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Pharma Equity Group A/S — Audit Report / Information 2024
Feb 26, 2026
3425_rns_2026-02-26_776dfa8e-b09c-4fa7-afed-a911963ddf45.pdf
Audit Report / Information
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
KORRIGERENDE INFORMATION (SUPPLEMENTARY INFORMATION)
TIL ÅRSRAPPORTEN FOR 2024 OG DELÅRSRAPPORTEN FOR 1. HALVÅR 2025
Hørsholm 26. februar 2026
Selskabsmeddelelse nr. 1
Pharma Equity Group A/S ("Selskabet") offentliggør hermed konsekvenserne af en korrektion til Selskabets årsrapport for 2024 samt delårsrapport for 1. halvår 2025.
INDHOLDSFORTEGNELSE
- Baggrund for den korrigerende information
- Ledelsespåtegningen
- Den uafhængige revisors erklæring
- Korrektion til Koncernregnskabet for 2024
a. Resultatopgørelse
b. Balance
c. Egenkapitalopgørelse
d. Pengestrømsopgørelse
e. Noter - Korrektion til moderselskabet for 2024
a. Resultatopgørelse
b. Balance
c. Egenkapitalopgørelse
d. Pengestrømsopgørelse
e. Noter - Korrektion til halvårsregnskabet for 1. halvår 2025
a. Resultatopgørelse
b. Balance
c. Egenkapitalopgørelse
d. Pengestrømsopgørelse
e. Noter
1. BAGGRUND FOR DEN KORRIGERENDE INFORMATION
Pharma Equity Group A/S ("Selskabet") har modtaget en afgørelse fra Erhvervsstyrelsen dateret den 20. november 2025 vedrørende styrelsens kontrol af Selskabets årsrapporter for 2023 og 2024.
I afgørelsen påbyder Erhvervsstyrelsen Selskabet at foretage en fornyet måling af Selskabets tilgodehavende hos Portinho S.A. ved anvendelse af en "Expected Credit Loss" (ECL) model i overensstemmelse med IFRS 9, afsnit 5.5.17. Styrelsen har vurderet, at den tidligere anvendte værdiansættelsesmodel, som baserede sig på en forenklet nutidsværdiberegning, ikke i tilstrækkelig grad afspejlede kreditrisikoen gennem sandsynlighedsvægtede scenarier.
Selskabet tager afgørelsen til efterretning. Ledelsen har på den baggrund udarbejdet en ny værdiansættelsesmodel baseret på IFRS 9 ECL-principperne. Modellen indregner fire sandsynlighedsvægtede udfald (forlig, retslig inddrivelse, insolvens og tab) og fratrækker eksplicitte forventede inddrivelsesomkostninger.
Pharma Equity Group A/S, Slotsmarken 12, 1.th., DK-2970 Hørsholm, Denmark, CVR-nr. 26 79 14 13
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Implementeringen af denne model medfører en væsentlig nedskrivning af tilgodehavendets regnskabsmæssige værdi pr. 31. december 2024 samt pr. 30. juni 2025. I overensstemmelse med IAS 8, afsnit 42, behandles ændringen som en korrektion af en fejl. Da Selskabet vurderer, at skønnet for 2023 lå inden for et acceptabelt interval givet den daværende viden, indregnes den samlede akkumulerede effekt pr. 31. december 2024 i årsregnskabet for 2024.
Denne korrigerende information ("Tillægget") skal læses i sammenhæng med den oprindeligt offentliggjorte årsrapport for 2024 og delårsrapport for 1. halvår 2025. De juridiske og kommercielle forhold vedrørende kravet mod Portinho S.A. er uændrede, og Selskabet opretholder det fulde juridiske krav.
2. LEDELSESPÅTEGNING
Bestyrelsen og Direktionen har dags dato behandlet og godkendt nærværende korrigerende information til årsrapporten for 2024 og delårsrapporten for 1. halvår 2025 for Pharma Equity Group A/S.
Den korrigerende information er udarbejdet i overensstemmelse med IFRS som godkendt af EU, herunder IAS 8 og IFRS 9, samt yderligere danske oplysningskrav til børsnoterede virksomheder.
Det er vores opfattelse, at den korrigerende information giver et retvisende billede af koncernens og moderselskabets aktiver, passiver og finansielle stilling pr. 31. december 2024 og 30. juni 2025 samt af resultatet af koncernens og moderselskabets aktiviteter for de omfattede perioder, efter indregning af effekten fra Erhvervsstyrelsens påbud.
Hørsholm, den 26. februar 2026
Direktion:
Christian Tange
CEO
Bestyrelse:
Signed by:
Christian Vinding Thomsen (Formand),
DocuSigned by:
Peter Vilmann
28818A197EC342B...
Peter Vilmann
Signed by:
Charlotte Pahl
8AEFFBCD0CE7475...
Charlotte Pahl
DocuSigned by:
Lars Rosenkrantz Gundorph
DocuSigned by:
Omar Qandeel
DA83605AC8DF4AC
Omar S. Qandeel
DocuSigned by:
Troels Troelsen
8394E94E7GCC44A
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
3. DEN UAFHÆNGIGE REVISORS ERKLÆRING OM SUPPLERENDE KORRIGERENDE INFORMATION TIL ÅRSRAPPORTEN FOR 2024 OG DELÅRSRAPPORTEN FOR 1. HALVÅR 2025
Til kapitalejerne i Pharma Equity Group A/S
Konklusion
Vi har revideret den supplerende korrigerende information til årsrapporten for 2024 og delårsrapporten for 1. halvår 2025 for Pharma Equity Group A/S, der omfatter resultatopgørelse, totalindkomstopgørelse, balance, egenkapitalopgørelse og noter for såvel koncernen som selskabet. Den supplerende korrigerende information til årsrapporten for 2024 udarbejdes i overensstemmelse med Finanstilsynet tilladelse af 20. november 2025.
Det er vores opfattelse, at den supplerende korrigerende information til årsrapporten for 2024 og delårsrapporten for 1. halvår 2025 i alle væsentlige henseender er udarbejdet i overensstemmelse med Finanstilsynets tilladelse af 20. november 2025.
Vores konklusion er konsistent med vores revisionsprotokollat til revisionsudvalget og bestyrelsen.
Grundlag for konklusion
Vi har udført vores revision i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark. Vores ansvar ifølge disse standarder og krav er nærmere beskrevet i revisionspåtegningens afsnit "Revisors ansvar for revisionen af den supplerende korrigerende information til årsrapporten for 2024 og delårsrapporten for 2025". Vi er uafhængige af koncernen i overensstemmelse med International Ethics Standards Board for Accountants' internationale retningslinjer for revisorers etiske adfærd (IESBA Code), og de yderligere etiske krav, der er gældende i Danmark ved revision af årsregnskaber for virksomheder af interesse for offentligheden. Vi har ligeledes opfyldt vores øvrige etiske forpligtelser i henhold til disse krav og IESBA Code. Det er vores opfattelse, at det opnåede revisionsbevis er tilstrækkeligt og egnet som grundlag for vores konklusion.
Efter vores bedste overbevisning er der ikke udført forbudte ikke-revisionsydelser som omhandlet i artikel 5, stk. 1, i forordning (EU) nr. 537/2014.
Fremhævelse af forhold i den supplerende korrigerende information til årsrapporten for 2024 og delårsrapporten for 2025
Den supplerende korrigerende information til årsrapporten for 2024 og delårsrapporten for 1. halvår 2025 er udarbejdet med henblik på at opfylde Finanstilsynet tilladelse af 20. november 2025.
Den supplerende korrigerende information til årsrapporten for 2024 og delårsrapporten for 1. halvår 2025 skal ses i sammenhæng med årsrapporten for 2024 og delårsrapporten for 1. halvår 2025 for Pharma Equity Group A/S, som er godkendt af bestyrelsen henholdsvis den 20. marts 2025 og 14. august 2025. Der henvises til note 1 i den supplerende korrigerende information til årsrapporten for 2024.
Vores konklusion er ikke modificeret vedrørende dette forhold.
Fremhævelse af forhold vedrørende revisionen
Vi har revideret årsregnskabet for 2024 og afgivet vores uafhængige revisors revisionspåtegning herpå den 20. marts 2025. Vores uafhængige revisors erklæring om supplerende korrigerende information til årsrapporten for 2024 dækker derfor kun revisionshandlinger udført på den supplerende korrigerende information til årsrapporten 2024 og ikke revisionshandlinger udført på årsregnskabet for 2024 som helhed, herunder efterfølgende begivenheder.
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Halvårsrapporten for 1. halvår 2025 har ikke været genstand for revision i overensstemmelse med International Standards on Auditing (ISA). De supplerende korrigerende oplysninger vedrørende halvårsrapporten for 1. halvår 2025, herunder de tal og øvrige oplysninger indeholdt heri, har ligeledes ikke været genstand for revision eller review. Vi udtrykker derfor ingen revisionskonklusion eller anden form for sikkerhed herom.
Ledelsens ansvar for den supplerende korrigerende information til årsrapporten for 2024 og delårsrapporten for 2025
Ledelsen har ansvaret for udarbejdelsen af den supplerende korrigerende information til årsrapporten for 2024 i overensstemmelse med Finanstilsynets tilladelse af 20. november 2025.
Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser for nødvendig for at udarbejde den supplerende korrigerende information uden væsentlig fejlinformation til årsrapporten for 2024, uanset om denne skyldes besvigelser eller fejl.
Revisors ansvar for revisionen af den supplerende korrigerende information til årsrapporten for 2024 og delårsrapporten for 2025
Vores mål er at opnå høj grad af sikkerhed for, om den supplerende korrigerende information som helhed er uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl, og at afgive en revisor erklæring med en konklusion. Høj grad af sikkerhed er et højt niveau af sikkerhed, men er ikke en garanti for, at en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, altid vil afdække væsentlig fejlinformation, når sådan findes.
Fejlinformationer kan opstå som følge af besvigelser eller fejl og kan betragtes som væsentlige, hvis det med rimelighed kan forventes, at de enkeltvis eller samlet har indflydelse på de økonomiske beslutninger, som regnskabsbrugerne træffer på grundlag af den supplerende korrigerende information i sammenhæng med det oprindelige årsregnskab.
Som led i en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, foretager vi faglige vurderinger og opretholder professionel skepsis under revisionen. Herudover:
- Identificerer og vurderer vi risikoen for væsentlig fejlinformation i supplerende korrigerende information, uanset om denne skyldes besvigelser eller fejl, udformer og udfører revisionshandlinger som reaktion på disse risici samt opnår revisionsbevis, der er tilstrækkeligt og egnet til at danne grundlag for vores konklusion. Risikoen for ikke at opdage væsentlig fejlinformation forårsaget af besvigelser er højere end ved væsentlig fejlinformation forårsaget af fejl, idet besvigelser kan omfatte sammensværgelser, dokumentfalsk, bevidste udeladelser, vildledning eller tilsidesættelse af intern kontrol.
- Opnår vi forståelse af den interne kontrol med relevans for revisionen for at kunne udforme revisionshandlinger, der er passende efter omstændighederne, men ikke for at kunne udtrykke en konklusion om effektiviteten af koncernen og selskabets interne kontrol.
- Tager vi stilling til, om den regnskabspraksis, som er anvendt af ledelsen, er passende, samt om de regnskabsmæssige skøn og tilknyttede oplysninger, som ledelsen har udarbejdet, er rimelige.
Vi kommunikerer med ledelsen om blandt andet det planlagte omfang og den tidsmæssige placering af revisionen samt betydelige revisionsmæssige observationer, herunder eventuelle betydelige mangler i intern kontrol, som vi identificerer under revisionen.
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Vi afgiver også en udtalelse til den øverste ledelse om, at vi har opfyldt relevante etiske krav vedrørende uafhængighed, og oplyser den om alle relationer og andre forhold, der med rimelighed kan tænkes at påvirke vores uafhængighed, og, hvor det er relevant, anvendte sikkerhedsforanstaltninger eller handlinger foretaget for at eliminere trusler.
København, 26. februar 2026
BDO Statsautoriseret Revisionspartnerselskab
CVR-nr. 45 71 93 75
Signed by:
Mikkel Mauritzen
Statsautoriseret revisor
MNE-nr. mne46621
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
4. KORREKTION TIL KONCERNREGNSKABET FOR 2024
Consolidated Statement of Comprehensive Income
| Note | 2024 | ||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
Side 6 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Consolidated statement of financial position
| Note | 2024 | ||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 |
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Consolidated cash flow statement
| 2024 | |||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 financial 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 Significant 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.
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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.
Side 11 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Correction 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 |
Side 12 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Correction to note 9. Earnings per share, Consolidated Financial Statement
| 2024 | |||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
Side 13 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Correction to note 11. Financial assets and liabilities, Consolidated Financial Statement
| Financial assets | 2024 | ||
|---|---|---|---|
| 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 |
| Financial Liabilities | 2024 | ||
| 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 |
Side 14 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Correction to Note 12. Receivable Porthino S.A, Consolidated Financial Statement
| 2024 | |||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
Side 15 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Correction to note 12 - Receivable Portinho S.A. and correction to the measurement of Portinho S.A. receivable in the consolidated statement as at 31. December 2024
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.
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
Side 16 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 connection 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 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 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 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 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.
Side 17 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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.
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 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.
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 connection 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 from 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 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%.
Side 18 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 |
Side 19 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
5. KORREKTION TIL MODERSELSKABET FOR 2024
Parent Company statement of comprehensive income
| Note | 2024 | ||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
Side 20 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Parent Company statement of financial position
| Note | 2024 | ||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
Side 21 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 |
Side 22 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Parent Company cash flow statement
| 2024 | |||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
Side 23 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Correction 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 |
Side 24 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Corection to Note 8. Financial assets and liabilities in the Parent Company Financial Statement
| Financial assets | 2024 | ||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
| Financial liabilities | 2024 | ||
| Original TDKK | Correction TDKK | Updated 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 TDKK | Correction TDKK | Updated TDKK | |
| Receivable Portinho S.A. | 58.000 | -16.188 | 41.812 |
| Total | 58.000 | -16.188 | 41.812 |
Side 25 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
6. KORREKTION TIL HALVÅRSREGNSKABER FOR 1. HALVÅR 2025
Consolidated statement of comprehensive income
| Note | H1 2025 | ||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 |
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 |
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Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 losse | 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 fi | -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 |
Side 29 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 financial 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 |
Side 30 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Correction to note 5 - Receivable Portinho S.A. and correction to the measurement of Portinho S.A. receivable in the consolidated statement as at 30. June 2025
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.
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.
Side 31 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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 connection 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.
Side 32 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
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.
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 33,7 million. The accounting value on 31. december 2024 was DKK 41,8 million. 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 connection 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 33,7 million. The receivable of DKK 33,7 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.
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: 50%
(ii) legal recovery: 35%
(iii) insolvency or forced recovery: 9%
(iv) total loss: 6%
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%.
Side 33 af 34
Docusign Envelope ID: B32C8253-464A-4169-B90B-91FAD5F3B863
PHARMA EQUITY GROUP
Correction to note 9. Earnings per share, Consolidated Financial Statement
| H1 2025 | |||
|---|---|---|---|
| Original TDKK | Correction TDKK | Updated 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 |
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