Hin1te2ri0m25report  
H1 2025  
interim report  
Toaf bCloentents  
Table  
of Contents  
Online Investor  
Consolidated  
interim report  
For the 6-month period ended 30 June 2025  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Company  
Company  
Information  
Information  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
Shareholder  
Shareholder  
Information  
Information  
Pharma Equity Group A/S  
Registered number: 26 79 14 13  
Management’s  
Management’s  
Review  
Review  
Slotsmarken 18, 2. th.  
2970 Hørsholm  
Denmark  
Management’s  
Management’s  
Report  
Report  
www.pharmaequitygroup.com  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
1
 
Hin1te2ri0m25report  
interim report  
H1 2025  
Table of Contents  
Toaf bCloentents  
Table  
of Contents  
Page  
4
Online Investor  
Online Investor  
Relations  
Relations  
Company information  
presentation  
presentation  
Chairman and CEO letter  
5
Company  
Information  
Company  
Information  
Shareholder information  
6
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman &  
CEO Letter  
Management’s review  
11  
Chairman  
Management’s report  
13  
14  
15  
16  
17  
Shareholder  
Information  
Shareholder  
Information  
Go to section  
Go to section  
Consolidated statement of comprehensive income  
Consolidated statement of financial position  
Consolidated statement of changes in equity  
Consolidated cash flow statement  
Notes to the consolidated interim financial statements  
Management’s  
Management’s  
Review  
Review  
Key figures  
H1 2025  
Management’s  
Management’s  
Report  
Report  
Financials  
Financials  
Go to section  
Go to section  
18  
Notes to financial  
Notes to financial  
statements  
statements  
Targets &  
Outlooks  
2025  
Contact information  
Contact  
information  
Go to section  
Go to section  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
2
 
Hin1te2ri0m25report  
H1 2025  
interim report  
Join us online on August 14th  
for a presentation of the consolidated interim report  
for the 6 month-period ended 30 June 2025  
Toaf bCloentents  
Table  
of Contents  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
At 11:00 a.m. 14 August 2025, CEO Christian Henrik Tange invites you to an  
online presentation of the H1 2025 report for the period 1 January 2025 –  
30 June 2025 and significant events so far in 2025. Registration is free for  
everyone and can be done via the button below.  
Company  
Company  
Information  
Information  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
Shareholder  
Shareholder  
Information  
Information  
Join us online  
August 14  
Management’s  
Review  
Management’s  
Review  
Management’s  
Management’s  
Report  
Report  
Financials  
Financials  
Register for online presentation  
Notes to financial  
statements  
Notes to financial  
statements  
Contact person – Investor Relations  
Contact information  
Contact  
information  
Any questions regarding the H1 2025 report can be directed to the Company's CEO Christian  
Henrik Tange, by email investor@pharmaequitygroup.com.  
On the Company's website www.pharmaequitygroup.com further information and all  
published company announcements can be found.  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
3
 
Hin1te2ri0m25report  
interim report  
H1 2025  
Company Information  
Toaf bCloentents  
Table  
of Contents  
Pharma Equity Group A/S  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Group companies:  
Pharma Equity Group A/S - listed parent company  
Reponex Pharmaceuticals A/S - 100% owned subsidiary  
Company  
Information  
Company  
Information  
Executive management  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Christian Henrik Tange, Chief Executive Officer  
Chairman  
Registered number (CVR):  
26 79 14 13  
Shareholder  
Shareholder  
Information  
Information  
Board of directors  
Registered office:  
Management’s  
Review  
Management’s  
Review  
Slotsmarken 18, 2. th.  
2970 Hørsholm  
Denmark  
• Christian Vinding Thomsen, Chairman  
• Omar S. Qandeel  
• Lars Rosenkrantz Gundorph  
• Peter Vilmann  
Management’s  
Management’s  
Report  
Report  
Websites:  
• Charlotte Pahl  
Pharma Equity Group A/S:  
www.pharmaequitygroup.com  
www.reponex.dk  
• Troels Peter Troelsen  
Reponex Pharmaceuticals A/S:  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
4
 
Hin1te2ri0m25report  
H1 2025  
interim report  
Letter from the Chairman & the CEO  
Key points from the H1 2025 report (period 1 January - 30 June 2025)  
On 14 August 2025, the Board of Directors and the Executive Board of Pharma Equity Group  
A/S ("PEG", "The Company" or the "Group") considered and approved the interimreport for  
the Group for the period 1 January – 30 June 2025 ("H1 2025 report"). The report has not been  
audited or reviewed.  
Toaf bCloentents  
Table  
of Contents  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
The headlines for the period can be summarized as follows:  
•
The Company has launched a new strategy to drive growth and shareholder returns.  
Company  
Information  
Company  
Information  
•
On 1 April 2025, Christian Henrik Tange was appointed as the new CEO of Pharma Equity Group and  
Sebastian Bo Jakobsen was appointed as CEO of the subsidiary Reponex Pharmaceuticals A/S.  
Letter from the CEO  
Letter from the  
•
•
The company continues the dialogue with potential licensing partners.  
CEO and  
and Chairman  
Chairman  
Trial applications for RNX-011 (peritonitis) and in H1 2025, we submitted the clinical-trial application for  
RNX-011 in multiquadrant peritonitis. For RNX-051 (colon adenomas and colorectal cancer), we are  
currently planning a new study and preparing the trial application.  
Shareholder  
Shareholder  
Information  
Information  
•
The profit for the period of 1 January – 30 June 2025 amounts to DKK -9.5 million, which is in line with  
expectations.  
Management’s  
Management’s  
Review  
Review  
Key figures  
H1-2025  
TDKK  
H1-2024  
TDKK  
Management’s  
Report  
Management’s  
Report  
Profit/loss  
-9,495  
58,000  
702  
-12,901  
58,000  
863  
Receivable Portinho S.A.  
Cash and cash equivalents  
Total assets  
Financials  
Financials  
62,299  
39,379  
15,234  
63,169  
12,432  
18,511  
Equity  
Convertible loans  
Notes to financial  
Notes to financial  
Christian Henrik Tange  
CEO  
Christian Vinding Thomsen  
statements  
statements  
Chairman  
•
•
•
The result for H1-2025 was DKK -9.5 million (H1-2024: DKK -12.9 million).  
Equity as of 30 June 2025 is DKK 39.4 million (30. June 2024: DKK 12.4 million)  
Contact information  
Contact  
Cash and cash equivalents as of 30 June 2025 are DKK 0.7 million (30 June 2024: DKK 0.9 million)  
information  
Contact person  
Investor Relations  
Any questions regarding the H1 2025 report can be directed to  
the Company's CEO Christian Henrik Tange, by email  
investor@pharmaequitygroup.com.  
Hørsholm 14 August 2025  
Christian Vinding Thomsen, Chairman  
Christian Henrik Tange CEO  
On the Company's website www.pharmaequitygroup.com  
further information and all published company announcements  
can be found.  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
5
 
Hin1te2ri0m25report  
H1 2025  
interim report  
Toaf bCloentents  
Table  
of Contents  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Company  
Information  
Company  
Shareholder  
Information  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
Shareholder  
Shareholder  
information  
Information  
Information  
June 30th, 2025  
Management’s  
Management’s  
Review  
Review  
Management’s  
Management’s  
Report  
Report  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
6
 
Hin1te2ri0m25report  
interim report  
H1 2025  
Shareholder information  
Toaf bCloentents  
Table  
of Contents  
Pharma Equity Group  
Online Investor  
Online Investor  
shares and capitalization  
Relations  
Relations  
presentation  
presentation  
Master data  
On 30 June 2025, PEG has a nominal share capital of DKK 122,755,666  
consisting of 1,227,556,659 shares of each DKK 0.10. On 30 June 2025, the  
share price was DKK 0.122, corresponding to a market value of DKK 150  
million.  
Company  
Information  
Company  
As per 30 June 2025  
Information  
Letter from the CEO  
Letter from the  
The Company is followed by the following equity research companies:  
Danske Bank (DK), HC Andersen Capital (DK) and Analyst Group (SE).  
Stock Exchange:  
ISIN Code:  
Symbol:  
LEI Code:  
CVR no  
Nasdaq Copenhagen main stock exchange  
DK0061155009  
PEG  
2138008SUI4D917FKN20  
26791413  
CEO and  
and Chairman  
Chairman  
Reference is made to PEG website investor/stock-information or direct  
link: https://pharmaequitygroup.com/stock-information/  
Shareholder  
Shareholder  
Information  
Information  
Share capital DKK  
Denomination  
No. of shares/votes  
Negotiable  
122,755,666  
DKK 0.10  
1,227,556,659  
Yes  
Management’s  
Review  
Management’s  
Review  
Management’s  
Management’s  
Report  
Report  
Voting restrictions  
No  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
7
 
Hin1te2ri0m25report  
interim report  
H1 2025  
Shareholder information  
Toaf bCloentents  
Table  
of Contents  
Online Investor  
Online Investor  
Shareholder structure  
Relations  
Relations  
presentation  
presentation  
PEG´s shareholders are preliminary residents of Denmark. On 30 June 2025  
Market  
value  
Management  
shareholdings  
the following shareholders held more than 5% of the share capital and votes:  
Company  
Information  
Company  
Information  
•
•
•
Finansmanagement ApS, Hørsholm (16,21% of votes and shares)  
DMZ Holding ApS, Hellerup (13.12% of votes and shares)  
Letter from the CEO  
Letter from the  
Niels Erik Jespersen Holding ApS, Haarby (5.10% of votes and shares)  
CEO and  
and Chairman  
Master data  
30 June 2025  
30 June 2025  
Chairman  
The rest of the shares are spread out on approximately 2,000 shareholders at  
the end of H1 2025.  
Million  
DKK  
Shareholder  
Shareholder  
Information  
Information  
%
150  
4.44  
Management’s  
Management’s  
Review  
Review  
Management’s  
Management’s  
Report  
Report  
Financials  
Financials  
*Number of shares  
Percentage  
Value  
*Number of shares  
Name  
30-06-2025  
3,373,417  
of share capital  
0.27%  
30.06. 2025 TDKK  
31-12-2024  
3,373,417  
Notes to financial  
Notes to financial  
Christian Vinding Thomsen, Chairman of the Board  
Lars Rosenkrantz Gundorph, Board Member  
Troels Peter Troelsen, Board Member  
Charlotte Pahl, Board Member  
412  
2,605  
3,180  
451  
statements  
statements  
21,351,475  
26,064,970  
3,694,210  
1.74%  
21,351,475  
26,064,970  
3,694,210  
2.12%  
Contact information  
Contact  
information  
0.30%  
Total Management shareholdings  
54,484,072  
4.44%  
6,647  
54,484,072  
*including shares held in entities controlled by them  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
8
 
Hin1te2ri0m25report  
interim report  
H1 2025  
Shareholder information  
The Group’s principal activities  
Toaf bCloentents  
Table  
of Contents  
Description of Reponex’ operations  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Reponex is a clinical-stage biopharmaceutical company dedicated to  
the development of new, effective treatments for diseases that have  
significant patient and social impact for which current therapy is  
lacking or in need of improvement. The diseases are acute or life  
threatening, such as bacterial peritonitis and colorectal cancer, or may  
be chronic diseases that reduce lifespan and the quality of life and  
may shorten it, including inflammatory bowel diseases or  
Company  
Company  
Information  
Information  
Letter from the CEO  
Letter from the  
complications of chronic diseases such as the disabling non-healing  
skin ulcers in patients with diabetes or venous insufficiency. There is a  
continuing unmet medical need to improve the treatment of these  
difficult conditions, which is what Reponex strives to achieve.  
CEO and  
and Chairman  
Chairman  
Shareholder  
Shareholder  
Information  
Information  
It is Reponex’ ambition to create value through Reponex ´sustaining  
platform by bringing the clinical programs to a clinical stage with  
relevant clinical data documenting the effect of the drug candidates,  
that will be a strong starting point for the completion of an exclusive  
licensing of Reponex´ drug candidates to global pharmaceutical  
companies, that can contribute to execution of the further clinical and  
regulatory process as well as having relevant distribution power.  
Management’s  
Management’s  
Review  
Review  
Management’s  
Management’s  
Reponex is an organizational efficient company with an aggressive  
commercial outsourcing strategy to be as agile as possible, to meet  
complex and continual changes in the pharma industry. The strategy  
creates a cost efficient and flexible way to build relevant human  
resources fast, which is considered a key factor and driver of success.  
Report  
Report  
Financials  
Financials  
It is Reponex' clinical strategy to establish collaborations with  
internationally leading institutions and hospitals in combination with  
the best experts in each of the Company’s specific clinical areas.  
Notes to financial  
statements  
Notes to financial  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
9
 
Hin1te2ri0m25report  
interim report  
H1 2025  
Shareholder information  
The preparation of the interim consolidated report for the 6-month period ended 30 June 2025 requires the making  
of estimates and judgements that effects the reporting of assets, liabilities and expenses. The estimates and  
judgements are reviewed on an ongoing basis.  
Toaf bCloentents  
Table  
of Contents  
Estimates  
Estimates and judgements are based on actual results and on various other assumptions, which the Group believes  
to be reasonable under the circumstances. However, the actual result may differ significantly from the estimates. We  
believe that the accounting policies relating to intangible assets and the valuation of the Portinho S.A receivable  
involve estimates or judgements that could affect the reported financial position and results.  
and judgements  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Company  
Company  
Information  
Information  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
For the 6-month period ended 30 June 2025, the Group has continued its work on preparing the portfolio of  
clinical programs being ready for commercialization.  
Chairman  
Financial  
performance  
The result for the period, a loss of TDKK 9,495, is in line with Management's expectations for the period.  
Shareholder  
Shareholder  
Information  
Information  
Management’s  
Management’s  
Review  
Review  
01-01-2025 - 30-06-2025  
(unaudited)  
01-01-2024 - 30-06-2024  
(unaudited)  
01-01-2024 - 31-12-2024  
(audited)  
TDKK  
0
-8,442  
-126  
-8,568  
-1,428  
-9,495  
62,299  
0
39,379  
15,234  
63.2%  
-0.01  
TDKK  
0
-11,569  
-117  
-11,686  
-2,233  
-12,901  
63,169  
0
12,432  
18,511  
19.7%  
-0.01  
TDKK  
0
-21,052  
-235  
-21,287  
-4,950  
-24,422  
65,606  
0
48,875  
8,100  
Management’s  
Report  
Management’s  
Report  
Revenue  
*EBITDA  
Depreciation, amortization and impairment losses  
Operating profit/loss  
Financials net  
Profit/loss  
Total assets  
Investments in tangible assets  
Equity  
Convertible loans  
**Equity ratio  
Earnings per share  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
74.5%  
-0.02  
*EBITDA= Earnings before financials, tax and deprecation.  
**Equity ratio=Total Equity / Total Assets X 100%  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
10  
 
Hin1te2ri0m25report  
H1 2025  
interim report  
Toaf bCloentents  
Table  
of Contents  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Management’s  
Company  
Information  
Company  
Information  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
review  
Shareholder  
Shareholder  
Information  
Information  
Management’s  
June 30th, 2025  
Management’s  
Review  
Review  
Management’s  
Management’s  
Report  
Report  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
11  
 
Hin1te2ri0m25report  
interim report  
H1 2025  
Management’s review  
New Strategy to Drive Growth  
and Shareholder Returns  
Events occurring  
Financial  
resources  
Toaf bCloentents  
Table  
after account period  
of Contents  
Referring to announcement no. 7 from 28 May  
2025 the Company has launched a strategy  
aimed at accelerating growth, diversifying its  
portfolio across Pharma and Medical Devices,  
including MedTech, and enhancing long-term  
shareholder returns. Central to this strategic  
launch is the contemplated establishment of a  
dedicated Investment Committee (IC) to ensure  
rigorous evaluation and strategic alignment of all  
investment activities. Please see announcement  
no. 7 from28 May 2025 for full description.  
No events occurred after the account period.  
The Group does not expect commercial revenue  
until the end of Q3 2025 and Q4 2025. Therefore,  
as long as the Portinho S.A receivable has not  
been recovered, Management has particular  
focus on ensuring that the Group has sufficient  
financial resources available to meet its  
obligations as they fall due.  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Company  
Company  
Information  
Information  
Management has assessed its financial  
resources based on its expected costs and  
investments for 2025, and on this basis,  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
Management concludes that sufficient funding is  
available to continue the operations of the Group  
as planned. Convertible loans for net DKK 7.0  
have since 1 January 2025 been issued.  
Shareholder  
Shareholder  
Information  
Information  
Portinho S.A. receivable  
As of 31 December 2024, Bank deposit of TDKK  
2,690 was provided as security for debts in  
connection with the provision of collateral in  
connection with the capital reduction, see note 14  
and note 21 in the annual report for the year  
ended 31 December 2024 for further description.  
This bank deposit of TDKK 2,690 was released in  
H1-2025 and added as an available cash flow to  
the company.  
As announced in company announcements no.  
39 f rom 25 September 2023, no. 46 f rom 28  
November 2023 and no. 7 from 20 March 2024, the  
payment from Portinho S.A. has been postponed  
from its original due date, which was 1 July 2023.  
On 15 April 2024, the Company filed a summon  
with the Maritime and Commercial High Court  
again st Portinho S.A. to claimimmediate  
Management’s  
Management’s  
Review  
Review  
Management’s  
Management’s  
Report  
Report  
Outlook 2025  
PEG reported its outlook for 2025 in company  
announcements from 20 March 2025, and the  
outlook remains unchanged with DKK 11 million in  
revenue in 2025 and an expected pre-tax loss in  
the range of DKK 4 to 7 million for the Group.  
payment of the receivable of EUR 9.55m plu s  
interest . The Company's Portuguese lawyer, in  
cooperation with the Company's Danish lawyer,  
has also initiated various preliminary and  
Financials  
Financials  
protective legal actions and investigations in  
Portugal in relation to securing payment of the  
receivable. Management has assessed that the  
valuation of DKK 58 million recognized on 31  
December 2024 be retained on 30 June 2025.  
Notes to financial  
Notes to financial  
statements  
statements  
The outlook does not reflect any potential  
gains/losses relating to the expected upcoming  
recovery of the Portinho S.A receivable.  
Contact information  
The work to recover the receivable for Portinho  
has been further intensified since 31 December  
2024. Considerable resources are being used to  
recover the receivable from Portinho and/or from  
companies and people connected therewith  
and/or the transactions with Portinho. Arbitration  
proceedings against Interpatium are also  
pending before DIA in Denmark in relation to the  
related sale of the shares in Portinho.  
Contact  
information  
Please also see note 12 in the annual report for the  
year ended 31 December 2024 for further  
description.  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
12  
 
Hin1te2ri0m25report  
interim report  
H1 2025  
Management’s Report  
Toaf bCloentents  
Table  
Review and approval  
of Contents  
Online Investor  
The Board of Directors and Executive Management have today reviewed and approved the consolidated interim  
report of Pharma Equity Group A/S for the period 1 January 2025 - 30 June 2025.  
Online Investor  
Relations  
Relations  
presentation  
presentation  
The consolidated interim report has been prepared in accordance with IAS 34, “Interim Financial Reporting” as  
adopted by the European Union, and additional Danish reporting requirements for interim reporting for listed  
companies.  
Company  
Information  
Company  
Information  
In our opinion, the accounting principles applied are appropriate and the consolidated interim report gives a true  
and fair view of the Group's assets and liabilities and financial position 30 June 2025 and of the results of the  
Group’s operations and cash flow for the period 1 January to 30 June 2025.  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
Further, in our opinion, Management’s review gives a true and fair review of the development in the Group’s  
operations and financial matters, the result of Group’s operations for the period and the financial position as well  
as description of the principal risks and uncertainties that the Group is facing.  
Shareholder  
Information  
Shareholder  
Information  
Hørsholm, 14. August 2025
Management’s  
Management’s  
Review  
Review  
Executive Management  
Management’s  
Report  
Management’s  
Report  
Christian Henrik Tange
Chief Executive Officer
Financials  
Financials  
Notes to financial  
statements  
Notes to financial  
Board of Directors  
statements  
Contact information  
Contact  
information  
Christian Vinding Thomsen
Omar S. Qandeel
Peter Vilmann  
Charlotte Pahl
Chairman of the Board
Lars Rosenkrantz Gundorph  
Troels Peter Troelsen  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
13  
 
Hin1te2ri0m25report  
interim report  
Financials  
H1 2025  
Consolidated statement of comprehensive income  
01-01-2025 - 30-06-2025  
01-01-2024 - 30-06-2024  
(unaudited)  
01-01-2024 - 31-12-2024  
(audited)  
Toaf bCloentents  
Table  
(unaudited)  
of Contents  
Note  
3
TDKK  
TDKK  
TDKK  
Online Investor  
Online Investor  
Relations  
Relations  
Revenue  
0
0
0
presentation  
presentation  
Production costs  
Gross profit  
0
0
0
0
0
0
Company  
Information  
Company  
Information  
Research and development costs  
Administrative costs  
-2,724
-5,844
-8,568
-4,286
-7,400
-11,686
-9,002
-12,285
-21,287
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
Operating profit/loss (EBIT)  
Allowance Portinho receivable  
Financial income  
0
9
0
0
0
14
Shareholder  
Information  
Shareholder  
Information  
Financial expenses  
-1,438
-9,997
-2,233
-13,919
-4,964
-26,237
Profit/loss before tax  
Management’s  
Management’s  
Review  
Review  
4
Tax on profit/loss for the period  
Net profit/loss for the period  
501
1,018
1,815
-9,495
-12,901
-24,422
Management’s  
Report  
Management’s  
Report  
Other comprehensive income/loss  
Total comprehensive income/loss  
0
0
0
-9,495
-12,901
-24,422
Financials  
Financials  
9
9
Earnings per share (EPS basic), DKK  
-0,01
-0,01
-0,01
-0,01
-0,02
-0,02
Diluted earnings per share (EPS-D), DKK  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
14  
 
Hin1te2ri0m25report  
interim report  
Financials  
H1 2025  
Consolidated statement of financial position  
30-06-2025  
(unaudited)  
30-06-2024  
(unaudited)  
31-12-2024  
(audited)  
Toaf bCloentents  
Table  
of Contents  
Note Assets  
TDKK  
TDKK  
TDKK  
Online Investor  
Online Investor  
Non-current assets  
Tangible assets  
Relations  
Relations  
27
117
46
343
37
234
0
presentation  
presentation  
Right-of-use assets  
Long-term tax receivable  
Total non-current assets  
501
646
1,018
1,407
Company  
Company  
271
Information  
Information  
Current assets  
Letter from the CEO  
Letter from the  
5
Receivable Portinho S.A.  
Other receivables  
58,000
215
58,000
133
58,000
473
CEO and  
and Chairman  
Chairman  
Prepaid expenses  
920
533
813
Current tax receivable  
Cash and cash equivalents  
Total current assets  
Total assets  
1,815
2,233
863
1,815
Shareholder  
Shareholder  
702
4,234
65,335
65,606
Information  
Information  
61,653
62,299
61,762
63,169
Management’s  
Management’s  
Review  
Review  
30-06-2025  
(unaudited)  
30-06-2024  
(unaudited)  
31-12-2024  
(audited)  
Management’s  
Report  
Management’s  
Note  
TDKK  
TDKK  
TDKK  
Equity and liabilities  
Report  
Share capital  
Other reserves  
Total equity  
122,756
-83,377
39,379
1,022,964
-1,010,532
12,432
122,756
-73,881
48,875
Financials  
Financials  
8
7
Subordinated convertible loans  
Lease liabilities  
15,234
0
18,511
117
8,100
0
Notes to financial  
Notes to financial  
statements  
statements  
Total long-term liabilities  
15,234
18,628
8,100
Contact information  
Contact  
Trade payables  
Bank debt  
3,879
127
4,603
2,636
22,389
226
4,086
1,192
information  
Financial loans  
Lease liabilities  
2,974
117
1,519
235
Other liabilities  
589
2,255
32,109
50,737
63,169
1,599
8,631
16,731
65,606
Total current liabilities  
Total liabilities  
7,686
22,920
62,299
Total equity and liabilities  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
15  
 
Hin1te2ri0m25report  
interim report  
Financials  
H1 2025  
Consolidated statement of changes in equity  
Share capital  
Share premium account  
Other reserves  
-997,631
Total equity  
25,333
Toaf bCloentents  
Table  
of Contents  
Statement of changes in equity  
01-01-2024 - 30-06-2024  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Equity Reponex as at 01-01-2024  
Net profit/loss  
1,022,964
0
Company  
0
0
0
0
-12,901
-12,901  
-12,901
-12,901  
Company  
Information  
Information  
Letter from the CEO  
Letter from the  
Dividends  
Transactions with owners  
Equity PEG Group as at 30-06-2024  
0
0
0
0
0
0
0
0
0
CEO and  
and Chairman  
Chairman  
1,022,964
-1,010,532
12,432
Shareholder  
Shareholder  
Information  
Information  
Statement of changes in equity  
01-01-2025 - 30-06-2025  
Management’s  
Review  
Management’s  
Review  
Equity PEG Group as at 01-01-2025  
Net profit/loss  
122,756
0
-73,881
48,875
Management’s  
Report  
Management’s  
0
0
0
0
-9,495
-9,495  
-9,495
-9,495  
Report  
Financials  
Financials  
Dividends  
Transactions with owners  
Equity PEG Group as at 30-06-2025  
0
0
0
0
0
0
0
0
0
122,756
-83,376
39,379  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
16  
 
Hin1te2ri0m25report  
interim report  
Financials  
H1 2025  
Consolidated cash flow statement  
01-01-2025 - 30-06-2025  
(unaudited)  
01-01-2024 - 30-06-2024  
(unaudited)  
01-01-2024 - 31-12-2024  
(audited)  
Toaf bCloentents  
Table  
of Contents  
TDKK  
TDKK  
TDKK  
Profit/loss before tax  
-9,997
-13,919
-26,237
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Adjustment of non-cash transactions:  
Depreciation, amortisation and impairment losses  
Financial income  
126
-9
117
0
235
-14
Company  
Company  
Information  
Financial expenses  
1,438
2,233
4,964
Information  
Change in working capital:  
Receivables  
257
-1,047
-107
2,211
-1,412
-111
1,872
-1,092
-390
Letter from the CEO  
Letter from the  
Trade payables  
CEO and  
and Chairman  
Chairman  
Prepaid expenses  
Other liabilities  
-1,011
273
-381
Net cash used in operating activities before net financials  
-10,350
-10,608
-21,043
Shareholder  
Shareholder  
Information  
Information  
Financial income received  
Financial expenses paid  
9
-1,414
0
0
-1,091
0
14
-4,065
2,233
Management’s  
Review  
Management’s  
Corporate tax refund  
Review  
Net cash used in operating activities  
-11,754
-11,699
-22,861
Lease instalments  
-117
-1,066
1,354
0
-109
-1,449
4,059
-4,185
10,015
0
-245
-2,893
13,099
-29,426
11,015
Management’s  
Report  
Management’s  
Bank loans, repaid  
Report  
Financial loans, obtained  
Financial loans, repaid  
Subordinated convertible loan, obtained  
Subordinated convertible loan, repaid  
Share issues costs paid  
11,858
-4,646
840
Financials  
Financials  
-11,624
-8,210
51,148
0
Proceeds from capital increas, Private issue  
Net cash received from financing activities  
0
0
Notes to financial  
Notes to financial  
8,223
8,331
22,864
statements  
statements  
Total cash flows for the period  
-3,532
-3,368
3
Contact information  
Contact  
information  
Cash and cash equivalents beginning of period  
Cash equivalents end of period  
4,234
702
4,231
863
4,231
4,234
Cash and cash equivalents, end of period, comprise:  
Cash and cash equivalents  
Total  
702
702
863
863
4,234
4,234
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
17  
 
Hin1te2ri0m25report  
interim report  
Notes to consolidated financial statements  
H1 2025  
Summary of notes  
Toaf bCloentents  
Table  
of Contents  
1.  
Basis of preparation and changes to the Group’s accounting policies  
Nature of operations  
Online Investor  
Online Investor  
Relations  
Relations  
2.  
presentation  
presentation  
3.  
Revenue, segment and seasonality information  
Income tax  
4.  
5.  
6.  
7.  
Receivable Portinho S.A.  
Company  
Company  
Capital Resources  
Information  
Information  
Subordinated convertible loans  
Equity and development in number of shares  
Earnings per share  
8.  
9.  
10.  
11.  
Letter from the CEO  
Letter from the  
Contingent liabilities  
CEO and  
and Chairman  
Chairman  
Financial risks and financial instruments  
Related party transactions  
12.  
13.  
14.  
Guarantees and securities  
Shareholder  
Shareholder  
Event occurring after the balance date  
Information  
Information  
Management’s  
Management’s  
Review  
Review  
Management’s  
Management’s  
Report  
Report  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
18  
 
Hin1te2ri0m25report  
interim report  
Notes to consolidated financial statements  
H1 2025  
1. Basis of preparation and changes to the Group’s accounting policies  
Toaf bCloentents  
Table  
of Contents  
The interim consolidated report of Pharma Equity  
Group A/S (The Group) have been prepared in  
accordance with IAS 34, Interim Financial Reporting, as  
adopted by EU and additional Danish requirements for  
stock listed companies. The interim consolidated  
report is presented in Danish kroner (DKK) which is  
also the functional currency of the parent company  
and the Group.  
only that period, or in the period of the revision and  
future periods if the revision affects both current and  
future periods.  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
The estimates used are based on assumptions  
assessed to be reasonable by Management. However,  
estimates are inherently uncertain and unpredictable.  
The assumptions may be incomplete or inaccurate,  
and unexpected events or circumstances may occur.  
Furthermore, we are subject to risks and uncertainties  
that may result in deviations in actual results  
compared with estimates.  
Company  
Company  
Information  
Information  
The accounting policies used in the interim  
consolidated report are consistent with those used in  
the Group’s annual consolidated financial statements  
for the year ended 31 December 2024.  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
Please refer to note 1 in the 2024 Annual Report for  
further information.  
New standards, interpretations and amendments  
adopted by the Group  
Shareholder  
Shareholder  
Information  
Information  
No material changes in significant accounting  
estimates and judgements have occurred since the  
Annual Report 2024. In this regard, Management has  
in particular assessed the valuation of the Portinho S.A  
receivable to be identical to the valuation applied on  
31 December 2024 (see note 5).  
Some amendments apply for the first time in 2025, but  
do not have an impact on the interim consolidated 6-  
month report of the Group for H1 2025 and are not  
expected to have any impact going forward. The  
Group has not early adopted any standard,  
interpretation or amendment that has been issued  
but is not yet effective.  
Management’s  
Management’s  
Review  
Review  
Management’s  
Management’s  
Report  
Report  
Significant accounting estimates and judgements  
Financials  
Financials  
The preparation of the interim consolidated report  
requires Management to make judgments and  
estimates that affect the reported amounts of  
revenues, expenses, assets and liabilities, and the  
accompanying disclosures. In applying our  
Notes to financial  
Notes to financial  
statements  
statements  
accounting policies, Management is required to make  
judgements and estimates about the carrying  
amounts of assets and liabilities that are not readily  
apparent from other sources. The estimates and  
associated assumptions are based on historical  
experience and other factors that are considered to  
be relevant. Actual results may differ from these  
estimates. The estimates and underlying assumptions  
are reviewed on an ongoing basis. Revisions to  
accounting estimates are recognized in the period in  
which the estimate is revised if the revision affects  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
19  
 
Hin1te2ri0m25report  
interim report  
Notes to consolidated financial statements  
H1 2025  
2. Nature of the operations  
5. Receivable Portinho S.A  
In H1 2025, the company's board of directors and management have once again used  
considerable resources to settle the company's receivables from Portinho S.A., which date  
from the time before the company was transformed into a pharmaceutical company.  
Toaf bCloentents  
Table  
of Contents  
The object of the Company is, without geographical limitation, to be a holding  
company for companies with Life Science activities and to invest in shares  
admitted to trading on a regulated trading venue or multilateral trading  
facility and unlisted shares as determined by the Board of Directors with a  
view to achieving long-term value added subject to appropriate risk  
diversification and other related activities.  
Online Investor  
Online Investor  
Relations  
Relations  
The group's receivables from Portinho S.A have a principal amount of EUR 9.55 million. with  
an accounting value on 30 June 2025 of DKK 58 million, which is unchanged compared to  
31 December 2024. As announced in company announcement no. 39 of 25 September  
2023, no. 46 of 28 November 2023, no. 7 of 20 March 2024 and no. 17 of 16 May 2024 is the  
payment from Portinho S.A. postponed compared to the original due date, which was 1  
July 2023.  
presentation  
presentation  
Currently the Group, through Reponex, is a clinical-stage pharmaceutical  
company dedicated to the development of new, effective treatments for  
diseases that have significant patient and social impact and for which  
current therapy is lacking or in need of improvement.  
Company  
Company  
Information  
Information  
Letter from the CEO  
Letter from the  
On 15 April 2024, the company submitted a summons to the Maritime and Commercial  
Court against Portinho S.A. with a demand for immediate payment of the receivable of  
DKK 9.55 million. euros plus interest. There is also an arbitration case pending against  
Interpatium at the Arbitration Institute (DIA) in connect ion with the related sale of the  
shares in Portinho S.A.  
CEO and  
and Chairman  
Diseases may be acute and life threatening, such as bacterial peritonitis or  
colorectal cancer, or may be chronic diseases that spoil the quality of life and  
may shorten it, such as inflammatory bowel diseases, or complications of  
chronic diseases such as the disabling non-healing skin ulcers in patients  
with diabetes or venous insufficiency. The Group has 6 drug candidates in  
clinical phase 2  
Chairman  
Shareholder  
Shareholder  
Information  
Information  
The receivable amount as per 30 June 2025 including agreed interest amounts to EUR 11,5  
million corresponding to DKK 88.8 million. Interest rate is agreed to 2% per quarter and  
amounts to DKK 6,5 million for 2024. The interest amount has not been recognized as  
income in the H1 2025 report as - in the current situation - it is considered appropriate to  
defer income recognition of interest until interest has been paid.  
Pharma Equity Group A/S is incorporated in Denmark and listed on Nasdaq  
Copenhagen main stock exchange.  
Management’s  
Management’s  
Review  
Review  
3. Revenue, segment and seasonality information  
In September 2024, a new valuation report from CBRE (Valuat ions & Strategic Advisory in  
Portugal) was prepared, which supports the recognized value of the receivable in Portinho  
of DKK 58 million. The receivable of DKK 58 million has considered that a lower amount  
than EUR 9.55 million + interest or the equivalent of approx. DKK 88.8 million is currently  
received including interest. Management has thus calculated the value of the receivable  
in various scenarios where the discount rate has considered the underlying risks.  
Management’s  
Report  
Management’s  
Report  
No revenue has been recognized in the 6-month period ended 30 June  
2025.  
Currently, Management regards the Group to operate in one segment, and  
hence no segment disclosures are provided at this stage and in the  
current situation the Group is not subject to impact from seasonality.  
Financials  
Financials  
Management's considerations regarding the measurement and recognition of the  
receivable have been assessed based on different scenarios for full repayment of the  
outstanding receivable. The different scenarios include, among other things, that:  
Wait for Portinho S.A to realize the shares or underlying assets so that the receivable can  
be redeemed.  
Notes to financial  
Notes to financial  
statements  
statements  
4. Income tax  
The Group recognizes the expected income tax credit from the Group’s  
development activities under the Danish income tax credit system. Under  
these programs, the Group has recognized tax receivable relating to 2024  
under current assets, and tax receivable relating to 2025 as a non-current  
asset, as the 2025 income tax credit will not be received until the end 2026.  
A legal process has been initiated with legal action to take shares in Portinho S.A "back",  
and sell to a third party  
Contact information  
Contact  
information  
Management has calculated the value for the various scenarios where the discount rate  
has considered the underlying risks. In the different scenarios, a discount rate of 15% p.a.  
and a time horizon of 3 years has been used.  
Both PEG and Reponex have tax loss carry forwards for the part of tax losses  
which is not allocated to the income tax credit system. Currently, the tax  
value of these tax losses is not recognized on the balance sheet, as  
recognition awaits that the Group will be profitable on a sustainable basis.  
The principal amount is €9.55m, corresponding to approx. DKK 71.3m. In addition, accrued  
interest has been calculated to a total of DKK 17.5mas of 30.06.2025, so that the total gross  
receivable amounts to DKK 88.8m. The receivable is valued at DKK 58m as of 30 June 2025.  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
20  
 
Hin1te2ri0m25report  
interim report  
Notes to consolidated financial statements  
H1 2025  
6. Capital resources  
Toaf bCloentents  
Table  
of Contents  
On 1 April 2025, the Board of Directors of Pharma Equity Group decided on  
the issuance of convertible loans in accordance with the authorization in  
the Company's Articles of Association under Article 4.3.A. With reference to  
company announcements no. 4 of 1 April 2025 DKK 6.8 million has been  
issued and no. 8 of 1 July 2025, DKK 5.9 million has been issued. The Net  
cashflow effect of the issued convertible loans is approximately DKK 7  
million. The loans are granted as subordinated loans and are thus  
subordinated to the Company's other creditors, with the exception of any  
other equivalent subordinated loans. Please refer to note 7 for further  
details.  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Company  
Company  
Information  
Information  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
The Group does not expect commercial revenue until the end of Q3 2025  
and Q4 2025. Therefore, as long as the Portinho S.A receivable has not been  
recovered, Management has particular focus on ensuring that the Group  
has sufficient financial resources available to meet its obligations as they  
fall due.  
Chairman  
Shareholder  
Shareholder  
Information  
Information  
As of 31 December 2024, Bank deposit of TDKK 2,690 was provided as  
security for debts in connection with the provision of collateral in  
connection with the capital reduction, see note 14 and note 21 in the annual  
report for the year ended 31 December 2024 for further description. This  
bank deposit of TDKK 2,690 was released in H1-2025 and added as available  
cash flow to the company.  
Management’s  
Review  
Management’s  
Review  
Management’s  
Management’s  
Report  
Report  
Management has assessed its financial resources based on its expected  
costs and investments for 2025, and on this basis Management is  
concluding that sufficient funding is available to continue the operations of  
the Group as planned.  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
21  
 
Hin1te2ri0m25report  
interim report  
Notes to consolidated financial statements  
H1 2025  
7. Subordinated convertible loans  
Toaf bCloentents  
Table  
of Contents  
30-06-2025  
TDKK  
30-06-2024  
TDKK  
31-12-2024  
TDKK  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Subordinated convertible loan  
Amortised loan costs  
Subordinated convertible loans - long term  
16,138  
-905  
15,234  
19,100  
-589  
18,511  
8,235  
-135  
8,100  
Company  
Information  
Company  
Information  
Letter from the CEO  
Letter from the  
The subordinated convertible loans consist of two different types of loans.  
CEO and  
and Chairman  
Chairman  
The first type was established in the period 5 September 2023 - 15 July 2024 and amounts DKK 3.2 million on  
30.6.2025:  
Shareholder  
Shareholder  
The loans were granted as subordinated loan capital and are therefore subordinated to PEG´s other creditors,  
Information  
Information  
except for any other corresponding subordinated loan capital.  
The lenders' right to convert the loans into shares in PEG may be exercised for a period of 30 days  
commencing 23 calendar months after the conclusion of the convertible loan ("the Exercise Period").  
Management’s  
Review  
Management’s  
Review  
The loans bear an interest of 3.25 % per quarter and remain without instalments until the expiry of the exercise  
period, after which PEG must repay the loans including interest within 60 days, though PEG may extend the  
loan period by 12 months.  
Management’s  
Report  
Management’s  
Report  
PEG may choose to pay the loan including interest by issuing shares (conversion of the debt instrument)  
For two of the subordinated convertible loans of total TDKK 2,000 interests must be paid on a quarterly basis  
and PEG. Furthermore, the lender of this loan can choose to be repaid in cash. Other terms are identical to the  
other loans.  
Financials  
Financials  
The loans give the lenders the right to convert the loans into shares in PEG. The conversion rate is 1.00 per  
share of DKK 0.10. The new shares will be issued with the same rights as the existing shares.  
Notes to financial  
statements  
Notes to financial  
statements  
If loans are converted, the new shares will be issued with the same rights as the existing shares.  
The Company can choose to settle the loans including added interest in PEG shares.  
Contact information  
Contact  
information  
Interest is added to the loan balance and no instalments are paid until the exercise period commence, at  
which time the loans mature or are converted. The Company may extend the loan period by 12 months.  
After the capital reduction has been completed on 4 October 2024, the conversion rate changed to be DKK  
0.10 per share of DKK 0.10 for those convertible loans, which were not converted to share capital in connection  
with the share issue, which also took place on 4 October 2024.  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
22  
 
Hin1te2ri0m25report  
interim report  
Notes to consolidated financial statements  
H1 2025  
7. Subordinated convertible loans (continued)  
Toaf bCloentents  
Table  
of Contents  
The second type was established in the period 30 September 2024 - 10 April 2025 and amounts DKK  
12.9 million on 30.6.2025:  
Online Investor  
Online Investor  
Relations  
Relations  
The loans are granted as subordinated loan capital and are thus subordinated to the company's  
other creditors, except for any other similar subordinated loan capital.  
presentation  
presentation  
The Lender's right to convert the loans into shares in the Company may be exercised for a period of  
30 days commencing 23 calendar months after the conclusion of the convertible loan (the "Exercise  
Period").  
Company  
Information  
Company  
Information  
The loans bear interest at 10% p.a. and remain without repayments until the end of the Exercise Period,  
after which the Company must repay the loan including interest within 60 days, however, the  
Company may extend the loan period by 12 months.  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
The company can choose to pay the loan including interest in shares (conversion of the promissory  
note).  
Shareholder  
Information  
Shareholder  
Information  
Upon conversion of the loans into new shares, the new shares will be issued without pre-emptive  
rights for the company's existing shareholders and with the same rights as the company's existing  
shares. The new shares will therefore be admitted to trading on Nasdaq Copenhagen. The conversion  
will take place at a price corresponding to an amount of DKK 0.20 being converted into one new  
share in the Company with a nominal value of DKK 0.10  
Management’s  
Review  
Management’s  
Review  
Management’s  
Management’s  
Report  
Report  
Accounting considerations for the loans:  
The loans are taken out as loans with conversion rights and not as equity contributions. Recognition  
has been made on the basis of the company's liquidity situation, where the added capital has been  
added in the form of convertible loans. The capital is recognized as a loan because it gives the  
depositors a better priority position than the shareholders, which indicates that until any conversion, it  
is a matter of debt. Loans have been taken out with a relatively high interest rate (3.25% per quarter /  
10% per year), which is considered to be based on the company's credit risk and which on that basis  
represents an arm's-length interest rate, taking into account that the debt is also subordinated. In the  
event of conversion, accrual of interest also triggers the right to receive additional shares, which is  
considered to support that accrual of interest is a real obligation, which must thus be shown as an  
interest expense, and in order to ensure the correct relationship between interest cost and debt, it is  
considered most appropriate to consider the entire debt as debt until the loan is converted. It is  
therefore assessed that there are no elements in the loan terms that represent the value of the  
conversion right. It is the management's opinion that the right of conversion is merely a hedging  
instrument, and it is not considered to be a real risk/possibility of this being exercised.  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
23  
 
Hin1te2ri0m25report  
interim report  
Notes to consolidated financial statements  
H1 2025  
8. Equity and development in number of shares  
Toaf bCloentents  
Table  
of Contents  
Share capital  
PEG share capital consists of 1,227,556,659 ordinary shares of DKK 0.10 each. The shares are fully paid up. All shares  
are equally eligible to receive dividends and repayment of capital, and each share represents one vote at the  
shareholders’ meeting.  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Company  
Information  
Company  
Share capital  
Movements in the share capital  
Information  
TDKK  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Numbers of shares and share capital as per 01-01-2025  
Movements  
1,022,965  
0
Chairman  
Shareholder  
Shareholder  
Information  
Information  
1,022,965  
Total numbers of shares and share capital as per 30-06-2025  
Management’s  
Management’s  
Review  
Review  
Management’s  
Management’s  
Report  
Report  
Financials  
Financials  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
24  
 
Hin1te2ri0m25report  
interim report  
Notes to consolidated financial statements  
H1 2025  
9. Earnings per share  
Toaf bCloentents  
Table  
of Contents  
01-01-2025 - 30-06-2025  
TDKK  
01-01-2024 - 30-06-2024  
01-01-2024 - 31-12-2024  
TDKK  
Online Investor  
Online Investor  
TDKK  
Relations  
Relations  
presentation  
presentation  
Profit/loss for the period  
-9,495  
838  
-12,900  
1,001  
-24,422  
1,909  
Company  
Information  
Company  
Information  
Interest convertible loans  
Profit/loss for the period for the purpose of diluted EPS  
-8,657  
-11,899  
-22,513  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
Average number of shares (in thousands)  
Average number of treasury shares (in thousands)  
Average number of shares (in thousands)  
1,022,964  
-15  
1,022,964  
-15  
1,068,367  
-15  
Shareholder  
Information  
Shareholder  
Information  
1,022,949  
1,022,949  
1,068,352  
Management’s  
Management’s  
Review  
Review  
Effect of convertible loans  
16,138  
19,100  
8,235  
Diluted average number of shares (in thousands)  
1,039,087  
1,042,049  
1,076,587  
Management’s  
Report  
Management’s  
Report  
Earnings per share of DKK 0.10  
-0.01  
-0.01  
-0.01  
-0.01  
-0.02  
-0.02  
Financials  
Financials  
Diluted Earnings per share of DKK 0.10  
Notes to financial  
Notes to financial  
statements  
statements  
Contact information  
Contact  
information  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
25  
 
Hin1te2ri0m25report  
interim report  
Notes to consolidated financial statements  
H1 2025  
10. Contingent liabilities  
12. Related party transactions  
Toaf bCloentents  
Table  
of Contents  
To the best of management's knowledge, the Group is not involved in any  
lawsuits, arbitration cases or other matters which could have a material impact  
on the Company's financial position or result of operations.  
PEG has debts to shareholders provided in the past of totally DKK 1.5 million,  
which will be settled when the Portinho S.A receivable is paid. These  
shareholders also hold interests in Portinho S.A. As part of the reduction in  
share capital as described in note 21 in the annual report for the year ended  
31 December 2024, the shareholdres demanded security for claims of DKK  
87,580 and DKK 2,602,779, respectively, including alleged interest totaling DKK  
1,105,634. Pharma Equity Group A/S disagrees that the claims are eligible for  
security and that the claims are interest-bearing. To get the capital  
reduction registered, Pharma Equity Group A/S established security for the  
full amount in the formof bank guarantees. The bank guarantees of TDKK  
2,690 were released in H1-2025 and added as available cash flow to the  
company.  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Company  
Company  
11. Financial risks and financial instruments  
Information  
Information  
Risk management policy  
Letter from the CEO  
Letter from the  
Management manages the Group’s financial risks. The management of the  
Group’s risks is included in the management's day-to-day monitoring of the  
Group. The Group is exposed to various financial risks, which result from its  
operating activities. The Company does not actively engage in the trading of  
financial assets and financial derivatives.  
CEO and  
and Chairman  
Chairman  
The claims, excluding alleged interest, are included in the financial  
statements as part of financial loans. The alleged interest has not been  
recognized in the financial statements as of 30 June 2025.  
Shareholder  
Shareholder  
Information  
Information  
Credit risk  
Credit risk primarily relates to the Portinho S.A receivable which has been  
outstanding for multiple years. Reference is made to note 2.1 and 12 which in  
further detail describes background for the receivable still being outstanding and  
the fair value reassessment performed by management as of 31 December 2024.  
The maximum credit risk relating to the receivable corresponds to the carrying  
value, which has been determined based on a discounted basis based on  
assessed time frame before receivable at the latest expectedly will be recovered.  
The law firm where the current chairman of the Board of Directors; Christian  
Vinding Thomsen is a partner, has in H1 2025 received fees from PEG for legal  
assistance of TDKK 231 (H1 2024 DKK 488).  
Management’s  
Management’s  
Review  
Review  
Management’s  
Management’s  
13. Guarantees and securities  
The Portinho S.A receivable with a carrying value of DKK 58.0 million as per 30  
June 2025 (see note 5) is provided as security for bank debt and financial  
loans DKK 3.1 million.  
Report  
Report  
Interest rate risks  
Bank loans, financial loans, loans from related parties and subordinated  
convertible debt all have a fixed interest rate, and hence the interest rate risk is  
deemed to be minimal, and hence sensibility disclosures are not deemed  
relevant.  
Financials  
Financials  
Foreign currency risks  
Notes to financial  
statements  
Notes to financial  
14. Events occurring after the balance sheet date  
No events  
The Group incur certain costs in other currencies than DKK, though the level of  
such costs are limited, and hence the Group is not considered to be subject to  
special currency risks and exposures at the moment.  
statements  
Contact information  
Contact  
Liquidity risks  
information  
The Group’s liquidity risks cover the risk that the Group is not able to meet its  
liabilities as they fall due. Reference is made to the information in note 6.  
The maturities of financial liabilities appear from the tables below. All amounts  
are contractual cash flows, i.e. inclusive of interest:  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
26  
 
Hin1te2ri0m25report  
H1 2025  
interim report  
Toaf bCloentents  
Table  
of Contents  
Online Investor  
Online Investor  
Relations  
Relations  
presentation  
presentation  
Company  
Company  
Information  
Information  
Letter from the CEO  
Letter from the  
CEO and  
and Chairman  
Chairman  
Shareholder  
Shareholder  
Information  
Information  
Management’s  
Management’s  
Review  
Review  
Management’s  
Management’s  
Report  
Report  
Contact information  
Financials  
Financials  
Pharma Equity Group A/S
CVR: 26 79 14 13
Contact  
+45 41 92 25 25  
Investor Relations  
Any questions regarding this announcement and the quarterly  
financial statements for Q1-2024 can be directed to the  
Company’s CEO Thomas Kaas Selsø, by email  
investor@pharmaequitygroup.com.  
Notes to financial  
statements  
Notes to financial  
statements  
Slotsmarken 18, 2. th.
2970 Hørsholm
Denmark  
info@pharmaequitygroup.com  
Contact information  
Contact  
Office hours  
information  
Monday to Thursday 8:00-17:00  
Friday 8:00-16:00  
On the Company's website www.pharmaequitygroup.com  
further information and all published announcements can be  
found.  
www.pharmaequitygroup..com  
Pharma Equity  
Pharma Equity  
Group A/S  
Group A/S  
27