Pharma Equity Group A/S

KORRIGERENDE INFORMATION (SUPPLEMENTARY INFORMATION) TIL ÅRSRAPPORTEN FOR 2024 OG DELÅRSRAPPORTEN FOR 1. HALVÅR 2025

ORRIGERENDE 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

1. Baggrund for den korrigerende information
2. Ledelsespåtegningen
3. Den uafhængige revisors erklæring
4. Korrektion til Koncernregnskabet for 2024
   1. Resultatopgørelse
   2. Balance
   3. Egenkapitalopgørelse
   4. Pengestrømsopgørelse
   5. Noter
5. Korrektion til moderselskabet for 2024
   1. Resultatopgørelse
   2. Balance
   3. Egenkapitalopgørelse
   4. Pengestrømsopgørelse
   5. Noter
6. Korrektion til halvårsregnskabet for 1. halvår 2025
   1. Resultatopgørelse
   2. Balance
   3. Egenkapitalopgørelse
   4. Pengestrømsopgørelse
   5. 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.

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:

Christian Vinding Thomsen (Formand)

Lars Rosenkrantz Gundorph

Peter Vilmann

Omar S. Qandeel

Charlotte Pahl

Troels Troelsen

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 2025skal 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.

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 tik 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.

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                                           

Mikkel Mauritzen

Statsautoriseret revisor

MNE-nr. mne46621

4.        CORRECTION TO THE CONSOLIDATED FINANCIAL STATEMENT FOR 2024

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.

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

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.

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.
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 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 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%.

5.        CORRECTION TO THE PARENT COMPANY FINANCIAL STATEMENT FOR 2024

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

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

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.

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.
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 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 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%.

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