36407344 2025-01-01 2025-12-31 36407344 2025-01-01 2025-12-31 1 36407344 2025-01-01 2025-12-31 2 36407344 2025-01-01 2025-12-31 1 36407344 2025-01-01 2025-12-31 2 36407344 2024-01-01 2024-12-31 36407344 2025-12-31 36407344 2024-12-31 iso4217:DKK Rasmus Peter Schou Pedersen ZP General Partner 2 ApS Sydmarken 11 DK 2860 Søborg 36407344 +45 88 77 36 00 www.zealandpharma.com info@zealandpharma.com Søborg Adam Steensberg Henriette Wennicke President and Chief Executive Officer Chief Financial Officer The Executive Board has today considered and approved the Annual Report of ZP General Partner 2 ApS for the financial year 1 January – 31 December 2025. The Annual Report has been prepared in accordance with the Danish Financial Statements Act.In our opinion, the Financial Statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. In our opinion, the Management Review includes a true and fair account of the development in the Company’s activities and financial circumstances, of the results for the financial year and of the Company’s financial position.We recommend that the Annual Report be adopted at the Annual General Meeting. The Executive Board considers that the conditions for exemption from audit pursuant to section 135 of the Danish Financial StatementsAct are met and therefore recommends that the Company’s Annual General Meeting on 16 April 2026 resolve that the Company’s annual report for the financial year 2026 shall not be audited. The Company’s Annual General Meeting held on 16 April 2026 resolved to opt out of the audit requirement in accordance with the exemption from audit under section 135 of the Danish Financial Statements Act. Accordingly, the Company’s annual report for the following financial year will not be subject to audit. To the shareholders of ZP General Partner 2 ApS OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of ZP General Partner 2 ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 Financial Statements” section of our report. We are independent of the Company 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management's ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, 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 in Management’s Review. Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with 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 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 Company or to cease operations, or has no realistic alternative but to do so.Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about 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 the 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 these Financial Statements.As part of an audit conducted in accordance with ISAs and the 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 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 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 Company to cease to continue as a going concern.► Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.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. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Torben Jensen Philip Kjær State Authorised Public Accountant State Authorised Public Accountant mne18651 Primary activitiesThe objective of the Company is to act as General Partner in ZP SPV 1 K/S. There are no other activities in the Company. Financial reviewThe income statement for 2025 shows a loss of DKK 22 thousand against a loss of DKK 16 thousand last year and the balance sheet at 31 December 2025 shows equity of DKK 80 thousand.The management considers the year's result to be in line with expectations.Events after the balance sheet dateNo significant events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 5000 2000 5000 2000 16000 15000 7000 0 -18000 -13000 1000 2000 5000 5000 -22000 -16000 0 0 -22000 -16000 -22000 -16000 -22000 -16000 0 3000 5000 4000 109000 47000 114000 54000 114000 54000 90000 90000 122000 65000 -132000 -120000 80000 35000 34000 19000 34000 19000 34000 19000 114000 54000 4. Related partiesThe company is 100% owned by ZP Holding SPV K/S, which is the direct shareholder.Zealand Pharma A/S (Central Business Registration No. 20045078) is the ultimate parent company.The company has received letter of financial support from its parent company, Zealand Pharma A/S, confirming that, if necessary, it will provide additional funds to the Company to fulfill its settlement of outstanding liabilities. This letter of financial support is effective until at least 12 months after the date of signing this Annual Report.The consolidated financial statements of Zealand Pharma A/S can be obtained via www.zealandpharma.com. 1. Administrative expensesThere have been no employees during the financial year and there have been no payments, wages or remuneration to the Executive Board. 2. Share capitalThe share capital amounts to DKK 90,000, divided into 90,000 shares of nominal DKK 1.00 each.The shares are not divided into classes. 3. Equity DKK '000Retained Share capital Share premiumearnings TotalEquity at 1 January 202490 65 (104) 51Net result for the period00(16)(16)Equity at 31 December 202490 65 (120) 35Equity at 1 January 202590 65 (120) 35Net result for the period 0 0 (22) (22)Capital reduction (10) 0 10 0Capital increase 10 70 0 80Costs related to capital increases 0 (13) 0 (13)Equity at 31 December 202590 122 (132) 80 5. Contingent liabilitiesThe company is general partner in ZP SPV 1 K/S. The General Partner is direct, personal, unlimited and joint and several liability for all the liabilities and obligations of the Limited Partnership.The company participates in a Danish joint taxation arrangement in which Zealand Pharma A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the company is therefore liable for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies. true true The financial statements are presented in DKK.Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rate at the transaction date and the rate at the date of payment are recognized in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognized in the latest financial statements is recognized in the income statement as financial income or financial expenses. Non-current assets acquired in foreign currency are measured at the exchange rate at the transaction date.Recognition and measurement Assets are recognized in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.Liabilities are recognized in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is affected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.Income is recognized in the income statement when earned, whereas costs are recognized by the amounts attributable to this financial year.Income statementRevenue Revenue comprises fees from acting as General Partner and is recognized in the income statement in the period in which the service is delivered. Revenue is measured at the fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognized in revenue.Administrative expensesAdministrative expenses comprise expenses relating to administration, accounting, audit, and legal, etc. Administrative expenses are recognized in the income statement in the period in which they are incurred. Other operating itemsOther operating items comprise non-revenue income and expenses related to business operations that are adressed to be non-recurring and significant for the understanding of the financial performance of ZP General Partner 2 ApS.Financial income and expenseFinancial income and expense consist of interest income and expense, banking fees and impact from adjustments related to foreign exchange rates.Income taxTax for the year, which consists of current tax for the year, is recognized in the income statement by the portion attributable to the profit for the year and recognized directly in equity by the portion attributable to entries directly in equity.The company participates in a Danish joint taxation arrangement in which Zealand Pharma A/S serves as the administration company. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).Deferred taxDeferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax loses carried forward.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized.GP recognizes deferred tax assets, including the tax base of tax loss carryforwards, if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgment is made on an ongoing basis and is based on numerous factors, including actual results, budgets and business plans for the coming years.Due to the uncertainties described, Management has concluded no deferred tax assets should be recognized at December 31, 2025 (none recognized in 2024).Balance sheetReceivablesThe company has chosen IAS 39 as interpretation for impairment write down of financial receivables. Receivables are measured at amortized cost usually equaling nominal value less write-downs for bad and doubtful debt.CashCash comprise cash in banks.Other liabilitiesOther liabilities are measured at amortized cost which usually corresponds to nominal value. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-04-16 Reporting class B 2026-04-16 20045078 Zealand Pharma A/S Sydmarken 11 2860 Søborg Opinion Basis for Opinion 2026-04-16 mne47826 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab