36393459 2025-01-01 2025-12-31 36393459 2025-01-01 2025-12-31 auditor_1 36393459 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 36393459 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 36393459 2025-01-01 2025-12-31 memberOfBoardIdentifier_2 36393459 2025-01-01 2025-12-31 memberOfBoardIdentifier_3 36393459 2024-01-01 2024-12-31 36393459 2025-12-31 36393459 2024-12-31 36393459 2024-12-31 fsa:ContributedCapitalMember 36393459 2024-12-31 fsa:RetainedEarningsMember 36393459 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 36393459 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 36393459 2025-12-31 fsa:ContributedCapitalMember 36393459 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK pure 2024-01-01 2024-12-31 2026-05-28 36393459 2026-05-28 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on extended review KPMG 25578198 true Annual report Jóhann Ingi Kristjánsson The Board of Directors and the Executive Board have today discussed and approved the annual report for ICEPHARMA A/S 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Taastrup 2026-05-28 Hörður Þórhallsson Kristján Johannsson Chairman Jóhann Ingi Kristjánsson Petrea Ingileif Gudmundsdottir Independent auditor's extended review report on the financial statements To the shareholder of ICEPHARMA A/S Opinion We have performed an extended review of the financial statements of ICEPHARMA A/S for the financial year 1 January - 31 December 2025 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. Based on the work performed, it is our opinion that 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 accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibility for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility 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 that 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 responsibility for the extended review of the financial statementsOur responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures in order to obtain further assurance for our conclusion.An extended review comprises procedures primarily consisting of making enquiries of Management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating the evidence obtained.The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on these financial statements. Statement on the Management's reviewManagement is responsible for the Management's review.Our conclusion 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 extended review 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 extended review, 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 2026-05-28 KPMG 25578198 Kenn Wolff Hansen State Authorised Public Accountant mne30154 ICEPHARMA A/S Høje Taastrup Boulevard 53 DK-2630 Taastrup 36393459 2014-09-30 Høje Taastrup 2025-01-01 2025-12-31 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø 25578198 Principal activities The primary activity is sale of pharmaceutical products and services. Development in activities and financial position The Company's income statement for 2025 shows a profit of DKK 1,883,876 as against a loss of DKK 3,562,543 in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK 10,304,500 as against DKK 3,744,808 at 31 December 2024. The Company is financed by other Group companies. In 2025 the Company has received a contribution from the shareholder of DKK 4,675,816. In 2025 a deferred tax asset has been recognized amounting to DKK 4,180,000 which explains the profit of the year of 2025 and the change to the comparative year. Capital resources The Company has obtained a letter of support from the beneficial owner which, in the opinion of the Executive Board and the Board of Directors, will be sufficient to secure sufficient financing of the activities until the annual general meeting in 2027 when the annual report for the year ended 31 December 2026 will be approved. The financial statements for 2025 have therefore been prepared on the basis of going concern. Events after the balance sheet date The Company has sold a portfolio of products under the trademark Värn and related trademarks subsequent to the balance sheet date. The Company is still planned to continue and hence, the financial statements have still been prepared on the basis of going concern. 1000033 -409891 3286569 3152036 -2286536 -3561927 9588 616 -2296124 -3562543 -4180000 0 1883876 -3562543 1883876 -3562543 4957583 1960624 1957462 1844290 4180000 0 6137462 1844290 548859 1272383 11643904 5077297 11643904 5077297 500000 500000 9804500 3244808 10304500 3744808 500137 557770 839267 774719 1339404 1332489 1339404 1332489 11643904 5077297 500000 3244808 0 1883876 0 4675816 500000 9804500 The annual report of ICEPHARMA A/S for 2025 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated 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 recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Income from the sale of goods and services, is recognised in the income statement provided that delivery and transfer of risk to the buyer have taken place, the income may be reliably measured and is expected to be received. Revenue is measured at fair value of the agreed remuneration excluding VAT and taxes charged on behalf of third parties. All forms of discounts granted are deducted from revenue. To the extent that customers have the right to return goods received, revenue is recognised based on the Company’s past record with returns. If the Company does not have a past record with similar transactions, revenue is recognised upon expiry of the period for returning the goods. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Financial income and expenses Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Financial items comprise interest income and interest expense, realised and unrealised gains and losses on receivables, payables and transactions in foreign currencies as well as surcharges and refunds under the on-account tax scheme, etc. Tax on loss for the year Tax for the year comprises current tax and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Inventories Inventories are measured at cost in accordance with the FIFO method. Inventories are written down to the lower of net realisable value and cost. Goods for resale and consumables are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. ReceivablesReceivables are measured at amortised cost, which corresponds to nominal value. The value is reduced by write-down for bad debts. Corporation tax and deferred tax Current tax payable and receivable is recognised on the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities. Deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with 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. The change in deferred tax as a result of changes in tax rates is recognised in the income statement and in equity. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. LiabilitiesOther liabilities are measured at amortised cost. The Company has obtained a letter of support from the parent company which, in the opinion of the Excutive Board and the Board of Directors, will be sufficient to secure sufficient financing of the activities until the annual general meeting in 2027 when the annual report for the year ended 31 December 2026 will be approved. The financial statements for 2025 have therefore been prepared on the basis of going concern. 2897046 2791897 307670 295295 81853 64844 5 5 -4180000 0 Other commitments, including lease obligations At 31 December 2025 the Company had other commitments of DKK 19 thousand not recognised in the balance sheet (2024: 18 thousand). Other commitments comprise rent liabilities. The rent liabilities have a remaining term of 3 months. ICEPHARMA A/S is part of the consolidated financial statements of Ósar - lífæð heilbrigðis hf., Lynghálsi 13, 110 Reykjavik, Iceland., which is the smallest group, in which the Company is included as a subsidiary. The consolidated financial statements of Ósar - lífæð heilbrigðis hf. can be obtained by contacting the Company at the above address.