Strategic Partners A/S
Lyskær 8A
August 4th 2026  
DK-2730 Herlev
www.strategic-partners.com
CVR No.: 32266355
Interim Report First Half 2026  
Strategic Partners A/S (the “Company”), today announces its Interim Report First Half 2026 for  
the period January 1 – June 30, 2026.  
Financial highlights First Half 2026  
The total comprehensive profit for the first half year 2026 was a net profit of DKK 1.0 million  
compared to a total comprehensive net loss of DKK 1.2 million for the same period in 2025.  
Operating expenses for the six months ended June 30, 2026 totaled DKK 1.0 million compared  
to DKK 1.4 million for the same period in 2025.  
In May, Strategic Partners A/S purchased a strategic position of 8,823 shares as Co-owners in  
the Danish company Gyldendal A/S corresponding to an investment of DKK 3 million. The  
investment was made after following the company’s development for an extended period.  
During the period, the Company also worked on an improvement to its facility on Østerbrogade  
in Copenhagen, which will significantly enhance the facility’s rental potential.  
In July, the Company announced the biggest potential strategic investment so far as the  
Company signed a conditional purchase agreement for the acquisition of three retail properties  
located outside Aarhus for a total purchase price of DKK 16.2 million, corresponding to a net  
yield of 7.25%.  
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The acquisition will be financed by a cash payment of DKK 7.0 million as well as the assumption  
of an existing mortgage loan of DKK 9.2 million. The purchase is conditional upon approval at  
an extraordinary general meeting convened on August 5th, 2026, at which the board of directors  
will propose both the acquisition itself and the financing of the cash payment through a capital  
raise.  
The company is still in process with various investments in order to continue to execute the  
strategy to increase the company's investments in strategic partnerships with companies with  
significant potential, as well as in other equity interests and real estate.  
The result from property investments is realized at a net gain of DKK 0.1 million compared to  
DKK 0.1 million for the same period in 2025.  
The result from our strategic co-ownership in listed and unlisted companies is realized at a net  
gain of DKK 1.9 million compared to DKK 0.0 million for the same period in 2025.  
Diluted net asset value per share is DKK 465 on June 30th, 2026.  
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 2025. 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.  
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Subsequent Events  
Management is not aware of any other events subsequent to 30 June 2026 other than described  
above related to the acquisition of new properties in Aarhus which could be expected to have a  
significant impact on the group’s financial position.  
Outlook  
The positive result of the first half of the year and the acquisition of the three retail properties  
will not change the company’s announced expectations for 2026, most recently communicated  
in company announcement 2/2026, in which the company expects an overall negative result  
before tax of DKK -2 million to DKK 0 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 3 of 11  
 
Condensed Key Figures  
As of and for  
the six-  
As of and for  
the six-months  
ended Jun 30,  
2025  
As of and for the  
year  
DKK (000)  
months ended  
Jun 30, 2026  
ended Dec  
31, 2025  
Statement of profit or loss  
Net rental income  
100  
(1,027)  
(927)  
1,946  
1,019  
24  
105  
(1,553)  
(1,391)  
204  
34  
(2,480)  
(2,446)  
1,587  
General and administrative expenses  
Operating profit / (loss)  
Net financial items  
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)  
(859)  
(21)  
24  
(28)  
(21)  
3,573  
71  
3,573  
3,222  
12,053  
2
3,573  
394  
Cash  
Securities  
16,457  
5
15,531  
41  
Other current assets  
Total assets  
20,107  
6,257  
19,405  
702  
18,850  
6,257  
18,061  
789  
19,539  
6,257  
18,390  
1,149  
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  
(1,339)  
1,016  
-
(4,628)  
3,964  
-
(2,136)  
(1,356)  
-
Share price (DKK)  
590  
41,712  
24.6  
1,000  
41,712  
41.7  
698  
41,712  
29.1  
Total outstanding shares  
Market capitalization (DKK million)  
Equity ratio  
97%  
96%  
94%  
Equity per share (DKK)  
465  
433  
441  
Page 4 of 11  
 
Statement of Profit or Loss and Other Comprehensive Income  
Twelve  
months  
ended  
Six months  
ended  
Six months  
ended  
Jun 30, 2026 Jun 30, 2025 Dec 31, 2025  
DKK (000)  
DKK (000)  
DKK (000)  
Net rental income  
100
1,027
(927)
105
(1,496)
(1,391)
34
General and administrative expenses  
Operating result  
(2,480)
(2,446)
Financial items, net  
1,946
204
1,587
Total comprehensive income (loss)  
1,019
(1,187)
(859)
Profit / (loss) per share, basic  
Profit / (loss) per share, diluted  
24
24
(28)
(28)
(21)
(21)
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Statement of Financial position  
Jun 30, 2026 Jun 30, 2025 Dec 31, 2025  
DKK (000)  
DKK (000)  
DKK (000)  
ASSETS  
Fixed assets  
Investment property  
Total fixed assets  
3,573
3,573
3,573
3,573
3,573
3,573
Current assets  
Prepayments and other receivables  
Securities and partnerships  
Cash  
5
16,457
71
2
12,053
3,222
41
15,531
394
Total current assets  
16,534
15,277
15,966
TOTAL ASSETS  
20,107
18,850
19,539
EQUITY & LIABILITIES  
Equity  
Share capital  
Retained earnings  
Total equity  
6,257
13,148
19,405
6,257
11,804
18,061
6,257
12,133
18,390
Current liabilities  
Trade payable and accruals  
Total current liabilities  
702
789
1,149
702
789
1,149
TOTAL EQUITY AND LIABILITIES  
20,107
18,850
19,539
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Statement of Changes in Shareholders’ Equity  
Share capital  
6,257
Accumulated  
deficit  
Total  
DKK (000)  
Balance as of Dec 31, 2024  
12,991
19,248
Net loss for the period  
-
(1,187)
(1,187)
Balance as of June 30, 2025  
6,257
11,804
18,061
Balance as of Dec 31, 2025  
6,257
12,133
18,386
Net profit for the period  
-
1,019
1,019
Balance as of June 30, 2026  
6,257
13,148
19,405
Page 7 of 11  
 
Cash Flow Statement  
Six months ended  
Jun 30, 2026  
DKK (000)  
Six months ended  
Jun 30, 2025  
DKK (000)  
Operating activities  
Operating profit / (loss)  
(927)
36
(1,345)  
34
Change in receivables  
Change in accruals and other liabilities  
Interest received / (paid), net  
Cash flow from operating activities  
(448)
0
(3,521)
204
(1,339)
(4,628)
Investing activities  
Purchase of securities  
(3,148)
4,164
-
-
3,987
(23)
Sale of securities  
Investment property  
Cash flow from investment activities  
1,016
3,964
Changes in cash and cash equivalents  
(323)
(664)
Cash balance at beginning of period  
394
3,886
Cash balance at end of period  
71
3,222
Page 8 of 11  
 
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.  
There were no material related party transactions during the first half of 2026 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, 2026 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, 2025. 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, 2025.  
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, 2025 are still applicable.  
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NOTE 2 –INVESTMENT IN PARTNERSHIPS AND INVESTMENT PROPERTY  
In May, Strategic Partners A/S purchased 8,823 shares in the Danish company Gyldendal A/S  
corresponding to an investment of DKK 3 million. The investment was made after following the  
company’s development for an extended period.  
During the period, the Company worked on improvements to its commercial apartment on  
Østerbrogade in Copenhagen, which will significantly enhance the apartment’s rental potential.  
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, 2026, 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, 2026.  
Page 10 of 11  
 
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, 2026. 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, 2026 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  
2025 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, 2026 and of the results of its  
operations and cash flows for the period January 1 - June 30, 2026.  
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, August 4th, 2026.  
Board of Directors  
Michael Hove
Chairman of the Board
Lars Tylvad Andersen
Jakob Færch Bendtsen
Executive Management  
Jakob Færch Bendtsen
Chief Executive Officer
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