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Note 1 General accounting policies

The consolidated financial statements for Gubra A/S and its subsidiaries (jointly, the \"Group\") for the financial year ended 31 December 2025, were authorised for issue in accordance with a resolution of the Board of Directors and Executive Management on 27 February 2026. This note provides a list of general accounting policies adopted in the preparation of these financial statements. Significant accounting policies related to each accounting area are provided in the disclosures to which the specific policy relates. All accounting policies have been consistently applied to all the years presented.

Basis for preparation\t

The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by EU as well as further requirements for listed companies in the Danish Financial Statements Act.

The consolidated financial statements have been prepared on a historical cost basis.

The consolidated financial statements are presented in Danish Kroner (DKK) and all values are rounded to the nearest thousand (DKK \u2019000) except when otherwise indicated.

New standards and interpretations not yet adopted

Amendments to IFRS 7 and IFRS 9 \u2013 Amendments to the classification and measurement of financial instruments

The amendments clarify derecognition of financial liabilities on the settlement date, with an optional policy for early derecognition via electronic payments. They provide additional guidance on assessing

contractual cash flows for financial assets with ESG and similar features, clarify the treatment of non-recourse and contractually linked instruments and introduce enhanced disclosures for contingent features and equity instruments measured at fair value through OCI.

The amendments are effective from 1 January 2026 and apply for the warrants issued by the group to key employees and management. They and are not expected to have any significant impact on recognition and measurement.

New standard IFRS 18 \u2013 Presentation and disclosure in financial statements

Gubra has initiated an assessment of the implications of IFRS 18 for the Group's financial reporting. The standard is expected to affect the presentation and classification within the statement of profit or loss and to result in additional disclosures, particularly relating to subtotals and management-defined performance measures.

All amendments to the IFRS Accounting Standards effective for the financial year 2025 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

Principles of consolidation

The consolidated financial statements have been prepared as a consolidation of the parent company Gubra A/S, and the subsidiaries' financial statements according to the Group's accounting policies, and with elimination of internal dividends, internal revenue and expenditure items, internal profits as well as intercompany balances and shareholdings.

Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Foreign currency translation

Functional and presentation currency

Items included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).

The consolidated financial statements are presented in Danish Kroner (DKK), which is Gubra A/S\u2019 functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss.

Calculation of key figures and financial ratios

Gross margin is calculated as gross profit in percentage of revenue, and EBIT margin is calculated as EBIT in percentage of revenue. Adjusted EBIT margin is prepared similar to EBIT margin but with non-recurring items excluded from the calculation of EBIT. In addition, the CRO adjusted EBIT margin is prepared using EBIT for the CRO segment excluding non-recurring items and taking this as percentage of the CRO revenue. Average number of employees is calculated using the ATP method based on total payments for ATP during the year compared to ATP contribution per full-time employee.

Other accounting areas

Other operating income

Other operating income comprise items of a secondary nature to the main activities of the Group, including government grants, gains and losses on the sale of intangible assets and property, plant and equipment (including sale-and-leaseback transactions).

Government grants

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.

Other receivables

Other receivables consist of government grants that will be received for which the Group will comply with any conditions attached to the grant.

Deferred income

Deferred income relates to received government grants.

Other financial assets

Other financial assets relate to a receivable recorded in the balance sheet as a result of an unpaid amount related to a sale-and-leaseback transaction (refer to Note 15).

Impairment of assets

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

Prepayments

Prepayments comprise prepaid expenses concerning the next financial year.

Pensions

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

Transaction costs related to equity issuance

Qualifying transaction costs incurred in connection with issuance of equity instruments are deducted from equity. Transaction costs incurred in anticipation of an issuance of equity instruments are recognised in the balance sheet. If the equity instruments are not subsequently issued, the transaction costs will be recognised as an expense. Where the

qualifying transaction costs relate to listing of existing and new shares, the part of the total transaction costs deducted from equity are based on management's estimate of the transaction costs' relevance for new shares compared to existing shares.

Financial ratios

The financial ratios have been calculated in accordance with the recommendations of the Association of Danish Financial Analysts. Reporting under ESEF regulation

The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The ESEF Regulation sets out that annual financial reports shall be disclosed using the XHTML format and that the statements and notes in the consolidated financial statements shall be tagged using inline eXtensible Business Reporting Language (iXBRL). IXBRL tags shall comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published in the IFRS Foundation. As part of the tagging process financial statement line items and notes are marked up to elements in the ESEF taxonomy. If a financial statement line is not defined in the ESEF taxonomy, an extension to the taxonomy is created. Extensions have to be anchored in the ESEF taxonomy, except for extensions which are subtotals. The Annual Report submitted to the Danish Financial Supervisory Authority (The Officially Appointed Mechanisms) consists of the XHTML document together with some technical files all included in a ZIP file.

Note 2 Critical estimates and judgements

ACCOUNTING POLICIES

The Group provides research services to the biotech and pharma industry with proprietary research and collaboration programmes.

Revenue is recognised when customers obtain control of promised goods or services, in an amount that reflects the consideration that the Group expects to receive in exchange for those goods or services.

For the purposes of recognising revenue, the Group distinguishes between study-by-study arrangements, flexible research hours arrangements (jointly, CRO Segment) and partner programmes (Biotech Segment).

Study-by-study

Study-by-study contracts are for preclinical studies in a wide variety of rodent models, which can be adapted according to the specific scientific question in focus.

Study-by-study contracts comprise a single performance obligation (i.e. research services). The transaction price is fixed and does not include any forms of variable consideration.

The consideration is received in accordance with a payment schedule. Usually 50% of the transaction price is received at contract inception. The contracts have a credit term of 30 days.

Revenue is recognised over time based on an input method of cost incurred relative to the total expected cost of the study (i.e. cost to cost). Management considers this measure of progress to be most representative of the services performed, as the effort is consistent with the related costs incurred.

Flexible research hours

Under contracts for flexible research hours, the Group provides a fixed number of research hours at a fixed price.

Contracts for flexible research hours comprise a single performance obligation (i.e. a fixed number of research hours). The transaction price is fixed and does not include any forms of variable consideration.

Payments are received on a monthly basis.

Revenue is recognised over time based on the number of hours delivered relative to the total number of hours to be delivered. Management has determined that this method most appropriately depicts the Group\u2019s performance as all work in process for which control has transferred to the customer would be captured in this measure of progress.

Partnership programs

Under partnership program contracts, the Group enters into an arrangement with a counterparty to identify and perform discovery activities and identify compounds. Under the contracts, the Group will perform research activities.

Partnership programs comprise a single performance obligation (i.e. research services). The Group receives as consideration a fixed non-refundable upfront fee, research payments, milestone payments, as well as sales-based royalties, if the compounds are commercialized. The contracts have a credit term of 30 days.

The consideration related to the non-refundable upfront fee is received at contract inception and recognised at a point in time. The consideration related to the milestone payments are received after the respective milestone is triggered through e.g. progression of the compound through development phases.

For most partnership contracts, revenue is recognized over time over the contract period on a straight-line basis as the Group's performance during the contract period is equivalent month to month.

Management has determined that this method of measuring progress is the most representative of the services performed, as the Group\u2019s effort is linear throughout the contract period. This is because a fixed number of employees will work full time on the project throughout the contract term.

At contract inception, all milestone payments are constrained due to the high degree of uncertainty. Once the uncertainty related to a milestone payment is resolved, revenue is recognised on a cumulative catch-up basis. The amount related to the unsatisfied portion of the performance obligation is recognised as that portion is satisfied over the remaining contract term.

Revenue related to the sales-based royalties is recognised as revenue when the subsequent sales occur.

Contract balances

Contract work in progress

Contract work in progress is the Group's right to consideration in exchange for services that the Group has transferred to the customer. A contract asset becomes a receivable when the Group's right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due.

Contract liabilities

Contract liabilities are recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e. transfers control of the related services to the customer).

ACCOUNTING POLICIES

Cost of sales

Cost of sales include costs directly associated with fulfilling performance obligations. Cost of sales include direct materials, direct labour (including share-based payments), all direct over-heads, including depreciation and impairment of property, plant and equipment, and indirect overheads that can reasonably be allocated to the production function.

Selling, general and administrative costs

Selling, general and administrative costs comprise expenses incurred for the Group\u2019s administrative functions, marketing costs, travel, wages and salaries and share-based payments for staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses for property, plant and equipment used for administration of the Group.

Research and development costs

Research and development costs comprise research costs, costs of development projects not qualifying for recognition in the balance sheet, wages and salaries and share-based payments for research and development staff, and amortisation and impairment losses relating to development projects.

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ACCOUNTING POLICIES (RSU)

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

ACCOUNTING POLICIES (Warrant)

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Share price

The price per share uses the latest listed share price as at the valuation date of the warrant programs (closing price on the day preceeding the grant date).

Exercise price

The exercise price constitutes the volume weighted average share price of the Gubra\u2019s shares as quoted on Nasdaq Copenhagen A/S for the five trading days prior to the date of grant.

Estimated time of maturity

The warrants can be exercised between the end of the vesting period and the expiry of the warrants, which is five years after the grant date (two years after the last vesting date). This means that there does not exist a single fixed exercise date for the warrants. In line with common practise, it is assumed that the warrants are, on average, exercised

halfway through the two years where the warrants can be exercised (i.e. one year after ended vesting, or four years after grant).

Risk-free interest rate

The risk-free interest rate is based on the yield curve for Danish government bonds as per the valuation date with a time to maturity that corresponds to the expected time to maturity of the warrants. The risk-free rate is derived by interpolating the yield curve on two Danish government bonds, such that the risk-free rate matches the time to maturity, i.e. four years.

Volatility

As Gubra was listed in 2023 there is only short share price history to be able to use Gubra\u2019s own volatility for this parameter. Volatility has therefore been estimated using a benchmark volatility based on peers. The peers have been chosen by Management in Gubra.

Parameters in models

Value LTIP 2023

Value LTIP 2024

Value LTIP 2025

Value input

Gubra Judgement

Share price

DKK 98

DKK 328

DKK 430

Closing price on 31 May 2023 /31 May 2024/7 July 2025

No

Exercise price

DKK 98.6

DKK 324

DKK 442

Volume-weighted share price 5 trading days prior to grant

No

Time to maturity

4 years

4 years

4 years

Assumption on the time for exercise

Yes

Risk-free rate

2.6%

2.7%

2.1%

Risk free interest rate on Danish government bonds

No

Volatility

45%

36%

36%

Volatility on a group of chosen peer companies

Yes

Dividend

-

-

-

No dividend assumed

No

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

ACCOUNTING POLICIES

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets (see note 12 , 13 and 14).

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ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

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ACCOUNTING POLICIES

The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where Gubra A/S and its subsidiary operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.

Current tax receivables and liabilities

Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.

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ACCOUNTING POLICIES

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

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ACCOUNTING POLICIES

Separately acquired licences are shown at historical cost. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The licenses are amortized over the license period, however not exceeding 5 years.

Research expenditure and development expenditure that do not meet the criteria for capitalization as development projects are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Development costs that are directly attributable to a project are capitalized where the following criteria are met:

it is technically feasible to complete the software so that it will be available for use

management intends to complete the software and use or sell it

there is an ability to use or sell the softwareit can be demonstrated how the software will generate probable future economic benefits

adequate technical, financial and other resources to complete the development and to use or sell

the software are available, and

the expenditure attributable to the software during its development can be reliably measured.

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Directly attributable costs that are capitalised as part of the software development projects include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. The amortization period is 5 years.

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.

ACCOUNTING POLICIES

Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.

Forest reserves

Gubra owns hectares of farmland characterised as a forest reserve. The forest reserve cannot be used by the Group in generating sales through a biological process and is thus accounted for in accordance with IAS 16 Property, plant and equipment. The Group accounts for the forest reserve using the cost model.

In 2021 a government grant was received to help the Group finance the acquisition of the forest reserve. In accounting for the transaction, the asset's carrying amount is deducted by the grant. Management considers the carrying amount of the forest reserve immaterial.

Depreciation methods and useful lives

Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over their estimated useful lives as follows:

Land\tNot depreciated

Buildings\t10 - 50 years

Leasehold improvements\t5 years

Other fixtures, fittings, tools 3 - 10 yearsand equipment\t

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ACCOUNTING POLICIES

The Group's leasing activities and how these are accounted for

The Group leases its headquarters. The lease agreement was entered into by the Group and the purchaser (landlord) in connection with a sale and lease back transaction where the landlord acquired the headquarters from the Group. The lease agreement is non-terminable for both parties for a period of 12 years from the Lease Agreement Commencement Date (including termination notice of 18 months). The lease does not have any extension and termination options.

The Group also leases laboratory equipment. The leases are typically made for periods of 60 months. The leases do not have any extension and termination options.

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At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include the following:

fixed payments (including in-substance fixed payments), less any lease incentives receivable

variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date

amounts expected to be payable by the Group under residual value guarantees

the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the Group's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the Group:

where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received

uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, and

makes adjustments specific to the lease, e.g. term, country, cur-rency and security.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability

any lease payments made at or before the commencement date less any lease incentives received

any initial direct costs, and

restoration costs.

Right-of-use assets are depreciated over the lease term on a straight-line basis.

Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets primarily comprise e-bikes.

ACCOUNTING POLICIES

Financial assets

Trade receivables

Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognised at fair value. They are subsequently measured at amortised cost less loss allowance. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss.

Trade and other payables

These amounts represent liabilities for services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.

Other financial assets (Financial instruments)

Initial recognition and measurement of financial assets and financial liabilities are recognized when the Group becomes party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on trade date, the date on which the Group commits to purchase or sell the asset. At initial

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recognition, the Group measures a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions.

Transaction costs off a financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss.

Financial assets Classification and subsequent measurement

The Group classifies its financial instruments in the following categories assets valued at fair value either via the income statement or other comprehensive income or financial assets valued at the amortized cost. The classification of investments in debt instruments depends on the Group\u2019s business model for handling financial assets and the contractual terms for the cash flow of the assets.

Amortized cost

Assets that are held for the purposes of collecting contractual cash flows, and where the cash flows only constitute capital amounts and

interest are valued at the amortized cost. They are included under current assets, with the exception of items maturing more than 12 months after the balance sheet date, which are classified as non-current assets.

Interest income from these financial assets is recognized using the effective interest method and included in financial income. The Group\u2019s financial assets that are valued at the amortized cost are made up of the items other receivables, and cash and cash equivalents.

Fair value through profit or loss

Assets that do not meet the criteria for amortized cost are measured at fair value through profit and loss. A gain or loss on a financial debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in the financial net in the period in which it arises. Interest income from these financial assets is included in the financial net using the effective interest rate method. The fixed income fund has been valued and classified according to fair value via the Income Statement with level 1 in the valuation hierarchy based on listed prices on a traded market.

The Group reclassifies financial assets when and only when its business model for managing those assets changes.

Derecognition

Financial assets, or a portion thereof, are derecognized when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control of the asset.

Impairment of financial assets

Upon every reporting occasion, the Group examines whether there is objective evidence that a financial asset or group of assets requires impairment. Objective evidence consists of observable conditions that have occurred and have a negative impact on the possibility to recover the acquisition value.

ACCOUNTING POLICIES

The cash flow statement shows the Group's cash flows for the year broken down by operating, investing, and financing activities, changes for the year in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.

Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as share-based payment expenses, depreciation, amortisation, and impairment losses. Working capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.

Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant, and equipment as well as fixed asset investments.

Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal element on lease payments as well as payments to and from shareholders.

Cash and cash equivalents

Cash and cash equivalents comprise cash and bank balances.

ACCOUNTING POLICIES

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Dividends

Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.

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ACCOUNTING POLICIES

Basic earnings per share

Basic earnings per share is calculated by dividing:

the profit attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares

by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

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", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__78": { "value": "The consolidated financial statements for Gubra A/S and its subsidiaries (jointly, the \"Group\") for the financial year ended 31 December 2025, were authorised for issue in accordance with a resolution of the Board of Directors and Executive Management on 27 February 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__80": { "value": "

Basis for preparation\t

The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by EU as well as further requirements for listed companies in the Danish Financial Statements Act.

The consolidated financial statements have been prepared on a historical cost basis.

The consolidated financial statements are presented in Danish Kroner (DKK) and all values are rounded to the nearest thousand (DKK \u2019000) except when otherwise indicated.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__81": { "value": "

Basis for preparation\t

The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by EU as well as further requirements for listed companies in the Danish Financial Statements Act.

", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__82": { "value": "

New standards and interpretations not yet adopted

Amendments to IFRS 7 and IFRS 9 \u2013 Amendments to the classification and measurement of financial instruments

The amendments clarify derecognition of financial liabilities on the settlement date, with an optional policy for early derecognition via electronic payments. They provide additional guidance on assessing

contractual cash flows for financial assets with ESG and similar features, clarify the treatment of non-recourse and contractually linked instruments and introduce enhanced disclosures for contingent features and equity instruments measured at fair value through OCI.

The amendments are effective from 1 January 2026 and apply for the warrants issued by the group to key employees and management. They and are not expected to have any significant impact on recognition and measurement.

New standard IFRS 18 \u2013 Presentation and disclosure in financial statements

Gubra has initiated an assessment of the implications of IFRS 18 for the Group's financial reporting. The standard is expected to affect the presentation and classification within the statement of profit or loss and to result in additional disclosures, particularly relating to subtotals and management-defined performance measures.

All amendments to the IFRS Accounting Standards effective for the financial year 2025 have been implemented as basis for preparing the consolidated financial statements and notes to the financial statements.

None of the implementations have had any material impact on the statements or notes presented.

", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__83": { "value": "

Principles of consolidation

The consolidated financial statements have been prepared as a consolidation of the parent company Gubra A/S, and the subsidiaries' financial statements according to the Group's accounting policies, and with elimination of internal dividends, internal revenue and expenditure items, internal profits as well as intercompany balances and shareholdings.

Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__85": { "value": "

Principles of consolidation

The consolidated financial statements have been prepared as a consolidation of the parent company Gubra A/S, and the subsidiaries' financial statements according to the Group's accounting policies, and with elimination of internal dividends, internal revenue and expenditure items, internal profits as well as intercompany balances and shareholdings.

Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__84-1": { "value": "

Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Note 24 Interest in other entities

Ownership interest held by the Group

Name of entity

Place of business

2025

2024

Gubra Alpha ApS

H\u00f8rsholm, Denmark

100%

100%

Gubra Beta ApS

H\u00f8rsholm, Denmark

100%

100%

Gubra Green ApS

H\u00f8rsholm, Denmark

100%

100%

Gubra Holding GmbH

Basel, Switzerland

100%

-

Gubra Inc

Cambridge, USA

100%

100%

Minigut ApS (liquidated)

H\u00f8rsholm, Denmark

-

100%

The Group\u2019s principal subsidiaries at year end are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group.

The country of incorporation or registration is also their principal place of business. In 2025, MiniGut ApS was liquidated, and in 2024 the subsidiaries Gubra Alpha ApS and Gubra Beta ApS were established.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__86": { "value": "

Functional and presentation currency

Items included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).

The consolidated financial statements are presented in Danish Kroner (DKK), which is Gubra A/S\u2019 functional and presentation currency.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__87": { "value": "

Functional and presentation currency

Items included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).

The consolidated financial statements are presented in Danish Kroner (DKK), which is Gubra A/S\u2019 functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss.

Calculation of key figures and financial ratios

Gross margin is calculated as gross profit in percentage of revenue, and EBIT margin is calculated as EBIT in percentage of revenue. Adjusted EBIT margin is prepared similar to EBIT margin but with non-recurring items excluded from the calculation of EBIT. In addition, the CRO adjusted EBIT margin is prepared using EBIT for the CRO segment excluding non-recurring items and taking this as percentage of the CRO revenue. Average number of employees is calculated using the ATP method based on total payments for ATP during the year compared to ATP contribution per full-time employee.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__88": { "value": "

Other accounting areas

Other operating income

Other operating income comprise items of a secondary nature to the main activities of the Group, including government grants, gains and losses on the sale of intangible assets and property, plant and equipment (including sale-and-leaseback transactions).

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__89": { "value": "

Government grants

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__90": { "value": "

Government grants

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__91-1": { "value": "

Other receivables

Other receivables consist of government grants that will be received for which the Group will comply with any conditions attached to the grant.

Trade receivables

Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognised at fair value. They are subsequently measured at amortised cost less loss allowance. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__92-1": { "value": "

Other receivables

Other receivables consist of government grants that will be received for which the Group will comply with any conditions attached to the grant.

Trade receivables

Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognised at fair value. They are subsequently measured at amortised cost less loss allowance. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__93": { "value": "

Deferred income

Deferred income relates to received government grants.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__94": { "value": "

Other financial assets

Other financial assets relate to a receivable recorded in the balance sheet as a result of an unpaid amount related to a sale-and-leaseback transaction (refer to Note 15).

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__95-1": { "value": "

Impairment of assets

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

Note 12 Intangible assets

DKK\u2019000

Software

Development proj-ects in progress

Completed devel-opment projects

Total

Cost at 1 January 2024

250

3,618

11,350

15,218

Additions

-

6,828

-

6,828

Transfers

-

(4,822)

4,822

-

Cost at 31 December 2024

250

5,624

16,172

22,046

Accumulated depreciation and impairment at 1 January 2024

(250)

-

(3,280)

(3,530)

Depreciation for the period

-

-

(2,860)

(2,860)

Impairment

-

-

(417)

(417)

Accumulated depreciation and impairment at 31 December 2024

(250)

-

(6,557)

(6,807)

Carrying amount 31 December 2024

-

5,624

9,615

15,239

Cost at 1 January 2025

250

5,624

16,172

22,046

Additions

565

1,912

-

2,477

Disposals

-

-

(1,328)

(1,328)

Transfers

-

(7,536)

7,536

(0)

Cost at 31 December 2025

815

-

22,380

23,195

Accumulated depreciation and impairment at 1 January 2025

(250)

-

(6,557)

(6,807)

Depreciation for the period

(90)

-

(3,363)

(3,453)

Depreciation on disposed assets

-

-

283

283

Accumulated depreciation and impairment at 31 December 2025

(340)

-

(9,637)

(9,977)

Carrying amount 31 December 2025

475

-

12,743

13,218

The intangible assets held by the Group increased primarily because of an increase in development projects in progress.

Development projects

A fundamental and critical component of the Group\u2019s business model is to continuously develop new technological and innovative solutions. As part of this, the Group develops in-house technology systems and software that are utilised by the Group and its support service

offerings to customers (i.e. cost-reducing projects). Development costs that are directly attributable to the design and testing of identifiable of these solutions controlled by the Group are recognised as intangible assets where the criteria are met (see below).

The Group has incurred amortisation charges of DKK 3,363 thousands in 2025 (2024: DKK 2,860 thousands), which are included in research and development costs in the income statement.

ACCOUNTING POLICIES

Separately acquired licences are shown at historical cost. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The licenses are amortized over the license period, however not exceeding 5 years.

Research expenditure and development expenditure that do not meet the criteria for capitalization as development projects are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Development costs that are directly attributable to a project are capitalized where the following criteria are met:

it is technically feasible to complete the software so that it will be available for use

management intends to complete the software and use or sell it

there is an ability to use or sell the softwareit can be demonstrated how the software will generate probable future economic benefits

adequate technical, financial and other resources to complete the development and to use or sell

the software are available, and

the expenditure attributable to the software during its development can be reliably measured.

\"\"
\"\"

Directly attributable costs that are capitalised as part of the software development projects include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. The amortization period is 5 years.

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.

Judgements

Capitalization of development projects

Initial capitalisation of costs is based on Management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised, Management makes assumptions regarding the expected future cash generwation of the project and the expected period of benefits.

", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__96-1": { "value": "

Impairment of assets

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

ACCOUNTING POLICIES

Separately acquired licences are shown at historical cost. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The licenses are amortized over the license period, however not exceeding 5 years.

Research expenditure and development expenditure that do not meet the criteria for capitalization as development projects are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Development costs that are directly attributable to a project are capitalized where the following criteria are met:

it is technically feasible to complete the software so that it will be available for use

management intends to complete the software and use or sell it

there is an ability to use or sell the softwareit can be demonstrated how the software will generate probable future economic benefits

adequate technical, financial and other resources to complete the development and to use or sell

the software are available, and

the expenditure attributable to the software during its development can be reliably measured.

\"\"
\"\"

Directly attributable costs that are capitalised as part of the software development projects include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. The amortization period is 5 years.

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__97": { "value": "

Prepayments

Prepayments comprise prepaid expenses concerning the next financial year.

", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__98-1": { "value": "

Pensions

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

Note 6 Salaries and other remuneration

DKK\u2019000

2025

2024

Wages and salaries

187,117

156,722

Share-based payments*

10,810

6,588

Pension cost, defined contribution plans

24,096

20,033

Other social security costs

2,480

2,072

Total

224,503

185,415

Average number of employees

269

236

Salaries capitalized as R&D included above

1,170

6,828

* Refers to recognised costs but not paid-out remuneration for active share-based incentive programs.

Key management personnel compensation

Key management personnel consist of the Executive Management and the Board of Directors. The compensation paid or payables to key management personnel for employee services is shown below:

Executive Management:

DKK\u2019000

2025

2024

Wages and salaries including social security costs*

11,515

7,004

Share-based payments**

2,262

2,106

Pension cost, defined contribution plans

356

502

Total

14,133

9,612

* Compensation to the former CEO of DKK 3.5 million was included in 2025.

** Refers to recognised costs but not paid-out remuneration for active share-based incentive programs.

Board of Directors:

DKK\u2019000

2025

2024

Wages and salaries

3,169

2,668

Total

3,169

2,668

Total Executive Management and Board of Directors

17,302

12,281

Note 7 Share-based remuneration

Gubra has historically and in 2025 implemented incentive programs to provide long-term incentives for participants (Executive Management and full-time employees) to deliver long-term shareholder returns. The programs are important to retain the participants in the Group.

In 2025, Gubra implemented two long-term incentive programs for employees (\u201cLTIP 2025\u201d). One being a Restricted Stock Unit (RSU) program and the other being a warrants program. These two programs combined with the same type of programs that were implemented in 2023 and 2024 are the only outstanding share-based remuneration programs at 31 December 2025.

In 2025, the RSU program from 2023 became fully vested and shares were delivered to the participants.

In 2025, Gubra paid DKK 1 billion in extraordinary dividend corresponding to DKK 61.2 per share. According to terms of the incentive programs, participants in the programs shall be regulated for this. Holders of RSUs in LTIP 2024 were granted additional number of RSUs corresponding to an increase of 13% (equivalent to the value of the extraordinary dividend that holders of RSUs are not entitled to). For warrant holders in the LTIP program 2023 and 2024, the adjustment was made through a reduction of exercise price by DKK 61.20.

Below is a summary of share-based instruments granted under the incentive programs 2025.

DKK\u2019000

2025

2024

LTIP 2024

Restricted Stock Unit program (RSU) - number of RSUs grantedduring the year

-

5,227

Warrants program - number of warrants granted during the year

-

54,915

Grant date vaue (in DKK)

-

7,634

LTIP 2025

Restricted Stock Unit program (RSU) - number of RSUs grantedduring the year

11,044

-

Warrants program - number of warrants granted during the year

65,362

-

Grant date vaue (in DKK)

13,197

-

DKK\u2019000

2025

2024

LTIP 2023

Costs arising from share-based payment transactions

512

2,081

LTIP 2024

Costs arising from share-based payment transactions

2,470

3,987

LTIP 2025

Costs arising from share-based payment transactions

6,520

-

Gubra's outstanding share-based incentive programs and overall terms are summarised in the table below and subsequentlydescribed in further detail.

Type program

Grant date

No. of instruments

Vesting period

Value at grant

Costs recognised in 2025

Warrants 2023

1 June 2023

98,793

3 years

DKK 37.1/warrant

DKK 0.4 million

Restricted Stock Units (RSU) 2024

1 June 2024

5,227

2 years

DKK 328.0/RSU

DKK 0.5 million

Warrants 2024

1 June 2024

54,915

3 years

DKK 107.8/warrant

DKK 2.0 million

Restricted Stock Units (RSU) 2025

8 July 2025

11,044

2 years

DKK 430.2/RSU

DKK 2.8 million

Warrants 2025

8 July 2025

65,362

3 years

DKK 128.7/warrant

DKK 3.8 million

ACCOUNTING POLICIES (RSU)

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Since there is no exercise price for the RSUs, the value of each RSU equals the share price at grant date. In the table below on this page, value at grant and costs recognised in 2025 are presented for the programs.

Warrant program

The warrant programs are directed to employees with positions as Directors and upwards incl. Management members. The warrants are granted free of charge.

The warrants will vest over three years with 1/36 allocation per month and be exercisable for a two year period following full vesting. Each vested warrant entitles a right to acquire one new ordinary share at the exercise price. Grant, vesting and/or exercise of the warrants is not subject to achievement of performance targets, but conditional on continued employment during the vesting period (service condition).

Outstanding warrants in all programs correspond to 1% of the total share capital on a fully diluted basis.

\"\"
\"\"

ACCOUNTING POLICIES (Warrant)

\"\"
\"\"

Share price

The price per share uses the latest listed share price as at the valuation date of the warrant programs (closing price on the day preceeding the grant date).

Exercise price

The exercise price constitutes the volume weighted average share price of the Gubra\u2019s shares as quoted on Nasdaq Copenhagen A/S for the five trading days prior to the date of grant.

Estimated time of maturity

The warrants can be exercised between the end of the vesting period and the expiry of the warrants, which is five years after the grant date (two years after the last vesting date). This means that there does not exist a single fixed exercise date for the warrants. In line with common practise, it is assumed that the warrants are, on average, exercised

halfway through the two years where the warrants can be exercised (i.e. one year after ended vesting, or four years after grant).

Risk-free interest rate

The risk-free interest rate is based on the yield curve for Danish government bonds as per the valuation date with a time to maturity that corresponds to the expected time to maturity of the warrants. The risk-free rate is derived by interpolating the yield curve on two Danish government bonds, such that the risk-free rate matches the time to maturity, i.e. four years.

Volatility

As Gubra was listed in 2023 there is only short share price history to be able to use Gubra\u2019s own volatility for this parameter. Volatility has therefore been estimated using a benchmark volatility based on peers. The peers have been chosen by Management in Gubra.

Parameters in models

Value LTIP 2023

Value LTIP 2024

Value LTIP 2025

Value input

Gubra Judgement

Share price

DKK 98

DKK 328

DKK 430

Closing price on 31 May 2023 /31 May 2024/7 July 2025

No

Exercise price

DKK 98.6

DKK 324

DKK 442

Volume-weighted share price 5 trading days prior to grant

No

Time to maturity

4 years

4 years

4 years

Assumption on the time for exercise

Yes

Risk-free rate

2.6%

2.7%

2.1%

Risk free interest rate on Danish government bonds

No

Volatility

45%

36%

36%

Volatility on a group of chosen peer companies

Yes

Dividend

-

-

-

No dividend assumed

No

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Value at grant and costs recognised in 2025 for the warrants programs are presented in the table at the bottom of previous page. The warrants have been valued using the Black-Scholes option pricing model, which is a commonly used model for warrant pricing. The assumptions applied in the Black-Scholes valuation of the warrants are summarised in the below table and described in the subsequent sections.

Dividend

It is assumed that no dividends are paid until the warrants are exercised.

Outstanding incentive programs

RSU programs (no. of RSUs)

LTIP 2023

LTIP 2024

LTIP 2025

Total all programs

Opening balance at 1 January 2024

38,801

-

-

38,801

Number of RSUs granted

-

5,227

-

5,227

Number of forfeited RSUs

(1,535)

(365)

-

(1,900)

Closing balance at 31 December 2024

37,266

4,862

-

42,128

Opening balance at 1 January 2025

37,266

4,862

-

42,128

Number of RSUs granted

-

-

11,044

11,044

Number of RSU granted extra*

-

601

-

-

Number of delivered RSUs

(37,266)

-

-

-

Number of forfeited RSUs

-

(266)

(40)

(306)

Closing balance at 31 December 2025

-

5,197

11,004

52,866

Warrants programs (no. of warrants)

Opening balance at 1 January 2024

98,793

-

-

98,793

Number of warrants granted

-

54,915

-

54,915

of which Executive Management

-

19,536

-

19,536

Number of forfeited warrants

(12,921)

-

-

(12,921)

Closing balance at 31 December 2024

85,872

54,915

-

140,787

Opening balance at 1 January 2025

85,872

54,915

-

140,787

Number of warrants granted

-

-

65,362

65,362

of which Executive Management

-

-

17,571

17,571

Number of forfeited warrants

(1,495)

(7,742)

(10,799)

(20,036)

of which Executive Management

-

(3,060)

(6,820)

(9,880)

Closing balance at 31 December 2025

84,377

47,173

54,563

186,113

* In 2025, additional RSUs were granted as compensation for payment of extraordinary dividend.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__99": { "value": "

Pensions

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__100-1": { "value": "

Transaction costs related to equity issuance

Qualifying transaction costs incurred in connection with issuance of equity instruments are deducted from equity. Transaction costs incurred in anticipation of an issuance of equity instruments are recognised in the balance sheet. If the equity instruments are not subsequently issued, the transaction costs will be recognised as an expense. Where the

qualifying transaction costs relate to listing of existing and new shares, the part of the total transaction costs deducted from equity are based on management's estimate of the transaction costs' relevance for new shares compared to existing shares.

Note 19 Share capital

2025

2024

No./DKK

Number ofshares

Nominalvalue

Number ofshares

Nominalvalue

The share capital comprise:

Ordinary shares (fully paid)

16,349,703

16,349,703

16,349,703

16,349,703

During 2025 a total of 11,118 shares was acquired as treasury shares and a total of 37,288 shares was delivered as part of the incentive programmes. In 2024, a total of 1,297 shares was acquired as treasury shares.

All shares have a nominal value of DKK 1. All shares are fully paid. Each share carries one vote. No shares carry any special rights.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__101-1": { "value": "

Transaction costs related to equity issuance

Qualifying transaction costs incurred in connection with issuance of equity instruments are deducted from equity. Transaction costs incurred in anticipation of an issuance of equity instruments are recognised in the balance sheet. If the equity instruments are not subsequently issued, the transaction costs will be recognised as an expense. Where the

qualifying transaction costs relate to listing of existing and new shares, the part of the total transaction costs deducted from equity are based on management's estimate of the transaction costs' relevance for new shares compared to existing shares.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__102-1": { "value": "

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies.

Some areas involve a higher degree of judgement or complexity, and within those areas, some items are more likely to be materially adjusted due to estimates and assumptions being exposed to a larger degree of uncertainty.

The areas involving a higher degree of estimates or judgement that management considers significant to the presentation of the consolidated financial statements can be seen below:

Accounting estimates (note 4 - Revenue from contracts with customers)

+ Measurement of the value of customer contracts

+ Measurement of the value of contract assets

+ Measurement of the value of contract liabilities

Judgements

Recognition of revenue from contracts with customers (note 4 - Revenue from contracts with customers)

Capitalisation of development projects as intangible assets (note 12 - Intangible assets)

Detailed information about each of these estimates and judgements is included in the respective notes together with accounting policies and information about the basis of calculation for each affected line item in the financial statements.

Judgements and estimates

Measures of progress

The Group recognises revenue over time and in accordance with

the Group's progress towards complete satisfaction of the specific performance obligation.

The purpose of measuring progress towards satisfaction of a performance obligation is to recognise revenue in a pattern that reflects the transfer of control of the promised service to the customer. Because there are various methods for measuring progress, Management should carefully consider which method that best depicts the transfer of control of services and apply that method consistently to similar performance obligations and in similar circumstances.

Depending on the nature of the contract, Management applies either a cost-to-cost, hours relative to total hours, or a straight-line method when measuring progress.

At the end of each reporting period, the Group remeasures its progress towards complete satisfaction of a performance obligation.

Partnership programs

Evaluating the criteria for revenue recognition in relation to the partner programmes requires the following from Management:

An assessment of whether the contract is for the sale of services that are an output of the Group\u2019s ordinary activities (i.e. whether the contract is included in the scope of IFRS 15).

An assessment of the nature of performance obligations and whether they are distinct or should be combined with other perfor-mance obligations. An assessment of whether the achievement of milestone payments is highly probable.

Currently, the Group\u2019s counterparties for all partnership contracts are considered customers.

Judgements

Capitalization of development projects

Initial capitalisation of costs is based on Management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised, Management makes assumptions regarding the expected future cash generwation of the project and the expected period of benefits.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__103": { "value": "

Note 3 Segment information

The Group\u2019s strategic steering committee, consisting of the chief executive officer and the chief financial officer, examines the Group\u2019s performance both from a product and geographic perspective and has identified three reportable segments of its business.

The steering committee is the Chief Operating Decision Maker (the \"CODM\") and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. The steering committee primarily uses a measure of earnings before interest and tax (EBIT) before non-recurring items to assess the performance of the operating segments. Except from Group Management fees, there are no transactions between the segments. Business areas are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.

Non-recurring items are disclosed separately in the segment information where it is necessary to do so to provide further understanding of the financial performance of the Group. They are material items of income or expense that have been shown separately due to the significance of their nature or amount. For 2025, non-recurring items encompass transaction costs in connection with the AbbVie-deal and layoff costs for former CEO. For 2024, non-recurring items included build-up costs related to tech projects as well as layoff costs.

The Group is domiciled in Denmark. The amount of its revenue from external customers, broken down by geographical region of the customers is disclosed in note 4.

In 2025, revenue from a single external customer amounted to

DKK 2,419.4 million equivalent to 92% of the Group\u2019s total revenue (2024: 16% from a single external customer). The revenue is reported in the Biotech segment and originated from upfront payment from AbbVie as part of an out-licensing agreement. Gubra has no more obligations related to this agreement. All non-current assets are placed in Denmark.

Preclinical contract research (CRO)

The CRO Segment comprises preclinical contract research and development services within metabolic and fibrotic diseases to customers in the pharmaceutical and biotechnology industry (business areas).

CRO revenue consists of Study-by-study (SBS) contracts and Flexible Research Hours (FRH). In 2025 FRH-contracts contributed a total DKK 27.9 million to CRO-revenue (2024: DKK 25.7 million).

Biotech

The Biotech Segment comprises a portfolio strategy with an aim to generate revenue through early partnering of the Company's potential drug candidates in the form of upfront payments, research payments, milestone payments and royalties (business area).

Gubra Green

The Gubra Green Segment comprises investments targeting assets promoting the green transition made through Gubra Green ApS.

DKK\u2019000

CRO

Biotech

Gubra Green

Total

2025

Revenue (external)

192,518

2,444,293

0

2,636,811

Cost of sales

(68,167)

(11,915)

-

(80,082)

Gross profit

124,351

2,432,378

-

2,556,729

Gross margin

65%

100%

-

97%

Selling, general and administrative costs

(76,603)

(90,909)

(971)

(168,483)

Research and development costs

(21,357)

(217,492)

-

(238,849)

Other operating income

238

235

234

707

EBIT excl. non-recurring items

28,411

2,193,045

(737)

2,220,719

EBIT margin excl. non-recurring items

15%

90%

-

84%

Non-recurring items (AbbVie transaction costs and layoff costs)

(1,782)

(68,833)

-

(70,615)

EBIT incl. non-recurring items

26,629

2,124,212

(737)

2,150,104

DKK\u2019000

CRO

Biotech

Gubra Green

Total

2024

Revenue (external)

220,218

45,523

-

265,741

Cost of sales

(85,526)

(15,715)

-

(101,241)

Gross profit

134,692

29,808

-

164,500

Gross margin

61%

65%

-

62%

Selling, general and administrative costs

(52,531)

(48,511)

(475)

(101,517)

Research and development costs

(19,845)

(93,146)

-

(112,991)

Other operating income

(119)

(90)

206

(3)

EBIT excl. non-recurring items

66,538

(108,643)

(269)

(42,374)

EBIT margin excl. non-recurring items

30%

(239%)

-

(16%)

Non-recurring items (tech build-up costs and layoff costs)

(4,341)

(3,296)

-

(7,637)

EBIT incl. non-recurring items

62,197

(111,939)

(269)

(50,011)

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__104": { "value": "

Note 4 Revenue from contracts with customers

The following tables disaggregates the Group's revenue into geographical regions. The revenue is further disaggregated into the following research service categories: preclinical contract research (CRO Segment) services and partnership programs (Biotech Segment).

In the year ending 31 December 2025, Denmark, being the domicile country, contributed to the total revenue with DKK 37 million (2024: DKK 43 million).

For 2025, US was the only single country contributing to more than 20% of the total revenue with DKK 2,511 million (2024: DKK 101 million). In 2024, Germany too, contributed to more than 20% of the total revenue with DKK 49 million.

In April 2025, Gubra closed and entered into an agreement with AbbVie on long-acting amylin analog for the treatment of obesity that was in Phase 1 clinical trial.

The agreement gave AbbVie license to the full rights to the development and commercialization of the compound globally. Hence Gubra received a payment of DKK 2.4 billion (USD 350 million), which was recognized as revenue at a point in time upon transfer of control of the licensed anti-obesity program. The agreement includes potential development milestones and commercialisation milestones of USD 1,875 million as well as royalty income on future sales.

DKK\u2019000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Europe

North America

Other

Total

2025

\u00a0

\u00a0

\u00a0

\u00a0

Biotech Segment

9,766

2,434,527

-

2,444,293

CRO Segment

104,435

77,142

10,941

192,518

Total segment revenue

114,201

2,511,669

10,941

2,636,811

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

DKK\u2019000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Europe

North America

Other

Total

2024

\u00a0

\u00a0

\u00a0

\u00a0

Biotech Segment

45,523

-

-

45,523

CRO Segment

112,108

101,204

6,906

220,218

Total segment revenue

157,631

101,204

6,906

265,741

Assets and liabilities related to contracts with customers

The Group has recognised the following assets and liabilities related to contracts with customers:

DKK\u2019000

2025

2024

Assets

Contract work in progress

6,938

11,175

Liabilities

Contract Liabilities

20,691

28,198

Significant changes in assets and liabilities related to contracts with customers

Contract work in progress has increased as the Group has provided more services ahead of the agreed payment schedules.

Contract liabilities have increased as revenue related to upfront payments from partnership contracts have not been recognized in the income statement yet.

Revenue recognised in relation to contract liabilities

The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward contract liabilities:

DKK\u2019000

2025

2024

Revenue recognised that was included in contract liabilitiesat the beginning of the period

28,198

40,573

Unsatisfied contracts

The following table shows unsatisfied performance obligations resulting from long-term contracts in the Biotech Segment:

DKK\u2019000

2025

2024

Aggregate amount of the transaction price allocated to long-term Biotech contracts that are partially or fully unsatisfied as at 31 December

2,734

10,846

The amount disclosed for unsatisfied contracts does not include variable consideration which is constrained (e.g. milestone payments).

Management expects that the transaction price allocated to unsatisfied performance obligations as of 31 December 2025 will be recognised as revenue in 2026.

ACCOUNTING POLICIES

The Group provides research services to the biotech and pharma industry with proprietary research and collaboration programmes.

Revenue is recognised when customers obtain control of promised goods or services, in an amount that reflects the consideration that the Group expects to receive in exchange for those goods or services.

For the purposes of recognising revenue, the Group distinguishes between study-by-study arrangements, flexible research hours arrangements (jointly, CRO Segment) and partner programmes (Biotech Segment).

Study-by-study

Study-by-study contracts are for preclinical studies in a wide variety of rodent models, which can be adapted according to the specific scientific question in focus.

Study-by-study contracts comprise a single performance obligation (i.e. research services). The transaction price is fixed and does not include any forms of variable consideration.

The consideration is received in accordance with a payment schedule. Usually 50% of the transaction price is received at contract inception. The contracts have a credit term of 30 days.

Revenue is recognised over time based on an input method of cost incurred relative to the total expected cost of the study (i.e. cost to cost). Management considers this measure of progress to be most representative of the services performed, as the effort is consistent with the related costs incurred.

\"\"
\"\"

Flexible research hours

Under contracts for flexible research hours, the Group provides a fixed number of research hours at a fixed price.

Contracts for flexible research hours comprise a single performance obligation (i.e. a fixed number of research hours). The transaction price is fixed and does not include any forms of variable consideration.

Payments are received on a monthly basis.

Revenue is recognised over time based on the number of hours delivered relative to the total number of hours to be delivered. Management has determined that this method most appropriately depicts the Group\u2019s performance as all work in process for which control has transferred to the customer would be captured in this measure of progress.

Partnership programs

Under partnership program contracts, the Group enters into an arrangement with a counterparty to identify and perform discovery activities and identify compounds. Under the contracts, the Group will perform research activities.

Partnership programs comprise a single performance obligation (i.e. research services). The Group receives as consideration a fixed non-refundable upfront fee, research payments, milestone payments, as well as sales-based royalties, if the compounds are commercialized. The contracts have a credit term of 30 days.

The consideration related to the non-refundable upfront fee is received at contract inception and recognised at a point in time. The consideration related to the milestone payments are received after the respective milestone is triggered through e.g. progression of the compound through development phases.

For most partnership contracts, revenue is recognized over time over the contract period on a straight-line basis as the Group's performance during the contract period is equivalent month to month.

Management has determined that this method of measuring progress is the most representative of the services performed, as the Group\u2019s effort is linear throughout the contract period. This is because a fixed number of employees will work full time on the project throughout the contract term.

At contract inception, all milestone payments are constrained due to the high degree of uncertainty. Once the uncertainty related to a milestone payment is resolved, revenue is recognised on a cumulative catch-up basis. The amount related to the unsatisfied portion of the performance obligation is recognised as that portion is satisfied over the remaining contract term.

Revenue related to the sales-based royalties is recognised as revenue when the subsequent sales occur.

Contract balances

Contract work in progress

Contract work in progress is the Group's right to consideration in exchange for services that the Group has transferred to the customer. A contract asset becomes a receivable when the Group's right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due.

Contract liabilities

Contract liabilities are recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e. transfers control of the related services to the customer).

Judgements and estimates

Measures of progress

The Group recognises revenue over time and in accordance with

the Group's progress towards complete satisfaction of the specific performance obligation.

The purpose of measuring progress towards satisfaction of a performance obligation is to recognise revenue in a pattern that reflects the transfer of control of the promised service to the customer. Because there are various methods for measuring progress, Management should carefully consider which method that best depicts the transfer of control of services and apply that method consistently to similar performance obligations and in similar circumstances.

Depending on the nature of the contract, Management applies either a cost-to-cost, hours relative to total hours, or a straight-line method when measuring progress.

At the end of each reporting period, the Group remeasures its progress towards complete satisfaction of a performance obligation.

Partnership programs

Evaluating the criteria for revenue recognition in relation to the partner programmes requires the following from Management:

An assessment of whether the contract is for the sale of services that are an output of the Group\u2019s ordinary activities (i.e. whether the contract is included in the scope of IFRS 15).

An assessment of the nature of performance obligations and whether they are distinct or should be combined with other perfor-mance obligations. An assessment of whether the achievement of milestone payments is highly probable.

Currently, the Group\u2019s counterparties for all partnership contracts are considered customers.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__105": { "value": "

Note 4 Revenue from contracts with customers

The following tables disaggregates the Group's revenue into geographical regions. The revenue is further disaggregated into the following research service categories: preclinical contract research (CRO Segment) services and partnership programs (Biotech Segment).

In the year ending 31 December 2025, Denmark, being the domicile country, contributed to the total revenue with DKK 37 million (2024: DKK 43 million).

For 2025, US was the only single country contributing to more than 20% of the total revenue with DKK 2,511 million (2024: DKK 101 million). In 2024, Germany too, contributed to more than 20% of the total revenue with DKK 49 million.

In April 2025, Gubra closed and entered into an agreement with AbbVie on long-acting amylin analog for the treatment of obesity that was in Phase 1 clinical trial.

The agreement gave AbbVie license to the full rights to the development and commercialization of the compound globally. Hence Gubra received a payment of DKK 2.4 billion (USD 350 million), which was recognized as revenue at a point in time upon transfer of control of the licensed anti-obesity program. The agreement includes potential development milestones and commercialisation milestones of USD 1,875 million as well as royalty income on future sales.

DKK\u2019000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Europe

North America

Other

Total

2025

\u00a0

\u00a0

\u00a0

\u00a0

Biotech Segment

9,766

2,434,527

-

2,444,293

CRO Segment

104,435

77,142

10,941

192,518

Total segment revenue

114,201

2,511,669

10,941

2,636,811

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

DKK\u2019000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Europe

North America

Other

Total

2024

\u00a0

\u00a0

\u00a0

\u00a0

Biotech Segment

45,523

-

-

45,523

CRO Segment

112,108

101,204

6,906

220,218

Total segment revenue

157,631

101,204

6,906

265,741

Assets and liabilities related to contracts with customers

The Group has recognised the following assets and liabilities related to contracts with customers:

DKK\u2019000

2025

2024

Assets

Contract work in progress

6,938

11,175

Liabilities

Contract Liabilities

20,691

28,198

Significant changes in assets and liabilities related to contracts with customers

Contract work in progress has increased as the Group has provided more services ahead of the agreed payment schedules.

Contract liabilities have increased as revenue related to upfront payments from partnership contracts have not been recognized in the income statement yet.

Revenue recognised in relation to contract liabilities

The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward contract liabilities:

DKK\u2019000

2025

2024

Revenue recognised that was included in contract liabilitiesat the beginning of the period

28,198

40,573

Unsatisfied contracts

The following table shows unsatisfied performance obligations resulting from long-term contracts in the Biotech Segment:

DKK\u2019000

2025

2024

Aggregate amount of the transaction price allocated to long-term Biotech contracts that are partially or fully unsatisfied as at 31 December

2,734

10,846

The amount disclosed for unsatisfied contracts does not include variable consideration which is constrained (e.g. milestone payments).

Management expects that the transaction price allocated to unsatisfied performance obligations as of 31 December 2025 will be recognised as revenue in 2026.

ACCOUNTING POLICIES

The Group provides research services to the biotech and pharma industry with proprietary research and collaboration programmes.

Revenue is recognised when customers obtain control of promised goods or services, in an amount that reflects the consideration that the Group expects to receive in exchange for those goods or services.

For the purposes of recognising revenue, the Group distinguishes between study-by-study arrangements, flexible research hours arrangements (jointly, CRO Segment) and partner programmes (Biotech Segment).

Study-by-study

Study-by-study contracts are for preclinical studies in a wide variety of rodent models, which can be adapted according to the specific scientific question in focus.

Study-by-study contracts comprise a single performance obligation (i.e. research services). The transaction price is fixed and does not include any forms of variable consideration.

The consideration is received in accordance with a payment schedule. Usually 50% of the transaction price is received at contract inception. The contracts have a credit term of 30 days.

Revenue is recognised over time based on an input method of cost incurred relative to the total expected cost of the study (i.e. cost to cost). Management considers this measure of progress to be most representative of the services performed, as the effort is consistent with the related costs incurred.

\"\"
\"\"

Flexible research hours

Under contracts for flexible research hours, the Group provides a fixed number of research hours at a fixed price.

Contracts for flexible research hours comprise a single performance obligation (i.e. a fixed number of research hours). The transaction price is fixed and does not include any forms of variable consideration.

Payments are received on a monthly basis.

Revenue is recognised over time based on the number of hours delivered relative to the total number of hours to be delivered. Management has determined that this method most appropriately depicts the Group\u2019s performance as all work in process for which control has transferred to the customer would be captured in this measure of progress.

Partnership programs

Under partnership program contracts, the Group enters into an arrangement with a counterparty to identify and perform discovery activities and identify compounds. Under the contracts, the Group will perform research activities.

Partnership programs comprise a single performance obligation (i.e. research services). The Group receives as consideration a fixed non-refundable upfront fee, research payments, milestone payments, as well as sales-based royalties, if the compounds are commercialized. The contracts have a credit term of 30 days.

The consideration related to the non-refundable upfront fee is received at contract inception and recognised at a point in time. The consideration related to the milestone payments are received after the respective milestone is triggered through e.g. progression of the compound through development phases.

For most partnership contracts, revenue is recognized over time over the contract period on a straight-line basis as the Group's performance during the contract period is equivalent month to month.

Management has determined that this method of measuring progress is the most representative of the services performed, as the Group\u2019s effort is linear throughout the contract period. This is because a fixed number of employees will work full time on the project throughout the contract term.

At contract inception, all milestone payments are constrained due to the high degree of uncertainty. Once the uncertainty related to a milestone payment is resolved, revenue is recognised on a cumulative catch-up basis. The amount related to the unsatisfied portion of the performance obligation is recognised as that portion is satisfied over the remaining contract term.

Revenue related to the sales-based royalties is recognised as revenue when the subsequent sales occur.

Contract balances

Contract work in progress

Contract work in progress is the Group's right to consideration in exchange for services that the Group has transferred to the customer. A contract asset becomes a receivable when the Group's right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due.

Contract liabilities

Contract liabilities are recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e. transfers control of the related services to the customer).

Judgements and estimates

Measures of progress

The Group recognises revenue over time and in accordance with

the Group's progress towards complete satisfaction of the specific performance obligation.

The purpose of measuring progress towards satisfaction of a performance obligation is to recognise revenue in a pattern that reflects the transfer of control of the promised service to the customer. Because there are various methods for measuring progress, Management should carefully consider which method that best depicts the transfer of control of services and apply that method consistently to similar performance obligations and in similar circumstances.

Depending on the nature of the contract, Management applies either a cost-to-cost, hours relative to total hours, or a straight-line method when measuring progress.

At the end of each reporting period, the Group remeasures its progress towards complete satisfaction of a performance obligation.

Partnership programs

Evaluating the criteria for revenue recognition in relation to the partner programmes requires the following from Management:

An assessment of whether the contract is for the sale of services that are an output of the Group\u2019s ordinary activities (i.e. whether the contract is included in the scope of IFRS 15).

An assessment of the nature of performance obligations and whether they are distinct or should be combined with other perfor-mance obligations. An assessment of whether the achievement of milestone payments is highly probable.

Currently, the Group\u2019s counterparties for all partnership contracts are considered customers.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__107": { "value": "ACCOUNTING POLICIES

The Group provides research services to the biotech and pharma industry with proprietary research and collaboration programmes.

Revenue is recognised when customers obtain control of promised goods or services, in an amount that reflects the consideration that the Group expects to receive in exchange for those goods or services.

For the purposes of recognising revenue, the Group distinguishes between study-by-study arrangements, flexible research hours arrangements (jointly, CRO Segment) and partner programmes (Biotech Segment).

Study-by-study

Study-by-study contracts are for preclinical studies in a wide variety of rodent models, which can be adapted according to the specific scientific question in focus.

Study-by-study contracts comprise a single performance obligation (i.e. research services). The transaction price is fixed and does not include any forms of variable consideration.

The consideration is received in accordance with a payment schedule. Usually 50% of the transaction price is received at contract inception. The contracts have a credit term of 30 days.

Revenue is recognised over time based on an input method of cost incurred relative to the total expected cost of the study (i.e. cost to cost). Management considers this measure of progress to be most representative of the services performed, as the effort is consistent with the related costs incurred.

Flexible research hours

Under contracts for flexible research hours, the Group provides a fixed number of research hours at a fixed price.

Contracts for flexible research hours comprise a single performance obligation (i.e. a fixed number of research hours). The transaction price is fixed and does not include any forms of variable consideration.

Payments are received on a monthly basis.

Revenue is recognised over time based on the number of hours delivered relative to the total number of hours to be delivered. Management has determined that this method most appropriately depicts the Group\u2019s performance as all work in process for which control has transferred to the customer would be captured in this measure of progress.

Partnership programs

Under partnership program contracts, the Group enters into an arrangement with a counterparty to identify and perform discovery activities and identify compounds. Under the contracts, the Group will perform research activities.

Partnership programs comprise a single performance obligation (i.e. research services). The Group receives as consideration a fixed non-refundable upfront fee, research payments, milestone payments, as well as sales-based royalties, if the compounds are commercialized. The contracts have a credit term of 30 days.

The consideration related to the non-refundable upfront fee is received at contract inception and recognised at a point in time. The consideration related to the milestone payments are received after the respective milestone is triggered through e.g. progression of the compound through development phases.

For most partnership contracts, revenue is recognized over time over the contract period on a straight-line basis as the Group's performance during the contract period is equivalent month to month.

Management has determined that this method of measuring progress is the most representative of the services performed, as the Group\u2019s effort is linear throughout the contract period. This is because a fixed number of employees will work full time on the project throughout the contract term.

At contract inception, all milestone payments are constrained due to the high degree of uncertainty. Once the uncertainty related to a milestone payment is resolved, revenue is recognised on a cumulative catch-up basis. The amount related to the unsatisfied portion of the performance obligation is recognised as that portion is satisfied over the remaining contract term.

Revenue related to the sales-based royalties is recognised as revenue when the subsequent sales occur.

Contract balances

Contract work in progress

Contract work in progress is the Group's right to consideration in exchange for services that the Group has transferred to the customer. A contract asset becomes a receivable when the Group's right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due.

Contract liabilities

Contract liabilities are recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e. transfers control of the related services to the customer).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__108": { "value": "ACCOUNTING POLICIES

The Group provides research services to the biotech and pharma industry with proprietary research and collaboration programmes.

Revenue is recognised when customers obtain control of promised goods or services, in an amount that reflects the consideration that the Group expects to receive in exchange for those goods or services.

For the purposes of recognising revenue, the Group distinguishes between study-by-study arrangements, flexible research hours arrangements (jointly, CRO Segment) and partner programmes (Biotech Segment).

Study-by-study

Study-by-study contracts are for preclinical studies in a wide variety of rodent models, which can be adapted according to the specific scientific question in focus.

Study-by-study contracts comprise a single performance obligation (i.e. research services). The transaction price is fixed and does not include any forms of variable consideration.

The consideration is received in accordance with a payment schedule. Usually 50% of the transaction price is received at contract inception. The contracts have a credit term of 30 days.

Revenue is recognised over time based on an input method of cost incurred relative to the total expected cost of the study (i.e. cost to cost). Management considers this measure of progress to be most representative of the services performed, as the effort is consistent with the related costs incurred.

Flexible research hours

Under contracts for flexible research hours, the Group provides a fixed number of research hours at a fixed price.

Contracts for flexible research hours comprise a single performance obligation (i.e. a fixed number of research hours). The transaction price is fixed and does not include any forms of variable consideration.

Payments are received on a monthly basis.

Revenue is recognised over time based on the number of hours delivered relative to the total number of hours to be delivered. Management has determined that this method most appropriately depicts the Group\u2019s performance as all work in process for which control has transferred to the customer would be captured in this measure of progress.

Partnership programs

Under partnership program contracts, the Group enters into an arrangement with a counterparty to identify and perform discovery activities and identify compounds. Under the contracts, the Group will perform research activities.

Partnership programs comprise a single performance obligation (i.e. research services). The Group receives as consideration a fixed non-refundable upfront fee, research payments, milestone payments, as well as sales-based royalties, if the compounds are commercialized. The contracts have a credit term of 30 days.

The consideration related to the non-refundable upfront fee is received at contract inception and recognised at a point in time. The consideration related to the milestone payments are received after the respective milestone is triggered through e.g. progression of the compound through development phases.

For most partnership contracts, revenue is recognized over time over the contract period on a straight-line basis as the Group's performance during the contract period is equivalent month to month.

Management has determined that this method of measuring progress is the most representative of the services performed, as the Group\u2019s effort is linear throughout the contract period. This is because a fixed number of employees will work full time on the project throughout the contract term.

At contract inception, all milestone payments are constrained due to the high degree of uncertainty. Once the uncertainty related to a milestone payment is resolved, revenue is recognised on a cumulative catch-up basis. The amount related to the unsatisfied portion of the performance obligation is recognised as that portion is satisfied over the remaining contract term.

Revenue related to the sales-based royalties is recognised as revenue when the subsequent sales occur.

Contract balances

Contract work in progress

Contract work in progress is the Group's right to consideration in exchange for services that the Group has transferred to the customer. A contract asset becomes a receivable when the Group's right to consideration is unconditional, which is the case when only the passage of time is required before payment of the consideration is due.

Contract liabilities

Contract liabilities are recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e. transfers control of the related services to the customer).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__110-1": { "value": "

Note 5 Breakdown of costs by nature

The following table breaks down costs by nature:

DKK\u2019000

2025

2024

Staff costs

224,820

180,532

Depreciation amortisation and impairments

17,121

15,755

Other operating expenses

245,473

119,462

Total

487,414

315,749

Included in cost of sales:

Staff costs

55,962

70,692

Depreciation amortisation and impairments

6,133

5,919

Other operating expenses

17,987

24,630

Total

80,082

101,241

Included in selling, general and administrative costs:

Staff costs

104,833

62,049

Depreciation amortisation and impairments

395

517

Other operating expenses

63,255

38,951

Total

168,483

101,517

Included in research and development costs:

Staff costs

64,025

47,791

Depreciation amortisation and impairments

10,593

9,319

Other operating expenses

164,231

55,881

Total

238,849

112,991

Other operating expenses under cost of sales comprise mate-rials directly associated with revenue generating projects and raw materials and consumables, such as mice, diets, chemicals, etc., that are consumed in the provision of the services.

Other operating expenses under selling, general and administrative costs comprise primarily costs related to conferences, campaigns, advertising and travel costs as well as costs related to facilities, human resources, information

technology, procurement and logistics and other administrative functions and costs related to accounting and legal services.

Other operating expenses under research and development comprise primarily research and development consumables as well as external research and development costs as part of the Group's research and development for clinical activities are performed by third-party laboratories, medical centres or clinical research outsourcing partners.

ACCOUNTING POLICIES

Cost of sales

Cost of sales include costs directly associated with fulfilling performance obligations. Cost of sales include direct materials, direct labour (including share-based payments), all direct over-heads, including depreciation and impairment of property, plant and equipment, and indirect overheads that can reasonably be allocated to the production function.

Selling, general and administrative costs

Selling, general and administrative costs comprise expenses incurred for the Group\u2019s administrative functions, marketing costs, travel, wages and salaries and share-based payments for staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses for property, plant and equipment used for administration of the Group.

Research and development costs

Research and development costs comprise research costs, costs of development projects not qualifying for recognition in the balance sheet, wages and salaries and share-based payments for research and development staff, and amortisation and impairment losses relating to development projects.

\"\"
\"\"

Note 8 Depreciation and amortisation

DKK\u2019000

2025

2024

Depreciation and amortisation

Depreciation of property, plant and equipment

13,502

12,478

Amortisation of intangible assets

3,620

3,277

Total

17,122

15,755

ACCOUNTING POLICIES

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets (see note 12 , 13 and 14).

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__111": { "value": "

Note 5 Breakdown of costs by nature

The following table breaks down costs by nature:

DKK\u2019000

2025

2024

Staff costs

224,820

180,532

Depreciation amortisation and impairments

17,121

15,755

Other operating expenses

245,473

119,462

Total

487,414

315,749

Included in cost of sales:

Staff costs

55,962

70,692

Depreciation amortisation and impairments

6,133

5,919

Other operating expenses

17,987

24,630

Total

80,082

101,241

Included in selling, general and administrative costs:

Staff costs

104,833

62,049

Depreciation amortisation and impairments

395

517

Other operating expenses

63,255

38,951

Total

168,483

101,517

Included in research and development costs:

Staff costs

64,025

47,791

Depreciation amortisation and impairments

10,593

9,319

Other operating expenses

164,231

55,881

Total

238,849

112,991

Other operating expenses under cost of sales comprise mate-rials directly associated with revenue generating projects and raw materials and consumables, such as mice, diets, chemicals, etc., that are consumed in the provision of the services.

Other operating expenses under selling, general and administrative costs comprise primarily costs related to conferences, campaigns, advertising and travel costs as well as costs related to facilities, human resources, information

technology, procurement and logistics and other administrative functions and costs related to accounting and legal services.

Other operating expenses under research and development comprise primarily research and development consumables as well as external research and development costs as part of the Group's research and development for clinical activities are performed by third-party laboratories, medical centres or clinical research outsourcing partners.

ACCOUNTING POLICIES

Cost of sales

Cost of sales include costs directly associated with fulfilling performance obligations. Cost of sales include direct materials, direct labour (including share-based payments), all direct over-heads, including depreciation and impairment of property, plant and equipment, and indirect overheads that can reasonably be allocated to the production function.

Selling, general and administrative costs

Selling, general and administrative costs comprise expenses incurred for the Group\u2019s administrative functions, marketing costs, travel, wages and salaries and share-based payments for staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses for property, plant and equipment used for administration of the Group.

Research and development costs

Research and development costs comprise research costs, costs of development projects not qualifying for recognition in the balance sheet, wages and salaries and share-based payments for research and development staff, and amortisation and impairment losses relating to development projects.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__112-1": { "value": "

Note 5 Breakdown of costs by nature

The following table breaks down costs by nature:

DKK\u2019000

2025

2024

Staff costs

224,820

180,532

Depreciation amortisation and impairments

17,121

15,755

Other operating expenses

245,473

119,462

Total

487,414

315,749

Included in cost of sales:

Staff costs

55,962

70,692

Depreciation amortisation and impairments

6,133

5,919

Other operating expenses

17,987

24,630

Total

80,082

101,241

Included in selling, general and administrative costs:

Staff costs

104,833

62,049

Depreciation amortisation and impairments

395

517

Other operating expenses

63,255

38,951

Total

168,483

101,517

Included in research and development costs:

Staff costs

64,025

47,791

Depreciation amortisation and impairments

10,593

9,319

Other operating expenses

164,231

55,881

Total

238,849

112,991

Other operating expenses under cost of sales comprise mate-rials directly associated with revenue generating projects and raw materials and consumables, such as mice, diets, chemicals, etc., that are consumed in the provision of the services.

Other operating expenses under selling, general and administrative costs comprise primarily costs related to conferences, campaigns, advertising and travel costs as well as costs related to facilities, human resources, information

technology, procurement and logistics and other administrative functions and costs related to accounting and legal services.

Other operating expenses under research and development comprise primarily research and development consumables as well as external research and development costs as part of the Group's research and development for clinical activities are performed by third-party laboratories, medical centres or clinical research outsourcing partners.

ACCOUNTING POLICIES

Cost of sales

Cost of sales include costs directly associated with fulfilling performance obligations. Cost of sales include direct materials, direct labour (including share-based payments), all direct over-heads, including depreciation and impairment of property, plant and equipment, and indirect overheads that can reasonably be allocated to the production function.

Selling, general and administrative costs

Selling, general and administrative costs comprise expenses incurred for the Group\u2019s administrative functions, marketing costs, travel, wages and salaries and share-based payments for staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses for property, plant and equipment used for administration of the Group.

Research and development costs

Research and development costs comprise research costs, costs of development projects not qualifying for recognition in the balance sheet, wages and salaries and share-based payments for research and development staff, and amortisation and impairment losses relating to development projects.

\"\"
\"\"

Note 6 Salaries and other remuneration

DKK\u2019000

2025

2024

Wages and salaries

187,117

156,722

Share-based payments*

10,810

6,588

Pension cost, defined contribution plans

24,096

20,033

Other social security costs

2,480

2,072

Total

224,503

185,415

Average number of employees

269

236

Salaries capitalized as R&D included above

1,170

6,828

* Refers to recognised costs but not paid-out remuneration for active share-based incentive programs.

Key management personnel compensation

Key management personnel consist of the Executive Management and the Board of Directors. The compensation paid or payables to key management personnel for employee services is shown below:

Executive Management:

DKK\u2019000

2025

2024

Wages and salaries including social security costs*

11,515

7,004

Share-based payments**

2,262

2,106

Pension cost, defined contribution plans

356

502

Total

14,133

9,612

* Compensation to the former CEO of DKK 3.5 million was included in 2025.

** Refers to recognised costs but not paid-out remuneration for active share-based incentive programs.

Board of Directors:

DKK\u2019000

2025

2024

Wages and salaries

3,169

2,668

Total

3,169

2,668

Total Executive Management and Board of Directors

17,302

12,281

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__113": { "value": "

Note 5 Breakdown of costs by nature

The following table breaks down costs by nature:

DKK\u2019000

2025

2024

Staff costs

224,820

180,532

Depreciation amortisation and impairments

17,121

15,755

Other operating expenses

245,473

119,462

Total

487,414

315,749

Included in cost of sales:

Staff costs

55,962

70,692

Depreciation amortisation and impairments

6,133

5,919

Other operating expenses

17,987

24,630

Total

80,082

101,241

Included in selling, general and administrative costs:

Staff costs

104,833

62,049

Depreciation amortisation and impairments

395

517

Other operating expenses

63,255

38,951

Total

168,483

101,517

Included in research and development costs:

Staff costs

64,025

47,791

Depreciation amortisation and impairments

10,593

9,319

Other operating expenses

164,231

55,881

Total

238,849

112,991

Other operating expenses under cost of sales comprise mate-rials directly associated with revenue generating projects and raw materials and consumables, such as mice, diets, chemicals, etc., that are consumed in the provision of the services.

Other operating expenses under selling, general and administrative costs comprise primarily costs related to conferences, campaigns, advertising and travel costs as well as costs related to facilities, human resources, information

technology, procurement and logistics and other administrative functions and costs related to accounting and legal services.

Other operating expenses under research and development comprise primarily research and development consumables as well as external research and development costs as part of the Group's research and development for clinical activities are performed by third-party laboratories, medical centres or clinical research outsourcing partners.

ACCOUNTING POLICIES

Cost of sales

Cost of sales include costs directly associated with fulfilling performance obligations. Cost of sales include direct materials, direct labour (including share-based payments), all direct over-heads, including depreciation and impairment of property, plant and equipment, and indirect overheads that can reasonably be allocated to the production function.

Selling, general and administrative costs

Selling, general and administrative costs comprise expenses incurred for the Group\u2019s administrative functions, marketing costs, travel, wages and salaries and share-based payments for staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses for property, plant and equipment used for administration of the Group.

Research and development costs

Research and development costs comprise research costs, costs of development projects not qualifying for recognition in the balance sheet, wages and salaries and share-based payments for research and development staff, and amortisation and impairment losses relating to development projects.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__114-1": { "value": "

Included in cost of sales:

Staff costs

55,962

70,692

Depreciation amortisation and impairments

6,133

5,919

Other operating expenses

17,987

24,630

Total

80,082

101,241

Cost of sales

Cost of sales include costs directly associated with fulfilling performance obligations. Cost of sales include direct materials, direct labour (including share-based payments), all direct over-heads, including depreciation and impairment of property, plant and equipment, and indirect overheads that can reasonably be allocated to the production function.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__115-1": { "value": "

Included in selling, general and administrative costs:

Staff costs

104,833

62,049

Depreciation amortisation and impairments

395

517

Other operating expenses

63,255

38,951

Total

168,483

101,517

Selling, general and administrative costs

Selling, general and administrative costs comprise expenses incurred for the Group\u2019s administrative functions, marketing costs, travel, wages and salaries and share-based payments for staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses for property, plant and equipment used for administration of the Group.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__116-1": { "value": "

Included in research and development costs:

Staff costs

64,025

47,791

Depreciation amortisation and impairments

10,593

9,319

Other operating expenses

164,231

55,881

Total

238,849

112,991

Research and development costs

Research and development costs comprise research costs, costs of development projects not qualifying for recognition in the balance sheet, wages and salaries and share-based payments for research and development staff, and amortisation and impairment losses relating to development projects.

", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__118": { "value": "

ACCOUNTING POLICIES

Cost of sales

Cost of sales include costs directly associated with fulfilling performance obligations. Cost of sales include direct materials, direct labour (including share-based payments), all direct over-heads, including depreciation and impairment of property, plant and equipment, and indirect overheads that can reasonably be allocated to the production function.

Selling, general and administrative costs

Selling, general and administrative costs comprise expenses incurred for the Group\u2019s administrative functions, marketing costs, travel, wages and salaries and share-based payments for staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses for property, plant and equipment used for administration of the Group.

Research and development costs

Research and development costs comprise research costs, costs of development projects not qualifying for recognition in the balance sheet, wages and salaries and share-based payments for research and development staff, and amortisation and impairment losses relating to development projects.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__122-1": { "value": "

Research and development costs

Research and development costs comprise research costs, costs of development projects not qualifying for recognition in the balance sheet, wages and salaries and share-based payments for research and development staff, and amortisation and impairment losses relating to development projects.

ACCOUNTING POLICIES

Separately acquired licences are shown at historical cost. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The licenses are amortized over the license period, however not exceeding 5 years.

Research expenditure and development expenditure that do not meet the criteria for capitalization as development projects are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Development costs that are directly attributable to a project are capitalized where the following criteria are met:

it is technically feasible to complete the software so that it will be available for use

management intends to complete the software and use or sell it

there is an ability to use or sell the softwareit can be demonstrated how the software will generate probable future economic benefits

adequate technical, financial and other resources to complete the development and to use or sell

the software are available, and

the expenditure attributable to the software during its development can be reliably measured.

\"\"
\"\"

Directly attributable costs that are capitalised as part of the software development projects include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. The amortization period is 5 years.

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.

Judgements

Capitalization of development projects

Initial capitalisation of costs is based on Management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised, Management makes assumptions regarding the expected future cash generwation of the project and the expected period of benefits.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__126": { "value": "

Note 6 Salaries and other remuneration

DKK\u2019000

2025

2024

Wages and salaries

187,117

156,722

Share-based payments*

10,810

6,588

Pension cost, defined contribution plans

24,096

20,033

Other social security costs

2,480

2,072

Total

224,503

185,415

Average number of employees

269

236

Salaries capitalized as R&D included above

1,170

6,828

* Refers to recognised costs but not paid-out remuneration for active share-based incentive programs.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__127-1": { "value": "

Key management personnel compensation

Key management personnel consist of the Executive Management and the Board of Directors. The compensation paid or payables to key management personnel for employee services is shown below:

Executive Management:

DKK\u2019000

2025

2024

Wages and salaries including social security costs*

11,515

7,004

Share-based payments**

2,262

2,106

Pension cost, defined contribution plans

356

502

Total

14,133

9,612

* Compensation to the former CEO of DKK 3.5 million was included in 2025.

** Refers to recognised costs but not paid-out remuneration for active share-based incentive programs.

Board of Directors:

DKK\u2019000

2025

2024

Wages and salaries

3,169

2,668

Total

3,169

2,668

Total Executive Management and Board of Directors

17,302

12,281

Note 7 Share-based remuneration

Gubra has historically and in 2025 implemented incentive programs to provide long-term incentives for participants (Executive Management and full-time employees) to deliver long-term shareholder returns. The programs are important to retain the participants in the Group.

In 2025, Gubra implemented two long-term incentive programs for employees (\u201cLTIP 2025\u201d). One being a Restricted Stock Unit (RSU) program and the other being a warrants program. These two programs combined with the same type of programs that were implemented in 2023 and 2024 are the only outstanding share-based remuneration programs at 31 December 2025.

In 2025, the RSU program from 2023 became fully vested and shares were delivered to the participants.

In 2025, Gubra paid DKK 1 billion in extraordinary dividend corresponding to DKK 61.2 per share. According to terms of the incentive programs, participants in the programs shall be regulated for this. Holders of RSUs in LTIP 2024 were granted additional number of RSUs corresponding to an increase of 13% (equivalent to the value of the extraordinary dividend that holders of RSUs are not entitled to). For warrant holders in the LTIP program 2023 and 2024, the adjustment was made through a reduction of exercise price by DKK 61.20.

Below is a summary of share-based instruments granted under the incentive programs 2025.

DKK\u2019000

2025

2024

LTIP 2024

Restricted Stock Unit program (RSU) - number of RSUs grantedduring the year

-

5,227

Warrants program - number of warrants granted during the year

-

54,915

Grant date vaue (in DKK)

-

7,634

LTIP 2025

Restricted Stock Unit program (RSU) - number of RSUs grantedduring the year

11,044

-

Warrants program - number of warrants granted during the year

65,362

-

Grant date vaue (in DKK)

13,197

-

DKK\u2019000

2025

2024

LTIP 2023

Costs arising from share-based payment transactions

512

2,081

LTIP 2024

Costs arising from share-based payment transactions

2,470

3,987

LTIP 2025

Costs arising from share-based payment transactions

6,520

-

Gubra's outstanding share-based incentive programs and overall terms are summarised in the table below and subsequentlydescribed in further detail.

Type program

Grant date

No. of instruments

Vesting period

Value at grant

Costs recognised in 2025

Warrants 2023

1 June 2023

98,793

3 years

DKK 37.1/warrant

DKK 0.4 million

Restricted Stock Units (RSU) 2024

1 June 2024

5,227

2 years

DKK 328.0/RSU

DKK 0.5 million

Warrants 2024

1 June 2024

54,915

3 years

DKK 107.8/warrant

DKK 2.0 million

Restricted Stock Units (RSU) 2025

8 July 2025

11,044

2 years

DKK 430.2/RSU

DKK 2.8 million

Warrants 2025

8 July 2025

65,362

3 years

DKK 128.7/warrant

DKK 3.8 million

ACCOUNTING POLICIES (RSU)

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Since there is no exercise price for the RSUs, the value of each RSU equals the share price at grant date. In the table below on this page, value at grant and costs recognised in 2025 are presented for the programs.

Warrant program

The warrant programs are directed to employees with positions as Directors and upwards incl. Management members. The warrants are granted free of charge.

The warrants will vest over three years with 1/36 allocation per month and be exercisable for a two year period following full vesting. Each vested warrant entitles a right to acquire one new ordinary share at the exercise price. Grant, vesting and/or exercise of the warrants is not subject to achievement of performance targets, but conditional on continued employment during the vesting period (service condition).

Outstanding warrants in all programs correspond to 1% of the total share capital on a fully diluted basis.

\"\"
\"\"

ACCOUNTING POLICIES (Warrant)

\"\"
\"\"

Share price

The price per share uses the latest listed share price as at the valuation date of the warrant programs (closing price on the day preceeding the grant date).

Exercise price

The exercise price constitutes the volume weighted average share price of the Gubra\u2019s shares as quoted on Nasdaq Copenhagen A/S for the five trading days prior to the date of grant.

Estimated time of maturity

The warrants can be exercised between the end of the vesting period and the expiry of the warrants, which is five years after the grant date (two years after the last vesting date). This means that there does not exist a single fixed exercise date for the warrants. In line with common practise, it is assumed that the warrants are, on average, exercised

halfway through the two years where the warrants can be exercised (i.e. one year after ended vesting, or four years after grant).

Risk-free interest rate

The risk-free interest rate is based on the yield curve for Danish government bonds as per the valuation date with a time to maturity that corresponds to the expected time to maturity of the warrants. The risk-free rate is derived by interpolating the yield curve on two Danish government bonds, such that the risk-free rate matches the time to maturity, i.e. four years.

Volatility

As Gubra was listed in 2023 there is only short share price history to be able to use Gubra\u2019s own volatility for this parameter. Volatility has therefore been estimated using a benchmark volatility based on peers. The peers have been chosen by Management in Gubra.

Parameters in models

Value LTIP 2023

Value LTIP 2024

Value LTIP 2025

Value input

Gubra Judgement

Share price

DKK 98

DKK 328

DKK 430

Closing price on 31 May 2023 /31 May 2024/7 July 2025

No

Exercise price

DKK 98.6

DKK 324

DKK 442

Volume-weighted share price 5 trading days prior to grant

No

Time to maturity

4 years

4 years

4 years

Assumption on the time for exercise

Yes

Risk-free rate

2.6%

2.7%

2.1%

Risk free interest rate on Danish government bonds

No

Volatility

45%

36%

36%

Volatility on a group of chosen peer companies

Yes

Dividend

-

-

-

No dividend assumed

No

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Value at grant and costs recognised in 2025 for the warrants programs are presented in the table at the bottom of previous page. The warrants have been valued using the Black-Scholes option pricing model, which is a commonly used model for warrant pricing. The assumptions applied in the Black-Scholes valuation of the warrants are summarised in the below table and described in the subsequent sections.

Dividend

It is assumed that no dividends are paid until the warrants are exercised.

Outstanding incentive programs

RSU programs (no. of RSUs)

LTIP 2023

LTIP 2024

LTIP 2025

Total all programs

Opening balance at 1 January 2024

38,801

-

-

38,801

Number of RSUs granted

-

5,227

-

5,227

Number of forfeited RSUs

(1,535)

(365)

-

(1,900)

Closing balance at 31 December 2024

37,266

4,862

-

42,128

Opening balance at 1 January 2025

37,266

4,862

-

42,128

Number of RSUs granted

-

-

11,044

11,044

Number of RSU granted extra*

-

601

-

-

Number of delivered RSUs

(37,266)

-

-

-

Number of forfeited RSUs

-

(266)

(40)

(306)

Closing balance at 31 December 2025

-

5,197

11,004

52,866

Warrants programs (no. of warrants)

Opening balance at 1 January 2024

98,793

-

-

98,793

Number of warrants granted

-

54,915

-

54,915

of which Executive Management

-

19,536

-

19,536

Number of forfeited warrants

(12,921)

-

-

(12,921)

Closing balance at 31 December 2024

85,872

54,915

-

140,787

Opening balance at 1 January 2025

85,872

54,915

-

140,787

Number of warrants granted

-

-

65,362

65,362

of which Executive Management

-

-

17,571

17,571

Number of forfeited warrants

(1,495)

(7,742)

(10,799)

(20,036)

of which Executive Management

-

(3,060)

(6,820)

(9,880)

Closing balance at 31 December 2025

84,377

47,173

54,563

186,113

* In 2025, additional RSUs were granted as compensation for payment of extraordinary dividend.

Note 21 Related party transactions

Ownership interests

Name\u00a0of\u00a0entity\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Type\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Place\u00a0of\u00a0business\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

2025

2024

Change Ventures ApS

Significant shareholder

Roskilde, Denmark

27.8%

27.5%

NV 2008 HOLDING ApS

Significant shareholder

Klampenborg, Denmark

30.7%

30.6%

The Capital Group Compa-nies Inc.

Significant shareholder

Boston, US

5-10%

5-10%

Information about remuneration to key management personnel has been disclosed in note 6.

Interests in subsidiaries are set out in note 24.

Transactions with entities that has more than 5% of the voting rights:

DKK\u2019000

2025

2024

The following transactions occurs:

Change in treasury shares

578

(1,344)

Transactions with other related parties

DKK\u2019000

2025

2024

The following transactions occurs with related parties:

Purchases of architectural services

338

469

The Group acquired the services from close family members to members of the Board of Directors. The transactions were made on terms equivalent to those that prevail in arm's length transactions.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__128-1": { "value": "

Key management personnel compensation

Key management personnel consist of the Executive Management and the Board of Directors. The compensation paid or payables to key management personnel for employee services is shown below:

Executive Management:

DKK\u2019000

2025

2024

Wages and salaries including social security costs*

11,515

7,004

Share-based payments**

2,262

2,106

Pension cost, defined contribution plans

356

502

Total

14,133

9,612

* Compensation to the former CEO of DKK 3.5 million was included in 2025.

** Refers to recognised costs but not paid-out remuneration for active share-based incentive programs.

Board of Directors:

DKK\u2019000

2025

2024

Wages and salaries

3,169

2,668

Total

3,169

2,668

Total Executive Management and Board of Directors

17,302

12,281

Note 7 Share-based remuneration

Gubra has historically and in 2025 implemented incentive programs to provide long-term incentives for participants (Executive Management and full-time employees) to deliver long-term shareholder returns. The programs are important to retain the participants in the Group.

In 2025, Gubra implemented two long-term incentive programs for employees (\u201cLTIP 2025\u201d). One being a Restricted Stock Unit (RSU) program and the other being a warrants program. These two programs combined with the same type of programs that were implemented in 2023 and 2024 are the only outstanding share-based remuneration programs at 31 December 2025.

In 2025, the RSU program from 2023 became fully vested and shares were delivered to the participants.

In 2025, Gubra paid DKK 1 billion in extraordinary dividend corresponding to DKK 61.2 per share. According to terms of the incentive programs, participants in the programs shall be regulated for this. Holders of RSUs in LTIP 2024 were granted additional number of RSUs corresponding to an increase of 13% (equivalent to the value of the extraordinary dividend that holders of RSUs are not entitled to). For warrant holders in the LTIP program 2023 and 2024, the adjustment was made through a reduction of exercise price by DKK 61.20.

Below is a summary of share-based instruments granted under the incentive programs 2025.

DKK\u2019000

2025

2024

LTIP 2024

Restricted Stock Unit program (RSU) - number of RSUs grantedduring the year

-

5,227

Warrants program - number of warrants granted during the year

-

54,915

Grant date vaue (in DKK)

-

7,634

LTIP 2025

Restricted Stock Unit program (RSU) - number of RSUs grantedduring the year

11,044

-

Warrants program - number of warrants granted during the year

65,362

-

Grant date vaue (in DKK)

13,197

-

DKK\u2019000

2025

2024

LTIP 2023

Costs arising from share-based payment transactions

512

2,081

LTIP 2024

Costs arising from share-based payment transactions

2,470

3,987

LTIP 2025

Costs arising from share-based payment transactions

6,520

-

Gubra's outstanding share-based incentive programs and overall terms are summarised in the table below and subsequentlydescribed in further detail.

Type program

Grant date

No. of instruments

Vesting period

Value at grant

Costs recognised in 2025

Warrants 2023

1 June 2023

98,793

3 years

DKK 37.1/warrant

DKK 0.4 million

Restricted Stock Units (RSU) 2024

1 June 2024

5,227

2 years

DKK 328.0/RSU

DKK 0.5 million

Warrants 2024

1 June 2024

54,915

3 years

DKK 107.8/warrant

DKK 2.0 million

Restricted Stock Units (RSU) 2025

8 July 2025

11,044

2 years

DKK 430.2/RSU

DKK 2.8 million

Warrants 2025

8 July 2025

65,362

3 years

DKK 128.7/warrant

DKK 3.8 million

ACCOUNTING POLICIES (RSU)

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Since there is no exercise price for the RSUs, the value of each RSU equals the share price at grant date. In the table below on this page, value at grant and costs recognised in 2025 are presented for the programs.

Warrant program

The warrant programs are directed to employees with positions as Directors and upwards incl. Management members. The warrants are granted free of charge.

The warrants will vest over three years with 1/36 allocation per month and be exercisable for a two year period following full vesting. Each vested warrant entitles a right to acquire one new ordinary share at the exercise price. Grant, vesting and/or exercise of the warrants is not subject to achievement of performance targets, but conditional on continued employment during the vesting period (service condition).

Outstanding warrants in all programs correspond to 1% of the total share capital on a fully diluted basis.

\"\"
\"\"

ACCOUNTING POLICIES (Warrant)

\"\"
\"\"

Share price

The price per share uses the latest listed share price as at the valuation date of the warrant programs (closing price on the day preceeding the grant date).

Exercise price

The exercise price constitutes the volume weighted average share price of the Gubra\u2019s shares as quoted on Nasdaq Copenhagen A/S for the five trading days prior to the date of grant.

Estimated time of maturity

The warrants can be exercised between the end of the vesting period and the expiry of the warrants, which is five years after the grant date (two years after the last vesting date). This means that there does not exist a single fixed exercise date for the warrants. In line with common practise, it is assumed that the warrants are, on average, exercised

halfway through the two years where the warrants can be exercised (i.e. one year after ended vesting, or four years after grant).

Risk-free interest rate

The risk-free interest rate is based on the yield curve for Danish government bonds as per the valuation date with a time to maturity that corresponds to the expected time to maturity of the warrants. The risk-free rate is derived by interpolating the yield curve on two Danish government bonds, such that the risk-free rate matches the time to maturity, i.e. four years.

Volatility

As Gubra was listed in 2023 there is only short share price history to be able to use Gubra\u2019s own volatility for this parameter. Volatility has therefore been estimated using a benchmark volatility based on peers. The peers have been chosen by Management in Gubra.

Parameters in models

Value LTIP 2023

Value LTIP 2024

Value LTIP 2025

Value input

Gubra Judgement

Share price

DKK 98

DKK 328

DKK 430

Closing price on 31 May 2023 /31 May 2024/7 July 2025

No

Exercise price

DKK 98.6

DKK 324

DKK 442

Volume-weighted share price 5 trading days prior to grant

No

Time to maturity

4 years

4 years

4 years

Assumption on the time for exercise

Yes

Risk-free rate

2.6%

2.7%

2.1%

Risk free interest rate on Danish government bonds

No

Volatility

45%

36%

36%

Volatility on a group of chosen peer companies

Yes

Dividend

-

-

-

No dividend assumed

No

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Value at grant and costs recognised in 2025 for the warrants programs are presented in the table at the bottom of previous page. The warrants have been valued using the Black-Scholes option pricing model, which is a commonly used model for warrant pricing. The assumptions applied in the Black-Scholes valuation of the warrants are summarised in the below table and described in the subsequent sections.

Dividend

It is assumed that no dividends are paid until the warrants are exercised.

Outstanding incentive programs

RSU programs (no. of RSUs)

LTIP 2023

LTIP 2024

LTIP 2025

Total all programs

Opening balance at 1 January 2024

38,801

-

-

38,801

Number of RSUs granted

-

5,227

-

5,227

Number of forfeited RSUs

(1,535)

(365)

-

(1,900)

Closing balance at 31 December 2024

37,266

4,862

-

42,128

Opening balance at 1 January 2025

37,266

4,862

-

42,128

Number of RSUs granted

-

-

11,044

11,044

Number of RSU granted extra*

-

601

-

-

Number of delivered RSUs

(37,266)

-

-

-

Number of forfeited RSUs

-

(266)

(40)

(306)

Closing balance at 31 December 2025

-

5,197

11,004

52,866

Warrants programs (no. of warrants)

Opening balance at 1 January 2024

98,793

-

-

98,793

Number of warrants granted

-

54,915

-

54,915

of which Executive Management

-

19,536

-

19,536

Number of forfeited warrants

(12,921)

-

-

(12,921)

Closing balance at 31 December 2024

85,872

54,915

-

140,787

Opening balance at 1 January 2025

85,872

54,915

-

140,787

Number of warrants granted

-

-

65,362

65,362

of which Executive Management

-

-

17,571

17,571

Number of forfeited warrants

(1,495)

(7,742)

(10,799)

(20,036)

of which Executive Management

-

(3,060)

(6,820)

(9,880)

Closing balance at 31 December 2025

84,377

47,173

54,563

186,113

* In 2025, additional RSUs were granted as compensation for payment of extraordinary dividend.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__132": { "value": "

Note 7 Share-based remuneration

Gubra has historically and in 2025 implemented incentive programs to provide long-term incentives for participants (Executive Management and full-time employees) to deliver long-term shareholder returns. The programs are important to retain the participants in the Group.

In 2025, Gubra implemented two long-term incentive programs for employees (\u201cLTIP 2025\u201d). One being a Restricted Stock Unit (RSU) program and the other being a warrants program. These two programs combined with the same type of programs that were implemented in 2023 and 2024 are the only outstanding share-based remuneration programs at 31 December 2025.

In 2025, the RSU program from 2023 became fully vested and shares were delivered to the participants.

In 2025, Gubra paid DKK 1 billion in extraordinary dividend corresponding to DKK 61.2 per share. According to terms of the incentive programs, participants in the programs shall be regulated for this. Holders of RSUs in LTIP 2024 were granted additional number of RSUs corresponding to an increase of 13% (equivalent to the value of the extraordinary dividend that holders of RSUs are not entitled to). For warrant holders in the LTIP program 2023 and 2024, the adjustment was made through a reduction of exercise price by DKK 61.20.

Below is a summary of share-based instruments granted under the incentive programs 2025.

DKK\u2019000

2025

2024

LTIP 2024

Restricted Stock Unit program (RSU) - number of RSUs grantedduring the year

-

5,227

Warrants program - number of warrants granted during the year

-

54,915

Grant date vaue (in DKK)

-

7,634

LTIP 2025

Restricted Stock Unit program (RSU) - number of RSUs grantedduring the year

11,044

-

Warrants program - number of warrants granted during the year

65,362

-

Grant date vaue (in DKK)

13,197

-

DKK\u2019000

2025

2024

LTIP 2023

Costs arising from share-based payment transactions

512

2,081

LTIP 2024

Costs arising from share-based payment transactions

2,470

3,987

LTIP 2025

Costs arising from share-based payment transactions

6,520

-

Gubra's outstanding share-based incentive programs and overall terms are summarised in the table below and subsequentlydescribed in further detail.

Type program

Grant date

No. of instruments

Vesting period

Value at grant

Costs recognised in 2025

Warrants 2023

1 June 2023

98,793

3 years

DKK 37.1/warrant

DKK 0.4 million

Restricted Stock Units (RSU) 2024

1 June 2024

5,227

2 years

DKK 328.0/RSU

DKK 0.5 million

Warrants 2024

1 June 2024

54,915

3 years

DKK 107.8/warrant

DKK 2.0 million

Restricted Stock Units (RSU) 2025

8 July 2025

11,044

2 years

DKK 430.2/RSU

DKK 2.8 million

Warrants 2025

8 July 2025

65,362

3 years

DKK 128.7/warrant

DKK 3.8 million

ACCOUNTING POLICIES (RSU)

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Since there is no exercise price for the RSUs, the value of each RSU equals the share price at grant date. In the table below on this page, value at grant and costs recognised in 2025 are presented for the programs.

Warrant program

The warrant programs are directed to employees with positions as Directors and upwards incl. Management members. The warrants are granted free of charge.

The warrants will vest over three years with 1/36 allocation per month and be exercisable for a two year period following full vesting. Each vested warrant entitles a right to acquire one new ordinary share at the exercise price. Grant, vesting and/or exercise of the warrants is not subject to achievement of performance targets, but conditional on continued employment during the vesting period (service condition).

Outstanding warrants in all programs correspond to 1% of the total share capital on a fully diluted basis.

\"\"
\"\"

ACCOUNTING POLICIES (Warrant)

\"\"
\"\"

Share price

The price per share uses the latest listed share price as at the valuation date of the warrant programs (closing price on the day preceeding the grant date).

Exercise price

The exercise price constitutes the volume weighted average share price of the Gubra\u2019s shares as quoted on Nasdaq Copenhagen A/S for the five trading days prior to the date of grant.

Estimated time of maturity

The warrants can be exercised between the end of the vesting period and the expiry of the warrants, which is five years after the grant date (two years after the last vesting date). This means that there does not exist a single fixed exercise date for the warrants. In line with common practise, it is assumed that the warrants are, on average, exercised

halfway through the two years where the warrants can be exercised (i.e. one year after ended vesting, or four years after grant).

Risk-free interest rate

The risk-free interest rate is based on the yield curve for Danish government bonds as per the valuation date with a time to maturity that corresponds to the expected time to maturity of the warrants. The risk-free rate is derived by interpolating the yield curve on two Danish government bonds, such that the risk-free rate matches the time to maturity, i.e. four years.

Volatility

As Gubra was listed in 2023 there is only short share price history to be able to use Gubra\u2019s own volatility for this parameter. Volatility has therefore been estimated using a benchmark volatility based on peers. The peers have been chosen by Management in Gubra.

Parameters in models

Value LTIP 2023

Value LTIP 2024

Value LTIP 2025

Value input

Gubra Judgement

Share price

DKK 98

DKK 328

DKK 430

Closing price on 31 May 2023 /31 May 2024/7 July 2025

No

Exercise price

DKK 98.6

DKK 324

DKK 442

Volume-weighted share price 5 trading days prior to grant

No

Time to maturity

4 years

4 years

4 years

Assumption on the time for exercise

Yes

Risk-free rate

2.6%

2.7%

2.1%

Risk free interest rate on Danish government bonds

No

Volatility

45%

36%

36%

Volatility on a group of chosen peer companies

Yes

Dividend

-

-

-

No dividend assumed

No

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Value at grant and costs recognised in 2025 for the warrants programs are presented in the table at the bottom of previous page. The warrants have been valued using the Black-Scholes option pricing model, which is a commonly used model for warrant pricing. The assumptions applied in the Black-Scholes valuation of the warrants are summarised in the below table and described in the subsequent sections.

Dividend

It is assumed that no dividends are paid until the warrants are exercised.

Outstanding incentive programs

RSU programs (no. of RSUs)

LTIP 2023

LTIP 2024

LTIP 2025

Total all programs

Opening balance at 1 January 2024

38,801

-

-

38,801

Number of RSUs granted

-

5,227

-

5,227

Number of forfeited RSUs

(1,535)

(365)

-

(1,900)

Closing balance at 31 December 2024

37,266

4,862

-

42,128

Opening balance at 1 January 2025

37,266

4,862

-

42,128

Number of RSUs granted

-

-

11,044

11,044

Number of RSU granted extra*

-

601

-

-

Number of delivered RSUs

(37,266)

-

-

-

Number of forfeited RSUs

-

(266)

(40)

(306)

Closing balance at 31 December 2025

-

5,197

11,004

52,866

Warrants programs (no. of warrants)

Opening balance at 1 January 2024

98,793

-

-

98,793

Number of warrants granted

-

54,915

-

54,915

of which Executive Management

-

19,536

-

19,536

Number of forfeited warrants

(12,921)

-

-

(12,921)

Closing balance at 31 December 2024

85,872

54,915

-

140,787

Opening balance at 1 January 2025

85,872

54,915

-

140,787

Number of warrants granted

-

-

65,362

65,362

of which Executive Management

-

-

17,571

17,571

Number of forfeited warrants

(1,495)

(7,742)

(10,799)

(20,036)

of which Executive Management

-

(3,060)

(6,820)

(9,880)

Closing balance at 31 December 2025

84,377

47,173

54,563

186,113

* In 2025, additional RSUs were granted as compensation for payment of extraordinary dividend.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__134": { "value": "

ACCOUNTING POLICIES (RSU)

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Since there is no exercise price for the RSUs, the value of each RSU equals the share price at grant date. In the table below on this page, value at grant and costs recognised in 2025 are presented for the programs.

Warrant program

The warrant programs are directed to employees with positions as Directors and upwards incl. Management members. The warrants are granted free of charge.

The warrants will vest over three years with 1/36 allocation per month and be exercisable for a two year period following full vesting. Each vested warrant entitles a right to acquire one new ordinary share at the exercise price. Grant, vesting and/or exercise of the warrants is not subject to achievement of performance targets, but conditional on continued employment during the vesting period (service condition).

Outstanding warrants in all programs correspond to 1% of the total share capital on a fully diluted basis.

\"\"
\"\"

ACCOUNTING POLICIES (Warrant)

\"\"
\"\"

Share price

The price per share uses the latest listed share price as at the valuation date of the warrant programs (closing price on the day preceeding the grant date).

Exercise price

The exercise price constitutes the volume weighted average share price of the Gubra\u2019s shares as quoted on Nasdaq Copenhagen A/S for the five trading days prior to the date of grant.

Estimated time of maturity

The warrants can be exercised between the end of the vesting period and the expiry of the warrants, which is five years after the grant date (two years after the last vesting date). This means that there does not exist a single fixed exercise date for the warrants. In line with common practise, it is assumed that the warrants are, on average, exercised

halfway through the two years where the warrants can be exercised (i.e. one year after ended vesting, or four years after grant).

Risk-free interest rate

The risk-free interest rate is based on the yield curve for Danish government bonds as per the valuation date with a time to maturity that corresponds to the expected time to maturity of the warrants. The risk-free rate is derived by interpolating the yield curve on two Danish government bonds, such that the risk-free rate matches the time to maturity, i.e. four years.

Volatility

As Gubra was listed in 2023 there is only short share price history to be able to use Gubra\u2019s own volatility for this parameter. Volatility has therefore been estimated using a benchmark volatility based on peers. The peers have been chosen by Management in Gubra.

Parameters in models

Value LTIP 2023

Value LTIP 2024

Value LTIP 2025

Value input

Gubra Judgement

Share price

DKK 98

DKK 328

DKK 430

Closing price on 31 May 2023 /31 May 2024/7 July 2025

No

Exercise price

DKK 98.6

DKK 324

DKK 442

Volume-weighted share price 5 trading days prior to grant

No

Time to maturity

4 years

4 years

4 years

Assumption on the time for exercise

Yes

Risk-free rate

2.6%

2.7%

2.1%

Risk free interest rate on Danish government bonds

No

Volatility

45%

36%

36%

Volatility on a group of chosen peer companies

Yes

Dividend

-

-

-

No dividend assumed

No

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Value at grant and costs recognised in 2025 for the warrants programs are presented in the table at the bottom of previous page. The warrants have been valued using the Black-Scholes option pricing model, which is a commonly used model for warrant pricing. The assumptions applied in the Black-Scholes valuation of the warrants are summarised in the below table and described in the subsequent sections.

Dividend

It is assumed that no dividends are paid until the warrants are exercised.

Outstanding incentive programs

RSU programs (no. of RSUs)

LTIP 2023

LTIP 2024

LTIP 2025

Total all programs

Opening balance at 1 January 2024

38,801

-

-

38,801

Number of RSUs granted

-

5,227

-

5,227

Number of forfeited RSUs

(1,535)

(365)

-

(1,900)

Closing balance at 31 December 2024

37,266

4,862

-

42,128

Opening balance at 1 January 2025

37,266

4,862

-

42,128

Number of RSUs granted

-

-

11,044

11,044

Number of RSU granted extra*

-

601

-

-

Number of delivered RSUs

(37,266)

-

-

-

Number of forfeited RSUs

-

(266)

(40)

(306)

Closing balance at 31 December 2025

-

5,197

11,004

52,866

Warrants programs (no. of warrants)

Opening balance at 1 January 2024

98,793

-

-

98,793

Number of warrants granted

-

54,915

-

54,915

of which Executive Management

-

19,536

-

19,536

Number of forfeited warrants

(12,921)

-

-

(12,921)

Closing balance at 31 December 2024

85,872

54,915

-

140,787

Opening balance at 1 January 2025

85,872

54,915

-

140,787

Number of warrants granted

-

-

65,362

65,362

of which Executive Management

-

-

17,571

17,571

Number of forfeited warrants

(1,495)

(7,742)

(10,799)

(20,036)

of which Executive Management

-

(3,060)

(6,820)

(9,880)

Closing balance at 31 December 2025

84,377

47,173

54,563

186,113

* In 2025, additional RSUs were granted as compensation for payment of extraordinary dividend.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__136": { "value": "

ACCOUNTING POLICIES (Warrant)

\"\"
\"\"

Share price

The price per share uses the latest listed share price as at the valuation date of the warrant programs (closing price on the day preceeding the grant date).

Exercise price

The exercise price constitutes the volume weighted average share price of the Gubra\u2019s shares as quoted on Nasdaq Copenhagen A/S for the five trading days prior to the date of grant.

Estimated time of maturity

The warrants can be exercised between the end of the vesting period and the expiry of the warrants, which is five years after the grant date (two years after the last vesting date). This means that there does not exist a single fixed exercise date for the warrants. In line with common practise, it is assumed that the warrants are, on average, exercised

halfway through the two years where the warrants can be exercised (i.e. one year after ended vesting, or four years after grant).

Risk-free interest rate

The risk-free interest rate is based on the yield curve for Danish government bonds as per the valuation date with a time to maturity that corresponds to the expected time to maturity of the warrants. The risk-free rate is derived by interpolating the yield curve on two Danish government bonds, such that the risk-free rate matches the time to maturity, i.e. four years.

Volatility

As Gubra was listed in 2023 there is only short share price history to be able to use Gubra\u2019s own volatility for this parameter. Volatility has therefore been estimated using a benchmark volatility based on peers. The peers have been chosen by Management in Gubra.

Parameters in models

Value LTIP 2023

Value LTIP 2024

Value LTIP 2025

Value input

Gubra Judgement

Share price

DKK 98

DKK 328

DKK 430

Closing price on 31 May 2023 /31 May 2024/7 July 2025

No

Exercise price

DKK 98.6

DKK 324

DKK 442

Volume-weighted share price 5 trading days prior to grant

No

Time to maturity

4 years

4 years

4 years

Assumption on the time for exercise

Yes

Risk-free rate

2.6%

2.7%

2.1%

Risk free interest rate on Danish government bonds

No

Volatility

45%

36%

36%

Volatility on a group of chosen peer companies

Yes

Dividend

-

-

-

No dividend assumed

No

The employee costs of the shares granted under the program are recognised in the income statement with equity as the corresponding entry.

Estimating fair value

Value at grant and costs recognised in 2025 for the warrants programs are presented in the table at the bottom of previous page. The warrants have been valued using the Black-Scholes option pricing model, which is a commonly used model for warrant pricing. The assumptions applied in the Black-Scholes valuation of the warrants are summarised in the below table and described in the subsequent sections.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__139-1": { "value": "

ACCOUNTING POLICIES

Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets (see note 12 , 13 and 14).

\"\"
\"\"
Directly attributable costs that are capitalised as part of the software development projects include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. The amortization period is 5 years.

Depreciation methods and useful lives

Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over their estimated useful lives as follows:

Land\tNot depreciated

Buildings\t10 - 50 years

Leasehold improvements\t5 years

Other fixtures, fittings, tools 3 - 10 yearsand equipment\t

Right-of-use assets are depreciated over the lease term on a straight-line basis.

Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__140": { "value": "

Note 9 Financial income and expenses

DKK\u2019000

2025

2024

Financial income

Financial income

27,509

8,050

Gain from financial instruments

112,952

-

Other financial income

4,991

5,819

Foreign exchange rate effects

1,036

688

Total financial income

146,488

14,557

Financial costs

Interest costs on lease liabilities

6,789

6,591

Other financial costs

4,073

477

Foreign exchange rate effects

131,165

(114)

Total financial expenses

142,027

6,954

ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__141": { "value": "

Note 9 Financial income and expenses

DKK\u2019000

2025

2024

Financial income

Financial income

27,509

8,050

Gain from financial instruments

112,952

-

Other financial income

4,991

5,819

Foreign exchange rate effects

1,036

688

Total financial income

146,488

14,557

Financial costs

Interest costs on lease liabilities

6,789

6,591

Other financial costs

4,073

477

Foreign exchange rate effects

131,165

(114)

Total financial expenses

142,027

6,954

ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__142": { "value": "

Note 9 Financial income and expenses

DKK\u2019000

2025

2024

Financial income

Financial income

27,509

8,050

Gain from financial instruments

112,952

-

Other financial income

4,991

5,819

Foreign exchange rate effects

1,036

688

Total financial income

146,488

14,557

Financial costs

Interest costs on lease liabilities

6,789

6,591

Other financial costs

4,073

477

Foreign exchange rate effects

131,165

(114)

Total financial expenses

142,027

6,954

ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__143": { "value": "

Note 9 Financial income and expenses

DKK\u2019000

2025

2024

Financial income

Financial income

27,509

8,050

Gain from financial instruments

112,952

-

Other financial income

4,991

5,819

Foreign exchange rate effects

1,036

688

Total financial income

146,488

14,557

Financial costs

Interest costs on lease liabilities

6,789

6,591

Other financial costs

4,073

477

Foreign exchange rate effects

131,165

(114)

Total financial expenses

142,027

6,954

ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__144": { "value": "

Note 9 Financial income and expenses

DKK\u2019000

2025

2024

Financial income

Financial income

27,509

8,050

Gain from financial instruments

112,952

-

Other financial income

4,991

5,819

Foreign exchange rate effects

1,036

688

Total financial income

146,488

14,557

Financial costs

Interest costs on lease liabilities

6,789

6,591

Other financial costs

4,073

477

Foreign exchange rate effects

131,165

(114)

Total financial expenses

142,027

6,954

ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__145": { "value": "

Note 9 Financial income and expenses

DKK\u2019000

2025

2024

Financial income

Financial income

27,509

8,050

Gain from financial instruments

112,952

-

Other financial income

4,991

5,819

Foreign exchange rate effects

1,036

688

Total financial income

146,488

14,557

Financial costs

Interest costs on lease liabilities

6,789

6,591

Other financial costs

4,073

477

Foreign exchange rate effects

131,165

(114)

Total financial expenses

142,027

6,954

ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__146": { "value": "

ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__147": { "value": "

ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__149": { "value": "

ACCOUNTING POLICIES

Financial income and costs

Financial income and costs (net financial items) include interest income and expenses calculated in accordance with the effective interest method.

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__150": { "value": "

Note 10 Income tax expense

DKK\u2019000

2025

2024

Current tax

Current tax on profit for the year

463,063

(5,500)

Tax adjustment prior years

162

(126)

Deferred income tax

774

(284)

Income tax expense

463,999

(5,910)

DKK\u2019000

2025

%

2024

%

Reconciliation of effective tax rate

Tax at the Danish tax rate of 22%:

474,004

22%

(9,330)

22%

Tax adjustment prior years

162

0.0%

(126)

0.3%

Adjustment for local tax percentage

65

0.0%

-

0.0%

Tax effects of:

Non-deductible expenses

54

0.0%

238

(0.6%)

Share-based remuneration

6,939

0.3%

(9,858)

23.2%

Deduction for research and development

(3,208)

(0.1%)

(7,440)

17.5%

Unrecorded deferred tax assets

(14,004)

(0.6%)

20,741

(48.9%)

Other

(13)

(0.0%)

(136)

0.3%

Income tax expense

463,999

21.5%

(5,910)

13.9%

ACCOUNTING POLICIES

The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where Gubra A/S and its subsidiary operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.

Current tax receivables and liabilities

Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__152": { "value": "

ACCOUNTING POLICIES

The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where Gubra A/S and its subsidiary operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.

Current tax receivables and liabilities

Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__153-1": { "value": "Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.

Note 11 Deferred tax

DKK\u2019000

2025

2024

Deferred tax

Deferred tax at the beginning of period

-

3,687

Deferred tax recognised in the statement of profit or loss

-

(3,687)

Deferred tax at year end

-

-

Deferred tax relates to:

Intangible assets

(3,185)

(64,321)

Property, plant and equipment

61,003

67,332

Lease liabilities

(88,499)

(96,449)

Contract work in progress

3,306

2,162

Research and development

12,743

14,361

Warrants

(24,967)

(47,026)

Partnership contracts

(2,734)

(10,846)

Tax losses carried forward

-

-

Total

(42,333)

(134,787)

Deferred tax value

(9,313)

(29,653)

Deferred tax asset not recognised in the balance sheet

(9,313)

(29,653)

Deferred tax at 31 December

-

-

In line with the requirements of IAS 12, the deferred tax assets and liabilities are offset as they have a legal right to set off and relate to income tax with the same taxation authority.

Deferred tax asset not recognised in the balance is tax loss carry forwards, which may be carried forward indefinitely.

ACCOUNTING POLICIES

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__154-1": { "value": "Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.

ACCOUNTING POLICIES

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__159": { "value": "

Note 12 Intangible assets

DKK\u2019000

Software

Development proj-ects in progress

Completed devel-opment projects

Total

Cost at 1 January 2024

250

3,618

11,350

15,218

Additions

-

6,828

-

6,828

Transfers

-

(4,822)

4,822

-

Cost at 31 December 2024

250

5,624

16,172

22,046

Accumulated depreciation and impairment at 1 January 2024

(250)

-

(3,280)

(3,530)

Depreciation for the period

-

-

(2,860)

(2,860)

Impairment

-

-

(417)

(417)

Accumulated depreciation and impairment at 31 December 2024

(250)

-

(6,557)

(6,807)

Carrying amount 31 December 2024

-

5,624

9,615

15,239

Cost at 1 January 2025

250

5,624

16,172

22,046

Additions

565

1,912

-

2,477

Disposals

-

-

(1,328)

(1,328)

Transfers

-

(7,536)

7,536

(0)

Cost at 31 December 2025

815

-

22,380

23,195

Accumulated depreciation and impairment at 1 January 2025

(250)

-

(6,557)

(6,807)

Depreciation for the period

(90)

-

(3,363)

(3,453)

Depreciation on disposed assets

-

-

283

283

Accumulated depreciation and impairment at 31 December 2025

(340)

-

(9,637)

(9,977)

Carrying amount 31 December 2025

475

-

12,743

13,218

The intangible assets held by the Group increased primarily because of an increase in development projects in progress.

Development projects

A fundamental and critical component of the Group\u2019s business model is to continuously develop new technological and innovative solutions. As part of this, the Group develops in-house technology systems and software that are utilised by the Group and its support service

offerings to customers (i.e. cost-reducing projects). Development costs that are directly attributable to the design and testing of identifiable of these solutions controlled by the Group are recognised as intangible assets where the criteria are met (see below).

The Group has incurred amortisation charges of DKK 3,363 thousands in 2025 (2024: DKK 2,860 thousands), which are included in research and development costs in the income statement.

ACCOUNTING POLICIES

Separately acquired licences are shown at historical cost. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The licenses are amortized over the license period, however not exceeding 5 years.

Research expenditure and development expenditure that do not meet the criteria for capitalization as development projects are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Development costs that are directly attributable to a project are capitalized where the following criteria are met:

it is technically feasible to complete the software so that it will be available for use

management intends to complete the software and use or sell it

there is an ability to use or sell the softwareit can be demonstrated how the software will generate probable future economic benefits

adequate technical, financial and other resources to complete the development and to use or sell

the software are available, and

the expenditure attributable to the software during its development can be reliably measured.

\"\"
\"\"

Directly attributable costs that are capitalised as part of the software development projects include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. The amortization period is 5 years.

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.

Judgements

Capitalization of development projects

Initial capitalisation of costs is based on Management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised, Management makes assumptions regarding the expected future cash generwation of the project and the expected period of benefits.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__161": { "value": "

ACCOUNTING POLICIES

Separately acquired licences are shown at historical cost. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The licenses are amortized over the license period, however not exceeding 5 years.

Research expenditure and development expenditure that do not meet the criteria for capitalization as development projects are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Development costs that are directly attributable to a project are capitalized where the following criteria are met:

it is technically feasible to complete the software so that it will be available for use

management intends to complete the software and use or sell it

there is an ability to use or sell the softwareit can be demonstrated how the software will generate probable future economic benefits

adequate technical, financial and other resources to complete the development and to use or sell

the software are available, and

the expenditure attributable to the software during its development can be reliably measured.

\"\"
\"\"

Directly attributable costs that are capitalised as part of the software development projects include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. The amortization period is 5 years.

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__163": { "value": "

ACCOUNTING POLICIES

Separately acquired licences are shown at historical cost. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The licenses are amortized over the license period, however not exceeding 5 years.

Research expenditure and development expenditure that do not meet the criteria for capitalization as development projects are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Development costs that are directly attributable to a project are capitalized where the following criteria are met:

it is technically feasible to complete the software so that it will be available for use

management intends to complete the software and use or sell it

there is an ability to use or sell the softwareit can be demonstrated how the software will generate probable future economic benefits

adequate technical, financial and other resources to complete the development and to use or sell

the software are available, and

the expenditure attributable to the software during its development can be reliably measured.

\"\"
\"\"

Directly attributable costs that are capitalised as part of the software development projects include employee costs and an appropriate portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. The amortization period is 5 years.

Development projects in progress are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__167": { "value": "

Note 13 Property, plant and equipment

DKK\u2019000

Land and buildings

Other fixtures, fit-tings and equipment

Leasehold improvements

Total

Cost at 1 January 2024

9,015

26,464

916

36,395

Additions

-

24,110

1,580

25,690

Cost at 31 December 2024

9,015

50,574

2,496

62,085

Accumulated depreciation and impairment at 1 January 2024

(25)

(15,842)

(441)

(16,308)

Depreciation for the period

(116)

(4,077)

(171)

(4,364)

Accumulated depreciation and impairment at 31 December 2024

(141)

(19,919)

(612)

(20,672)

Carrying amount 31 December 2024

8,874

30,655

1,884

41,413

Cost at 1 January 2025

9,015

50,574

2,496

62,085

Additions

2,496

14,592

1,459

18,547

Cost at 31 December 2025

11,511

65,166

3,955

80,632

Accumulated depreciation and impairment at 1 January 2025

(141)

(19,919)

(612)

(20,672)

Depreciation for the period

(78)

(5,057)

(584)

(5,719)

Accumulated depreciation and impairment at 31 December 2025

(219)

(24,976)

(1,196)

(26,391)

Carrying amount 31 December 2025

11,292

40,190

2,759

54,241

ACCOUNTING POLICIES

Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.

Forest reserves

Gubra owns hectares of farmland characterised as a forest reserve. The forest reserve cannot be used by the Group in generating sales through a biological process and is thus accounted for in accordance with IAS 16 Property, plant and equipment. The Group accounts for the forest reserve using the cost model.

In 2021 a government grant was received to help the Group finance the acquisition of the forest reserve. In accounting for the transaction, the asset's carrying amount is deducted by the grant. Management considers the carrying amount of the forest reserve immaterial.

Depreciation methods and useful lives

Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over their estimated useful lives as follows:

Land\tNot depreciated

Buildings\t10 - 50 years

Leasehold improvements\t5 years

Other fixtures, fittings, tools 3 - 10 yearsand equipment\t

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__169": { "value": "

ACCOUNTING POLICIES

Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.

Forest reserves

Gubra owns hectares of farmland characterised as a forest reserve. The forest reserve cannot be used by the Group in generating sales through a biological process and is thus accounted for in accordance with IAS 16 Property, plant and equipment. The Group accounts for the forest reserve using the cost model.

In 2021 a government grant was received to help the Group finance the acquisition of the forest reserve. In accounting for the transaction, the asset's carrying amount is deducted by the grant. Management considers the carrying amount of the forest reserve immaterial.

Depreciation methods and useful lives

Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over their estimated useful lives as follows:

Land\tNot depreciated

Buildings\t10 - 50 years

Leasehold improvements\t5 years

Other fixtures, fittings, tools 3 - 10 yearsand equipment\t

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__171": { "value": "

Note 14 Leases

Amounts recognised in the balance sheet

The Group leases laboratory equipment and premises. The balance sheet shows the following amounts relating to leases:

DKK\u2019000

2025

2024

Right-of-use assets

77,745

68,857

Lease liabilities \u2013 Equipment

Current

5,031

5,266

Non-current

8,061

12,730

Total

13,092

17,996

Lease liabilities \u2013 Premises

Current

13,575

9,536

Non-current

80,774

68,917

Total

94,349

78,453

Maturities for lease liabilities are provided in note 16.

DKK\u2019000

2025

2024

Additions to the right-of-use assets during the year

21,531

34,814

Disposals to the right-of-use assets during the year

(1,775)

(1,091)

The income statement shows the following recognised amounts relating to leases:

DKK\u2019000

2025

2024

Depreciation charge of right-of-use assets

7,784

8,114

Interest expense on lease liabilities

6,789

6,591

Expense relating to short-term leases

94

48

Expense relating to leases of low-value assets

126

470

Cash outflow for leases

9,434

10,010

ACCOUNTING POLICIES

The Group's leasing activities and how these are accounted for

The Group leases its headquarters. The lease agreement was entered into by the Group and the purchaser (landlord) in connection with a sale and lease back transaction where the landlord acquired the headquarters from the Group. The lease agreement is non-terminable for both parties for a period of 12 years from the Lease Agreement Commencement Date (including termination notice of 18 months). The lease does not have any extension and termination options.

The Group also leases laboratory equipment. The leases are typically made for periods of 60 months. The leases do not have any extension and termination options.

\"\"
\"\"

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include the following:

fixed payments (including in-substance fixed payments), less any lease incentives receivable

variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date

amounts expected to be payable by the Group under residual value guarantees

the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the Group's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the Group:

where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received

uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, and

makes adjustments specific to the lease, e.g. term, country, cur-rency and security.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability

any lease payments made at or before the commencement date less any lease incentives received

any initial direct costs, and

restoration costs.

Right-of-use assets are depreciated over the lease term on a straight-line basis.

Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets primarily comprise e-bikes.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__173": { "value": "

ACCOUNTING POLICIES

The Group's leasing activities and how these are accounted for

The Group leases its headquarters. The lease agreement was entered into by the Group and the purchaser (landlord) in connection with a sale and lease back transaction where the landlord acquired the headquarters from the Group. The lease agreement is non-terminable for both parties for a period of 12 years from the Lease Agreement Commencement Date (including termination notice of 18 months). The lease does not have any extension and termination options.

The Group also leases laboratory equipment. The leases are typically made for periods of 60 months. The leases do not have any extension and termination options.

\"\"
\"\"

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include the following:

fixed payments (including in-substance fixed payments), less any lease incentives receivable

variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date

amounts expected to be payable by the Group under residual value guarantees

the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the Group's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the Group:

where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received

uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, and

makes adjustments specific to the lease, e.g. term, country, cur-rency and security.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability

any lease payments made at or before the commencement date less any lease incentives received

any initial direct costs, and

restoration costs.

Right-of-use assets are depreciated over the lease term on a straight-line basis.

Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets primarily comprise e-bikes.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__175": { "value": "

Note 15 Financial assets and financial liabilities

The Group holds the following financial instruments:

DKK\u2019000

2025

2024

Financial assets at amortised cost:

Trade receivables

35,231

31,673

Other financial assets

1,050,780

287,842

Cash and cash equivalents

32,185

134,403

Total Financial assets at amortised cost

1,118,196

453,918

Financial liabilities at amortised cost:

Trade payables

11,388

16,170

Lease liabilities

107,441

96,449

Other liabilities

55,108

49,812

Total Financial liabilities at amortised cost

173,937

162,431

Financial liabilities at fair value through profit and loss

Contingent consideration included in Other payables

-

848

Total Financial liabilities at fair value through profit and loss

-

848

Other financial assets end of 31 December 2025 consists of acquired highly liquid, AAA-rated bonds which are classified as Fair Value Hiearchy Level 1.

The Group\u2019s exposure to various risks associated with the financial instruments is disclosed in note 16.

For the financial assets and liabilities at amortised cost, the fair values are not materially different from their carrying amounts, since the interest receivable/payable on those assets/liabilities is either close to current market rates or the liabilities are of a short-term nature.

ACCOUNTING POLICIES

Financial assets

Trade receivables

Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognised at fair value. They are subsequently measured at amortised cost less loss allowance. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss.

Trade and other payables

These amounts represent liabilities for services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.

Other financial assets (Financial instruments)

Initial recognition and measurement of financial assets and financial liabilities are recognized when the Group becomes party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on trade date, the date on which the Group commits to purchase or sell the asset. At initial

\"\"
\"\"

recognition, the Group measures a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions.

Transaction costs off a financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss.

Financial assets Classification and subsequent measurement

The Group classifies its financial instruments in the following categories assets valued at fair value either via the income statement or other comprehensive income or financial assets valued at the amortized cost. The classification of investments in debt instruments depends on the Group\u2019s business model for handling financial assets and the contractual terms for the cash flow of the assets.

Amortized cost

Assets that are held for the purposes of collecting contractual cash flows, and where the cash flows only constitute capital amounts and

interest are valued at the amortized cost. They are included under current assets, with the exception of items maturing more than 12 months after the balance sheet date, which are classified as non-current assets.

Interest income from these financial assets is recognized using the effective interest method and included in financial income. The Group\u2019s financial assets that are valued at the amortized cost are made up of the items other receivables, and cash and cash equivalents.

Fair value through profit or loss

Assets that do not meet the criteria for amortized cost are measured at fair value through profit and loss. A gain or loss on a financial debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in the financial net in the period in which it arises. Interest income from these financial assets is included in the financial net using the effective interest rate method. The fixed income fund has been valued and classified according to fair value via the Income Statement with level 1 in the valuation hierarchy based on listed prices on a traded market.

The Group reclassifies financial assets when and only when its business model for managing those assets changes.

Derecognition

Financial assets, or a portion thereof, are derecognized when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control of the asset.

Impairment of financial assets

Upon every reporting occasion, the Group examines whether there is objective evidence that a financial asset or group of assets requires impairment. Objective evidence consists of observable conditions that have occurred and have a negative impact on the possibility to recover the acquisition value.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__176-1": { "value": "

Note 15 Financial assets and financial liabilities

The Group holds the following financial instruments:

DKK\u2019000

2025

2024

Financial assets at amortised cost:

Trade receivables

35,231

31,673

Other financial assets

1,050,780

287,842

Cash and cash equivalents

32,185

134,403

Total Financial assets at amortised cost

1,118,196

453,918

Financial liabilities at amortised cost:

Trade payables

11,388

16,170

Lease liabilities

107,441

96,449

Other liabilities

55,108

49,812

Total Financial liabilities at amortised cost

173,937

162,431

Financial liabilities at fair value through profit and loss

Contingent consideration included in Other payables

-

848

Total Financial liabilities at fair value through profit and loss

-

848

Other financial assets end of 31 December 2025 consists of acquired highly liquid, AAA-rated bonds which are classified as Fair Value Hiearchy Level 1.

The Group\u2019s exposure to various risks associated with the financial instruments is disclosed in note 16.

Other financial assets (Financial instruments)

Initial recognition and measurement of financial assets and financial liabilities are recognized when the Group becomes party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on trade date, the date on which the Group commits to purchase or sell the asset. At initial

recognition, the Group measures a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions.

Transaction costs off a financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss.

Financial assets Classification and subsequent measurement

The Group classifies its financial instruments in the following categories assets valued at fair value either via the income statement or other comprehensive income or financial assets valued at the amortized cost. The classification of investments in debt instruments depends on the Group\u2019s business model for handling financial assets and the contractual terms for the cash flow of the assets.

Amortized cost

Assets that are held for the purposes of collecting contractual cash flows, and where the cash flows only constitute capital amounts and

interest are valued at the amortized cost. They are included under current assets, with the exception of items maturing more than 12 months after the balance sheet date, which are classified as non-current assets.

Interest income from these financial assets is recognized using the effective interest method and included in financial income. The Group\u2019s financial assets that are valued at the amortized cost are made up of the items other receivables, and cash and cash equivalents.

Fair value through profit or loss

Assets that do not meet the criteria for amortized cost are measured at fair value through profit and loss. A gain or loss on a financial debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in the financial net in the period in which it arises. Interest income from these financial assets is included in the financial net using the effective interest rate method. The fixed income fund has been valued and classified according to fair value via the Income Statement with level 1 in the valuation hierarchy based on listed prices on a traded market.

The Group reclassifies financial assets when and only when its business model for managing those assets changes.

Derecognition

Financial assets, or a portion thereof, are derecognized when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control of the asset.

Impairment of financial assets

Upon every reporting occasion, the Group examines whether there is objective evidence that a financial asset or group of assets requires impairment. Objective evidence consists of observable conditions that have occurred and have a negative impact on the possibility to recover the acquisition value.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__177": { "value": "

Other financial assets end of 31 December 2025 consists of acquired highly liquid, AAA-rated bonds which are classified as Fair Value Hiearchy Level 1.

The Group\u2019s exposure to various risks associated with the financial instruments is disclosed in note 16.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__181-1": { "value": "

Trade and other payables

These amounts represent liabilities for services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__182": { "value": "

Trade and other payables

These amounts represent liabilities for services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__183": { "value": "

Trade and other payables

These amounts represent liabilities for services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__185": { "value": "

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__186": { "value": "

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__188": { "value": "

Other financial assets (Financial instruments)

Initial recognition and measurement of financial assets and financial liabilities are recognized when the Group becomes party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on trade date, the date on which the Group commits to purchase or sell the asset. At initial

recognition, the Group measures a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions.

Transaction costs off a financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss.

Financial assets Classification and subsequent measurement

The Group classifies its financial instruments in the following categories assets valued at fair value either via the income statement or other comprehensive income or financial assets valued at the amortized cost. The classification of investments in debt instruments depends on the Group\u2019s business model for handling financial assets and the contractual terms for the cash flow of the assets.

Amortized cost

Assets that are held for the purposes of collecting contractual cash flows, and where the cash flows only constitute capital amounts and

interest are valued at the amortized cost. They are included under current assets, with the exception of items maturing more than 12 months after the balance sheet date, which are classified as non-current assets.

Interest income from these financial assets is recognized using the effective interest method and included in financial income. The Group\u2019s financial assets that are valued at the amortized cost are made up of the items other receivables, and cash and cash equivalents.

Fair value through profit or loss

Assets that do not meet the criteria for amortized cost are measured at fair value through profit and loss. A gain or loss on a financial debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in the financial net in the period in which it arises. Interest income from these financial assets is included in the financial net using the effective interest rate method. The fixed income fund has been valued and classified according to fair value via the Income Statement with level 1 in the valuation hierarchy based on listed prices on a traded market.

The Group reclassifies financial assets when and only when its business model for managing those assets changes.

Derecognition

Financial assets, or a portion thereof, are derecognized when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control of the asset.

Impairment of financial assets

Upon every reporting occasion, the Group examines whether there is objective evidence that a financial asset or group of assets requires impairment. Objective evidence consists of observable conditions that have occurred and have a negative impact on the possibility to recover the acquisition value.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__189": { "value": "

Derecognition

Financial assets, or a portion thereof, are derecognized when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control of the asset.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__190": { "value": "

Impairment of financial assets

Upon every reporting occasion, the Group examines whether there is objective evidence that a financial asset or group of assets requires impairment. Objective evidence consists of observable conditions that have occurred and have a negative impact on the possibility to recover the acquisition value.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__192-1": { "value": "

Note 16 Financial risk management

The Group's principal financial liabilities, comprise lease liabilities, trade and other payables, and other liabilities. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, and cash and cash equivalents.

The Group is exposed to market risk (interest rate risk and Foreign currency risk), credit risk and liquidity risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Group\u2019s interest risk on liabilities is related to lease liabilities in relation with lease of premises and equipment which is primarily tied to a floating interest rate and thus Management considers the risk immaterial.

For assets, interest rate risk is related to placement of excess liquidity in AAA-rated highly liquid Danish mortgage bonds. Fluctuations of interest risk can affect the value of these instruments, but the very high creditworthiness of AAA-rated instruments reduces interest rate sensitivity. Management considers the risk to be moderate.

Foreign currency risk

Foreign currency risk is the risk that fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities. This arises when the Group enters into contracts with customers where the consideration is denominated in a foreign currency (i.e. revenue is denominated in a foreign currency). The Group is primarily exposed to fluctuations in EUR and USD. Due to the fixed DKK/EUR exchange rate policy, the exposure to foreign currency is primarily considered to arise from sales in USD. For 2025, the main part of Gubra's revenue came

from out-licensing to AbbVie with an upfront payment of USD 350 million. This transaction was hedged and is consequently not included in the table showing currency risk. The majority of CRO customer contracts is in EUR limiting the currency risk exposure.

The Group's exposure to the effect of significant fluctuations in exchange rates is estimated to be high. However, the Group assesses the risk of significant fluctuations in exchange rates to be moderate.

The depicted table demonstrates the sensitivity to a reasonably possible change in foreign exchange rates. With all other variables held constant, the Group\u2019s profit and equity are affected as follows:

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks.

Management has determined that the credit risk related to the Group\u2019s trade receivables is not significant. This is due to the high-quality nature of the Group\u2019s customers. As such, all material counterparties are considered creditworthy.

The credit risk on marketable securities is considered very limited as the placement is in AAA rated highly liquid Danish mortgage bonds.

The credit risk on bank deposits is limited because the counterparties, holding significant deposits, are banks with high credit-ratings (minimum A3/A-) assigned by international credit-rating agencies. The Group\u2019s policy is only to invest its cash deposits with highly rated financial institutions. Accordingly, the Group considers credit risk to be immaterial.

2025

DKK\u2019000

Hypothetical change in exchange rate

Hypothetical impact on profit or loss

Hypotheticalimpact on equity

USD/DKK

5%

(1,768)

(1,768)

USD/DKK

(5%)

1,768

1,768

2024

DKK\u2019000

Hypothetical change in exchange rate

Hypothetical impact on profit or loss

Hypotheticalimpact on equity

USD/DKK

+5%

215

215

USD/DKK

(5%)

(215)

(215)

Contractual maturities of financial liabilities

DKK\u2019000

< 1 year

1 - 5 years

> 5 years

Total contractual cash flows

At 31 December 2025

Lease liabilities

28,403

108,955

128,120

265,478

Trade payables

11,388

-

-

11,388

Other payables

55,109

-

-

55,109

Total

94,900

108,955

128,120

331,975

At 31 December 2024

Lease liabilities

15,281

55,376

58,853

129,510

Trade payables

16,170

-

-

16,170

Other payables

48,444

-

-

48,444

Total

79,895

55,376

58,853

194,124

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding to meet obligations when due.

Management monitors rolling forecasts of the Group\u2019s and cash and cash equivalents on the basis of expected cash flows. In addition, the Group\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios.

Maturities of financial liabilities

The amounts disclosed in the following table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

Note 20 Capital management

The company and the Board of Directors monitors capital structure to ensure that Gubra\u2019s capital resources support the strategic goals. Gubra\u2019s objectives when managing capital are to:

safeguard their ability to continue as a going concern, so that the Group can continue to provide returns for shareholders and benefits for other stakeholders, and

maintain a strong capital base to ensure investor, credit and market confidence as well as ensure that funds are available to unfold and implement Gubra\u2019s business strategy. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Historically, the main source of funds were internally generated funds until 2023, where Gubra raised DKK 500 million before transaction costs to develop the company further. This was Gubra\u2019s first share issuance since the inception of the company.

Gubra's debt financing is limited to leasing of premises and equipment. At 31 December 2025, leasing debt amounted to DKK 107.4 million. This can be compared to the equity position of DKK 1,145.9 million. The solvency ratio (equity ratio) per 31 December 2025 amounted to 87%, which Gubra considered to be a highly creditworthy position.

With respect to placement of excess cash, thus cash not needed for working capital, capital investments and outstanding near-term financial obligations, these are placed according to Gubra\u2019s treasury policy. All excess cash as of 31 December 2025 was placed in AAA-rated Danish mortgage bonds. Funds for ongoing operations are held in AL Sydbank A/S, which has a credit rating of A1 with Moody\u2019s. Gubra considers this to be a highly solid credit rating.

Gubra intends to apply all available financial resources for the purposes of current and future business development. The company currently intends to retain all available financial resources and any earnings generated by its operations for use of implementing its strategy and does not anticipate paying any dividends until such strategy is implemented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__193-1": { "value": "

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Group\u2019s interest risk on liabilities is related to lease liabilities in relation with lease of premises and equipment which is primarily tied to a floating interest rate and thus Management considers the risk immaterial.

For assets, interest rate risk is related to placement of excess liquidity in AAA-rated highly liquid Danish mortgage bonds. Fluctuations of interest risk can affect the value of these instruments, but the very high creditworthiness of AAA-rated instruments reduces interest rate sensitivity. Management considers the risk to be moderate.

Foreign currency risk

Foreign currency risk is the risk that fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities. This arises when the Group enters into contracts with customers where the consideration is denominated in a foreign currency (i.e. revenue is denominated in a foreign currency). The Group is primarily exposed to fluctuations in EUR and USD. Due to the fixed DKK/EUR exchange rate policy, the exposure to foreign currency is primarily considered to arise from sales in USD. For 2025, the main part of Gubra's revenue came

from out-licensing to AbbVie with an upfront payment of USD 350 million. This transaction was hedged and is consequently not included in the table showing currency risk. The majority of CRO customer contracts is in EUR limiting the currency risk exposure.

The Group's exposure to the effect of significant fluctuations in exchange rates is estimated to be high. However, the Group assesses the risk of significant fluctuations in exchange rates to be moderate.

2025

DKK\u2019000

Hypothetical change in exchange rate

Hypothetical impact on profit or loss

Hypotheticalimpact on equity

USD/DKK

5%

(1,768)

(1,768)

USD/DKK

(5%)

1,768

1,768

2024

DKK\u2019000

Hypothetical change in exchange rate

Hypothetical impact on profit or loss

Hypotheticalimpact on equity

USD/DKK

+5%

215

215

USD/DKK

(5%)

(215)

(215)

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__196": { "value": "

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks.

Management has determined that the credit risk related to the Group\u2019s trade receivables is not significant. This is due to the high-quality nature of the Group\u2019s customers. As such, all material counterparties are considered creditworthy.

The credit risk on marketable securities is considered very limited as the placement is in AAA rated highly liquid Danish mortgage bonds.

The credit risk on bank deposits is limited because the counterparties, holding significant deposits, are banks with high credit-ratings (minimum A3/A-) assigned by international credit-rating agencies. The Group\u2019s policy is only to invest its cash deposits with highly rated financial institutions. Accordingly, the Group considers credit risk to be immaterial.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__195": { "value": "

2025

DKK\u2019000

Hypothetical change in exchange rate

Hypothetical impact on profit or loss

Hypotheticalimpact on equity

USD/DKK

5%

(1,768)

(1,768)

USD/DKK

(5%)

1,768

1,768

2024

DKK\u2019000

Hypothetical change in exchange rate

Hypothetical impact on profit or loss

Hypotheticalimpact on equity

USD/DKK

+5%

215

215

USD/DKK

(5%)

(215)

(215)

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__197": { "value": "

2025

DKK\u2019000

Hypothetical change in exchange rate

Hypothetical impact on profit or loss

Hypotheticalimpact on equity

USD/DKK

5%

(1,768)

(1,768)

USD/DKK

(5%)

1,768

1,768

2024

DKK\u2019000

Hypothetical change in exchange rate

Hypothetical impact on profit or loss

Hypotheticalimpact on equity

USD/DKK

+5%

215

215

USD/DKK

(5%)

(215)

(215)

Contractual maturities of financial liabilities

DKK\u2019000

< 1 year

1 - 5 years

> 5 years

Total contractual cash flows

At 31 December 2025

Lease liabilities

28,403

108,955

128,120

265,478

Trade payables

11,388

-

-

11,388

Other payables

55,109

-

-

55,109

Total

94,900

108,955

128,120

331,975

At 31 December 2024

Lease liabilities

15,281

55,376

58,853

129,510

Trade payables

16,170

-

-

16,170

Other payables

48,444

-

-

48,444

Total

79,895

55,376

58,853

194,124

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding to meet obligations when due.

Management monitors rolling forecasts of the Group\u2019s and cash and cash equivalents on the basis of expected cash flows. In addition, the Group\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios.

Maturities of financial liabilities

The amounts disclosed in the following table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__198": { "value": "

Note 17 Commitments and contingent liabilities

Asset pledges as security

DKK\u2019000

2025

2024

The following assets have been placed as security with group assets representing a nominal value of DKK 6.000.000:

Other fixtures and fittings, tools and equipment

70,845

32,539

Trade receivables

35,985

31,788

Other contingent liabilities

At 31 December 2025, the Group had a contingent liability of DKK 27.7 million related to additional lease of office and laboratory space in connection to the Group's present headquarter.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__199": { "value": "

Note 17 Commitments and contingent liabilities

Asset pledges as security

DKK\u2019000

2025

2024

The following assets have been placed as security with group assets representing a nominal value of DKK 6.000.000:

Other fixtures and fittings, tools and equipment

70,845

32,539

Trade receivables

35,985

31,788

Other contingent liabilities

At 31 December 2025, the Group had a contingent liability of DKK 27.7 million related to additional lease of office and laboratory space in connection to the Group's present headquarter.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__200": { "value": "

Note 17 Commitments and contingent liabilities

Asset pledges as security

DKK\u2019000

2025

2024

The following assets have been placed as security with group assets representing a nominal value of DKK 6.000.000:

Other fixtures and fittings, tools and equipment

70,845

32,539

Trade receivables

35,985

31,788

Other contingent liabilities

At 31 December 2025, the Group had a contingent liability of DKK 27.7 million related to additional lease of office and laboratory space in connection to the Group's present headquarter.

", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__201": { "value": "

Note 17 Commitments and contingent liabilities

Asset pledges as security

DKK\u2019000

2025

2024

The following assets have been placed as security with group assets representing a nominal value of DKK 6.000.000:

Other fixtures and fittings, tools and equipment

70,845

32,539

Trade receivables

35,985

31,788

Other contingent liabilities

At 31 December 2025, the Group had a contingent liability of DKK 27.7 million related to additional lease of office and laboratory space in connection to the Group's present headquarter.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__202": { "value": "

Note 18 Cash flow information

DKK\u2019000

2025

2024

Adjustments

Financial income

(33,536)

(14,557)

Financial expenses

24,413

6,954

Depreciation, amortisation and impairment charges

17,122

15,755

Income tax

463,999

(5,910)

Share-based remuneration

9,380

4,118

Other

16,288

291

Total

497,666

6,651

Changes in net working capital

(-)Increase/decrease

Change in trade receivables

(3,558)

21,239

Change in contract work in progress

4,237

(7,067)

Change in prepayments

2,116

(3,197)

Change in other receivables

(4,665)

18,082

Change in trade payables

(4,782)

4,765

Change in contract liabilities

(7,507)

(12,375)

Change in other liabilities

16,159

(215)

Change in deferred income

(1,605)

(1,283)

Total

395

19,949

Non-cash transactions \u2013 lease agreements

In accordance with IAS 7 Statement of Cash Flows, material investing and financing transactions that do not involve cash flows are excluded from the consolidated statement of cash flow but are disclosed separately.

During 2025, the Group entered into new lease agreements and continued existing lease agreements, resulting in the recognition and remeasurement of right-of-use assets and corresponding lease liabilities in accordance with IFRS 16 Leases. The initial recognition of new leases and adjustments arising from lease modifications or reassessments are non-cash transactions and are therefore not presented in the statement of cash flow.

Net debt reconciliation

This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.

DKK\u2019000

2025

2024

Cash and cash equivalents

32,185

134,403

Other financial assets

1,050,780

287,842

Lease liabilities

(107,441)

(96,449)

Net debt

975,524

325,796

2025

Non-cash changes

DKK\u2019000

Opening

Cashflows

New lease

Other changes

Closing

Liabilities from financing activities

Lease liabilities

96,449

9,434

21,531

(19,973)

107,441

Total

96,449

9,434

21,531

(19,973)

107,441

2024

Non-cash changes

DKK\u2019000

Opening

Cashflows

New lease

Other changes

Closing

Liabilities from financing activities

Lease liabilities

71,434

(10,010)

36,946

(1,921)

96,449

Total

71,434

(10,010)

36,946

(1,921)

96,449

Other changes include non-cash movements, including accrued interest expense which will be presented as operating cash flows in the statement of cash flows when paid.

ACCOUNTING POLICIES

The cash flow statement shows the Group's cash flows for the year broken down by operating, investing, and financing activities, changes for the year in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.

Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as share-based payment expenses, depreciation, amortisation, and impairment losses. Working capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.

Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant, and equipment as well as fixed asset investments.

Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal element on lease payments as well as payments to and from shareholders.

Cash and cash equivalents

Cash and cash equivalents comprise cash and bank balances.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__204": { "value": "ACCOUNTING POLICIES

The cash flow statement shows the Group's cash flows for the year broken down by operating, investing, and financing activities, changes for the year in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.

Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as share-based payment expenses, depreciation, amortisation, and impairment losses. Working capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.

Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant, and equipment as well as fixed asset investments.

Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal element on lease payments as well as payments to and from shareholders.

Cash and cash equivalents

Cash and cash equivalents comprise cash and bank balances.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__205": { "value": "

Note 19 Share capital

2025

2024

No./DKK

Number ofshares

Nominalvalue

Number ofshares

Nominalvalue

The share capital comprise:

Ordinary shares (fully paid)

16,349,703

16,349,703

16,349,703

16,349,703

During 2025 a total of 11,118 shares was acquired as treasury shares and a total of 37,288 shares was delivered as part of the incentive programmes. In 2024, a total of 1,297 shares was acquired as treasury shares.

All shares have a nominal value of DKK 1. All shares are fully paid. Each share carries one vote. No shares carry any special rights.

Treasury shares

Treasury shares are shares in Gubra A/S that are held by Gubra A/S for the purpose of issuing shares under the incentive programmes.

2025

2024

Number of treasury shares

16,671

42,841

Proportion of share capital

0.10%

0.26%

DKK per share

2025

2024

Total dividend paid out for the year

61.20

0.00

ACCOUNTING POLICIES

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Dividends

Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__207": { "value": "

Treasury shares

Treasury shares are shares in Gubra A/S that are held by Gubra A/S for the purpose of issuing shares under the incentive programmes.

2025

2024

Number of treasury shares

16,671

42,841

Proportion of share capital

0.10%

0.26%

", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__208-1": { "value": "

DKK per share

2025

2024

Total dividend paid out for the year

61.20

0.00

Dividends

Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__209": { "value": "61.2", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f0__s9__9__209": { "value": "0.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:254900T17RRFZONO6W53", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f0__s9__8__214": { "value": "

Dividends

Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__216": { "value": "

Note 20 Capital management

The company and the Board of Directors monitors capital structure to ensure that Gubra\u2019s capital resources support the strategic goals. Gubra\u2019s objectives when managing capital are to:

safeguard their ability to continue as a going concern, so that the Group can continue to provide returns for shareholders and benefits for other stakeholders, and

maintain a strong capital base to ensure investor, credit and market confidence as well as ensure that funds are available to unfold and implement Gubra\u2019s business strategy. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Historically, the main source of funds were internally generated funds until 2023, where Gubra raised DKK 500 million before transaction costs to develop the company further. This was Gubra\u2019s first share issuance since the inception of the company.

Gubra's debt financing is limited to leasing of premises and equipment. At 31 December 2025, leasing debt amounted to DKK 107.4 million. This can be compared to the equity position of DKK 1,145.9 million. The solvency ratio (equity ratio) per 31 December 2025 amounted to 87%, which Gubra considered to be a highly creditworthy position.

With respect to placement of excess cash, thus cash not needed for working capital, capital investments and outstanding near-term financial obligations, these are placed according to Gubra\u2019s treasury policy. All excess cash as of 31 December 2025 was placed in AAA-rated Danish mortgage bonds. Funds for ongoing operations are held in AL Sydbank A/S, which has a credit rating of A1 with Moody\u2019s. Gubra considers this to be a highly solid credit rating.

Gubra intends to apply all available financial resources for the purposes of current and future business development. The company currently intends to retain all available financial resources and any earnings generated by its operations for use of implementing its strategy and does not anticipate paying any dividends until such strategy is implemented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__218": { "value": "

Note 22 Fee to auditors appointed at the general meeting

DKK\u2019000

2025

2024

PricewaterhouseCoopers

Audit fee

921

742

Other assurance services

129

60

Tax advisory service

1,168

756

Other services

-

21

Total

2,218

1,579

Non-audit services provided by PwC Denmark amounted to DKK 1.2 million in 2025, primarily containing advisory services in relation to the AbbVie-deal, establishment of the subsidiary, Gubra Holding GmbH, transfer pricing documentation, other assurance services and tax advice.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__219": { "value": "

Note 23 Earnings per share (DKK)

DKK\u2019000

2025

2024

Basic earnings per share

Total basic earnings per share attributable to the ordinary equity holders of the com-pany

103.8

(2.2)

Diluted earnings per share

Total diluted earnings per share attributable to the ordinary equity holders of the company

102.7

(2.2)

Reconciliations of earnings used in calculating earnings per share

Profit for the year as presented in the income statement

1,690,566

(36,498)

Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share

16,282,351

16,303,767

ACCOUNTING POLICIES

Basic earnings per share

Basic earnings per share is calculated by dividing:

the profit attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares

by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__221": { "value": "

ACCOUNTING POLICIES

Basic earnings per share

Basic earnings per share is calculated by dividing:

the profit attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares

by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

\"\"
\"\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__222": { "value": "

Note 24 Interest in other entities

Ownership interest held by the Group

Name of entity

Place of business

2025

2024

Gubra Alpha ApS

H\u00f8rsholm, Denmark

100%

100%

Gubra Beta ApS

H\u00f8rsholm, Denmark

100%

100%

Gubra Green ApS

H\u00f8rsholm, Denmark

100%

100%

Gubra Holding GmbH

Basel, Switzerland

100%

-

Gubra Inc

Cambridge, USA

100%

100%

Minigut ApS (liquidated)

H\u00f8rsholm, Denmark

-

100%

The Group\u2019s principal subsidiaries at year end are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group.

The country of incorporation or registration is also their principal place of business. In 2025, MiniGut ApS was liquidated, and in 2024 the subsidiaries Gubra Alpha ApS and Gubra Beta ApS were established.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__224": { "value": "

Note 24 Interest in other entities

Ownership interest held by the Group

Name of entity

Place of business

2025

2024

Gubra Alpha ApS

H\u00f8rsholm, Denmark

100%

100%

Gubra Beta ApS

H\u00f8rsholm, Denmark

100%

100%

Gubra Green ApS

H\u00f8rsholm, Denmark

100%

100%

Gubra Holding GmbH

Basel, Switzerland

100%

-

Gubra Inc

Cambridge, USA

100%

100%

Minigut ApS (liquidated)

H\u00f8rsholm, Denmark

-

100%

The Group\u2019s principal subsidiaries at year end are set out above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group.

The country of incorporation or registration is also their principal place of business. In 2025, MiniGut ApS was liquidated, and in 2024 the subsidiaries Gubra Alpha ApS and Gubra Beta ApS were established.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__8__225": { "value": "

Note 25 Subsequent events

No other material subsequent events have occurred after 31 December 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:254900T17RRFZONO6W53", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }