Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2025-12-31 | 38898000 | u-2 |
| ifrs-full:Assets | 2024-12-31 | 49417000 | u-2 |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 0 | u-2 |
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 0 | u-2 |
XML
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<gsd:InformationOnTypeOfSubmittedReport contextRef="c-1" id="fact-296" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<gsd:NameOfReportingEntity contextRef="c-1" id="fact-321" xml:lang="en">Pharma Equity Group A/S</gsd:NameOfReportingEntity>
<gsd:NameOfSubmittingEnterprise contextRef="c-1" id="fact-352" xml:lang="en">Pharma Equity Group A/S</gsd:NameOfSubmittingEnterprise>
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<sob:DateOfApprovalOfAnnualReport contextRef="c-1" id="fact-370" xml:lang="en">2025-03-25</sob:DateOfApprovalOfAnnualReport>
<mrv:LinkToCorporateGovernanceReport contextRef="c-1" id="fact-322" xml:lang="en">Corporate Governance Statements â Pharma Equity Group</mrv:LinkToCorporateGovernanceReport>
<mrv:LinkToStatementOfPolicyForDataEthics contextRef="c-3" id="fact-323" xml:lang="en">https://pharmaequitygroup.com/data-ethics-policy-2/</mrv:LinkToStatementOfPolicyForDataEthics>
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="c-1" id="fact-6" xml:lang="en">Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>of the Board of Directors <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and Executive <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>The Board of Directors <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and Executive Management <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>have today considered <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and approved <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Annual Report of Pharma Equity Group A/S for the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial year 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>January 2024 <span xmlns="http://www.w3.org/1999/xhtml" class="ff8">â</span> 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>2025 for the Group and the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Parent company.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> The consolidated financial statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and parent company financial statements have b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>een prepared <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in accordan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ce with IFRS Accounting Standards ("IFRS") <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as adopted b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y the EU and additional requirements of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Danish Financial Statements Act. In our opinion, the consolidated financial statements and parent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>company financial statements give a true and fair view of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the parent companyâs f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sition as of 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>2025, and of the results of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Groupâs and the parent companyâs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>operations and cash flows for the financial y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ear 1 January 2024 <span xmlns="http://www.w3.org/1999/xhtml" class="ff8">â</span> 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>2025.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>In our opinion, the Management revie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w includes a fair review of the development <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of the Groupâs and the parent companyâs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>operations, financial a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd non<span xmlns="http://www.w3.org/1999/xhtml" class="ff7">-financial matte<span class="_ _1"/>rs, the results </span>for the year, and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and the parent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s financial position, as well as a review of the principal risks and uncertainties to which the Group and the parent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>company are exposed. In our opinion, the annual report with the file name PharmaEquityGroup-2025-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8">12</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lse">31</span>-en.zip is prepared <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in accordan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ce with the ESEF R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egulation. We recommend <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that the Annual Report be <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>approved at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:IndependentAuditorsReportsAudit contextRef="c-1" id="fact-7" xml:lang="en">Independent auditorâs report To the shareholders of Pharma Equity Group A/S REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PARENT COMPANY FINANCIAL STATEMENTS</arr:IndependentAuditorsReportsAudit>
<arr:OpinionOnAuditedFinancialStatements contextRef="c-1" id="fact-9" xml:lang="en">OpinionWe have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Pharma Equity Group A/S for the financial year 1 January 2025 - 31 December 2025, which com-prise income statement, total income statement, balance sheet, statement of changes in equity, cash flow statement, notes, and material accounting policy information for both the Group and the Parent Company. The Consolidated Financial Statements and the Parent Company Financial Statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU and additional dis-closure requirements in the Danish Financial Statements Act. In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 Decem-ber 2025, and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 January 2025 - 31 December 2025 in accordance with the IFRS Accounting Stand-ards as adopted by the EU and additional disclosure requirements in the Danish Financial Statements Act. Our opinion is consistent with our extract from audit book to the audit committee and the board of directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="c-1" id="fact-326" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="c-1" id="fact-8" xml:lang="en">Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the addi-tional requirements applicable in Denmark. Our responsibilities under those standards and require-ments are further described in the âAuditorâs Responsibilities for the Audit of the Consolidated Finan-cial Statements and the Parent Company Financial Statementsâ section of our report. We are inde-pendent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code), as applicable of public inter-est entities, and additional ethical requirements applicable in Denmark to audits of financial state-ments of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our belief, we have not performed any prohibited non-audit services, as stated in arti-cle 5, subarticle 1, in regulation (EU) no. 537/2014. We were first appointed auditor of the Company A/S on 10 February 2023 for the financial year 2022. We were reappointed annually by a resolution of a general meeting for a total continuous period of 4 years until and including the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="c-1" id="fact-327" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="c-1" id="fact-10" xml:lang="en">Key Audit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Matters<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Key Audit Matters <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are those matters <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that, in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>our professional judgment, were of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>most<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>significance in o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ur audit of the Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Statements f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the financial year 2025. These<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>matters were <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>addressed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in the context of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>audit of the Financial Statements as a whole,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>and in forming our auditorâs opinion thereon,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>and we do not provide <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a separate opinion on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>these matters.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Key audit matters<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>How our audit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>addressed the key audit matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Capital <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>resources<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>In 2025, the Company has not received payment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>from Portinho S.A as further explained <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in note 2.1 to the consolidated financial statements. We have identifie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d the sufficiency of the Groupâs capital resources as a ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y audit mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">-ter. </span>The Groupâs outlook for 2026 implies a revenue of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>DKK 3.0 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">-8.6 million, which is not </span>sufficient to become cash positive <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in 2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and hence it is essential for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Group and the parent company to prepare t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he consolidated and parent company <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>financial statements on a going-concern basis that sufficient funding is in place for a period of at least until 31 Decem-ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>2026. Reference is made <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to notes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>2.1, 16, 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>0 and 26 to the consolidated financial statements. Our procedures in re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lation to the assessment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of sufficiency of the capital resources of the company included: â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff8">Reviewing and challenging the key assumptions in managementâs <span class="_ _1"/>forecasted cash flows </span>for 2026; â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">Assessing the consistency of the cash flow forecasts against the budg<span class="_ _1"/>et approved by <span class="_ _1"/>the </span>board of directors of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Company; â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff8">Agreeing the Groupâs debt <span class="_ _1"/>facilities to sup<span class="ff7">-porting <span class="_ _1"/>documents with focus on the </span></span>agreements ente<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>red <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that maturity date can be <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>deferred <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>if no payment will be receive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d from Portinho S.A in 2026; â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">Obtained d<span class="_ _1"/>ocumentation for convertible loans obtained in 2026; </span>â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff8">Challenging man<span class="_ _0"/>agementâs <span class="_ _1"/>plans for mitigating any identified exposures, <span class="_ _1"/>including </span>whether such mitigating actions appear realistic and achievable; â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">Assessing the appropriateness of <span class="_ _1"/>the disclosures included in notes 2.1, 16, 20 and 26 to </span>the consolidated financial statements. Portinho S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> receivable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>In past years, it was agreed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> that the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Portinho S.A receivable matured <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on 1 July 2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Company did not receive <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>any payment by the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>due date <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and still no payments have bee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>received until the date<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of this auditorâs report.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>The principal of the receivable and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>accrued interest in total amount to DKK <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>92.7 million. In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>the past years, the receivable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> has been <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>meas-ured <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>at a discounted value as an approxima-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>tion of fair value, in the stand-alone parent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>company financial statements.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>As stated i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n notes 2.1 and 12 to the consoli-dated <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>financial statements and note 2 in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>parent company financial statements, Man-age<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is confident that the receivable in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>time will be re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>covered. However, it may tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e longer time t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>han originally <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>agreed and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>antici-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>pated bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ore the receivable <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>will be recovered. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Hence, Management has reassesse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>fair value of the receivable to ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lect the realistic timeline before t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he receivable is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>recovered. On <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>this basis, the fair value has been d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-mined <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to DKK <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>33.7 million resulting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>in a negative fair value adjustment for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>year of DKK <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>15.2 million in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e consolidated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>financial statements and in the parent company <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>statements.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Due to the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uncertainty as to whether Manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="ff8">mentâs</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>assessment of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>recoverability and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>the timing of when this realistically will take place, and the complexity of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>determining a fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>value under these circumstances, we con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-sider t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he measurement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Portinho S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>receivable to be <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a key audit matter.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Our procedures in re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lation to the assessment of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>fair value of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Portinho S.A receivable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>included: â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7"> <span class="ff8">Reviewing Managementâs documentation <span class="_ _1"/>of its dialogue with representatives of<span class="_ _8d"> </span></span></span>Portinho S.A including co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nfirmation of outstanding amount and accrued interest <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as of 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>2025;<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff8">Reviewing and challenging Mana<span class="_ _0"/>gementâs <span class="_ _1"/>documentation and support for i<span class="_ _1"/>ts<span class="_ _8d"> </span></span>assessment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hat the Portinho S.A receivable <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in time will be recovered;<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">Testing and evaluating the appropriateness <span class="_ _1"/>of the model <span class="_ _1"/>used to de<span class="_ _1"/>termine fair value of<span class="_ _8d"> </span></span>the receivable including challenging the reasonableness of the ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y assumptions such as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>timing of when the receivable re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alistically is expected to be <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>recovered and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>testing and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>challenging the discoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t rate used <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to calculate the fair value; â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">Assessing the appropriateness of <span class="_ _1"/>the disclosures included in notes 2.1 and 12 to the<span class="_ _8d"> </span></span>consolidated financial statements and note 2 in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he parent company financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Key audit matters<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>How our audit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>addressed the key audit matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Parent company <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>financial statements: Impairment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>assessment of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>investment in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Reponex Pharmaceuticals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>On 24 March 2023, Pharm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a Equity Group <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A/S acquired the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ntire share capital in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Reponex Pharmaceuticals A/S by i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ssuing 977,3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>47,625 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>shares of DKK 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> each in a rights<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>issue to the shareholders of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Reponex <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Pharmaceutica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ls A/S. In the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>parent company financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>state-ments, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the investment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is measured <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>at cost. If recoverable amount is lower than cost,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>the investment should be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> written down to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the low-er <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>recoverable amount. For accoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting purposes, the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>purchase price for the investment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ponex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Pharmaceutic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>als A/S i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s based on the marke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t price for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Pharma Equity Group A/S shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>issued to the shareholders <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of Reponex <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Pharmaceuticals A/S, which had its first day of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>trading on 28 March 2023 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>whereby <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the cost was determined <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to equal DKK <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>689m.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>At 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>2025, the share price for Pharma Equity <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Group A/S is lower than the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>share price at 28 March 2023, which implies that the value of the investment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Reponex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Pharmaceutic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>als A/S could b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e impaired.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>As described <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in note 2 and 9 to the parent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>company financial statements, Management has<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>performed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>an impairment test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, which shows that the recoverable amount is higher than<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>the carrying value based on the cost d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>etermined <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>at 28 March 2023<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>We identifie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d the potential impairment of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>investment i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ponex Pharmaceuticals A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>in the parent company financial statements as a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>key audit matter <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>due to the si<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gnificance o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>the investment in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the parent company financial statements and the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>complexity and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>subjective nature of Managementâs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>determination <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of the recoverable amount.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>Our procedures in re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lation to the assessment of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>recoverable amount of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>investment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>in Reponex Pharmaceuticals A/S included: â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff8">Reviewing Managementâs documentation for <span class="_ _1"/>its assessment of it<span class="_ _1"/>s investment in<span class="_ _8d"> </span></span>Reponex Pharmaceuticals, including progress of the development <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>underlying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>product candidates;<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">Evaluate the appropriateness of t<span class="_ _1"/>he model used <span class="_ _1"/>by management <span class="_ _1"/>to calculate the<span class="_ _8d"> </span></span>recover-able amount <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>for Reponex <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Pharmaceu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tical A/S;<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">Assess and challenge the re<span class="_ _1"/>asonableness of the k<span class="_ _1"/>ey assumptions such as likelihood that<span class="_ _8d"> </span></span>partnership agreements w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ill be entered, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>royalty rates, market <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>size and market <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>shares,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>timeline and d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iscount rates; â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">Reviewing and comparing external valuations of Pharma Equity Group A/S <span class="_ _1"/><span class="ff8">â</span> and<span class="_ _8d"> </span></span>thereby indirectly valuations of Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ponex Pharmaceuticals A/S <span xmlns="http://www.w3.org/1999/xhtml" class="ff8">â</span> with the valuations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span>prepared <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>by Manage-ment<span xmlns="http://www.w3.org/1999/xhtml" class="ls25">;<span class="_ _8d"> </span></span>â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff7">Assessing the appropriateness of <span class="_ _1"/>the disclosures included in note 2 and 9 of the <span class="_ _1"/>parent<span class="_ _8d"> </span></span>company financial statements</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="c-1" id="fact-11" xml:lang="en">Statement on Management Commentary Management is responsible for Management Commentary. Our opinion on the Consolidated Financial Statements and the Parent Company Financial Statements does not cover Management Commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Consolidated Financial Statements and the Parent Company Financial Statements, our responsibility is to read Management Commentary and, in doing so, consider whether Management Commentary is materially inconsistent with the Consolidated Financial State-ments or the Parent Company Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management Commentary provides the infor-mation required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management Commentary is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Management Commentary. Managementâs Responsibilities for the Consolidated Financial Statements and the Parent Company Financial Statements Management is responsible for the preparation of Consolidated Financial Statements and Parent Com-pany Financial Statements that give a true and fair view in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Consolidated Financial Statements and Parent Company Financial Statements that are free from mate-rial misstatement, whether due to fraud or error. In preparing the Consolidated Financial Statements and the Parent Company Financial Statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going con-cern basis of accounting in preparing the Consolidated Financial Statements and the Parent Company Financial Statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="c-1" id="fact-12" xml:lang="en">Auditorâs Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial Statements Our objectives are to obtain reasonable assurance about whether the Consolidated Financial State-ments and the Parent Company Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material mis-statement 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 deci-sions of users taken on the basis of these Consolidated Financial Statements and Parent Company Fi-nancial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ⢠Identify and assess the risks of material misstatement of the Consolidated Financial State-ments and the Parent Company Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf-ficient 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 inter-nal control. ⢠Obtain an understanding of internal control relevant to the audit in order to design audit pro-cedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control. ⢠Evaluate the appropriateness of accounting policies used and the reasonableness of account-ing estimates and related disclosures made by Management. ⢠Conclude on the appropriateness of Managementâs use of the going concern basis of account-ing in preparing the Consolidated Financial Statements and the Parent Company 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 Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Consolidated Financial Statements and the Parent Company Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the au-dit evidence obtained up to the date of our auditorâs report. However, future events or condi-tions may cause the Group and the Company to cease to continue as a going concern. ⢠Evaluate the overall presentation, structure and contents of the Consolidated Financial State-ments and the Parent Company Financial Statements, including the disclosures, and whether the Consolidated Financial Statements and the Parent Company Financial Statements repre-sent 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 a basis for form-ing an opinion on the group Financial Statements [and the Parent Company Financial State-ments]. We are responsible for the direction, supervision and review of the audit work per-formed 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 them all relationships and other matters that may reasonably thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. 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 Independent Auditorâs Report unless law or regulation precludes public disclosure of the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our Independent Auditorâs Report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<cmn:TypeOfAuditorAssistance contextRef="c-1" id="fact-302" xml:lang="en">Independent Auditorâs Report</cmn:TypeOfAuditorAssistance>
<arr:AuditorsReportOnXbrlTagging contextRef="c-1" id="fact-18" xml:lang="en">REPORT ON COMPLIANCE WITH THE ESEF REGULATION As part of our audit of the Consolidated Financial Statements and the Parent Company Financial Statements of Pharma Equity Group A/S we performed procedures to express an opinion on whether the annual report of Pharma Equity Group A/S for the financial year 1 January 2025 - 31 December 2025 with the file name PharmaEquityGroup-2025-12-31-en is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Elec-tronic 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. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: ⢠The preparation of the annual report in XHTML format; ⢠The selection and application of appropriate iXBRL tags, including extensions to the ESEF tax-onomy and the anchoring thereof to elements in the taxonomy, for financial information re-quired 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 auditorâs 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 companyâs iXBRL tagging process and of internal control over the tagging process; ⢠Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; ⢠Evaluating the appropriateness of the companyâs 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 Pharma Equity Group A/S for the financial year 1 January 2025 - 31 December 2025 with the file name PharmaEquityGroup-2025-12-31-en is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="c-1" id="fact-13" xml:lang="en">København</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="c-1" id="fact-17" xml:lang="en">2026-03-25</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="c-1" id="fact-19" xml:lang="en">BDO Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="c-1" id="fact-20" xml:lang="en">45719375</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="c-1" id="fact-16" xml:lang="en">Mikkel Mauritzen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="c-1" id="fact-14" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="c-1" id="fact-15" xml:lang="en">mne46621</cmn:IdentificationNumberOfAuditor>
<gsd:ReportingPeriodStartDate contextRef="c-1" id="fact-328" xml:lang="en">2025-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="c-1" id="fact-329" xml:lang="en">2025-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="c-1" id="fact-330" xml:lang="en">2024-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="c-1" id="fact-331" xml:lang="en">2024-12-31</gsd:PredingReportingPeriodEndDate>
<fsa:AverageNumberOfEmployees contextRef="c-1" decimals="4" id="fact-24" unitRef="u-1">5</fsa:AverageNumberOfEmployees>
<fsa:ClassOfReportingEntity contextRef="c-1" id="fact-25" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
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