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

NEWS

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

GlobeNewswire

2026/02/26Regulatory information

SUPPLEMENTARY INFORMATION (CORRECTIVE INFORMATION)

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

Hørsholm 26 February 2026

Company announcement #1

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

TABLE OF CONTENTS

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

a. Income statement b. Balance sheet c. Statement of changes in equity d. Cash flow statement e. Notes

Correction to the parent company financial statements for 2024

a. Income statement b. Balance sheet c. Statement of changes in equity d. Cash flow statement e. Notes

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

a. Income statement b. Balance sheet c. Statement of changes in equity d. Cash flow statement e. Notes

****1.BACKGROUND TO THE CORRECTIVE INFORMATION

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

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

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

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

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

****2.MANAGEMENT’S STATEMENT

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

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

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

Hørsholm, 26 February 2026

Direktion:

Christian Tange CEO

Bestyrelse:

Christian Vinding Thomsen (Formand)

Lars Rosenkrantz Gundorph

Peter Vilmann

Omar S. Qandeel

Charlotte Pahl

Troels Troelsen

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

To the Shareholders of Pharma Equity Group A/S

Opinion

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

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

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

Basis for Opinion

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

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

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

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

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

Our opinion is not modified in respect of this matter.

Emphases of matter regarding the audit

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

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

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

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

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

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

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

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

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

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

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

København, 26. februar 2026 BDO Statsautoriseret Revisionspartnerselskab CVR-nr. 45 71 93 75

MNE-nr. mne46621

Statsautoriseret revisor

Mikkel Mauritzen

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

Consolidated Statement of Comprehensive Income

2024

Note

Original

Correction

Updated

TDKK

Revenue

0

Production costs

0

Gross profit

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

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

Total comprehensive income/loss

-24,422

-16,188

-40,610

9

Earnings per share (EPS basic), DKK

-0.02

-0.04

Diluted earnings per share (EPS-D), DKK

-0.02

-0.04

Consolidated statement of financial position

2024

Note

Original

Correction

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

Total long-term liabilities

8,100

0

8,100

Trade payables

4,085

0

4,085

Bank debt

1,192

0

1,192

Financial loans

1,519

0

1,519

Lease liabilities

234

0

234

Other liabilities

1,599

0

1,599

Total current liabilities

8,631

0

8,631

Total liabilities

16,731

0

16,731

Total equity and liabilities

65,606

-16,188

49,418

Consolidated statement of changes in equity

Original Statement of changes in equity 01-01-2024 - 31-12-2024

Share capital

Share premium account

Reserve for capital reduction

Other reserves

Total equity

Equity PEG Group as at 01-01-2024

1,022,964

0

-997,631

25,333

Net profit/loss

0

-24,422

0

-24,422

Capital increase from private issue

20,459

30,689

0

51,148

Costs related to capital increase

0

-3,184

0

-3,184

Share capital reduction transferred to special reserve

-920,667

0

920,667

0

Transfer of share premium to other reserves

0

-27,504

0

27,504

0

Transfer of special reserve to other reserves

0

-920,667

920,667

0

Dividends

0

Transactions with owners

-900,208

0

948,172

47,964

Equity PEG Group as at 31-12-2024

122,756

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

-997,631

25,333

Net profit/loss

0

-40,610

0

-40,610

Capital increase from private issue

20,459

30,689

0

51,148

Costs related to capital increase

0

-3,184

0

-3,184

Share capital reduction transferred to special reserve

-920,667

0

920,667

0

Transfer of share premium to other reserves

0

-27,504

0

27,504

0

Transfer of special reserve to other reserves

0

-920,667

920,667

0

Dividends

0

Transactions with owners

-900,208

0

948,172

47,964

Equity PEG Group as at 31-12-2024

122,756

0

-90,069

32,687

Consolidated cash flow statement

2024

Original

Correction

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

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

Net cash used in investing activities

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

Cash and cash equivalents beginning of year

4,231

0

4,231

Cash and cash equivalents end of year

4,234

0

4,234

Cash and cash equivalents, end of year, comprise:

Cash and cash equivalents

4,234

0

4,234

Total

4,234

0

4,234

Consolidated Key Figures 2024

PEG Group

Reponex

Original

Correction

Updated

2024

2023

2022

2021

2020

TDKK

Revenue

0

*EBITDA

-21,052

0

-21,052

-20,411

-10,738

-8,840

-2,145

Depreciation, amortisation and impairment losses

-235

0

-235

-218

-539

-3,763

-157

Operating profit/loss (EBIT)

-21,287

0

-21,287

-20,629

-11,277

-12,603

-2,302

Net finansial Items

-4,950

0

-4,950

-1,548

-22

-251

-81

Loss before fair value adjustment Portinho

-26,237

0

-26,237

-22,177

-11,299

-12,854

-2,383

Allowance Portinho receivable

0

-16,188

-4,403

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

73

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

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

Note 1 Accounting Policies and Signinficant Estimates

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

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

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

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

Other accounting policies are unchanged.

Updated note 2.1 Measurement of Portinho S.A. receivable

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

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

The ECL model incorporates four explicitly identified scenarios: (i) settlement, (ii) legal recovery, (iii) insolvency or forced recovery, and (iv) total loss.

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

(i) settlement: 45% (ii) legal recovery: 30% (iii) insolvency or forced recovery: 20% (iv) total loss: 5%

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

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

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

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

Correktion to Note 8. Tax, Consolidated Financial Statement

2024

Original

Correction

Updated

TDKK

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

Reponex value of tax losses carried forward

4,321

0

4,321

PEG value of tax losses carried forward

26,271

0

26,271

Group value of tax losses carried forward

6,856

0

6,856

Unrecorded deferred tax asset

37,447

0

37,447

Correction to note 9. Earnings per share, Consolidated Financial Statement

2024

Original

Correction

Updated

TDKK

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

Exchange rate applied in reverse take-over

n.a

Average number of shares (in thousands) Reponex until reverse-take over date (1)

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

Diluted average number of shares (in thousands)

1,076,587

0

1,076,587

Exchange rate applied in reverse take-over

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

-0.04

Diluted earnings per share of DKK 1.00 (DKK)

-0.02

-0.04

Correction to note 11. Financial assets and liabilities, Consolidated Financial Statement

2024

Financial assets

Original

Correction

Updated

TDKK

Loans and other receivables (carried at amortised cost)

Receivable Portinho S.A.

58,000

(16,188)

41,812

Other receivables

472

0

472

Cash and cash equivalents

4,234

0

4,234

Other short term financial assets

62,706

(16,188)

46,518

Total financial assets

62,706

(16,188)

46,518

2024

Financial Liabilities

Original

Correction

Updated

TDKK

Financial liabilities carried at amortised costs

Trade and other payables

5,920

0

5,920

Bank debt

1,192

0

1,192

Financial loans

1,519

0

1,519

Long term interest bearing liabilities

8,100

0

8,100

Total financial liabilities

16,731

0

16,731

Correction to Note 12. Receivable Porthino S.A, Consolidated Financial Statement

2024

Original

Correction

Updated

TDKK

Development in principal and added interest

Principal (EUR 9.55 millio)

71,300

0

71,300

Added interest beginning of year

7,801

Interest added for the year

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

Total value at the beginning of the year

58,000

0

58,000

Interest added for the year

6,505

0

6,505

Allowance adjustment for the year recognized

-6,505

-16,188

-22,693

Value end of year

58,000

-16,188

41,812

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

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%.

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

Short term financial assets:

Receivable Portinho S.A.

58,000

-58,000

0

41,812

-41,812

0

Other receivables

472

0

472

0

472

Current tax receivable

1,815

0

1,815

0

1,815

Cash and cash equivalents

4,234

0

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

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

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

*Expected net working capital impact, end 2025

-11,096

Interest costs

-1,798

Interest costs not payable in 2025

1,548

Repayment loans

-1,427

Total expected cash outflow 2025

-14,524

Additional capital recourses available:

Financial loans, obtained in 2025

1,842

Tax refund

1,815

Cash start year,

1,535

Unused credit facilities

11,158

Total additional capital recourses

16,350

Expected net cash end 2025

1,826

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

Parent Company statement of comprehensive income

2024

Note

Original

Correction

Updated

TDKK

Revenue

1,500

0

1,500

Production costs

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

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

Net profit/loss for the year

-12,478

-16,188

-28,667

Other comprehensive income/loss

0

Total comprehensive income/loss

-12,478

-16,188

-28,667

Parent Company statement of financial position

2024

Note

Original

Correction

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

Bank debt

1,192

0

1,192

Financial loans

1,519

0

1,519

Other liabilities

333

0

333

Total current liabilities

5,618

0

5,618

Total liabilities

13,718

0

13,718

Total equity and liabilities

760,408

-16,188

744,220

Parent Company statement of changes in equity

Original Statement of changes in equity 01-01-2024 - 31-12-2024

Share capital

Share premium account

Reserve for capital reduction

Other reserves

Total equity

Equity as at 01-01-2024

1,022,964

0

-311,760

711,204

Net profit/loss

0

-12,478

0

-12,478

Capital increase from private issue

20,459

30,689

0

51,148

Costs related to capital increase

0

-3,184

0

-3,184

Share capital reduction transferred to special reserve

-920,667

0

920,667

0

Transfer of share premium to other reserves

0

-27,504

0

27,504

0

Transfer of special reserve to other reserves

0

-920,667

920,667

0

Dividends

0

Transactions with owners

-900,208

0

948,172

47,964

Equity as at 31-12-2024

122,756

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

-311,760

711,204

Net profit/loss

0

-28,666

-28,667

0

-28,666

-28,667

Capital increase from private issue

20,459

30,689

0

51,148

Costs related to capital increase

0

-3,184

0

-3,184

Share capital reduction transferred to special reserve

-920,667

0

920,667

0

Transfer of share premium to other reserves

0

-27,504

0

27,504

0

Transfer of special reserve to other reserves

0

-920,667

920,667

0

Dividends

0

Transactions with owners

-900,208

0

948,172

47,964

Equity as at 31-12-2024

122,756

0

607,746

730,502

Parent Company cash flow statement

2024

Original

Correction

Updated

TDKK

Profit/loss before tax

-12,478

-16,188

-28,666

Adjustment of non-cash transactions:

Depreciation, amortisation and impairment losses

0

Allowance relating to Portinho S.A.

0

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

Net cash used in investing activities

0

Proceeds from subordinated convertible debt

11,015

0

11,015

Repayment subordinated convertible debt

-11,624

0

-11,624

Repayment bank loan

-2,893

0

-2,893

Repayment financial loan

-29,426

0

-29,426

Financial loans, obtained

13,099

0

13,099

Share issue costs paid

-8,210

0

-8,210

Proceeds from direct issue

51,148

0

51,148

Net cash received from financing activities

23,110

0

23,110

Total cash flows for the year

1,496

0

1,496

Cash and cash equivalents beginning of year

2,293

0

2,293

Cash and cash equivalents end of year

3,789

0

3,789

Cash and cash equivalents, end of year, comprise:

Cash and cash equivalents

3,789

0

3,789

Total

3,789

0

3,789

Corretion to Note 7. Tax in the Parent Company Financial Statement

2024

Original

Correction

Updated

TDKK

Tax on profit/loss for the year:

Current tax

0

Change in deferred tax

-1,910

259

-1,651

Deferred tax asset not capitalized

1,910

-259

1,651

Total

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

Change in non-capitalized deferred tax asset

2,745

3,561

6,307

Total - Effective tax rate

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

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

2024

Original

Correction

Updated

Financial assets

TDKK

Loans and other receivables (carried at amortised cost)

Receivable Portinho S.A.

58,000

-16,188

41,812

Receivable group companies

9,404

0

9,404

Other receivables

185

0

185

Cash and cash equivalents

3,789

0

3,789

Other short term financial assets

71,378

-16,188

55,190

Total financial assets

71,378

-16,188

55,190

2024

Original

Correction

Updated

Financial liabilities

TDKK

Financial liabilities carried at amortised costs

Trade and other payables

2,908

0

2,908

Payable to group companies

0

Bank debt

1,192

0

1,192

Financial loans

1,519

0

1,519

Loans from related parties

0

Subordinated convertible debt current liability

0

Subordinated convertible debt long-term liability

8,100

0

8,100

Total financial liabilities

13,719

0

13,719

Corection to Note 10. Receivable Portinho S.A, in the Parent Company Financial Statement

2024

Original

Correction

Updated

TDKK

Receivable Portinho S.A.

58,000

-16,188

41,812

Total

58,000

-16,188

41,812

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

Consolidated statement of comprehensive income

H1 2025

Note

Original

Correction

Updated

TDKK

Revenue

0

Production costs

0

Gross profit

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

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

Total comprehensive income/loss

-9,495

-8,115

-17,610

9

Earnings per share (EPS basic), DKK

-0.01

-0.02

Diluted earnings per share (EPS-D), DKK

-0.01

-0.01

-0.02

Consolidated statement of financial position

H1 2025

Original

Correction

Updated

TDKK

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

Total long-term liabilities

15,234

0

15,234

Trade payables

3,879

0

3,879

Bank debt

127

0

127

Financial loans

2,974

0

2,974

Lease liabilities

117

0

117

Other liabilities

589

0

589

Total current liabilities

7,686

0

7,686

Total liabilities

22,920

0

22,920

Total equity and liabilities

62,299

-24,303

37,996

Consolidated statement of changes in equity

Original Statement of changes in equity 01-01-2025 - 30-06-2025

Share capital

Share premium account

Other reserves

Total equity

Equity PEG Group as at 01-01-2025

122,756

0

-73,881

48,875

Net profit/loss

0

-9,495

0

-9,495

Dividends

0

Transactions with owners

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

-17,610

0

-17,610

Dividends

0

Transactions with owners

0

Equity PEG Group as at 30-06-2025

122,756

0

-107,679

15,076

Consolidated cash flow statement

H1 2025

Original

Correction

Updated

TDKK

Profit/loss before tax

-9,997

-8,115

-18,112

Adjustment of non-cash transactions:

Depreciation, amortisation and impairment losses

126

0

126

Allowance relating to Portinho S.A.

0

8,115

Financial income

-9

0

-9

Financial expenses

1439

0

1439

change in working capital:

Receivables

257

0

257

Trade payables

-1047

0

-1047

Prepaid expenses

-107

0

-107

Other liabilities

-1011

0

-1011

Net cash used in operating activities before net financials

-10350

0

-10350

Financial income received

9

0

9

Financial expenses paid

-1414

0

-1414

Corporate tax refund

0

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

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

Net cash received from financing activities

8223

0

8223

Total cash flows for the year

-3532

0

-3532

Cash and cash equivalents beginning of year

4234

0

4234

Cash and cash equivalents end of year

702

0

702

Cash and cash equivalents, end of year, comprise:

Cash and cash equivalents

702

0

702

Total

702

0

702

Consolidated Key Figures H1-2025

PEG Group

Original

Correction

Updated

H1-2025

H1-2024

2024

TDKK

Revenue

0

*EBITDA

-8,442

0

-8,442

-11,569

-21,052

Depreciation, amortisation and impairment losses

-126

0

-126

-117

-235

Operating profit/loss (EBIT)

-8,568

0

-8,568

-11,686

-21,287

Net finansial Items

-1,428

0

-1,428

-2,233

-4,950

Loss before fair value adjustment Portinho

-9,997

0

-9,997

-13,919

-26,237

Allowance Portinho receivable

0

-8,115

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

Equity

39,379

-24,303

15,076

12,432

48,875

Convertible loans

15,234

0

15,234

18,511

8100.0

Equity ratio

63.2%

N/A

39.7%

19.7%

74.5%

Earnings per share

-0.01

N/A

-0.02

-0.01

-0.02

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

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%.

Correction to note 9. Earnings per share, Consolidated Financial Statement

H1 2025

Original

Correction

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

-0.02

Diluted earnings per share of DKK 0.10

-0.01

-0.02

Attachment

01_-2026_02_12-_Korrektion_af_2024_UK

Summary

SUPPLEMENTARY INFORMATION (CORRECTIVE INFORMATION)