12-2024	122,756	0	0	-90,069	32,687


Consolidated cash flow statement
	2024
	Original	Correction	Updated
	TDKK	TDKK	TDKK

Profit/loss before tax	-26,237	-16,188	-42,425

Adjustment of non-cash transactions:
Depreciation, amortisation and impairment losses	235	0	235
Allowance relating to Portinho S.A.	0	16,188	16,188
Financial income	-14	0	-14
Financial expenses	4,964	0	4,964
change in working capital:
Receivables	1,872	0	1,872
Trade payables	-1,092	0	-1,092
Prepaid expenses	-390	0	-390
Other liabilities	-382	0	-382
Net cash used in operating activities before net financials	-21,043	0	-21,043

Financial income received	14	0	14
Financial expenses paid	-4,065	0	-4,065
Corporate tax refund	2,233	0	2,233
Net cash used in operating activities	-22,861	0	-22,861

Purchase of tangible assets	0	0	0
Net cash used in investing activities	0	0	0

Lease instalments	-245	0	-245
Repayment bank loans	-2,893	0	-2,893
Financial loans, obtained	13,099	0	13,099
Financial loans, repaid	-29,426	0	-29,426
Subordinated convertible loan, obtained	11,015	0	11,015
Subordinated convertible loan, repaid	-11,624	0	-11,624
Share issues costs paid	-8,210	0	-8,210
Proceeds from capital increase, Private issue	51,148	0	51,148
Net cash received from financing activities	22,864	0	22,864

Total cash flows for the year	3	0	3

Cash and cash equivalents PEG upon transaction date	0	0	0
Cash and cash equivalents beginning of year	4,231	0	4,231
Cash and cash equivalents end of year	4,234	0	4,234

Cash and cash equivalents, end of year, comprise:
Cash and cash equivalents	4,234	0	4,234
Total	4,234	0	4,234


Consolidated Key Figures 2024
	PEG Group				Reponex
	Original	Correction	Updated
	2024	2024	2024	2023	2022	2021	2020
	TDKK	TDKK	TDKK	TDKK	TDKK	TDKK	TDKK

Revenue	0	0	0	0	0	0	0
*EBITDA	-21,052	0	-21,052	-20,411	-10,738	-8,840	-2,145
Depreciation, amortisation and impairment losses	-235	0	-235	-218	-539	-3,763	-157
Operating profit/loss (EBIT)	-21,287	0	-21,287	-20,629	-11,277	-12,603	-2,302
Net finansial Items	-4,950	0	-4,950	-1,548	-22	-251	-81
Loss before fair value adjustment Portinho	-26,237	0	-26,237	-22,177	-11,299	-12,854	-2,383
Allowance Portinho receivable	0	-16,188	-16,188	-4,403	0	0	0
Loss after fair value adjustment and before tax	-26,237	-16,188	-42,425	-26,579	-11,299	-12,854	-2,383
Tax on profit / loss	1,815	0	1,815	2,233	1,855	2,971	878
Profit/loss	-24,422	-16,188	-40,610	-24,347	-9,444	-9,883	-1,505

Total assets	65,606	-16,188	49,417	67,737	21,516	28,708	20,408
Investments in tangible assets	0	0	0	73	0	0	0
Equity	48,875	-16,188	32,687	25,333	18,911	27,371	13,428
Convertible loans	8,100	0	8,100	7837.6	0.0	0.0	0.0
Equity ratio	74.0%	N/A	66.1%	37.4%	87.9%	95.3%	66.0%
Earnings per share	-0.02	N/A	-0.02	-0.02	-0.02

**Note 1 Accounting Policies and Signinficant Estimates

As a result of decision by the Danish Business Authority dated 20 November 2025, relating to the Authority’s review of the Company’s annual reports for 2023 and 2024, the Company has refined the accounting policies applied to the measurement of the receivable from Portinho S.A.

The receivable is classified as a financial asset and measured at amortised cost. In accordance with IFRS 9, the Company recognises impairment losses on receivables based on expected credit losses (ECL). The measurement incorporates management’s best estimate of the expected future cash flows from the receivable, including credit risk, the time value of money, and expected costs and risks associated with collection.

The correction relates solely to the accounting measurement/impairment of the receivable and does not affect the Company’s legal claim against Portinho S.A. or the underlying contractual arrangements.

The correction is accounted for as an error correction in accordance with IAS 8. The specific assumptions and effects of the correction are disclosed in the relevant notes, including Note 2.1.

Other accounting policies are unchanged.

Updated note 2.1 Measurement of Portinho S.A. receivable

Following the decision issued by the Danish Business Authority on 20 November 2025, the Company has reassessed the measurement of the receivable from Portinho S.A. in accordance with IFRS 9 Financial Instruments.

The receivable is classified as a financial asset measured at amortised cost and is subject to impairment based on the Expected Credit Loss (ECL) model in accordance with IFRS 9.5.5.17. The previous valuation approach, which was based on a simplified net present value calculation, has been replaced by a probability-weighted ECL model reflecting multiple possible outcomes.

The ECL model incorporates four explicitly identified scenarios:

(i) settlement,

(ii) legal recovery,

(iii) insolvency or forced recovery, and

(iv) total loss.

In the calculation of the receivable the following probabilities have been used:

(i) settlement: 45%

(ii) legal recovery: 30%

(iii) insolvency or forced recovery: 20%

(iv) total loss: 5%

Each scenario reflects management’s assessment of reasonable and supportable information available at the reporting date and is assigned a probability and an expected recovery rate. Expected recoveries are measured net of estimated costs and adjusted for timing and execution risk. The sum of the scenario probabilities equals 100%.

The reassessment constitutes a significant accounting estimate within the meaning of IAS 1.125–127 and 129–130. The key sources of estimation uncertainty relate to the assessment of the relevant recovery scenarios, the probability assigned to each scenario and the expected recovery under each outcome.

In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the change in measurement is treated as a correction of an error. The cumulative effect of the correction has been recognised in the Annual Report for 2024, while the effect for the interim period has been recognised in the Interim Report for H1 2025.

Further information on the assumptions applied, including scenario probabilities and expected recoveries, is disclosed in note 12.


Correktion to Note 8. Tax, Consolidated Financial Statement
	2024
	Original	Correction	Updated
	TDKK	TDKK	TDKK

Tax on profit/loss for the year:
Current tax	-1,815	0	-1,815
Change in deferred tax	-2,380	259	-2,121
Deferred tax asset not capitalized	2,380	-259	2,121
Total	-1,815	0	-1,815

Reconciliation of effective tax rate:
Loss before tax	-26,237	-16,188	-42,425
Tax computed on the loss before tax at a tax rate of 22%	-5,772	-3,562	-9,334
Permanent differences and not capitalized tax asset	-145	0	-145
Non capitalized tax asset	4,102	3,561	7,663
Total - Effective tax rate	-1,815	0	-1,815

Current tax asset
Tax credit receivable	-1,815	0	-1,815
Current tax asset, total	-1,815	0	-1,815

Deferred tax is related to the following assets and liabilities:
Deferred taxes arising from temporary differences are summarised below:

Intangible assets	30	0	30
Tangible assets	8	0	8
Tax losses carried forward	-37,447	0	-37,447
Deferred tax asset not capitalized	37,409	0	37,409
Total deferred tax	0	0	0

Reponex value of tax losses carried forward	4,321	0	4,321
PEG value of tax losses carried forward	26,271	0	26,271
Group value of tax losses carried forward	6,856	0	6,856
Unrecorded deferred tax asset	37,447	0	37,447


Correction to note 9. Earnings per share, Consolidated Financial Statement
	2024
	Original	Correction	Updated
	TDKK	TDKK	TDKK

Profit/loss for the year	-24,422	-16,188	-40,610
Interest convertible loan	1,909	0	1,909
Profit/loss for the year for the purpose of diluted EPS	-22,513	-16,188	-38,701

Average number of shares (in thousands) Reponex	n.a	n.a	n.a
Exchange rate applied in reverse take-over	n.a	n.a	n.a
Average number of shares (in thousands) Reponex until reverse-take over date (1)	n.a	n.a	n.a

Average number of shares (in thousands) PEG from reverse-take over date	1,068,367	0	1,068,367
Average number of treasury shares (in thousands)	-15	0	-15
Average number of shares (in thousands) PEG after reverse-take over date (2)	1,068,352	0	1,068,352
Average number of shares (in thousands) full year (1+2)	1,068,352	-	1,068,352

Effect of convertible loans (note 17)	8,235	0	8,235
Effect of warrants issued (Reponex)	0	0	0
Diluted average number of shares (in thousands)	1,076,587	0	1,076,587
Exchange rate applied in reverse take-over	n.a	n.a	n.a
Diluted average number of shares (in thousands)	1,076,587	-	1,076,587

Earnings per share of DKK 1.00 (DKK)	-0.02	-0.02	-0.04

Diluted earnings per share of DKK 1.00 (DKK)	-0.02	-0.02	-0.04


Correction to note 11. Financial assets and liabilities, Consolidated Financial Statement
	2024
Financial assets	Original	Correction	Updated
	TDKK	TDKK	TDKK

Loans and other receivables (carried at amortised cost)
Receivable Portinho S.A.	58,000	(16,188)	41,812
Other receivables	472	0	472
Cash and cash equivalents	4,234	0	4,234
Other short term financial assets	62,706	(16,188)	46,518
Total financial assets	62,706	(16,188)	46,518

	2024
Financial Liabilities	Original	Correction	Updated
	TDKK	TDKK	TDKK

Financial liabilities carried at amortised costs
Trade and other payables	5,920	0	5,920
Bank debt	1,192	0	1,192
Financial loans	1,519	0	1,519
Long term interest bearing liabilities	8,100	0	8,100
Total financial liabilities	16,731	0	16,731


Correction to Note 12. Receivable Porthino S.A, Consolidated Financial Statement
	2024
	Original	Correction	Updated
	TDKK	TDKK	TDKK

Development in principal and added interest
Principal (EUR 9.55 millio)	71,300	0	71,300

Added interest beginning of year	7,801		7,801
Interest added for the year	6,505		6,505
Added interest end of year	14,306	0	14,306

Total principal and added interest	85,606	0	85,606

Development in carrying value
Value beginning of year	58,000	0	58,000
Additions 24-03-2023	0	0	0
Total value at the beginning of the year	58,000	0	58,000
Interest added for the year	6,505	0	6,505
Allowance adjustment for the year recognized	-6,505	-16,188	-22,693
Value end of year	58,000	-16,188	41,812

Correction to note 12 - Receivable Portinho S.A. and corection to the measurement of Portinho S.A. receivable in the consolidated statement as at 31. December 2024

The ECL model incorporates four explicitly identified scenarios:

(i) settlement,

(ii) legal recovery,

(iii) insolvency or forced recovery, and

(iv) total loss.

Correction to note 12 - Receivable Portinho S.A.

The original note 12 in the consolidated statement as at 31. December 2024

Note 12. Receivable Portinho S.A.

In 2024, the company's board of directors and management have once again used considerable resources to settle the company's receivables from Portinho S.A., which date from the time before the company was transformed into a pharmaceutical company.

The group's receivables from Portinho S.A have a principal amount of EUR 9.55 million . with an accounting value on 31 December 2024 of DKK 58 million, which is unchanged compared to 31 December 2023. As announced in company announcement no. 39 of 25 September 2023, no. 46 of 28 November 2023, no. 7 of 20 March 2024 and no. 17 of 16 May 2024 is the payment from Portinho S.A. postponed compared to the original due date, which was 1 July 2023.

On 15 April 2024, the company submitted a summons to the Maritime and Commercial Court against Portinho S.A. with a demand for immediate payment of the receivable of DKK 9.55 million. euros plus interest. There is also an arbitration case pending against Interpatium at the Arbitration Institute (DIA) in connect ion with the related sale of the shares in Portinho S.A.

The receivable amount as per 31 December 2024 including agreed interest amounts to EUR 11,5 million corresponding to DKK 85.6 million. Interest rate is agreed to 2% per quarter and amounts to DKK 6,5 million for 2024. The interest amount has not been recognized as income in the 2024 report as - in the current situation - it is considered appropriate to defer income recognition of interest until interest has been paid.

In September 2024, a new valuation report f rom CBRE (Valuat ions & Strategic Advisory in Portugal) was prepared, which supports the recognized value of the receivable in Portinho of DKK 58 million . The receivable of DKK 58 million has considered that a lower amount than EUR 9.55 million + interest or the equivalent of approx. DKK 85.6 million is currently received including in terest. Management has thus calculated the value of the receivable in various scenarios where the discount rate has considered the underlying risks.

Management's considerations regarding the measurement and recognition of the receivable have been assessed based on different scenarios for full repayment of the outstanding receivable. The dif ferent scenarios include, among other things, that:

- Wait for Portinho S.A to realize the shares or underlying assets so that the receivable can be redeemed

- A legal process has been in itiated with legal action

- To take shares in Portinho S.A "back", and sell to a third party

Management has calculated the value for the various scenarios where the discount rate has considered the underlying risks. In the different scenarios, a discount rate of 15% p.a. and a time horizon of 3 years has been used.

The principal amount is €9.55m, corresponding to approx. DKK 71.3m. In addition, accrued interest has been calculated to a total of DKK 12.7m as of 31.12.2024, so that the total gross receivable amounts to DKK 85.6m. The receivable is valued at DKK 58m as of 31.12.2024.

Correction to note 12 - Receivable Portinho S.A.

Updated note 12 in the consolidated statement as at 31. December 2024

Note 12. Receivable Portinho S.A.

The group's receivables from Portinho S.A have a principal amount of EUR 9.55 million . with an accounting value on 31 December 2024 of DKK 41,8 million, which is a change of DKK 16,2 million compared to 31 December 2023. As announced in company announcement no. 39 of 25 September 2023, no. 46 of 28 November 2023, no. 7 of 20 March 2024 and no. 17 of 16 May 2024 is the payment from Portinho S.A. postponed compared to the original due date, which was 1 July 2023.

In September 2024, a new valuation report f rom CBRE (Valuat ions & Strategic Advisory in Portugal) was prepared, which supports the recognized value of the receivable in Portinho of DKK 41,8 million . The receivable of DKK 41,8 million has considered that a lower amount than EUR 9.55 million + interest or the equivalent of approx. DKK 85.6 million is currently received including in terest. Management has thus calculated the value of the receivable in various scenarios where the discount rate has considered the underlying risks.

The ECL model incorporates four explicitly identified scenarios:

(i) settlement,

(ii) legal recovery,

(iii) insolvency or forced recovery, and

(iv) total loss.

In the calculation of the receivable the following probabilities have been used:

(i) settlement: 45%

(ii) legal recovery: 30%

(iii) insolvency or forced recovery: 20%

(iv) total loss: 5%


Correction to note 20. Capital resources, Consolidated Financial Statement
	Original			Corrected
	Balance 31-12-2024	Consequence of delay of Portinho payment	Capital resources with delay of Portinho payment	Balance 31-12-2024	Consequence of delay of Portinho payment	Capital resources with delay of Portinho payment
	TDKK	TDKK	TDKK	TDKK	TDKK	TDKK

Short term financial assets:
Receivable Portinho S.A.	58,000	-58,000	0	41,812	-41,812	0
Other receivables	472	0	472	472	0	472
Current tax receivable	1,815	0	1,815	1,815	0	1,815
Cash and cash equivalents	4,234	0	4,234	4,234	0	4,234
Total short term capital assets	64,521	-58,000	6,521	48,333	-41,812	6,521

Current Liabilities:
Trade payables	4,085	0	4,085	4,085	0	4,085
Bank debt	1,192	-1,192	0	1,192	-1,192	0
Financial loans	1,519	-1,519	1	1,519	-1,519	1
Lease liabilities	234	0	234	234	0	234
Other liabilities	1,599	-229	1,370	1,599	-229	1,370
Total current liabilities	8,629	-2,940	5,690	8,629	-2,940	5,690

Total net cash outflow 2024 relating to current assets and current liabilities 31.12.2024	55,892	-55,060	832	39,704	-38,872	832

Outlook 2025
EBITDA			-1,751			-1,751
*Expected net working capital impact, end 2025			-11,096			-11,096
Interest costs			-1,798			-1,798
Interest costs not payable in 2025			1,548			1,548
Repayment loans			-1,427			-1,427
Total expected cash outflow 2025			-14,524			-14,524

Additional capital recourses available:
Financial loans, obtained in 2025			1,842			1,842
Tax refund			1,815			1,815
Cash start year,			1,535			1,535
Unused credit facilities			11,158			11,158
Total additional capital recourses			16,350			16,350

Expected net cash end 2025			1,826			1,826

*5.* CORRECTION TO THE PARENT COMPANY FINANCIAL STATEMENT FOR 2024****


	Parent Company statement of comprehensive income
		2024
Note		Original	Correction	Updated
		TDKK	TDKK	TDKK

	Revenue	1,500	0	1,500

	Production costs	0	0	0
	Gross profit	1,500	0	1,500

	Administrative costs	-9,280	0	-9,280
	Operating profit/loss (EBIT)	-7,780	0	-7,780

10	Allowance Portinho receivable	0	-16,188	-16,188
	Financial income	238	0	238
	Financial expenses	-4,937	0	-4,937
	Profit/loss for the year	-12,478	-16,188	-28,667

7	Tax on profit/loss for the year	0	0	0
	Net profit/loss for the year	-12,478	-16,188	-28,667

	Other comprehensive income/loss	0	0	0
	Total comprehensive income/loss	-12,478	-16,188	-28,667


	Parent Company statement of financial position
		2024
Note		Original	Correction	Updated
		TDKK	TDKK	TDKK

	Assets
	Non-current assets
	Investment in subsidiary	689,030	0	689,030
	Total non-current assets	689,030	0	689,030

	Current assets
10	Receivable Portinho S.A.	58,000	-16,188	41,812
	Receivable group companies	9,404	0	9,404
	Other receivables	185	0	185
	Cash and cash equivalents	3,789	0	3,789
	Total current assets	71,378	-16,188	55,190

	Total asset	760,408	-16,188	744,220

	Equity and liabilities
	Equity
	Share capital	122,756	0	122,756
	Other reserves	623,934	-16,188	607,746
	Total equity	746,690	-16,188	730,502

	Subordinated convertible loans	8,100	0	8,100
	Total long-term liabilities	8,100	0	8,100

	Trade payables	2,574	0	2,574
	Payable to group companies	0	0	0
	Bank debt	1,192	0	1,192
	Financial loans	1,519	0	1,519
	Other liabilities	333	0	333
	Total current liabilities	5,618	0	5,618

	Total liabilities	13,718	0	13,718

	Total equity and liabilities	760,408	-16,188	744,220


Parent Company statement of changes in equity

Original Statement of changes in equity 01-01-2024 - 31-12-2024	Share capital	Share premium account	Reserve for capital reduction	Other reserves	Total equity

Equity as at 01-01-2024	1,022,964	0	0	-311,760	711,204
Net profit/loss	0	0	0	-12,478	-12,478
	0	0	0	-12,478	-12,478

Capital increase from private issue	20,459	30,689	0	0	51,148
Costs related to capital increase	0	-3,184	0	0	-3,184
Share capital reduction transferred to special reserve	-920,667	0	920,667	0	0
Transfer of share premium to other reserves	0	-27,504	0	27,504	0
Transfer of special reserve to other reserves	0	0	-920,667	920,667	0
Dividends	0	0	0	0	0
Transactions with owners	-900,208	0	0	948,172	47,964
Equity as at 31-12-2024	122,756	0	0	623,934	746,689


Updated Statement of changes in equity 01-01-2024 - 31-12-2024	Share capital	Share premium account	Reserve for capital reduction	Other reserves	Total equity updated

Equity as at 01-01-2024	1,022,964	0	0	-311,760	711,204
Net profit/loss	0	0	0	-28,666	-28,667
	0	0	0	-28,666	-28,667

Capital increase from private issue	20,459	30,689	0	0	51,148
Costs related to capital increase	0	-3,184	0	0	-3,184
Share capital reduction transferred to special reserve	-920,667	0	920,667	0	0
Transfer of share premium to other reserves	0	-27,504	0	27,504	0
Transfer of special reserve to other reserves	0	0	-920,667	920,667	0
Dividends	0	0	0	0	0
Transactions with owners	-900,208	0	0	948,172	47,964
Equity as at 31-12-2024	122,756	0	0	607,746	730,502


Parent Company cash flow statement
	2024
	Original	Correction	Updated
	TDKK	TDKK	TDKK

Profit/loss before tax	-12,478	-16,188	-28,666

Adjustment of non-cash transactions:
Depreciation, amortisation and impairment losses	0	0	0
Allowance relating to Portinho S.A.	0	16,188	16,188
Financial income	-238	0	-238
Financial expenses	4,937	0	4,937
change in working capital	-10,006	0	-10,006
Net cash used in operating activities before net financials	-17,785	0	-17,785

Financial income received	238	0	238
Financial expenses paid	-4,066	0	-4,066
Net cash used in operating activities	-21,613	0	-21,613

Purchase of tangible assets	0	0	0
Net cash used in investing activities	0	0	0

Proceeds from subordinated convertible debt	11,015	0	11,015
Repayment subordinated convertible debt	-11,624	0	-11,624
Repayment bank loan	-2,893	0	-2,893
Repayment financial loan	-29,426	0	-29,426
Financial loans, obtained	13,099	0	13,099
Share issue costs paid	-8,210	0	-8,210
Proceeds from direct issue	51,148	0	51,148
Net cash received from financing activities	23,110	0	23,110

Total cash flows for the year	1,496	0	1,496

Cash and cash equivalents beginning of year	2,293	0	2,293
Cash and cash equivalents end of year	3,789	0	3,789

Cash and cash equivalents, end of year, comprise:
Cash and cash equivalents	3,789	0	3,789
Total	3,789	0	3,789


Corretion to Note 7. Tax in the Parent Company Financial Statement
	2024
	Original	Correction	Updated
	TDKK	TDKK	TDKK

Tax on profit/loss for the year:
Current tax	0	0	0
Change in deferred tax	-1,910	259	-1,651
Deferred tax asset not capitalized	1,910	-259	1,651
Total	0	0	0

Reconciliation of effective tax rate:
Loss before tax	-12,478	-16,188	-28,667
Tax computed on the loss before tax at a tax rate of 22%	-2,745	-3,561	-6,307
Permanent differences	0	0	0
Change in non-capitalized deferred tax asset	2,745	3,561	6,307
Total - Effective tax rate	0	0	0

Deferred tax is related to the following assets and liabilities:
Deferred taxes arising from temporary differences are summarised below:
Amortized loan costs	30	0	30
Reservation for loss receivables	-2,805	0	-2,805
Tax losses carried forward	-29,080	0	-29,080
Deferred tax asset not capitalized	31,855	0	31,855
Total deferred tax	0	0	0


Corection to Note 8. Financial assets and liabilities in the Parent Company Financial Statement

	2024
	Original	Correction	Updated
Financial assets	TDKK	TDKK	TDKK

*Loans and other receivables (carried at amortised cost)*
Receivable Portinho S.A.	58,000	-16,188	41,812
Receivable group companies	9,404	0	9,404
Other receivables	185	0	185
Cash and cash equivalents	3,789	0	3,789
Other short term financial assets	71,378	-16,188	55,190
Total financial assets	71,378	-16,188	55,190

	2024
	Original	Correction	Updated
Financial liabilities	TDKK	TDKK	TDKK

*Financial liabilities carried at amortised costs*
Trade and other payables	2,908	0	2,908
Payable to group companies	0	0	0
Bank debt	1,192	0	1,192
Financial loans	1,519	0	1,519
Loans from related parties	0	0	0
Subordinated convertible debt current liability	0	0	0
Subordinated convertible debt long-term liability	8,100	0	8,100
Total financial liabilities	13,719	0	13,719


Corection to Note 10. Receivable Portinho S.A, in the Parent Company Financial Statement
	2024
	Original	Correction	Updated
	TDKK	TDKK	TDKK

Receivable Portinho S.A.	58,000	-16,188	41,812
Total	58,000	-16,188	41,812

*6.* CORRECTION TO THE INTERIM FINANCIAL STATEMENT FOR THE FIRST HALF OF 2025****


	Consolidated statement of comprehensive income
		H1 2025
Note		Original	Correction	Updated
		TDKK	TDKK	TDKK

	Revenue	0	0	0

	Production costs	0	0	0
	Gross profit	0	0	0

	Research & development costs	-2,724	0	-2,724
	Administrative costs	-5,844	0	-5,844
	Operating profit/loss (EBIT)	-8,568	0	-8,568

	Allowance Portinho receivable	0	-8,115	-8,115
	Financial income	9	0	9
	Financial expenses	-1,438	0	-1,438
	Profit/loss for the year	-9,997	-8,115	-18,112

	Tax on profit/loss for the year	501	0	501
	Net profit/loss for the year	-9,495	-8,115	-17,610

	Other comprehensive income/loss	0	0	0
	Total comprehensive income/loss	-9,495	-8,115	-17,610

9	Earnings per share (EPS basic), DKK	-0.01	-0.01	-0.02
	Diluted earnings per share (EPS-D), DKK	-0.01	-0.01	-0.02


Consolidated statement of financial position
	H1 2025
	Original	Correction	Updated
	TDKK	TDKK	TDKK
Assets
Non-current assets
Tangible assets	27	0	27
Right-of-use assets	117	0	117
Long-term tax receivable	501	0	501
Total non-current assets	646	0	646

Current assets
Receivable Portinho S.A.	58,000	-24,303	33,697
Other receivables	215	0	215
Prepaid expenses	920	0	920
Current tax receivable	1,815	0	1,815
Cash and cash equivalents	702	0	702
Total current assets	61,653	-24,303	37,350

Total asset	62,299	-24,303	37,996

Equity and liabilities

Share capital	122,756	0	122,756
Other reserves	-83,377	-24,303	-107,680
Total equity	39,379	-24,303	15,076

Subordinated convertible loans	15,234	0	15,234
Lease liabilities	0	0	0
Total long-term liabilities	15,234	0	15,234

Trade payables	3,879	0	3,879
Bank debt	127	0	127
Financial loans	2,974	0	2,974
Lease liabilities	117	0	117
Other liabilities	589	0	589
Total current liabilities	7,686	0	7,686

Total liabilities	22,920	0	22,920

Total equity and liabilities	62,299	-24,303	37,996


Consolidated statement of changes in equity

Original Statement of changes in equity 01-01-2025 - 30-06-2025	Share capital	Share premium account	Other reserves	Total equity

Equity PEG Group as at 01-01-2025	122,756	0	-73,881	48,875
Net profit/loss	0	0	-9,495	-9,495
	0	0	-9,495	-9,495

Dividends	0	0	0	0
Transactions with owners	0	0	0	0
Equity PEG Group as at 30-06-2025	122,756	0	-83,376	39,379


Updated Statement of changes in equity 01-01-2025 - 30-06-2025	Share capital	Share premium account	Other reserves	Total equity updated

Equity PEG Group as at 01-01-2025	122,756	0	-90,069	32,687
Net profit/loss	0	0	-17,610	-17,610
	0	0	-17,610	-17,610

Dividends	0	0	0	0
Transactions with owners	0	0	0	0
Equity PEG Group as at 30-06-2025	122,756	0	-107,679	15,076


Consolidated cash flow statement
	H1 2025
	Original	Correction	Updated
	TDKK	TDKK	TDKK

Profit/loss before tax	-9,997	-8,115	-18,112

Adjustment of non-cash transactions:
Depreciation, amortisation and impairment losses	126	0	126
Allowance relating to Portinho S.A.	0	8,115	8,115
Financial income	-9	0	-9
Financial expenses	1439	0	1439
change in working capital:
Receivables	257	0	257
Trade payables	-1047	0	-1047
Prepaid expenses	-107	0	-107
Other liabilities	-1011	0	-1011
Net cash used in operating activities before net financials	-10350	0	-10350

Financial income received	9	0	9
Financial expenses paid	-1414	0	-1414
Corporate tax refund	0	0	0
Net cash used in operating activities	-11754	0	-11754

Lease instalments	-117	0	-117
Repayment bank loans	-1066	0	-1066
Financial loans, obtained	1354	0	1354
Financial loans, repaid	0	0	0
Subordinated convertible loan, obtained	11858	0	11858
Subordinated convertible loan, repaid	-4646	0	-4646
Share issues costs paid	840	0	840
Proceeds from capital increase, Private issue	0	0	0
Net cash received from financing activities	8223	0	8223

Total cash flows for the year	-3532	0	-3532

Cash and cash equivalents beginning of year	4234	0	4234
Cash and cash equivalents end of year	702	0	702

Cash and cash equivalents, end of year, comprise:
Cash and cash equivalents	702	0	702
Total	702	0	702


Consolidated Key Figures H1-2025
	PEG Group
	Original	Correction	Updated
	H1-2025	H1-2025	H1-2025	H1-2024	2024
	TDKK	TDKK	TDKK	TDKK	TDKK

Revenue	0	0	0	0	0
*EBITDA	-8,442	0	-8,442	-11,569	-21,052
Depreciation, amortisation and impairment losses	-126	0	-126	-117	-235
Operating profit/loss (EBIT)	-8,568	0	-8,568	-11,686	-21,287
Net finansial Items	-1,428	0	-1,428	-2,233	-4,950
Loss before fair value adjustment Portinho	-9,997	0	-9,997	-13,919	-26,237
Allowance Portinho receivable	0	-8,115	-8,115	0	0
Loss after fair value adjustment and before tax	-9,997	-8,115	-18,112	-13,919	-26,237
Tax on profit / loss	501	0	501	1,018	1,815
Profit/loss	-9,495	-8,115	-17,610	-12,901	-24,422

Total assets	62,299	-24,303	37,996	63,169	65,606
Investments in tangible assets	0	0	0	0	0
Equity	39,379	-24,303	15,076	12,432	48,875
Convertible loans	15,234	0	15,234	18,511	8100.0
Equity ratio	63.2%	N/A	39.7%	19.7%	74.5%
Earnings per share	-0.01	N/A	-0.02	-0.01	-0.02

Correction to note 5 - Receivable Portinho S.A. and corection to the measurement of Portinho S.A. receivable in the consolidated statement as at 30. June 2025

The ECL model incorporates four explicitly identified scenarios:

(i) settlement,

(ii) legal recovery,

(iii) insolvency or forced recovery, and

(iv) total loss.

Correction to note 5 - Receivable Portinho S.A.

The original note 5 in the consolidated statement as at 30. June 2025

Note 5. Receivable Portinho S.A.

In H1 2025, the company's board of directors and management have once again used considerable resources to settle the company's receivables from Portinho S.A., which date from the time before the company was transformed into a pharmaceutical company. The group's receivables from Portinho S.A have a principal amount of EUR 9.55 million. with an accounting value on 30 June 2025 of DKK 58 million, which is unchanged compared to 31 December 2024. As announced in company announcement no. 39 of 25 September 2023, no. 46 of 28 November 2023, no. 7 of 20 March 2024 and no. 17 of 16 May 2024 is the payment from Portinho S.A. postponed compared to the original due date, which was 1 July 2023. On 15 April 2024, the company submitted a summons to the Maritime and Commercial Court against Portinho S.A. with a demand for immediate payment of the receivable of DKK 9.55 million. euros plus interest. There is also an arbitration case pending against Interpatium at the Arbitration Institute (DIA) in connect ion with the related sale of the shares in Portinho S.A. The receivable amount as per 30 June 2025 including agreed interest amounts to EUR 11,5 million corresponding to DKK 88.8 million. Interest rate is agreed to 2% per quarter and amounts to DKK 6,5 million for 2024. The interest amount has not been recognized as income in the H1 2025 report as - in the current situation - it is considered appropriate to defer income recognition of interest until interest has been paid. In September 2024, a new valuation report from CBRE (Valuat ions & Strategic Advisory in Portugal) was prepared, which supports the recognized value of the receivable in Portinho of DKK 58 million. The receivable of DKK 58 million has considered that a lower amount than EUR 9.55 million + interest or the equivalent of approx. DKK 88.8 million is currently received including interest. Management has thus calculated the value of the receivable in various scenarios where the discount rate has considered the underlying risks. Management's considerations regarding the measurement and recognition of the receivable have been assessed based on different scenarios for full repayment of the outstanding receivable. The different scenarios include, among other things, that: Wait for Portinho S.A to realize the shares or underlying assets so that the receivable can be redeemed. A legal process has been initiated with legal action to take shares in Portinho S.A "back", and sell to a third party Management has calculated the value for the various scenarios where the discount rate has considered the underlying risks. In the different scenarios, a discount rate of 15% p.a. and a time horizon of 3 years has been used. The principal amount is €9.55m, corresponding to approx. DKK 71.3m. In addition, accrued interest has been calculated to a total of DKK 17.5m as of 30.06.2025, so that the total gross receivable amounts to DKK 88.8m. The receivable is valued at DKK 58m as of 30 June 2025.

Correction to note 5 - Receivable Portinho S.A.

Updated note 5 in the consolidated statement as at 30. June 2025

Note 5. Receivable Portinho S.A.

The ECL model incorporates four explicitly identified scenarios:

(i) settlement,

(ii) legal recovery,

(iii) insolvency or forced recovery, and

(iv) total loss.

In the calculation of the receivable the following probabilities have been used:

(i) settlement: 50%

(ii) legal recovery: 35%

(iii) insolvency or forced recovery: 9%

(iv) total loss: 6%


Correction to note 9. Earnings per share, Consolidated Financial Statement
	H1 2025
	Original	Correction	Updated
	TDKK	TDKK	TDKK

Profit/loss for the year	-9,495	-8,115	-17,610
Interest convertible loan	838	0	838
Profit/loss for the year for the purpose of diluted EPS	-8,657	-8,115	-16,772

Average number of shares (in thousands)	1,022,964	0	1,022,964
Average number of treasury shares (in thousands)	-15	0	-15
Average number of shares (in thousands)	1,022,949	-	1,022,949

Effect of convertible loans	16,138	0	16,138
Diluted average number of shares (in thousands)	1,039,087	-	1,039,087

Earnings per share of DKK 0.10	-0.01	-0.01	-0.02

Diluted earnings per share of DKK 0.10	-0.01	-0.01	-0.02

Attachment

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