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Today, Veto­pia operates veter­in­ary clin­ics across Den­mark, Nor­way, Fin­land, Sweden, Ger­many, Aus­tria, Switzer­land and the United King­dom. The Group’s pur­pose is to build the best home for veter­in­ary pro­fes­sion­als. The Group ensures com­pre­hens­ive know­ledge-shar­ing, con­tin­ued edu­ca­tion and sup­port to help vets and their clin­ics to develop. Clin­ics have all rel­ev­ant dia­gnostic equip­ment to operate on an indi­vidual basis and ini­ti­ate most treat­ments effi­ci­ently. It is import­ant for the Group to con­tinu­ously expand and strengthen the pro­fes­sional qual­ity of the ser­vices around animal wel­fare and treat­ment. The Com­pany is headquartered in Den­mark and is indir­ectly major­ity owned by Dan­ish priv­ate equity fund Axcel, who is a mem­ber of “Act­ive Own­ers Den­mark” (pre­vi­ously DVCA). The Com­pany is governed by the guidelines of “Act­ive Own­ers Den­mark”. For fur­ther inform­a­tion, see Veto­pia’s web­s­ite: www.veto­pia.com The Group has con­tin­ued to expand with acquis­i­tions of new clin­ics, which have impacted the Group’s fin­an­cial res­ults. The Group has made invest­ments through­out its mar­kets to build the com­pet­ences and organ­iz­a­tions required for fur­ther growth. Fur­ther­more, the Group entered the veter­in­ary mar­ket in the United King­dom . The Group real­ized an operat­ing res­ult of DKK 210.413k this year and the year's profit after tax amounts to DKK -402.820k. Man­age­ment expec­ted organic rev­enue growth in the range of 5-10% for 2025. The Group real­ized organic rev­enue growth within the expec­ted range. Dur­ing 2025, addi­tional veter­in­ary clin­ics have been acquired and in con­nec­tion with expand­ing the Group, the organ­iz­a­tion is also strengthened with the neces­sary skills to sup­port the opera­tional devel­op­ment. Among other things, a con­tin­ued edu­ca­tion pro­gram has been put in place, which aims to ensure the high level of pro­fes­sion­al­ism through the­or­et­ical and practical train­ing. Addi­tion­ally, man­age­ment train­ing has been con­duc­ted to develop the man­agers to remain among the best in the industry. For 2026, a pos­it­ive devel­op­ment in the res­ult is expec­ted, sup­por­ted by con­tin­ued invest­ment in exist­ing clin­ics as well as acquir­ing new veter­in­ary clin­ics. Man­age­ment expects a pos­it­ive organic rev­enue growth of 5-10% in 2026. The Group’s employ­ees are the most import­ant resource. It is import­ant for the ongo­ing devel­op­ment of the com­pany to main­tain and attract a high level of pro­fes­sional com­pet­ence within veter­in­ari­ans, veter­in­ary nurses, and clinic man­agers in par­tic­u­lar. We do that, among other things, by the meas­ures below: The Group col­lab­or­ates with edu­ca­tional insti­tu­tions. There is ongo­ing dia­logue with these edu­ca­tional insti­tu­tions regard­ing the devel­op­ment and upd­at­ing of edu­ca­tion and courses A man­age­ment train­ing pro­gram has also been developed in-house for clinic man­agers and selec­ted other employ­ees The Group uses both internal and external spe­ci­al­ists to train employ­ees at clin­ics in spe­ci­al­ized med­ical pro­ced­ures, as well as fur­ther work on know­ledge shar­ing across clin­ics Our ambi­tion is to cre­ate an inter­n­a­tional com­munity ded­ic­ated to provid­ing the highest qual­ity pet care. As a group, we ensure com­pre­hens­ive know­ledge-shar­ing, con­tin­ued edu­ca­tion and valu­able sup­port to help vets and their clin­ics develop. We con­stantly strive to improve the well-being of the pets entrus­ted to us in the clin­ics. It is import­ant that we work with high eth­ical stand­ards based on sci­ence, evid­ence, and best practice in order to ensure the highest med­ical qual­ity. The Veto­pia Sci­entific and Eth­ical Coun­cil advises man­age­ment and the Board of Dir­ect­ors regard­ing all med­ical, clin­ical and qual­ity-related top­ics within Veto­pia. The coun­cil is com­prised of coun­try rep­res­ent­at­ives col­lect­ively ensur­ing a com­pre­hens­ive and informed approach to deci­sion-mak­ing. The Group has imple­men­ted a wide range of policies across all clin­ics and coun­tries, includ­ing sus­tain­ab­il­ity policy, code of con­duct, sup­plier code of con­duct, data pri­vacy, IT secur­ity and whis­tleblow­ing schemes (to be found at the local coun­try web­s­ites, among oth­ers). The Group is exposed to fin­an­cial risks related to changes in interest rates and for­eign cur­rency. The Group uses interest rate swaps to partly man­age its expos­ure to changes in interest rates and has a policy to hedge the major­ity of the cash interest pay­ments on an ongo­ing basis. For­eign cur­rency expos­ures are mainly related to sales and pur­chases are mainly in DKK, NOK, EUR, SEK, CHF and GBP. For­eign exchange risks are there­fore lim­ited to the lis­ted cur­ren­cies and are not hedged; how­ever, Man­age­ment assesses the expos­ure on a con­tinu­ous basis. The Group is not sig­ni­fic­antly affected by other fin­an­cial or opera­tional risks, which are uncom­mon for the industry in which the Group operates. Social condi­tions People are our most import­ant asset, and every employee must be treated with respect and fair­ness. Employ­ment terms The Group com­plies with all applic­able laws and reg­u­la­tions regard­ing employer and employee rights and duties, includ­ing the right to free­dom of asso­ci­a­tion and the right to col­lect­ive bar­gain­ing in accord­ance with applic­able legis­la­tion. The work must be organ­ized in such a way that the employ­ees’ right to pri­vacy and free time with their fam­ily is respec­ted, and there must be no require­ment that the employ­ees act in a way that is incom­pat­ible with their per­sonal val­ues. Health and well-being The Group strives to ensure that it is pos­s­ible to main­tain a healthy work-life bal­ance and pro­act­ively seeks to address con­cerns related to health or work­ing condi­tions before they develop into prob­lems. Through invest­ments in the phys­ical and men­tal work­ing envir­on­ment, the Com­pany will cre­ate more time and space for employ­ees to do what they do best – help­ing anim­als and their own­ers. Through meas­ures such as employee sur­veys, we con­tinu­ously mon­itor and work with the rel­ev­ant areas to ensure a good work envir­on­ment and employee well-being. Anti-dis­crim­in­a­tion and equal oppor­tun­it­ies The Group does not tol­erate any form of dis­crim­in­a­tion based on reli­gion, race, skin col­our, gender, dis­ab­il­ity, age, nation­al­ity, sexual ori­ent­a­tion, or polit­ical opin­ion. Every employee has the right to a work­ing envir­on­ment that is open, accept­ing, and inclus­ive. The basis for recruit­ment, pro­mo­tion and devel­op­ment in the Group is based on merits such as qual­i­fic­a­tions, exper­i­ence, and per­form­ance. Sexu­ally offens­ive beha­vior and har­ass­ment Abus­ive beha­viour of all kinds is ser­i­ous and is not accep­ted. We have a zero-tol­erance policy towards har­ass­ment of any kind, whether it is dis­crim­in­a­tion based on race, reli­gion, gender, eth­n­i­city, sexual ori­ent­a­tion or any other type of dis­crim­in­a­tion. Human rights The Group respects and observes inter­n­a­tional human rights and com­plies with national legis­la­tion in our mar­kets. The Group does not accept child labour, forced labour or any form of human traf­fick­ing. The risk of viola­tions is gen­erally assessed as low, and there have been no cases of viola­tions or viola­tions of human rights in 2025. Code of con­duct and anti-cor­rup­tion The Group dis­ap­proves of any kind of cor­rup­tion and com­plies with national legis­la­tion. We have zero tol­erance towards any form of cor­rup­tion, frau­d­u­lent beha­viour or human rights viola­tions. Based on our com­mit­ment, we have pre­pared a code of con­duct and an anti-cor­rup­tion policy that all employ­ees must fol­low. This is sup­por­ted by a whis­tleblower policy. We have also drawn up a code of con­duct for sup­pli­ers that covers our expect­a­tions and require­ments in con­nec­tion with, among other things, child labour, forced labour, dis­crim­in­a­tion, anti-cor­rup­tion and bribery. Envir­on­ment The Group has an ambi­tion to act respons­ibly to ensure sus­tain­ab­il­ity of the envir­on­ment. The Group com­plies with all applic­able laws and reg­u­la­tions and strives to con­duct busi­ness with integ­rity and high eth­ical stand­ards. As a fast-grow­ing com­pany, the Group’s impact on our sur­round­ing envir­on­ment will increase. The com­pany recog­n­izes its respons­ib­il­ity to be a good cor­por­ate cit­izen and is com­mit­ted to redu­cing its rel­at­ive envir­on­mental foot­print while grow­ing. The board has adop­ted a policy for data eth­ics, which applies to all com­pan­ies in the Group. The Group is com­mit­ted to using and pro­cessing data in an eth­ic­ally accept­able way in all aspects of the busi­ness. The Group com­plies with stat­utory reg­u­la­tions regard­ing data and pri­vacy pro­tec­tion and has imple­men­ted safe­guards to ensure the safe stor­age of data. The Group has a high stand­ard for data eth­ics and only uses and pro­cesses data for legitim­ate pur­poses that are in the com­mon interest of the parties con­cerned. Data pro­cessing in the group must never lead to any form of dis­crim­in­a­tion or biased deci­sions or res­ults. The Group has a data man­age­ment policy that fol­lows local govern­ment require­ments, and which is reviewed at least annu­ally or whenever sig­ni­fic­ant changes require it to be upd­ated. Dur­ing 2026, the Com­pany has con­tin­ued to acquire veter­in­ary clin­ics. Other­wise, there has been no mater­ial events affect­ing the Group's fin­an­cial pos­i­tion after the fin­an­cial year-end. Fur­ther inform­a­tion about the group can be found on the main group web­s­ite, veto­pia.com The Board of Dir­ect­ors and The Exec­ut­ive Board have today con­sidered and adop­ted the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments for 1 Janu­ary 2025 - 31 Decem­ber 2025 for Vetopia III ApS. Vetopia III ApS The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments is pre­pared in accord­ance with the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments give a true and fair view of group's and the the com­pany's fin­an­cial pos­i­tion at 31 Decem­ber 2025 and of the res­ults of its opera­tions and the group's cash flows for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025. We believe that the Man­age­ment's review con­tains a fair review of the affairs and condi­tions referred to therein. We recom­mend that the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments be adop­ted at the Annual Gen­eral Meet­ing. Peter Thomsen Executive director Bjórn Erik Larsson Chairman Asbjørn Mosgaard Hyldgaard Board member To the share­holder's in Vetopia III ApS Vetopia III ApS Opinion We have audited the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments of Vetopia III ApS for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025, which com­prise a sum­mary of sig­ni­fic­ant account­ing policies, income state­ment, bal­ance sheet, state­ment of changes in equity and notes for both the group and the par­ent com­pany, as well as con­sol­id­ated state­ment of cash flows. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments are pre­pared under the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments give a true and fair view of the group's and the com­pany's fin­an­cial pos­i­tion as at 31 Decem­ber 2025 and of the res­ults of the group's and the com­pany's opera­tions as well as the con­sol­id­ated cash flows for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025 in accord­ance with the Dan­ish Fin­an­cial State­ments Act. Vetopia III ApS Basis for Opinion We con­duc­ted our audit in accord­ance with Inter­n­a­tional Stand­ards on Audit­ing (ISAs) and addi­tional require­ments applic­able in Den­mark. Our respons­ib­il­it­ies under those stand­ards and require­ments are fur­ther described in the "Aud­itor’s respons­ib­il­it­ies for the audit of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments" sec­tion of this aud­itor’s report. We are inde­pend­ent of the group in accord­ance with the Inter­n­a­tional Eth­ics Stand­ards Board of Account­ants' Code of Eth­ics for Pro­fes­sional Account­ants (IESBA Code) and the addi­tional require­ments applic­able in Den­mark, and we have ful­filled our other eth­ical respons­ib­il­it­ies in accord­ance with these require­ments and IESBA Code. We believe that the audit evid­ence we have obtained is suf­fi­ci­ent and appro­pri­ate to provide a basis for our opin­ion. Man­age­ment is respons­ible for the pre­par­a­tion of con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and fin­an­cial state­ments that are free from mater­ial mis­state­ment, whether due to fraud or error. In pre­par­ing the con­sol­id­ated fin­an­cial state­ments and fin­an­cial state­ments, Man­age­ment is respons­ible for assess­ing the group's and the com­pany's abil­ity to con­tinue as a going con­cern, for dis­clos­ing, as applic­able, mat­ters related to going con­cern, and for using the going con­cern basis of account­ing in pre­par­ing the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments unless Man­age­ment either intends to liquid­ate the group or the com­pany or to cease opera­tions, or has no real­istic altern­at­ive but to do so. Our object­ives are to obtain reas­on­able assur­ance about whether the con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, whether due to fraud or error, design and per­form audit pro­ced­ures respons­ive to those risks, and obtain audit evid­ence that is suf­fi­ci­ent and appro­pri­ate to provide a basis for our opin­ion. The risk of not detect­ing a mater­ial mis­state­ment res­ult­ing from fraud is higher than for one res­ult­ing from error as fraud may involve col­lu­sion, for­gery, inten­tional omis­sions, mis­rep­res­ent­a­tions, or the over­ride of internal con­trol. Obtain an under­stand­ing of internal con­trol rel­ev­ant to the audit in order to design audit pro­ced­ures that are appro­pri­ate in the cir­cum­stances, but not for the pur­pose of express­ing an opin­ion on the effect­ive­ness of the group's and the 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 con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, and, based on the audit evid­ence obtained, whether a mater­ial uncer­tainty exists related to events or condi­tions that may cast sig­ni­fic­ant doubt on the group's and the 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 con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments or, if such dis­clos­ures are inad­equate, to modify our opin­ion. Our con­clu­sions are based on the audit evid­ence obtained up to the date of our aud­itor’s report. How­ever, future events or condi­tions may cause the group and the com­pany to cease to con­tinue as a going con­cern.Evalu­ate the overall present­a­tion, struc­ture and con­tent of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, includ­ing the dis­clos­ures in the notes, and whether the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments rep­res­ent the underly­ing trans­ac­tions and events in a man­ner that gives a true and fair view.Plan and per­form the group audit to obtain suf­fi­ci­ent appro­pri­ate audit evid­ence regard­ing the fin­an­cial inform­a­tion of the entit­ies or busi­ness units within the group as a basis for form­ing an opin­ion on the group Fin­an­cial State­ments. We are respons­ible for the dir­ec­tion, super­vi­sion and review of the audit work per­formed for pur­poses of the group audit. We remain solely respons­ible for our audit opin­ion. We com­mu­nic­ate with those charged with govern­ance regard­ing, among other mat­ters, the planned scope and tim­ing of the audit and sig­ni­fic­ant audit find­ings, includ­ing any sig­ni­fic­ant defi­ci­en­cies in internal con­trol that we identify dur­ing our audit. Man­age­ment is respons­ible for Man­age­ment’s Review.Our opin­ion on the con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 Fin­an­ci­als State­ments Act.Based on the work we have per­formed, in our view, Man­age­ment’s Review is in accord­ance with the con­sol­id­ated fin­an­cial state­ments and 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. Søborg 2026-04-24 inforevision statsautoriseret revisionsaktieselskab inforevision statsautoriseret revisionsaktieselskab 19263096 19263096 Jesper Tranegaard Berril Andersen State Authorised Public Accountant mne35841 Lasse Sværke State Authorised Public Accountant mne34318 The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments has been pre­pared in accord­ance with Dan­ish fin­an­cial state­ment legis­la­tion as well as gen­erally accep­ted account­ing prin­ciples. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments has been pre­pared in accord­ance with the pro­vi­sions of the Dan­ish Fin­an­cial State­ments Act govern­ing Reporting class C, large enterprise.The account­ing policies have not been changed from last year. Reporting class C, large enterprise The con­sol­id­ated fin­an­cial state­ments com­prise the par­ent com­pany and the enter­prises (group enter­prises) con­trolled by the par­ent com­pany. The par­ent com­pany is deemed to be con­trolling an enter­prise when it dir­ectly or indir­ectly con­trols more than 50 % of the vot­ing rights or is other­wise able to exer­cise con­trol of more than 50 % of the vot­ing rights or is other­wise able to exer­cise con­trol or de facto con­trol with respect to the eco­nomic and opera­tional deci­sions in the enter­prise. The con­sol­id­ated fin­an­cial state­ments are pre­pared on the basis of the fin­an­cial state­ments of the par­ent com­pany and the Group enter­prises by the add­ing together items of a uni­form nature. In the pre­par­a­tion of the con­sol­id­ated fin­an­cial state­ments, all inter­com­pany bal­ances, income and expenses as well as gains and losses arising from trans­ac­tions between the group enter­prises have been elim­in­ated. Equity invest­ments in the group enter­prises have been elim­in­ated by the group enter­prises' pro­por­tion­ate shares of the equity value. The fin­an­cial state­ments used for the pur­pose of con­sol­id­a­tion have been pre­pared in accord­ance with the con­sol­id­ated account­ing policies. The net profit or loss for the year and the equity of for­eign enter­prises have been expressed in Dan­ish Kroner. For­eign cur­rency trans­la­tion adjust­ments arising as a res­ult of trans­la­tion of the equity of the for­eign enter­prises at the begin­n­ing of the fin­an­cial years and trans­la­tion of the net profit or loss for the fin­an­cial years from the average rate of exchange to the clos­ing rate are charged dir­ectly to equity. Where group enter­prises have been acquired, the bal­ance res­ult­ing from the elim­in­a­tion has to the extent pos­s­ible been dis­trib­uted on the assets and liab­il­it­ies of the group enter­prises whose value is above or below the amount at which they were booked when the group rela­tion was est­ab­l­ished. Any remain­ing pos­it­ive bal­ance is treated as good­will and stated under intan­gible assets. Any neg­at­ive bal­ance which is equal to an expec­ted cost or an adverse decel­op­ment in the group enter­prises is recog­n­ised in the income state­ment when acquired. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments have been pre­pared based on his­t­or­ical cost.The income is recog­n­ised in the income state­ment as earned. Fur­ther­more, value adjust­ments of fin­an­cial assets and liab­il­it­ies meas­ured at fair value or amort­ised cost are recog­n­ised. Moreover, all expenses incurred to achieve the earn­ings for the year are recog­n­ised in the income state­ment, includ­ing depre­ci­a­tion, amort­isa­tion, impair­ment losses and pro­vi­sions as well as reversals due to changed account­ing estim­ates of amounts that have pre­vi­ously been recog­n­ised in the income state­ment.Assets are recog­n­ised in the bal­ance sheet when it is prob­able that future eco­nomic bene­fits attrib­ut­able to the asset will flow to the com­pany, and the value of the asset can be meas­ured reli­ably. Liab­il­it­ies are recog­n­ised in the bal­ance sheet when it is prob­able that future eco­nomic bene­fits will flow out of the com­pany, and the value of the liab­il­ity can be meas­ured reli­ably.Assets and liab­il­it­ies are ini­tially meas­ured at cost. Sub­sequently, assets and liab­il­it­ies are meas­ured as described for each item below.Cer­tain fin­an­cial assets and liab­il­it­ies are meas­ured at amort­ised cost, which involves the recog­n­i­tion of a con­stant effect­ive interest rate over the matur­ity period. Amort­ised cost is cal­cu­lated as ori­ginal cost less any repay­ments and with addi­tion/deduc­tion of the cumu­lat­ive amort­isa­tion of any dif­fer­ence between cost and the nom­inal amount. In this way, cap­ital losses and gains are alloc­ated over the matur­ity period.Recog­n­i­tion and meas­ure­ment take into account pre­dict­able losses and risks occur­ring before the present­a­tion of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments which con­firm or inval­id­ate affairs and condi­tions exist­ing at the bal­ance sheet date.The func­tional cur­rency is Dan­ish Kroner. All other cur­ren­cies are con­sidered for­eign cur­ren­cies.The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments is presen­ted in DKK'000. Dur­ing the year, trans­ac­tions in for­eign cur­ren­cies have been trans­lated apply­ing the exchange rate at the trans­ac­tion date. If cur­rency pos­i­tions are con­sidered hedge of future cash flows, the value adjust­ments are recog­n­ised dir­ectly in equity.Receiv­ables and debt denom­in­ated in for­eign cur­ren­cies have been recog­n­ised at the exchange rate of the bal­ance sheet date.Real­ised and unreal­ised exchange gains and losses have been recog­n­ised in the income state­ment under other fin­an­cial income and expenses. On ini­tial recog­n­i­tion in the bal­ance sheet, deriv­at­ive fin­an­cial instru­ments are meas­ured at cost and sub­sequently at fair value. Deriv­at­ive fin­an­cial instru­ments are recog­n­ised under other receiv­ables or other pay­ables.Changes in the fair value of deriv­at­ive fin­an­cial instru­ments clas­si­fied as and meet­ing the cri­teria for hedging the fair value of a recog­n­ised asset or a recog­n­ised liab­il­ity are recog­n­ised in the income state­ment together with changes in the fair value of the hedged asset or the hedged liab­il­ity. Changes in the fair value of deriv­at­ive fin­an­cial instru­ments clas­si­fied as hedging of future cash flows are recog­n­ised in other receiv­ables or other pay­ables, and in equity. If the future trans­ac­tion res­ults in the recog­n­i­tion of assets or liab­il­it­ies, amounts pre­vi­ously recog­n­ised in equity are trans­ferred to the cost of the asset or the liab­il­ity, respect­ively. If the future trans­ac­tion res­ults in income or costs, amounts recog­n­ised in equity on a con­tinu­ing basis are trans­ferred to the income state­ment for the period in which the hedged item affected the income state­ment. Deriv­at­ive fin­an­cial instru­ments not meet­ing the cri­teria for hedging of future cash flows, changes in the fair value is recog­n­ised in the income state­ment In the fin­an­cial year 2025 there has been sev­eral acquis­i­tions where the group has achieved con­trol. Acquis­i­tions of enter­prises and other busi­ness trans­fers (assets acquired and liab­il­it­ies assumed con­sti­tut­ing a busi­ness) are accoun­ted for using the pur­chase method under which the iden­ti­fi­able assets and liab­il­it­ies of the entity acquired are meas­ured at fair value at the time of acquis­i­tion. Acquired con­tin­gent liab­il­it­ies are recog­n­ised at fair value to the extent that the value can be meas­ured reli­ably. The time of acquis­i­tion is the time when obtain­ing con­trol of the acquired entity. The cost of the entity acquired is the fair value of the con­sid­era­tion agreed, includ­ing con­sid­era­tion con­tin­gent on future events (earn outs). Where cost includes con­tin­gent con­sid­era­tion, this is meas­ured at fair value at the time of acquis­i­tion. Con­tin­gent con­sid­era­tion is sub­sequently meas­ured at fair value. Any value adjust­ments are recog­n­ised in the income state­ment. Trans­ac­tion costs dir­ectly attrib­ut­able to the acquis­i­tion of sub­si­di­ar­ies are recog­n­ised in the income state­ment as incurred. Pos­it­ive dif­fer­ences between the cost of the entity acquired and the fair value of iden­ti­fi­able assets and liab­il­it­ies are recog­n­ised as good­will in intan­gible assets in the bal­ance sheet and are amort­ised in the income state­ment on a straight-line basis over their estim­ated use­ful lives. Where the dif­fer­ences are neg­at­ive, they are recog­n­ised imme­di­ately in the income state­ment. Where the pur­chase price alloc­a­tion is not final, pos­it­ive and neg­at­ive dif­fer­ences from acquired entity due to changes to the recog­n­i­tion and meas­ure­ment of iden­ti­fi­able net assets may be adjus­ted for up to 12 months after the time of acquis­i­tion. These adjust­ments are also reflec­ted in the value of good­will or neg­at­ive good­will, includ­ing in amort­isa­tion already made. In respect of step acquis­i­tions, any pre­vi­ously held invest­ments in the entity acquired are remeas­ured at fair value at the time of acquis­i­tion. The dif­fer­ence between the car­ry­ing amount of the invest­ment pre­vi­ously held and the fair value is recog­n­ised in the income state­ment. Rev­enue from the sale of goods and fin­ished products are recog­n­ized in the income state­ment if deliv­ery and trans­fer of risk to the buyer have occurred before the end of the year, and if the rev­enue can be meas­ured reli­ably and the income is expec­ted to be received. For the sale of ser­vices, rev­enue is gen­erally recog­n­ized based on a meas­ur­able per­centage of com­ple­tion. How­ever, lin­ear recog­n­i­tion is used for ser­vices delivered over time in a con­sist­ent pat­tern. If the per­centage of com­ple­tion is not meas­ur­able or if the sales value or total com­ple­tion costs are uncer­tain, rev­enue is recog­n­ized at the max­imum amount that the com­pany believes it is entitled to and is expec­ted to receive for the ser­vices rendered on the bal­ance sheet date. Rev­enue is recor­ded exclud­ing taxes and after deduct­ing any applic­able duties and dis­counts related to the sale. Cost of sales com­prise of the cost of raw mater­i­als and con­sum­ables used to generet the com­pany's rev­enue . Other operat­ing income com­prises income of a sec­ond­ary nature as viewed in rela­tion to the com­pany's primary activ­it­ies, includ­ing pay­ments received from public author­it­ies as well as profit on sale of fixed assets. External expenses com­prises selling costscost of premisesadmin­is­trat­ive expenses. Staff costs include wages and salar­ies includ­ing hol­i­day pay and pen­sions and other social secur­ity costs etc. to the com­pany's employ­ees. Other operat­ing expenses com­prises expenses of a sec­ond­ary nature as viewed in rela­tion to the com­pany's primary activ­it­ies, includ­ing losses on sale of fixed assets and trans­ac­tion costs. Fin­an­cial income is recog­n­ised with amounts con­cern­ing the fin­an­cial year. Fin­an­cial income com­prise interest, real­ised and unreal­ised exchange gains. Fin­an­cial expenses is recog­n­ised with amounts con­cern­ing the the fin­an­cial year. Fin­an­cial expenses com­prise interest, real­ised and unreal­ised exchange losses, amort­ised interest on lease com­mit­ments and amort­isa­tion of debt to credit insti­tu­tions. Tax on profit or loss for the year rep­res­ents 22% of the book profit or loss adjus­ted for non-tax­able and non-deduct­ible items. Tax on profit or loss for the year con­sists of the anti­cip­ated tax por­tion of the tax­able income for the year adjus­ted for the changes for the year in deferred tax. Changes in deferred taxes due to adjust­ments of tax rates is recog­n­ised in the income state­ment. Tax on profit or loss for the year is recog­n­ised in the income state­ment by the por­tion attrib­ut­able to the profit or loss for the year and recog­n­ised dir­ectly in equity by the por­tion attrib­ut­able to entries dir­ectly in equity. The com­pany is sub­ject to the Dan­ish Tax Pre­pay­ment Scheme. Interest reim­burse­ment and interest sur­charge have been recog­n­ised in fin­an­cial income and expenses. The bal­ance sheet has been presen­ted in account form. Intan­gible assets are meas­ured at cost less accu­mu­late amort­isa­tion. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. Devel­op­ment pro­jects on clearly defined and iden­ti­fi­able products and pro­cesses, for which the tech­n­ical rate of util­isa­tion, adequate resources and a poten­tial future mar­ket or devel­op­ment oppor­tun­ity in the com­pany can be est­ab­l­ished, and where the inten­tion is to man­u­fac­ture, mar­ket or apply the product or pro­cess in ques­tion, are recog­n­ised as intan­gible assets. Other devel­op­ment costs not meet­ing the cri­teria for cap­it­al­isa­tion are recog­n­ised as costs in the income state­ment as incurred.Devel­op­ment pro­jects in pro­gress are trans­ferred to com­pleted devel­op­ment pro­jects when the asset is ready to be put into opera­tion.For own-developed devel­op­ment pro­jects, cap­it­al­ised after 1 Janu­ary 2016 the car­ry­ing amount less deferred tax is trans­ferred from "Retained earn­ings" to "Reserve for devel­op­ment expendit­ure" under equity. Car­ry­ing amounts which exist as a con­sequence of pur­chases of assets or enter­prises' are not taken into the reserve. Assets are amort­ised on a straight-line basis over their estim­ated use­ful lives: Cat­egory Period Com­pleted devel­op­ment pro­jects 5 years Acquired other sim­ilar rights 3 - 5 years Good­will 25 years Determ­ine the amort­isa­tion period for good­will is based on an assess­ment of the acquired enter­prises' mar­ket pos­i­tion, earn­ings, strong cus­tomer loy­alty and expect­a­tions of a con­tinu­ously pos­it­ive devel­op­ment in the mar­ket for the Group's ser­vices.As the intan­gible assets are not being traded in an act­ive and effect­ive mar­ket, no resid­ual val­ues after end of use are included when determ­in­ing the amort­isa­tion period.Profit/loss on sale has been included in the income state­ment underother operat­ing income and other operat­ing expenses..The car­ry­ing amounts of intan­gible assets are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual amort­isa­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Prop­erty, plant and equip­ment are meas­ured at cost less accu­mu­late depre­ci­a­tion. The basis of depre­ci­a­tion is cost less estim­ated resid­ual value after the end of use­ful life. Land is not depre­ci­ated. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. The cost price for an asset is divided into sep­ar­ate com­pon­ents, that are depre­ci­ated sep­ar­ately, if the use­ful life of the indi­vidual com­pon­ents is sig­ni­fic­antly dif­fer­ent. Depre­ci­a­tion is ini­ti­ated when the assets are ready to be taken into opera­tion. Assets are depre­ci­ated on a straight-line basis over their estim­ated use­ful lives with fol­low­ing resid­ual val­ues: Cat­egory Period Resid­ual value Build­ings 20 years 0% Lease­hold improve­ments 5-10 years 0% Fix­tures, fit­t­ings, tools and equip­ment 3-10 years 0% Prop­erty, plant and equip­ment in pro­gress (under con­struc­tion) is not depre­ci­ated.Minor pur­chases with use­ful lives below one year have been recog­n­ised as an expense in the income state­ment in external expenses.Profit/loss on sale or retire­ment has been included in the income state­ment under other operat­ing income and other operat­ing expenses.The car­ry­ing amounts of prop­erty, plant and equip­ment are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual depre­ci­a­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Prop­erty, plant and equip­ment that are assets held under lease and meet the condi­tions for fin­ance leases are accoun­ted for accord­ing to the same guidelines as owned assets. Assets held under lease are recog­n­ised in the bal­ance sheet at the lower of fair value and present value of the future lease pay­ments. On cal­cu­la­tion of the present value, the internal interest rate of the lease is applied as dis­count factor or an approx­im­ate value thereof. Assets held under fin­ance lease are depre­ci­ated and writ­ten down accord­ing to the same policies as are determ­ined for the remain­ing fixed assets. The cap­it­al­ised remain­ing lease com­mit­ment is recog­n­ised in the bal­ance sheet as a liab­il­ity other than pro­vi­sions. The interest por­tion of lease pay­ments is recog­n­ised over the term of the lease in the income state­ment. Lease agree­ments not meet­ing the cri­teria for fin­ance leases are con­sidered operat­ing leases. Pay­ments in rela­tion to operat­ing lease are recog­n­ised on a straight-line basis in the income state­ment over the term of the lease. Invest­ments in group enter­prises have been meas­ured at cost. In the event, the cost exceeds the recover­able amount, a write­down is made to this lower value. Indic­a­tions of impair­ment exists for example when dividends exceed the accu­mu­lated earn­ings since the acquis­i­tion or when the cost exceeds the net asset value of the invest­ments in group enter­prises. Recover­able amount used is the highest value of the expec­ted net sales price and cap­ital value. Cap­ital value is determ­ined as the present value of the expec­ted net cash flow from the pos­ses­sion of the indi­vidual invest­ments.Impair­ment for losses for the year are recog­n­ised in the income state­ment as impair­ment of fin­an­cial assets. Other secur­it­ies and invest­ments recog­n­ised under fixed assets is meas­ured at cost. In events when the car­ry­ing amount exceeds the recover­able amount, impair­ment for loss is made to such lower value. Impair­ment losses if any are recog­n­ised in the income state­ment under impair­ment of fin­an­cial assets. Other receiv­ables recog­n­ised under fixed assets com­prise loans and rental depos­its, which usu­ally cor­responds to nom­inal amount. In events when the car­ry­ing amount exceeds the recover­able amount, impair­ment for loss is made to such lower value. Impair­ment losses if any are recog­n­ised in the income state­ment under impair­ment of fin­an­cial assets. Invent­or­ies are meas­ured at cost accord­ing to the FIFO method. In the event of cost exceed­ing net real­is­able value, write­down is made to this lower value. Cost of goods for resale as well as raw mater­i­als and con­sum­ables com­prises pur­chase price plus deliv­ery costs. Cost of man­u­fac­tured goods and work in pro­gress con­sists of costs of raw mater­i­als, con­sum­ables, dir­ect labour costs and other dir­ect costs. The net real­is­able value of invent­or­ies is cal­cu­lated at the estim­ated selling price less com­ple­tion costs and expec­ted costs to execute sale. The net real­is­able value is determ­ined allow­ing for mar­ket­ab­il­ity, obsol­es­cence and devel­op­ment in expec­ted sales price.Received pre­pay­ments from cus­tomers regard­ing non delivered goods are recog­n­ised as liab­il­it­ies. Receiv­ables are meas­ured in the bal­ance sheet at the lower of amort­ised cost and net real­is­able value, which cor­responds to nom­inal value less pro­vi­sions for bad debts. Pro­vi­sions for bad debts are determ­ined on the basis of an indi­vidual assess­ment of each receiv­able. Pre­pay­ments com­prise costs incurred relat­ing to sub­sequent fin­an­cial years. Increases of the the share cap­ital is recog­n­ised dir­ectly into equity less related trans­ac­tion cost. In case of acquis­i­tion of treas­ury shares the acquis­i­tion price is recog­n­ised dir­ectly in equity under the item retained earn­ings. Sub­sequent adjust­ments in the value of treas­ury shares is not recog­n­ised in the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments.Reserve for cur­rent value adjust­ments of cur­rency gains com­prise accu­mu­late exchange dif­fer­ences arising out of the trans­la­tion of for­eign entit­ies fin­an­cial state­ments from local cur­ren­cies to DKK as well as trans­la­tion of receiv­ables, which is con­sidered to be a part of the net invest­ments in the for­eign entit­ies, from local cur­ren­cies to DKK. At the point in time of dis­vest­ment of a for­eign entity, the accu­mu­late exchange dif­fer­ences recog­n­ised in the reserve are trans­ferred to the income state­ment together with the profit or loss on the dis­vest­ment.Reserve for cur­rent value of hedging com­prise accu­mu­late fair value adjust­ments of deriv­at­ive fin­an­cial instru­ments recog­n­ised dir­ectly to equity. At the point in time of real­isa­tion of the deriv­at­ive fin­an­cial instru­ment, the accu­mu­late fair value adjust­ment recog­n­ised in the reserve are trans­ferred to the income state­ment together with the profit or loss on the real­isa­tion. Minor­ity interests' pro­por­tion­ate share of the group enter­prises' equity is dis­closed as a sep­ar­ate equity item.Minor­ity interests' pro­por­tion­ate share of the group enter­prises' profit or loss is dis­closed as a sep­ar­ate item in the pro­posed dis­tri­bu­tion of profit and loss, and is dis­closed in the con­sol­id­ated equity state­ment as well as together with other adjust­ments includ­ing profit or loss due to trans­fer­ring of shares dur­ing the fin­an­cial year. Deferred tax is meas­ured using the bal­ance sheet liab­il­ity method. Pro­vi­sion has been made for deferred tax by 22% on all tem­por­ary dif­fer­ences between car­ry­ing amount and tax-based value of assets and liab­il­it­ies. Deferred tax is also meas­ures with respect of the planned use of the asset and the set­tle­ment of the liab­il­ity. The tax value of the tax losses to be car­ried for­ward are included in the cal­cu­la­tion of deferred taxes if it is prob­able that the losses can be used. Deferred tax assets are meas­ured at net real­is­able value.Deferred tax assets which are not expec­ted util­ised within a few years have been dis­closed in notes under con­tin­gent assets.The com­pany is Man­age­ment com­pany in a joint tax­a­tion with other Dan­ish group enter­prises. The tax effect of the joint tax­a­tion is alloc­ated among the group enter­prises in ratio to their tax­able income accord­ing to the rules on full alloc­a­tion with a refund for tax losses of the Dan­ish Cor­por­a­tion Tax Act. Cor­por­a­tion tax relat­ing to the fin­an­cial year which has not been settled at the bal­ance sheet date is to be clas­si­fied as cor­por­a­tion tax in receiv­ables or liab­il­it­ies other than pro­vi­sions. Joint tax con­tri­bu­tions between the jointly taxed com­pan­ies which have not been settled at the bal­ance sheet date are clas­si­fied as joint tax con­tri­bu­tions in receiv­ables or liab­il­it­ies other than pro­vi­sions. Other pro­vi­sions include expec­ted future pay­ments of earn-out to the sellers of the acquired clin­ics. Pro­vi­sions are ini­tially recog­n­ized when a legal or con­struct­ive oblig­a­tion has arisen as a res­ult of an event occur­ring before the bal­ance sheet date, and it is prob­able that the set­tle­ment of the oblig­a­tion will require the use of resources. Pro­vi­sions are meas­ured at cap­it­al­ised value. The earn-out oblig­a­tion is meas­ured based on the real­ized res­ults and future budgets com­pared to the agreed tar­gets. Pro­vi­sions that mature after one year or later from the bal­ance heet date are dis­coun­ted using a rate that reflects the risk and matur­ity of the oblig­a­tion. Fin­an­cial debts are recog­n­ised ini­tially at the pro­ceeds received net of trans­ac­tion expenses incurred, which are dir­ectly related with the loan. In sub­sequent years, fin­an­cial debts are meas­ured at amort­ised cost equal to the cap­it­al­ised value using the effect­ive interest rate. The dif­fer­ence between the pro­ceeds and the nom­inal value is recog­n­ised in the income state­ment over the loan period. Fin­an­cial debts also include the cap­it­al­ised resid­ual oblig­a­tion on fin­ance leases. Short-term debts are meas­ured at amort­ised cost, sub­stan­tially cor­respond­ing to nom­inal value. Deferred income com­prise income received relat­ing to sub­sequent fin­an­cial years. The cash flow state­ment shows the com­pany's cash flows broken down by operat­ing, invest­ing and fin­an­cing activ­it­ies, changes for the year in cash and cash equi­valents as wells as cash and cash equi­valents at the begin­n­ing and end of the year. Cash flows from acquis­i­tions and divest­ments are shown sep­ar­ately under cash flows from invest­ing activ­it­ies. In the cash flow state­ment, cash flows regard­ing acquired com­pan­ies are recog­n­ised from the date of acquis­i­tion and cash flows from dives­ted com­pan­ies are recog­n­ised until the trans­fer date. Cash flows from operat­ing activ­it­ies are cal­cu­lated as the net profit/loss for the year adjus­ted for non-cash operat­ing items, fin­an­cial income and expenses paid, cor­por­a­tion taxes as well as increase and decrease in invent­or­ies, trade receiv­ables, trade pay­ables and other changes in assets and liab­il­it­ies other than pro­vi­sions deriv­ing from opera­tions. Cash flows from invest­ing activ­it­ies com­prise pay­ments in the year in con­nec­tion with acquis­i­tion and sale of fixed assets as well as pay­ments in con­nec­tion with acquis­i­tion and divest­ment of com­pan­ies. Cash flows from fin­an­cing activ­it­ies com­prise pay­ments in the year from incep­tion and repay­ment of long-term liab­il­it­ies other than pro­vi­sions as well as pay­ments made to and received from the share­holder's.Cash and cash equi­valents com­prise cash at bank and in hand. Refer­ring to Sec­tion 86 (4) of The Dan­ish Fin­an­cial State­ments Act, the com­pany has not pre­pared a cash flow state­ment. Fin­an­cial high­lights are defined and cal­cu­lated in accord­ance with the cur­rent ver­sion of "Recom­mend­a­tions & Ratios" issued by the CFA Soci­ety Den­mark. Fin­an­cial high­lights are cal­cu­lated on basis of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, and no adjust­ments nor nor­m­al­isa­tions for ana­lysis pur­poses have been made unless expressed in the sec­tion of the fin­an­cial high­lights. The fin­an­cial high­lights are cal­cu­lated as fol­lows: Fin­an­cial high­lights Explan­a­tion Return on inves­ted cap­ital = EBIT * 100/Average inves­ted cap­ital* Solvency ratio = Equity * 100/Total assets Return on equity = Profit/loss for the year * 100/Average equity *Inves­ted cap­ital are defined as net work­ing cap­ital with addi­tion of operat­ing intan­gible assets and Prop­erty, plant and equip­ment. 2401164000 1660877000 0 0 483717000 350597000 0 0 443067000 277760000 131000 -54000 1474380000 1032520000 -131000 54000 1263966000 846011000 0 0 280055000 143427000 0 0 27948000 15680000 0 0 47647000 58434000 0 0 -89341000 328000 -131000 54000 90585000 5593000 123000 35000 405922000 297141000 670000 649000 -404678000 -291220000 -678000 -560000 -1858000 -3032000 -49000 -31000 -402820000 -288188000 -629000 -529000 11219000 5288000 0 0 2173000 1801000 0 0 3641893000 2726066000 0 0 29568000 0 0 0 3684852000 2733155000 0 0 562000 2691000 0 0 84189000 57490000 0 0 161954000 111650000 0 0 246705000 171831000 0 0 0 0 379029000 379029000 6703000 3809000 0 0 15914000 10971000 0 0 22616000 14780000 379029000 379029000 3954173000 2919766000 379029000 379029000 104815000 79292000 0 0 104815000 79292000 0 0 83960000 47852000 0 0 0 0 1343000 1402000 32406000 43520000 820000 781000 3600000 9023000 0 0 18355000 16441000 0 0 29525000 27945000 0 0 167846000 144782000 2163000 2183000 380961000 317688000 934000 52000 653622000 541762000 3098000 2235000 4607795000 3461528000 382127000 381264000 413000 413000 413000 413000 -10374000 -9997000 0 0 -877000 -314000 0 0 -65610000 38706000 356424000 357053000 -57312000 49358000 0 0 -133760000 78165000 356837000 357466000 10174000 17173000 0 0 387035000 312932000 0 0 397209000 330106000 0 0 3614786000 2557242000 0 0 1752000 2168000 0 0 376151000 198386000 22949000 22281000 3992689000 2757797000 22949000 22281000 2045000 8146000 0 0 86712000 75150000 59000 50000 0 0 2282000 1467000 2207000 17144000 0 0 260589000 195021000 0 0 104000 0 0 0 351656000 295461000 2341000 1517000 4344345000 3053257000 25290000 23798000 4607795000 3461528000 382127000 381264000  Con­trib­uted cap­italRetained earn­ingsTotal DKK'000DKK'000DKK'000    Equity at 1 Janu­ary 2024413357.582357.995Dis­trib­uted profit/loss for the year -529-529Equity at 1 Janu­ary 2025413357.053357.466Dis­trib­uted profit/loss for the year -629-629Equity at 31 Decem­ber 2025413356.424356.837         Con­trib­uted cap­italReserve for fair value adjust­ments of cur­rency gainsReserve for fair value of hedgingRetained earn­ingsMinor­ity interestsTotal DKK'000DKK'000DKK'000DKK'000DKK'000DKK'000       Equity at 1 Janu­ary 2024413-7.350606134.508132.061260.237Exchange rate adjust­ments for the year  -2.888 0-2.736-5.623Revalu­a­tion, fair value00-1.1530-1.089-2.242Cap­ital increase0  66.65462.923129.577Pur­chase of treas­ury shares   -8.276-7.812-16.088Dis­trib­uted profit/loss for the year   -149.058-139.131-288.188Equity adjust­ments, minor­ity interests 240-20-5.1234.9030Tax on equity trans­ac­tions  254 240493Equity at 1 Janu­ary 2025413-9.997-31438.70649.35878.165Adjust­ments, pre­vi­ous years0  -468-616-1.084Exchange rate adjust­ments for the year  -1.113 0-1.231-2.344Revaluta­tion, fair value00-5860-643-1.229Cap­ital increase0  119.588131.385250.973Pur­chase of treas­ury shares   -24.290-26.686-50.976Expenses due to cap­ital increase   -1.915-2.104-4.019Dividends paid   0-426-426Dis­trib­uted profit/loss for the year   -192.664-210.156-402.820Equity adjust­ments, minor­ity interests 73723-4.5673.8070Equity at 31 Decem­ber 2025413-10.374-877-65.610-57.312-133.760 280055000 143427000 329229000 287897000 5822000 14914000 -26944000 3130000 1923000 -1200000 11317000 -15935000 11861000 5593000 207522000 168351000 13618000 5333000 -26188000 -51473000 28285000 4913000 103303000 44578000 11473000 2216000 729762000 591246000 -872823000 -642952000 1029998000 809971000 0 774000 106525000 0 71000 0 3771000 878000 15637000 16088000 94037000 27537000 426000 0 -32675000 -15641000 964929000 805676000 65918000 111250000 -2645000 -1180000 380961000 317688000 380961000 317688000 Sig­ni­fic­ant account­ing estim­ates The valu­a­tion of good­will and invest­ments in group enter­prises has been assessed through a dis­coun­ted cash flow ana­lysis. The cash flow ana­lysis includes five-year pro­jec­tions, along with a terminal period, and is based on the actual res­ults for 2025. The expect­a­tions reflect deci­sions that have already been made and include man­age­ment's assess­ments of pri­cing, product port­fo­lio, pro­cure­ment agree­ments, and sim­ilar fact­ors. The growth expect­a­tions used for the next 5 years reflect external mar­ket assess­ments and the terminal growth rate is set at 2% (2024: 2%). A WACC of 12,0% (2024: 12,0%) has been applied for all coun­tries, which reflects the risk-free rate, mar­ket risk premium, and interest rate on external fin­an­cing.  A reduc­tion of the EBITDA mar­gin by 1 per­centage point would res­ult in an impair­ment of m.DKK 9,5. An increase of the WACC by 1 per­centage point would res­ult in an impair­ment of m.DKK 32,7. The earn-out pro­vi­sion is meas­ured at cap­it­al­ized value and each quarter the pro­vi­sion is reas­sessed for changes in the expec­ted future pay­ments based on actual fig­ures and fore­casts/expect­a­tions for the remain­ing earn-out period.   Dur­ing 2026, the Group has con­tin­ued to acquire veter­in­ary clin­ics. Other­wise, no events mater­i­ally affect­ing the Group's fin­an­cial pos­i­tion have occurred after the fin­an­cial year-end.  Den­markRest of Nor­dicsRest of EuropeTotal DKK'000DKK'000DKK'000DKK'000Group 2025    Veter­in­ary activ­ity625.2791.205.816570.0682.401.163Total625.2791.205.816570.0682.401.163     Group 2024    Veter­in­ary activ­ity565.111877.781217.9841.660.876Total565.111877.781217.9841.660.876     Group 2025Group 2024 DKK'000DKK'000   Stat­utory audit fee5.8835.255Other assur­ance engage­ments200175Tax advis­ory ser­vices316300Other ser­vices6831.447Total7.0817.178   In accord­ance with the Dan­ish Fin­an­cial State­ment Act § 96, sec­tion 3 the fee to the aud­itor elec­ted on the annual gen­eral meet­ing for the par­ent com­pany has been omit­ted as they are included in the con­sol­id­ated fin­an­cial state­ment.        Group 2025Group 2024Par­ent 2025Par­ent 2024 DKK'000DKK'000DKK'000DKK'000     Impair­ment losses of intan­gible assets-59.831000Impair­ment losses of prop­erty, plant and equip­ment-300000Adjust­ment of estim­ated future earn-out pay­ments 78.808000Adjust­ment of pur­chase price, pre­vi­ous years0-16.03300Total18.677-16.03300     Spe­cial items for the year are recog­n­ized in the income state­ment in the item "Depre­ci­a­tion, amort­isa­tion and impair­ment losses of prop­erty, plant and equip­ment and intan­gible assets" and "Fin­ance income"       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKK'000DKK'000DKK'000DKK'000     Wages and salar­ies1.058.339711.36500Pen­sions 78.35358.36300Other social secur­ity costs127.27476.28300Total1.263.966846.01100     Average num­ber of full-time employ­ees2.3112.06700     Remu­nera­tion for man­age­ment cat­egor­ies:    Total remu­nera­tion of all man­age­ment cat­egor­ies2.4832.18500     Incent­ive pro­gram:    The Group offers man­age­ment and other key employ­ees and clinic own­ers (sellers) the oppor­tun­ity to co-invest in the com­pany to cre­ate a fin­an­cial incent­ive for future growth. All parties invest in the same com­pany to cre­ate a con­sist­ent incent­ive. The invest­ments con­sist of a com­bin­a­tion of pref­er­ence and ordin­ary shares, and all employ­ees enter into the same share­holder agree­ment. 1058339000 711365000 0 0 78353000 58363000 0 0 127274000 76283000 0 0 2311 2067 0 0     Group 2025Group 2024 DKK'000DKK'000   Amort­isa­tion of intan­gible assets151.905100.059Impair­ment losses of intan­gible assets59.8310Depre­ci­a­tion of prop­erty, plant and equip­ment68.01943.368Impair­ment losses of prop­erty, plant and equip­ment3000Total280.055143.427       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKK'000DKK'000DKK'000DKK'000     Fin­an­cial income from group enter­prises0000Other fin­an­cial income90.5855.59312335Total90.5855.59312335 0 0 0 0 90585000 5593000 123000 35000       Group 2025Group 2024Par­ent 2025Par­ent 2024 '000DKK'000DKKDKK'000DKK'000     Fin­an­cial expenses to group enter­prises0000Other fin­an­cial expenses405.922297.141670649Total405.922297.141670649 0 0 0 0 405922000 297141000 670000 649000 -192664000 -149058000 -629000 -529000  Devel­op­ment pro­jectsAcquired rightsGood­willPre­pay­ments for intan­gible assetsTotalGroup 2024 DKK'000DKK'000DKK'000DKK'000DKK'000DKK'000       Cost at 1 Janu­ary 20258.8232.1562.976.46602.987.4452.042.157Exchange rate adjust­ments190731.326-331.521-37.229Trans­fers for the year393012.143012.537-32.951Addi­tions for the year9.66716.0101.087.63729.5701.142.8851.019.314Dis­pos­als for the year-5270-9.5540-10.081-3.846Cost at 31 Decem­ber 202518.54618.1744.098.01929.5684.164.3062.987.445       Amort­isa­tion and impair­ment losses at 1 Janu­ary 2025-3.535-355-250.4000-254.290-159.546Exchange rate adjust­ments-676-2.6370-2.6992.747Trans­fers for the year34-151-12.4120-12.5292.568Amort­isa­tion for the year-3.969-1.558-146.378 -151.905-100.059Impair­ment losses for the year0-13.943-45.8880-59.8310Reversal regard­ing dis­pos­als for the year21101.58901.8000Amort­isa­tion and impair­ment losses at 31 Decem­ber 2025-7.327-16.001-456.1260-479.454-254.290       Car­ry­ing amount at 31 Decem­ber 202511.2192.1733.641.89329.5683.684.8522.733.155       The Group's devel­op­ment pro­jects include the devel­op­ment of internal sys­tems for man­aging the admin­is­tra­tion of the clin­ics, which are expec­ted to sig­ni­fic­antly reduce admin­is­tra­tion costs. The sys­tems are in use.   Land and build­ingsLease­hold improve­mentsFix­tures, fit­t­ings, tools and equip­mentTotalGroup 2024 DKK'000DKK'000DKK'000DKK'000DKK'000      Cost at 1 Janu­ary 20253.830101.308241.690346.828197.022Exchange rate adjust­ments3041542.8743.332-6.495Trans­fers for the year-2.67216.845-4.09510.07876.046Addi­tions for the year-36035.141113.643148.42486.013Dis­pos­als for the year0-2.159-8.902-11.061-5.758Cost at 31 Decem­ber 20251.102151.289345.210497.601346.828      Depre­ci­a­tion and impair­ment losses at 1 Janu­ary 2025-1.139-43.818-130.040-174.997-56.841Exchange rate adjust­ments-205-116-1.850-2.1713.141Trans­fers for the year884-6.952-3.662-9.729-78.218Depre­ci­a­tion for the year-81-16.463-51.476-68.019-43.368Impair­ment losses for the year00-300-3000Reversal regard­ing dis­pos­als for the year02484.0724.320288Depre­ci­a­tion and impair­ment losses at 31 Decem­ber 2025-540-67.100-183.256-250.897-174.997      Car­ry­ing amount at 31 Decem­ber 202556284.189161.954246.705171.831      Fin­an­cing leases recog­n­ised in the asset001.9151.9152.787  Other invest­mentsOther receiv­ablesTotalGroup 2024 DKK'000DKK'000DKK'000DKK'000     Cost at 1 Janu­ary 20253.80910.97214.78011.783Addi­tions for the year2.8944.9427.8364.056Dis­pos­als for the year000-1.059Cost at 31 Decem­ber 20256.70315.91422.61614.780     Car­ry­ing amount at 31 Decem­ber 20256.70315.91422.61614.780  Invest­ments in group enter­prisesTotalPar­ent 2024 DKK'000DKK'000DKK'000    Cost at 1 Janu­ary 2025382.555382.555382.555Cost at 31 Decem­ber 2025382.555382.555382.555    Amort­isa­tion and impair­ment losses at 1 Janu­ary 2025-3.526-3.526-3.526Amort­isa­tion and impair­ment losses at 31 Decem­ber 2025-3.526-3.526-3.526    Car­ry­ing amount at 31 Decem­ber 2025379.029379.029379.029  Equity interestCon­trib­uted cap­ital  DKK'000   Veto­pia II ApS, Gentofte47,7%795   For indir­ect own­er­ships please refer to note 30. There is con­trol over the the group enter­prise through share­holder agree­ment.       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKK'000DKK'000DKK'000DKK'000     Pre­paid rent2.08770100Insur­ance and mem­ber­ship fee's2.56075200Other pre­paid expenses11.1475.14900Borrowing costs, unutilized facilities13.73221.34300Total29.52527.94500   Par­ent 2025Par­ent 2024  DKK'000DKK'000    Contributed capital 413413Total 413413    The share cap­ital con­sists of 41.331.200 cer­ti­fic­ates of DKK 0,01 of which are divided into: 40.917.888 B- share cer­ti­fic­ates and 413.312 C- share cer­ti­fic­ates.     The group uses earn-out as a part of the acquis­i­tion price of acquired clin­ics. The earn-out oblig­a­tion is meas­ured based on the real­ized res­ults and future budgets com­pared to the agreed tar­gets. This year's change in earn-outs is explained below:   Group 2025 DKK'000Pro­vi­sions at 1 Janu­ary 2025308.432Trans­fers dur­ing the year-6.896Addi­tions regard­ing acquis­i­tions140.527Fin­an­cing costs for the year46.581Changed pay­out estim­ates-78.808Paid earn-outs in the year-32.675Exchange rate adjust­ments4.647Pro­vi­sions at 31 Decem­ber 2025381.808  Earn-outs pro­vi­sion estim­ated at m.DKK 42 are expec­ted to be paid out in 2026.   The group also has a pro­vi­sion related to a bind­ing lease agree­ment for premises that can­not be util­ized by the Group estim­ated at m.DKK 4,5 (2024: m.DKK 4,5).       Group 31‑12‑2025Group 31‑12‑2024Par­ent 31‑12‑2025Par­ent 31‑12‑2024 '000DKK'000DKKDKK'000DKK'000     Liab­il­it­ies in total:    Debt to credit insti­tu­tions3.614.7862.557.24200Lease com­mit­ments2.7112.78300Other pay­ables377.237205.91822.94922.281Total3.994.7342.765.94322.94922.281     Cur­rent por­tion of non-cur­rent liab­il­it­ies:    Debt to credit insti­tu­tions0000Lease com­mit­ments95961500Other pay­ables1.0867.53200Total2.0458.14600     Due bey­ond 5 years after the bal­ance sheet date:    Debt to credit insti­tu­tions0000Lease com­mit­ments0000Other pay­ables088.89700Total088.89700       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKK'000DKK'000DKK'000DKK'000     Ser­vices104000Total104000 The group uses fin­an­cial deriv­at­ives to reduce risks related to changes in exchange rates. All con­tracts are entered into with est­ab­l­ished credit insti­tu­tions and the fair value are cal­cu­lated based on observ­able mar­ket data.    For­ward exchange con­tracts (FX SWAP) Group 2025Par­ent 2025  DKK'000DKK'000Changes in cur­rent value in the year regard­ing hedging, clas­si­fied as cash flow hedging, recog­n­ised dir­ectly in the equity  -1.2290Fair value at 31 Decem­ber 2025 -1.8390    All con­tracts expires in Janu­ary 2026. There are the fol­low­ing con­tracts at 31 Decem­ber 2025:    Cur­rency Near leg, soldNear leg, recievedSold / recieved LCY'000LCY'000EUR to GBP 20.52218.066CHF to EUR 1.0001.075DKK to EUR 70.0009.372NOK to EUR 8.000677SEK to EUR 25.0002.315     Group 2025Group 2024 DKK'000DKK'000   Unre­cog­n­ised deferred tax assets primar­ily due to tax losses car­ried for­ward:5.69017.562     Par­ent 2025Par­ent 2024 DKK'000DKK'000   Unre­cog­n­ised deferred tax assets primar­ily due to tax losses car­ried for­ward:458396 Vetopia III ApS are jointly taxed with other group com­pan­ies and are sev­erally liable for tax on the jointly taxed incomes etc. of the group. Moreover, the group com­pan­ies are jointly and sev­erally liable for Dan­ish with­hold­ing taxes by way of tax on interest, dividend tax and tax on roy­alty pay­ments. Any sub­sequent adjust­ments of cor­por­a­tion taxes and with­hold­ing taxes may increase the the com­pany's liab­il­ity. Vetopia III ApS has provided an unlim­ited secur­ity for group com­pan­ies engage­ment with credit insti­tu­tions. Vetopia III ApS Vetopia III ApS   Cash relat­ing to the Nor­we­gian sub­sid­ar­ies which amounts to DKK'000 10.813 are restric­ted for tax with­hold­ing pur­poses and as a rental guar­an­tee.     Group 2025Group 2024 DKK'000DKK'000   The Group has entered into lease agree­ments for premises. The lease agree­ments are non-can­cellable and expire pro­gress­ively until 2041 and for the par­ent com­pany the rental con­tract is non-termin­able until 1/3 2027. The total com­mit­ment rep­res­ents:579.910391.523The Group has entered into opera­tional lease agree­ments for cars and equip­ment. The lease agree­ments are non-can­cellable and expire pro­gress­ively until 2029. The total com­mit­ment rep­res­ents:4.35213.520Total rental and lease oblig­a­tions584.262405.043 There are no par­ent com­pany that pre­pares a con­sol­id­ated fin­an­cial state­ments wherein this com­pany is included.     -15023000 0 -90585000 -5593000 -405922000 -297141000 -1858000 -3051000 In accord­ance with sec­tion 98(c)(7) of the Dan­ish Fin­an­cial State­ments Act no related party trans­ac­tions have been dis­closed as man­age­ment assess all trans­ac­tions have been car­ried out on an arm’s length basis.       The com­pany has con­trol over the fol­low­ing sub­si­di­ar­ies, dir­ectly or indir­ectly owned, through agree­ments with the other share­holders:       NameCityOwn­er­ship NameCityOwn­er­shipDen­mark:   Nor­way:  Veto­pia II ApSGentofte47,7% Empet Hold­ing AS Strøm­men47,7%Veto­pia I ApSGentofte47,7% Empet AS Strøm­men47,7%Veto­pia ApSGentofte47,7% Empet Kris­ti­an­sund AS Kris­ti­an­sund47,7%Vet­grup­pen Hold­ing A/SBrøndby47,7% Empet Romerike Hesteklinikk AS Skjetten47,7%Vet­grup­pen A/SBrøndby47,7% Empet Lar­vik AS Lar­vik35,8%Dyrlæge Mikkelsen ApSHern­ing47,7% Empet Stabekk AS Stabekk47,7%Nordre Dyre­hos­pital ApSLys­trup47,7% Empet Øst­fold AS Fre­derik­stad47,7%Ske­jby Dyreklinik ApSÅrhus47,7% Steinkjer Veter­inærsenter AS Steinkjer47,7%Dyre­hos­pitalet Heden ApSHern­ing47,7% Stange Dyreklinikk AS Ottestad47,7%KØGE BUGT DYREKLINIK ApSKøge47,7% Åle­sund Dyresyke­hus AS Ale­sund47,7%Skive Dyre­hos­pital ApSSkive47,7% Veter­inærkontoret i Førde AS Førde47,7%Fre­derik­shavn Dyre­hos­pital ApSFre­derik­shavn47,7% Smådyrsyke­hu­set Gjøvik AS Gjøvik47,7%Vet­grup­pen Brønder­slev Dyre­hos­pital ApSBrønder­slev47,7% Empet Kløfta Dyreklinikk AS Kløfta47,7%Hør­sholm Heste­prak­sis ApSHør­sholm47,7% EMPET Askim dyreklinikk ASAskim47,7%Nykøbing F. Dyre­hos­pital ApSNykøbing Fal­ster47,7% Pors­grunn Dyreklinikk AS Pors­grunn47,7%Ris­skov Dyre­hos­pital ApSAar­hus47,7% Hinna Dyreklinikk AS Stavanger47,7%Ny Esb­jerg Dyre­hos­pital af 2015 ApSEsb­jerg47,7% Halden Dyreklinikk AS Halden47,7%ApS Cen­trum Dyreklinik Esper­gærdeEsper­gærde47,7% MinDyr­lege AS Bønes47,7%    MinDyr­lege Åsane AS Åsane47,7%Aus­tria:   Myrbø Dyreklinikk AS Espe­land47,7%VHH Veter­in­aria Health Hold­ing GmbH Wien47,7% Smådyrsyke­hu­set i Hauge­sund AS Hauge­sund47,7%Vet-Webinar GmbHWien47,7% Florø Dyreklinikk ASFlorø47,7%VHB Veter­in­aria Health Betriebs GmbHWien47,7%    Vet-webinar pty ltd. (Aus­tralia)Noosa Heads47,7%     NameCityOwn­er­ship NameCityOwn­er­shipUnited King­dom:   Nor­way, con­tin­ued:  VetTh­ing Lim­itedBris­tol47,7% Dyreklinikken Ber­gen Vest AS Lod­de­f­jord47,7%Arvo­nia Veter­in­ary Lim­itedChel­ten­ham47,7% Ran­heim Dyreklinikk AS Ran­heim47,7%Stel­lar Pet Ser­vices Lim­itedLittle­hamp­ton47,7% Sve­berg Dyre­hos­pital AS Hom­melvik47,7%Park House Veter­in­ary Centre Lim­itedStaf­ford47,7% Asker dyreklinikk AS Nes­bru47,7%AX VI Ani Newco lim­itedBris­tol47,7% Ber­gen HesteklinikBer­gen47,7%    Jæren Smådyrk­linikk ASBryne47,7%Ger­many:   Sarps­borg Smådyrk­linikk 2 ASSarps­borg47,7%Vet­Grup­pen Deutsch­land GmbHHam­burg47,7% Ber­gen Smådyrk­linikk ASBer­gen47,7%Vet­Grup­pen MidCo GmbHHam­burg47,7% Ber­gen Kat­teklinikk ASBer­gen47,7%Tierk­linik Mais­cheider­land GmbHGroß­mais­cheid47,7% Bjerke Dyre­hos­pital AS Oslo47,7%Tierarzt Essen GmbHEssen47,7% Aks­dal dyreklinikk AS Før­res­f­jorden47,7%Klein­ti­er­praxis am Haigst GmbHStut­t­gart47,7% Vet­sen­trum ASInge­berg47,7%Tierärzt­liche Praxis Foh­len­weide GmbHKönigs­dorf47,7% Dyr­le­gene på Hade­land ASGran47,7%Fachti­erar­zt­praxis Amerang / Traun­reut GmbHAmerang47,7% Hamar Dyreklinikk ASHamar47,7%Dr. Diek­mann Tierärtze GmbHBünde47,7% Dyr­le­gene i Norderhov AS Høne­foss47,7%Tierar­zt­praxis Markus Wirth GmbHAchter­wehr47,7% Dyretannk­linikken ASSem47,7%Klein­ti­er­praxis Dr. Kuntze GmbHBerlin47,7% Smådyrk­linikken i Nit­te­dal ASNit­te­dal47,7%cpvet GmbHHer­ford47,7%    Klein­ti­er­praxis am Heer­busch GmbHBochum47,7%    Tierar­zt­praxis Dr. Tyrell und Dr. Haege GmbHWies­baden47,7% Fin­land:  Tierge­sund­heit­szen­trum Arn­stadt GmbHArn­stadt47,7% Vireä Group OyHel­sinki47,7%Tierar­zt­praxis Petra Mor­lock GmbHStut­t­gart47,7% Hakamet­sän Eläin­lääkäri­p­alvelu OyTampere47,7%Pferde­ge­sund­heit­szen­trum in Walden­buch GmbHWalden­buch47,7% Eläin­sair­aala Aisti OyVantaa47,7%Pferde­praxis in Geesthacht GmbHGeesthacht47,7% Kaar­inan Eläin­lääkäri­asema OyKaar­ina47,7%Tierärzt­liches Gesund­heit­szen­trum Töging GmbHTöging am Inn47,7% Anident OyVeikkola47,7% NameCityOwn­er­ship NameCityOwn­er­shipGer­many, con­tin­ued:   Fin­land, con­tin­ued:  Klein­ti­er­spezi­al­isten Meer­busch GmbHMeer­busch47,7% Eläin­lääkäri­asema Taika­tassu OyKlaukkala47,7%Tierar­zt­praxis Karl­sk­ron GmbHKarl­sk­ron47,7% Kuo­pion Eläin­lääkärikeskus OyKuo­pio47,7%Tierk­linik Dinkels­bühl GmbHDinkels­bühl47,7% Almavet OyJyväs­kylä47,7%Tierge­sund­heit­szen­trum Braun in Lahr GmbHLahr47,7% Oulun Eläink­linikka OyOulu47,7%Tierar­zt­praxis Vils­biburg GmbHVils­biburg47,7% Lenia OyLenia47,7%Vet­grup­pen 25 GmbH Ham­burg47,7% Tuulivet OyHeinola47,7%Tierar­zt­praxis Dr. König Berlin GmbHBerlin47,7% Kar­vainen Kaveri OySiil­in­järvi47,7%Neur­ovet GmbHWies­baden47,7% Oy Länsir­an­nikon eläink­linikkaVaasa47,7%Tierar­zt­praxis Klötzer GmbHBer­gisch Glad­bach47,7% Laukaan Eläink­linikka OyVihtavuori47,7%Vet­grup­pen 29 GmbHHam­burg47,7% Hyvinkään Hevossair­aala OyHyvinkää47,7%Vet­grup­pen 30 GmbHHam­burg47,7% Vet­serv OyRauma47,7%Vet­grup­pen 31 GmbHHam­burg47,7% Eläin­lääkäri­asema Pups 'n Pets OyHel­sinki47,7%Vet­grup­pen 32 GmbHHam­burg47,7% Eläin­to­htori Kivuton OyJoen­suu47,7%Vet­grup­pen 33 GmbH Ham­burg47,7% Sipoon Pieneläink­linikka Morelius OySipoo47,7%Vet­grup­pen 34 GmbHHam­burg47,7%  LOISTO Eläin­lääkärit OyHel­sinki47,7%Vet­grup­pen 35 GmbHHam­burg47,7%  Eläin­lääkäri­asema Animus OyHyvinkää47,7%Vet­grup­pen 36 GmbHHam­burg47,7%  Eläink­linikka Katse Oy,Tampere47,7%Vet­grup­pen 37 GmbHHam­burg47,7% EHYT OySalo47,7%Vet­grup­pen 38 GmbHHam­burg47,7% KSEK OyVarkaus47,7%Vet­grup­pen 39 GmbHHam­burg47,7% Brater OyHam­ina47,7%Vet­grup­pen 40 GmbHHam­burg47,7% Jaf­feVet OyHam­ina47,7%Vet­grup­pen 41 GmbHHam­burg47,7% Mari­a­med­ical OyLahti47,7%Vet­grup­pen 42 GmbHHam­burg47,7% Ravet OyLahti47,7%Vet­grup­pen 43 GmbHHam­burg47,7%    Vet­grup­pen 44 GmbHHam­burg47,7% Sweden:  Vet­grup­pen 45 GmbHHam­burg47,7% Svenska Veter­inär­grup­pen Hold­ing ABStock­holm47,7%Vet­grup­pen 46 GmbHHam­burg47,7% Aling­sås Djurs­jukhus ABAling­sås47,7%Vet­grup­pen 47 GmbHHam­burg47,7% Skövde Djurk­linik ABSkövde47,7%Vet­grup­pen 48 GmbHHam­burg47,7% Skara Djurs­jukhus/småd­jur ABSkara47,7%Vet­grup­pen 49 GmbHHam­burg47,7% Vara Veter­inär­sta­tion ABVara47,7%Vet­grup­pen 50 GmbHHam­burg47,7% A City Veter­inären ABMalmö47,7% NameCityOwn­er­ship NameCityOwn­er­shipSwitzer­land:   Sweden, con­tin­ued:  Hel­veti­era AGZürich47,7% Södermalms Veter­inärk­linik ABStock­holm47,7%Cab­inet Ter­r­eaux Vétérin­aire des Ter­r­eaux SàrlCos­sonay-Ville47,7% Mjönäs Djurk­linik ABMunk­fors47,7%Areda SàrlBex47,7% Gnesta Veter­inär­prak­tik ABGnesta47,7%Tierar­zt­praxis Pfeffingerhof GmbHArlesheim47,7% Veter­inärk­liniken i Kal­mar ABKal­mar47,7%Pferdeklinik Nieder­lenz AGNieder­lenz47,7% Gävle Djurk­linik ABGävle47,7%Cab­inet vétérin­aire du Boiron SàrlNyon47,7% Småd­jurs­ve­ter­inär Örebro ABÖrebro47,7%Klein­ti­er­praxis Rüedi AGLau­pen47,7% Din Veter­inär i Mär­sta ABMär­sta47,7%Klein­tier- und Vogel­praxis Baden-Dät­twil AGBaden-Dät­twil47,7% Min Veter­inär i Skara­borg ABSkövde47,7%    Djurläkarna Nord ABGäl­li­vare47,7%    Göte­borgs Djurk­linik ABGöte­borg47,7%    Djur­cen­t­ralen i Gävle ABGävle47,7%    Din Veter­inär Småd­jurs­prak­tiken i Enköping ABEnköping47,7%    Håkan Ahl­ström AB (Ramk­villa)Ramk­villa47,7%    Helsing­borgs Veter­inärk­linik ABHelsing­borg47,7%    Vet­landa Djurk­linik ABVet­landa47,7%    Magle­bergs Veter­inär­prak­tik ABSjöbo47,7%    Sol­len­tuna Djurk­linik ABSol­len­tuna47,7%    Val­len­tuna Djurk­linik ABVal­len­tuna47,7%    Fjäll­ve­ter­inären AB Ström­sund47,7%    Veter­inärerna i Sjuhärad ABSven­ljunga47,7%    Veter­inären på Söder ABÖster­sund47,7%    Rony­con Aktie­bolagHofors47,7%    Animal Artro­Clinic i Söder­köping ABSöder­köping47,7%    Växjö Nya Djurk­linik ABVäxjö47,7% Revisionspåtegning 19263096 inforevision statsautoriseret revisionsaktieselskab Buddingevej 312 2860 Søborg 2026-06-15 2025-01-01 2025-12-31 2024-01-01 2024-12-31