Scantox Denmark ApS  
Annual Report 2025  
Scantox Denmark ApS  
Hestehavevej 36A, 4623 Lille Skensved  
CVR-nr. 42015768  
Annual Report 2025  
Approved at the Company’s annual general meeting on 6 May 2026  
Chair of the meeting  
........................................................  
Jens Bager  
 
Scantox Denmark ApS  
Annual Report 2025  
Contents  
Management’s Statement...........................................................................................................................1  
Independent auditor's report .....................................................................................................................2  
Management’s review.................................................................................................................................5  
Consolidated Financial Statements ........................................................................................................41  
Consolidated Statement of Comprehensive Income................................................................................................. 41  
Consolidated Statement of Financial Position........................................................................................................... 42  
Consolidated Cash Flow Statement ......................................................................................................................... 43  
Consolidated Statement of Changes in Equity.......................................................................................................... 44  
Notes to the Consolidated Financial Statement........................................................................................................ 45  
Financial Statements (Parent Company) ................................................................................................75  
Statement of Comprehensive Income ...................................................................................................................... 75  
Statement of Financial Position................................................................................................................................ 76  
Statement of Changes in Equity............................................................................................................................... 77  
Cash Flow Statement............................................................................................................................................... 78  
Notes to the Financial Statements of the Parent....................................................................................................... 79  
 
Management’s Statement
The Board of Directors and the Executive Board have today discussed and approved the annual report of  
Scantox Denmark ApS for the financial year 1 January - 31 December 2025.  
The annual report has been prepared in accordance with IFRS Accounting Standards - IFRS® (hereinafter  
‘IFRS Accounting Standards’ or ‘IFRS’) as adopted by the European Union (EU), and additional disclosure  
requirements of the Danish Financial Statements Act.  
In our opinion, the consolidated financial statements and the parent company financial statements give a  
true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and  
of the results of their operations and cash flows for the financial year 1 January - 31 December 2025.  
Further, in our opinion, the Management's review gives a fair review of the development in the Group's and  
the Parent Company's operations and financial matters, the results for the year and the Group's and the  
Parent Company's financial position.  
We recommend that the annual report be approved at the annual general meeting.
Lille Skensved, 6 May 2026
Executive Board:  
Jeanet Løgsted Nielsen
CEO
Martin Amtoft-Christensen
CFO
Board of Directors:  
Jens Bager
Chair
Nicholas Povl Zilstorff Hooge
1
 
Independent auditor's report
To the shareholder of Scantox Denmark ApS
Opinion  
We have audited the consolidated financial statements and the parent company financial statements of  
Scantox Denmark ApS for the financial year 1 January – 31 December 2025, which comprise income  
statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash  
flow statement and notes, including material accounting policy information, for the Group and the Parent  
Company. The consolidated financial statements and the parent company financial statements are  
prepared in accordance with IFRS Accounting Standards (IFRS®) as adopted by the EU and additional  
requirements of the Danish Financial Statements Act.  
In our opinion, the consolidated financial statements and the parent company financial statements give a  
true and fair view of the financial position of the Group and the Parent Company at 31 December 2025  
and of the results of the Group's and the Parent Company's operations and cash flows for the financial  
year 1 January – 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the  
EU and additional requirements of the Danish Financial Statements Act.  
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional  
requirements applicable in Denmark. Our responsibilities under those standards and requirements are  
further described in the "Auditor's responsibilities for the audit of the consolidated financial statements  
and the parent company financial statements" (hereinafter collectively referred to as "the financial  
statements") section of our report. We believe that the audit evidence we have obtained is sufficient and  
appropriate to provide a basis for our opinion.  
Independence  
We are independent of the Group in accordance with the International Ethics Standards Board for  
Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional  
ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in  
accordance with these requirements and the IESBA Code.  
Statement on the Management's review  
Management is responsible for the Management's review.  
Our opinion on the financial statements does not cover the Management's review, and we do not  
express any assurance conclusion thereon.  
In connection with our audit of the financial statements, our responsibility is to read the Management's  
review and, in doing so, consider whether the Management's review is materially inconsistent with the  
financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially  
misstated.  
Moreover, it is our responsibility to consider whether the Management's review provides the information  
required under the Danish Financial Statements Act.  
Based on our procedures, we conclude that the Management's review is in accordance with the financial  
statements and has been prepared in accordance with the requirements of the Danish Financial  
Statements Act. We did not identify any material misstatement of the Management's review.  
Management's responsibilities for the financial statements  
Management is responsible for the preparation of consolidated financial statements and parent company  
financial statements that give a true and fair view in accordance with IFRS Accounting Standards as  
adopted by the EU and additional requirements of the Danish Financial Statements Act and for such  
internal control as Management determines is necessary to enable the preparation of financial  
statements that are free from material misstatement, whether due to fraud or error.  
In preparing the financial statements, Management is responsible for assessing the Group's and the  
Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to  
going concern and using the going concern basis of accounting in preparing the financial statements  
unless Management either intends to liquidate the Group or the Parent Company or to cease operations,  
or has no realistic alternative but to do so.  
2
 
Independent auditor's report
Auditor's responsibilities for the audit of the financial statements  
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are  
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that  
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an  
audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always  
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are  
considered material if, individually or in the aggregate, they could reasonably be expected to influence  
the economic decisions of users taken on the basis of the financial statements.  
As part of an audit conducted in accordance with ISAs and additional requirements applicable in  
Denmark, we exercise professional judgement and maintain professional scepticism throughout the  
audit. We also:  
►
Identify and assess the risks of material misstatement of the financial statements, whether due to  
fraud or error, design and perform audit procedures responsive to those risks and obtain audit  
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting  
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may  
involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.  
►
Obtain an understanding of internal control relevant to the audit in order to design audit procedures  
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the  
effectiveness of the Group's and the Parent Company's internal control.  
►
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting  
estimates and related disclosures made by Management.  
Conclude on the appropriateness of Management's use of the going concern basis of accounting in  
preparing the financial statements and, based on the audit evidence obtained, whether a material  
uncertainty exists related to events or conditions that may cast significant doubt on the Group's and  
the Parent Company's ability to continue as a going concern. If we conclude that a material  
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in  
the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions  
are based on the audit evidence obtained up to the date of our auditor's report. However, future  
events or conditions may cause the Group and the Parent Company to cease to continue as a going  
concern.  
►
►
Evaluate the overall presentation, structure and contents of the financial statements, including the  
note disclosures, and whether the financial statements represent the underlying transactions and  
events in a manner that gives a true and fair view.  
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or  
business activities within the Group to express an opinion on the consolidated financial statements.  
We are responsible for the direction, supervision and performance of the group audit. We remain  
solely responsible for our audit opinion.  
We communicate with those charged with governance regarding, among other matters, the planned  
scope and timing of the audit and significant audit findings, including any significant deficiencies in  
internal control that we identify during our audit.  
Copenhagen, 6 May 2026
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
Ole Becker
Christian Carlsbæk
State Authorised
Public Accountant
mne50651
State Authorised
Public Accountant
mne33732
3
 
Management’s review  
Company details  
Name  
Scantox Denmark ApS  
Hestehavevej 36A Ejby, DK-4623 Lille Skensved  
42 01 57 68  
Address, postal code, city  
CVR no.  
Established  
11 January 2021  
Registered office  
Financial year  
Executive Board  
Køge, Denmark  
1 January – 31 December  
Jeanet Løgsted Nielsen, CEO  
Martin Amtoft-Christensen, CFO  
Board of Directors  
Auditors  
Jens Bager, Chair  
Nicholas Povl Zilstorff Hooge  
EY Godkendt Revisionspartnerselskab  
Dirch Passers Allé 36, DK-2000 Frederiksberg  
4
 
Management’s review  
Milestones in History  
Despite different ownerships Scantox has always operated as a stand-alone site. Since 2021, Scantox has  
been owned by the Nordic health investment firm Impilo.  
Group Overview  
Scantox Group has continuously expanded during the Impilo ownership, going from one site in Denmark  
(Ejby) to a wider group spanning six sites across four European countries.  
At Scantox, we work from a commitment to be a sustainable business. We understand that each  
customer’s drug development journey is unique and that flexibility is key to fostering innovation. Our  
adaptable service model allows us to offer bespoke solutions that precisely match the specific needs of our  
diverse client portfolio.  
Whether you are seeking to optimize a lead candidate swiftly and efficiently, or are addressing the  
complexities of regulatory frameworks, our expert team provides unwavering support every step of the  
way.  
We offer a homogeneous interface across our sites from the client perspective. This covers digital  
initiatives to increase productivity through enhanced ways of working, including emerging technologies  
across all functions in the organization, and streamlined processes to maximize efficiency and  
responsiveness to our client base.  
Our geographical footprint allows for local presence across Europe in close proximity to key academic  
institutions and clientele alike, and fosters meaningful partnerships from idea to solutions.  
5
 
Management’s review  
Performance highlights  
Revenue of 55.5m  
Revenue growth of 17%  
EBITDA before Special Items of 11.6m  
EBITDA growth of 8%  
EBITDA margin before Special Items of 20.9%  
EBITDA margin decline of 1.7%-points  
6
 
Management’s review  
Letter from the Chair and CEO  
Succeeding in a Dynamic Market Environment  
We managed to build on a strong value proposition in the market and successfully integrated our acquisitions from  
2024 into the Scantox portfolio in a year that was characterized by regulatory and wider market uncertainties.  
As 2025 has come to its conclusion, we look back at a year characterized by shifting market dynamics, with a  
budget shift from preclinical projects to clinical stage projects (if at all possible). Turbulence in the regulatory  
environment at the FDA led to uncertainty and longer decision periods for our clients regarding the initiation of  
preclinical activities. This was combined with a continued weak biotech sector, as funding remained challenged,  
and a general overcapacity in the market.  
During the year, we prioritized efforts focused on integration and optimization of our commercial set-up, operational  
excellence and digitalisation, as well as investments in relevant New Approach Methodologies (NAMs) services.  
Strategic initiatives aimed at enhancing our commercial organization, with higher geographical and client segment  
reach, have yielded positive results. The successful integration of our drug discovery and genetic toxicology  
businesses has introduced a wider service offering, especially for big pharma clients, allowing for broader client  
engagement across the drug development process.  
Additional adjacent services were introduced in 2025 as part of our continued investment in cutting-edge science.  
A key focus has been the expansion of our in vitro service lines to align with the principles of NAMs. One example  
is our expanding organoid capabilities in Austria, where new technology and equipment are now in place to support  
clients in their drug discovery efforts.  
In parallel, we inaugurated an additional state-of-the-art large animal facility in Denmark. This is not simply an  
expansion of capacity; it represents a unique, one-of-a-kind setup within our industry. Its innovative exterior design  
and advanced equipment enable us to offer an unprecedented level of animal welfare that is unmatched elsewhere.  
The facility plays a central role in our integrated animal welfare strategy and strengthens our commitment to the  
3R principles (Replace, Reduce, Refine) that guide ethical decision-making across our organization. Our deliberate  
investments in higher-standard housing and care are already showing clear impact. Clients recognize the added  
value of this enhanced environment, and we are already seeing specific requests for studies conducted in this new  
facility.  
Adding to our existing AAALAC accreditation for the site in Austria, we also obtained this certification for our Danish  
(Ejby) site this year. It certifies our strong commitment to animal welfare and is a testament to the great work of  
our employees, who go above and beyond every day to ensure that animal welfare is ingrained in Scantox’s DNA.  
To accommodate increased client demand, we invested in additional capacity across the Group, most noticeably  
through laboratory and animal facility expansions at our UK and Danish sites. Our additional laboratory facilities in  
Manchester enable further scaling of our genetic toxicology service portfolio in the years to come.  
As a strategic focus in 2025, this added capacity has been accompanied by increased operational efficiency  
through staff upskilling, process optimization, and digital initiatives driven by our “digital first” approach.  
On the digital side, we have invested time and resources in eliminating paper where possible and shifting towards  
opportunistic use of automation and artificial intelligence (AI) along the value chain. This ensures a future-proof  
organization, with compliance and reduced throughput time at the forefront.  
Our enhanced level of digital maturity has enabled more data-rich analyses and real-time reporting to support  
timely and evidence-based decision-making, which has been particularly impactful in a year marked by market  
turbulence. This includes our ability to track commitments to the Science Based Targets initiative (SBTi) as part of  
our sustainability agenda. Additionally, we believe that building a solid data foundation is a prerequisite for  
capturing the potential of AI at speed. As a result, we have expanded our capabilities in data analysis and insights  
to support future growth.  
In 2025, we continued to actively contribute to the scientific community by sharing new insights and data through  
more than 30 scientific posters presented at conferences worldwide, as well as through contributions to multiple  
peer-reviewed publications. In addition, key team specialists received further international accreditations (ERT,  
7
 
DipRCPath, FIATP), solidifying Scantox’s position as a trusted and highly regarded expert within the life science  
and toxicology communities.  
Ultimately, we believe Scantox is well positioned to accelerate growth in 2026. In February, we acquired the non-  
clinical mutagenesis assays business and patent-licensed field rights from TwinStrand Biosciences Inc. across  
genomic safety. This means that we will operate both a DuplexSeq™ reagent kit business and a CRO service  
business, delivering the same high-precision mutagenesis offering across a stable and sustainable business  
platform.  
Clients’ commitments to start or continue working relationships with us, employees’ loyalty and dedication to  
constantly strive for perfection, and the solid support from our investors make us confident and positive about  
Scantox’s future growth in 2026, despite an unpredictable world around us.  
Jeanet Løgsted  
CEO  
Jens Bager  
Chair of the Board  
8
 
Management’s review  
Letter from the CFO  
Financial Highlights  
The 2025 result shows continued growth, and we sustained our investments in future growth, though  
performance was impacted by a challenging market environment.  
In the 2024 annual report, we emphasized that the outlook for 2025 was more uncertain than usual, but  
expected revenue and EBITDA for 2025 to be at the same level as in 2024 when adjusting for the full-year  
effect of acquisitions. Both revenue and EBITDA ended lower than expectations due to a more adverse  
market situation than anticipated, combined with continued investments in future growth.  
Revenue for 2025 reached EUR 55.5m, representing growth of 17% compared to 2024. This increase was  
primarily driven by the full-year impact of acquisitions completed in 2024, while organic growth from  
businesses owned and operated fully throughout 2024 and 2025 was 2%.  
This performance reflects a solid outcome in a year marked by macroeconomic headwinds, regulatory  
uncertainty in the US, and a constrained funding environment for biotech companies. Market conditions  
improved toward the end of 2025, and this positive momentum has continued into the early part of 2026.  
Reported EBITDA before special items increased to EUR 11.6m, corresponding to an EBITDA margin of  
20.9%. The EBITDA margin declined slightly due to continued investments in an enhanced commercial  
organization with broader geographical and client segment reach.  
Operating income for the year improved compared with 2024 due to lower acquisition-related costs, but  
remained slightly negative as a result of special item costs in 2025 related to organizational adjustments.  
During 2025, we focused on completing the integration of our genetic toxicology and drug discovery  
businesses and implemented operational efficiency initiatives and digitalisation across the organization to  
ensure we are well positioned to capture continued growth.  
We remain committed to investing in future growth and have during 2025 invested in strengthening our  
commercial organization, we have added capacity, and we have, as planned, started production at our  
new state-of-the-art facility in Denmark. This will support development in the coming years and ensure that  
we can deliver continued growth.  
Operating cash flow improved by EUR 13.6m to EUR 4.7m, driven by improved EBITDA and working  
capital improvements.  
Cash flow from investing activities amounted to EUR 5.6m, primarily related to investments in property,  
plant and equipment (PP&E), compared with EUR 8.4m in 2024.  
Cash outflow from financing activities totalled EUR 0.3m attributable to repayment of borrowings and  
leasing liabilities. Overall, total cash flow for the year was negative by EUR 1.2m.  
EUR thousand  
2025  
2024  
2023  
Reported EBITDA before special items  
Special Items  
Reported EBITDA  
11,622  
(2,368)  
9,254  
10,790  
(7,874)  
2,916  
5,270  
(1,419)  
3,851  
Delta Working Capital  
Financial items & tax  
Operating Cash Flow  
Investing Activities  
Financing Cash Flow  
Total Cash Flow  
3,017  
(7,611)  
4,660  
(5,580)  
(280)  
(6,520)  
(5,357)  
(8,961)  
(119,570)  
138,342  
9,811  
(2,685)  
(1,091)  
75  
(8,291)  
6,699  
(1,200)  
(1,517)  
9
 
The overall development is reflected in the balance sheet, with total assets of EUR 164.3m and equity  
decreasing to EUR 49.1m, resulting in a solvency ratio of 30%.  
The Group’s financing agreement is governed by two financial covenants that are tested on a quarterly  
basis, and both were fulfilled at the end of 2025 and are expected to be fulfilled going forward. The  
financing Facility Agreement is based on variable interest rates, of which approximately two-thirds have  
been hedged through a fixed-interest swap.  
Uncertainty relating to recognition and measurement  
Revenue recognition  
Scantox’s client contracts are designed to allow the Group to perform specific studies, usually at a fixed  
price. Revenue is recognized using the production method, based on estimates of the value produced during  
the fiscal period. These revenue estimates inherently involve some measurement uncertainty, although they  
are subject to extensive control and assessment.  
Purchase Price Allocations  
Significant assets acquired through business combinations generally comprise goodwill and client  
relationships. Management makes estimates of the fair value of acquired assets, liabilities, and contingent  
liabilities. Depending on the nature of the item, the determined fair value may be associated with uncertainty  
and may be subject to subsequent adjustment.  
Events after the balance sheet date  
In February 2026, we acquired the non-clinical genomic safety business of TwinStrand Biosciences, Inc.  
through a technology transfer and license agreement. Under the agreement, Scantox gains the rights to be  
the sole global provider of DuplexSeq™ mutagenesis assays and related non-clinical genomic safety  
services. The acquisition was funded through cash available on the balance sheet and is expected to have  
a smaller positive effect on the Group’s financial position. No events have occurred after the balance sheet  
date that could materially affect the Group’s financial position in a negative direction.  
Expectations 2026  
The macroeconomic environment remains highly uncertain and is making the market situation and the  
outlook for 2026 more uncertain than usual. However, we remain confident in continued growth in 2026, and  
we expect revenue in 2026 to grow by 5–15% and EBITDA before special items to grow by 15–30% providing  
an increased margin.  
10  
 
Management’s review  
Financial highlights for the Group  
EUR thousand  
Key figures  
Revenue  
2025  
2024  
47,457  
2023  
29,251  
2022  
18,222  
2021  
6,499  
55,522  
37,761  
11,622  
9,254  
6,160  
(437)  
(8,210)  
(8,647)  
(6,194)  
34,299  
10,790  
2,916  
18,873  
5,270  
3,851  
2,820  
1,401  
(309)  
1,092  
1,282  
11,472  
2,512  
1,060  
(386)  
(386)  
(22)  
4,133  
Gross Profit  
EBITDA before special items  
EBITDA  
EBIT before special items and PPA amortisations*  
EBIT  
Net financials  
Profit before tax  
Income /(loss) for the year  
(718)  
(718)  
5,920  
(1,755)  
(1,755)  
(157)  
(1,911)  
(512)  
(6,692)  
(4,947)  
(11,639)  
(10,586)  
(408)  
(434)  
Balance sheet  
Balance sheet total  
Investments in Property, plant and equipment  
Equity  
164,270  
5,533  
49,109  
184,562  
8,354  
55,819  
29,042  
5,010  
5,356  
19,631  
2,088  
3,972  
14,947  
1,663  
4,514  
Cash flow  
4,660  
(5,580)  
(280)  
(8,961)  
(119,570)  
138,342  
9,811  
75  
(8,291)  
6,699  
3,533  
(2,762)  
(740)  
31  
(2,397)  
(2,824)  
6,560  
Cash flow from operating activities  
Cash flow from investing activities  
Cash flow from financing activities  
Total cash flow  
(1,200)  
(1,517)  
1,339  
Financial ratios  
Gross margin, %  
EBITDA before special items margin, %  
EBITDA margin, %  
EBIT margin, %  
Solvency ratio  
Return on assets  
Return on equity  
68.0%  
20.9%  
16.7%  
-0.8%  
29.9%  
-3.8%  
-12.6%  
72.3%  
22.7%  
6.1%  
-14.1%  
30.2%  
-5.7%  
-19.0%  
64.5%  
18.0%  
13.2%  
4.8%  
18.4%  
4.4%  
63.0%  
13.8%  
5.8%  
-2.1%  
20.2%  
-2.2%  
-10.9%  
63.6%  
-11.0%  
-11.0%  
-27.0%  
30.2%  
-3.4%  
23.9%  
-11.3%  
* EBIT adjusted for special items as reported in note 2.5 of the financial statements and for amortised costs related to customer  
relationship and order backlog from the purchase price allocation from the acquisition of Scantox Neuro and Gentronix.  
ESG  
2025  
2024  
2023  
2022  
111  
1,531  
3,137  
2021  
396
432  
372
400  
213  
64  
Average number of employees (FTEs)  
CO2 emission scope 1 & 2  
CO2 emission scope 3  
1,761  
5,052  
1,571  
2,697  
5,798  
4,445  
The financial ratios stated under 'Financial highlights' have been calculated as follows:  
Gross Profit: Revenue – Raw materials and consumables – Other operating expenses  
Gross margin: Gross profit/loss x 100 / Revenue  
EBITDA before special items margin: EBITDA before special items x 100 / Revenue  
EBITDA margin: EBITDA x 100 / Revenue  
EBIT margin: EBIT x 100 / Revenue  
Solvency ratio: Equity x 100 / Total assets  
Return on assets: Profit/loss x 100 / Total assets  
Return on equity Profit/loss x 100 / Total equity  
11  
 
Management’s review  
Our Business  
Business Strategy  
We are focused on delivering high-quality work to our clients through specialized scientific expertise and  
the highest quality and ethical standards.  
We turn drug development challenges into solutions together with our client counterparts. In practice, this  
means being a responsive and trusted CRO partner that can constructively challenge, guide, and support  
sophisticated and complex science. We are committed to always recommending the appropriate approach  
at the right time to enable effective drug development. We believe that a transparent, relationship-based  
approach enables collaborative growth for all parties. This mindset has helped us establish meaningful  
relationships that allow us to accurately forecast future needs and prepare new services in due time to  
align with market expectations.  
Our services support a broad spectrum of drug development elements, ranging from target identification to  
lead optimization within in vitro and in vivo efficacy models, formulation development, and regulatory  
toxicology studies, including supportive functions such as clinical pathology, bioanalysis, and histology, all  
the way through to manufacturing and distribution of products for Phase 1 and Phase 2 clinical trials.  
These service offerings are continuously evaluated, refined, and expanded to reflect the evolving demands  
of our clients. In 2025, we added additional capacity and service lines to our portfolio, including  
translational drug discovery platforms, to deliver submission-ready GLP toxicology studies supporting first-  
in-human and onward clinical studies.  
The Group’s acquisitions and inorganic growth in recent years have incrementally increased both the  
breadth and depth of our service offering and, equally importantly, strengthened integration across  
verticals. This enables a continuous process spanning discovery, regulatory toxicology, and supportive  
clinical development services within formulation and analytical disciplines. This development has allowed  
us to establish larger, long-term client commitments across the drug development value chain. The  
reception has been strong, as an increasing number of clients have expanded their collaboration with us  
over time to include additional service lines.  
Our key strategic focus in 2025 has been to deliver on client demands while simultaneously identifying  
three specific focus areas for the benefit of our clients, investors, partners, and employees. A key priority  
has been strengthening our commercial footprint by expanding our reach and building a broader, more  
agile commercial organization prepared to support Scantox’s growth. With the emergence of increasingly  
sophisticated technologies, this also includes the gradual and purposeful adoption of artificial intelligence  
and NAMs methods, while maintaining integrity and awareness of regulatory acceptance. Finally, we have  
invested significantly in operational excellence through digitalisation, process optimization, AI-supported  
functions, and, not least, the development of our people, ensuring a more scalable, efficient, and future-  
ready organization.  
Commercial Excellence  
Optimization – Advancements - Transformation  
During the year, we strengthened our commercial footprint through targeted hires in strategically important  
markets. New commercial resources were added in the Americas and EMEA, while additional partners in  
APAC expanded our reach, creating a broader and more agile platform for growth.  
We completed a commercial reorganization designed to better identify client needs earlier and address  
those needs more effectively. The updated structure improves coordination across functions, creates  
ownership, and enables faster decision-making, positioning the organization to execute more efficiently  
and support future scale. The changes further emphasize and support the importance of scientist-to-  
scientist engagement with clients, which has helped further build and sustain credibility, deepen  
relationships, and align our scientific expertise with ongoing customer priorities and project needs.  
12  
 
To further enhance go-to-market effectiveness, we invested in sales and marketing enablement tools,  
including selected AI-supported solutions. These initiatives have improved internal efficiency, supported  
better lead qualification, and increased the quality and consistency of customer engagement across the  
commercial funnel.  
We’ve invested in marketing communications to provide highly relevant scientific content to the market and  
showcase Scantox experts. In doing so, we’ve leveraged webinars, whitepapers and other mediums to  
increase both quantity and quality of our engagement within our core channel for market education and  
demand generation. By delivering focused, high-quality digital events with science as the focal point, we  
expanded audience reach, strengthened visibility in key segments, and created additional opportunities for  
meaningful customer interaction.  
Finally, we revised our go-to-market to better signal our ability to support clients across our service lines  
throughout the drug development process. This wider scope supports more relevant solution selling,  
increases cross-functional value creation, and strengthens our ability to serve clients across a larger share  
of their development journey.  
Operational Excellence  
Embracing Digitalization and AI  
During the year, we continued to advance digitalization across key parts of the organization, with the aim  
of improving operational effectiveness with reduced manual work, transparency, and scalability. By  
expanding the use of digital workflows and strengthening access to structured data, we created a more  
connected operating environment that supports faster execution and better cross-functional collaboration.  
We continued to strengthen selected commercial and finance-related workflows through a combination of  
process formalization, digital enablement and selective use of AI-assisted tools. A key focus area was the  
further development of structured Request for Information workflows, helping ensure that questions are  
routed to the right subject matter experts, answered more consistently and handled with greater  
transparency and less manual coordination. In parallel, we prepared selected commercial support  
workflows where AI can assist in establishing structure and logic, while maintaining a clear human-first  
approach to review and quality control. Rather than pursuing broad AI adoption, we have taken measured  
steps in areas where we see clear value creation for clients, partners and internal teams, while building a  
stronger foundation for scalable and reliable execution.  
Operational process optimization remained a central focus throughout the year. A large number of internal  
workflows were reviewed and refined to reduce complexity, eliminate inefficiencies, and improve  
consistency in execution. To help realize the benefits, we prioritized employee training and upskilling  
supported by structured coursework but also via AI-generated video-based training materials. These  
efforts have contributed to shorter study and administrative turnaround times, clearer accountability, and a  
more streamlined operational setup, while also providing a stronger foundation for future growth.  
New Approach Methodologies (NAMs)  
In 2025, Scantox continued to advance its scientific capabilities with an increasing focus on innovative,  
data-driven research approaches. Across the life science sector, there is a growing emphasis on New  
Approach Methodologies (NAMs), driven by evolving regulatory expectations and the continued focus on  
the 3Rs (Replacement, Reduction, and Refinement of animal use). In alignment with these developments,  
Scantox is progressively integrating such approaches into its scientific offerings. While maintaining its  
strong foundation in regulatory toxicology, the company also focused on expanding its discovery and  
efficacy profiling activities, incorporating state-of-the-art experimental systems into its established  
neuropharmacology infrastructure.  
A key area of growth during the year was the expanded implementation of NAMs, particularly through the  
use of advanced cell-based models. This includes complex neuronal systems and three-dimensional (3D)  
cell cultures, which offer more human-relevant and mechanistic insights into drug effects. These platforms  
are central to NAMs, enabling earlier and more predictive assessment of compound safety and biological  
responses, before moving into in vivo studies.  
13  
 
To further strengthen the NAMs capabilities, Scantox made a significant investment in advanced imaging  
infrastructure. A new confocal high-content screening microscope was installed to support studies  
involving 3D cell culture and organoid systems. The system is complemented by advanced image-analysis  
software incorporating machine-learning capabilities, enabling automated and high-throughput and  
unbiased analysis of complex cellular phenotypes.  
The above examples of investments in NAMs capability, outline how Scantox is continually able to deliver  
high-quality data and support innovative approaches for pharmaceutical research. We are committed to  
remain aware and agile in embracing and implementing additional NAMs and AI-based services based on  
scientific knowledge, client and/or regulatory demands.  
Service Portfolio  
Discovery  
In our Drug Discovery division, we assist clients in selecting a lead candidate for potential preclinical  
testing. Our test portfolio incorporates a wide range of in vitro, ex vivo, and in vivo models, enabling  
thorough characterization of drug candidates, including PK/PD studies that require large animal models.  
During 2025, we strengthened our research capabilities through targeted scientific and infrastructure  
investments in our Discovery division, with the goal of supporting our clients with state-of-the-art  
technologies and services focused on translational readouts.  
We upgraded our analytical platform with advanced confocal microscopy, enabling high-content imaging  
and quantitative 3D analysis of cellular and tissue structures, such as organoids and neurospheres. This  
increases the physiological relevance of our in vitro systems and enables clients to gain more in-depth  
knowledge of their compounds at an early stage of development.  
Mechanistic insight and phenotyping capabilities were further broadened through expansion of our portfolio  
with specialized human in vitro models, including chemotherapy-induced neuropathy assays, TDP-43  
motor neuron assays, and enhanced microglia functional assays.  
Additional in vivo models were added to our capabilities, specifically through neonatal mouse treatment  
paradigms and a TDP-43 AAV-based ALS model, alongside new access to MRI via an academic  
collaboration, thereby strengthening translational readouts.  
We also established additional metabolic disease models in minipigs to address current scientific trends,  
including within non-rodent species.  
14  
 
Operational efficiency improved through optimized breeding strategies and flexible resource utilization,  
while resilience and safety were further reinforced through significant investments in our facilities.  
Genetic Toxicology  
Our Genetic Toxicology division offers a comprehensive suite of genotoxicity screening and regulatory  
tests to assess DNA damage, mutations, and chromosomal alterations across a wide variety of  
compounds and materials.  
We serve the pharmaceutical, biotech, and wider chemical industries. As specialists, we conduct both in  
vitro and in vivo assays, addressing mutagenicity and broader genetic toxicology concerns.  
With a strong emphasis on GLP-compliant studies and regulatory submission support, Scantox is a  
preferred partner for companies seeking to ensure their products meet safety and regulatory standards  
within the field of genetic toxicology.  
In 2025, we expanded our physical site by 20% to meet increasing client capacity demand while  
maintaining fast turnaround times for study execution. In addition, we established a 6-well Ames test that  
enables prediction of the full-format Ames test using only 60 mg of material, allowing this critical decision  
point to be reached earlier in the drug development process. Furthermore, we launched on-site dose  
formulation analysis services in support of GLP studies, addressing regulatory expectations.  
We continue to actively participate in industry and regulatory working groups, ensuring that our expert  
team is well positioned to design the most appropriate testing strategies.  
Our validated testing protocols and extensive experience in genotoxicity testing make us a leading choice  
for thorough and reliable genetic toxicity assessments, helping clients navigate global regulatory  
landscapes and address challenges as they arise. With specialist capabilities in mutagenicity testing,  
including the OECD 471 Ames test and OECD 488 Big Blue® Transgenic Rodent Mutation assay formats,  
we are a market-leading CRO for genotoxic impurity testing services.  
Regulatory Toxicology  
Once a lead drug candidate has been identified, its safety profile must be evaluated in animal models  
before clinical trials in humans can begin.  
In our Regulatory Toxicology division, we offer toxicology and safety pharmacology GLP studies, as well  
as pharmacology OECD GLP-compliant studies, in both rodents and non-rodents. All studies are  
conducted in accordance with recognized international guidelines, ensuring that drug candidates are ready  
to enter clinical trials.  
These studies help identify potential safety risks and determine optimal dosage and dosing schedules. We  
take pride in our strong reputation for delivering high-quality study reports on time. Timely report delivery is  
a key performance metric, enabling clients to make informed decisions without compromising project  
timelines.  
Our scientific and technical teams are highly experienced and continuously develop new procedures while  
refining existing ones for the benefit of animal welfare, working environments, and our clients.  
In 2025, we significantly increased our capacity for non-rodent studies, with a strong emphasis on the  
highest animal welfare standards for housing colony animals through the inauguration of Block 10. The  
opening of Block 10, combined with AAALAC accreditation, reinforces Scantox’s position as a frontrunner  
in animal welfare.  
Designed with modern, flexible housing solutions, unique outdoor facilities that allow colony animals to  
exercise and socialize, and state-of-the-art laboratories and examination facilities, Block 10 enables the  
implementation of refined husbandry practices and enriched living conditions for animals. This supports  
both scientific excellence and our continued commitment to responsible and ethical research.  
15  
 
Pharmaceutical Development & Analytical  
Our Pharmaceutical Development division partners closely with clients to develop and manufacture high-  
quality drug formulations, leveraging deep expertise in oral and topical dosage forms. Following successful  
development, formulations are transferred to clinical batch manufacturing at our GMP-compliant facility.  
We are fully equipped to manufacture, package, and distribute investigational medicinal products for  
Phase I and Phase II clinical trials.  
In addition, the Group provides analytical support, including QC release testing and stability studies  
conducted under all ICH conditions, ensuring regulatory compliance and product quality throughout  
development.  
Our Bioanalytical team specializes in developing and validating methods for detecting drug substances in  
preclinical (GLP) and clinical (GCP) study samples. The team possesses extensive expertise in LC-MS/MS  
bioanalysis of small and medium-size molecules across discovery and development (GLP) phases, as well  
as clinical study samples (GCLP). They have successfully supported clients across both preclinical safety  
studies and subsequent clinical trials. In 2025, the department enhanced its analytical capabilities through  
installation of additional state-of-the-art instrumentation, including a Bravo automated liquid handler  
system and a new HPLC-DAD platform.  
Our Product Analysis group operates under GMP requirements for numerous products, and we continue to  
expand our catalogue of validated methods based on client requests to ascertain the quality of finished  
pharmaceuticals for release to the European market.  
16  
 
Management’s review  
Sustainability Statement  
General Introduction  
Basis of Preparation  
Reporting Period and Reporting Entity  
This Sustainability Statement covers the period from 1 January 2025 to 31 December 2025 and has been  
prepared for Scantox Holding ApS and its subsidiaries on a consolidated basis, consistent with the  
reporting period applied in the Group’s consolidated financial statements. The full list of legal entities  
included in the reporting perimeter is presented in the appendix (1).  
Reporting Architecture and Frameworks  
The Sustainability Statement has been prepared using a reporting structure informed by the Voluntary  
Standard for SMEs (VSME), including the Basic Module and selected concepts from the Comprehensive  
Module, for a lender and investor audience. The report is further informed by the GHG Protocol for  
greenhouse gas accounting and by a climate section structured in line with the Task Force on Climate-  
Related Disclosures (TCFD), drawing on selected IFRS S2 concepts.  
This approach reflects Scantox’s intention to improve the quality, consistency, and decision-usefulness of  
its sustainability reporting year by year, while maintaining a practical and business-relevant reporting  
approach during a period of continued regulatory development. This includes the 2025 EU postponement  
under the “Stop-the-clock” directive (EU 2025/794) and the broader ongoing simplification of sustainability  
reporting requirements.  
Reporting Boundary  
Unless otherwise stated, the Sustainability Statement reflects the Scantox Group as currently constituted.  
For climate reporting, however, Scantox continues in 2025 to use the temporary reporting perimeter  
applied under the Group’s sustainability-linked loan KPI structure. Under this legacy perimeter, Scope 1  
and Scope 2 cover the sites and energy sources included in the lender-agreed KPI basis, while remaining  
reported climate impacts are presented within Scope 3.  
This perimeter is retained for one final reporting cycle to maintain continuity with the existing lender  
framework. It is expected to be replaced in connection with the planned recalculation of the climate  
baseline as part of Scantox’s Science Based Targets initiative (SBTi) target-setting process, after which  
Scantox expects to move to a broader full-site climate boundary in the 2026 Annual Report.  
Comparability  
Selected ESG metrics are not fully comparable year on year. This is primarily due to the transformational  
acquisitions completed in 2024 and the fact that Scantox has not yet recalculated its climate baseline in  
connection with SBTi target setting. As a result, 2025 should be read as a transition year between the  
current sustainability-linked loan KPI structure and a broader future climate target architecture.  
Where relevant, management commentary is provided to explain material changes in scope, methodology,  
or organisational structure affecting comparability.  
Estimates, Data Limitations and Data Maturity  
The Sustainability Statement includes information derived from internal systems, operational records, and  
management estimates.  
At the date of reporting, certain data points are not yet disclosed due to data availability, harmonisation,  
and readiness considerations across countries and newly integrated entities.  
17  
 
Assurance and Internal Governance  
External assurance currently covers selected sustainability-linked loan KPIs only. No broader limited  
assurance conclusion is provided over the full Sustainability Statement.  
Internally, ESG data is subject to governance and review processes, including oversight by the ESG  
Committee, periodic risk assessments, and regular reporting to management and the Board.  
Linkage to the Financial Statements and Intended Users  
This Sustainability Statement should be read together with the consolidated financial statements included  
in the Annual Report. Financial denominators used in ESG intensity metrics are presented in EURm,  
consistent with the Group’s financial reporting convention.  
The report is intended to support a decision-useful understanding of Scantox’s sustainability-related risks,  
opportunities, targets, and performance for lenders, investors, clients, and other relevant stakeholders.  
Scantox is a full-service preclinical CRO supporting clients across discovery, regulatory toxicology,  
pharmaceutical development, and analytical services; see Business Strategy on page 14.  
18  
 
Sustainability Strategy and Targets  
Sustainability as a Business Driver  
Sustainability is integrated into how we make decisions, allocate capital and strengthen the business over  
time. For us, it is not a standalone compliance exercise. It is closely tied to operational performance, cost  
efficiency, resilience and long-term value creation.  
This has become increasingly clear in recent years. Investments in energy efficiency, solar preparation  
and operational improvements have contributed to lower energy costs, independence from fossil energy  
sources, and a stronger operating position. At the same time, our ESG progress has helped strengthen  
confidence among lenders and clients by showing that we are prepared, transparent and able to deliver on  
our commitments. In a market shaped by continued energy volatility, geopolitical uncertainty and rising  
client expectations, that matters.  
Finally, we strongly believe that we as a business have an obligation for generations to important driver  
from our clients, investors and staff as well.  
Sustainability-Linked Loan as a Transition Step  
An important milestone in our sustainability journey has been the sustainability-linked loan supporting the  
acquisition of Scantox Neuro and Gentronix. The facility remains active and continues under the same  
structure and KPI framework.  
The sustainability-linked loan has served as a practical transition step. It created a disciplined structure for  
linking sustainability performance come and we experience this as a true and with financing and  
demonstrated that ESG targets can be managed in a measurable and business-relevant way.  
SLL to SBTi Timeline  
While the sustainability-linked loan remains relevant, it is no longer the end-state for Scantox’s climate  
framework. The Group now sees it as a transitional structure that helped establish governance, data  
discipline and operational accountability. The next phase is to move to a broader external target framework  
through the Science Based Targets initiative (SBTi).  
Scantox plans to submit near-term targets to the SBTi for validation in 2026, based on a 2023 baseline,  
covering a 50% absolute reduction in Scope 1 and 2 emissions by 2030 and a 42% reduction in Scope 3  
19  
 
emissions intensity by 2030. In addition, Scantox plans to adopt a long-term net-zero ambition with 2045  
as the proposed target year.  
This step is important because it moves the Group from a lender-specific KPI structure to a more broadly  
recognised framework for climate target-setting. That strengthens comparability, supports credibility and  
aligns the climate agenda more closely with the expectations of lenders, investors and clients.  
2025 Focus and Strategic Direction  
Our approach in 2025 remains pragmatic. We prioritise the actions that are operationally relevant,  
financially sound and scalable for the business.  
This includes continuing to improve energy performance, capturing the financial benefits of solar and other  
efficiency investments, and preparing the organisation for formal SBTi submission. Supplier engagement  
remains the Group’s primary Scope 3 lever for now, and Scantox increasingly sees key suppliers moving  
in the same direction through SBTi-related commitments and broader sustainability efforts.  
20  
 
ESG Governance and Oversight  
Governance and Responsibility  
ESG governance at Scantox is integrated into the Group’s ordinary management structure and supports  
business execution, risk management and long-term value creation.  
The Board oversees overall ESG direction, including review of performance, relevant targets, material  
sustainability-related investments and key ESG risks. Executive Management is responsible for  
implementation and for ensuring that sustainability priorities are aligned with business planning, operations  
and financing dialogue.  
ESG Committee and Operational Follow-Up  
The ESG Committee is the central management forum for ESG coordination across the Group. The  
Committee consists of the CEO, CFO and Head of Sustainability and meets on a bi-weekly basis.  
The Committee reviews performance, discusses priorities, plans key actions and decides when local site  
management or Group functions need to be involved. The Head of Sustainability is responsible for day-to-  
day coordination, including reporting, target development and preparation of matters for review and  
approval.  
Risk Management and Policies  
ESG-related risks are reviewed annually and escalated during the year when material matters arise. This  
supports a practical and responsive governance approach and helps ensure that relevant issues are  
addressed in time.  
Scantox has established core ESG policies that support the Group’s overall governance framework. These  
policies are reviewed when relevant and are treated as living documents to ensure continued relevance  
across countries, sites and functions.  
Reporting and Assurance  
ESG reporting is supported by standardised internal processes and regular management follow-up.  
Relevant ESG performance data is reported monthly to support oversight and decision-making across the  
Group.  
External assurance currently covers selected sustainability-linked loan KPIs only. No broader limited  
assurance conclusion is provided over the full Sustainability Statement.  
Governance Approach  
Scantox maintains a lean but effective governance model with clear ownership, regular follow-up and  
practical escalation. Sustainability is not managed as a separate compliance track, but as part of how the  
business is run.  
21  
 
Materiality & Sustainability Focus Areas  
Material Focus Areas  
Scantox continues to use a double materiality perspective as a practical tool to support ESG prioritization  
and decision-making. The material topics for 2025 remain unchanged and continue to guide the Group’s  
strategic focus, investment decisions, reporting priorities and target-setting  
The material topics identified by Scantox are:  
Climate change  
Resource use and circular economy  
Own workforce  
Business conduct  
Prioritization in Practice  
These focus areas reflect where Scantox sees the most relevant connection between sustainability,  
business performance and long-term value creation. In practice, this means that climate and energy, own  
workforce, resource use and business conduct continue to be the main areas shaping the Group’s ESG  
efforts.  
The assessment is used as a guiding tool rather than a standalone exercise. It helps ensure that  
sustainability efforts remain focused on the areas that matter most to the business and to the Group’s  
broader ESG development.  
Ongoing Review  
The material topics are monitored continuously and reviewed over time as the business develops and new  
risks or opportunities arise. For 2025, however, the Group does not consider there to have been any  
significant changes to its material ESG focus areas.  
22  
 
Climate Governance, Strategy and Targets  
Climate Direction  
Climate remains one of Scantox’s key sustainability priorities. Our climate strategy is shaped by  
operational reality, financial discipline and the need to make decisions that are both credible and scalable  
over time.  
In 2025, an important milestone was the start of on-site solar generation. Solar is now a real part of our  
energy position and supports both lower energy costs and stronger resilience. It also reflects the broader  
direction of our climate work: practical investments that improve both sustainability performance and  
business performance.  
Climate Governance  
Climate-related priorities are overseen through Scantox’s existing governance structure. The Board  
reviews overall direction, relevant targets and major sustainability-related investments, while Executive  
Management and the ESG Committee oversee implementation, prioritization and follow-up.  
Climate Strategy  
Scantox’s climate strategy is built around a limited number of main levers:  
• Energy efficiency  
• Green electricity procurement  
• Phased natural gas exit  
• On-site solar generation  
• Supplier engagement on Scope 3 emissions  
These are the areas where we see the strongest link between emissions reduction, operational relevance  
and financial return.  
The Group continues to prioritise climate actions based on practicality, timing and business value. The  
focus is on measures that can be implemented in a disciplined way and that support both emissions  
reduction and business resilience.  
Key Transition Priorities  
A central part of the transition is the phased exit from natural gas. Scantox has developed scenarios for  
this transition and continues to evaluate timing, technical choices and investment sequencing carefully.  
The case remains strong from both a sustainability and a financial perspective, but the Group does not  
intend to make rushed decisions in a volatile market environment. The timing may therefore depend on  
when the right operational and financial conditions are in place.  
At the same time, supplier engagement remains the primary Scope 3 lever. This continues to be the most  
practical route for near-term progress, and Scantox increasingly sees key suppliers moving in the same  
direction.  
In focus  
Scantox’s energy transition in 2025 was not driven by symbolism. It was driven by operational  
logic and financial discipline.  
During the year, the Group strengthened its energy position through a combination of green electricity  
procurement, fixed-price gas arrangements and the start of on-site solar generation. Together, these  
choices reduced dependence on externally sourced electricity, improved resilience and supported a more  
stable cost base in a period still marked by volatility in energy markets and broader geopolitical  
uncertainty.  
The solar installation became a visible milestone in this development. It added a new layer of flexibility to  
the Group’s energy profile and supported the broader ambition of combining sustainability with sound  
business decisions. At the same time, Scantox continued to plan the next major transition step through the  
23  
 
phased exit from natural gas, with timing and investment choices assessed carefully to ensure the right  
operational and financial fit.  
For Scantox, energy strategy is therefore not separate from business strategy. It is one of the clearest  
examples of how sustainability, resilience and financial performance can move in the same direction.  
24  
 
Climate risk, Resilience and Scenario Analysis  
Climate Risk Profile  
For Scantox, the main climate exposure is not extreme weather, but energy and transition-related business  
impacts. Direct physical climate risks are currently limited across the Group’s operations, and no material  
short-term climate risks have been identified that the business has not been able to address through  
ordinary planning and operational follow-up.  
The main physical vulnerabilities remain limited to stable site access during severe winter conditions and  
continued dependence on gas until the planned phase-out is completed.  
Transition Risks  
The main transition-related considerations for Scantox are changing client expectations, continued energy  
market volatility and the timing of further decarbonisation investments. Client interest in sustainability and  
climate data continues to increase, but the Group is currently well positioned to respond to these requests.  
Energy market conditions remain an area of focus, although risk has been reduced through fixed-price  
procurement and on-site solar generation. Supplier-related climate expectations are also monitored, but  
these are currently considered manageable and do not represent a major near-term risk to the business.  
Scenario Perspective  
Scantox uses a practical and proportionate approach to climate scenario thinking.  
Under an accelerated transition scenario, the main considerations are increased client expectations,  
broader climate-related documentation requests and continued pressure to make timely energy decisions.  
Under an operational disruption scenario, the main considerations are energy-related disruption driven by  
geopolitical or market conditions, together with limited operational impacts from severe winter events.  
Across both scenarios, the Group does not currently identify material climate-related exposures that  
cannot be managed through ordinary business planning, procurement choices and targeted investment  
decisions.  
Resilience and Response  
Scantox has already taken steps to strengthen resilience where it matters most. Energy-related risk has  
been reduced through procurement choices, including fixed-price arrangements, while on-site solar  
generation now provides an additional source of stability and cost support. The Group also continues to  
plan for the phased exit from natural gas, with timing and investment choices assessed carefully to ensure  
that the transition is both operationally and financially sound.  
In the short term, climate-related risks remain limited and manageable. In the medium term, energy  
choices, gas phase-out timing and client expectations remain the most relevant areas of focus. Longer  
term developments continue to be monitored, but Scantox currently operates in geographies and activities  
where major direct climate disruption is limited.  
Climate Metrics, Energy, Resource Use and Biodiversity  
Climate Performance Overview  
Scantox continued to strengthen its environmental position in 2025. Climate performance remained stable  
overall, with Scope 1 and Scope 2 emissions kept at a controlled level and with on-site solar generation  
becoming a real part of the Group’s energy profile for the first time. Scope 3 remained the largest part of  
the climate footprint, which is consistent with the nature of the business and the continued use of spend-  
based calculation across key categories.  
25  
 
The year also reflects a more complete energy picture than in earlier reporting cycles. As data capture  
improves across sites and internally generated electricity is brought into the reporting view, the overall  
picture becomes more robust. The direction remains positive: lower reliance on externally sourced energy,  
stronger resilience and continued progress in the practical parts of the transition.  
Scope 1 and Scope 2 Performance  
Natural gas remains the main operational decarbonisation focus area for Scantox. During 2025, gas  
consumption developed in the right direction, while reported emissions were affected by updated  
calculation factors. The underlying operational picture therefore remains stable, and the strategic direction  
is unchanged.  
Scope 2 also reflects a strong market-based position under the current sustainability-linked loan (SLL)  
perimeter. Green electricity procurement continues to support a very low market-based electricity footprint,  
while district heating remains the main residual source within reported Scope 2. The detailed Scope 2  
table therefore presents the market-based view used in the current SLL framework, while the overview  
table also provides the location-based perspective for contextual reference.  
Scope 3 and Intensity Metrics  
Purchased goods and services remain the dominant source of Scope 3 emissions. This is expected for  
Scantox and reflects both the structure of the business and the calculation methods currently applied  
across major categories. Year-on-year changes are therefore influenced not only by operational  
developments, but also by spend mix and purchasing patterns.  
Due to the increase in Scope 3 emissions, intensity figures increased in 2025. This movement primarily  
reflects business conditions rather than a change in climate strategy. Scantox remains comfortable with  
the overall position and continues to view its climate profile as strong relative to its operations.  
26  
 
Energy and Resource Use  
One of the strongest environmental developments in 2025 was the start of on-site solar generation. This is  
now a real operating asset for the business and supports both resilience and lower dependence on  
external energy sourcing.  
Externally sourced electricity decreased during the year. At the same time, the overall electricity  
consumption increased because 2025 also includes internally generated electricity from the solar  
installation and two new sites are included in the consumption numbers. This makes the total number less  
directly comparable with prior years, but the operational development is positive: the Group used less  
externally sourced energy and became more energy independent.  
The current reporting setup does not yet allow a fully precise split between internally produced electricity,  
self-consumption and total annual electricity use. That linkage will be improved further in future reporting.  
Even so, the main conclusion is clear. Scantox is producing renewable energy on-site, reducing reliance  
on external supply and strengthening its energy position in a way that supports both sustainability and  
business resilience.  
Water, Waste and Pollution  
Water, waste and pollutants continue to be monitored as part of the Group’s broader environmental  
oversight. These areas remain secondary to energy and climate in the Scantox context, but they are  
followed to maintain transparency and control.  
Water use remains stable and Scantox does not operate in water-stressed areas. Waste movements are  
monitored, while year-on-year variation is influenced by the underlying calculation approach. Applicable  
pollutant indicators remain low and do not point to a broader operational concern.  
Waste management is part of Scantox’s DNA given the nature of our business where we work with new  
chemical entities as well as known chemicals and biological materials which are all handled and discarded  
in accordance with national laws and requirements.  
27  
 
Biodiversity and Land Use  
Scantox focuses on biodiversity on the land areas that we own, and it remains part of the Group's  
environmental overview. The current land allocation reflects a position the Group is comfortable with,  
including defined nature-oriented areas around its sites.  
The focus is on maintaining a sensible balance between operations and surrounding nature, including the  
environmental value created for bees and insects around its sites.  
Own Workforce  
Workforce Development  
Scantox aims to maintain a safe, inclusive, and competent workforce through strong health and safety  
practices, employee development, and fair people policies. The main workforce risks include turnover,  
engagement, workload-related strain, and health and safety incidents, all of which are managed through  
established HR, health and safety, and training processes.  
In 2025, Scantox continued to strengthen its workforce while entering a more stable phase of  
organizational development. Following the rapid expansion of prior years, the focus during 2025 was on  
consolidation, alignment, and ensuring that the organization is appropriately sized and structured.  
As part of this process, certain positions were consolidated during the year to strengthen the Group and  
align resources more effectively across sites and functions.  
Methodology note: Headcount, country distribution, and diversity metrics are presented on a headcount  
basis. Full-time equivalents (FTE) are presented separately, and workforce rate metrics are calculated  
based on FTE. Age and tenure figures reflect the basis used in the underlying HR data extracts for the  
reporting year and should therefore be interpreted as workforce composition indicators rather than exact  
reconciliations to total headcount or FTE. C-1 refers to Group Management, defined as the organizational  
layer below Executive Management.  
Retention and Employee Experience  
Employee turnover increased during the year, but this was primarily driven by internal consolidation  
decisions rather than unexpected employee outflow. The Group does not consider this development to  
indicate broader instability or unusual attrition, and workforce movements remained manageable without  
disrupting operations.  
28  
 
Employee net promoter score (eNPS) declined materially in 2025 and remains an area of clear  
management focus. The development reflects the impact of consolidation and local business conditions. At  
the same time, Scantox notes an expected relationship between site-level eNPS, the maturity and  
integration of individual sites into the Group, and site performance, with more integrated sites generally  
showing stronger employee feedback. Improving the employee experience is an active priority across the  
Group, supported by both Group-level activities and local initiatives, with the objective of ensuring  
dedicated and engaged employees and a consistently low turnover rate.  
Health, Safety and Development  
Health and safety (H&S) performance developed positively during 2025, with lower absence and fewer  
reported incidents. These movements reflect a focused safety culture and continued attention to employee  
well-being across the organization. While some fluctuation naturally occurs year on year, the overall  
direction remains positive. We continue to benefit from knowledge sharing between sites, enabling best  
practices to be implemented consistently across the Group. This work is driven by local H&S groups and  
HR teams and shared globally through various forums.  
Continuous training and re-training is a regulatory requirement for many of our sites and, in addition, a key  
company focus area. During the year, the Group increased average training hours and continues to use  
development initiatives as a practical tool to support retention, capability building, and long-term employee  
satisfaction. This includes both local and Group-level training initiatives, with increasing use of internal  
learning formats. Scantox supports employees in developing into new roles over time, and further in-house  
development initiatives are planned, including a leadership programme in 2026. In addition, we support  
long-term post-doctoral education for specialist scientists to ensure that required competencies remain  
in-house, while also providing clear benefits to employees.  
To ensure the continued development of an internal pipeline of skilled and trained staff, and as part of our  
broader social responsibility, Scantox aims for at least 5% of the workforce to consist of employees  
participating in formal qualifying and certified educational programmes.  
Workforce Composition  
Scantox has a goal of ensuring an optimal and diverse workforce in order to deliver high-quality,  
science-based, and timely services to its clients. This includes valuing diversity across gender, age,  
cultural background, competencies, and experience. Scantox continues to prioritize a balanced workforce  
with a mix of younger and more experienced employees, as well as a combination of long-tenured and  
newer colleagues. This balance remains important to the business and supports both continuity and  
renewal across the organization.  
The country distribution of employees changed during the year in line with operational developments and  
post-acquisition consolidation. Denmark continued to grow, while reductions in other parts of the Group  
reflected site changes and the ongoing integration of acquired businesses. The higher number of  
29  
 
employees classified as “other” primarily reflects the hiring of Business Development employees located  
globally. Overall, these movements are considered a natural part of building a more efficient and  
better-aligned Group structure.  
Gender diversity across the overall workforce improved slightly during the year. Management does not  
apply bias in hiring decisions, and changes in representation are therefore not driven by quotas or fixed  
hiring targets. The focus remains on attracting and retaining the right people for the business while  
fostering a strong and inclusive working environment. Gender diversity at C-1, defined in this report as  
Group Management below Executive Management, should be interpreted within this context.  
Scantox does not currently identify material human rights risks that would require a separate standalone  
policy. Relevant topics are monitored through existing workforce, supplier, business conduct, and  
whistleblowing processes across the Group and its value chain. As such, no separate human rights policy  
has been adopted at this stage, as these matters are managed through existing Group policies and  
controls. This assessment will be reviewed over time as reporting maturity and supply chain due diligence  
continue to develop.  
Workforce Conditions and Formal Employee Disclosures  
Scantox did not expand selected formal workforce disclosures, such as pay equity, collective bargaining  
coverage, and related remuneration metrics, in 2025. The Group’s focus during the year remained on  
organizational stabilization, workforce development, and operational follow-up across the business. These  
areas remain relevant; however, broader disclosure will be developed only when data readiness and  
reporting priorities support a sufficiently robust and meaningful presentation.  
30  
 
Business Conduct and Ethics  
Business Conduct  
Business integrity remains a core part of how Scantox operates. Ethical conduct is expected in day-to-day  
decision-making across the Group and is part of how we work with employees, clients, suppliers and other  
stakeholders. Our approach is based on clear expectations, practical governance and low tolerance for  
misconduct.  
Anti-Corruption and Whistleblowing  
Scantox recorded no corruption or bribery cases in 2025 and no whistleblower cases were reported during  
the year. Business conduct remained stable and the Group’s core governance framework remained in  
place throughout the reporting period.  
Formal anti-corruption awareness remains a work in progress. Anti-corruption training was initiated at ESG  
Committee level in the fourth quarter of 2025 and will be rolled out to all employees in April 2026. This  
reflects the next practical step in strengthening awareness more broadly across the Group.  
Governance Approach  
The absence of reported cases does not reduce the importance of the underlying governance framework.  
Scantox continues to maintain escalation channels for relevant concerns, including its whistleblower  
mechanism, and expects issues to be raised and addressed through the appropriate governance process  
where needed.  
Overall, the Group’s focus in this area remains straightforward: maintain a strong culture of integrity, keep  
the governance framework practical and effective, and continue to build awareness through more  
structured training and follow-up.  
31  
 
Cybersecurity and Data Protection  
Cybersecurity and data protection remain important governance priorities for Scantox. This reflects both  
the Group’s regulated operating environment and the need to protect data, systems and business  
continuity across the organization.  
Scantox maintains GDPR policies across the Group and manages cybersecurity and data protection  
through centralized Group functions, including Group IT, HR and the Data Protection Officer with local  
delegation. The aim is to maintain a practical control environment with clear ownership, timely escalation  
and structured follow-up when incidents occur.  
Information Security Incident and Response  
For the first time ever, Scantox recorded one IT security incident in 2025. The incident was contained and  
handled through the Group’s established escalation, response and mitigation processes. The incident had  
no impact on operations or client information. No material, financial or legal impact was identified but  
limited employee data might have been at risk.  
The incident also resulted in one recorded potential GDPR breach during the year which was reported to  
the authorities based on a voluntary basis and the authorities have subsequently closed the case. The  
event confirmed the importance of our clear governance, escalation and mitigation framework that works.  
The focus remains on constant awareness of security and potential risk and on an ongoing basis to adapt  
to this.  
Training and Ongoing Control  
Cybersecurity awareness remains an important control measure across the Group. In 2025, cybersecurity  
training was completed by 93% of employees, reflecting a continued high level of awareness across the  
organization. The Group maintains formal policies and governance structures in this area and will continue  
to strengthen awareness and follow-up as part of its broader control environment.  
Overall, Scantox considers cybersecurity and data protection to be areas that require continued attention,  
while also recognizing that the Group has a functioning governance framework and a solid basis for  
continued improvement.  
32  
 
Supply Chain and Business Conduct  
Supply Chain Approach  
Scantox applies a practical and business-focused approach to supply chain governance that is aligned  
with the regulatory expectations within GMP, GLP, and GCP. The aim is to work with reliable,  
fit-for-purpose suppliers, maintain strong relationships, and ensure that relevant expectations relating to  
conduct and sustainability are reflected in procurement and supplier follow-up.  
The focus is on risk-based oversight that is proportionate to the size and structure of the business, while  
supporting resilience, operational continuity, and responsible sourcing.  
Local Sourcing and Supplier Relationships  
Scantox continues to prioritize local sourcing where it is practical and commercially sensible. Local  
suppliers often support stronger relationships, greater responsiveness, and improved resilience within the  
supply chain. This remains a positive direction for the business.  
At the same time, local sourcing is not treated as an absolute target. Where required goods or services are  
not available locally on acceptable terms, Scantox sources more broadly to meet operational and quality  
requirements. The objective is therefore not to maximize a percentage for its own sake, but to make sound  
sourcing decisions while maintaining a clear preference for strong and reliable local supplier relationships  
where possible.  
Supplier Expectations and Oversight  
Sustainable procurement policies remain in place and continue to form part of the Group’s broader  
governance framework. These expectations are intended to support responsible conduct in the supply  
chain and will continue to be further developed as the Group’s ESG work matures.  
No Supplier Code of Conduct breaches were identified during 2025. In addition, key suppliers continue to  
be monitored through relevant quality and operational follow-up processes, including oversight by QA  
functions where appropriate. This supports a practical level of supply chain governance without creating  
unnecessary administrative burden.  
33  
 
ESG Oversight, Reporting and Assurance  
Governance Structure  
Scantox maintains a lean but effective ESG governance structure designed to support oversight, decision-  
making and practical execution across the business. The Board remains responsible for overall  
governance direction, while ESG oversight is anchored in Executive Management and supported through  
the ESG Committee.  
The Board consisted of five members in 2025. Board gender diversity remained at 20%. In the Executive  
leadership team (3 members) gender diversity was 33% in 2025.  
ESG Oversight and Reporting  
The ESG Committee remains the central management forum for ESG priorities, reporting and follow-up  
across the Group. The Committee supports coordination across functions and ensures that relevant  
sustainability matters are reviewed, escalated and acted on at the appropriate level.  
ESG-related risk assessments were conducted during the year and are reviewed annually, with escalation  
when material matters arise. ESG reporting continues to support management follow-up through a regular  
reporting cadence and a practical governance loop across the organization.  
Scantox’s policy framework also continues to develop as a set of living documents. The purpose is not to  
build governance for its own sake, but to maintain a structure that remains relevant as the business grows  
and matures.  
Assurance and Governance Maturity  
External assurance continues to cover selected sustainability-linked loan KPIs only. Scantox has not yet  
moved to a broader full-report assurance model, but governance and reporting maturity are expected to  
continue developing over time where this adds real value to the business.  
ESG targets are not linked to executive compensation. This reflects the Group’s current governance model  
and the fact that sustainability performance is already embedded in how the business is managed. More  
formal incentive structures may become relevant over time, but they are not considered necessary at the  
current stage.  
Overall, Scantox’s ESG governance approach remains deliberate and proportionate. The Group continues  
to strengthen oversight, reporting and structure where it makes sense, while keeping governance practical,  
business-relevant and closely linked to operational reality.  
34  
 
Governance  
Scantox's certifications are fundamental to the way we operate and to our commitment to quality and  
excellence.  
Every day, we work to maintain and, where possible, exceed the national and international standards  
these certifications represent. We are proud of our consistent success in obtaining the certifications we  
pursue. In addition, we are regularly audited by national and international clients. Our focus on continuous  
improvement reflects our ambition to strengthen quality, compliance and operational performance, while  
ensuring that our practices remain aligned with the high standards expected of a trusted CRO.  
Animal Welfare and the 3Rs  
Animal welfare remains a top priority for Scantox Group, underpinned by our commitment to the 3Rs –  
Replace, Reduce and Refine. Our two facilities in Ejby received an AAALAC accreditation in 2025,  
confirming the high animal welfare, environmental and health standards held by Scantox.  
In 2025 we also opened our long-term housing facility at our Ejby location. This is a site that offers the  
highest animal welfare standards with large outdoor areas for group exercise. The facility has been fully  
embraced by existing and new clients wanting to pursue high animal welfare standards.  
In 2025, Scantox has been active at conferences and meetings showcasing animal welfare initiatives and  
will continue this to promote our business and focus on animal welfare.  
In 2026 our global animal welfare group will initiate production of internal training to educate staff, e.g. on  
compassion fatigue and 3Rs as a part of our culture of care program. Scantox is dedicated to expanding  
our services within NAMs through the expansion of current services using e.g. organoids and advanced  
sequencing. Further, Scantox is a part of the EU-financed VICT3R consortium investigating the use of  
virtual control groups in toxicology studies.  
Advancing the 3Rs Through Practical Training at Scantox  
At Scantox, minipig training using positive reinforcement is a practical and proven way to support the 3R  
principles — while strengthening both animal welfare and scientific outcomes. Training is not only about  
performing procedures more easily; it is about building trust, reducing stress, and ensuring that studies are  
carried out with consistency and precision.  
True success comes from integrating training across the entire organization. Scantox Management  
prioritizes the 3Rs and allocates resources, our study directors consider training needs early in study  
design, and our dedicated training coordinator keeps methods structured and uniform. Veterinarians  
safeguard welfare throughout the process, while animal technicians carry out the daily training and form  
the human–animal bonds that make procedures run smoothly. With the support of planning teams, training  
becomes a natural part of daily workflows rather than an extra task.  
35  
 
A unified training approach supports the 3Rs by helping reduce unnecessary anesthesia, improve  
handling, and strengthen data quality.  
Each study includes a tailored plan and technicians log progress to ensure consistency throughout the  
study and across multiple studies.  
Large animals at Scantox are trained using positive reinforcement, including clicker training. This enables  
animals to voluntarily move onto scales, accept oral checks, or stand calmly for dosing—making  
procedures smoother and less stressful for animals and staff.  
Scantox is widely recognized as an expert in minipig training, and our specialists are frequently invited to  
present at industry events and scientific meetings worldwide.  
Through teamwork, expertise, and a shared commitment to the 3Rs, Scantox ensures that high quality  
science and high standards of welfare go hand in hand.  
36  
 
Corporate Governance  
Financial Risk & Governance  
Scantox operates in a highly regulated environment and is exposed to a broad array of operational and  
financial risks.  
Governance  
Risk management is an integrated part of the daily activities and operations and is managed through a  
two-tier governance structure with the Executive Management and Board of Directors.  
The Executive Management is responsible for the daily management of the Group and the Board of  
Directors is responsible for the overall strategic development and supervision of the management, guided  
by the yearly board wheel. The Board of Directors plans six annual board meetings including a yearly  
strategy review day and allow time for extraordinary meetings when required. The Board conducts an  
annual evaluation of the Board performance – including an evaluation of the Chair and the cooperation  
with the Executive Management. To facilitate the high growth ambition of Scantox a frequent and close  
interaction between owners, Board and management has been established, following Impilo's guidelines.  
On top of the yearly Board wheel, a bi-weekly informal status meeting is held between the Executive  
Management Team, chairman and owner and a monthly Performance review is performed between Board  
and management.  
Risk Matrix  
We update our risk matrix on an annual basis and have evaluated key risks across six categories:  
• IT  
• Commercial  
• Activism  
• Finance  
• Operations  
• Recruitment & retention  
A gross list of potential risks has been identified and evaluated and key risks have been identified within  
IT, Commercial and Activism.  
37  
 
Board of directors  
38  
 
Management’s review  
Management Team  
39  
 
Management’s review  
Management Team  
40  
 
Consolidated Financial Statements  
Consolidated Statement of Comprehensive Income  
Year ended December 31  
2025 2024  
47,457
EUR thousand  
Revenue  
Raw materials and consumables  
Personnel costs  
Other operating expenses  
EBITDA before special items  
Special items  
Amortization, depreciation and impairment  
Operating income / (loss) (EBIT)  
Net financial expenses  
Profit / (loss) before income tax  
Income taxes  
Note  
2.1  
2.2  
2.3  
2.4  
55,522
(9,516)
(7,399)
(23,509)
(5,759)
10,790
(7,874)
(9,608)
(6,692)
(4,947)
(11,639)
1,053
(26,139)
(8,245)
11,622
(2,368)
(9,691)
(437)
(8,210)
(8,647)
2,453
2.5  
3.2  
2.7  
Income / (loss) for the year  
(6,194)
(10,586)
Other comprehensive income that maybe reclassified to profit or loss in subsequent  
periods:  
Profit / (loss) on cash flow hedges  
Exchange differences on translation of foreign operations  
Income tax relating to these items  
265
(722)
(59)
(680)
476
150
Other comprehensive income / (loss) for the year  
Total comprehensive income / loss for the year  
(516)
(6,710)
(54)
(10,640)
The total comprehensive income/(loss) for the year is attributable to:  
Owners of Scantox Holding ApS  
(6,710)
(10,640)
Total comprehensive income / loss for the year  
(6,710)
(10,640)
The above consolidated statement of comprehensive income should be read in conjunction with the  
accompanying notes.  
41  
 
Consolidated Statement of Financial Position  
As of December 31  
EUR thousand  
Note  
2025  
2024  
ASSETS  
Non-current assets  
Goodwill  
3.1  
3.1  
3.2  
2.6  
74,332
46,732
25,228
4,712
75,067
50,091
25,155
4,122
Other intangible assets  
Property, plant and equipment  
Deferred tax assets  
Total non-current assets  
Current assets  
151,004
154,435
Inventories  
Trade receivables  
Contract assets  
Joint taxation contribution receivable  
Other current assets  
Cash and cash equivalents  
Total current assets  
Total assets  
3.4  
3.5  
2.1  
5.2  
3.3  
1,441
5,281
1,932
485
2,658
1,469
13,266
164,270
1,470
10,049
2,754
-
4,977
2,741
21,991
176,426
EQUITY AND LIABILITIES  
Shareholders' equity  
Share capital  
Other reserves  
Retained earnings  
4.1  
5
(576)
49,680
5
61,033
(5,219)
55,819
Total Equity  
49,109
Non-current liabilities  
Non-current borrowings  
Deferred tax liabilities  
Other non-current liabilities  
Total non-current liabilities  
Current liabilities  
4.2  
2.7  
3.6  
76,541
11,085
1,127
77,038
12,165
1,390
88,753
90,593
Current borrowings  
Contract liabilities  
4.2  
2.1  
9,031
3,863
8,179
6,403
Trade payables  
1,610
5,890
Joint taxation contribution payable  
Other current liabilities  
Total current liabilities  
Total liabilities  
-
1,194
8,348
30,014
120,607
176,426
3.6  
11,904
26,408
115,161
164,270
Total equity and liabilities  
The above consolidated statement of financial position should be read in conjunction with the  
accompanying notes.  
42  
 
Consolidated Cash Flow Statement  
Year ended December 31  
2025 2024  
EUR thousand  
Note  
(8,647)
9,691
(5)
(11,639)
9,608
Profit / (loss) before income tax  
Amortization, depreciation, and impairment  
Finance income  
(105)
2.6  
8,215
15
5,052
(154)
Finance costs  
Changes in inventories  
2.6  
4,649
(4,161)
2,514
(6,225)
(1,386)
4,660
(1,683)
1,933
(4,915)
(4,430)
(927)
Change in trade receivables  
Change in trade payables  
Change in other assets and liabilities  
Interest paid  
Income taxes paid  
Net cash flow from / (used in) operating activities  
(7,260)
-
(3,341)
(2,239)
(5,580)
(111,313)
(7,346)
(911)
(119,570)
Acquisitions of subsidiaries, net of cash acquired  
Purchase of property, plant and equipment  
Purchase of intangible assets  
5.1  
3.2  
3.1  
Net cash flow used in investing activities  
-
5,087
(4,173)
(1,194)
(280)
61,103
71,082
(2,014)
(1,666)
128,505
Proceeds from issues of shares  
Proceeds from borrowings  
Repayment of borrowings  
Payment of principal portion of lease liabilities  
Net cash flow from financing activities  
4.3  
4.3  
4.3  
(1,200)
(72)
1,675
32
Net increase in cash and cash equivalents  
Net foreign exchange difference  
2,741
1,469
1,034
2,741
Cash and cash equivalent at 1 January  
Cash and cash equivalent at 31 December  
The above cannot be derived directly from the income statement and the balance sheet. The above  
consolidated cash flow statement should be read in conjunction with the accompanying notes.  
43  
 
Consolidated Statement of Changes in Equity  
Foreign  
First-time  
adoption  
reserve  
Cash flow  
hedge  
reserve  
Currency  
translation  
Share  
capital  
Share  
premium  
Retained  
earnings  
5,367
(10,586)
-
(10,586)
-
(5,219)
(6,194)
-
(6,194)
61,093
49,680
Total  
equity  
5,356
(10,586)
(54)
(10,640)
61,103
55,819
(6,194)
(516)
EUR thousand  
Note  
reserve  
Equity at January 1, 2024  
Income / (Loss) for the year  
5
-
-
-
-
5
-
-
-
-
-
-
-
(10)
-
-
(6)
-
476
476
-
470
-
(722)
(722)
-
-
-
-
-
Other comprehensive income / (Loss) for the year  
Total Comprehensive income / (Loss) for the year  
Capital Increase  
(530)
(530)
-
4.1  
61,103
61,103
Equity at December 31, 2024  
Income / (Loss) for the year  
Other comprehensive income / (Loss) for the year  
Total Comprehensive income / (Loss) for the year  
Settlement of reserves  
(10)
(530)
-
-
-
-
-
10
-
-
206
206
-
-
(61,103)
-
(6,710)
-
49,109
-
5
Equity at December 31, 2025  
(324)
(252)
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.  
44  
 
Notes to the Consolidated Financial Statement  
Section 1  
Note 1.1  
Corporate information  
The annual consolidated financial statements of Scantox Denmark ApS (‘Scantox’ or the ‘Parent Company’)  
and its subsidiaries (collectively, the ‘Group’) for the year ended December 31, 2025 were authorized for  
issue in accordance with a resolution of the Board of Directors on April 23, 2026.  
The parent company is a limited liability company incorporated and domiciled in Denmark. The company’s  
registered office address is Hestehavevej 36A, DK-4623 Lille Skensved, Denmark.  
The Group, also through its subsidiaries, operates in pre-clinical research services.  
Note 1.2  
Material accounting policy information  
This note provides a list of the significant accounting policies adopted in the preparation of these  
consolidated financial statements. These policies have been consistently applied to all the years presented,  
unless otherwise stated.  
Basis of preparation  
The consolidated financial statements of the Group for the year ended December 31, 2025 have been  
prepared in accordance with IFRS Accounting Standards - IFRS® (hereinafter ‘IFRS Accounting Standards’  
or ‘IFRS’) as adopted by the European Union (EU), and additional disclosure requirements of the Danish  
Financial Statements Act applying to medium reporting class C entities. The accounting policy is unchanged  
since prior year.  
The Group has prepared the financial statements on the basis that it will continue to operate as a going  
concern.  
The consolidated financial statements have been prepared on a historical cost basis, except regarding the  
measurement of financial assets and liabilities, where application of the fair value criterion is required.  
The financial statements provide comparative information in respect of the previous period. However, certain  
prior year amounts have been reclassified for consistency with the current year presentation of cash and  
cash equivalents and current / non-current borrowings. These reclassifications had no effect on the reported  
profit / (loss) for the year.  
The consolidated financial statements are presented in euros (EUR) due to Group´s international relations  
and all values are rounded to the nearest thousand (EUR 000), except when otherwise indicated.  
Presentation of accounting policies  
Material accounting policies related to specific line items are included in the notes related to these items.  
Defining materiality  
The consolidated financial statements are a result of processing large numbers of transactions and  
aggregating those transactions into classes according to their nature or function. When aggregated, the  
transactions are presented in classes of similar items in the consolidated financial statements. If a line item  
is not individually material, it is aggregated with other items of a similar nature in the consolidated financial  
statements or in the notes. There are substantial disclosure requirements throughout IFRS Accounting  
Standards.  
Management provides specific disclosures required by IFRS Accounting Standards unless the information  
is considered immaterial to the economic decision-making of the intended users of the consolidated financial  
statements or not applicable.  
45  
 
Scantox Denmark ApS  
Annual Report 2025  
Translation of foreign currencies  
The functional currency of the Parent is the Danish krone (DKK) and for each of the reporting entities in the  
Group, a functional currency is separately determined. The functional currency is the currency used in the  
primary financial environment in which the reporting entity operates. Transactions denominated in other  
currencies than the functional currency are foreign currency transactions. On initial recognition, foreign  
currency transactions are translated into the functional currency using the exchange rates at the transaction  
date. Foreign exchange differences arising between the exchange rates at the transaction date and the date  
of payment are recognised in the income statement as financial income or financial expenses.  
Receivables, payables, and other monetary items denominated in foreign currencies are translated into the  
functional currency using the exchange rates at the balance sheet date. The difference between the  
exchange rates at the balance sheet date and at the date at which the receivable or payable arose or the  
exchange rates in the latest annual report is recognised in the income statement as financial income or  
financial expenses.  
On consolidation, the assets and the liabilities of foreign operations, including goodwill and fair value  
adjustments arising on acquisition, are translated into EUR at the exchange rates at the reporting date. The  
income statements and statement of cash flows of foreign operations are translated into EUR at average  
exchange rates for the period, unless such average exchange rates are unrepresentative of the exchange  
rates prevailing at the transaction dates, in which case the transaction date exchange rates are applied.  
The exchange rate arising on translation for consolidation are recognized in other comprehensive income.  
On disposal of a foreign operation, the component other comprehensive income relating to that particular  
foreign operation is reclassified to profit or loss.  
46  
 
Scantox Denmark ApS  
Annual Report 2025  
Basis of consolidation  
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries  
as of December 31, 2025. Control is achieved when the Group is exposed, or has rights, to variable returns  
from its involvement with the investee and has the ability to affect those returns through its power over the  
investee. Specifically, the Group controls an investee if, and only if, the Group has:  
Power over the investee (i.e., existing rights that give it the current ability to direct the relevant  
activities of the investee)  
Exposure, or rights, to variable returns from its involvement with the investee  
The ability to use its power over the investee to affect its returns  
Generally, there is a presumption that a majority of voting rights results in control. To support this  
presumption and when the Group has less than a majority of the voting or similar rights of an investee, the  
Group considers all relevant facts and circumstances in assessing whether it has power over an investee,  
including:  
The contractual arrangement(s) with the other vote holders of the investee  
Rights arising from other contractual arrangements  
The Group’s voting rights and potential voting rights  
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there  
are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the  
Group obtains control over the subsidiary and ceases when the Group ceases to control the subsidiary.  
Entities acquired or formed during the year are recognised in the consolidated financial statements from the  
date of acquisition or formation. Entities disposed of are recognised in the consolidated statement of profit  
or loss until the date of disposal.  
Profit or loss and each component of other comprehensive income are attributed to the owners of the parent  
company. When necessary, the financial statements of subsidiaries are adjusted to align their accounting  
policies with those of the Group. All intra-group assets and liabilities, equity, income, expenses and cash  
flows arising from transactions between group entities are fully eliminated on consolidation.  
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity  
transaction.  
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities,  
non-controlling interest and other components of equity, while any resultant gain or loss is recognised in  
profit or loss. Any investment retained is recognised at fair value.  
47  
 
Scantox Denmark ApS  
Annual Report 2025  
Fair value measurement  
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly  
transaction between market participants at the measurement date. The fair value measurement is based  
on the presumption that the transaction to sell the asset or transfer the liability takes place either:  
In the principal market for the asset or liability; or  
In the absence of a principal market, in the most advantageous market for the asset or liability.  
The fair value of an asset or a liability is measured using the assumptions that market participants would  
use when pricing the asset or liability, assuming that market participants act in their economic best interest.  
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate  
economic benefits by using the asset in its highest and best use or by selling it to another market participant  
that would use the asset in its highest and best use.  
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data  
are available to measure fair value, maximising the use of relevant observable inputs and minimising the  
use of unobservable inputs.  
All assets and liabilities for which fair value is measured or disclosed in the financial statements are  
categorised within the fair value hierarchy, described as follows, based on the lowest level input that is  
significant to the fair value measurement as a whole:  
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities  
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value  
measurement is directly or indirectly observable  
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value  
measurement is unobservable.  
The fair value hierarchy in 2025 is level 2 for EUR 415 thousand (derivative financial instruments).  
Cash flow statement  
Cash flow generated by operating activities has been reported using the “indirect method” and the Group  
has chosen to present interest paid as operating cash flows.  
48  
 
Scantox Denmark ApS  
Annual Report 2025  
Alternative performance measures  
Scantox presents certain financial measures of the Group’s financial performance, financial position  
and cash flows that are not defined according to IFRS Accounting Standards.  
These non-IFRS Accounting Standards financial measures may not be defined and calculated by  
other companies using the same method and may not be comparable.  
The financial measures should not be considered as a replacement for performance measures as  
defined under IFRS Accounting Standards, but rather as supplementary information.  
Calculation of key figures and financial ratios  
EBITDA before  
special items  
EBIT  
Operating income/(loss) EBIT adjusted for amortization,  
depreciation, impairment losses and special items  
Operating income / (loss)  
Working capital  
Inventories and trade receivables less trade and other  
payables  
Note 1.3  
New and amended standards and interpretations  
The new and amended standards and interpretations that are issued, adopted in EU and effective in 2025  
and in future periods are as follows:  
Effective as of 1 January 2025 – for which there are no known material impact upon adoption  
IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15  
August 2023).  
New standards issued by the International Accounting Standards Board (IASB) and endorsed by the  
European union (EU) but not yet effective  
Annual Improvements Volume 11 (issued on 18 July 2024)  
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (issued  
on 18 December 2024)  
Amendments to the Classification and Measurement of Financial Instruments – Amendments to  
IFRS 9 and IFRS 7 (issued on 30 May 2024)  
IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9 April 2024)  
The Group has not early adopted any other standard, interpretation or amendment that has been issued  
but is not yet effective.  
IFRS 18, applicable from periods beginning on or after 1 January 2027, introduces new requirements for  
presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore,  
entities are required to classify all income and expenses into five categories in the statement of profit or  
loss, namely the operating, investing financing, discontinued operations and income tax categories. The  
standard requires disclosure of newly defined management-defined performance measures (MPMs),  
subtotals of income and expenses, and it also includes new requirements for aggregation and  
disaggregation of financial information based on the identified ‘roles’ of the primary financial statements  
(PFS) and the notes.  
49  
 
Scantox Denmark ApS  
Annual Report 2025  
The Group is still in the process of assessing the impact of the new standard IFRS 18, particularly with  
respect to the structure of the Group’s statement of profit or loss, the statement of cash flows and the  
additional disclosure required for MPMs.  
New standards, amendments, clarifications and interpretations issued by IASB but not yet endorsed by EU  
IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024)  
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a  
Hyperinflationary Presentation Currency (issued on 13 November 2025)  
Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 21  
August 2025)  
The Group does not expect any material impact from the adoption of these amendments.  
Climate-related matters  
The Group considers climate-related matters in estimates and assumptions, where appropriate. This  
assessment includes a wide range of possible impacts on the group due to both physical and transition risks.  
Even though the Group believes its business model and products will still be viable after the transition to a  
low-carbon economy, climate-related matters increase the uncertainty in estimates and assumptions  
underpinning several items in the financial statements. Even though climate-related risks might not currently  
have a significant impact on measurement, the Group is closely monitoring relevant changes and  
developments, such as new climate-related legislation. The items and considerations that are most directly  
impacted by climate-related matters are:  
Useful life of property, plant and equipment. When reviewing the residual values and expected  
useful lives of assets, the Group considers climate-related matters, such as climate-related  
legislation and regulations that may restrict the use of assets or require significant capital  
expenditures.  
Impairment of non-financial assets. The value-in-use may be impacted in several different ways  
by transition risk, such as climate-related legislation and regulations. Even though the Group has  
concluded that no single climate-related assumption is a key assumption for the 2025 test of  
goodwill, the Group considered expectations for increased costs in the cash-flow forecasts in  
assessing value-in-use amounts.  
50  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 1.4  
Significant accounting estimates and judgments  
In preparation of the consolidated financial statements, Management makes various accounting estimates  
and judgments that form the basis of presentation, recognition and measurement of the Group’s assets,  
liabilities, income and expenses. The key accounting estimates identified are those that have a significant  
risk of resulting in a material adjustment to the carrying amounts of assets or liabilities within the next financial  
year.  
The application of the Group’s accounting policies may require Management to make judgments that can  
have a significant effect on the amounts recognized in the consolidated financial statements. Management  
judgment is required in particular when assessing the substance of transactions that have a complicated  
structure or legal form. The accounting estimates and judgments made are based on historical experience  
and other factors that Management assesses to be reliable, but that, by nature, are associated with  
uncertainty and unpredictability and may therefore prove incomplete or incorrect, and unexpected events or  
circumstances may arise. Management judgment is required in particular when assessing the substance of  
transactions that have a complicated structure or legal form. The Group is also subject to risks and  
uncertainties that may lead to actual results differing from these estimates, either positively or negatively.  
Assumptions about the future and the estimation of uncertainties at the balance sheet date are described in  
the notes when there is a significant risk of changes that could result in a material adjustments to the carrying  
amounts of assets or liabilities within the next financial year.  
Management considers the key accounting estimates and judgements used in the preparation of the  
consolidated financial statements relating to the following:  
Note 3.1 Goodwill  
Note 5.1 Business combinations  
Note 2.1 Revenue  
Note 2.5 Special items  
51  
 
Scantox Denmark ApS  
Annual Report 2025  
Section 2  
Note 2.1  
Revenue  
Set out below is the disaggregation of the Group’s revenue from contracts with customers:  
EUR thousand  
2025  
2024  
Revenue  
Nordic  
20,764  
18,178  
16,580  
55,522  
25,621  
11,784  
10,052  
47,457  
Europe (ex. Nordic)  
Rest of the world  
Total  
Revenues are attributed to the regions on the basis of the customer's location.  
EUR thousand  
2025  
2024  
Contract balances  
Trade receivables  
Contract assets  
5,281  
1,932  
3,863  
10,049  
2,754  
6,403  
Contract liabilities  
Accounting policies  
Revenue  
Scantox earns revenues by providing a number of different services to the clients. These services, which  
are integral elements of the pre-clinical research process, include providing the pre-clinical research report  
and archiving of the materials.  
Pre-clinical research and discovery services (97% of the total revenue) are a single performance obligation  
satisfied over time and promises offered to the customer are not distinct within the context of the contract.  
The transaction price is determined by reference to the contract or change order value adjusted to reflect a  
realisable contract value. Consideration in the contract does not include any variable amounts.  
Revenue is recognised using a percentage-of-completion method based on costs incurred to measure its  
progress (i.e., cost-to-cost). The progress towards completion for clinical service contracts is measured  
therefore based on an input measure being total project costs at each reporting period. Assessment of  
completion requires an evaluation of labour and related time cost incurred at the reporting date.  
Payment is generally due within 30 to 60 days.  
Significant accounting estimates and judgement  
Revenues related to pre-clinical research report are recognized over time based on the input method of  
measuring progress toward complete satisfaction of the related performance obligation, calculated as a  
proportion of the overall revenue expected for the contract equal to the ratios of costs incurred during the  
study phase. Management has exercised judgement in determining the actual cost incurred, as well as the  
timing of revenue recognition.  
52  
 
Scantox Denmark ApS  
Annual Report 2025  
Accounting policies  
Contract assets and contract liabilities  
Contract assets relate to revenue earned from ongoing services. As such, the balances of this account vary  
and depend on the number of ongoing services at the end of the year. Contract liabilities include customer  
advances received to render services.  
In 2024, the acquisition of subsidiaries also resulted in an increase in contract assets of EUR 1,750 thousand  
and contract liabilities of EUR 3,660 thousand. No acquisitions carried out in 2025.  
Of revenue recognized for the fiscal years ended December 31, 2025 and 2024, the balances included in  
contract liabilities at the beginning of the respective years were EUR 6,403 thousand and EUR 1,922  
thousand respectively. Unsatisfied performance obligations are expected to be recognized within one year.  
In addition, for the fiscal years ended December 31, 2025 and 2024, there is no significant revenue  
recognized from the performance obligation satisfied in the previous periods.  
Note 2.2  
Raw materials and consumables  
EUR thousand  
2025  
2024  
Raw materials and consumables  
Purchased raw materials and consumables  
Change in inventories  
9,487  
29  
7,240  
159  
Total  
9,516  
7,399  
Note 2.3  
Personnel costs  
EUR thousand  
2025  
2024  
Personnel Expenses  
Wages and salaries  
Pensions  
Social security  
Other personnel expenses  
21,554  
2,295  
1,506  
784  
19,704  
1,992  
1,150  
663  
Total  
26,139  
23,509  
Average number of full time-employees:  
396  
372  
EUR thousand  
2025  
2024  
Key management personnel  
Fees to Executive Board  
Fees to Chair of the Board of Directors  
Total  
888  
157  
1,045  
623  
40  
663  
Remuneration of Key Management Personnel  
Key management personnel is defined as CEO, CFO and CCO.  
Total fees to key management personnel, comprising members of the Executive Board amounted to EUR  
888 thousand, of which pension amounting to EUR 129 thousand (2025: EUR 51 thousand).  
Employee benefits include fixed-base salary and accrued cash bonuses designed to incentivize individual  
performance and the achievement of a number of predefined short-term functional and individual business  
targets. For the financial years ending December 31, 2025 and December 31, 2024, key management  
personnel consisted of the Executive Board.  
53  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 2.4  
Other operating expenses  
EUR thousand  
2025  
2024  
Other Operating Expenses  
Consultants and IT services  
Maintenance  
Utilities  
Insurance  
3,215  
2,487  
1,214  
1,325  
370  
1,592  
1,112  
557  
Other operating expenses  
1,769  
363  
Total  
8,245  
5,759  
Note 2.5  
Special items  
EUR thousand  
2025  
2024  
Special items  
Business combinations  
Other one-off personnel costs, etc.  
Total  
209  
2,159  
2,368  
6,590  
1,284  
7,874  
The one-off expenses mainly refer to transformation and integration of previous acquired businesses.  
Accounting policies  
Special items comprise amounts that are not considered to be attributable to recurring operations, such as  
income and expenses related to business combinations and fair value adjustments to contingent  
considerations relating to business combinations resulting from events after the acquisition date.  
Significant judgments and accounting estimates  
The use of special items entails Management judgement in the separation from other items in the statement  
of comprehensive income. Management considers such items in order to present a distinction between the  
operating activities and restructuring of the Group carried out to enhance the future earnings potential. All  
income and costs presented under “Special items” are directly derived from the books and records monitored  
by Management to ensure that only amounts meeting the criteria of being a non-recurring nature and not  
related to recurring operations are included.  
Note 2.6  
Financial income and expenses  
EUR thousand  
2025  
2024  
Net financial expenses  
Interest expenses  
Interest on lease liabilities  
Foreign exchange rate differences  
Other financial expenses  
Interest income  
6,372  
116  
1,531  
211  
(20)  
4,407  
150  
398  
2
(10)  
Total  
8,210  
4,947  
Accounting policies  
Financial income and expenses comprise interest income and interest expenses and interest component of  
lease payments), foreign exchange rate differences related to items denominated in foreign currencies.  
54  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 2.7  
Income taxes and deferred tax  
EUR thousand  
Income taxes  
Current tax for the year  
Deferred tax for the year  
Prior year adjustments  
Total  
2025  
2025  
2024  
51  
(1,814)  
(690)  
(2,453)  
1,630  
(2,861)  
178  
(1,053)  
EUR thousand  
2024  
Theoretical income taxes at the Company tax rate of 22%  
Prior year adjustments  
Deviation in tax in foreign companies in relation to Danish tax rate  
Permanent differences and other  
Effective tax rate  
(1,902)  
(690)  
9
130  
28%  
(2,561)  
178  
(52)  
1,382  
10%  
Income taxes  
(2,453)  
(1,053)  
Deferred taxes  
EUR thousand  
Deferred tax assets  
Deferred tax at 1 January  
Change in deferred taxes – recognized in other comprehensive income  
Change in deferred taxes – recognized in the income statement  
Currency translation and other changes  
Deferred tax assets at December 31  
2025  
2025  
2025  
2024  
2024  
2024  
4,122  
(59)  
743  
(94)  
4,712  
2,073  
150  
1,887  
12  
4,122  
EUR thousand  
Deferred tax liabilities  
Deferred tax at 1 January  
Additions from acquisitions  
Change in deferred taxes recognized in the income statement  
Currency translation and other changes  
Deferred tax liability at December 31  
12,165  
-
(1,071)  
(9)  
440  
12,468  
(824)  
81  
11,085  
12,165  
EUR thousand  
Reflected in the statement of financial position as follows:  
Deferred tax assets  
Deferred tax liabilities  
4,712  
(11,085)  
(6,373)  
4,122  
(12,165)  
(8,043)  
Net deferred tax assets/(liabilities)  
Deferred tax assets mainly relates to tax losses carried forward, while deferred tax liabilities are primarily  
attributable to acquisition-related intangible assets customer relationship and order backlog. Refer to Note  
5.1 “Business combinations” for further details.  
55  
 
Scantox Denmark ApS  
Annual Report 2025  
Accounting policies  
Current tax liabilities and receivables are recognized in the balance sheet at the amounts calculated on the  
taxable income for the year, adjusted for tax on taxable income for prior years and for taxes paid on account.  
Deferred taxes are measured using the balance sheet liability method and comprises all temporary  
differences between the carrying amount and tax base of assets and liabilities. Deferred tax is not recognized  
for taxable or deductible temporary differences:  
arising from the initial recognition of goodwill  
on the initial recognition of assets and liabilities in a transaction that is not a business  
combination, and at the time of the transaction, affects neither accounting profit nor taxable profit  
associated with investments in subsidiaries, branches, associates and joint arrangements to the  
extent that the Group is able to control the timing of the reversal of the temporary differences and  
it is probable that the temporary differences will not reverse in the foreseeable future.  
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when  
they reverse, using tax rates enacted or substantially enacted at the reporting date.  
When the computation of the tax base may be performed according to different tax rules, deferred tax is  
measured on the basis of Management’s intended use of the asset or settlement of the liability.  
56  
 
Scantox Denmark ApS  
Annual Report 2025  
Section 3  
Note 3.1  
Intangible assets  
Other  
intangible  
assets  
Customer  
relationships  
Order  
backlog  
Software  
80  
Goodwill  
4,103  
Total  
6,272  
EUR thousand  
Carrying amount at January 1, 2024  
2,043  
46  
-
of which:  
- historical cost  
- accumulated amortisation  
Additions from acquisitions  
Additions  
221  
(141)  
-
744  
(89)  
-
2,219  
(176)  
42,736  
-
(2,284)  
205  
42,700  
166  
(120)  
3,131  
-
-
-
4,103  
6,709  
(437)  
122,561  
911  
(5,176)  
590  
-
70,648  
-
6,046  
167  
(211)  
68  
6,070  
Amortisation  
(2,592)  
-
Currency translation  
Carrying amount at December 31, 2024  
of which:  
1
586  
316  
75,067  
735  
125,158  
- historical cost  
- accumulated amortisation  
Additions  
Amortisation  
Currency translation  
Carrying amount at December 31, 2025  
of which:  
965  
(230)  
933  
45,160  
(2,460)  
-
(3,524)  
(362)  
38,814  
3,298  
(2,712)  
-
(576)  
(10)  
-
6,281  
(211)  
1,306  
(678)  
(194)  
6,504  
75,067  
130,771  
(5,613)  
2,239  
(5,032)  
(1,301)  
121,064  
-
-
-
(254)  
-
(735)  
74,332  
1,414  
- historical cost  
- accumulated amortisation  
1,898  
(484)  
44,798  
(5,984)  
3,288  
(3,288)  
7,393  
(889)  
74,332  
-
131,709  
(10,645)  
Accounting policies  
Amortization is carried out systematically over the expected useful lives of the assets:  
Software  
Customer relationship  
Order backlog  
3 - 5 years  
10 - 15 years  
2 - 3 years  
10-11 years  
Other intangible assets  
No other Intangible assets, besides Goodwill, has indefinite lives.  
Customer relationships and order backlogs  
In 2024, the Group acquired intangible assets, customer relationships and order backlogs, through  
acquisitions amounting to EUR 45,867 thousand. No acquisitions carried out in 2025.  
The remaining useful life of customer relationships is ranging from 7 – 14 years.  
Software  
Software comprises expenses for acquiring software licenses. The value of the recognized software has  
been compared to the expected value in use.  
The remaining useful life of software is ranging from 1-2 years.  
Other intangible assets  
Other intangible assets, mainly includes development costs in progress and the Big Blue IP acquired in the  
context of the business combinations (ref. note 5.1, Acquisition of Gentronix Limited).  
Development costs comprise development of concepts related to several studies which are mainly used for  
B2B customers and internal usage. Management expects the future benefit from the development projects  
to exceed the carrying amount.  
An impairment test is carried out if there are any indications of impairment. Management has assessed that  
there are no indications of impairment in relation to the carrying amount of such intangible assets.  
57  
 
Scantox Denmark ApS  
Annual Report 2025  
Goodwill  
As of December 31, 2025 goodwill amounted to EUR 74,332 thousand (EUR 75,067 thousand as of  
December 31, 2024) and it has been allocated to the Scantox Group´s only cash-generating unit (“CGU”).  
Impairment test was performed as of December 31, 2025 by comparing the carrying amount and the  
recoverable amount of the CGU. The recoverable amount is based on the “fair value less cost of disposal”  
as the present value of the future cash flows expected to be derived from the CGU.  
Key assumptions used in fair value less cost of disposal calculations and sensitivity to changes in  
assumptions  
The calculation of the fair value less cost of disposal is most sensitive to the following assumptions:  
EBITDA margin  
Discount rate (WACC)  
Growth rate estimates  
Further to the above, more sensitive assumptions, management assess what the level for working capital  
and CAPEX should be in the scenarios considered.  
EBITDA margin  
Overall, average EBITDA margin is expected to improve slightly from 2025 level in the five-year budget  
period.  
The expected future cash flows covering the period from 2026-2030 have been derived from the Group´s  
business plan. These cash flows relate to the CGU in its condition when preparing the financial statements  
and exclude the estimated cash flow that might arise from restructuring plans or other structural changes.  
Discount rate (WACC)  
Discount rates represents the current market assessment of the risks taking into consideration the time value  
of money and individual risks of the underlying assets that have not been incorporated in the cash flow  
estimates. The discount rate calculation is based on the specific circumstances of the Group and is derived  
from its weighted average cost of capital (WACC), resulting in a pre-tax discount rate of 13.4% (2024:  
12.7%). The WACC takes into consideration both debt and equity. The cost of equity is derived from the  
expected return on investment by the Group´s investors. The cost of debt is derived from borrowings the  
Group is obliged to service.  
The expected future cash flow has been discounted using a WACC of 11.4% (2024: 10.4%) post tax.  
Growth rate estimates  
Average growth rates expected in the budget (2026 – 2030) and normalization period is 7.5% (2024: 6.2%)  
and 2.0% in the terminal period respectively.  
The assumptions used in this process represent management´s best estimate for the period under  
consideration.  
The recoverable amount was higher than its carrying amount. Historical profitability and future earning  
prospects indicate that carrying amount of the goodwill will continue to be recoverable.  
Sensitivity analysis  
A sensitivity analysis covering key assumptions was performed in connection with the impairment test. The  
recorded headroom of EUR 21.8 million on carrying value including goodwill for the Group would have been  
EUR 12.7 million lower, had the applied EBITDA margin decreased by 2%-points compared to managements  
estimate in the budget and terminal period.  
An increase of the applied WACC of 1%-point would have decreased the recorded headroom by EUR 15.2  
million. Had Management’s estimated growth in the terminal period been 1% rather than the 2% applied, the  
headroom would have been EUR 10.9 million lower.  
58  
 
Scantox Denmark ApS  
Annual Report 2025  
The Group constantly monitors the latest government legislation also in relation to climate-related matters.  
At this time, no legislation has been passed that will impact the Group. The Group will adjust the key  
assumptions used in value-in-use calculations and sensitivity if changes in assumptions should be required.  
Significant judgments and accounting estimates  
Goodwill is tested for impairment yearly and when indicators of impairment exist. Impairment tests are  
based on Management’s projections and anticipated net present value of estimated future cash flows. Key  
assumptions, when calculating the future cash flows used, are based on budgets and Management’s  
estimated development for the following five years including estimated revenue growth, EBITDA, working  
capital, CAPEX, and the discount rate applied (WACC). Assumptions are tested for sensitivity.  
Note 3.2  
Property, plant and equipment  
EUR thousand  
Fixtures and  
Other tangible  
Land and buildings  
9,785  
fittings, tools  
and equipment  
2,966  
Total  
assets  
EUR thousand  
Carrying amount at January 1, 2024  
of which:  
386  
13,137  
- historical cost  
- accumulated depreciation  
Additions  
Additions from acquisitions  
Depreciation  
Currency translation  
Carrying amount at December 31, 2024  
of which:  
23,278  
(13,493)  
7,723  
6,360  
(2,325)  
50  
5,553  
(2,587)  
604  
1,668  
(1,747)  
17  
733  
(347)  
27  
29,564  
(16,427)  
8,354  
8,028  
(4,432)  
68  
-
(360)  
1
54  
21,593  
3,508  
25,155  
- historical cost  
- accumulated depreciation  
Additions  
Remeasurements  
37,411  
(15,818)  
1,899  
7,842  
(4,334)  
1,382  
-
761  
(707)  
2,252  
-
46,014  
(20,859)  
5,533  
(654)  
(654)  
Depreciation  
(1,236)  
(108)  
21,494  
(1,392)  
(39)  
3,459  
(2,031)  
(4,659)  
(147)  
25,228  
Currency translation  
Carrying amount at December 31, 2025  
of which:  
-
275  
- historical cost  
- accumulated depreciation  
38,548  
(17,054)  
9,185  
(5,726)  
3,013  
(2,738)  
50,746  
(25,518)  
The fair value of PPE at year-end are not considered significantly different from their carrying values.  
59  
 
Scantox Denmark ApS  
Annual Report 2025  
The following tables set forth a breakdown of the right-of-use asset balances include within ‘property, plant  
and equipment’:  
Fixtures and  
Other  
Land and  
buildings  
fittings, tools  
and  
tangible  
Total  
assets  
EUR thousand  
equipment  
Carrying amount at January 1, 2024  
Additions  
Additions from acquisitions  
Depreciation and impairment  
Currency translation  
1,425  
972  
-
-
(187)  
-
121  
-
-
2,518  
1,008  
2,396  
1,008  
2,396  
(1,365)  
50  
(67)  
(1,619)  
-
50  
Carrying amount at December 31, 2024  
Additions  
Remeasurements  
Depreciation and impairment  
Currency translation  
Carrying amount at December 31, 2025  
3,514  
1,322  
(654)  
(1,128)  
(108)  
2,946  
785  
510  
-
(215)  
-
54  
360  
-
(116)  
-
4,353  
2,192  
(654)  
(1,459)  
(108)  
4,324  
1,080  
298  
EUR thousand  
Lease assets  
Cars  
2025  
2024  
298  
2,946  
175  
905  
4,324  
54  
3,514  
255  
530  
4,353  
Buildings  
Office equipment  
Lab equipment  
Carrying amount  
The following are the amounts recognised in the statement of comprehensive income:  
EUR thousand  
2025  
2024  
The following are the amounts recognised in profit or loss:  
Depreciation expense of right-of-use assets  
Interest expense on lease liabilities  
1,459  
116  
1,619  
150  
Variable lease payments that do not depend on an index or rate  
Total amount recognised in profit or loss  
53  
1,628  
59  
1,828  
Total cash outflows for leases amount to EUR 1,194 thousand and EUR 1,666 thousand for the year-  
ended December 31,2025 and 2024, respectively.  
60  
 
Scantox Denmark ApS  
Annual Report 2025  
Accounting policies  
Property, plant and equipment  
Property, plant and equipment comprises land and buildings and other fixtures and fittings, tools and  
equipment.  
Property, plant and equipment are measured at cost less accumulated depreciation and any impairment  
losses. Cost comprises the purchase price any costs directly attributable to the acquisition until the date on  
which the assets is ready for use.  
Interest expenses on loans raised directly for financing the construction of property, plant and equipment  
are recognised in cost over the period of construction.  
The basis of depreciation is calculated considering the asset’s residual value less any impairment losses.  
The residual value is determined at the date of acquisition and reassessed annually. When the residual  
value exceeds the carrying amount of the assets, depreciation is discontinued. If the depreciation period or  
the residual value is changed, the changes are accounted for as accounting estimates, and the effect on  
depreciation is recognised prospectively.  
Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the  
expected useful lives of the assets, which are:  
Land and Buildings  
20 - 30 years  
3 - 10 years  
3 - 5 years  
Fixtures and fittings, tools and equipment  
Other tangible assets (Cars)  
Gains and losses on the disposal of property, plant and equipment are stated as the difference between the  
selling price and the carrying amount at the date of disposal and they are recognised in the consolidated  
statement of comprehensive income as other income or other operating expenses in the period of disposal.  
The carrying amounts of property, plant and equipment are reviewed on an annual basis to determine  
whether there is any indication of impairment other than that expressed by depreciation.  
No impairment indicators identified as of December 31, 2025.  
Right-of-use assets  
Leases are “right-of-use assets”, which is a contract or part of a contract that conveys the lessee’s right of  
use an asset for a period of time. Lease assets are initially measured as the present value of future fixed  
lease payments, as well as upfront payments and other initial direct costs incurred, less any lease incentives  
received. If, on the inception of the lease, it is reasonably certain that an extension or purchase option will  
be exercised, future lease payments will be included.  
Lease assets are depreciated using the straight-line method over the lease term.  
Lease terms of the following leased assets:  
Building  
5 – 10 years  
3 – 5 years  
3 – 5 years  
3 – 5 years  
Cars  
Office equipment  
Lab equipment  
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the  
exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.  
The Group did not apply the practical expedient on short-term leases and leases of low value assets, for  
which right-of-use and lease liability have been recognized.  
Lease assets are tested when there is an indication of impairment.  
61  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 3.3  
Other current assets  
EUR thousand  
Other current assets  
Prepayments, assets  
VAT  
2025  
2024  
1,465  
-
1,193  
2,307  
974  
1,696  
Other receivables  
Total  
2,658  
4,977  
Note 3.4  
Inventories  
EUR thousand  
2025  
2024  
Inventory  
Raw materials and consumables  
1,441  
1,470  
Total  
1,441  
1,470  
Accounting Policies  
Costs are assigned to individual items of inventory on the basis of first-in, first-out (FIFO) and they are  
determined after deducting rebates and discounts. Net realizable value is the estimating selling price in the  
ordinary course of business less the estimated costs of completion and the estimated costs necessary to  
make the sale.  
No inventory write-down reserve as of December 31, 2025 and 2024, respectively.  
Note 3.5  
Trade Receivables  
EUR thousand  
Trade receivables  
Gross amount of trade receivables  
Allowance for expected credit loss  
Total  
2025  
2025  
2024  
2024  
5,343  
(62)  
5,281  
10,251  
(202)  
10,049  
EUR thousand  
Changes in allowances for trade receivables  
Allowances at January 1  
Additions from acquisitions  
Decrease  
(202)  
-
140  
(62)  
(152)  
(50)  
-
(202)  
Allowances at December 31  
The acquisition of subsidiaries (business combinations note 5.1) resulted in increase in trade receivables of  
EUR 4,508 thousand in 2024. No acquisition carried out in 2025.  
Provision for expected credit losses on trade receivables is considered immaterial.  
Accounting policies  
A receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e.,  
only the passage of time is required before payment of the consideration is due).  
Trade receivables held by Scantox with the purpose of collecting contractual cashflows are recognized  
initially at fair value and subsequently measured at amortized cost less allowances for lifetime expected  
credit losses. The Group has limited exposure to credit risk for which the cost of allowances for expected  
credit losses are included in other operating expenses.  
62  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 3.6  
Other current and non-current liabilities  
2025  
2025  
2024  
EUR thousand  
Other non-current liabilities  
Other debt, long  
Derivative financial instruments  
Total  
712  
415  
1,127  
710  
680  
1,390  
EUR thousand  
Other current liabilities  
Employee payables  
Payables to Scantox Holding ApS  
VAT  
2024  
2,316  
6,823  
680  
3,080  
3,601  
-
Other debt  
2,085  
1,667  
Total  
11,904  
8,348  
Note 3.7  
Commitments and contingencies  
The following set forth a breakdown of contractual obligations, contingencies, and pledges:  
Security for bank debt (Nordea and Nykredit) amounting to DKK 360,400 thousand equivalent to  
EUR 48,253 as of December 31, 2025 and EUR 48,325 as of December 31, 2024.  
Security for mortgage debt has been put up as security in buildings DKK 45,885 thousand  
equivalent to EUR 6,143 as of December 31, 2025 and DKK 34,200 thousand equivalent to EUR  
4,586 as of December 31, 2024.  
Negative pledge comprising movables, unsecured claims DKK 15,000 thousand, equivalent to  
EUR 2,008 and 2,011 as of December 31, 2025 and 2024.  
Other security for DKK 10.000 thousand (equivalent to EUR 1,339 as of December 31, 2025).  
The Group is not exposed to legal claim contingencies.  
Joint taxation  
Impilo ApS being the administration company, the Group is subject to the Danish scheme of joint taxation  
and it is proportionally liable for tax claims within the joint taxation scheme.  
The company is proportionally liable for any obligation to withhold tax on interest, royalties and dividends  
of the jointly taxed companies. The liabilities amount to a maximum corresponding to that share of the  
company capital, which is owned directly or indirectly by the ultimate parent company.  
The jointly taxed enterprises' total, known net liability to the Danish tax authorities appears from the annual  
accounts of the administration company.  
Any subsequent adjustments of corporate taxes or withheld taxes etc. may cause changes in the Group’s  
liabilities.  
63  
 
Scantox Denmark ApS  
Annual Report 2025  
Section 4  
Note 4.1  
Share capital and capital management  
Number of shares  
Share capital at January 1  
Capital increase  
Total  
2025  
2024  
40,154  
-
40,154  
40,001  
153  
40,154  
Scantox’s share capital has a nominal value of DKK 40,154 (equivalent to EUR 5 thousand) divided into  
40,154 shares of DKK 1 each. The share capital is fully paid.  
EUR thousand  
2025  
2024  
Capital Management  
Borrowings  
Trade and other payables  
Less: cash and cash equivalents  
Total  
85,572  
14,641  
(1,469)  
98,744  
85,217  
15,628  
(2,741)  
98,104  
EUR thousand  
Equity  
Total Capital  
Capital and net debt  
Gearing Ratio  
2025  
2024  
49,109  
49,109  
147,853  
67%  
55,819  
55,819  
153,923  
64%  
Capital Management  
Scantox's policy is to maintain a strong capital base so as to maintain investor, creditor and market  
confidence and to sustain future development of the business. The capital structure of Scantox consists of  
net debt (short-term and long-term borrowings after deducting cash and cash equivalents) and equity (issued  
capital, reserves, retained earnings). Scantox manages its capital structure and adjusts in light of changes  
in economic conditions. The Group includes within net debt, interest bearing loans and borrowings, trade  
and other payables, less cash at bank.  
The purpose of capital management is, among other things, to ensure the Group is able to meet the financial  
covenants relating to its bank borrowings. There have been no breaches of the financial covenants relating  
to bank borrowings in 2025.  
64  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 4.2  
Financial risk management, financial assets and financial liabilities  
Financial risks  
The Group is exposed to interest rate risk, foreign currency risk, liquidity risk, and credit risk that affect its  
earnings. Group Management oversees the management of these risks, including overseeing that the  
Group’s financial risk activities are governed by the policies and procedures outlined by Management and  
that financial risks are identified, measured and managed in accordance with the Group’s policies and risk  
objectives. The Board of Directors reviews and agrees on policies for managing each of these risks.  
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 effective interest rate amounts to 7.8%. The Group’s Treasury department manages its interest rate risk  
by entering into interest rate swap to fix the interest cash flows against the floating rates CIBOR and  
EURIBOR.  
An increase or reduction of 10 basis points in the interest rates of the borrowings would result in an  
increase/decrease of financial expenses of EUR 81 thousand in 2025 (2024: EUR 54 thousand).  
Foreign currency risk  
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because  
of variations in foreign currency rates. Currency exposure is mainly managed by having revenue and  
expenses in the same currency.  
Credit risk  
Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures  
and control relating to customer credit risk management. The Group has limited exposure to credit risk and  
there is no significant concentration of credit risk, whether through exposure to individual customers, specific  
industry sectors and/or regions.  
Liquidity risk  
The Group’s objective is to maintain a balance between funding continuity and flexibility through the use of  
bank overdrafts, bank loans and lease contracts. The Management assessed the concentration of risk with  
respect to refinancing its debt and concluded it to be low. The Group has access to a sufficient variety of  
sources of funding and debt maturing within 12 months can be rolled over with existing lenders.  
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual  
undiscounted payments:  
Contractual cash flows  
EUR thousand  
Within 12 months  
From 1 to 5 year  
More than 5 year  
Carrying amount  
December 31, 2025  
Bank Borrowings  
Lease Liabilities  
Trade payables  
Derivative financial instruments  
Other payables  
12,297  
1,493  
1,610  
285  
7,889  
23,574  
87,752  
3,428  
-
148  
-
91,328  
-
-
-
-
-
-
80,932  
4,640  
1,610  
415  
7,889  
95,486  
Total financial liabilities  
December 31, 2024  
Bank Borrowings  
Lease Liabilities  
Trade payables  
Derivative financial instruments  
Other payables  
1,598  
1,811  
5,890  
296  
47,900  
2,848  
-
52,149  
80,809  
4,408  
5,890  
680  
-
-
-
-
444  
-
4,902  
4,902  
Total financial liabilities  
14,497  
51,192  
52,149  
96,689  
65  
 
Scantox Denmark ApS  
Annual Report 2025  
Financial assets and liabilities  
EUR thousand  
2025  
2024  
Description  
Trade receivables  
Cash and cash equivalents  
5,281  
1,469  
10,049  
2,741  
Total financial liabilities at amortized cost  
6,750  
12,790  
Interest rate swaps  
415  
680  
Derivatives designated as hedging instruments  
415  
680  
Bank Borrowings  
Lease Liabilities  
Trade payables  
Other payables  
80,932  
4,640  
1,610  
7,889  
95,071  
80,809  
4,408  
5,890  
4,902  
96,009  
Total financial liabilities at amortized cost  
Carrying amount of financial assets and liabilities does not differ materially from its fair value.  
The Group uses cash pooling arrangements for day-to-day liquidity management in most of its subsidiaries,  
offsetting cash and cash equivalents with bank borrowings where a legally enforceable right to set off exists.  
Accounting policies  
Financial assets  
A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability  
or equity instrument in another entity.  
Initial recognition and measurement  
Financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair  
value through profit or loss, transaction costs that are attribute able to the acquisition of the financial asset.  
Financial assets are subsequently measured at amortized cost, fair value through other comprehensive  
income (OCI), and fair value through profit or loss.  
The classification of financial assets at initial recognition depends on the financial asset’s contractual  
cash flow characteristics and the Group’s business model for managing them.  
In order for a financial asset to be classified and measured at amortized cost or fair value through  
OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on  
the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at  
an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at  
fair value through profit or loss, irrespective of the business model.  
Scantox´s business model for managing financial assets refers to how it manages its financial assets  
in order to generate cash flows. The business model determines whether cash flows will result from  
collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and  
measured at amortized cost are held within a business model with the objective to hold financial  
assets in order to collect contractual cash flows while financial assets classified and measured at fair  
value through OCI are held within a business model with the objective of both holding to collect  
contractual cash flows and selling.  
Financial asset at amortized cost  
Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and  
are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized,  
modified or impaired.  
Scantox’s financial assets at amortized cost mainly include trade and other receivables.  
66  
 
Scantox Denmark ApS  
Annual Report 2025  
Derecognition  
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets)  
is primarily derecognised (i.e. removed from the company’s balance sheet) when:  
The rights to receive cash flows from the asset have expired, or  
The company has transferred its rights to receive cash flows from the asset or has assumed an  
obligation to pay the received cash flows in full without material delay to a third party under a  
‘pass-through’ arrangement; and either (a) the company has transferred substantially all the risks  
and rewards of the asset, or (b) the company has neither transferred nor retained substantially all  
the risks and rewards of the asset, but has transferred control of the asset.  
Financial liabilities  
Financial liabilities are recognized at fair value and subsequently measured at amortized cost using the  
effective interest rate method, while contingent consideration resulting from business combinations has been  
subsequently remeasured at fair value at each reporting date.  
The lease liability is measured at the present value of the remaining lease payments at the reporting date,  
discounted using the incremental borrowing rate (‘IBR’) for similar assets. The IBR is the rate of interest that  
the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary  
to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR  
therefore reflects what the Group ‘would have to pay’, which requires estimation when no observable rates  
are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be  
adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using observable  
inputs (such as market interest rates) when available and is required to make certain entity-specific estimates  
(such as the subsidiary’s stand-alone credit rating).  
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 fixed payments  
(including in-substance fixed payments) less any lease incentives receivable, variable lease payments that  
depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease  
payments also include the exercise price of a purchase option reasonably certain to be exercised by the  
Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising  
the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised  
as expenses (unless they are incurred to produce inventories) in the period in which the event or condition  
that triggers the payment occurs.  
Hedging activities and derivatives  
As of December 31, 2025, Scantox has outstanding interest rate swaps arrangements with Nordea Bank  
and Nykredit to hedge interest rate exposures on the SFA loan agreement.  
The hedge is considered effective at the end of the reporting period. The fair value of the interest rate swap  
as of December 31, 2025 amounted to EUR 415 thousand and recorded under “Other non-current liabilities”  
in statement of financial position.  
The following table shows the presentation of amounts related to cash flow hedges as follows:  
Derivatives  
Other comprehensive  
income  
Balance sheet  
Equity  
Interest rate swaps  
Value adjustments of hedge  
instruments for the year  
Other non-current liabilities  
Cash flow hedge reserve  
67  
 
Scantox Denmark ApS  
Annual Report 2025  
Accounting policies  
Initial recognition and subsequent measurement  
Scantox uses derivative financial instruments, such as interest rate swaps contracts, to hedge its interest  
rate risks. Such derivative financial instruments are initially recognized at fair value on the date on which a  
derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as  
financial assets when the fair value is positive and as financial liabilities when the fair value is negative.  
Scantox only has hedges classified as cash flow hedge. These hedge the exposures to variability in cash  
flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly  
probable forecast transaction or the foreign currency risk in an unrecognized firm commitment. At the  
inception of a hedge relationship, Scantox formally designates and documents the hedge relationship to  
which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking  
the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature  
of the risk being hedged and how Scantox will assess whether the hedging relationship meets the hedge  
effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge  
ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following  
effectiveness requirements:  
There is ‘an economic relationship’ between the hedged item and the hedging instrument.  
The effect of credit risk does not ‘dominate the value changes’ that result from that economic  
relationship  
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the  
hedged item that the Group actually hedges and the quantity of the hedging instrument that the  
Group actually uses to hedge that quantity of hedged item.  
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.  
Cash flow hedges  
The effective portion of the gain or loss on the hedging instrument is recognized in Other comprehensive  
income (”OCI”), while any ineffective portion is recognized immediately in the consolidated statement of  
income. The net fair value changes on cash flow hedges are adjusted to the lower of the cumulative gain or  
loss on the hedging instrument and the cumulative change in fair value of the hedged item.  
Scantox uses interest rate swaps to hedge its interest rate risks. Changes in the fair value of the interest  
rate swaps are recognized in OCI and accumulated as a separate component of equity under “Hedging  
reserve”.  
Scantox designates only the elements of the interest rate swaps as hedging instruments to achieve its risk  
management objective. These elements are recognized in OCI and accumulated in a separate component  
of equity under the hedging reserve.  
The amounts accumulated in OCI are accounted for, depending on the nature of the underlying hedged  
transaction. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss  
as a reclassification adjustment in the same period or periods during which the hedged cash flows affect  
profit or loss.  
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain  
in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will  
be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the  
hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for depending on  
the nature of the underlying transaction as described above.  
68  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 4.3  
Change in liabilities arising from financing activities  
Foreign  
exchange  
movement New leases  
Additions  
from  
acquisition  
January 1,  
2025  
December 31,  
EUR thousand  
Cash flows  
Others  
2025  
Lease liabilities  
Bank borrowings  
Total  
4,408  
80,809  
85,217  
(1,194)  
914  
(280)  
(112)  
(965)  
(1,077)  
2,192  
-
2,192  
-
-
-
(654)  
174  
(480)  
4,640  
80,932  
85,572  
Foreign  
exchange  
movement New leases  
Additions  
from  
acquisition  
January 1,  
2024  
December 31,  
2024  
EUR thousand  
Cash flows  
Others  
Lease liabilities  
Bank borrowings  
Total  
2,619  
11,721  
14,340  
(1,666)  
69,068  
67,402  
50  
(6)  
44  
1,008  
-
1,008  
2,396  
-
2,396  
1
26  
27  
4,408  
80,809  
85,217  
69  
 
Scantox Denmark ApS  
Annual Report 2025  
Section 5  
Note 5.1  
Business combinations  
No business combinations occurred in 2025.  
This section summarizes the business combinations that occurred in 2024.  
2024  
Acquisition of Scantox Neuro GmbH  
On March 27, 2024, the Group acquired the neuropharmacology division of QPS Austria GmbH (“Scantox  
Neuro GmbH” or “QPS Neuro”). Scantox Neuro GmbH is a leading drug discovery Contract Research  
Organization (CRO) that specializes in neurodegenerative, rare diseases and mental disorders. The Group  
acquired this business to enlarge the range of services and bring highly complementary service offerings  
to Scantox’s stronghold in pharmacology and regulatory toxicology.  
The fair value of the identifiable assets and liabilities of QPS Neuro on the acquisition date were:  
FV recognised  
on acquisition  
EUR thousand  
Description  
Intangible assets  
Property, plant and equipment  
Inventories  
34,269  
4,815  
661  
Trade receivables and other receivables  
Cash and cash equivalents  
Deferred tax liabilities  
4,684  
3,282  
(8,551)  
(453)  
Income tax payables  
Trade payables and other payables  
Total identifiable net assets fair value  
Goodwill arising on acquisition  
Purchase consideration transferred  
(8,365)  
30,342  
55,408  
85,750  
Purchase consideration  
Cash paid  
85,750  
Total consideration  
85,750  
Analysis of cash flows on acquisition  
Consideration paid  
85,750  
(3,282)  
82,468  
Net cash acquired with the subsidiary (included in cash flow from investing activities)  
Net cash flow on acquisition  
The fair value of the trade receivables and other receivables amounts to EUR 4,684 thousand. The gross  
amount of trade receivables is EUR 4,684 thousand and it is expected that the full contractual amounts can  
be collected.  
The Group measured the acquired lease liabilities using the present value of the remaining lease payments  
at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities.  
The goodwill of EUR 55,408 thousand comprises the value of expected synergies arising from the  
acquisition. Goodwill is allocated entirely to the aggregated level, as Scantox is considered one cash-  
generating unit. None of the goodwill recognized is expected to be deductible for income tax purposes.  
From the date of acquisition, Scantox Neuro GmbH contributed EUR 13,369 thousand of revenue and  
income of EUR 5,775 thousand to profit before tax of the Group. On a pro forma basis, if the acquisition had  
70  
 
Scantox Denmark ApS  
Annual Report 2025  
taken place at the beginning of the year, the impact would have been EUR 16,833 thousand to revenue and  
a loss of EUR 6,695 to profit before tax for the Group.  
Transaction costs of EUR 4,827 thousand were expensed and are included in special items.  
Acquisition of Gentronix Limited  
On September 9, 2024, the Group acquired 100% of the voting shares of Gentronix Limited., a GLP  
compliant genetic toxicology Contract Research Organization (“CRO”). The Group acquired this business  
to enlarge the range of services and bring highly complementary service offerings to Scantox’s stronghold  
in pharmacology and regulatory toxicology.  
The fair value of the identifiable assets and liabilities of Gentronix on the acquisition date were:  
FV recognised  
on acquisition  
EUR thousand  
Description  
Intangible assets  
Property, plant and equipment  
Inventories  
17,644  
3,213  
260  
Trade receivables and other receivables  
Cash and cash equivalents  
Deferred tax liabilities  
Borrowings  
Trade payables  
Total identifiable net assets fair value  
Goodwill arising on acquisition  
Purchase consideration transferred  
4,209  
1,562  
(3,917)  
(2,396)  
(5,408)  
15,167  
15,240  
30,407  
Purchase consideration  
Cash paid  
30,407  
Total consideration  
30,407  
Analysis of cash flows on acquisition  
Consideration paid  
30,407  
(1,562)  
28,845  
Net cash acquired with the subsidiary (included in cash flow from investing activities)  
Net cash flow on acquisition  
The fair value of the trade receivables and other receivables amounts to EUR 4,209 thousand. The gross  
amount of trade receivables is EUR 4,209 thousand and it is expected that the full contractual amounts can  
be collected.  
The Group measured the acquired lease liabilities using the present value of the remaining lease payments  
at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities.  
The goodwill of EUR 15,167 thousand comprises the value of expected synergies arising from the  
acquisition. Goodwill is allocated entirely to the aggregated level, as Scantox is considered one cash-  
generating unit. None of the goodwill recognized is expected to be deductible for income tax purposes.  
From the date of acquisition, Gentronix Limited contributed EUR 4,535 thousand of revenue and a loss of  
EUR 162 thousand to profit before tax of the Group. On a pro forma basis, if the acquisition had taken place  
at the beginning of the year, the impact would have been EUR 14,855 thousand to revenue and income of  
EUR 513 to profit before tax for the Group.  
Transaction costs of EUR 1,763 thousand were expensed and are included in special items.  
Accounting policies  
71  
 
Scantox Denmark ApS  
Annual Report 2025  
Business combinations are accounted for using the acquisition method. The cost of an acquisition is  
measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value,  
and the amount of any non-controlling interests in the acquiree. For each business combination, the Group  
elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate  
share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and  
included in the operating expenses (special items).  
The Group determines that it has acquired a business when the acquired set of activities and assets include  
an input and a substantive process that together significantly contribute to the ability to create outputs. The  
acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the  
inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to  
perform that process or it significantly contributes to the ability to continue producing outputs and is  
considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to  
continue producing outputs.  
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate  
classification and designation in accordance with the contractual terms, economic circumstances, and  
pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host  
contracts by the acquiree.  
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the  
acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent  
settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a  
financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the  
changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent  
consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with  
changes in fair value recognised in profit or loss.  
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and  
the amount recognised for non-controlling interests and any previous interest held over the net identifiable  
assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the  
aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the  
assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts  
to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net  
assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.  
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the  
purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date,  
allocated to each of the Group’s cash-generating units that are expected to benefit from the combination,  
irrespective of whether other assets or liabilities of the acquiree are assigned to those units.  
Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit  
is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the  
operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is  
measured based on the relative values of the disposed operation and the portion of the cash-generating unit  
retained.  
Significant judgments and accounting estimates  
72  
 
Scantox Denmark ApS  
Annual Report 2025  
The most significant assets acquired generally comprise goodwill and customer relationships. No active  
market exists for the majority of the acquired assets and liabilities, in particular in respect of acquired  
intangible assets. Accordingly, Management makes estimates of the fair value of acquired assets,  
liabilities, and contingent liabilities. Depending on the nature of the item, the determined fair value of an  
item may be associated with uncertainty and possibly adjusted subsequently.  
The fair value of customer contracts acquired in business combinations is based on an evaluation of the  
conditions relating to the acquired portfolio and related customer relations. Measurement is based on a  
discounted cash flow model on key assumptions about the estimated split of the acquired and expected  
revenue, the related churn rates and the expected profitability of the revenue at the time of the acquisition.  
Note 5.2  
Related parties  
Related parties are defined as parties with control or significant influence, including Group companies.  
The Impilo No 9 AB, based in Holländargatan 20, 4 Tr 111 60, Stockholm, Stockholm Sweden, is the ultimate  
parent of Scantox Denmark ApS.  
Impilo No 9 AB holds the majority of the share capital in the Company.  
Other related parties include members of Board of Directors together with immediate families.  
There were no significant transactions with related parties, including members of the Board of Directors or  
other key management personnel other than payment of remuneration.  
Group information  
Below table provides information about the Group’s structure, including details of the subsidiaries and the  
holding company. Scantox Denmark ApS directly or indirectly owns the entire share capital in all subsidiaries  
with an ownership percentage of 100%.  
Subsidiaries  
Name  
Registered office  
Lille Skensved, Denmark  
Molndal, Sweden  
Ballerup, Denmark  
Lille Skensved, Denmark  
Grambach, Austria  
Grambach, Austria  
London, England  
Consolidated ownership  
Scantox A/S  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
Scantox Sweden AB  
Scantox Ballerup ApS  
Scantox Inc.  
Scantox Austria GmbH  
Scantox Neuro GmbH  
Scantox UK Limited  
Gentronix Limited  
Cheshire, England  
The financial statements include the following transactions with related parties:  
2025  
2024  
EUR thousand  
463  
-
-
Joint taxation contribution receivable  
Joint taxation contribution payable  
1,194  
Please refer to note 2.3 for key management personnel.  
Note 5.3  
Events after the balance sheet date  
No other events after the balance sheet date that could have a significant impact on the consolidated  
financial statements have occurred subsequent to December 31, 2025.  
73  
 
Scantox Denmark ApS  
Annual Report 2025  
Scantox Denmark ApS  
Annual Report 2025  
(Parent Company Financial Statements)  
74  
 
Scantox Denmark ApS  
Annual Report 2025  
Financial Statements (Parent Company)  
Statement of Comprehensive Income  
Year ended - December 31  
EUR thousand  
Note  
2025  
2024  
Restated  
Revenue  
Other income  
Personnel costs  
Other operating expenses  
EBITDA before special items  
Special items  
Amortization, depreciation and impairment  
Operating income / (loss) (EBIT)  
Net financial items  
2.1  
2.2  
2.3  
2.4  
115  
8,596  
885  
1,161  
(3,195)  
(931)  
(2,080)  
(1,284)  
(314)  
(3,678)  
6,508  
2,830  
209  
(5,451)  
(2,293)  
967  
(308)  
(403)  
256  
1,807  
2,063  
929  
2.5  
2.6  
2.7  
Profit / (loss) before income tax  
Income taxes  
Income/(loss) for the year  
2,992  
3,039  
Other comprehensive income that maybe reclassified to profit or loss in  
subsequent periods:  
Loss on cash flow hedges  
Exchange differences on translation of foreign operations  
Income tax relating to these items  
265  
(160)  
(59)  
(680)  
(1)  
150  
Other comprehensive income / (loss) for the year  
Total comprehensive income / loss for the year  
46  
3,038  
(531)  
2,508  
The above statement of comprehensive income should be read in conjunction with the accompanying  
notes.  
75  
 
Scantox Denmark ApS  
Annual Report 2025  
Financial Statements (Parent Company)  
Statement of Financial Position  
As December 31  
EUR thousand  
Note  
2025  
2024  
ASSETS  
Restated  
Non-current assets  
Intangible assets  
3.1  
3.2  
3.3  
167  
628  
77,241  
2,048  
39,709  
119,793  
177  
74  
74,408  
1,297  
39,709  
Property, plant and equipment  
Investment in group entities  
Deferred tax assets  
Receivables from group entities  
Total non-current assets  
Current assets  
3.5  
115,665  
Trade receivables  
3.4  
3.5  
-
864  
581  
471  
-
7,303  
4,763  
12,537  
128,202  
Joint taxation contribution receivable  
Other current assets  
Cash and cash equivalents  
Total current assets  
Total assets  
10,671  
12,116  
131,909  
EQUITY AND LIABILITIES  
Equity  
Share capital  
Share premium  
Other reserves  
Retained earnings  
4.1  
5
-
5
61,103  
(541)  
3,612  
64,179  
(495)  
67,707  
67,217  
Total equity  
Non-current liabilities  
Non-current borrowings  
Other non-current liabilities  
Total non-current liabilities  
Current liabilities  
Current borrowings  
Trade payables  
Joint taxation contribution payable  
Other current liabilities  
Total current liabilities  
Total liabilities  
4.2  
3.6  
53,981  
425  
54,406  
55,003  
680  
55,683  
4.2  
3.6  
3,212  
244  
5,370  
482  
120  
2,368  
8,340  
64,023  
128,202  
-
6,830  
10,286  
64,692  
131,909  
Total equity and liabilities  
The above statement of financial position should be read in conjunction with the accompanying notes  
76  
 
Financial Statements (Parent Company)  
Statement of Changes in Equity  
Foreign  
Cash flow  
Currency  
Share  
capital  
Share  
premium  
hedge  
reserve  
translation  
Retained  
earnings  
574  
Total  
equity  
569  
EUR thousand  
Note  
reserve  
5
-
-
(10)  
Equity at January 1, 2024  
-
-
-
-
5
-
5
-
-
-
-
-
-
-
-
(1)  
(1)  
574  
-
574  
-
574  
(531)  
43  
61,103  
61,715  
2,464  
64,179  
2,992  
46  
Income / (Loss) for the year  
Other comprehensive income / (Loss) for the year  
Total Comprehensive income / (Loss) for the year  
Capital Increase  
Equity at December 31, 2024  
Adjustments on prior year balances, net of tax  
Equity at December 31, 2024 (restated)  
Income / (Loss) for the year  
Other comprehensive income / (Loss) for the year  
Total Comprehensive income / (Loss) for the year  
Transfer from share premium  
(530)  
(530)  
-
(530)  
-
(530)  
-
206  
206  
-
61,103  
61,103  
-
4.1  
(11)  
-
(11)  
-
(160)  
(160)  
-
1,148  
2,464  
3,612  
2,992  
-
2,992  
61,103  
67,707  
-
61,103  
-
-
-
(61,103)  
-
3,038  
-
67,217  
-
5
(324)  
(171)  
Equity at December 31, 2025  
The above statement of changes in equity should be read in conjunction with the accompanying notes.  
77  
 
Financial Statements (Parent Company)  
Cash Flow Statement  
Year ended - December 31  
EUR thousand  
Note  
2025  
2024  
Restated  
Profit / (loss) before income tax  
Amortization, depreciation, and impairment  
Net financial items  
2,063  
403  
(1,807)  
471  
2,830  
3.1  
2.6  
314  
(6,508)  
1,933  
Change in trade receivables  
Change in trade payables  
Change in other assets and liabilities  
Interest paid  
Net cash flow from operating activities  
Payments for investments in subsidiaries  
Changes in other long-term assets  
Purchase of intangible assets  
Purchase of property, plant and equipment  
Dividends from subsidiaries  
(238)  
13,860  
(4,100)  
10,652  
(3,000)  
-
159  
(10,684)  
(3,413)  
(15,369)  
(62,919)  
(39,709)  
(190)  
(124)  
7,238  
(95,704)  
61,103  
54,805  
-
(97)  
115,811  
4,738  
25  
4,763  
3.3  
(48)  
3.1  
3.2  
2.6  
(192)  
2,556  
(684)  
-
Net cash outflow used in investing activities  
Contribution to capital reserves  
Proceeds from borrowings  
4.3  
4.3  
4.3  
-
Repayment of borrowings  
(3,914)  
(146)  
(4,060)  
5,908  
4,763  
10,671  
Payment of principal portion of lease liabilities  
Net cash flows from financing activities  
Net increase in cash and cash equivalents  
Cash and cash equivalent at 1 January  
Cash and cash equivalent at 31 December  
The above cash flow statement should be read in conjunction with the accompanying notes.  
78  
 
Scantox Denmark ApS  
Annual Report 2025  
Notes to the Financial Statements of the Parent  
Section 1  
Note 1.1  
Basis of preparation  
The parent company financial statements of Scantox Denmark ApS (‘Parent Company’) have been prepared  
in accordance with International Financial Reporting Standards (IFRS® Accounting Standards) as adopted  
by the EU and additional requirements of the Danish Financial Statements Act applying to small reporting  
class C entities.  
Accounting policies  
The accounting policies applied by the Parent Company are the same as apply to the Scantox Group, see  
the notes to the consolidated financial statements, with the exception of the following:  
Investments in group companies  
The accounting policies for investments in group companies and related transactions are presented in note  
3.1.  
Significant accounting estimates and judgments  
In preparing the parent company financial statements, Management makes various accounting estimates  
and assumptions that form the basis of the recognition and measurement of the Parent Company’s assets  
and liabilities.  
In applying the accounting policies, Management makes judgements that may significantly influence the  
amounts recognized in the financial statements. The key accounting estimates and judgements for the  
Scantox Group are presented in the notes to the consolidated financial statements. Furthermore,  
management considers the key accounting estimates and judgements used in the preparation of the Parent  
company financial statements in particular referring to the carrying amount of investments in group  
companies.  
Assumptions about the future and estimation uncertainty at the balance sheet date are described in the  
notes where there is a significant risk of changes that could result in material adjustments to the carrying  
amount of assets or liabilities within the next financial year.  
Adjustments on prior year balances  
The parent company financial statements provide comparative information in respect of the previous  
period. However, an error has been corrected by restating the affected financial statement line items for  
the prior period 2024, as follows:  
Impact on equity (increase in equity)  
EUR thousand  
2024  
Other current assets  
Total assets  
Net impact on equity  
2,464  
2,464  
2,464  
Impact on statement of comprehensive income (increase in profit)  
EUR thousand  
2024  
Financial items  
Interest income from group entities  
2,464  
Net impact on the profit for the year  
2,464  
79  
 
Scantox Denmark ApS  
Annual Report 2025  
Section 2  
Note 2.1  
Revenue  
EUR thousand  
2025  
2025  
2024  
Nordic  
115  
-
-
690  
195  
-
Europe (ex. Nordic)  
Rest of the world  
Total  
115  
885  
EUR thousand  
2024  
Contract balances  
Trade receivables  
Contract assets  
-
-
-
471  
-
-
Contract liabilities  
No contract assets and contract liabilities as of December 31, 2025 and 2024.  
Note 2.2  
Other income  
Other income includes management fees related to administrative services provided to the group entities,  
mainly including Scantox A/S (EUR 3,954 thousand) and Scantox Sweden AB (EUR 695 thousand).  
Note 2.3  
Personnel costs  
EUR thousand  
2025  
2024  
Personnel Expenses  
Wages and salaries  
Pensions  
Social security  
Total  
4,864  
579  
8
2,681  
480  
34  
3,195  
5,451  
Average number of full time-employees:  
31  
24  
Note 2.4  
Other operating expenses  
EUR thousand  
2025  
2024  
Other Operating Expenses  
Insurance  
Consultants and IT services  
Other operating expenses  
Total  
240  
1,504  
549  
202  
219  
510  
931  
2,293  
80  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 2.5  
Special items  
EUR thousand  
2025  
2024  
Special items  
Other one-off personnel costs, etc.  
308  
1,284  
Total  
308  
1,284  
Note 2.6  
Net financial items  
EUR thousand  
2025  
2024  
Financial income  
Dividend from group entities  
Interest income from group entities  
Foreign exchange rate differences  
Interest expenses  
Interest on lease liabilities  
Other financial expenses  
Total  
2,556  
3,374  
(23)  
(4,068)  
(12)  
(20)  
1,807  
7,238  
2,464  
219  
(3,408)  
(4)  
(1)  
6,508  
Note 2.7  
Income taxes and deferred tax  
EUR thousand  
2025  
2025  
2024  
Income taxes  
Current tax for the year  
Deferred tax for the year  
Prior year adjustments  
Total  
-
(808)  
(121)  
(929)  
120  
(329)  
-
(209)  
EUR thousand  
2024  
Theoretical income taxes at the Company tax rate of 22%  
Prior year adjustments  
Effect of adjustments on prior year balances  
Permanent and other differences  
Effective tax rate  
454  
(121)  
(542)  
(720)  
-45%  
(929)  
623  
-
-
(832)  
-7%  
(209)  
Income taxes  
The Parent Company and its Danish subsidiaries are jointly taxed with the Danish companies in the Scantox  
Group. The joint taxation arrangement also covers withholding taxes in the form of dividend tax, royalty tax,  
and interest tax. The taxes for the individual companies are allocated in full based on the expected taxable  
income.  
Deferred taxes  
EUR thousand  
2025  
2024  
Deferred tax assets  
Deferred tax at 1 January  
1,297  
(59)  
808  
2
816  
150  
329  
2
Change in deferred taxes – recognized in other comprehensive income  
Change in deferred taxes – recognized in the income statement  
Currency translation and other changes  
Deferred tax assets at December 31  
2,048  
1,297  
81  
 
Scantox Denmark ApS  
Annual Report 2025  
Section 3  
Note 3.1  
Intangible assets  
EUR thousand  
Software  
Total  
Carrying amount at January 1, 2024  
Additions  
Amortisation  
-
190  
(13)  
177  
-
190  
(13)  
177  
Carrying amount at December 31, 2024  
of which:  
- historical cost  
- accumulated amortisation  
Additions  
190  
(13)  
48  
190  
(13)  
48  
Amortisation  
(58)  
(58)  
Carrying amount at December 31, 2025  
of which:  
- historical cost  
167  
167  
238  
(71)  
238  
(71)  
- accumulated amortisation  
Note 3.2  
Property, plant and equipment  
Fixtures and fittings,  
tools and equipment  
Other tangible  
assets  
Total  
EUR thousand  
Carrying amount at January 1, 2024  
of which:  
9
243  
252  
- historical cost  
- accumulated depreciation  
Additions  
12  
(3)  
100  
(105)  
-
494  
(251)  
24  
(196)  
(1)  
506  
(254)  
124  
(301)  
(1)  
Depreciation  
Currency translation  
Carrying amount at December 31, 2024  
of which:  
4
70  
74  
- historical cost  
- accumulated depreciation  
Additions  
112  
(108)  
591  
517  
(447)  
308  
629  
(555)  
899  
Depreciation  
(236)  
(109)  
(345)  
Carrying amount at December 31, 2025  
359  
269  
628  
of which:  
- historical cost  
- accumulated depreciation  
703  
(344)  
825  
(556)  
1,528  
(900)  
The fair value of PPE at year-end are not considered significantly different from their carrying values.  
82  
 
Scantox Denmark ApS  
Annual Report 2025  
The following tables set forth a breakdown of the right-of-use asset balances include within ‘property, plant  
and equipment’:  
EUR thousand  
Total  
Carrying amount at January 1, 2024  
Additions  
121  
-
Depreciation and impairment  
Currency translation  
(74)  
(1)  
Carrying amount at December 31, 2024  
Additions  
Depreciation and impairment  
46  
707  
(139)  
614  
Carrying amount at December 31, 2025  
EUR thousand  
2025  
2024  
Lease assets  
Cars  
614  
46  
Carrying amount  
614  
46  
The following are the amounts recognised in the statement of comprehensive income:  
EUR thousand  
2025  
2024  
The following are the amounts recognised in profit or loss:  
Depreciation expense of right-of-use assets  
Interest expense on lease liabilities  
(139)  
(12)  
(74)  
(4)  
Total amount recognised in profit or loss  
(151)  
(78)  
Total cash outflows for leases amount to EUR 158 thousand and EUR 99 thousand for the year-ended  
December 31, 2025 and 2024, respectively.  
Note 3.3  
Investment in group entities  
EUR thousand  
2025  
2024  
Cost at January 1  
Additions  
Currency translation  
Total  
74,408  
3,000  
(167)  
11,489  
62,927  
(8)  
77,241  
74,408  
Accounting policies  
Dividends from group companies are recognized as income in the income statement of the Parent Company  
in the financial year in which the dividend is declared. If the carrying amount of an investment in a subsidiary  
exceeds the carrying amount of the net assets in the subsidiary’s financial statements, or if the dividend  
exceeds the total comprehensive income of the subsidiary in the period in which the dividend is declared,  
the carrying amount of the subsidiary is tested for impairment. Investments in group companies are  
measured at cost. If the cost exceeds the recoverable amount, it is written down.  
See note 5.2 to the consolidated financial statements for a list of group companies.  
83  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 3.4  
Trade receivables  
No trade receivables outstanding as of Dec 31, 2025 (EUR 471 thousand as of December 31, 2024). No  
allowances for expected credit loss reported as of and for the year-ended December 31, 2025 and 2024.  
Note 3.4  
Other current and non-current assets  
EUR thousand  
2025  
2024  
Other current assets  
VAT  
Prepayments, assets  
Receivables from group entities  
Other receivables  
Total  
Restated  
-
268  
-
313  
581  
298  
81  
6,924  
-
7,303  
EUR thousand  
2025  
2024  
Other non-current assets  
Receivables from group entities  
Total  
39,709  
39,709  
39,709  
39,709  
Note 3.4  
Other current and non-current liabilities  
EUR thousand  
2025  
2024  
Other current liabilities  
Payables to group entities  
Employee payables  
VAT  
5,498  
648  
485  
1,900  
459  
-
Other debt  
199  
9
Total  
6,830  
2,368  
EUR thousand  
2025  
2024  
Other non-current liabilities  
Derivative financial instruments  
Total  
415  
415  
680  
680  
84  
 
Scantox Denmark ApS  
Annual Report 2025  
Section 4  
Note 4.1  
Share capital  
Number of shares  
Share capital at January 1  
Capital increase  
Total  
2025  
2024  
40,154  
-
40,154  
40,001  
153  
40,154  
Scantox’s share capital has a nominal value of DKK 40,154 (equivalent to EUR 5 thousand) divided into  
40,154 shares of DKK 1 each. The share capital is fully paid.  
Note 4.2  
Financial risk management, financial assets and financial liabilities  
Contractual cash flows  
EUR thousand  
Within 12 months  
From 1 to 5 year  
More than 5 year  
Carrying amount  
December 31, 2025  
Bank Borrowings  
Lease Liabilities  
Trade payables  
Derivative financial instruments  
Other payables  
10,707  
198  
244  
285  
5,498  
16,932  
65,532  
-
-
-
-
-
-
56,604  
589  
244  
415  
5,498  
63,350  
344  
-
148  
-
Total financial liabilities  
66,024  
December 31, 2024  
Bank Borrowings  
Lease Liabilities  
8,985  
30  
28,400  
37,892  
60,345  
28  
-
-
Trade payables  
Derivative financial instruments  
Other payables  
482  
296  
1,900  
-
444  
-
-
-
-
482  
680  
1,900  
Total financial liabilities  
11,693  
28,844  
37,892  
63,435  
Financial assets and liabilities  
EUR thousand  
2025  
2024  
Description  
Trade receivables  
Cash and cash equivalents  
-
10,671  
10,671  
471  
4,763  
5,234  
Total financial liabilities at amortized cost  
Interest rate swaps  
415  
680  
Derivatives designated as hedging instruments  
415  
680  
Bank Borrowings  
Lease Liabilities  
56,604  
589  
60,345  
28  
Trade payables  
Other payables  
244  
5,498  
482  
1,900  
Total financial liabilities at amortized cost  
62,935  
62,755  
85  
 
Scantox Denmark ApS  
Annual Report 2025  
Note 4.3  
Change in liabilities arising from financing activities  
Foreign  
exchange  
movement  
January 1,  
2025  
December 31,  
EUR thousand  
Lease liabilities  
Bank borrowings  
Total  
Cash flows  
(146)  
New leases  
707  
Others  
2025  
28  
-
-
-
-
589  
56,604  
57,193  
60,345  
60,373  
(3,914)  
(4,060)  
-
173  
173  
707  
Foreign  
exchange  
movement  
January 1,  
2024  
December 31,  
2024  
EUR thousand  
Lease liabilities  
Bank borrowings  
Total  
Cash flows  
New leases  
Others  
121  
5,544  
5,665  
(93)  
54,805  
54,712  
-
-
-
-
-
-
-
28  
60,345  
60,373  
(4)  
(4)  
Note 4.4  
Related Parties  
Related party transactions refer to management fees described above (please refer to note 2.2 Other  
income) and receivables from group entities, mainly attributable to Scantox Austria Gmbh (EUR 37,800  
thousand) and Scantox UK Limited (EUR 1,809 thousand).  
The financial statements include the following transactions with related parties:  
2025  
2024  
EUR thousand  
39,709  
5,498  
864  
39,709  
1,900  
-
Receivables from group entities  
Payables to group entities  
Joint taxation contribution receivable  
Joint taxation contribution payable  
-
120  
Please refer to note 5.2 to the consolidated financial statements.  
Note 4.5  
Commitment and contingencies  
Contingent liability  
The Danish companies are jointly and individually liable for the joint taxation payments. Any subsequent  
adjustments to income taxes and withholding taxes may lead to a higher liability.  
Contingencies  
The Parent Company is not exposed to legal claim contingencies.  
Note 4.6  
Events after the balance sheet date  
Please refer to note 5.3 to the consolidated financial statements.  
86