39024705 2025-01-01 2025-12-31 39024705 2021-01-01 2021-12-31 4 39024705 2022-01-01 2022-12-31 3 39024705 2023-01-01 2023-12-31 2 39024705 2024-01-01 2024-12-31 1 39024705 2025-01-01 2025-12-31 0 39024705 2025-01-01 2025-12-31 5 39024705 2024-01-01 2024-12-31 6 39024705 2023-01-01 2023-12-31 7 39024705 2022-01-01 2022-12-31 8 39024705 2021-01-01 2021-12-31 9 39024705 2021-01-01 2021-12-31 14 39024705 2022-01-01 2022-12-31 13 39024705 2023-01-01 2023-12-31 12 39024705 2024-01-01 2024-12-31 11 39024705 2025-01-01 2025-12-31 10 39024705 2025-01-01 2025-12-31 15 39024705 2024-01-01 2024-12-31 16 39024705 2023-01-01 2023-12-31 17 39024705 2022-01-01 2022-12-31 18 39024705 2021-01-01 2021-12-31 19 39024705 2021-01-01 2021-12-31 24 39024705 2022-01-01 2022-12-31 23 39024705 2023-01-01 2023-12-31 22 39024705 2024-01-01 2024-12-31 21 39024705 2025-01-01 2025-12-31 20 39024705 2021-01-01 2021-12-31 29 39024705 2022-01-01 2022-12-31 28 39024705 2023-01-01 2023-12-31 27 39024705 2024-01-01 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39024705 2024-01-01 2024-12-31 56 39024705 2025-01-01 2025-12-31 55 39024705 2022-01-01 2022-12-31 63 39024705 2023-01-01 2023-12-31 62 39024705 2024-01-01 2024-12-31 61 39024705 2025-01-01 2025-12-31 60 39024705 2021-01-01 2021-12-31 68 39024705 2022-01-01 2022-12-31 67 39024705 2023-01-01 2023-12-31 66 39024705 2024-01-01 2024-12-31 65 39024705 2025-01-01 2025-12-31 64 39024705 2025-01-01 2025-12-31 0 39024705 2025-01-01 2025-12-31 0 39024705 2025-01-01 2025-12-31 1 39024705 2025-01-01 2025-12-31 2 39024705 2025-01-01 2025-12-31 3 39024705 2025-01-01 2025-12-31 1 39024705 2025-01-01 2025-12-31 0 39024705 2024-01-01 2024-12-31 39024705 2025-12-31 39024705 2024-12-31 39024705 2024-12-31 fsa:ContributedCapitalMember 39024705 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 39024705 2024-12-31 fsa:SharePremiumMember 39024705 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 39024705 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 39024705 2024-12-31 fsa:RetainedEarningsMember 39024705 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 39024705 2024-12-31 39024705 2025-01-01 2025-12-31 fsa:SharePremiumMember 39024705 2025-12-31 fsa:ContributedCapitalMember 39024705 2025-12-31 fsa:SharePremiumMember 39024705 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 39024705 2025-12-31 fsa:RetainedEarningsMember 39024705 2024-01-01 2024-12-31 1 39024705 2025-01-01 2025-12-31 0 39024705 2025-01-01 2025-12-31 0 39024705 2025-01-01 2025-12-31 2 39024705 2024-01-01 2024-12-31 1 39024705 2024-01-01 2024-12-31 3 39024705 2023-12-31 iso4217:DKK xbrli:pure 2025-01-01 2025-12-31 39024705 Stenocare A/S Regnskabsklasse B <table width="100%"><tr><td colspan="6">Key figures</td></tr><tr><td>Figures in DKK ‘000</td><td>01.01.25</td><td>01.01.24</td><td>01.01.23</td><td>01.01.22</td><td>01.01.21</td></tr><tr><td /><td>31.12.25</td><td>31.12.24</td><td>31.12.23</td><td>31.12.22</td><td>31.12.21</td></tr><tr><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td></tr></table> <table width="100%"><tr><td colspan="6">Key figures</td></tr><tr><td>Figures in DKK ‘000</td><td>01.01.25</td><td>01.01.24</td><td>01.01.23</td><td>01.01.22</td><td>01.01.21</td></tr><tr><td /><td>31.12.25</td><td>31.12.24</td><td>31.12.23</td><td>31.12.22</td><td>31.12.21</td></tr><tr><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td></tr></table> <table width="100%"><tr><td colspan="6">Key figures</td></tr><tr><td>Figures in DKK ‘000</td><td>01.01.25</td><td>01.01.24</td><td>01.01.23</td><td>01.01.22</td><td>01.01.21</td></tr><tr><td /><td>31.12.25</td><td>31.12.24</td><td>31.12.23</td><td>31.12.22</td><td>31.12.21</td></tr><tr><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td></tr></table> <table width="100%"><tr><td colspan="6">Key figures</td></tr><tr><td>Figures in DKK ‘000</td><td>01.01.25</td><td>01.01.24</td><td>01.01.23</td><td>01.01.22</td><td>01.01.21</td></tr><tr><td /><td>31.12.25</td><td>31.12.24</td><td>31.12.23</td><td>31.12.22</td><td>31.12.21</td></tr><tr><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td></tr></table> <table width="100%"><tr><td colspan="6">Key figures</td></tr><tr><td>Figures in DKK ‘000</td><td>01.01.25</td><td>01.01.24</td><td>01.01.23</td><td>01.01.22</td><td>01.01.21</td></tr><tr><td /><td>31.12.25</td><td>31.12.24</td><td>31.12.23</td><td>31.12.22</td><td>31.12.21</td></tr><tr><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td><td>t.kr.</td></tr></table> Annual report 30700228 EY godkendt revisionspartnerselskab Cortex Park 3 5230 Odense M xWizard version 1.1.1515.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion 2026-04-29 Ulrik Bayer CEO COMMENTS: “2025 – THE BEST YEAR EVER”  Stenocare exceeded expectations in 2025, delivering three consecutive quarters of positive EBITDA   and continued growth in net sales throughout the year. At the same time, we made targeted strategic   investments to position the Company for sustainable growth and profitability in 2026 and beyond.   2025 Sales growth   Overall, 2025 delivered a very satisfactory financial   performance for Stenocare. The Company achieved record   net sales of 7.0 mDKK, representing an increase of 4.8   mDKK compared to 2024.   The acquisition of CannGros did not have a material impact   on Stenocare’s 2025 net sales, which were driven entirely   by our oil-based product portfolio. The acquisition offers a   4-6 mDKK upside for 2026.  Three Quarters of Positive EBITDA   In January 2025, Stenocare launched the STENOCARE 3.0 strategy, transforming the Company into a trading   and product innovation-focused organization. As part of this transition, we exited our Danish cultivation facility   and consolidated operations at our Copenhagen headquarters.   Following this transformation, the Company delivered positive EBITDA in each of the subsequent three   quarters. This performance exceeded expectations and resulted in a full-year EBITDA -1.7 mDKK, a significant   improvement compared to EBITDA of -11.2 mDKK before special items of -13.1 mDKK in 2024. It should be   noted that one-time costs related to the facility exit in Q1 2025 amounted to 0.8 mDKK.   Strategic investments for STENOCARE 3.0   Stenocare remains focused on positioning the Company in markets with strong growth potential. In 2025, we   raised capital in a share issue of 7.9 mDKK after costs and made three strategic investments that support our   growth ambitions for 2026 and beyond:   1) Entry into the Danish Flower-Based Market   With the acquisition of CannGros entered the flower-based medical cannabis segment in Denmark, which   accounts for approximately 60% of total market sales.   2) Partnership with WEECO Pharma   We entered into a partnership with WEECO Pharma in Germany to launch a new oil product based on   Stenocare’s proprietary ASTRUM oil technology and during 2025 we worked together to prepare doctors and  the market for the new offering. The products are available for patients and announced in January 2026.   3) First-Mover Position in France   We established a partnership in France to secure a first-mover position ahead of the permanent legalization of   medical cannabis expected in 2026. In preparation, we worked hard to complete and submit a product dossier   for our ASTRUM oil product to the French authorities in September 2025. The partnership is announced in   February 2026.   These partnerships represent strong validation of our product innovation strategy, and we look forward to   seeing how the ASTRUM oil technology can contribute to improved quality of life for patients.   Looking Ahead   We laid a solid foundation in 2025 with strategic investments in new products and markets. The 2025 capital   raise and our going business can cover our capital needs for 2026.We have significantly improved our financial   performance, and we have a senior team of experienced people. This is a perfect recipe for success in the year   to come.   Thomas Skovlund Schnegelsberg, CEO   ABOUT STENOCARE A/S   Stenocare was founded in 2017 with the purpose of supplying prescription-based medical cannabis to patients   in Denmark and internationally. The company operates with a clear vision of improving patients’ quality of life   by providing medical cannabis as an alternative and/or supplement to traditional medicine.   In October 2018, the Company completed its Initial Public Offering (IPO) and was listed on Spotlight Stock   Market. In 2020, Stenocare was admitted to trading on Nasdaq First North Growth Market Copenhagen under   the ticker STENO.   Stenocare is headquartered near Copenhagen, Denmark, where the Company oversees all activities in Denmark   as well as international operations. Denmark is known for its highly regulated and mature pharmaceutical   industry, which has influenced how Stenocare is structured and operates. The Company is built to comply with   some of the highest regulatory and quality standards in the global pharmaceutical sector.   Since the founding of Stenocare A/S, the Senior Executive Team has consisted of the same CEO, CFO and CCO.   Each member brings extensive leadership experience and industry expertise to the Company.   Thomas Skovlund Schnegelsberg, Chief Executive Officer (CEO), has more than 27 years of leadership   experience in product marketing, business development, and general management.   Peter Bugge Johansen, Chief Financial Officer (CFO), has more than 28 years of leadership experience in   investment management, capital markets, and financial controlling.   Rolf Steno, Chief Commercial Officer (CCO), has more than 28 years of leadership experience in global sales,   business development, and international partnerships.   Rolf Steno CCO, Thomas Skovlund Schnegelsberg CEO, Peter Bugge Johansen CFO   At the time of its founding, Stenocare followed the prevailing industry strategy of building a fully vertically   integrated medical cannabis company covering cultivation, production, and distribution. As the global medical   cannabis industry has matured, new opportunities have emerged to partner with specialized international   suppliers and outsource capital-intensive processes.   Stenocare’s ambition is to establish itself as a leading European brand in the medical cannabis industry. To  achieve this, the company sources its medical cannabis products from highly specialised producers that meet   the strict EU-GMP standards required for product approval and distribution. Stenocare follows a multi-supplier   strategy to ensure a reliable and scalable supply chain as the number of patients grows, while also expanding   treatment options.   The company has established a leadership position through its ability to secure approvals from local medicines   agencies. In November 2024, Stenocare introduced its STENOCARE 3.0 strategy that center the Company   around trading with medical cannabis products and product innovation. STENOCARE 3.0 leverage four key   strategic assets:   • Regulatory assets to successfully work with the authorities to obtain licenses to operate with cannabis (ie.  narcotic drug) and approvals of products for treatment of patients. This asset enables the company to   enter new markets and introduce new products in highly regulated markets.   • Commercial assets to establish more markets for distribution of medical cannabis. This asset enables the  company to operate in most countries in the world together with a network of experienced partners.   • Supply Chain assets are the highly specialised partners with expertise in cultivation, production, logistics,  distribution etc. This asset enables Stenocare to develop, produce and supply products to the highest   standards, and scale as markets and demand increases.   • Partnership asset to formulate and test new innovative medical cannabis products that can target the  growing diverse group of patients. This asset can position the company more exclusively in the market and   position it stronger versus its competition.   There is a strong synergy amount these four strategic assets, and they are the foundation for the STENOCARE   3.0 strategy to become a leading Trading Company and product innovator of prescription-based medical   cannabis.   The products   In September 2018, Stenocare became the first company to introduce imported medical cannabis oil products   to the Danish Pilot Programme, launching three oil-based formulations. This milestone represented an   important step in establishing Stenocare’s presence in the medical cannabis market and has since become a  valuable foundation for building the Company’s product pipeline and expanding treatment options for patients   across multiple markets.   Since then, Stenocare has developed significant expertise in medical cannabis oil formulations administered to   patients using an oral syringe. These oil-based products provide physicians with a precise and controlled dosing   option for patient treatment.   In 2025, Stenocare acquired CannGros ApS, which has been a leading supplier of dried cannabis flower   products in Denmark since 2018. With this acquisition, Stenocare expanded its product portfolio and doubled   its addressable market in Denmark. The addition of dried flower products enables the Company to offer   treatment options that can provide faster relief of acute symptoms for patients.   Since 2019, Stenocare has invested in the development of a new generation of medical cannabis oil products.   This innovative product platform is branded ASTRUM and offers a unique value proposition for both physicians   and patients.   ASTRUM improves the absorption of cannabinoids in the patient’s bloodstream and provides more consistent   uptake across patients compared to traditional oil formulations. Stenocare holds worldwide rights to apply the   patented technology for medical cannabis and believes the platform has the potential to significantly advance   the medical cannabis treatment landscape.   In 2024, the first ASTRUM 10-10 oil product received regulatory approval for sale in several markets. Interest   from additional markets has since emerged, reflecting the potential for broader international expansion of the   ASTRUM product platform.   Target groups   Medical cannabis has the potential to relieve patients’ daily pain and suffering across several indications (i.e.,  medical conditions). Examples include patients with multiple sclerosis, epilepsy, chronic pain, or those   experiencing nausea and vomiting caused by chemotherapy, as well as patients struggling with opioid   dependency. Currently, more than 40 medical indications are considered to have potential therapeutic benefit   from cannabinoid-based treatments.   Regulation and approved indications vary between countries, and Stenocare operates in accordance with local   regulatory frameworks in each market. Current target indications in the Company’s markets include conditions   such as multiple sclerosis, chronic pain, spinal cord injuries, and nausea and vomiting associated with cytotoxic   drugs and chemotherapy treatments for cancer patients.   As Stenocare expands into additional markets, the Company’s target indications and treatment areas will   continue to evolve in line with local regulations, medical guidelines, and market opportunities.   Market for Prescription-Based Medical Cannabis   The European medical cannabis market is still in the early stages of development. Although several countries —  including Germany, the United Kingdom, Denmark, and Italy — have legalized medical cannabis, the market has  not seen the hyper-growth levels that many industry analysts anticipated in 2017–2018.  According to industry analysts at Prohibition Partners, the European medical cannabis market is expected to   grow significantly over the coming years. Total European sales are projected to reach EUR 2.2 billion by 2027,   reflecting increasing physician awareness, broader patient access, and regulatory development across the   region.   Denmark represents a relatively small but attractive niche market with high regulatory standards and   significant barriers to entry for new suppliers. Medical cannabis was permanently legalized in 2026, making   cannabis-based treatment a formal part of the healthcare system’s therapeutic options for patients. The  number of patients currently receiving treatment remains in the low thousands, but the market continues to   grow as physician awareness increases and prescribing practices gradually expands.   Germany is the largest medical cannabis market in Europe with +600.000 patients being treated with medical   cannabis. Since legalization in 2017, the market has experienced substantial growth and now hosts a large   number of suppliers. The market is currently dominated by dried cannabis flower products, which account for   approximately 60% of prescriptions, while oil-based products represent around 40%. Competition among   suppliers is primarily focused on pricing, while product innovation and differentiation have played a more   limited role.   Australia has experienced strong growth in the number of patients receiving medical cannabis treatment, with   the total number of prescriptions exceeding one million patients. The regulatory framework in Australia is   generally more liberal compared with Europe, and the growth in prescriptions has been supported by the   development of online prescribing services and telehealth-based pharmacies. Australian health authorities are   currently reviewing prescription patterns and regulatory frameworks to assess whether adjustments are   needed to ensure appropriate medical use and patient access.   BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT TEAM   Marianne Wier   Chairman of the Board since September 2018   Marianne Wier, born in 1963, holds a law degree from University   of Copenhagen. Marianne Wier has a background as a lawyer and   has, through her previous experience acquired extensive   knowledge in leadership and a good strategic understanding.   Wier’s core competence covers development and innovation as  well as change management. Wier is now focusing on board   memberships after having ended her operational career July   2025. Marianne Wier has for the past 6 years been holding the   position of CEO at Taksatorringen in Denmark, where she has   implemented a major digital transformation with huge value for   the business for the 23 insurance companies, who has   membership in Taksatorringen. Wier has also been responsible   for implementing a major digital transformation regarding   efficiency, digital solutions, and innovation at Topdanmark with   successful business results. Previous experience includes, among   other things, COO and Deputy Director of Topdanmark, President   and Attorney at Johan Schlüter Law Firm, Group Public Affairs   Manager at Danske Bank, and Corporate & Government Affairs   Manager at Microsoft Denmark.   Søren Melsing Frederiksen   Member of the Board since September 2018   Søren Melsing Frederiksen, born in 1976, holds a chemical   engineering bachelor and a Master of Industrial Drug   Development (MIND) from University of Copenhagen. Søren   Melsing Frederiksen’s experience ranges from R&D, project   management, sales management, marketing, and product launch   and he has been engaged in all elements of the pharmaceutical   commercial work including market access, medical affairs,   commercial strategy, and sales execution. Søren Melsing   Frederiksen currently holds the position as CEO of Exocure   Sweden AB.   Jeppe Bo Petersen   Member of the Board since September 2018   Jeppe Bo Petersen, born 1966, is currently the CEO of Memox, the   leading provider of family treatment services in Denmark. Memox   has set new standards for the prevention and management of   support for children and young people in vulnerable families and   operates in more than 100 languages and dialects. Previously, he   served as Group CFO of Habitus, a market leader within   residential facilities and day care for adults within the autism   spectrum. Jeppe Bo Petersen has extensive experience within   strategic work, operational goals, risk analysis, compliance, as   well as sales and marketing. Prior to his role at Habitus A/S, Jeppe   Bo Petersen served as CEO of Olivia Danmark and CFO at, among   others, Valad Europe A/S and Nordicom A/S.   Henrik Elbæk Pedersen   Member of the Board since May 2025   Henrik Elbæk, born in 1971, has a background in electrical   engineering and product marketing. Henrik is currently the CEO   of Danisense A/S and has extensive experience in business   innovation, strategy, and global sales and marketing within B2B   markets. Henrik has experience within Private Equity setup.   Henrik has experience in setting up sales and distribution   globally and has a simple and straightforward approach to   strategy development and implementation.   Thomas Skovlund Schnegelsberg   CEO since October 2017 and co-founder   Thomas Skovlund Schnegelsberg, born in 1965, holds a Master   of Science in Economics and Business Administration (Cand.   Merc), Copenhagen Business School and has extensive   experience in management, strategy, business development,   and brand marketing. Thomas Skovlund Schnegelsberg has   been working at Microsoft in Denmark, Nordic, UK, and   Europe, where he has been employed in senior leadership   roles for some 20 years.   Rolf Steno   CCO since October 2017 and member of the Board since   2024   Rolf Steno, born 1965, is a serial entrepreneur and has extensive   experience in business innovation, strategy, and global sales and   marketing. Rolf Steno has been working as CEO at LFP   Scandinavia for 14 years and the Techsage/Spinjet case for 16   years with sales in 130+ countries, where Rolf Steno was the   inventor and partial patent holder of the IP to the Spinjet. Rolf   Steno has held professional roles within the areas of senior   management, global support and service, and business   development.   Peter Bugge Johansen   CFO since August 2018   Peter Bugge Johansen, born 1962, State Authorized Public   Accountant. Peter Bugge Johansen has worked for 20 years at   Interdan Holding A/S, the last 6 years as CEO and before that   CFO. Peter Bugge Johansen has acquired extensive knowledge   in financial and strategic issues such as financing, internal and   external reporting, change management, group structure and   merges and acquisitions. Previous experience includes 3 years   as Tax Manager at A.P. Møller-Mærsk and auditor for 14 years   at Deloitte in Denmark and Italy.   OTHER INFORMATION   Shareholders   The table below presents the current shareholders with more than 5 percent of the votes and capital in   STENOCARE as per March 19, 2026. Total number of shareholders is approximately 7,000 with 2/3 in Denmark   and 1/3 in Sweden.   Name   Number of   The proportion   shares   of votes and   capital (%)   SC-Founders Holding ApS   5,854,112   13.5   HHTM ApS   4,342,761   10.0   Others   33,206,602   76.5   Total   43,403,745   100.0   The share   The shares of STENOCARE A/S were listed on Spotlight Stock Market on the 26th of October 2018. On 18th of May  2020 the shares were delisted on Spotlight and listed on Nasdaq First North Growth Market Copenhagen. The   short name/ticker is unchanged STENO and the ISIN code is DK0061078425. The total number of shares as of   December 31, 2025, amounted to 43,403,745. Every stock share equals the same rights to the Company´s assets   and results.   Warrants   As at the date of this report there are no outstanding warrants.   Options   The Company has an option programme for individual employees who, based on the opinion of the board of   directors, make a special effort for the Company or who possess special qualities that the Company benefits   from. The employees will be entitled to Treasury Shares free of charge after the end of each year over a period   of up to 5 years. The shares are delivered from the balance of Own Shares kept by the Company. A total of 82,960   shares has been granted. 24,800 of the options have been vested and 18,000 have been cancelled in 2025. A   total of 82,960 have been vested or cancelled leaving a balance of outstanding options of 0.   Proposed appropriation of STENOCARE’s profit or loss  The Board of Directors of STENOCARE proposes that no dividend shall be paid for the financial year 01-01-2025   – 31-12-2025.  Financial calendar and annual general meeting   The Annual General Meeting of STENOCARE will be held in Copenhagen, Denmark on the 29th of April 2026.  January – March 2026 (Q1):  07.05.2026   January – June 2026 (Q2 and Half Year):  20.08.2026   January – September 2026 (Q3):  29.10.2026   January – December 2026 (Q4 and Year End)  25.02.2027   Annual report 2026:   25.03.2027   PRIMARY ACTIVITIES   STENOCARE A/S was founded in 2017 with the purpose of supplying prescription-based medical cannabis to   patients in Denmark and internationally with the vision of creating a better quality of life for patients using   medical cannabis as an alternative and/or a supplement to traditional medicine. The Company was first to   receive the Danish Medicines Agency's permission to import, distribute as well as cultivate and produce medical   cannabis for the Pilot Program. The Company has been a supplier of Stenocare branded medical cannabis oil   products for patients in several countries. In November 2025 Stenocare acquired a Danish competitor CannGros   ApS in a share exchange transaction. CannGros is a main distributor of dried flower medical cannabis in Denmark.   Key figures Figures in DKK ‘000 01.01.25 01.01.2401.01.2301.01.2201.01.21 31.12.25 31.12.2431.12.2331.12.2231.12.21 Net sales Net sales Net sales Net sales Net sales 7021000 -1704000 2232000 -24230000 3993000 -12562000 4490000 -13215000 1890000 -12991000 Operating profit/loss before depreciation EBITDA1) Operating profit/loss before depreciation EBITDA1) Operating profit/loss before depreciation EBITDA1) Operating profit/loss before depreciation EBITDA1) Operating profit/loss before depreciation EBITDA1) Total net financials Total net financials Total net financials Total net financials Total net financials -617000 -2390000 -1505000 -34488000 -2876000 -17570000 -1360000 -16303000 -181000 -12732000 Profit/loss for the year Profit/loss for the year Profit/loss for the year Profit/loss for the year Profit/loss for the year Total assets Total assets Total assets Total assets Total assets Investments in property, plant and equipment Investments in property, plant and equipment Investments in property, plant and equipment Investments in property, plant and equipment Investments in property, plant and equipment Equity Equity Equity Equity Equity 12643000 0 19436000 44000 38121000 176000 39604000 936000 43936000 3270000 9473000 -3474000 25822000 24142000 40243000 Operating activities Operating activities Operating activities Operating activities Operating activities Investing activities Investing activities Investing activities Investing activities Investing activities Financing activities Financing activities Financing activities Financing activities Financing activities Cash flows for the year Cash flows for the year Cash flows for the year Cash flows for the year Cash flows for the year -7204000 -182000 -7141000 -28000 -10041000 -177000 -15033000 -937000 -13343000 -2539000 1243000 6793000 -593000 -949000 15287000 5069000 8679000 -7291000 -8118000 -14640000 EBITDA EBITDA EBITDA EBITDA EBITDA Result per share Result per share Result per share Result per share Solidity (%) Solidity (%) Solidity (%) Solidity (%) Solidity (%) -1704 -24230 -1.79 -12562 -1.26 -13215 -1.4 -12.991 -1.09 75 -18 68 61 92 EBITDA   Profit/loss before depreciation, amortisation, write-downs of property, plant and equipment, income tax and   financial items   Result per share:   Profit/loss for the year in DKK divided by average number of shares   Equity, end of year x 100 divided by total assets   DEVELOPMENT IN ACTIVITIES AND FINANCIAL AFFAIRS   STENOCARE has in 2025 continued the worked with the four strategic assets.   All four assets are the foundation for the STENOCARE 3.0 strategy.   In the first quarter the innovative Stenocare Astrum 10-10 was introduced to German, Australian and Norwegian   patients. The Astrum brand is an innovative cannabis oil product featuring a patented oil technology that   enhances the bioavailability of its active ingredients. This breakthrough allows for higher uptake in the blood,   and reduced intake requirements. The STENOCARE 3.0 strategy was implemented with a successful share issue   raising 7.9 mDKK in cash after costs and exiting the cultivation activity.   In the second quarter a fourth Stenocare product (CBD100) was introduced for sale to Danish patients. The new   CBD100 product has a very high concentration of CBD active ingredients (100 mg/ml) and makes Stenocare the   only supplier under the Danish Pilot Programme to offer a CBD100 oil product. The Stenocare Astrum 10-10 oil   was approved for reimbursement by major German health insurance providers in Germany. The Danish   parliament formally passed legislation on permanent legalisation of medical cannabis with effect on January 1,   2026.   In the fourth quarter Stenocare acquired CannGros ApS in a share exchange transaction, with a value and   increase in equity of 7.4 mDKK. With this agreement, Stenocare enters a new product category and become the   leading supplier of medical cannabis in Denmark. CannGros has five prescription-based cannabis flower products   approved for sale by the Danish Medicines Agency. This is a product category, that Stenocare has previously not   been present within, and their products complements the existing Stenocare products. The product synergies   allow Stenocare to leverage its existing manufacturing and logistics infrastructure without the need for additional   resources or facility expansion.   During the financial year Stenocare continued to work intensively with medicine agencies in several countries   including Denmark to have products approved for sales to patients. The result of this work is that Stenocare now   have 12 products approved for sale in 4 countries - Denmark, Germany, Norway and Australia.   For the year EBITDA of -1.7 mDKK includes cost related to activity in commercial, regulatory and supply chain   activities. The last 3 quartes of the financial year the profit and loss showed positive EBITDA.   Q4-2024 EBITDA before special items related to exiting the cultivation facility.   The number of employees is reduced to 4 because of exiting the cultivation facility. Staff costs are reduced with   50% from 5.8 mDKK to 2.9 mDKK. Net sales are increased by 215% from 2.2 mDKK to 7.0 mDKK due to increased   sales in Denmark with now 4 approved oil products.   Net loss for the year is -2.4 mDKK compared to previous year -16.3 mDKK before special items of -18.2 mDKK.   The result is better than our expectations. The loss is realised in the first quarter and includes non recuring items   of 0.8 mDKK related to the share issue and the exiting of the cultivation facility.   The balance sheet shows an equity of 9.5 mDKK and total assets of 12.6 mDKK.   Cash at the end of the year amounts to 0.8 mDKK. This excludes cash in the subsidiary of 0.3 mDKK as no   consolidated financial statements is made. Cash flow from operating activities amounts to -7.2 mDKK and   includes reduction of short-term operating liabilities of 4.6 mDKK. Cash flow from investing activities amounts   to 0.2 mDKK and relates to the acquisition of CannGros. Cash flow from financing activities amounts to 6,8   mDKK and includes the share issue and instalments of the convertible loan. Net cash flow for the year amounts   to -0.6 mDKK.   KNOWLEDGE RESOURCES   STENOCARE’s operations are managed by highly trained and experienced employees in various areas and  knowledge, covering managing of start-up companies and local and international sales.   SPECIAL RISKS   STENOCARE is now operating under a formally legalised and permanent legalisation of medical cannabis in   Denmark from January 1st, 2026.  There is a risk allocated to the suppliers of the Company regarding their ability for continuation of product supply   to Stenocare. The Company has established procedures to minimize these risks. In addition to ordinary risks   related to the industry e.g., regulatory changes in which the Company is operating, the Company is exposed to   currencies as finished products from suppliers are purchased in CAD, EUR and AUD, and sold in DKK, SEK, NOK,   EUR and AUD.   GOVERNANCE   Stenocare focuses on good governance practices, including a two-tiered management structure consisting of a   Board of Directors and Management. The Board of Directors is responsible for the company’s overall strategy.  The entire Board of Directors includes one of the founders of Stenocare and is seen as independent of the   company. Management has the responsibility to carry out the strategy approved by the Board of Directors. The   Board of Directors and Management work closely together and have approximately six formal meetings during   the year plus virtual meetings when needed.   In December 2022, the Association of Listed Danish Growth Companies issued its corporate governance   recommendations. The recommendations are to ensure trust in the companies from shareholders, investors and   other stakeholders, and thus ensure long-term value creation. The recommendations have been prepared under   comply or explain principles, which are published on the company’s website. Within the three sections,  Stenocare has identified the most important ones for Stenocare and commented on those in the annual report   as follows:   Recommendation no. 1.7 Guidance   Stenocare operates in a new and young business area within medical cannabis, where it is very difficult to   forecast the sales to patients. Stenocare has products approved in several countries which each have separate   legislation on prescription of medical cannabis and Stenocare follows the market developments very closely.   Hence it is difficult to guide on the sales before the business area is more mature and hence Stenocare does not   give guidance on sales.   Recommendation no. 2.6 Cash flow outlook   The Board of Directors and Management continuously work on securing adequate funding for continued growth.   Stenocare has, throughout the annual report for 2025, explained the company’s current cash flow in the sections  Development in activities and financial affairs and Outlook 2026.   Recommendation no. 3.5 Remuneration of Board of Directors   The Board of directors have fixed fee and are all shareholders. Stenocare find this as the preferred model.   EXTERNAL ENVIRONMENT   In 2025, Stenocare's operations includes distribution of medical cannabis products from its suppliers.   RESEARCH AND DEVELOPMENT ACTIVITIES   In 2019 the Company signed a strategic partnership agreement to develop, test and commercialize advanced   cannabis-based medical products called ASTRUM with a Danish pharma company. In 2022 the Company got   positive results from a study of a new oil formulation for cannabis-based medical products showing that the new   formulation dramatically enhances the bioavailability and thus uptake of cannabinoids, regardless of meal   consumption and inter-individual biological differences. In 2023 the company started developing the ASTRUM   product with an experienced partner and in 2024 the product was approved for sale in three markets Germany,   Australia and Norway.   SUBSEQUENT EVENTS   No subsequent events after the year-end have significant effect on the financial position of the company.   STATEMENT BY THE BOARD OF DIRECTORS AND MANAGEMENT ON THE   ANNUAL REPORT   Today the Board of Directors and the Executive management have today discussed and approved the annual   report of Stenocare A/S for the financial year 01.01.2025 – 31.12.2025.   The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at   31.12.2025 and the results of its operations and cash flows for the financial year 01.01.2025 - 31.12.2025.   We believe that the Management’s review contains a fair review of the affairs and conditions referred to therein. We recommend that the annual report be approved at the Annual General Meeting. Copenhagen 2026-03-26 Thomas Skovlund Schnegelsberg CEO Søren Melsing Frederiksen Jeppe Bo Petersen Chairman of the Board Member of the Board Member of the Board Rolf Steno Henrik Elbæk Pedersen Member of the Board TO THE SHAREHOLDERS OF STENOCARE A/S Opinion   We have audited the financial statements of STENOCARE A/S for the financial year 1 January - 31 December   2025, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement   and notes, including accounting policies. The financial statements are prepared in accordance with the Danish   Financial Statements Act.   In 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 as well as the cash flows for the financial year 1   January - 31 December 2025 in accordance with the Danish Financial Statements Act.   Basis for opinion   We 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   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 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.   Management's responsibilities for the financial statements   Management 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 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 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 the 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 note   disclosures, and whether the financial statements represent the underlying transactions and events in a   manner that gives a true and fair view.   ► Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regar-   ding the consolidated financial information of the entities or business units as a basis for forming an opinion   on the financial statements. We are responsible for the direction, supervision and review of the audit work   performed. 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.   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   form of 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 the work we have performed, 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   Statement Act. We did not identify any material misstatement of the Management's review.   Copenhagen 2026-03-26 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Mogens Andreasen State Authorised Public Accountant mne28603 Anders Roe Eriksen State Authorised Public Accountant mne46667 1222982 2926885 -18474159 5756183 69761 8861844 -1773664 34424 6963 658254 -33092186 -4 30927 1535472 -2390531 0 -34596735 -108329 -2390531 -34488406 85732 -2476263 0 -34488406 0 32551 0 13050000 279149 625959 32551 13955108 7887184 0 0 0 10825 478150 7898009 478150 7930560 14433258 307002 307002 319604 319604 2492811 500000 536769 0 1292754 0 536769 908329 357122 207924 5963 82291 3617834 787400 3302898 1380624 5003126 19436384 4712236 12642796 3472300 0 85732 5914930 1617000 0 0 -5090688 9472962 -3473688 0 0 13220000 13220000 0 0 487458 1973536 0 2460994 1987686 490287 432177 259684 1492953 2634827 1704092 1397206 3169834 3169834 12642796 7229078 9690072 19436384 1617000 1855300 0 0 0 0 -5090688 0 1207970 -2476263 14677324 12527 -3473688 16532624 1207970 -2390531 0 14677324 0 0 0 0 0 0 -14677324 0 85732 0 0 12527 3472300 0 85732 5914930 9472962 -2390531 745404 -34488406 23462044 -5815948 3824180 6963 658254 -908329 2681 1214833 -1273299 -7204037 -7141035 Deposits Deposits 0 38093 0 44412 0 16200 0 220445 -182352 -28212 9095624 1207970 0 -1047104 47385 5777056 676319 2800000 -8408183 441101 Arrangement of convertible loans Arrangement of convertible loans Repayment of convertible loans Repayment of convertible loans 6793165 -948547 -593224 1380624 -8117794 9498418 787400 1380624 Accounting policies Accounting policies (continued) Accounting policies (continued) Accounting policies (continued) Accounting policies (continued) Accounting policies (continued) Accounting policies (continued) The annual report of STENOCARE A/S for 2025 has been prepared in accordance with the provisions in   the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain   provisions applying to reporting class C entities and additional requirements for entities listed on   Nasdaq First North Growth Market Copenhagen.   Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared   consolidated financial statements.   The accounting policies used in the preparation of the financial statements are consistent with those of   last year.   Basis of recognition and measurement   Income is recognised in the income statement as earned, including value adjustments of financial assets   and liabilities. All expenses, including depreciation, amortisation, impairmentlosses and write-downs,   are also recognised in the income statement.   Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to   the company, and the value of such assets can be measured reliably. Liabilities are recognised in the   balance sheet when it is probable that future economic benefits will flow from the company, and the   value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are   measured at cost. Subsequently, assets and liabilities are measured as described for each item below.   On recognition and measurement, account is taken of foreseeable losses and risks arisingbefore the   date at which the annual report is presented and proving or disproving mattersarising on or before the   balance sheet date.   Reporting currency   The financial statements are presented in Danish kroner (DKK).   External business combinations   Recently acquired entities are recognised in the financial statements from the date of acquisition.   Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are   not restated to reflect newly acquired entities. Discontinued operations are presented separately, see   below.   The date of acquisition is the date when the group actually obtains control of the acquiree.   The acquisition method is applied to the acquisition of new entities of which the group obtains control.   The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the   date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a   contractual right. Deferred tax related to the revaluations is recognised.   Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis   for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a   foreign entity with a functional currency different from the presentation currency used in the   consolidated financial statements are accounted for as assets and liabilities belonging to the foreign   entity and are, on initial recognition, translated into the foreign entity's functional currency using the   exchange rate at the transaction date.   The consideration paid for an entity consists of the fair value of the agreed consideration in the form of   assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is   contingent on future events or compliance with agreed terms, such part of the consideration is   recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations   are recognised in the income statement.   Expenses incurred to acquire entities are recognised in the cost price of the investment.   Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities or   contingent liabilities or the determination of the consideration is associated with uncertainty, initial   recognition will take place on the basis of provisional amounts. If it turns out subsequently that the   identification or measurement of the consideration transferred, acquired assets, liabilities or contingent   liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including   goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any   adjustments are recognised as misstatements.   Gains or losses from disposal of group entities which result in loss of control are calculated as the   difference between, on the one hand, the fair value of the selling price less selling expenses and, on the   other hand, the carrying amount of net assets.   Foreign currency translation   On initial recognition, transactions denominated in foreign currencies are translated at the exchange   rate 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 and payables and other monetary items denominated in foreign currencies are translated at   the exchange rate 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 recognised in the most recent   financial statements is recognised in the income statement as financial income or financial expenses.   Income statement Revenue   The Company has chosen IAS 18 as interpretation for revenue recognition.   The Company sells oil-based cannabis products for medical use.   Income from the sale of goods is recognised in revenue when the most significant rewards and risks   have been transferred to the buyer and provided the income can be measured reliably and payment is   expected to be received. The date of the transfer of the most significant rewards and risks is based on   standardised terms of delivery based on Incoterms® 2020.   Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on   behalf of third parties. All discounts and rebates granted are recognised in revenue.   Gross profit/loss   The items revenue, cost of sales, other operating income and external expenses have been aggregated   into one item in the income statement called gross profit/loss in accordance with section 32 of the   Danish Financial Statements Act.   Other operating income   Other operating income comprise items secondary to the principal activities of the Company, including   rental income from the temporary lease out of production facilities, compensation, government grants,   refund of wages and salaries, gains on the disposal of intangible assets and property, plant and   equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the   entity will comply with the conditions attaching to them and the grants will be received.   Cost of sales   Cost of sales includes the cost of goods used in generating the year's revenue.   Cost of sales comprises cost of sales for the year measured at cost plus any changes in inventories,   including write-downs to the extent that these do not exceed normal writedowns.   Other external expenses   Other external expenses include the year's expenses relating to the Company's core activities, including   expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments   under operating leases, etc.   Staff costs   Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social   security costs, etc., for the Company's employees.   Share-based payments   Employees receive remuneration in the form of share-based payments, whereby employees render   services as consideration for shares (equity-settled transactions). The cost of equity settled transactions   is determined by the fair value at the date when the grant is made using an appropriate valuation model.   That cost is recognised in employee benefits expense, together with a corresponding increase in equity,   over the period in which the service are fulfilled (the vesting period). The cumulative expense   recognised for equity-settled transactions at each reporting date untilthe vesting date reflects the   extent to which the vesting period has expired and the bestestimate of the number of equity   instruments that will ultimately vest.   Depreciation and impairment   The item comprises depreciation and impairment of property, plant and equipment.   The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight   line basis over the expected useful life. The expected useful lives of the assets are as follows:   Plant and machinery   5-10 years   Fixtures and fittings, other plant and equipment   5 years   Leasehold improvements   5 years   Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The   depreciation period and the residual value are determined at the acquisition date and are reassessed   annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation   charges are recognised.   In the case of changes in the depreciation period or the residual value, the effect on the depreciation   charges is recognised prospectively as a change in accounting estimates.   Profit/loss from investments in group entities and participating interests   The income statement includes the proportional share of the underlying companies' profit or loss after   elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit   and loss is carried out without regard to ownership shares. In participating interests, only proportional   elimination of profit and loss is carried out, taking into account ownership shares.   Financial income and expenses   Financial income and expenses are recognised in the income statement at the amounts that relate to the   financial reporting period. The items comprise interest income and expenses, e.g. from group entities   and associates, declared dividends from other securities and investments, financial expenses relating to   finance leases, realised and unrealised capital gains and losses relating to other securities and   investments, exchange gains and losses and amortisation of financial assets and liabilities.   Tax   The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish   group entities. Group entities are included in the joint taxation arrangement from the date at which they   are included in the consolidated financial statements and up to the date when they are no longer   consolidated.   The parent company acts as management company for the joint taxation arrangement and consequently   settles all corporate income tax payments with the tax authorities.   On payment of joint taxation contributions, the Danish corporate income tax charge is allocated   between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive   joint taxation contributions from entities that have been able to use the tax losses to reduce their own   taxable income.   Tax for the year, which comprises the current income tax charge, joint taxation contributions and   deferred tax adjustments, including adjustments arising from changes in tax rates, is recognised in the   income statement as regards the portion that relates to the profit/loss for the year and directly in equity   as regards the portion that relates to entries directly in equity.   Balance sheet Property, plant and equipment   Items of property, plant and equipment are measured at cost less accumulated depreciation and   impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until   the time at which the asset is ready for use.   Gains or losses are calculated as the difference between the selling price less selling costs and the   carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and   equipment are recognised in the income statement as other operating income or other operating   expenses.   Leases   The Company has chosen IAS 17 as interpretation for classification and recognition of leases.   On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to   the ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair   value and the present value of the future lease payments. In calculating the net present value, the   interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor.   Assets held under finance leases are subsequently accounted for in the same way as the Company's   other assets.   The capitalised residual lease liability is recognised in the balance sheet as a liability, and the interest   element of the lease payment is recognised in the income statement over the term of the lease.   Leases that do not transfer substantially all the risks and rewards incident to the ownership to the   Company are classified as operating leases. Payments relating to operating leases and any other rent   agreements are recognised in the income statement over the term of the lease. The Company's   aggregate liabilities relating to operating leases and other rent agreements are disclosed under   "Contingent liabilities".   Deposits, investments   Deposits recognised under assets comprise deposits paid to the lessor under leases enteredinto by the   company.   Investments in group entities and participating interests   Equity investments in group entities and participating interests are measured according to the equity   method.   On initial recognition, equity investments in group entities and participating interests are measured at   cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the   accounting policies regarding business combinations.   The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's   accounting policies less or plus unrealised intra-group gains/losses.   Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are   amortised in accordance with the accounting policies for the assets and liabilities to which they can be   attributed. Negative goodwill is recognised in the income statement.   Dividend received is deducted from the carrying amount.   Equity investments in group entities and participating interests measured at net asset value are subject   to impairment test requirements if there is any indication of impairment.   Impairment of fixed assets   The carrying amount of property, plant and equipment, investments in group entities and associates is   assessed for impairment on an annual basis.   Impairment tests are conducted on assets or groups of assets when there is evidence of impairment.   The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in   use (recoverable amount).   The recoverable amount is the higher of the net selling price of an asset and its value in use. The value   in use is calculated as the present value of the expected net cash flows from the use of the asset or the   group of assets and the expected net cash flows from the disposal of the asset or the group of assets   after the end of the useful life.   Previously recognised impairment losses are reversed when the reason for recognition no longer exists.   Inventories   Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is   lower than cost, inventories are written down to this lower value. The net realisable value of inventories   is calculated as the sales amount less costs of completion and expenses required to effect the sale and is   determined taking into account marketability, obsolescence and development in the expected selling   price.   Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as   well as other expenses directly attributable to the acquisition.   Receivables   The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.   Receivables are measured at amortised cost.   An impairment loss is recognised if there is objective evidence that a receivable or a group of   receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an   impairment loss is recognised on an individual basis.   Receivables in respect of which there is no objective evidence of individual impairment are tested for   objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors'   domicile and credit ratings in line with the Company's risk management policy. The objective evidence   applied to portfolios is determined based on historical loss experience.   Impairment losses are calculated as the difference between the carrying amount of the receivables and   the present value of the expected cash flows, including the realisable value of any collateral received.   The effective interest rate for the individual receivable or portfolio is used as discount rate.   Prepayments   Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial   reporting years.   Cash   Cash includes deposits in bank account.   Equity   Reserve for net revaluation according to the equity method   The net revaluation reserve according to the equity method includes net revaluations of investments in   group entities and associates relative to cost. The reserve can be eliminated in case of losses, realisation   of investments or a change in accounting estimates. The reserve cannot be recognised at a negative   amount.   Provisions   Provisions comprise anticipated expenses relating to warranty commitments, onerous contracts,   restructurings, etc. Provisions are recognised when the Company has a legal or constructive obligation   at the balance sheet date as a result of a past event and it is probable that an outflow of resources   embodying economic benefits will be required to settle the obligation.   Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled   far into the future.   Income taxes   Current tax payables and receivables are recognised in the balance sheet as the estimated income tax   charge for the year, adjusted for prior-year taxes and tax paid on account. The tax credit   scheme ("Skattekreditordningen") has been applied and the calculated tax credit on   development costs has been recognised as a tax receivable.   Deferred tax is measured according to the liability method on all temporary differences between the   carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on   temporary differences relating to goodwill which is not deductible for tax purposes and on office   premises and other items where temporary differences, apart from business combinations, arise at the   date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative   tax rules can be applied to determine the tax base, deferred tax is measured based on Management's   intended use of the asset or settlement of the liability, respectively.   Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet   date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised   at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off   against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the   tax rate are recognised in the income statement.   As management company for all the entities in the joint taxation arrangement, the parent company is   liable for payment of the group entities' income taxes vis à vis the tax authorities as the group entities   pay their joint taxation contributions. Joint taxation contributions payable or receivable are recognised   in the balance sheet as income tax receivables or payables.   Lease liabilities   Lease liabilities are measured at the net present value of the remaining lease payments including any   guaranteed residual value based on the interest rate implicit in the lease.   Convertible loans   A convertible debt instrument which does not contain an equity component is classified as a financial   liability.   Embedded conversion options determined to be not closely related to the host instrument are   accounted for separately as derivatives.   At initial recognition all instruments are measured at fair value both in respect of the debt hostcontracts   and the embedded derivatives.   At subsequent measurement the debt host instruments are measured at amortized cost (net of   transaction costs) until it is extinguished on conversion or redemption.   Subsequent to initial recognition, all embedded derivatives are accounted for as a derivative and   thus,are measured at fair value through profit or loss. Any gains or losses are recognized in statement   of profit and loss.   Deferred income   Deferred income recognised as a liability comprises payments received concerning income in   subsequent financial reporting years.   Special items   Special items are income and expenses that are special due to their size and nature.   Cash flow statement   The cash flow statement shows the Company's net cash flows broken down according to operating,   investing and financing activities, the year's changes in cash and cash equivalents as well as the cash   and cash equivalents at the beginning and the end of the year.   Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash   operating items, changes in working capital and paid corporate income tax.   Cash flows from investing activities comprise payments in connection with acquisitions and disposals of   entities and activities and of intangible assets, property, plant and equipment and investments.   Cash flows from financing activities comprise changes in the size or composition of the Company's share   capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment   of dividends to shareholders.   Cash and cash equivalents comprise cash, short term bank loans and short term securities which are   readily convertible into cash and which are subject only to insignificant risks of changes in value.   Notes to the financial statements   2 Special items   DKK   2025   2024   Expenses   Recognition of long-term lease commitment related to exit of   cultivation facilites   0 -13,050,000   Impairment of property, plant and equipment   0 -5,137,306   0 -18,187,306   Special items are recognised in the below items of the financial   statements   Gross loss   0 -13,050,000   Depreciation and impairment of property, plant and equipment   0 -5,137,306   Net profit/loss on special items   0 -18,187,306   In 2024, as part of STENOCARE's strategy, an exit of the cultivation facilities has been negotiated   resulting in recogntion of the lease obligation related to the long-term lease of the production facilities   in the financial year.   As part of the arrangement, impairment losses on production facilites etc. was recognised in 2024.   3 Net revenue   Net revenue for the year amounts to DKK 7,021 thousand, compared to DKK 2,232 thousand for 2024.   Staff costs and incentive programmes 2452776 400408 36805 5174317 433533 69680 36896 78653 4 8 Incentive programmes   Expenses arising from equity-settled share-based payment transactions in 2025 amounts to DKK   12,527 (2024: DKK 91,980). As per the balance sheet date, there are no active incentive programs.   Tax for the year 0 -108329 6 Property, plant and equipment   Fixtures and   fittings, other   Plant and   plant and   Leasehold   DKK   machinery   equipment   improvements   Total   Cost at 1 January 2025   27,688,322   1,136,121   1,826,394   30,650,837   Disposals   -27,688,322   -883,895   -1,826,394   -30,398,611   Cost at 31 December 2025   0 252,226   0 252,226   Impairment losses and   depreciation at   1 January 2025   14,638,322   856,972   1,200,435   16,695,729   Depreciation   0 50,440   19,319   69,759   Reversal of accumulated   depreciation and impairment   of assets disposed   -14,638,322   -687,737   -1,219,754   -16,545,813   Impairment losses and   depreciation at   31 December 2025   0 219,675   0 219,675   Carrying amount at   31 December 2025   0 32,551   0 32,551   Property, plant and equipment   include finance leases with a   carrying amount totalling   0 8,576   0 8,576   7 Investments   Investments in   Investments in   Participating   Deposits,   DKK   group entities   interests   investments   Total   Cost at 1 January 2025   0 4 478,150   478,154   Additions   7,801,452   0 0 7,801,452   Disposals   0 0 -467,325   -467,325   Cost at 31 December 2025   7,801,452   4 10,825   7,812,281   Value adjustments at   1 January 2025   0 -4   0 -4   Profit/loss for the year   85,732   0 0 85,732   Value adjustments at   85,732   -4   0 85,728   31 December 2025   Carrying amount at   31 December 2025   7,887,184   0 10,825   7,898,009   Additions in investments in group entities is constituted of equity of 26,774 DKK and goodwill of   7,774,678 DKK.   The profit for the year is constituted of result of 280,099 DKK and amortization of goodwill of -194,367   DKK.   The year end balance in investments in group entities is constituted of equity of 306,873 DKK and   goodwill of 7,580,311 DKK.   Goodwill is amortized over 5 a year period.   Group entities   Name   Domicile   Interest   Canngros ApS   Denmark   100.00%   Participating interests   Name   Domicile   Interest   Your Relief Limited   England   49.00%   DKK   2025   2024   8 Share capital   Analysis of the share capital:   43,403,745 A shares of DKK 0.08 nominal value each   3,472,300   1,617,000   3,472,300   1,617,000   9 Treasury shares   Number   Nominal value   Share of capital   DKK   Balance at 1 January 2025   232,567   18,605   1.15%   Sold in the year   -24,800   -1,984   -0.21%   Capital increase   0 0 -0.46%   Balance at 31 December 2025   207,767   16,621   0.48%   Treasury shares are acquired, among other reasons, to be used in the incentive plan intended for   employees.   DKK   2025   2024   10 Deferred tax   Deferred tax at 1 January   -536,769   -1,336,769   Deferred tax recognised in the income statement   0 800,000   Deferred tax at 31 December   -536,769   -536,769   As at 31 December 2025, Company has recognised a deferred tax asset of DKK 537 thousand. The total   tax losses caried forward as well as tax adjustment for other provisions amounts to DKK 83 million   corresponding to a deferred tax asset value of DKK 18 million. The recognised deferred tax asset   related to tax losses caried forward and provisions amounts to DKK 537 thousand, corresponding to   2.9% of the total tax losses and provisions caried forward and is recognized on the basis of expectations   of positive operating results for the coming 3-5 years.   11 Non-current liabilities other than provisions   Total debt at   Short-term   Long-term Outstanding debt   DKK   31/12 2025   portion   portion   after 5 years   Lease liabilities   14,145   14,145   0 0 Convertible debt instruments   eligible for dividend   1,973,541   1,973,541   0 0 1,987,686   1,987,686   0 0 DKK   2025   2024   12 Other provisions   Other provisions at 1 January 2025   0 13,220,000   Other provisions at 31 December   0 13,220,000   13 Convertible debt instruments or corresponding rights issued by the Company   The company has raised a loan of DKK 2,800 thousand, in return for the issue of convertible debt   instruments which entitle the lender to convert the loan into shares in the company, each share with a   nominal value of DKK 0.08, at the average share price during the 10 most recenttrading days prior to   the signing of the convertible loan.   The convertible loan can be converted at a price of DKK 4.29 per share. The right of conversion expires   when the loan is repaid and the lenders have not exercised their right to convert into shares. The   outstanding loan amount carries monthly interest payments of 1.97%. The loan falls due in equal   monthly installments over 12 months from 31 December 2025 and is repaid in full per 31 December   17 Changes in working capital   Change in inventories   12,602   -274,035   Change in receivables   -1,274,573   870,913   Change in trade payables   -2,224,540   1,155,443   Other payables relating to operating activities   -2,329,437   2,071,859   -5,815,948   3,824,180   2026.   14 Contractual obligations and contingencies, etc.   Contingent liabilities   Stenocare A/S and its subsidiary CannGros ApS have entered into a mutual letter of intent to support   each other financially and operationally, if necessary, until the ordinary general meeting in 2027. The   agreement means that the companies, to the extent it is prudent in relation to each company's capital   resources, will support ensuring that both companies have sufficient liquidity to meet their ongoing   obligations, and they will also refrain from demanding repayment of overdue balances if it would   jeopardize the continued operation of the other party.   As management company, the Company is jointly taxed with other Danish group entities and is jointly   and severally with other jointly taxed group entities for payment of income taxes as well as withholding   taxes on interest, royalties and dividends.   Other financial obligations   Rent and lease liabilities include a rent obligation totalling T.DKK 12 in interminable rent agreements   with remaining contract terms of minimum 3 months.   15 Security and collateral   The Company has not provided any security or other collateral in assets at 31 December 2025.   DKK   2025   2024   16 Adjustments   Amortisation/depreciation and impairment losses   69,761   8,861,844   Gain/loss on the sale of non-current assets   -38,093   0 Provisions   0 13,112,000   Income from investments in associates   0 4 Financial income   -6,963   -30,927   Financial expenses   658,254   1,535,472   Tax for the year   0 -108,329   Other adjustments   49,918   0 Share-based payments   12,527   91,980   745,404   23,462,044