Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2024-12-31	307994000	dkk
ifrs-full:Assets	2023-12-31	262562000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2024-01-01	2024-12-31	40552000	dkk
ifrs-full:Revenue	2023-01-01	2023-12-31	59531000	dkk

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   <mrv:SustainabilityReport contextRef="ctx-1" id="f1__s8__7__16" xml:lang="en">Sustainability approach  Addressing global challenges  EnvironmentSocialGovernanceDiversityESG matrix  SustainabilitySustainability targets  Sustainability approachWe are committed to making clean drinking water accessible globally. Through our unique technology and know-how, we offer energy efficient solutions for water purification and concentration.The World’s most valuable resourceWe work to preserve Earth’s most valuable resource: Water. Our business is highly focused on sustainability, including taking responsibility for ensuring the longevity of the resources that we use at Aquaporin. We aim to make a positive difference and challenge linear approaches to resource use.With our drinking water purifiers, we offer solutions to increase access to clean drinking water that are energy efficient, increase water recovery, and help reduce plastic pollution. In the food &amp; beverage segment, we create new or improved products closer to the natural taste and feel, while improving energy efficiency.A sustainable futureOur sustainability focus is two-fold: We aim to create value for society by delivering innovative water solutions – our “handprint” – while minimizing harm in our upstream value chain by avoiding unnecessary waste streams and closing resource loops – our “footprint”. While we believe our “handprint”, is part of the solution to a more sustainable future, we continue to focus on our environ-mental footprint, as one does not balance out the other.We consider the impact that climate change has on our company and its future resilience, while also assessing the negative impacts that we may potentially have on the climate.We are committed to being transparent about our environmental footprint in order to be able to decrease it. Therefore, we have initiated preparatory work and plan to include a more detailed mapping of our value chain as well as a double materiality analysis in the the coming years.2024 marks the fourth year of disclosing our ESG matrix and reporting our Corporate Responsibility cf. section 99a of the Danish Financial Statements Act.Addressing global challenges  by providing sustainable solutionsSustainability is deeply integrated into our product solutions and our way of thinking, our strategy, work environment, and business ethics.A decade before the 17 UN Sustainable Development Goals (SDGs) were introduced in 2015, our technology was developed to cater for the targets captured in SDG 6 of minimizing pollution, reducing the proportion of untreated wastewater, increasing water reuse efficiency, and improving recycling of water.Aquaporin supports UN Global Compact to drive business awareness and action in support of achieving the SDGs by 2030.The ten Global Compact principles frame Aquaporin’s ambition of contributing to a more sustainable future and integrating the SDGs in the way we operate and our products directly contribute to addressing  five of the UN Sustainable Development Goals.We continue to invest in initiatives to improve the way that we use water, and we take responsibility for delivering solutions for a more sustainable future.Aquaporin’s technology contributes toImproving access to clean drinking water and thus problems with waterborne diseases.Improving the quality of life for patients, e.g., in dialysis, by decreasing exposure to waterborne diseases, incl. removal of PFAS and micropollutants.Improving access to clean drinking water.Strengthening water quality through better wastewater treatment.Reducing water consumption through more efficient processing.Optimizing customers’ water consumption.Contributing to the sustainable management of natural resources.Reducing wastewater volumes.Reducing marine pollution by reducing the need for drinking water in plastic bottles.Improving desalination methods and the circular impact of brine on marine life.Reducing wastewater volumes.Focusing on knowledge sharing and entering public private partnerships.Offering our technology in cooperation with partners in developing countries.EnvironmentWe strive to minimize the impact we have on the environment and climate and work to integrate the same thinking across all our operations.Aquaporin is located in Denmark, Singapore, the United States, China, and Turkey. Our headquarters in Denmark is by far the largest site, and our focus is primarily on optimizing how we use resources at this site.We are continuously looking to improve our supply chain - currently, we utilize external partners. Therefore, we do not link data on emissions and consumption with the number of units produced in-house, since this would not portray an accurate and comparable picture.Our greenhouse  gas emissionsOur Scope 1 (primarily natural gas) and Scope 2 emissions (electricity) decreased from 2019 to 2024 due to reductions in our in-house production at Nymøllevej in Denmark. These emissions have potentially been moved to our suppliers, and in the future, we plan to report on our Scope 3 emissions.To offset our footprint, we have entered into a PPA (Power Purchase Agreement) with Reel. This has ensured that we, starting early 2025, get approximately 50% of the electricity used at our headquarters in Lyngby supplied from a newly built solar park in Denmark. In addition, we have entered into a PPA for wind-energy, which will enter into force in 2026, to cover the remainder of our electricity usage at our headquarters. In the meantime, we have purchased green origin certificates for the electricity utilized at our headquarters in Lyngby. We cannot purchase similar certificates in Singapore, so we are not allowed to book these as 100% renewable energy resources and claim zero emissions.Our energy consumption Our consumption of electricity, natural gas, and water decreased from 2019 to 2024 following our reduction in in-house production. We aim to further reduce our energy consumption, as well as support the transition to renewable energy sources and this is embodied in the PPA we have signed.We currently measure our energy consumption in absolute terms. In the future, we will link our consumption to the number of units produced or FTEs to give a more accurate picture of consumption.Our water usageOur products aim to reduce the negative impact that polluted wastewater has on biodiversity and the water quality worldwide – and to provide clean drinking water without dependency on single-use plastic. While this “handprint” on society is a potential benefit, we utilize water in our production to test our elements. We pay particular attention to this in Singapore, where water is a scarce resource and there is a high dependency on clean water from outside the country.We currently measure and report on absolute water consumption, since it cannot yet be linked with the number of units that we produce.Key figures26% 75% 52%Reduction in Scope 1 emissions Share of renewables  Reduction of electricity 2020-2024(Scope 2*)consumption 2020-2024EnvironmentOur responsibilityMaterial risksAquaporin’s most material environmental impact is likely to originate from scope 3 emissions, which we aim to map and monitor in the future.Risks related to the negative environmental impact of our products post-use and limited options for recycling and reuse of membranes in general. In many cases, due to complex composition, incineration is currently the only option post-use to avoid landfills.Dependency on non-recycled materials in product components such as plastic casing, flat sheet, and endcaps.In the production of our membranes, chemicals with potential negative environmental impact are currently necessary and irreplaceable.See pages 14-15 for more information on our business model, and how we integrate environmental and social issues in our decision making.PoliciesSustainability policyMitigating actions &amp; 2024 resultsAdopted a Sustainability Policy in 2021, establishing the foundation for our approach towards a greener future. To our knowledge, there have been no breaches of the policy nor our Supplier CoC during the year.Adopted an Environmental, Social, and Governance (ESG) performance framework to track and report development.In 2024, all Aquaporin employees completed an introductory ESG training course and we strive to think ESG into all plausible parts of the operation of the Company.Integrated ESG risks with our regular risk management process.Reviewed our key product components and the material lists of our main products. We continue to assess our dependency on materials and the related risks.Via the Green Circular Transition project, we developed a take-back assessment model, which allows us to analyze the environmental costs of a take-back scheme.Future plansAim to integrate innovation and circular design into products and practices at Aquaporin.Detailed mapping of our Company value chain and a double materiality analysis is planned for the coming years.Even though it requires questioning the status quo, we will continue to ask our partners and suppliers for more sustainable alternatives, and we will continue to search for alternative ways to develop products with a lower environmental footprint without compromising on the safety or the functionality of our products.Statement of Corporate responsibility cf. section 99a in the Danish Financial Statements ActEnvironmentOur impactRethinking water filtration using biotechnologyIn 2023, we initiated a test setup with the Public Utility Board (PUB) in Singapore. The PUB is testing our CLEAR membranes for the purpose of cleaning wastewater and removing pollution from drinking water, aiming to secure clean drinking water for the citizens of Singapore. The tests concluded in 2024 showed positive initial results.Aquaporin is part of an innovative and impactful project aimed at developing sustainable sanitation devices. By contributing our expertise in Forward Osmosis technology, we are helping to create efficient, decentralized sanitation solutions that support long-term sustainability and accessibility.Reducing our carbon footprintOur solutions to clean drinking water for municipalities have proven to require up to 30% less energy than other solutions used by such municipalities. The energy reductions allow them to reduce their CO2impact from water filtration significantly. The energy efficiencies have been validated by various projects in China, Singapore, Japan, and more.Helping to protect marine lifeAquaporin’s drinking water solutions aim to reduce the number of plastic bottles used in the World through ensuring clean drinking water in households, schools, and workplaces.By the end of 2024, Aquaporin Inside® expect to be helping to ensure clean drinking water in more than 500,000 homes, in China. We have also sold point-of-use water purifiers to several other countries, ensuring clean drinking water and decreased usage of plastic bottles.Integrating the SDGs through the SDG Ambition Accelerator ProgramThe SDGs are deeply integrated into the way we work. Therefore, we are proud to participate in the SDG Ambition Accelerator, a six-month UN-program aiming to support UN Global Compact participants in accelerating the integration of the SDGs into core business management. The program is still in progress and we are using this process to steer us in the right direction and defining our targets on our path towards Net Zero.SocialAt Aquaporin we are here to make a difference.Our employees are our most important asset. They are central to our development and as such we are focused on creating a safe, diverse, and inclusive workplace.We have a pioneering spirit and value inclusive collaborations between departments, cultures, people, and companies.We strive for technological development, and are committed to being environmentally, socially, and financially responsible.Health &amp; safety The health and safety of our employees is crucial for our raison d’être, and we continue to monitor this very closely. In Aquaporin, we aspire to achieve the highest possible safety standards – this is particularly crucial in our R&amp;D, laboratories, and production facilities.We have a strong focus on preventing and mitigating health &amp; safety risks through mandatory safety walks for all new employees, training, and registration of near-miss accidents.Our internal Environment, Health, and Safety (EHS) management system ensures that we log and define procedures, conduct regular risk assessments, internal spot checks and track our monitoring and reporting.Aquaporin remains below a rate of 5% of absence due to sickness annually. From 2019 to 2024, we remained in this range with less than 4 days absent per FTE annually.Aquaporin internally reports accidents, injuries, and near-miss, which are analyzed by the safety organization to implement preventive actions to minimize risk. All accidents and injuries are reported to Executive Management. In 2024, we had one accident with recorded employee absence in our Singapore office.Human rightsAquaporin’s core business is centered around water and process purification, but as a company with global activities and a strong sustainability culture, we also work to promote rights to clean water as well as to protect and respect human rights in general. We work to avoid infringement on human rights, and we strive to address any adverse human rights impact in which we, or our business partnerships, are involved.Further, we aim to improve communication and requirements towards our suppliers on human rights and related issues.Social – health &amp; safetyOur responsibilityMaterial risksNegative impacts on our employee conditions would pose a threat to our business and continuous operations. We do our best to avoid any such impacts.Our employees are our most important asset, and they are central to our development. Should we be unable to retain and attract qualified and skilled employees this would represent a risk to the Company’s growth as it could impact our ability to innovate and adapt to an ever-changing environment.PoliciesHealth &amp; Safety policy and internal procedures that are in place to minimize the risk of safety-related issues. Aquaporin A/S is certified ISO 9001:2015 which requires us to operate to high-quality management standards for product development, production, and customer service. In the same management system, AQMS implements Environment, Health, and Safety guidelines following the structure of ISO 14001 and ISO 45001.Mitigating actions &amp; 2024 resultsThe internal Safety Organization conducts a safety tour for all new employees in their first week of employment.Our internal Safety Organization performs periodical safety inspection walks to discuss and monitor safety to prevent accidents. In addition, it was in 2024 decided that Management must also perform such safety walks on an on-going basis.The focus on safety has in general been increased and as such, the Company has implemented so-called “safety moments”, which are to be had at the start of all meetings with six participants or more. Moreover, the Safety Organization is seeking to heighten awareness by having added visual reminders throughout the office and laboratory spaces. All new or changed laboratory, test and production processes are systematically risk-evaluated and chemical APVs are implemented where required.At our subsidiary in Singapore, we have reinforced and strengthened a local Safety Organization, which reports quarterly to Group Management.Aquaporin internally reports accidents &amp; injuries or near miss which individual is analyzed by the Safety organization to implement preventive actions to minimize risk; all accidents and injuries are reported to Executive Management. In 2024, we had no accidents with recorded employee absence.Future plansFocus on even more health and safety involvements from mid-management or further improve focus on “safety at work” and the well-being of our employees.Continue work to increase safety at all global offices, cf. the steps taken to improve overall safety, as described above in “Mitigating actions &amp; 2024 results”.Statement of Corporate responsibility cf. section 99a in the Danish Financial Statements Act.Social – human rightsOur responsibilityMaterial risksHuman rights violations related to child labor, living wages, and forced labor represent a risk in Aquaporin’s supply chain. This is not a high risk in Denmark, but we acknowledge that a global supply chain introduces higher uncertainty and more limited transparency.Human rights violations related to discrimination and diversity pose a minor risk at our offices in Denmark, Singapore, and the US.PoliciesSupplier Code of Conduct (CoC)Human Rights PolicyWhistleblower schemeEmployee handbookMitigating actions &amp; 2024 resultsOur Supplier CoC describes requirements towards our suppliers related to human rights and general labor conditions and is now included as part of our Supply and Manufacturing agreements.No breaches of our CoC or other policies were reported in 2024.Future plansContinue to closely monitor the whistleblower scheme and the Executive Management report, and update the Board of Directors at every board meeting.Improve our focus on avoiding human rights violations in our value chain by focusing on our responsible supplier strategy.Aim to promote diversity going beyond gender and are considering implementing additional metrics going forward.Statement of Corporate responsibility cf. section 99a in the Danish Financial Statements Act – Social &amp; EmployeesSocialOur impactWe see access to clean water and sanitation as a basic human right.We are working to secure access to and promote rights to clean water.Securing clean, healthy water Our drinking water solutions ensure that households, schools, and workplaces can have clean drinking water, cleared for Perfluoroalkyl and Polyfluoroalkyl Substances (PFAS), bacteria, pesticides, and viruses.Through partnership with e.g. AquaShield, global exclusive brand licensee for Phillips Water Systems, in China, our drinking water solutions  secured clean and healthy drinking water in more than 500,000 homes at the end of 2024.In Singapore, a large-scale test with the Public Utility Board (PUB) shows positive initial results, potentially leading to Aquaporin’s solutions being used to secure clean drinking water for Singaporeans.We are working together with the University of Las Palmas de Gran Canaria, and Canary Islands Institute of Technology to combine desalination and wastewater treatment to ensure sufficient clean water supplies.Desalination brine is a significant challenge to marine life, and a shared project is focused on removing the concentrated desalination brine from the ocean and using it to filtrate wastewater.Potential health benefits associated  with clean waterOur goal to secure clean and healthy drinking water also brings a strong focus on health.Our Aquaporin Inside® membranes are documented by Aarhus University to remove more than 99.9% of Perfluoroalkyl and Polyfluoroalkyl Substances (PFAS). PFAS are a forever chemical that accumulate in human bodies and are believed to cause cancer, liver damage, decreased fertility, and increased risk of asthma and thyroid disease. With more than 500,000 households Worldwide with a water filtration system with Aquaporin Inside® by the end of 2024, and an anticipated increase over the coming years, means that Aquaporin is ensuring that PFAS, bacteria, pesticides, and viruses are removed from drinking water, hence contributing to good health and wellbeing.GovernanceDiligent governance is key to ensure a sustainable business in compliance with relevant regulations.There are several key aspects to governance at Aquaporin – our general governance practices, which relate to how we operate the business, including anti-corruption &amp; bribery.Read more about Corporate Governance, including Executive Management and Board of Directors, governance structure, and ownership in Section 04, page 44.Anti-corruption &amp; briberyAt Aquaporin, we promote an ethical business environment. Subsequently, we have a zero-tolerance policy on anti-corruption and bribery, and aim to ensure our business practices comply with all relevantlaws and regulations.Given our extensive global supply chain, there are potential risks of corruption and bribery within our business. These are described in more detail under Risk management on page 46.GovernanceOur responsibilityMaterial risksAquaporin Our greatest risks related to corruption liewithin our global supply chain. We recognize that unethical behavior may present a risk, when dealing with third parties while operating in a global setting.We see a minor risk related to our own commercial and customer-facing functions, but these are mitigated by our business principles and rules in our Employee Handbook.PoliciesAnti-corruption Policy.Sanctions and Anti-money Laundering Policy.Our Employee Handbook contains information on gifts and anti-bribery measures.Aquaporin has a zero-tolerance policy against bribery and corruption and condemns it in all forms.Employee participation in UN Global Compact’s network on anti-corruption.In 2024, no cases of corruption or bribery were identified or reported.Mitigating actions &amp; 2024 resultsFuture plansAquaporin is committed to conducting its business free from corruption and we will continue to take active measures to ensure that bribery and corruption do not occur in any of our business activities.We continue to improve our focus in this area as we scale up as a commercial organization and plan to establish further anti-corruption and bribery procedures in 2024.Statement of Corporate responsibility cf. section 99a in the Danish Financial Statements Act.DiversityWe believe in the power of diversity. We aspire to provide equal opportunities and focus on respecting differences.Gender diversityAs of December 31, 2024, Aquaporin’s joint workforce consisted of 30 (39%) females and 46 (61%) males; in Management (Executive, Management and direct report Managers), two (14%) were female and 12 (86%) male; the Board of Directors consisted of eight members – one (13%) woman and seven (87%) men.In accordance with our Diversity Policy, we aim to increase the number of underrepresented gender on our Board of Directors and in Management to 33% by 2027. The timeline illustrates the importance of achieving a higher level of gender equality on both levels, while acknowledging that we need more time to identify female candidates. In 2024, there were no relevant candidates from the underrepresented gender for positions on the other levels of Management. For our overall workforce, we aim to increase the under-represented gender to 45-50% by 2025.Aquaporin works to achieve and maintain gender balance and increase the percentage of the underrepresented gender. Our ambition is to be an attractive workplace for all genders and that all genders shall have equal opportunities in relation to employment, conditions of employment, education, and promotions. Aquaporin seeks a more well-balanced distribution of genders on all levels within the Group through the Company’s initiatives to increase diversity as stated below. In addition, Aquaporin continues to focus on diversity in terms of nationalities. As of the end of 2024, 21 nationalities were represented among our employees.InitiativesWe continuously seek to improve the gender diversity on our Board of Directors as well as in Management. We investigate options to further the level of diversity and, in 2023, implemented a procedure that seeks to include both female and male candidates in hiring processes.For the Company’s joint workforce, we have taken measures to encourage equal employment terms, which we find are at the core of a diverse and differentiated workforce:Our hiring process is based on individual, professional qualifications and we encourage applicants to apply for positions irrespective of gender, age, religion, ethnicity, and sexual orientation. In all recruitment processes, we seek to ensure both female and male candidates, when possible. We conduct half-yearly performance reviews to ensure career development for all employees, seeking to empower the individual.Leadership development is a central focus area, where we strive to ensure equal opportunity on several levels of management, through training and coaching.Through tailormade projects, Aquaporin Academy offers national and international students a unique opportunity to become a part of the development of Aquaporin.In 2023, we launched a Young Professionals Program with the goal of strengthening and developing our younger talent pool. Please refer to page 40 for more information.Governance dataIncluded in our ESG reporting are key governance metrics, including board diversity on gender and nationality.At the board-level, the percentage of females has declined since 2019. In 2022, 2023, and again in 2024, we reconfirmed the target of reaching 33% females in the Board of Directors by 2027, cf. our Diversity Policy.  As of this date, Aquaporin has not been able to identify additional female candidates suitable and available to join Aquaporin’s Board of Directors.The share of nationalities represented at the board level remained unchanged in 2024. Currently, three shareholder-elected board members are of non-Danish nationality. The Board of Directors remains committed to having international members.The CEO pay ratio is calculated as the ratio between the CEO salary (including cash bonuses and excluding pension and warrant programs) to the median FTE compensation as of December 31, 2024.Gender distribution2024 2023Gender distribution Board of DirectorsTotal number of members 8 7Underrepresented gender in pct 13%  14%Target figure in pct. 33% 33%Year for fulfilment of target figure 2027 2027Gender distribution Other ManagementTotal number of members 14 23Underrepresented gender in pct. 14% 18%Target figure in pct. 33% 33%Year for fulfilment of target figure 2027 2027Nurturing the next generationAt Aquaporin, we recognize the importanceof nurturing the next generation of professionals by investing in their personal and professional development. In 2023, we therefore launched the Aquaporin Young Professionals Program. The initiative is designed for employees with up to six yearswork experience, aiming to equip them withthe skills, connections, and confidence needed to grow into impactful contributors and future leaders.The program offers a comprehensive blend of expert-led workshops, hands-on learning, and a dedicated mentorship program. The Young Professionals participate in regular sessions, engage in a one-and-a-half-day immersive camp, and present their learnings in a grand finale. By participating, they gain tools to enhance their communication skills, navigate challenging situations, and strengthen their understanding of personal and team dynamics.“ Participating in this program felt like joining a community of young professionals, fostering both personal connections and professional collaboration. It helped me develop soft skills and offered valuable insights for navigating my career”Manas Dalvi Product Manager FO“ I truly enjoyed the mentorship program, whichpaired me with a mentor I can rely on for guidance. It taught me valuable lessons about project management and the importance of planning for success. Beingpart of such a fun, supportive group that connects departments has been a fantastic experience.”Türkan Ormanci Acar Lead Formulation SpecialistMentorship is a key element of the program. Each participant is matched with a senior colleague who provides tailored guidance, shares insights, and helps them set and achieve personal and professional goals. Thisrelationship aims to foster a culture of trust and collaboration, while mentors also benefit from the opportunity to refine their leadership skills.The program encourages participants to build networks across the company. It helps the Young Professionals envision their future career paths and development within Aquaporin.The Aquaporin Young Professionals Program exemplifies our commitment to cultivating talent and fostering an environment where individuals can grow, get inspired, and be equipped to achieve their potential.ESG matrixUnit 2024 2023 2022 2021 2020EnvironmentDirect GhG emissions (Scope 1) Tons CO e 292 333 285 331 3962Indirect GhG emissions (Scope 2 - electricity) - location-based* Tons CO e 30 39 76 111 -2Indirect GhG emissions (Scope 2 - electricity) - market-based Tons CO e 150 151 178 202 2392Electricity consumption Megawatt hours 311 359 443 545 6473Natural gas (heating) m124,309 144,120 124,570 145,868 173,234Renewable energy share (scope 2)** %  75% 75% 68% 58% 66%3Water consumption m3,350 3,533 3,439 5,471 5,319SocialFull time workforce FTE 76 82 86 78 83Gender diversity (percentage female) % 39% 37% 38% 39% 37%Gender diversity in management (percentage female)*** %  14% 18% 13% 17% 18%National diversity (number of nationalities) Absolute number 21 24 24 24 23Employee turnover ratio**** % 29% 21% 25% 18% 30%Employee turnover ratio, voluntary % 17% 15% N/A N/A N/ASickness absence Days per FTE annually 3.8 3.3 4.5 3.8 3.7Total incidents (stop-work orders) Absolute number 1 0 0 2 3Lost time incident rate (LTIR)  % 0% 0% 0% 0% 0%GovernanceGender diversity, Board of Directors % 13% 14% 14% 13% 22%Nationality diversity, Board of Directors % 25% 29% 29% 25% 22%CEO pay ratio Ratio 7. 3 7.7 1 7.30 7.79 3.65NotesEmissions. Scope 1 emissions are direct emissions from owned or controlled sources. Scope 2 emissions are indirect emissions from electricity displayed using both location-based method and market-based method. Our location-based method reports on the actual energy grid mix at the time of consumption and is sourced from Reel, who has calculated our real-time energy emissions based on hourly data in Denmark from 2020 - 2024. For emissions using the market-based method, we used the emissions equivalent from Energinet’s energy standard factors updated yearly. For Singapore, we used emission factors from the International Energy Agency (IEA). Renewable energy share: Singapore data is not included in this number. Water usage: Excludes US office. For more details on how we calculate our ESG data, please refer to Glossary on page 51 in Annual Report 2023.*  Data from Singapore is based on market-based methodology**  Data from subsidiaries is not included in this number***  Management is here defined as Executive Management and Managers reporting to Executive Management **** Employee turnover ratio includes voluntary and involuntary departures. For 2024, there was an increase in the combined departures (compared to 2023) due to reorganization measures taken during the year.Sustainability targetsWe continue to invest in initiatives to improve the way in which we use water, and we take responsibility for delivering solutions for a more sustainable future.For 2025 and beyond, we have introduced several new targets, including environmental metrics covering emissions and consumption and a target for under-represented gender diversity across all employees*.We remain committed to our other targets and initiatives as outlined.Continued commitment to sustainabilityEnvironmentEmissions 20% reduction in scope 1 (direct greenhouse gas) emissions by 2030Energy consumption 5% yearly reduction in MWh/FTESocialDiversity/inclusionIncrease under-represented gender to 45-50% for all employees*Increase under-represented gender to 33% in Management** by 2027Employee turnover Reduce volunteer leavers to &lt;15% by 2025AccidentsClass 1 (accidents causing death or serious deterioration) maintain at 0%Class 2 (all other accidents reported to WEA) to below 0.1%Class 3 (all other accidents) of below 1%Incidents Below 5 total stop-work orders in the relevant yearAbsence Maintain absence due to sickness at &lt;5%GovernanceDiversity/inclusion Increase under-represented gender to 33% in Board of Directors by 2027*  “All employees” excluding Executive Management, student workers, and temporary hires** “Management” defined as Executive Management and Managers reporting to Executive ManagementCorporate governance  Risk management  Shareholder information  Executive Management  Board of Directors  Management’s statement  GovernanceIndependent auditor’s report  Corporate governanceWe apply corporate governance practices to ensure transparency and accountability to the benefit of customers, shareholders, partners, employees, authorities, and other stakeholders. As a Danish company listed on Nasdaq Copenhagen Main Market, our corporate governance efforts are subject  to the Recommendations on Corporate Governance issued by the Danish Committee on Corporate Governance.The governing body of Aquaporin is comprised of a two-tier management structure consisting of a non-executive Board of Directors and the Executive Management team. The allocation of responsibilities between the Board of Directors and Executive Management are outlined in the Rules of Procedure. The two bodies are independent, and no person serves as a member of both.Information concerning remuneration of the Board of Directors and Executive Management is disclosed in note 5.1 in the consolidated financial statements.Board of DirectorsThe Board of Directors has the responsibility to ensure the right management and organizational structure of the company.It supervises the overall and strategic management of Aquaporin’s business and operations, and together with the Executive Management develops the Group’s corporate strategy, oversees progress, financial performance as well as the operational management of Aquaporin. The Board of Directors consists of eight members, of which six are independent. All Board members are elected at the Annual General Meeting. They serve a one-year term and are eligible for re-election.Audit CommitteeThe Audit Committee assists the Board of Directors in handling and auditing matters, which by decision of the Board or the Audit Committee require a more thorough evaluation. Among its duties are the supervision of the Company’s financial reporting and the Group’s external auditors, the assessment of the internal controls and the risk management systems of Aquaporin.Remuneration CommitteeThe role of the Remuneration Committee is to ensure that the Company maintains a remuneration policy for the members of the Board and Executive Management, including overall guidelines on incentive pay to the Board and Executive Management, and to evaluate and make recommendations for the remuneration of the members of the Board and the Executive Management. The remuneration policy and any changes thereto must be approved both by the Board as well as on a general meeting. The 2024 Remuneration Report is available on the Company’s website.Nomination CommitteeThe Nomination Committee assists the Board of Directors with ensuring that appropriate plans and processes are in place for the nomination of candidates to the Board, the Executive Management, and the board committees. The Nomination Committee must also evaluate the composition of and make recommendations to the nomination or appointment of members of the Board, the Executive Management, and the board committees.Executive ManagementThe Executive Management consists of the Chief Executive Officer, Chief Financial Officer, and Chief Technology Officer, and is appointed by the Board of Directors. The Executive Management is responsible for strategy execution and day-to-day management in accordance with the guidelines issued by the Board of Directors. The Executive Management also presents and recommends proposals to the overall strategy and objectives to the Board of Directors. Duties, obligations, and liabilities of the Executive Management, including specific authorizations within which the Executive Management may transact business, are laid down in the Management Instructions for the Executive Management.Corporate governanceBoard of DirectorsWe apply adequate corporate governance practices to ensure transparency and accountability to the benefit of customers, shareholders, partners, employees, authorities, and other stakeholders. As a Danish company listed on Nasdaq Copenhagen, our corporate governance efforts are subject to the Recommendations on Corporate Governance issued by the Danish Committee on Corporate Governance.The governing body of Aquaporin is comprised of a two-tier management structure consisting of a non-executive Board of Directors and the Executive Management team. The allocation of responsibilities between the Board of Directors and Executive Management are outlined in the Rules of Procedures. The two bodies are independent, and no person serves as a member of both. Information concerning remuneration of the Board of Directors and Executive Management is disclosed in Note 5.1 in the consolidated financial statements.Risk managementAs a natural part of our core values, we manage risks rigorously and systematically to create and protect value, short, medium, and long term. We seek to achieve this by cross-departmental analyses ensuring a shared focus on mitigating risks. Risk governance structureAquaporin continues to have a strong focus on risk management to ensure that it remains an integrated part of our decision-making. The Board of Directors holds the final responsibility for risk management in the Aquaporin Group and determines the overall framework for identifying and mitigating risks. The Audit Committee supervises compliance within the agreed risk management strategy.The Executive Management is responsible for the day-to-day implementation of risk mitigating actions as well as the continuous development of risk management activities to ensure a proactive approach to potential risk scenarios.Our risk management processEach quarter, the Executive Management performs a risk analysis. While conducting these analyses, we identify and define Aquaporin’s gross risks to ensure an updated risk overview. Each risk is described, and potential risk mitigating actions are discussed. In addition, all Group departments are involved in performing bottom-up risk analyses on a half-year basis. The risk overview is presented to the Audit Committee, who discusses the risk situation and decides on further mitigating actions. The process of identifying, handling, and reporting risks is continuously addressed by the Audit Committee to ensure that the underlying risk identification methodology is appropriate and that it reflects the current risk picture.Internal controlRisk management and internal controls related to financial reporting are designed to limit the risk of material misstatements. Standard procedures for the month-end closing process are implemented to ensure an in-depth analysis of potential deviations between actual performance, business plans, budgets, and quarterly estimate updates.Commercial riskAquaporin is highly dependent on delivering relevant and value-creating solutions to its customers. The Company has established a global key account approach aiming to grow and partner with large accounts. If the Company fails to attract new key accounts or if any of its current key account business should cease, this would negatively affect the financial outlook of the Company.Product supply and product safetyUsing third-party manufacturers, one of the main risks is the dependency for manufacturing product components and the supply of raw materials, semi-finished and finished goods. If such third-party manufacturers or suppliers do not deliver their products or services in time or with the sufficient quality, it could have adverse effects on the ability to service customers.  To the extent possible, Aquaporin prioritizes a preventative approach to secure dual suppliers for critical products and inventory management, including build-up of contingency inventories of critical raw materials. Moreover, the Company, when relevant, seeks to have a local-for-local supplier setup to minimize the risks associated with geopolitical changes. An extensive quality assurance program covering the entire value chain contributes  to higher product safety. Production and manufacturing processes are subject to periodic and routine inspections to ensure that production and product quality standards are met. Aquaporin’s product safety program is certified according to internationally recognized standards, including ISO 9001:2015 and NSF.Health, safety, and securityRisks associated with health and safety at Aquaporin mainly relate to ergonomic and physical hazards. Aquaporin’s business is a low intense production with limited manual interaction, noise, smell, and vibration. The Company is committed to ensuring a healthy psychosocial and physical working environment for its employees and has implemented several initiatives to underline the importance of a safe working environment. Incidents are monitored and handled both on department and Executive Management level. Intellectual property rightsAquaporin maintains a proactive patent strategy and protects new knowledge created to support the business. Aquaporin actively monitors third party patent positionswithin our relevant fields to secure freedom-to-operate for our products and technologies. Aquaporin currently has 69 granted patents within 17 different patent families.Financial riskManagement monitors the Company’s funding risks and liquidity needs with a view to continue as a going concern. Subsequently, funding options are evaluatedon a continuous basis, including equity financing or debt, to ensure the road to profitability.Due to the nature of its operations, investments, and financing, Aquaporin is exposed to risks related to currencies, funding, liquidity, credit, and counterparties.Aquaporin aims to actively address financial risks to mitigate potential material impacts on the Group’s financial position. The Risk managementfinancial risks are managed centrally with an objective to reduce the impact and sensitivity on earnings from fluctuations in exchange rates, interest rates and liquidity.Data ethicsWith this reporting on our Data Ethics Policy, we comply with the requirements under section 99d of the Danish Financial Statements Act. We implemented our Data Ethics Policy in 2021 and have continued to monitor our Data Ethics Policy since then. Our policy focuses on the principles: Responsibility, inclusiveness, and leadership, which are important to us in relation to serving our customers, employees, shareholders, and any other stakeholders. Our Data Ethics Policy is based on applicable legislation and standards, and we revise our policy at least once a year. In our own organisation we mainly process data about our employees, provided by the employees themselves. Through collaborations, some of our partners have access to data on behalf of or in collaboration with Aquaporin. In both instances, it is mandatory to use data responsibly by following the guiding principles on data ethics, including applying a data-centric approach ensuring sustainability when using data.Please find more information at:investors.aquaporin.com/investors/governance-documents/default.aspxShareholder informationShare and ownership structureAquaporin was listed on the Nasdaq Copenhagen stock exchange (ticker: AQP, ISIN: DK0061555109) on June 28, 2021. Thetotal number of shares as of December 31, 2024 was 23,257,631. The Company does not hold treasury shares. The company has one share class, with each share representing one vote in company matters.The shareholders have authorized the Board of Directors to issue new shares and warrants, in accordance with the Articles of Association.Our share price closed at DKK 16.85 on the last day of trading in the financial year 2024, representing a 63% decrease in share price compared to the share price on the last day of trading in the financial year 2023. Our share capital as of December 31, 2024 was 23,257,631 with a market capitalization of DKK 391,891,082.In total, Aquaporin had 4,447 name- registered shareholders as of December 31, 2024. Aquaporin has received notifications of holdings of 5% or more of the share capital or voting rights from the following 4 shareholders:M. Goldschmidt Capital A/SDanica Pension, LivsforsikringsaktieselskabVP Capital N.V.Topsøe Holding A/SShareholder return policyDistributions to shareholders are subject to Board of Directors’ proposals.January 1 to December 31, 20245%504026%302010Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecDenmarkEuropeRoW69%AquaporinFinancial calendar 2025*Annual General MeetingQ1 2025 Trading StatementHalf-Year Interim Report 2025Q3 2025 Trading Statement*  Any updates to this financial calendar will be published on Aquaporin’s website, aquaporin.com.Executive ManagementKlaus Juhl WulffChief Financial Officer (CFO)Nationality Danish Year of birth 1973Gender Male Joined 2022Other positions and management dutiesWulff Consulting (Owner)QualificationsExperience with various growth companies with exposure to M&amp;A and global business strategy. Brings extensive knowledge from several corporate finance functions in international companies which include positions in FLSmidth, Cobham Satcom, Berendsen Facility Division, and Stena Recycling. Holds an MSc in Economics and Business Administration from University of Aarhus.Registered with the Danish Business Authority.Matt BoczkowskiChief Executive Officer (CEO)Nationality Canadian, Polish Year of birth 1978Gender Male Joined 2021Other positions and management dutiesNo other management positions.QualificationsBroad experience in global growth initiatives in both water and waste treatment with global companies in senior leadership roles – including Suez and GE Water &amp; Process Technologies – encompassing corporate account management, business development, strategic marketing, technology development and business management. Holds an MBA from HEC Montreal, a BEng in Chemical Engineering, and a BSc in Microbiology and Biotechnology from McGill University, Canada.Registered with the Danish Business Authority.Torsten Høybye Bak RegueiraChief Technology Officer (CTO)Nationality Danish Year of birth 1978Gender Male Joined 2017Other positions and management dutiesNo other management positions.QualificationsMore than 15 years’ experience from several corporate research &amp; development positions and two start-ups. Specialist knowledge within various scientific areas, including molecular biology and fermentation optimization. Holds a PhD in Biotechnology and an MSc in Chemical Engineering from the Technical University  of Denmark.Board of DirectorsNiels HeeringChairNationality DanishYear of birth 1955First elected 2015Independency assessmentIndependentBoard committee(s)Remuneration Committee (Chair)Nomination Committee (Chair)Aquaporin shares as of December 31, 202452,045Primary positionSenior General Counsel, Danske BankOther appointments and board positions:Chair: Aquaporin Space Alliance ApS, Arborethusene A/S, Danish Aerospace Company A/S, Danish Aerospace Medical Company A/S, JEU Holding ApS, Nesdugaard Holding ApS, Nesdugaard NewCo ApS, Viga Re Aps, Viga Re Management ApS, and WAMA Consult ApSDeputy Chair: 15. Juni FondenMember: 15. JF Invest A/S, Global Equestrian Group Holding ApS (and 1 subsidiary), and Lise og Valdemar Kählers FamiliefondOther: Managing Director of CCKN Holding ApS, Executive management in Heering Invest ApS and 15. JF Invest A/SSpecial qualificationsExtensive board experience from listed and private companies as well as within capital markets, mergers &amp; acquisitions, and corporate law, including corporate governance. Expertise within real estate and the financial sector along with broad international experience.Søren Bjørn HansenDeputy ChairNationality DanishYear of birth 1972First elected 2007Independency assessmentNon-independentBoard committee(s)Audit Committee (Member)Aquaporin shares as of December 31, 202490,000Primary positionCEO, M. Goldschmidt Holding A/S,  M. Goldschmidt Ejendomme A/S and  M. Goldschmidt Capital A/SOther appointments and board positions:Deputy Chair: Aquaporin Space Alliance, Danish Aerospace Company A/S, and Danish Aerospace Medical Company A/SMember: Aquaporin Space Alliance and Aquapoten Co Ltd., China.Other: Chief Executive Officer of Atlas Ejendomme A/S, Komplementarselskabet MGE Frederiksbro II ApS, MGE16 ApS, MGE Frederiksbro II P/S, Kokkedal Slot ApS, M. Goldschmidt Ejd., Ringsted ApS, MGE Frederiksbro II Holding A/S, MGE Frederiksbro ApS, MGE Hornbæk ApS. Executive Management of SILVER BEAR HOLDINGS ApS, MGE Marienbergvej 108, Vordingborg ApS, Slotshotellet ApS, MGE Trekronergården ApS,MGE Service ApS, MGE13 ApS, MGE14 ApSSpecial qualificationsExtensive experience within investments, financing, and business strategy along with significant international experience.Anne BroengBoard memberNationality DanishYear of birth 1961First elected 2018Independency assessmentIndependentBoard committee(s)Audit Committee (Chair)Aquaporin shares as of December 31, 20241 7, 4 7 9Primary positionProfessional Board MemberOther appointments and board positions:Chair: Velliv Pension &amp; Livsforsikring A/S og  Sleep Cycle ABDeputy Chair: Børns VilkårMember: Rambøll Gruppen A/S, Energi Danmark A/S, and VKR Holding A/SOther: Special Advisor to NASDAQ GroupSpecial qualificationsExperienced executive with extensive board knowledge. More than 30 years’ experience in the financial service industry as Executive Director, CFO, and Chief Investment Officer. Board experience within financial services, software, engineering and architecture, energy and building material.Lars HansenBoard MemberNationality DanishYear of birth 1967First elected 2015Independency assessmentIndependentBoard committee(s)Remuneration Committee (Member)Nomination Committee (Member)Aquaporin shares as of December 31, 202421,002Primary positionProject Director, Novo Nordisk FondenOther appointments and board positions:NoneSpecial qualificationsExtensive industry experience within biotechnology along with significant management expertise and global experience from a large international company.Board of DirectorsAnupam BhargavaBoard MemberNationality American, CanadianYear of birth 1967First elected 2021Independency assessmentIndependentBoard committee(s)Remuneration Committee (Member)Nomination Committee (Member)Aquaporin shares as of December 31, 2024-Primary positionChief Executive Officer, KIRKBI ClimateOther appointments and board positions:NoneSpecial qualificationsPreviously held senior executive positions at Nilfisk and Grundfos. More than 30 years’ experience commercializing sustainable technology, deploying service-based solutions, and introducing new business models to accelerate market adoption of innovation in aviation, energy, and water sectors.Weiming JiangBoard MemberNationality DanishYear of birth 1956First elected 2018Independency assessmentIndependentBoard committee(s)-Aquaporin shares as of December 31, 20243,167Primary positionFounder and General Manager of EOS Consulting Company.Other appointments and board positions:Member: Huisman B.V. and SinoChem International CorporationOther: Operating Partner at GL Capital Group, Advisor Group (NAG) at Novo Holdings, China Chairman at SAS Ltd.Special qualificationsExperienced management professional with a global outlook and experience with the Chinese market. Extensive experience with biotechnology and the water sector.Jianlong ZhuangBoard MemberNationality ChineseYear of birth 1964First elected 2021Independency assessmentIndependentBoard committee(s)-Aquaporin shares as of December 31, 2024-Primary positionVice President, Chief Risk Officer and Board Secretary, Interchina Water Treatment Co. Ltd.Other appointments and board positions:NoneSpecial qualificationsExperienced industry professional and board member. Extensiveexperience within water treatment and food agriculture industries.Peter Holme JensenBoard MemberNationality DanishYear of birth 1970First elected 2024Independency assessmentNon-independentBoard committee(s)-Aquaporin shares as of December 31, 2024248,374Aquaporin warrants as of December 31, 2024*25,940Primary positionChief Executive Officer, CambioticsOther appointments and board positions:Member: Innovation Fund Denmark, Aquapoten Co. Ltd., China, and CambioticsOther: Executive Management at Artefakt Holding ApS, jury member of the European Inventor Award by the European Patent Office, and member of the Danish Industrial Association Committee of Science and EducationSpecial qualificationsPeter Holme Jensen is the founder of Aquaporin A/S and has been Chief Innovation Officer of the Company from January 2022 until January 2024. Prior to that, he was CEO of the Company from 2005.* In accordance with the Company’s Remuneration Policy, the remuneration of the Board of Directors does not include incentive programs, including share-based programs. Peter Holme Jensen was previously a part of Aquaporin’s Executive Management, thus bringing with him the warrants granted during his time as, respectively, Chief Executive Officer and Chief Innovation Officer.</mrv:SustainabilityReport>
   <mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="f1__s8__7__24" xml:lang="en">Social – health &amp; safetyOur responsibilityMaterial risksNegative impacts on our employee conditions would pose a threat to our business and continuous operations. We do our best to avoid any such impacts.Our employees are our most important asset, and they are central to our development. Should we be unable to retain and attract qualified and skilled employees this would represent a risk to the Company’s growth as it could impact our ability to innovate and adapt to an ever-changing environment.PoliciesHealth &amp; Safety policy and internal procedures that are in place to minimize the risk of safety-related issues. Aquaporin A/S is certified ISO 9001:2015 which requires us to operate to high-quality management standards for product development, production, and customer service. In the same management system, AQMS implements Environment, Health, and Safety guidelines following the structure of ISO 14001 and ISO 45001.Mitigating actions &amp; 2024 resultsThe internal Safety Organization conducts a safety tour for all new employees in their first week of employment.Our internal Safety Organization performs periodical safety inspection walks to discuss and monitor safety to prevent accidents. In addition, it was in 2024 decided that Management must also perform such safety walks on an on-going basis.The focus on safety has in general been increased and as such, the Company has implemented so-called “safety moments”, which are to be had at the start of all meetings with six participants or more. Moreover, the Safety Organization is seeking to heighten awareness by having added visual reminders throughout the office and laboratory spaces. All new or changed laboratory, test and production processes are systematically risk-evaluated and chemical APVs are implemented where required.At our subsidiary in Singapore, we have reinforced and strengthened a local Safety Organization, which reports quarterly to Group Management.Aquaporin internally reports accidents &amp; injuries or near miss which individual is analyzed by the Safety organization to implement preventive actions to minimize risk; all accidents and injuries are reported to Executive Management. In 2024, we had no accidents with recorded employee absence.Future plansFocus on even more health and safety involvements from mid-management or further improve focus on “safety at work” and the well-being of our employees.Continue work to increase safety at all global offices, cf. the steps taken to improve overall safety, as described above in “Mitigating actions &amp; 2024 results”.Statement of Corporate responsibility cf. section 99a in the Danish Financial Statements Act.Social – human rightsOur responsibilityMaterial risksHuman rights violations related to child labor, living wages, and forced labor represent a risk in Aquaporin’s supply chain. This is not a high risk in Denmark, but we acknowledge that a global supply chain introduces higher uncertainty and more limited transparency.Human rights violations related to discrimination and diversity pose a minor risk at our offices in Denmark, Singapore, and the US.PoliciesSupplier Code of Conduct (CoC)Human Rights PolicyWhistleblower schemeEmployee handbookMitigating actions &amp; 2024 resultsOur Supplier CoC describes requirements towards our suppliers related to human rights and general labor conditions and is now included as part of our Supply and Manufacturing agreements.No breaches of our CoC or other policies were reported in 2024.Future plansContinue to closely monitor the whistleblower scheme and the Executive Management report, and update the Board of Directors at every board meeting.Improve our focus on avoiding human rights violations in our value chain by focusing on our responsible supplier strategy.Aim to promote diversity going beyond gender and are considering implementing additional metrics going forward.Statement of Corporate responsibility cf. section 99a in the Danish Financial Statements Act – Social &amp; Employees</mrv:StatementOfCorporateSocialResponsibility>
   <mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="f1__s8__7__27" xml:lang="en">DiversityWe believe in the power of diversity. We aspire to provide equal opportunities and focus on respecting differences.Gender diversityAs of December 31, 2024, Aquaporin’s joint workforce consisted of 30 (39%) females and 46 (61%) males; in Management (Executive, Management and direct report Managers), two (14%) were female and 12 (86%) male; the Board of Directors consisted of eight members – one (13%) woman and seven (87%) men.In accordance with our Diversity Policy, we aim to increase the number of underrepresented gender on our Board of Directors and in Management to 33% by 2027. The timeline illustrates the importance of achieving a higher level of gender equality on both levels, while acknowledging that we need more time to identify female candidates. In 2024, there were no relevant candidates from the underrepresented gender for positions on the other levels of Management. For our overall workforce, we aim to increase the under-represented gender to 45-50% by 2025.Aquaporin works to achieve and maintain gender balance and increase the percentage of the underrepresented gender. Our ambition is to be an attractive workplace for all genders and that all genders shall have equal opportunities in relation to employment, conditions of employment, education, and promotions. Aquaporin seeks a more well-balanced distribution of genders on all levels within the Group through the Company’s initiatives to increase diversity as stated below. In addition, Aquaporin continues to focus on diversity in terms of nationalities. As of the end of 2024, 21 nationalities were represented among our employees.InitiativesWe continuously seek to improve the gender diversity on our Board of Directors as well as in Management. We investigate options to further the level of diversity and, in 2023, implemented a procedure that seeks to include both female and male candidates in hiring processes.For the Company’s joint workforce, we have taken measures to encourage equal employment terms, which we find are at the core of a diverse and differentiated workforce:Our hiring process is based on individual, professional qualifications and we encourage applicants to apply for positions irrespective of gender, age, religion, ethnicity, and sexual orientation. In all recruitment processes, we seek to ensure both female and male candidates, when possible. We conduct half-yearly performance reviews to ensure career development for all employees, seeking to empower the individual.Leadership development is a central focus area, where we strive to ensure equal opportunity on several levels of management, through training and coaching.Through tailormade projects, Aquaporin Academy offers national and international students a unique opportunity to become a part of the development of Aquaporin.In 2023, we launched a Young Professionals Program with the goal of strengthening and developing our younger talent pool. Please refer to page 40 for more information.Governance dataIncluded in our ESG reporting are key governance metrics, including board diversity on gender and nationality.At the board-level, the percentage of females has declined since 2019. In 2022, 2023, and again in 2024, we reconfirmed the target of reaching 33% females in the Board of Directors by 2027, cf. our Diversity Policy.  As of this date, Aquaporin has not been able to identify additional female candidates suitable and available to join Aquaporin’s Board of Directors.The share of nationalities represented at the board level remained unchanged in 2024. Currently, three shareholder-elected board members are of non-Danish nationality. The Board of Directors remains committed to having international members.The CEO pay ratio is calculated as the ratio between the CEO salary (including cash bonuses and excluding pension and warrant programs) to the median FTE compensation as of December 31, 2024.Gender distribution2024 2023Gender distribution Board of DirectorsTotal number of members 8 7Underrepresented gender in pct 13%  14%Target figure in pct. 33% 33%Year for fulfilment of target figure 2027 2027Gender distribution Other ManagementTotal number of members 14 23Underrepresented gender in pct. 14% 18%Target figure in pct. 33% 33%Year for fulfilment of target figure 2027 2027</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f1__s8__7__26" xml:lang="en">DiversityWe believe in the power of diversity. We aspire to provide equal opportunities and focus on respecting differences.Gender diversityAs of December 31, 2024, Aquaporin’s joint workforce consisted of 30 (39%) females and 46 (61%) males; in Management (Executive, Management and direct report Managers), two (14%) were female and 12 (86%) male; the Board of Directors consisted of eight members – one (13%) woman and seven (87%) men.In accordance with our Diversity Policy, we aim to increase the number of underrepresented gender on our Board of Directors and in Management to 33% by 2027. The timeline illustrates the importance of achieving a higher level of gender equality on both levels, while acknowledging that we need more time to identify female candidates. In 2024, there were no relevant candidates from the underrepresented gender for positions on the other levels of Management. For our overall workforce, we aim to increase the under-represented gender to 45-50% by 2025.Aquaporin works to achieve and maintain gender balance and increase the percentage of the underrepresented gender. Our ambition is to be an attractive workplace for all genders and that all genders shall have equal opportunities in relation to employment, conditions of employment, education, and promotions. Aquaporin seeks a more well-balanced distribution of genders on all levels within the Group through the Company’s initiatives to increase diversity as stated below. In addition, Aquaporin continues to focus on diversity in terms of nationalities. As of the end of 2024, 21 nationalities were represented among our employees.InitiativesWe continuously seek to improve the gender diversity on our Board of Directors as well as in Management. We investigate options to further the level of diversity and, in 2023, implemented a procedure that seeks to include both female and male candidates in hiring processes.For the Company’s joint workforce, we have taken measures to encourage equal employment terms, which we find are at the core of a diverse and differentiated workforce:Our hiring process is based on individual, professional qualifications and we encourage applicants to apply for positions irrespective of gender, age, religion, ethnicity, and sexual orientation. In all recruitment processes, we seek to ensure both female and male candidates, when possible. We conduct half-yearly performance reviews to ensure career development for all employees, seeking to empower the individual.Leadership development is a central focus area, where we strive to ensure equal opportunity on several levels of management, through training and coaching.Through tailormade projects, Aquaporin Academy offers national and international students a unique opportunity to become a part of the development of Aquaporin.In 2023, we launched a Young Professionals Program with the goal of strengthening and developing our younger talent pool. Please refer to page 40 for more information.Governance dataIncluded in our ESG reporting are key governance metrics, including board diversity on gender and nationality.At the board-level, the percentage of females has declined since 2019. In 2022, 2023, and again in 2024, we reconfirmed the target of reaching 33% females in the Board of Directors by 2027, cf. our Diversity Policy.  As of this date, Aquaporin has not been able to identify additional female candidates suitable and available to join Aquaporin’s Board of Directors.The share of nationalities represented at the board level remained unchanged in 2024. Currently, three shareholder-elected board members are of non-Danish nationality. The Board of Directors remains committed to having international members.The CEO pay ratio is calculated as the ratio between the CEO salary (including cash bonuses and excluding pension and warrant programs) to the median FTE compensation as of December 31, 2024.Gender distribution2024 2023Gender distribution Board of DirectorsTotal number of members 8 7Underrepresented gender in pct 13%  14%Target figure in pct. 33% 33%Year for fulfilment of target figure 2027 2027Gender distribution Other ManagementTotal number of members 14 23Underrepresented gender in pct. 14% 18%Target figure in pct. 33% 33%Year for fulfilment of target figure 2027 2027</mrv:StatementOfTheDiversityPolicies>
   <mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels contextRef="ctx-2" id="f1__s8__7__32" xml:lang="en">Gender diversityAs of December 31, 2024, Aquaporin’s joint workforce consisted of 30 (39%) females and 46 (61%) males; in Management (Executive, Management and direct report Managers), two (14%) were female and 12 (86%) male; the Board of Directors consisted of eight members – one (13%) woman and seven (87%) men.In accordance with our Diversity Policy, we aim to increase the number of underrepresented gender on our Board of Directors and in Management to 33% by 2027. The timeline illustrates the importance of achieving a higher level of gender equality on both levels, while acknowledging that we need more time to identify female candidates. In 2024, there were no relevant candidates from the underrepresented gender for positions on the other levels of Management. For our overall workforce, we aim to increase the under-represented gender to 45-50% by 2025.Aquaporin works to achieve and maintain gender balance and increase the percentage of the underrepresented gender. Our ambition is to be an attractive workplace for all genders and that all genders shall have equal opportunities in relation to employment, conditions of employment, education, and promotions. Aquaporin seeks a more well-balanced distribution of genders on all levels within the Group through the Company’s initiatives to increase diversity as stated below. In addition, Aquaporin continues to focus on diversity in terms of nationalities. As of the end of 2024, 21 nationalities were represented among our employees.</mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels>
   <mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-2" id="f1__s8__7__31" xml:lang="en">Gender diversityAs of December 31, 2024, Aquaporin’s joint workforce consisted of 30 (39%) females and 46 (61%) males; in Management (Executive, Management and direct report Managers), two (14%) were female and 12 (86%) male; the Board of Directors consisted of eight members – one (13%) woman and seven (87%) men.In accordance with our Diversity Policy, we aim to increase the number of underrepresented gender on our Board of Directors and in Management to 33% by 2027. The timeline illustrates the importance of achieving a higher level of gender equality on both levels, while acknowledging that we need more time to identify female candidates. In 2024, there were no relevant candidates from the underrepresented gender for positions on the other levels of Management. For our overall workforce, we aim to increase the under-represented gender to 45-50% by 2025.Aquaporin works to achieve and maintain gender balance and increase the percentage of the underrepresented gender. Our ambition is to be an attractive workplace for all genders and that all genders shall have equal opportunities in relation to employment, conditions of employment, education, and promotions. Aquaporin seeks a more well-balanced distribution of genders on all levels within the Group through the Company’s initiatives to increase diversity as stated below. In addition, Aquaporin continues to focus on diversity in terms of nationalities. As of the end of 2024, 21 nationalities were represented among our employees.</mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:StatementOfThePolicyToIncreaseThePercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-2" id="f1__s8__7__30" xml:lang="en">InitiativesWe continuously seek to improve the gender diversity on our Board of Directors as well as in Management. We investigate options to further the level of diversity and, in 2023, implemented a procedure that seeks to include both female and male candidates in hiring processes.For the Company’s joint workforce, we have taken measures to encourage equal employment terms, which we find are at the core of a diverse and differentiated workforce:Our hiring process is based on individual, professional qualifications and we encourage applicants to apply for positions irrespective of gender, age, religion, ethnicity, and sexual orientation. In all recruitment processes, we seek to ensure both female and male candidates, when possible. We conduct half-yearly performance reviews to ensure career development for all employees, seeking to empower the individual.Leadership development is a central focus area, where we strive to ensure equal opportunity on several levels of management, through training and coaching.Through tailormade projects, Aquaporin Academy offers national and international students a unique opportunity to become a part of the development of Aquaporin.In 2023, we launched a Young Professionals Program with the goal of strengthening and developing our younger talent pool. Please refer to page 40 for more information.</mrv:StatementOfThePolicyToIncreaseThePercentageOfUnderrepresentedGenderOtherManagementLevels>
   <mrv:PrimaryActionsForFulfillmentOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-2" id="f1__s8__7__29" xml:lang="en">InitiativesWe continuously seek to improve the gender diversity on our Board of Directors as well as in Management. We investigate options to further the level of diversity and, in 2023, implemented a procedure that seeks to include both female and male candidates in hiring processes.For the Company’s joint workforce, we have taken measures to encourage equal employment terms, which we find are at the core of a diverse and differentiated workforce:Our hiring process is based on individual, professional qualifications and we encourage applicants to apply for positions irrespective of gender, age, religion, ethnicity, and sexual orientation. In all recruitment processes, we seek to ensure both female and male candidates, when possible. We conduct half-yearly performance reviews to ensure career development for all employees, seeking to empower the individual.Leadership development is a central focus area, where we strive to ensure equal opportunity on several levels of management, through training and coaching.Through tailormade projects, Aquaporin Academy offers national and international students a unique opportunity to become a part of the development of Aquaporin.In 2023, we launched a Young Professionals Program with the goal of strengthening and developing our younger talent pool. Please refer to page 40 for more information.</mrv:PrimaryActionsForFulfillmentOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-5"
                                                                              decimals="0"
                                                                              id="f1__s8__7__34"
                                                                              unitRef="pure">8</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
   <mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-4"
                                                                              decimals="0"
                                                                              id="f1__s8__8__34"
                                                                              unitRef="pure">7</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
   <mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-5"
                                                           decimals="2"
                                                           id="f1__s8__7__35"
                                                           unitRef="pure">0.13</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-4"
                                                           decimals="2"
                                                           id="f1__s8__8__35"
                                                           unitRef="pure">0.14</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:TargetFigureInPercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-5"
                                                                         decimals="2"
                                                                         id="f1__s8__7__36"
                                                                         unitRef="pure">0.33</mrv:TargetFigureInPercentageOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:TargetFigureInPercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-4"
                                                                         decimals="2"
                                                                         id="f1__s8__8__37"
                                                                         unitRef="pure">0.33</mrv:TargetFigureInPercentageOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-5" id="f1__s8__7__38">2027</mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-4" id="f1__s8__8__39">2027</mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
   <mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-5"
                                           decimals="0"
                                           id="f1__s8__7__40"
                                           unitRef="pure">14</mrv:TotalNumberOfOtherManagementLevels>
   <mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-4"
                                           decimals="0"
                                           id="f1__s8__8__40"
                                           unitRef="pure">23</mrv:TotalNumberOfOtherManagementLevels>
   <mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-5"
                                                                decimals="2"
                                                                id="f1__s8__7__41"
                                                                unitRef="pure">0.14</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
   <mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-4"
                                                                decimals="2"
                                                                id="f1__s8__8__41"
                                                                unitRef="pure">0.18</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
   <mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-5"
                                                                              decimals="2"
                                                                              id="f1__s8__7__42"
                                                                              unitRef="pure">0.33</mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels>
   <mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-4"
                                                                              decimals="2"
                                                                              id="f1__s8__8__43"
                                                                              unitRef="pure">0.33</mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels>
   <mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-5" id="f1__s8__7__44">2027</mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels>
   <mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-4" id="f1__s8__8__45">2027</mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels>
   <mrv:CorporateGovernanceReport contextRef="ctx-1" id="f1__s8__7__20-1" xml:lang="en">Corporate governanceWe apply corporate governance practices to ensure transparency and accountability to the benefit of customers, shareholders, partners, employees, authorities, and other stakeholders. As a Danish company listed on Nasdaq Copenhagen Main Market, our corporate governance efforts are subject  to the Recommendations on Corporate Governance issued by the Danish Committee on Corporate Governance.The governing body of Aquaporin is comprised of a two-tier management structure consisting of a non-executive Board of Directors and the Executive Management team. The allocation of responsibilities between the Board of Directors and Executive Management are outlined in the Rules of Procedure. The two bodies are independent, and no person serves as a member of both.Information concerning remuneration of the Board of Directors and Executive Management is disclosed in note 5.1 in the consolidated financial statements.Board of DirectorsThe Board of Directors has the responsibility to ensure the right management and organizational structure of the company.It supervises the overall and strategic management of Aquaporin’s business and operations, and together with the Executive Management develops the Group’s corporate strategy, oversees progress, financial performance as well as the operational management of Aquaporin. The Board of Directors consists of eight members, of which six are independent. All Board members are elected at the Annual General Meeting. They serve a one-year term and are eligible for re-election.Audit CommitteeThe Audit Committee assists the Board of Directors in handling and auditing matters, which by decision of the Board or the Audit Committee require a more thorough evaluation. Among its duties are the supervision of the Company’s financial reporting and the Group’s external auditors, the assessment of the internal controls and the risk management systems of Aquaporin.Remuneration CommitteeThe role of the Remuneration Committee is to ensure that the Company maintains a remuneration policy for the members of the Board and Executive Management, including overall guidelines on incentive pay to the Board and Executive Management, and to evaluate and make recommendations for the remuneration of the members of the Board and the Executive Management. The remuneration policy and any changes thereto must be approved both by the Board as well as on a general meeting. The 2024 Remuneration Report is available on the Company’s website.Nomination CommitteeThe Nomination Committee assists the Board of Directors with ensuring that appropriate plans and processes are in place for the nomination of candidates to the Board, the Executive Management, and the board committees. The Nomination Committee must also evaluate the composition of and make recommendations to the nomination or appointment of members of the Board, the Executive Management, and the board committees.Executive ManagementThe Executive Management consists of the Chief Executive Officer, Chief Financial Officer, and Chief Technology Officer, and is appointed by the Board of Directors. The Executive Management is responsible for strategy execution and day-to-day management in accordance with the guidelines issued by the Board of Directors. The Executive Management also presents and recommends proposals to the overall strategy and objectives to the Board of Directors. Duties, obligations, and liabilities of the Executive Management, including specific authorizations within which the Executive Management may transact business, are laid down in the Management Instructions for the Executive Management.Corporate governanceBoard of DirectorsWe apply adequate corporate governance practices to ensure transparency and accountability to the benefit of customers, shareholders, partners, employees, authorities, and other stakeholders. As a Danish company listed on Nasdaq Copenhagen, our corporate governance efforts are subject to the Recommendations on Corporate Governance issued by the Danish Committee on Corporate Governance.The governing body of Aquaporin is comprised of a two-tier management structure consisting of a non-executive Board of Directors and the Executive Management team. The allocation of responsibilities between the Board of Directors and Executive Management are outlined in the Rules of Procedures. The two bodies are independent, and no person serves as a member of both. Information concerning remuneration of the Board of Directors and Executive Management is disclosed in Note 5.1 in the consolidated financial statements.Data ethicsWith this reporting on our Data Ethics Policy, we comply with the requirements under section 99d of the Danish Financial Statements Act. We implemented our Data Ethics Policy in 2021 and have continued to monitor our Data Ethics Policy since then. Our policy focuses on the principles: Responsibility, inclusiveness, and leadership, which are important to us in relation to serving our customers, employees, shareholders, and any other stakeholders. Our Data Ethics Policy is based on applicable legislation and standards, and we revise our policy at least once a year. In our own organisation we mainly process data about our employees, provided by the employees themselves. Through collaborations, some of our partners have access to data on behalf of or in collaboration with Aquaporin. In both instances, it is mandatory to use data responsibly by following the guiding principles on data ethics, including applying a data-centric approach ensuring sustainability when using data.Please find more information at:investors.aquaporin.com/investors/governance-documents/default.aspx</mrv:CorporateGovernanceReport>
   <mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory contextRef="ctx-1" id="f1__s8__7__17" xml:lang="en">Risk managementAs a natural part of our core values, we manage risks rigorously and systematically to create and protect value, short, medium, and long term. We seek to achieve this by cross-departmental analyses ensuring a shared focus on mitigating risks. Risk governance structureAquaporin continues to have a strong focus on risk management to ensure that it remains an integrated part of our decision-making. The Board of Directors holds the final responsibility for risk management in the Aquaporin Group and determines the overall framework for identifying and mitigating risks. The Audit Committee supervises compliance within the agreed risk management strategy.The Executive Management is responsible for the day-to-day implementation of risk mitigating actions as well as the continuous development of risk management activities to ensure a proactive approach to potential risk scenarios.Our risk management processEach quarter, the Executive Management performs a risk analysis. While conducting these analyses, we identify and define Aquaporin’s gross risks to ensure an updated risk overview. Each risk is described, and potential risk mitigating actions are discussed. In addition, all Group departments are involved in performing bottom-up risk analyses on a half-year basis. The risk overview is presented to the Audit Committee, who discusses the risk situation and decides on further mitigating actions. The process of identifying, handling, and reporting risks is continuously addressed by the Audit Committee to ensure that the underlying risk identification methodology is appropriate and that it reflects the current risk picture.Internal controlRisk management and internal controls related to financial reporting are designed to limit the risk of material misstatements. Standard procedures for the month-end closing process are implemented to ensure an in-depth analysis of potential deviations between actual performance, business plans, budgets, and quarterly estimate updates.Commercial riskAquaporin is highly dependent on delivering relevant and value-creating solutions to its customers. The Company has established a global key account approach aiming to grow and partner with large accounts. If the Company fails to attract new key accounts or if any of its current key account business should cease, this would negatively affect the financial outlook of the Company.Product supply and product safetyUsing third-party manufacturers, one of the main risks is the dependency for manufacturing product components and the supply of raw materials, semi-finished and finished goods. If such third-party manufacturers or suppliers do not deliver their products or services in time or with the sufficient quality, it could have adverse effects on the ability to service customers.  To the extent possible, Aquaporin prioritizes a preventative approach to secure dual suppliers for critical products and inventory management, including build-up of contingency inventories of critical raw materials. Moreover, the Company, when relevant, seeks to have a local-for-local supplier setup to minimize the risks associated with geopolitical changes. An extensive quality assurance program covering the entire value chain contributes  to higher product safety. Production and manufacturing processes are subject to periodic and routine inspections to ensure that production and product quality standards are met. Aquaporin’s product safety program is certified according to internationally recognized standards, including ISO 9001:2015 and NSF.Health, safety, and securityRisks associated with health and safety at Aquaporin mainly relate to ergonomic and physical hazards. Aquaporin’s business is a low intense production with limited manual interaction, noise, smell, and vibration. The Company is committed to ensuring a healthy psychosocial and physical working environment for its employees and has implemented several initiatives to underline the importance of a safe working environment. Incidents are monitored and handled both on department and Executive Management level. Intellectual property rightsAquaporin maintains a proactive patent strategy and protects new knowledge created to support the business. Aquaporin actively monitors third party patent positionswithin our relevant fields to secure freedom-to-operate for our products and technologies. Aquaporin currently has 69 granted patents within 17 different patent families.Financial riskManagement monitors the Company’s funding risks and liquidity needs with a view to continue as a going concern. Subsequently, funding options are evaluatedon a continuous basis, including equity financing or debt, to ensure the road to profitability.Due to the nature of its operations, investments, and financing, Aquaporin is exposed to risks related to currencies, funding, liquidity, credit, and counterparties.Aquaporin aims to actively address financial risks to mitigate potential material impacts on the Group’s financial position. The Risk managementfinancial risks are managed centrally with an objective to reduce the impact and sensitivity on earnings from fluctuations in exchange rates, interest rates and liquidity.Data ethicsWith this reporting on our Data Ethics Policy, we comply with the requirements under section 99d of the Danish Financial Statements Act. We implemented our Data Ethics Policy in 2021 and have continued to monitor our Data Ethics Policy since then. Our policy focuses on the principles: Responsibility, inclusiveness, and leadership, which are important to us in relation to serving our customers, employees, shareholders, and any other stakeholders. Our Data Ethics Policy is based on applicable legislation and standards, and we revise our policy at least once a year. In our own organisation we mainly process data about our employees, provided by the employees themselves. Through collaborations, some of our partners have access to data on behalf of or in collaboration with Aquaporin. In both instances, it is mandatory to use data responsibly by following the guiding principles on data ethics, including applying a data-centric approach ensuring sustainability when using data.Please find more information at:investors.aquaporin.com/investors/governance-documents/default.aspx</mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f1__s8__7__22" xml:lang="en">Data ethicsWith this reporting on our Data Ethics Policy, we comply with the requirements under section 99d of the Danish Financial Statements Act. We implemented our Data Ethics Policy in 2021 and have continued to monitor our Data Ethics Policy since then. Our policy focuses on the principles: Responsibility, inclusiveness, and leadership, which are important to us in relation to serving our customers, employees, shareholders, and any other stakeholders. Our Data Ethics Policy is based on applicable legislation and standards, and we revise our policy at least once a year. In our own organisation we mainly process data about our employees, provided by the employees themselves. Through collaborations, some of our partners have access to data on behalf of or in collaboration with Aquaporin. In both instances, it is mandatory to use data responsibly by following the guiding principles on data ethics, including applying a data-centric approach ensuring sustainability when using data.Please find more information at:investors.aquaporin.com/investors/governance-documents/default.aspx</mrv:StatementOfPolicyForDataEthics>
   <mrv:LinkToStatementOfPolicyForDataEthics contextRef="ctx-22" id="f1__s8__7__23">investors.aquaporin.com/investors/governance-documents/default.aspx</mrv:LinkToStatementOfPolicyForDataEthics>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s8__7__51" xml:lang="en">The Executive Management and Board of Directors have today considered and adopted the Annual Report of Aquaporin A/S for the financial year January 1, 2024 to December 31, 2024.The Consolidated Financial Statements areprepared in accordance with IFRS AccountingStandards as adopted by the EU, and additionalrequirements stated in the Danish FinancialStatements Act. The Parent Company FinancialStatements are prepared in accordance withthe Danish Financial Statements Act.The Management’s Review is also prepared inaccordance with the Danish FinancialStatements Act.In our opinion, the Consolidated FinancialStatements and the Parent Company FinancialStatements give a true and fair view of thefinancial position at December 31, 2024 of theGroup and the Parent Company and of theresults of the Group’s and the ParentCompany’s operations and consolidated cashflows for the financial year 2024.In our opinion, the Management’s reviewincludes a true and fair account of; thedevelopments in the operational and financialcircumstances of the Group and the ParentCompany, of the results for the year and ofthe financial position of the Group and theParent Company as well as a description ofthe most significant risks and elements ofuncertainty that the Group and the ParentsCompany are facing.In our opinion, the Annual Report of Aquaporin A/S for the financial year January 1 to December 31, 2024, identified as 894500AW5ZWMYUZN1V70-2024-12-31-0-en.zip, has been prepared, in all material respects,in compliance with the ESEF Regulation. We recommend that the Annual Report is adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-23" id="f1__s8__7__54" xml:lang="en">Matt Boczkowski</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-23" id="f1__s8__7__55" xml:lang="en">Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-24" id="f1__s8__7__56" xml:lang="en">Klaus Juhl Wulff</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-24" id="f1__s8__7__57" xml:lang="en">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-25" id="f1__s8__7__58" xml:lang="en">Niels Heering</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-25" id="f1__s8__7__59" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-26" id="f1__s8__7__60" xml:lang="en">Søren Bjørn Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-26" id="f1__s8__7__61" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-27" id="f1__s8__7__62" xml:lang="en">Anne Broeng</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-27" id="f1__s8__7__63" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-28" id="f1__s8__7__64" xml:lang="en">Lars Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-28" id="f1__s8__7__65" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-29" id="f1__s8__7__66" xml:lang="en">Weiming Jiang</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-29" id="f1__s8__7__67" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-30" id="f1__s8__7__68" xml:lang="en">Anupam Bhargava</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-30" id="f1__s8__7__69" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f1__s8__7__70" xml:lang="en">Jianlong Zhuang</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f1__s8__7__71" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f1__s8__7__72" xml:lang="en">Peter Holme Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f1__s8__7__73" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f1__s8__7__52" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f1__s8__7__53">2025-03-20</sob:DateOfApprovalOfAnnualReport>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__76" xml:lang="en">OpinionWe have audited the consolidated financial statements and the parent company financial statements of Aquaporin A/S for the financial year January 1 – December 31, 2024, which comprise income statement, statement of financial position balance sheet, statement of changes in equity and notes, including material accounting policy information, for the Group and the Parent Company, and a consolidated statement of comprehensive income and a consolidated statement of cash flows. The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group at December 31, 2024 and of the results of the Group’s operations and cash flows for the financial year January 1 – December 31, 2024 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the DanishFinancial Statements Act.Further, in our opinion the parent company financial statements give a true and fair view of the financial position of the Parent Company at December 31, 2024 and of the results of the Parent Company’s operations for the financial year January 1 – December 31, 2024 in accordance with the Danish Financial Statements Act.Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__75" xml:lang="en">To the shareholders of Aquaporin A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__77" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements and the parent company financial statements” (hereinafter collectively referred to as “the financial statements”) section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe 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, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.Appointment of auditorWe were initially appointed as auditor of Aquaporin A/S on April 27, 2022 for the financial year 2022. We have been reappointed annually by resolution of the general meeting for a total consecutive period of 3 years up until the financial year 2024.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s8__7__78" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2024. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.We have fulfilled our responsibilities described in the “Auditor’s responsibilities for the audit of the financial statements” section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.Capitalisation of development costDevelopment projects are capitalized when criteria’s according to IAS 38 are met. This includes whether the development projects are clearly defined and identifiable and if technical feasibility, sufficient resources, and probable future economic benefits can be demonstrated. The recognition and measurement of capitalized development projects require internal procedures and significant management judgements and assumptions, which in nature are uncertain and increases the inherent risk of misstatements. The Group monitors the expected value-in-use of development projects in progress and evaluates the carrying amount of completed development projects for indications of impairment. Development projects in progress and completed projects are tested for impairment at least annually and based on the strategy plan approved by Management and value-in-use calculations on expected future cash flows. We focused on this area as the criteria’s for recognition and measurement of development projects are subject to significant Management judgements and assumptions. We refer to Note 3.1 and 3.2 in the Consolidated Financial Statements.How our audit addressed the key audit matterWe assessed whether the Group’s accounting policies are in accordance with IFRS. We selected a sample of development projects in progress and considered whether the criteria’s in IAS 38 were met as basis for capitalization. We tested on a sample basis recognized salary costs to timesheets and salary information. We evaluated on a sample basis the accuracy of capitalized costs and that the recognized costs were directly attributable to development projects. We evaluated Management’s assessment of impairment indicators of completed development projects based on the commercial prospects of the projects. We discussed with management the value-in-use calculations of development projects in progress and used professional skepticism to evaluate key assumptions applied in the impairment test. As part of our evaluation, we compared the applied budgets in the impairment test with the strategy plan approved by management and assessed the key assumptions in the impairment test based on discussions with management related to strategic initiatives.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__79" xml:lang="en">Statement on the Management’s reviewManagement is responsible for the Management’s review.Our opinion on the financial statements does not cover the Management’s review, and we do not express any assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management’s review and, in doing so, consider whether the Management’s review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management’s review provides the information required by relevant law and regulations.Based on our procedures, we conclude that the Management’s review is in accordance with the financial statements and has been prepared in accordance with the requirements of relevant law and regulations. We did not identify any material misstatement of the Management’s review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s8__7__80" xml:lang="en">Management’s responsibilities for  the financial statementsManagement is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act.Moreover, Management is responsible for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s8__7__81" xml:lang="en">Auditor’s responsibilities for the  audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, 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.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as abasis for forming an opinion on the group financial statements and the parent company financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.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 with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-33" id="f1__s8__7__89" xml:lang="en">Mikkel Sthyr</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-33" id="f1__s8__7__90" xml:lang="en">State Authorized Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-33" id="f1__s8__7__91">mne26693</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-34" id="f1__s8__7__92" xml:lang="en">Ole Becker</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-34" id="f1__s8__7__93" xml:lang="en">State Authorized Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-34" id="f1__s8__7__94">mne33732</cmn:IdentificationNumberOfAuditor>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f1__s8__7__82" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of Aquaporin A/S, we performed procedures to express an opinion on whether the annual report of Aquaporin A/S for the financial year 1 January – 31 December 2024 with the file name 894500AW5ZWMYUZN1V70-2024-12-31-0-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:The preparing of the annual report in XHTML format; The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary; Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: Testing whether the annual report is prepared in XHTML format; Obtaining an understanding of the company’s iXBRL tagging process and of internal controlover the tagging process; Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of Aquaporin A/S for the financial year January 1 – December 31, 2024 with the file name 894500AW5ZWMYUZN1V70-2024-12-31-0-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f1__s8__7__83" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f1__s8__7__84">2025-03-20</arr:SignatureOfAuditorsDate>
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