Strategic Partners A/S  
Lyskær 8A
DK-2730 Herlev
www.strategic-partners.com
CVR No.: 32266355
Interim Report First Half 2025  
Strategic Partners A/S (the “Company”), today announces its Interim Report First Half 2025 for  
the period January 1 – June 30, 2025.  
Financial highlights First Half 2025  
The total comprehensive profit/loss for the first half 2025 was a net loss of DKK 1.2 million  
compared to a total comprehensive profit of DKK 1.8 million for the same period in 2024.  
Operating expenses for the six months ended June 30, 2024 totaled DKK 1.4 million compared  
to DKK 1.5 million for the same period in 2024.  
In January 2025 the Company sold its strategic position in CombiGene AB for a price close to  
the acquisition cost. The investment in CombiGene AB contributed with a net profit of DKK 0.4  
million until the sale in January.  
The result from property investments and securities is reported as other income and is realized  
at a net gain DKK 0.1 million.  
The Company is in the final process to liquidate its subsidiaries in US and Switzerland and  
expect that the liquidation will be finalized in 2025. Following these liquidations, the Company  
will only consist of the Danish parent company.  
Page 1 of 10  
 
Management’s review and Business update  
In continuation of the strategy, it is still the Company's wish to continue investing and adding  
competences in new partnerships in order to create added value for the Company's  
shareholders, as well as to attract additional capital to the company via capital raisings or the  
purchase of companies/assets via the issue of new shares in order to gain a greater critical  
mass.  
Risk and uncertainties  
For information on risks and uncertainties relating to Orphazyme’s business please refer to our  
Statutory Annual Report 2024. Additional risks and uncertainties, including risks that are not  
known to the Company at present or that its management currently deems immaterial or non-  
specific to the Company, may also arise or become material or specific to the Company in the  
future, which could, if such risks were to materialize, have a material and adverse effect on the  
Company’s business, financial condition, and/or results of operations.  
Subsequent Events  
Management is not aware of any events subsequent to 30 June 2025 which could be expected  
to have a significant impact on the group’s financial position.  
Outlook  
Based on the first half of the year the company changes its outlook from previously an  
operating loss in the range of DKK -3 to -4 million to DKK -2 to -3 million .  
Forward-looking statements, in particular relating to future activities, operating income and  
expenses as well as other key financials, are subject to risks and uncertainties. Various factors,  
many of which lie outside of the Company’s control, may cause the realized results to differ  
materially from the expectations presented in this earnings release.  
Page 2 of 10  
 
Condensed Key Figures  
As of and for  
the six-  
As of and for  
the six-months  
ended Jun 30,  
2024  
As of and for the  
year  
DKK (000)  
months ended  
Jun 30, 2025  
ended Dec  
31, 2024  
Statement of profit or loss  
General and administrative expenses  
Other income and expenses  
Operating profit/(loss)  
Net financial items  
(1,448)  
57  
(1,492)  
3,186  
1,694  
154  
(2,897)  
2,696  
(201)  
(97)  
(1,391)  
204  
Total comprehensive income (loss)  
Profit / (loss) per share, basic (DKK)  
Profit / (loss) per share, diluted (DKK)  
Statement of financial position  
Investment property  
(1,187)  
(28)  
1,848  
52  
(298)  
(8)  
(28)  
52  
(8)  
3,573  
3,222  
12,053  
2
-
13,973  
3,781  
97  
3,550  
3,886  
16,086  
36  
Cash  
Securities  
Other current assets  
Total assets  
18,850  
6,257  
18,061  
789  
17,850  
5,297  
16,089  
1,761  
23,558  
6,257  
19,248  
4,310  
Share capital  
Total equity  
Current liabilities  
Cash flow statement  
Net cash from operating activities  
Net cash from investing activities  
Net cash from financing activities  
Other  
(4,628)  
3,964  
-
(289)  
2,993  
-
(3,361)  
(9,327)  
5,306  
Share price (DKK)  
1,000  
41,712  
41.7  
968  
35,312  
34.2  
825  
41,712  
34.4  
Total outstanding shares  
Market capitalization (DKK million)  
Equity ratio  
96%  
85%  
82%  
Equity per share (DKK)  
433  
427  
461  
Page 3 of 10  
 
Statement of Profit or Loss and Other Comprehensive Income  
Twelve  
months  
ended  
Six months  
ended  
Six months  
ended  
Jun 30, 2025 Jun 30, 2024 Dec 31, 2024  
DKK (000)  
DKK (000)  
DKK (000)  
General and administrative expenses  
Other income and expenses  
Operating result  
(1,448)
57
(1,492)
3,186
(2,897)
2,696
(1,391)
1,694
(201)
Financial items, net  
204
154
(97)
Total comprehensive income (loss)  
1,187
1,848
(298)
Profit/(loss) per share, basic  
Profit/(loss) per share, diluted  
(28)
(28)
52
52
(8)
(8)
Page 4 of 10  
 
Statement of Financial position  
Jun 30, 2025 Jun 30, 2024 Dec 31, 2024  
DKK (000)  
DKK (000)  
DKK (000)  
ASSETS  
Fixed assets  
Investment property  
Total fixed assets  
3,573
-
3,550
3,573
-
3,550
Current assets  
Prepayments and other receivables  
Securities and partnerships  
Cash  
2
12,053
3,222
96
3,781
36
16,086
3,886
13,973
17,850
Total current assets  
15,277
20,008
TOTAL ASSETS  
18,850
17,850
23,558
EQUITY & LIABILITIES  
Equity  
Share capital  
Other reserves  
Retained earnings  
Total equity  
6,257
-
5,297
6,987
6,257
-
11,804
18,061
3,806
12,991
19,248
16,089
Current liabilities  
Trade payable and accruals  
Total current liabilities  
789
1,761
4,310
789
1,761
4,310
TOTAL EQUITY AND LIABILITIES  
18,850
17,850
23,558
Page 5 of 10  
 
Statement of Changes in Shareholders’ Equity  
Share capital  
Other  
reserves  
Accumulated  
deficit  
Total  
DKK (000)  
Balance as of Dec 31, 2023  
12,283
-
1,959
14,242
Capital reduction  
(6,986)
6,986
-
-
Net loss for the period  
-
-
1,847
1,847
Balance as of June 30, 2024  
5,297
6,986
3,806
16,089
Balance as of Dec 31, 2024  
6,257  
-
12,991  
19,248  
Net profit for the period  
-
-
(1,187)
(1,187)
Balance as of June 30, 2025  
6,257
-
11,804
18,061
Page 6 of 10  
 
Cash Flow Statement  
Six months ended  
Jun 30, 2025  
DKK (000)  
Six months ended  
Jun 30, 2024  
DKK (000)  
Operating activities  
Operating profit / (loss)  
(1,391)
46
1,694
170
Investment result, non cash  
Change in receivables  
34
1,002
(3,309)
154
Change in accruals and other liabilities  
Interest received / (paid), net  
Cash flow from operating activities  
(3,521)
204
(4,628)
(289)
Investing activities  
Purchase of securities  
-
3,987
(23)
(2,963)
5,956
-
Sale of securities  
Investment property  
Cash flow from investment activities  
3,964
2,993
Changes in cash and cash equivalents  
(664)
2,704
Cash balance at beginning of period  
3,886
11,269
Cash balance at end of period  
3,222
13,973
Page 7 of 10  
 
Notes to the Interim Financial Statement  
NOTE 1 – CORPORATE INFORMATION  
Strategic Partners A/S is headquartered in Copenhagen, Denmark and is publicly traded on  
Nasdaq Copenhagen.  
The Company is in the process of the final liquidation of the subsidiaries in US and Switzerland.  
There were no material related party transactions during the first half of 2025 other than  
remuneration to the Executive Management and the Board of Directors.  
Basis of preparation  
The interim condensed financial statements for the six months ended June 30, 2025 have been  
prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International  
Accounting Standards Board (IASB) and as adopted by the EU, and additional Danish disclosure  
requirements for interim reports of companies listed on the Nasdaq Copenhagen.  
The interim condensed financial statements do not include all the information and disclosures  
required in annual financial statements and should be read in conjunction with the Company’s  
latest annual financial statements as of December 31, 2024. These interim condensed financial  
statements have been prepared in accordance with the going concern assumption.  
Updates to the Group's accounting policies  
The accounting policies used in the preparation of the interim condensed financial statements  
are consistent with those used in the preparation of Strategic Partners A/S’s annual financial  
statements for the year ended December 31, 2024.  
The interim financial report has not been reviewed or audited by the Company’s independent  
auditors.  
Significant accounting estimates and judgements  
The significant accounting estimates and judgements disclosed in note 1.4 of the financial  
statements for the year ended December 31, 2024 are still applicable.  
Page 8 of 10  
 
NOTE 2 –INVESTMENT IN PARTNERSHIPS AND INVESTMENT PROPERTY  
In January 2025 the Company sold the position in CombiGene AB for a price close to the  
acquisition cost.  
The Company is currently investigating different strategic investments.  
NOTE 3 – DEFERRED TAX ASSETS  
The Company’s tax losses can be carried forward infinitely subject to the general rules on  
limited deductibility due to ownership changes.  
For the period ended June 30, 2025, the Company has unrecognized net tax loss carry-forwards  
in the Danish entity in the amount of DKK 2,212 million which is equal to a deferred tax asset of  
DKK 487 million as of June 30, 2025.  
Page 9 of 10  
 
Statement by the Board of Directors and the Executive Management  
The Board of Directors and the Executive Management have today reviewed and approved the  
interim financial report of Strategic Partners A/S for the period January 1 - June 30, 2025. The  
interim financial report has not been reviewed or audited by the Company’s independent  
auditors.  
The interim financial report for the period January 1 - June 30, 2025 has been prepared in  
accordance with IAS 34 Interim Financial Reporting. The accounting policies used in the interim  
financial report are consistent with those accounting policies used in Strategic Partners A/S’s  
2024 Annual Report with the additions described and additional Danish disclosure requirements  
for interim reports of listed companies.  
In our opinion, the interim condensed financial statements give a true and fair view of Strategic  
Partners A/S’s assets, liabilities, and financial position at June 30, 2025 and of the results of its  
operations and cash flows for the period January 1 - June 30, 2025.  
We furthermore consider that the management’s review gives a true and fair view of the  
development in the Group’s activities and financial affairs, the profit for the period and the  
Group’s financial position as a whole, as well as a description of the most significant risks and  
uncertainties to which the Group is subject.  
Copenhagen, September 16th, 2025.  
Board of Directors  
Michael Hove
Chairman of the Board
Lars Tylvad Andersen
Jakob Færch Bendtsen
Executive Management  
Jakob Færch Bendtsen
Chief Executive Officer
Page 10 of 10