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Though current proposed legislation means Scantox is no longer in scope for CSRD-level compliance, our commitment to go above and beyond is unchanged. As the EU refines its sustainability reporting legislation, we continue to monitor developments closely, ensuring we stay ahead of evolving regulations.</td></tr><tr><td colspan="1">Beyond compliance, 2024 has seen significant improvements in real-time ESG reporting, enhancing our ability to make data-driven sustainability decisions. These advancements have played a critical role in optimizing our response to sustainability-linked loans and integrating our new acquisitions in the UK and Austria into our growing organization.</td></tr><tr><td colspan="1">ESG at Scantox: Our Commitment</td></tr><tr><td colspan="1">At Scantox, ESG is more than just a regulatory requirement—it is embedded into our core business strategy. Sustainability is a guiding principle across operations, leadership, and decision-making, ensuring that we create long-term value for our stakeholders. Our expansion into the UK and Austria has increased the complexity of our operations, but it has also strengthened our ESG governance. Today, we see ESG as an integral part of our company culture, rather than a separate initiative. The principles of sustainability, transparency, and responsibility are reflected in the way we work, grow, and engage with our employees and partners.</td></tr><tr><td colspan="1">Sustainability Strategy &amp; Targets</td></tr><tr><td colspan="1">One of the most significant milestones of 2024 has been our success in securing and executing a sustainability-linked loan, which supported the acquisition of Scantox Neuro and Gentronix. The loan was structured around key sustainability performance targets, requiring us to achieve measurable ESG improvements.</td></tr><tr><td colspan="1">We are proud to report that we have successfully met all of our 2024 sustainability-linked loan targets, including</td></tr><tr><td colspan="1">·       Reducing Scope 1 and Scope 2 CO2 emissions by more than 73.9%</td></tr><tr><td colspan="1">·       Engaging at least six key suppliers in the Science-Based Targets Initiative —a target we exceeded by bringing seven suppliers on board</td></tr><tr><td colspan="1">Achieving these goals demonstrates that sustainability and financial growth can go hand in hand. This success has also strengthened our relationships with lenders, proving that Scantox is a company that delivers on its commitments. Furthermore, our commitment with the SBTi is setting the stage for a broader solidification in how we track, manage, and reduce emissions across our entire supply chain. As we move forward, our goal is to establish company-wide science-based targets, ensuring that our growth is aligned with global climate objectives.</td></tr><tr><td colspan="1">In addition to emissions reductions, we have refined our ESG decision-making processes, shifting from a compliance-driven approach to one that prioritizes real-world impact. Our focus is not just on reporting metrics but on implementing meaningful changes that enhance both business resilience and environmental responsibility.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">ESG Governance &amp; Oversight</td></tr><tr><td colspan="1">With rapid growth comes the challenge of ensuring that governance structures evolve in step with expansion. In 2024, our workforce has doubled, and we have expanded into new markets in the UK and Austria. Managing ESG at this scale requires a deliberate balance between structured oversight and operational flexibility to ensure that policies enable progress rather than constrain it.</td></tr><tr><td colspan="1">As a result, our global ESG policies are undergoing final refinements to ensure that they work seamlessly across all locations. While some policies are still pending formal updates, we view this as a positive and intentional decision allowing us to ensure policies enhance, rather than hinder, operations at our new sites. Instead of enforcing top-down mandates prematurely, we have focused on practical ESG integration at every level of the company.</td></tr><tr><td colspan="1">To support this scalable approach to governance, we have already taken the following steps</td></tr><tr><td colspan="1">·       Global ESG working documents are in place, but pending, across all locations, allowing teams to align with our sustainability objectives while maintaining site-specific flexibility.</td></tr><tr><td colspan="1">·       ESG oversight is embedded, directly or in-directly, into everyday decision-making, ensuring that employees across all regions actively contribute to sustainability goals rather than ESG being seen as a separate compliance function.</td></tr><tr><td colspan="1">·       Governance policies are aligned with broader assurance efforts, including external validation of our sustainability-Linked Loan KPIs in 2024. Looking ahead, we will evaluate limited assurance for the entire ESG report in 2025, working closely with auditors and external stakeholders to ensure credibility and transparency.</td></tr><tr><td colspan="1">Ultimately, our governance model is designed to scale with our business—ensuring that we maintain a high standard of sustainability, ethics, and accountability while fostering a governance structure that is both adaptive and robust. Our commitment to global ESG alignment remains clear: we will continue to refine and optimize policies to ensure they enhance operations, empower employees, and support sustainable long-term growth.</td></tr><tr><td colspan="1">Materiality &amp; Sustainability Focus Areas</td></tr><tr><td colspan="1">Sustainability Statement</td></tr><tr><td colspan="1">2024 marks the first full year of Scantox operating with an integrated double materiality framework, a structured approach that evaluates ESG factors based on both financial impact on Scantox and our company’s broader impact on society and the environment. This framework is not just about meeting regulatory requirements - it is a tool that ensures our sustainability efforts remain focused on real-world outcomes rather than just compliance.</td></tr><tr><td colspan="1">By fully embedding this methodology into our decision-making processes, we ensure that ESG considerations are assessed not only for their business relevance but also for their broader implications across our industry and beyond. This has helped align our corporate strategy, investment decisions, and sustainability actions with long-term value creation for all stakeholders.</td></tr><tr><td colspan="1">While we have seen significant progress in refining our data collection and decision-making structures, we recognize that double materiality is an evolving process. As we continue to expand across multiple countries, we will remain attentive to new risks and opportunities that could reshape our material focus areas in the years to come.</td></tr><tr><td colspan="1">Key Material Topics for Scantox in 2024</td></tr><tr><td colspan="1">As expected, our key material topics have remained largely consistent with our previous ESG reports. However, our analysis continues to refine the weight and importance of different sustainability areas based on evolving business needs, stakeholder expectations, and regulatory trends.</td></tr><tr><td colspan="1">One area that remains outside of materiality but continues to receive attention is biodiversity. While not considered a material ESG factor in our analysis, biodiversity intersects with our operations in meaningful ways, particularly through land use, habitat conservation, and chemical management. As a result, we continue to pursue voluntary initiatives in this space, demonstrating leadership beyond regulatory obligations.</td></tr><tr><td colspan="1">Corporate Governance</td></tr><tr><td colspan="1">Financial Risk &amp; Governance</td></tr><tr><td colspan="1">Operating in a highly regulated environment and supporting major pharmaceutical clients, Scantox operates in a complex environment and continuously exposed to a broad array of operational and financial risks.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business Conduct &amp; Ethics</td></tr><tr><td colspan="1">Driving stronger governance, we fostered a positive, flexible workplace by thoroughly reviewing global policies before extending them to all sites in 2025.</td></tr><tr><td colspan="1">Governance &amp; Ethical Leadership – A Strong and Evolving Framework</td></tr><tr><td colspan="1">Scantox continues to strengthen its governance structure, ensuring that business integrity, transparency, and ethical leadership remain at the core of our operations.</td></tr><tr><td colspan="1">·       Board gender diversity has improved, with 20% of board seats now occupied by women—a significant step from 0% in previous years.</td></tr><tr><td colspan="1">·       The size of the board has adjusted to 5 members in 2024, following the growth and structural changes in the company.</td></tr><tr><td colspan="1">·       60% of board members are independent, ensuring that governance remains objective and aligned with best practices.</td></tr><tr><td colspan="1">Executive leadership gender diversity remains stable at 50%, reflecting our commitment to balanced representation at the highest levels of decision-making. As Scantox continues to expand, our governance framework will evolve to ensure that our policies are not just regulatory obligations but tools for creating a better business environment.</td></tr><tr><td colspan="1">Policies, Compliance &amp; Ethical Conduct – A Record of Integrity</td></tr><tr><td colspan="1">Ethical business practices remain a cornerstone of Scantox corporate culture.</td></tr><tr><td colspan="1">·       No cases of corruption or bribery were reported in 2024, marking another year of strong compliance with our ethical standards.</td></tr><tr><td colspan="1">·       Whistleblower protections remain in place, and while no cases were reported, we continue to promote awareness of this channel to ensure employees feel safe reporting any concerns.</td></tr><tr><td colspan="1">While anti-corruption training has not yet been implemented, it remains an area we intend to strengthen in the future to further align with global compliance expectations.</td></tr><tr><td colspan="1">Cybersecurity &amp; Data Protection – A Proactive Approach</td></tr><tr><td colspan="1">As Scantox expands its digital operations, data security and privacy remain a top priority. A growing workforce, increased ESG reporting requirements, and evolving regulatory landscapes require a strong cybersecurity framework that ensures both compliance and resilience.</td></tr><tr><td colspan="1">In 2024, we reinforced our cybersecurity and data protection strategy by implementing new oversight measures, expanding employee training, and ensuring GDPR compliance across all sites. Key highlights include</td></tr><tr><td colspan="1">·       No data breaches or GDPR violations occurred in 2024, demonstrating a strong risk management approach and secure handling of sensitive data.</td></tr><tr><td colspan="1">·       Company-wide GDPR oversight has now been fully established, marking an important improvement from 2023, when policies were still being refined.</td></tr><tr><td colspan="1">·       92% of employees completed cybersecurity training, ensuring that best practices in digital security and data privacy are embedded throughout the organization.</td></tr><tr><td colspan="1">With a larger, more geographically diverse workforce and greater reliance on digital systems, we will continue to enhance our cybersecurity posture in 2025, ensuring that our systems, employees, and policies remain aligned with industry best practices.</td></tr><tr><td colspan="1">ESG Innovation Spotlight: AI &amp; Digitalization in ESG Reporting</td></tr><tr><td colspan="1">As part of our commitment to continuous improvement, Scantox has leveraged AI-driven ESG digitalization to enhance the accuracy, efficiency, and accessibility of our sustainability reporting.</td></tr><tr><td colspan="1">Through automation, data analytics, and AI-driven insights, we have strengthened real-time ESG reporting, ensuring that decision making is informed by accurate and up-to-date information. As we continue integrating technology into our ESG framework, we will explore further digital solutions to enhance reporting accuracy, improve compliance tracking, and drive sustainability performance across all locations.</td></tr><tr><td colspan="1">Supply Chain &amp; Business Conduct – Strengthening ESG Integration</td></tr><tr><td colspan="1">Scantox is committed to strengthening local partnerships and ensuring that ESG principles are embedded throughout our supply chain.</td></tr><tr><td colspan="1">·       66% of our suppliers are local, highlighting our dedication to supporting regional economies and reducing environmental impacts associated with long-distance transportation.</td></tr><tr><td colspan="1">·       By prioritizing local sourcing, we enhance supply chain resilience, foster stronger relationships with regional suppliers, and contribute to economic stability within our operating markets.</td></tr><tr><td colspan="1">ESG Oversight, Reporting, and Assurance – Strengthening Transparency &amp; Governance</td></tr><tr><td colspan="1">As ESG becomes an integral part of Scantox long-term strategy, we have strengthened internal oversight, external validation, and risk management to ensure that our sustainability commitments remain credible and impactful. In 2024, we took significant steps to align our ESG reporting with industry best practices and external validation standards, ensuring that our commitments are backed by transparent, datadriven governance.</td></tr><tr><td colspan="1">Strengthening ESG Oversight &amp; Reporting</td></tr><tr><td colspan="1">·       Our ESG committee is established, ensuring that sustainability efforts are strategically aligned with business goals.</td></tr><tr><td colspan="1">·       We fully implemented ESG-related risk assessments, providing greater visibility into potential risks and opportunities across all locations.</td></tr><tr><td colspan="1">·       Our global ESG policies are now undergoing final refinements to ensure they enable rather than restrict sustainability initiatives at our new sites in the UK and Austria.</td></tr><tr><td colspan="1">Expanding ESG Assurance &amp; External Validation</td></tr><tr><td colspan="1">·       In 2024, we introduced external validation for our Sustainability-Linked Loan KPIs, ensuring that our emission reduction and supplier engagement targets meet rigorous sustainability standards.</td></tr><tr><td colspan="1">·       Looking ahead to 2025, we will evaluate the feasibility of obtaining limited assurance for the entire ESG report, ensuring that our disclosures remain trustworthy and investor aligned.</td></tr><tr><td colspan="1">·       This process will be guided by stakeholder expectations, industry standards, and regulatory developments, ensuring that our ESG assurance strategy supports Scantox longterm credibility and transparency.</td></tr><tr><td colspan="1">Our approach remains pragmatic and impactdriven we do not implement ESG policies for compliance alone but to drive meaningful business value. By strengthening internal governance and external validation, we ensure that Scantox remains a trusted leader in ethical and sustainable business practices.</td></tr><tr><td colspan="1">2025 and Beyond – A Policy-Driven Future</td></tr><tr><td colspan="1">As we continue into 2025, our focus will be on refining and strengthening our global policies to ensure they support our growing company rather than restrict it.</td></tr><tr><td colspan="1">·       Finalizing the integration of global ESG policies, ensuring they work as an enabler rather than a regulatory burden for our new sites.</td></tr><tr><td colspan="1">·       Maintaining our record of integrity, with continued emphasis on whistleblower protections, cybersecurity, and ethical supply chain management.</td></tr><tr><td colspan="1">·       Expanding ESG-related training programs, including anti-bribery, anti-corruption, and ethical business practices, to further reinforce a strong compliance culture across all locations.</td></tr><tr><td colspan="1">ESG is not just a compliance requirement for Scantox—it is a strategic tool that helps us build a stronger, more responsible company. Our governance and ethical leadership ensure that we remain a trusted partner in the industry, now and in the future.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Governance</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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 plan 6 yearly regular Board meetings, including a yearly strategy review day and allow time for extraordinary meetings then 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 CEO, CFO, chairman and owner and a monthly Performance review is performed between board and management.</td></tr><tr><td colspan="1">To ensure a succesfull integration of the transformational acquisitions of Scantox Neuro and Gentronix a bi-weekly informal status meeting is held between the CEO, CFO, local management, chairman and owner.</td></tr><tr><td colspan="1">To ensure a constant focus on our ESG efforts, a committee consisting of the Head of ESG and members of the Executive and Group Management has been formed to discuss progress on a bi-weekly basis and reporting to the board on a quarterly basis. The committee reports to Site Managers on a monthly basis with standardized ESG performance data to be discussed with the Head of ESG. In addition, ESG is a deep-dive topic for one of our annually scheduled board meetings to discuss strategic ESG initiatives and goals.</td></tr><tr><td colspan="1">Key Operational and Financial Risks</td></tr><tr><td colspan="1">·       Commercial Risk</td></tr><tr><td colspan="1">·       Product Supply and Quality Risks</td></tr><tr><td colspan="1">·       IT security Risks</td></tr><tr><td colspan="1">·       Financial Risks</td></tr><tr><td colspan="1">·       Scantox ability to attract new employees</td></tr><tr><td colspan="1">..Board of directors</td></tr><tr><td colspan="1">Jens Bager</td></tr><tr><td colspan="1">Education MSc in Economics and Business Administration from Copenhagen Business School</td></tr><tr><td colspan="1">Past and present Since 2016 Jens Bager has focused on non-executive directorships and has been Chairman of a number of companies including Ambu A/S and the Grundfos Foundation. He currently serves as Chairman for Better Collective A/S, Scantox A/S and Marleybones Ltd. Other assignments include member of the executive board of Apto Invest ApS, Apto Advisory ApS, Tandlagen.dk and Symmetry Administration ApS.</td></tr><tr><td colspan="1">Member Chairman of the board since: 2021</td></tr><tr><td colspan="1">Nicholas Hooge</td></tr><tr><td colspan="1">MSc in Business Administration and Management Science from Copenhagen Business School</td></tr><tr><td colspan="1">Nicholas joined Impilo as partner in 2020 and is a member of Impilo’s investment committee. Prior to this he was a Senior Director at EQT Partners where he worked from 2006-2019, based both in Copenhagen and New York with a focus on private equity and Infrastructure investments. From 2004-2006 Nicholas worked for Deutsche Bank in London focusing on M&amp;A in the Nordic countries.</td></tr><tr><td colspan="1">Member of the board since: 2021</td></tr><tr><td colspan="1">Daniel Spasic</td></tr><tr><td colspan="1">Technical degree in and an OPM</td></tr><tr><td colspan="1">Daniel has close to 30 years in senior life science executive roles. In 1996 he joined Pharmacia &amp; Upjohn in clinical drug development. He later founded TFS Health Sciences, a global clinical Contract Research Organization. His expertise covers biopharma services and research technology-enabled services. He is currently serving as Executive Chairman in Julius Clinical, luvo Biosciences, Avance Clinical and Inhalation Sciences and board NED in Scantox, Trialbee and PathoQuest. Daniel is based in Boston, USA.</td></tr><tr><td colspan="1">Member of the board since: 2021</td></tr><tr><td colspan="1">Mette Kirstine Agger</td></tr><tr><td colspan="1">MSc in Biology, MBA</td></tr><tr><td colspan="1">Senior Advisor and board member for numerous biopharma compa- nies, where she utilizes her exten- sive industry experience as a stra- tegic advisor. Currently serves on several boards, including ScPhar- maceuticals, Lexeo Therapeutics, Det Obelske Familiefond and C. V Obel A/S. Previously a managing partner of Lundbeckfonden Ventures, and later Senior Advisor for Lundbeckfonden BioCapital Isucceeding Lundbeckfonden Ventures). Earlier on, CEO and co-founder of 7TM Pharma A/S, and part of the management Team and CBO of NeuroSearch A/S.</td></tr><tr><td colspan="1">Member of the board since: 2024</td></tr><tr><td colspan="1">Mark Treherne</td></tr><tr><td colspan="1">BSc in Physiology and Pharmacology, MPhil and PhD</td></tr><tr><td colspan="1">Commercial research scientist with 30 years' experience in developing novel treatments. Formerly at Pfizer and responsible for research into neurodegenerative diseases in the UK. Subsequently, set up Cambridge Drug Discovery as a co-founder and Chief Executive, which was sold to BioFocus and then to Charles River. Now serves on the boards of multiple therapeutics, research services, research tools and diagnostics companies worldwide. Also, Mark also serves on the Council of Innovate UK.</td></tr><tr><td colspan="1">Member of the board since: 2024</td></tr><tr><td colspan="1">Management Team</td></tr><tr><td colspan="1">Executive Management</td></tr><tr><td colspan="1">Jeanet Løgsted</td></tr><tr><td colspan="1">Chief Executive Officer (CEO)</td></tr><tr><td colspan="1">MSc Pharm, PhD</td></tr><tr><td colspan="1">Jeanet Løgsted has 30+ years of work experience with drug development from the preclinical contract research organization perspective as well as pharma (LEO Pharma) with different managerial and client facing positions. She was the site manager during late part of the Citoxlab area and during the Charles River ownership, before actively part of the re-funding and establishment of Scantox Group</td></tr><tr><td colspan="1">With Scantox since: 2005</td></tr><tr><td colspan="1">Martin Amtoft-Christensen</td></tr><tr><td colspan="1">Chief Financial Officer (CFO)</td></tr><tr><td colspan="1">MSC Economics</td></tr><tr><td colspan="1">Martin Amtoft-Christensen has 20+ years of international CFO experience. Prior to joining Scantox he worked within professional services as CFO for Textilia A/S and Allianceplus A/S and prior to that as Director of Shared services and member of the Executive Board in Berendsen Plc.</td></tr><tr><td colspan="1">With Scantox since: 2022</td></tr><tr><td colspan="1">Group Management</td></tr><tr><td colspan="1">Mikkel Lykke Jensen</td></tr><tr><td colspan="1">Chief Scientific Officer (CSO)</td></tr><tr><td colspan="1">DVM</td></tr><tr><td colspan="1">Mikkel Lykke Jensen has 15 years of experience within Life Science. Prior to joining Scantox, he worked in academia with animal models to study human pediatricnutrition and malnutrition. He has held several positions in Scantox and is now responsible for scientific development as well as animal welfare. Mikkel is a member of the Danish Animal Experiment Council where he has been appointed by Danish Industry.</td></tr><tr><td colspan="1">With Scantox since: 2013</td></tr><tr><td colspan="1">Mette Ellemann-Søtofte</td></tr><tr><td colspan="1">Chief Operating Officer (COO)</td></tr><tr><td colspan="1">MSc Pharm</td></tr><tr><td colspan="1">Since completing her degree in Pharmacy Mette has worked in the pharmaceutical sector in different companies (LEO Pharma, Novo Nordisk), and for the past 18 years in different management positions. Mette has been with Scantox for 11 years over two periods and is now responsible for Operations. Also, Mette heads the Health and Safety Group.</td></tr><tr><td colspan="1">With Scantox since: 2005-2012 and 2020-</td></tr><tr><td colspan="1">Andy Brown</td></tr><tr><td colspan="1">Chief Commercial Officer (CCO)</td></tr><tr><td colspan="1">MBA</td></tr><tr><td colspan="1">Andy Brown has 15+ year’s experience in the contract research industry serving in both commercial and operational leadership roles. Most recently, at AltaSciences (formerly Sinclair Research) he served as the VP of Commercial Operations from 2018-2021 and GM from 2021-2023. Prior to Altasciences, Brown served as Global Vice President of Strategic Accounts at Envigo</td></tr><tr><td colspan="1">With Scantox since: 2023</td></tr><tr><td colspan="1">Matt Tate</td></tr><tr><td colspan="1">Managing Director Gentronix Ltd</td></tr><tr><td colspan="1">PhD.</td></tr><tr><td colspan="1">Matt Tate is an experienced genetic toxicologist, with 18 years of experience in working within contract research supporting pharmaceutical and chemical industries. For the past 7 years he has led the Gentronix business, scaling the capacity and capabilities of the business. Following the acquisition of Gentronix by Scantox Group, Mott continues to lead the Gentronix business.</td></tr><tr><td colspan="1">2024 (from 2006 with Gentonix)</td></tr><tr><td colspan="1">Manuela Prokesch</td></tr><tr><td colspan="1">Chief Operating Officer Discovery</td></tr><tr><td colspan="1">MSc, PhD.</td></tr><tr><td colspan="1">Joining the company (formerly known as JSW and QPS Neuropharmacology) In 2001 as PhD student, Manuela Prokesch held various positions including Head of Animal Facility and Quality Assurance. In 2022 she took over the position of Director of Neuro-pharmacology and proxy of QPS Austria. Since April 2024 she is one of the managing directors of Scontox Neuro and serves as COO of the Discovery division within the Scantax Group.</td></tr><tr><td colspan="1">2024</td></tr><tr><td colspan="1">Lone Bruhn Madsen</td></tr><tr><td colspan="1">Chief Scientific Officer, Discovery</td></tr><tr><td colspan="1">MSc. Eng. Biotech, PhD.</td></tr><tr><td colspan="1">Lone Bruhn Madsen has over 20 years of experience within life science, both in academia with a focus on translational genetics within various diseases and in the private industry (Cryos International and Sanofi Aventis]. Prior to joining Scantox she was one of the owners and the CEO of Scantox' site located in Lund, Sweden, which is now a part of the discovery division. She is now responsible for the scientific development within the discovery division.</td></tr><tr><td colspan="1">2022</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Governance</td></tr><tr><td colspan="1">Scantox recognizes that our certifications play a pivotal role in shaping our livelihood and defining our commitment to excellence. Each day, we dedicate ourselves to upholding and surpassing the national and international standards set by these certifications. We are proud to confirm that every certification we pursue, we successfully obtain.</td></tr><tr><td colspan="1">Further, we are regularly inspected by our national and international clients for quality as required by the regulatory bodies.</td></tr><tr><td colspan="1">Our focus of continuous improvement underscores our dedication to being the best we can be, as we strive to align our practices with the highest benchmarks in our industry.</td></tr><tr><td colspan="1">Animal Welfare and the 3Rs</td></tr><tr><td colspan="1">Animal welfare remains a top priority for Scantox Group, underpinned by our commitment to the 3Rs – Replace, Reduce and Refine. With our acquisition of QPS Neuro (now Scantox Neuro) in 2024, we added an AAALAC-addredited faciltiy to our portfolio. This accreditation confirms the high animal welfare, environmental, and health standards embedded at Scantox Neuro, guiding us as we pursue similar accreditations across additional sites.</td></tr><tr><td colspan="1">As part of our dedication to continuous improvement, we have invested in refurbishing a facility at our Ejby location to address the long-term housing needs of non-rodent species. This new facility expands our capacity for non-rodents and provides them with greater outdoor access and group exercise areas. Slated to open in 2025, it will be available to all customers seeking non-rodent studies.</td></tr><tr><td colspan="1">In 2025, Scantox will continue engaging with scientific and industry communities through conferences and congresses that focus on laboratory animal welfare. Beyond staying informed on emerging developments, we will share insights into our own animal welfare initiatives and procedures – demonstrating our commitment to raising standards and contributing to broader industry knowledge.</td></tr></table> 4430 -8961000 911000 -119570000 80919000 2014000 9811000 32000 47457000 7399000 23509000 5759000 -7874000 9608000 4947000 -11639000 -1053000 -10586000 -680000 476000 150000 -54000 -10640000 Scantox Denmark ApS Hestehavevej 36A Ejby, DK-4623 Lille Skensved 42015768 2021-01-11 Køge, Denmark 2025-04-23 Jens Bager <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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 2024 and of the results of their operations and cash flows for the financial year 1 January - 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Lille Skensved 2025-04-23 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of Scantox Denmark ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">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 2024, 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.</td></tr><tr><td colspan="1">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 2024 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 2024 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">►     Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">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.</td></tr></table> Copenhagen 2025-04-23 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1357.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 0 Profit / (loss) before income tax -11639000 Profit / (loss) before income tax 1092000 Amortization. depreciation. and impairment 9608000 Amortization. depreciation. and impairment 2450000 Finance income -105000 Finance income -219000 Finance costs 5052000 Finance costs 528000 Changes in inventories -154000 Changes in inventories 16000 Change in trade receivables -1683000 Change in trade receivables -534000 Change in trade payables 1933000 Change in trade payables 418000 Change in other assets and liabilities -6616000 Change in other assets and liabilities -2585000 520000 75000 50000 -8291000 11288000 3703000 -1517000 -17000 29251000 5667000 13683000 4631000 -1419000 2450000 309000 1092000 -190000 1282000 0 102000 0 102000 1384000 Income taxes paid -927000 Income taxes paid -571000 Acquisitions of subsidiaries. net of cash acquired -111313000 Acquisitions of subsidiaries. net of cash acquired -3855000 Purchase of property. plant and equipment -7346000 Purchase of property. plant and equipment -4386000 Contribution to capital reserves 61103000 Payment of principal portion of lease liabilities -1666000 Payment of principal portion of lease liabilities -886000 Net cash flows from financing activities 138342000 Net cash flows from financing activities 6699000 1034000 2568000 10877000 75067000 50091000 25155000 4122000 1470000 10049000 2754000 0 4977000 30127000 184562000 5000 61103000 -70000 -5219000 55819000 86875000 12165000 1390000 100430000 8179000 6403000 5890000 1194000 6647000 28313000 128743000 184562000 1034000 4103000 2169000 13137000 2073000 390000 3807000 1531000 127000 671000 7560000 29042000 5000 -16000 5367000 5356000 6621000 440000 753000 7814000 7719000 1921000 1977000 590000 3665000 15872000 23686000 29042000 Profit / (loss) before income tax 365000 Profit / (loss) before income tax -3742000 Amortization. depreciation. and impairment 314000 Amortization. depreciation. and impairment 199000 Net financial items -4043000 Net financial items 507000 Change in trade receivables 1933000 Change in trade receivables -2404000 Change in trade payables 159000 Change in trade payables 285000 Change in other assets and liabilities -10684000 Change in other assets and liabilities 7082000 3413000 190000 54805000 0 4738000 0 885000 1161000 3195000 931000 -1284000 314000 -4043000 365000 -209000 574000 -680000 -1000 150000 -531000 43000 223000 0 5507000 795000 5000 -1000 12476000 0 2707000 11609000 -1196000 199000 507000 -3742000 -812000 -2930000 0 -10000 0 -10000 -2940000 Net cash flow from operating activities -15369000 Net cash flow from operating activities 1704000 Payments for investments in subsidiaries -62919000 Payments for investments in subsidiaries -6087000 Changes in other long-term assets -39709000 Changes in other long-term assets 0 Purchase of property. plant and equipment -124000 Purchase of property. plant and equipment -232000 Dividends from subsidiaries 7238000 Dividends from subsidiaries 0 Net cash flow used in investing activities -95704000 Net cash flow used in investing activities -6319000 Contribution to capital reserves 61103000 Contribution to capital reserves 0 Payment of principal portion of lease liabilities -97000 Payment of principal portion of lease liabilities -92000 Net cash flows from financing activities 115811000 Net cash flows from financing activities 4620000 25000 21000 4763000 177000 74000 74408000 1297000 39709000 471000 0 4839000 10073000 125738000 5000 61103000 -541000 1148000 61715000 55003000 680000 55683000 5370000 482000 120000 2368000 8340000 64023000 125738000 25000 252000 11489000 816000 2404000 620000 1708000 4757000 17314000 5000 -10000 574000 569000 32000 0 32000 5633000 1504000 323000 9253000 16713000 16745000 17314000 Jeanet Løgsted Nielsen CEO Martin Amtoft-Christensen CFO Jens Bager Chair Nicholas Povl Zilstorff Hooge EY Godkendt Revisionspartnerselskab 30700228 Ole Becker State Authorised Public Accountant mne33732 Christian Carlsbæk State Authorised Public Accountant mne50651 30700228 EY Godkendt Revisionspartnerselskab