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fsa:ProposedDividendRecognisedInEquityMember 39873389 2023-12-31 39873389 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 39873389 2024-12-31 fsa:ContributedCapitalMember 39873389 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 39873389 2024-12-31 fsa:RetainedEarningsMember 39873389 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 39873389 2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 39873389 2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 xbrli:pure iso4217:EUR Regnskabsklasse C, stor virksomhed 2025-01-01 2025-01-01 2025-12-31 FTW Holding ApS 1560 København V Kalvebod Brygge 35 39873389 2024-01-01 2024-12-31 regnskabspraksis Regnskabsklasse C, stor virksomhed Årsrapport 39873389 FTW Holding ApS Kalvebod Brygge 35 1560 København V xWizard version 1.1.1540.0, by EasyX Aps. www.easyx.eu Den uafhængige revisors erklæring Grundlag for konklusion Konklusion mne33732 0.108 0.193 0 0.115 0.257 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.119 0.249 0.103 0.262 0.087 0.259 0.024 0.034 0.039 0.025 0.017 Torben Mauritzen 2025   2024   2023   2022   2021   Key figures Key ratios 1817637000 196919000 43838000 1486967000 171025000 50397000 1210374000 144138000 47420000 1023978000 105542000 26055000 940754000 81536000 16452000 5737000 Operating profit before depreciations and amortisation (EBITDA) Operating profit before depreciations and amortisation (EBITDA) Operating profit before depreciations and amortisation (EBITDA) Operating profit before depreciations and amortisation (EBITDA) Operating profit before depreciations and amortisation (EBITDA) 27104000 36498000 34777000 14068000 -15288000 -16001000 -12832000 -6182000 -4418000 7281000 16647000 19599000 5117000 -240000 121888000 378859000 500747000 8476000 67341000 289125000 356466000 10943000 8473000 63962000 255321000 319283000 2081000 61146000 174056000 235202000 1973000 60621000 157382000 218003000 2327000 Portion relating to investments in items of property, plant and Portion relating to investments in items of property, plant and Portion relating to investments in items of property, plant and Portion relating to investments in items of property, plant and Portion relating to investments in items of property, plant and Portion relating to investments in intangible assets Portion relating to investments in intangible assets Portion relating to investments in intangible assets Portion relating to investments in intangible assets Portion relating to investments in intangible assets 7496000 6589000 6635000 7354000 96850000 56250000 347647000 91649000 6402000 258415000 79386000 8825000 231072000 61563000 13875000 159764000 56471000 16544000 144988000 24460000 -44544000 -7495000 -8476000 33144000 13060000 45268000 -19983000 -8031000 -10943000 -19034000 6251000 -13598000 -7526000 -6589000 -2081000 13099000 -8025000 31079000 -8687000 -6635000 -1973000 -15842000 6550000 30935000 -9597000 -7354000 -2327000 -19587000 1751000 Of which relate to intangible assets Of which relate to intangible assets Of which relate to intangible assets Of which relate to intangible assets Of which relate to intangible assets Of which relate to tangible assets Of which relate to tangible assets Of which relate to tangible assets Of which relate to tangible assets Of which relate to tangible assets EBITDA Margin EBITDA Margin EBITDA Margin EBITDA Margin EBITDA Margin 1590 1370 1196 1140 1052 Gross margin   Gross profit x 100   Revenue   Operating profit before depreciations   Operating profit excl. amortisation and   and amortisations (EBITDA) margin   depreciation x 100   Revenue   Solvency ratio   Closing equity x 100   Total assets   Management’s review   Principal activities   FTW Holding ApS was established 15 September 2018. The purpose of the Company is to hold the shares in FTW Invest ApS and the majority of the shares in Wagner   Family Holding ApS, which owns the majority of shares in Abacus Medicine A/S (Abacus Medicine Group), DayDose ApS, FTW Invest, and Evocative ApS. The   development in activities and financial matters within the Group consist mainly of the activities within the Abacus Medicine Group, accordingly the business review   reflects primarily the Abacus Medicine Group’s business. Abacus Medicine Group is established as one of the market leaders in parallel distribution. We are growing   within pharmaceutical services and also operate as a medicine wholesaler.   The result for the year in the consolidated financial statements ended at a profit of EUR 7.3 million for 2025. Organic revenue growth of 22% exceeded the 2025 outlook   of 14‐18%. Solid organic revenue growth in Pharma Trading was enhanced by the acquisition of Medigroup, while the continuing adding of new customers contributed to  a impressive 47% organic growth in Pharma Wholesales. EBITDA reached EUR 43.8 million. This was below our outlook and a result of the continued investments in  geografical expansion and addition of new products and services. Especially the addition of our first original pharmaceutical asset to our large portfolio of parallel import   licenses, with the acquisition of Swiss Cardio Technologies within our Pharmacautical division. As a result, the EBITDA margin of 2.4% was below the expected range of   3.3‐3.7%.  Investments in strategic initiatives and acquisitions to drive long‐term value had a short‐term impact on the financial performance 2025 and gives base for positive  expectations for the 2026 impact. Benefits is expected to arise not only from full year effect of operation from the two acquired companies, but also from the synergies   from the integration and collaboration with other companies within the Abacus Medicine Group.   Besides our extraordinary investments, 2025 was also negatively impacted by internal operational inefficiencies arising from the fast and high revenue growth in the   Pharma Trading and Pharma Wholesale businesses. Due to a dedicated effort, most of these inefficiencies were resolved during the year, and the performance in the last   quarter points towards improvements in 2026.   Pharma Trading continued the organic expansion of its product portfolio and geographical footprint during the year. Demand for affordable medicine is still high, and our   business continues to grow at a high pace.   The Pharma Services division was rebranded as Abacus Medicine Pharmaceuticals to reflect the change into a commercial‐stage pharmaceutical company. A significant  milestone was reached with the acquisition of Swiss Cardio Technologies. Since the acquisition focus have been on preparing for the European launch of Swiss Cardio   Technoloigies´innovative cardioplegic solution in 2026.   Yet again, it was a great year for the Pharma Wholesale division with an exceptional organic growth. Revenue grew 47% from 2024 to 2025, where revenue came in at   EUR 727 million. Pluripharm onboarded a substantial number of new pharmacy wholesale and central filling customers. At the same time, the hospital business grew once   again with the win of an important tender and becoming the primary wholesaler for Amsterdam University Medical Center.   As a result of the above, revenue grew 22% in 2025 to EUR 1,818 million against 1,487 million in 2024. This is the Group's highest revenue ever. EBITDA decreased with   13% in 2025 to 43.8 million against 50.4 million in 2024. This resulted in an EBITDA‐margin of 2.4% for 2025, which was below the range of the previous outlook.  Profit for the year for the Abacus Medicine Group was EUR 7.8 million (2024: EUR 17.6 million).   The result for DayDose ApS ended with a positive result of DKK 27 thousand.   The result for Evocative ApS ended with a loss of DKK 13 thousand.   The result for FTW Invest ended with a positive result of DKK 1.1 million.   The average number of full time employees was 1,590 in 2025.   Investing in new licences and IT   In 2025, the Abacus Medicine Group expanded the portfolio of product licences, including the the acqusition of the product right in Swiss Cardio Technologies AG. In   combination with investments in IT, the result was an increase in Intangible assets to EUR 74.7 million from 38.1 million the year before. Assets in the form of Property,   plant and equipment increased from EUR 19.0 million in 2024 to EUR 25.9 million in 2025.   Current assets, mainly in the form of Inventory and Trade and other receivables, increased to EUR 369.2 million in 2025 against 286.6 million in 2024.   Material recognition and measurement uncertainties   In preparing the consolidated financial statements, Management makes various accounting estimates and assumptions which form the basis of the presentation,   recognition and measurement of the Group's assets and liabilities.   Determining the carrying amounts of certain assets and liabilities requires estimates and assumptions concerning future events. Estimates and assumptions are based on   historical experience and other factors, which Management assesses to be reasonable, but which by their nature involve uncertainty and unpredictability. These   assumptions may have to be revised, and unexpected events or circumstances may occur.   FTW Holding Group is subject to risks and uncertainties that may lead to the actual results differing from these estimates, both positively and negatively. Specific risks are   discussed in the Management review in the section above.   Special risks   Market risk   Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three   types of risk: currency risk, interest rate risk and other price risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial   instruments. Abacus Medicine is not considered to be directly affected by an equity price risk or a commodity risk (price volatility of certain commodities, i.e. oil prices,   metal prices etc.).   Currency risk   Abacus Medicine sells finished products and purchases products in currencies other than EUR and is therefore exposed to a currency risk. The exposure to fluctuations in   EUR/DKK is considered to be limited due to Denmark’s fixed exchange rate policy towards EUR and is consequently not hedged. Sales in SEK, NOK and GBP are   considered a risk, as the currency historically has been unstable compared to EUR/DKK. It is our policy to hedge significant commercial currency risks, primarily via foreign   exchange contracts. Speculative currency transactions are not made. Relating foreign exchange risks are generally not hedged, as Management is of the opinion that   regular hedging of such long‐term investments will not be optimal taking into account the overall risk and costs.  Interest rate risk   The Group's interest‐bearing debt, which accounts for a significant part of the balance sheet total implies that changes in the interest rate level will have a material impact  on the Group's results of operations. The Group has not hedged interest rate risks.   Liquidity risk   Parallel distribution is a very liquidity‐intensive industry, as most of the raw material purchases are to be paid in advance or with very short payment terms, while the  customer side is characterized by normal and often long payment terms. This creates a liquidity requirement in the period between payment to suppliers and receipt of   customer payments. On the other hand, wholesale activity is less liquidity dependent than parallel distribution due to payment terms from suppliers and to customers are   more aligned.   The Group aims to have sufficient credit facilities that can accommodate the fluctuations that occur in day‐to‐day operations, and that within these facilities Abacus  Medicine has sufficient reserves for account unforeseen liquidity needs.   This objective is met through building and maintaining sound and trustworthy relationships with bank and factoring companies, which have resulted in the existence of   sufficiently large credit lines for factoring and credit facilities.   For further information please refer to note 17.   Unusual matters   No unusual matters occurred in the financial year which have had a material effect on the Group and Parent Company’s financial position.   Outlook for 2026   Abacus Medicine Group expects to continue its strong organic revenue growth in 2026, and the acquisitions of Medigroup and Swiss Cardio Technologies will drive   overall revenue even higher. The expected organic growth of between 12‐16% is driven by market share gains and new business initiatives in both reporting segments.  We believe the ongoing global trade tariff issues to have limited impact on our business model, given the strong fundamentals for the healthcare sector, and our primary   exposure to the European market. The expected revenue is 2,0 to 2,1 bnEUR for 2026.  2026 will build on previous years' focus on growth and investments in future capabilities. Despite expected revenue growth, we do not anticipate a change in absolute   EBITDA for 2026. Our strategy to expand market share across the EU combined with continued high levels of investment in digital capabilities, people and business   development, is expected to continue to impact EBITDA margins, which we anticipate to be in the range of 2.2‐2.6%.  The FTW Group management expects that the activities in FTW Invest, DayDose and Evocative will have a limited impact on this range.   Events after the balance sheet date   No events have occurred after the balance sheet date which could have a material effect on the parent and consolidated FTW Holding ApS’ financial position at 31   December 2025.   Sustainability   The Abacus Medicine Group published its first standalone Sustainability Report in 2021 and is continuously working on improving its sustainability efforts. 2025 marks   the first year of a fully integrated sustainability statement in the Annual Report.   We initiated our compliance preparations during the past year, even though the introduction of the Corporate Sustainability Reporting Directive (CSRD) has been   postponed and its final requirements are still under discussion. This proactive approach aligns with our ongoing efforts to meet the evolving expectations of our   stakeholders.   As part of our preparations for the CSRD, we have in 2025 refined our double materiality assessment, enhanced our sustainability governance framework, conducted a   gap analysis with corresponding action plans for both local and global efforts, and evaluated our target‐setting ambitions, among other initiatives.  We have also developed an Environmental, Social and Governance (ESG) Strategy for the Abacus Medicine Group in collaboration with an external consultancy firm, the   Chief Executive Management Team (CEMT) and key stakeholders across the organisation. This strategy identifies our primary areas of focus for the coming years,   including ambitions around our own workforce, environmental impacts, and business ethics and conduct. The ESG Strategy will be integrated into our forthcoming   corporate strategy to ensure that these priorities are deeply embedded within all processes, operations and long‐term objectives.  The sustainability statement highlights all statutory measures relating to environmental impact, diversity and compliance in accordance with section 99a of the Danish   Financial Statement Act and section 54, part 6, of the UK Modern Slavery Act.   Contribution to the UN Sustainable Development Goals   The Group’s objective is to provide better access to medicine. We believe this is our strongest contribution to society, but we also want to take responsibility for our   impact on the environment and society.   We support the UN Sustainable Development Goals (SDGs) to help solve major global challenges.   People and Community   The Abacus Medicine Group is moving healthcare and moving you, and our employees are the cornerstone of our success.   We aspire to build a workplace where people feel valued, included and empowered to contribute. By fostering diversity and inclusion, we unlock new perspectives that   strengthen collaboration, decision‐making and innovation. We strive to be the employer of choice, guided by our values of innovation, dedication and care – a company  where people grow, succeed together and help shape a healthier future.   In 2025, we welcomed more than 475 new colleagues across our global offices. As we continue to grow, maintaining and developing our unique company culture is   central to our ambitions as a business. Our culture is rooted in friendliness, care and mutual respect and creates an ideal environment for collaboration and innovation. The   Abacus Medicine Group often promotes internal talent to leadership positions that require fundamental skills. To support this, we have initiated our internal Fundamental   Leadership Development Training.   The Abacus Medicine Group has a range of global and local policies in place to manage impacts on our own workforce. Most of these are part of our Compliance   Framework, which includes policies on Working and Human Rights, Human Trafficking, Slavery and Child Labour, Diversity and Inclusion and Anti‐Discrimination. We  have local Employee Handbooks and Health & Safety Policies, in addition.   We regularly engage with our employees and their representatives on a wide range of topics as part of our ongoing due diligence, including material matters that influence   our operations and strategic direction.   Statutory social responsibility statement, cf. FSA §99a   FTW Holding is the parent company of Abacus Medicine A/S and has assessed that the main impacts on social and environmental conditions are related to the business   activities of the subsidiary. Therefore, the company’s reporting on social responsibility, cf. the statutory requirements of FSA §99a, focuses on Abacus Medicine’s efforts   within the areas of corporate responsibility.   Business model   The Abacus Medicine Group engages in parallel distribution and a wide range of pharmaceutical services, including commercial partnerships, clinical trials and wholesale   operations. This combination of services creates value for our customers by increasing availability of medicine. Each day, more than 1,700 employees improve global   access to medicine from offices, warehouses and production facilities in Europe and Asia. The core business is known as parallel distribution. We help to reduce   healthcare costs by giving patients in more than 40 countries around the world access to medicine at a lower price.   Human Rights and Anti‐Corruption  The Group has zero tolerance regarding slavery and human trafficking, and have therefore adopted Modern Slavery Policies, which includes an Anti‐Human Trafficking  Policy and an Anti‐Slavery Policy. Furthermore, an Anti‐Corruption Policy is set in place to counter corruption in all its forms. Although the risks for human rights abuses  and corruption has been assessed low, Abacus Medicine is aware of the risks of breaches to our policies in the global value chain. We maintain a zero‐tolerance stance  against any form of corruption, including bribery, extortion, kick‐backs, and facilitation payments, and prohibit engagement in such activities by employees or associates.  Abacus Medicine continuously seeks to promote and implement these policies where it has an influence, particularly contractors, suppliers, and all other entities and   individuals with whom it has a business relationship. All new suppliers must either sign the appropriate Code of Conduct or prove that they have a Code of Conduct in   place that lives up to our requirements, upon starting business with the Abacus Medicine Group.   Through an investigation into breeches of the policies in 2025, no breaches of human rights and anti‐corruption policies was recorded.  Environment   The Group’s objective is to provide better access to medicine. We believe this is our strongest contribution to society, but we also want to take responsibility for our   impact on the environment and society.   We support the UN Sustainable Development Goals (SDGs) to help solve major global challenges. Our efforts focus on pursuing three SDGs which relate to our core   business: SDG 3 (Good Health and Well‐being), SDG 8 (Decent Work and Economic Growth) and SDG 12 (Responsible Consumption and Production). In 2025, Abacus  Medicine worked with three focus areas that all support our core ESG efforts and ensure that ESG is increasingly becoming an integral part of our operations and   processes.   As a result of our business model, energy consumption, CO2 emissions from transport, procurement of medicine, and repackaging, are considered to pose significant risks   to environmental and climatic conditions.   In 2025, we actively collaborate with our logistics partners to explore alternative, greener transportation solutions and gather data for better insight into our   environmental footprint, developed a more responsible waste management, and being more energy efficient, to reduce the environmental and climate footprint across all   subsidiaries, to help create a more sustainable business. As a result, we have in 2025 recycled 100 % of paper and cardboard in Hungary. We will continue the   development of our responsible waste management in 2026.   Social and Employee matters   The annual Employee Satisfaction Survey (ESS) is our key engagement activity and is open to all employees of the Abacus Medicine Group, who have been with the   company for at least three months. We achieved a strong response rate of 80%, reflecting the high level of employee engagement in providing feedback. The results were   encouraging, with very positive scores across several themes. Colleague‐to‐colleague relationships, employee‐leader relationships, and overall engagement and  commitment remain among our strongest areas. The Relationship with Immediate Manager theme received the highest score in 2025, with 3.2 out of 4, while Engagement   & Commitment scored 3.1. Diversity & Inclusion remained one of the highest‐rated themes, also with 3.1, and Collaboration had the same score.  In addition to the annual ESS, we encourage our employees to reach out to P&C or management, or use our whistleblower channel to raise any   concerns or grievances. We aim to foster a culture of openness, inclusion and shared responsibility through these processes, ensuring that employee voices are heard and   integrated into our decision‐making.   Data ethics   We protect fundamental rights in relation to personal data. Our Personal Data and Privacy Policy and Guidelines for Handling of Personal Data, see section 99d of the   Danish Financial Statements Act, can be found on our website (https://abacusmedicinegroup.com/privacy‐and‐cookie‐policy/). These ensure that we comply with laws  and regulations in relation to the protection of personal data. Since 2023, data ethics are a part of the Abacus Medicine Group’s Personal Data and Privacy Policy, because   we believe that it is important to consider the ethical dimension of fundamental human rights when we use technology.   1817637000 1486967000 1620718000 1315942000 196919000 54911000 98170000 171025000 40578000 80050000 16734000 13899000 27104000 0 1259000 16547000 36498000 3000 1756000 17757000 11816000 20500000 4535000 3853000 7281000 16647000 3672000 -3609000 7877000 -8770000 7281000 16647000 70675000 25919000 16945000 541000 585000 7223000 34484000 18972000 6665000 352000 235000 6633000 121888000 67341000 111150000 147135000 61502000 30390000 3435000 112769000 116709000 28191000 17889000 1353000 25247000 12214000 378859000 500747000 289125000 356466000 16000 -961000 53697000 268000 16000 -852000 49604000 335000 53020000 43830000 96850000 49103000 42546000 91649000 3943000 25492000 12902000 12487000 1426000 1486000 0 0 3526000 1390000 56250000 6402000 9839000 5066000 67447000 222767000 8105000 6327000 3822000 51233000 166918000 2562000 2434000 31989000 4184000 23369000 347647000 403897000 500747000 258415000 264817000 356466000 Financial risk and financial instruments  24 Related party disclosures  25 Events after the reporting period 11816000 20500000 Share of profit (loss) in associates Share of profit (loss) in associates Finance income Finance income 16734000 0 -1259000 16547000 13899000 -3000 -1756000 17757000 Finance expenses Finance expenses Non‐cash items, net Non‐cash items, net 436000 1794000 3216000 18859000 856000 16233000 7653000 342000 17514000 8610000 24460000 45268000 7495000 8476000 28232000 0 8031000 10943000 1008000 1000 Disposals non‐current assets Disposals non‐current assets Change in paid deposits Change in paid deposits -341000 -2000 -44544000 -19983000 Proceeds from exercise of warrants Proceeds from exercise of warrants Deposits regarding bank agreement Deposits regarding bank agreement 41591000 532000 4309000 -518000 -1628000 3560000 -11701000 0 3956000 2411000 -184000 782000 33144000 -19034000 13060000 12214000 -26000 6251000 5960000 3000 25247000 12214000 16000 -177000 -675000 49604000 335000 49103000 42546000 91649000 284000 284000 248000 532000 3404000 268000 3672000 3609000 7281000 -109000 -109000 -78000 -187000 335000 335000 -277000 329000 3225000 -241000 288000 3560000 -518000 617000 0 -277000 329000 -201000 -201000 201000 -109000 4093000 -67000 3917000 1284000 5201000 16000 -177000 -784000 53697000 268000 53020000 43830000 96850000 16000 -177000 -328000 42807000 671000 42989000 36397000 79386000 7542000 335000 7877000 8770000 16647000 -347000 -347000 -302000 -649000 671000 671000 1284000 248000 111000 1127000 217000 782000 2411000 465000 1284000 248000 291000 291000 -1298000 -1007000 -347000 6797000 -336000 6114000 6149000 12263000 91649000 16000 -177000 -675000 49604000 335000 49103000 42546000 Notes   1 Accounting policies   FTW Holding is a private limited company registered in Denmark. The financial statements section of the annual report, for the period 1 January – 31 December 2025,   comprise both the consolidated financial statements of FTW Holding ApS and its subsidiaries (the Group) and the separate Parent Company financial statements.   The accounting policies used in the preparation of the financial statements are consistent with those of last year.   Notes   1 Accounting policies   For general information about the Parent Company, FTW Holding ApS, including description of its principal activities, reference is made to note   1 in the consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those  of last year.   Financial statements of the Parent Company   The accounting policies of the Parent Company are consistent with those applied in the consolidated financial statements, note 1 in the   consolidated financial statements, including the below accounting policies for investments in group subsidiaries.   The annual report of FTW Holding ApS for 2025 have been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large reporting   class C entities.   Basis of preparation   The Financial statements of FTW Holding ApS for 2025 has been prepared in accordance with the provisions applying to medium‐sized  reporting class C entities under the Danish Financial Statements Act. The Financial Statements for 2025 are presented in EUR.   Basis of preparation   The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments, which have been measured at fair value.   The consolidated financial statements are presented in euros and all values are rounded to the nearest thousand (EUR'000), except when otherwise indicated.   Current versus non‐current classification  FTW Holding ApS presents assets and liabilities in the statement of financial position based on current/non‐current classification. An asset is current when it is either:  • Expected to be realised or intended to be sold or consumed in the normal operating cycle,   • Held primarily for the purpose of trading,   • Expected to be realised within twelve months after the reporting period, or   • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.   All other assets are classified as non‐current.  A liability is current when, either:   • It is expected to be settled in the normal operating cycle,   • It is held primarily for the purpose of trading,   • It is due to be settled within twelve months after the reporting period, or   • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.   All other liabilities are classified as non‐current.  Deferred tax assets and liabilities are classified as non‐current assets and liabilities.   Consolidated financial statements   The consolidated financial statements comprise the financial statements of FTW Holding ApS (the Parent) and the subsidiaries controlled by the Parent, as at 31   December 2025. FTW Holding ApS controls an entity when it is exposed to or has rights to variable returns from its involvement in the entity and has the ability to affect   those returns through its power over the entity.   On consolidation, intra‐Group income and expenses, shareholdings, intra‐Group balances and dividends, and realised and unrealised gains on intra‐Group transactions are  eliminated.   The subsidiaries' financial statement items are included 100% in the consolidated financial statements. Non‐controlling interests' share of the profit/loss for the year and  of the equity of subsidiaries that are not wholly‐owned are included in the Group's profit/loss and equity, respectively, but are presented separately.  Business combinations   Business combinations are accounted for by using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred,   measured at acquisition date fair value and the amount of any non‐controlling interest in the acquiree. For each business combination, FTW Holding decides whether it  will measure the non‐controlling interest in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets.  Acquisition costs incurred are expensed and included in the income statement.   When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the   contractual terms, economic circumstances and pertinent conditions at the acquisition date.   Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date.   Subsequent changes in the fair value of the contingent consideration which is deemed to be an asset or liability will be recognised in accordance with IFRS 9 in the income   statement.   Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for the non‐controlling interest over  the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose   of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to cash‐generating units that are expected to benefit from the  combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.   Where goodwill forms part of a cash‐generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is  included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in such circumstances is measured   based on the relative values of the operation disposed of and the portion of the cash‐generating unit retained.   Foreign currency translation   The Group’s consolidated financial statements are presented in euros. For each entity, the Group determines the functional currency and items included in the financial   statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain   or loss that is reclassified to profit or loss reflects the amount that arises from using this method.   Transactions and balances   Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies   for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date.   Differences arising on settlement or translation of monetary items are recognised in profit or loss. Non‐monetary items that are measured in terms of historical cost in a  foreign currency are translated using the exchange rates at the dates of the initial transactions.   In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non‐monetary asset or  non‐monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognises the non‐monetary asset or non‐  monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each   payment or receipt of advance consideration.   Derivative financial instruments   Initial recognition   The Group uses forward currency contracts (derivative financial instruments) to hedge its foreign currency risks relating to receivables and payables. Such derivative   financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re‐measured at fair value.  Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.   Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is   recognised in equity and later reclassified to the income statement when the hedge item affects the income statement.   Income Statement   Revenue   The company has chosen IFRS 15 as interpretation for the recognition of revenue. The presentation of revenue is defined by the operational structure which is derived   from the types of activities we are engaged in. Abacus Medicine Pharmaceuticals accounts for less than 10% of the revenue, gross profit and assets in the Group, and due   to similar characteristics, Abacus Medicine Pharmaceuticals has been presented in combination with Abacus Medicine Pharma Trading.   Revenue from the sale of goods is recognised when the performance obligation is satisfied, i.e. when control of the goods have passed to the buyer. All sales of goods are   recognised at one‐point‐of‐time. Due to factoring agreements, the majority of receivables are sold and the payments are in general received from the factoring company  within one day. Revenue is measured at fair value of the agreed consideration, excluding VAT and taxes charged on behalf of third parties. Provisions for rebates and   discounts granted to customers are recognised as a reduction of revenue, whereas the effect of expected returns is recorded as a reduction of gross profit, i.e. revenue   and cost of sales.   Customer rebates, discounts and price adjustments   Certain contracts for the sale of products include customer rebates, discounts and price adjustments that give rise to variable considerations. Customer rebates and   discounts vary across distribution channels, and price adjustments are in some cases dependent on future market price development. In estimating the variable   consideration, Abacus Medicine considers the contract information, historical experience, business forecast and the current economic conditions. The accruals for rebates,   discounts and price adjustments granted to customers are recognised as a reduction of revenue.   Rights of return   Certain contracts provide our customers with a right to return the goods. The expected value method is used to estimate the goods that will not be returned because this   method best predicts the amount of variable consideration to which Abacus Medicine will be entitled. For goods that are expected to be returned, instead of revenue, a   refund liability is recognised. A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover products from a customer.   Assets and liabilities arising from rights of return:   Rights of return assets   A right of return asset represents the right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the   inventory, less any expected costs to recover the goods, including any potential decrease in the value of the returned goods. The measurement of the asset is updated and   recorded for any revisions to its expected level of returns, as well as any additional decrease in the value of the returned products. The right of return asset is presented   under inventories.   Receivables   Receivables are measured at amortised cost.   The measurement of the provision for bad debt for receivables is based on the expected credit loss and the lifetime expected loss for all trade receivables. Where there is   objective evidence that an individual receivable has been impaired, an impairment loss is recognised at the individual receivable level.   The companies within Abacus Medicine Group are part of a Group cash pool in Danske Bank. Therefore, for subsidiaries having cash in bank these are presented as IC   receivables and respectively for bank debt being part of the cash pool is presented as IC payables.   Prepayments   Prepayments recognised under Current assets comprise expenses incurred concerning subsequent financial years.   Rights of return liabilities   A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the customer and is measured at the amount Abacus Medicine   ultimately expects it will have to return to the customer. The estimates of refund liabilities are updated (along with the corresponding change in the transaction price) at   the end of each reporting period. The right of return liability is presented under provisions.   Liabilities   Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective   interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities.   Other liabilities are measured at net realised value.   Significant accounting judgements, estimates and assumptions   Cost of sales   Cost of sales includes the costs for pharmaceutial goods and consumables used in generating the year's revenue.   Other external expenses   Other external costs include expenses in regards to the Group’s principal activities, arising during the year. This includes expenses for sales, advertisement, administration,   service relating to office buildings etc.   Staff costs   Staff costs include wages and salaries, including share‐based payments, holiday pay and pensions, as well as other expenses for social security etc., relating to the Group’s  employees. Within staff costs, any compensation received from public authorities has been deducted.   Incentive programs under which the employee has the opportunity for net settlement are recognised on a regular basis with the share of the earned value and are,   similarly, recognised under Other payables. The value of the underlying agreement is defined in the contracts and depends on the Group’s earnings.   Share‐based payments  Certain employees of the Group receive remuneration in the form of share‐based payments, whereby program participants render services as consideration for equity  instruments (“equity‐settled transactions”) or cash (“cash‐settled transactions”), which is relevant for the program where the employees have the option to choose  between equity instruments or cash. 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. The cost of cash‐settled transactions are determined by the expected payment to the employees.  That cost is recognised in staff costs, together with a corresponding increase in equity (other capital reserves) for equity‐settled programs or other payables for cash‐  settled programs, over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense   recognised for equity‐settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best  estimate of the number of equity instruments that will ultimately vest. The expense or income in the income statement for a period represents the movement in   cumulative expense recognised as at the beginning and end of that period.   A liability is recognised for the fair value of cash‐settled transactions, within other payables (current). The fair value is measured initially and at each reporting date up to  and including the settlement date, with changes in fair value recognised in employee benefits expense. The fair value is expensed over the period until the vesting date   with recognition of a corresponding liability.   Finance income and expenses   Finance income and expenses comprise interest income and expenses, exchange gains and losses on transactions denominated in foreign currencies etc., as well as   surcharges and allowances under the on‐account tax scheme etc.   Income tax   Tax for the year   Tax for the year comprises current tax on the expected taxable income for the year and the year’s deferred tax adjustments. The tax expense relating to the profit for the   year is recognised in the income statement, and the tax expense relating to transactions recognised in equity is recognised in equity.   FTW Holding ApS is jointly taxed with its Danish Group entities, and FTW Holding ApS is also the administration company of the Danish Group entities towards the   Danish Tax authorities. The total Danish income tax charge is allocated between profit/loss‐making Danish entities in proportion to their taxable income (full absorption).  Jointly taxed entities entitled to a tax refund are, as a minimum, reimbursed by the administration company based on the current rates applicable to interest allowances,   and jointly taxed entities having less tax paid, as a maximum, a surcharge based on the current rates applicable to interest surcharges to the management company.   Taxation   Balance sheet   Development costs   Development expenditures on an individual project are recognised as an intangible asset when the the Group can demonstrate:   • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale   • Its intention to complete and its ability and intention to use or sell the asset   • How the asset will generate future economic benefits   • The availability of resources to complete the asset   • The ability to measure reliably the expenditure during development   Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses.   Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. During the   period of development, the asset is tested for impairment annually.   Property, plant and equipment   Property, plant and equipment consists of leasehold improvements and other fixtures and fittings. Leasehold improvements and other fixtures and fittings are measured at   cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the   asset is available for use.   The cost for a total asset is split in separate components, which are depreciated separately, if the useful life of each of the components differ.   Depreciation is provided on a straight‐line basis over the expected useful lives of the assets/components. The expected useful lives are as follows:  Land and buildings   30 Years   Leasehold improvements   3‐5 years  Other fixtures and fittings   2‐10 years  The assets have no scrap value.   Depreciation is calculated on cost price less scrap value and impairment losses, if any. The depreciation period and the residual value are determined at the acquisition   date and are reassessed annually. If the residual value exceeds the carrying amount, no further depreciation charges are recognised.   When the depreciation period or the residual value is changed, the effect on depreciation is recognised prospectively as a change in accounting estimates.   Gains and losses at sale of property, plant and equipment is calculated as the difference between the sales price less the sales expenses and the carrying amount at the   date of sale. Gains or losses are recognised in the income statement as the item other operating income and other operating expenses, respectively.   Intangible assets   Goodwill, Licenses, Product rights, Software and IP rights   Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities   assumed. Goodwill comprises future growth expectations, buyer‐specific synergies, the workforce in place and know‐how. Subsequent to initial recognition, goodwill is  measured at cost less accumulated amortisation and impairment losses.   Licenses relate to marketing permits and product approvals. Licenses are measured at cost less accumulated amortisation and impairment losses. Cost comprises of the   purchase price and salaries directly attributable until the date when the marketing permits and product approvals are available for use. The basis of amortisation is cost.   The licenses are set with no residual value. Amortisation is provided on a straight‐line basis over the expected useful lives of the assets. The basis of amortisation is based  on the residual value of the asset and is reduced by impairment losses, if any. In case of changes in the depreciation period or the residual value, the effect on the   amortisation charges is recognised prospectively as a change in accounting estimates.   Product rights relate to the right to produce, distribute, and sell Cardioplexol®. Product rights are measured at cost less accumulated amortisation and any impairment   losses, with cost comprising the purchase price. The product rights are recognised with no residual value.   Software is measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition   until the date when the asset is available for use.   IP rights are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the   acquisition until the date when the asset is available for use.   On initial recognition, the costs of licenses, software and IP rights are recognised in the balance sheet and measured at cost and subsequently at cost less accumulated   amortisation and impairment losses.   Amortisation periods are as follows:   Goodwill   10 years   Licenses   5 ‐ 8 years  Product rights   9 years   Software   3 ‐ 10 years  IP Rights   10 years   The assets have no scrap value.   Gains and losses on the disposal of rights and licenses are made up as the difference between the selling price less selling costs and the carrying amount at the date of   disposal. The gains or losses are recognised in the income statement as Other operating income or Other operating expenses, respectively.   Leases   Right‐of‐use assets  FTW Holding recognises right‐of‐use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use) in accordance with IFRS 16.  Right‐of‐use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of  right‐of‐use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any  lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right‐of‐use assets  are depreciated on a straight‐line basis over the shorter of its estimated useful life and the lease term (1‐5 years). Right‐of‐use assets are subject to impairment.  Lease liabilities   At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease   payments include fixed payments (including in‐substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate,  and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be   exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects FTW Holding's exercising the option to terminate. The variable lease   payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs.   In calculating the present value of lease payments, FTW Holding uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the   lease is not readily determinable.   After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the   carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in‐substance fixed lease payments or a change in the  assessment to purchase the underlying asset.   Short‐term leases and leases of low‐value assets  FTW Holding applies the short‐term lease recognition exemption to its short‐term leases of machinery and equipment (i.e., those leases that have a lease term of 12  months or less from the commencement date and do not contain a purchase option). It also applies the lease of low‐value assets recognition exemption to leases of office  equipment that are considered of low value. Lease payments on short‐term leases and leases of low‐value assets are recognised as other external costs on a straight‐line  basis over the lease term.   Impairment of non‐current assets  The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an   asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal   and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those   from other assets or Groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written   down to its recoverable amount.   In assessing value in use, the estimated future cash flows are discounted to their present value using a pre‐tax discount rate that reflects current market assessments of  the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such   transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded   companies or other available fair value indicators.   The Group bases its impairment calculation on detailed budgets and forecast calculations. The budget and forecast calculation generally covers a period of five years. A   long‐term growth rate is calculated and applied to project future cash flows after the fifth year.  Impairment losses of continuing operations are recognised in the statement of profit or loss in expense categories consistent with the function of the impaired asset.   For assets, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have   decreased. If such indication exists, the Group estimates the asset’s recoverable amount.   Impairment is determined for goodwill by assessing the recoverable amount of the CGU to which the goodwill relates (Abacus Medicine Pharma Services,   Pluripharm,ThuisApotheek and Medigroup). When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment   losses relating to goodwill cannot be reversed in future periods.   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 cost of goods for resale, as well as materials and consumables, comprises the cost of acquisition plus delivery costs and, for finished goods, indirect production   overheads, including packaging material, are added.   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.   Cash   Cash and short‐term deposits in the statement of financial position comprise cash at banks and on hand.   Equity   Foreign currency translation reserve   The exchange adjustment reserve in the consolidated financial statements comprises exchange differences arising on the translation of the financial statements of foreign   enterprises from their functional currencies into EUR. On realisation, accumulated value adjustments are taken from equity to financial items in the income statement.   Cash flow hedge reserve   The hedge transaction reserve contains the accumulated net change in the fair value of hedging transactions that meet the criteria for hedging future cash flows and for   which the hedged transaction has yet to be realised.   Reserve for net revaluation according to the equity method   Net revaluation of equity investments in group entities is recognised at cost in the reserve for net revaluation according to the equity method if   the earnings amount exceeds the costs. 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.   Dividend   Dividend proposed for the year is recognised as a liability at the date when it is adopted at the annual general meeting (declaration date).   Current income tax and deferred tax   Current tax payable and receivable is recognised in the balance sheet as tax computed on the expected taxable income for the year, adjusted for tax on the taxable income   of prior years and for prepaid tax.   Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values, with the exception of   temporary differences occurring at the time of acquisition of assets and liabilities neither affecting the results of operations nor the taxable income.   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.   Joint taxation contribution payable and receivable is recognised in the balance sheet as "Corporation tax receivable" or as "Corporation tax payable".   Provisions   Provisions comprise anticipated expenses for returned goods. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a  past event and it is probable that an outflow of resources will be required to settle the obligation.   The contingent considerations is recognised at fair value at the acquisition date as part of the consideration transferred in accordance with IFRS 3 Business Combinations.   As the arrangement gives rise to an obligation to deliver cash, it is classified as a financial liability and recognised as a provision. Subsequently, the provision is measured at   fair value annually with changes in fair value recognised in profit or loss as Finance expenses   Fair value   All assets and liabilities which are measured at fair value, or whose fair value is disclosed, are classified based on the fair value hierarchy, see below:   Level 1:   Value in an active market for similar assets/liabilities.   Level 2:   Value based on recognised valuation methods on the basis of observable market information.   Level 3:   Value based on recognised valuation methods and reasonable estimates (non‐observable market information).  Fair value measurements are based on the principal market. If no principal market exists, the measurement is based on the most advantageous market, i.e. the market that   maximises the price of the asset or liability less transaction and/or transport costs.   Cash flow statement   The cash flow statement shows the Group's cash flows from operating, investing and financing activities for the year, the year's changes in Cash as well as the Group's   Cash at the beginning and end of the year.   The cash flow effect of acquisitions and disposals of entities is shown separately in cash flows from investing activities. Cash flows from corporate acquisitions are   recognised in the cash flow statement from the date of acquisition. Cash flows from disposals of entities are recognised up until the date of disposal.   Cash flows are presented using the indirect method.   Cash flow from operating activities   Cash flow from operating activities are calculated as the Group's share of the profit/loss adjusted for non‐cash operating items, changes in working capital and income  taxes paid.   Cash flow from investing activities   Cash flow from investing activities comprises payments in connection with acquisitions and disposals of entities, activities and intangible assets, property, plant and   equipment and financial assets.   Cash flow from financing activities   Cash flow from financing activities comprises changes in the size or composition of the the Group's share capital and related costs as well as the raising of loans,   repayment of interest‐bearing debt, and payment of dividend to shareholders.   Segment information   The segment disclosures provided reflect the information for the reportable segments which the management receives monthly in its capacity as decision maker. The   allocation of resources and the segment performance are evaluated based on revenue, gross profit and profitability measured on earnings before interest, taxes,   depreciations and amortisation (EBITDA).   2 Revenue   The presentation of revenue for FTW Holding Group is defined by the operational structure which is derived from the types of activities we are engaged in. Abacus   Medicine Pharmaceuticals accounts for less than 10% of the revenue, gross profit and assets in the Group, and due to similar characteristics, Abacus Medicine   Pharmaceuticals has been presented in combination with Abacus Medicine Pharma Trading.   Revenue in business operations   Our business operations are carried out by the following activities.   Pharma Trading and Pharmaceuticals   Supplies prescription medicine to pharmacies, hospitals and pharmaceutical companies and delivers pharmaceutical and healthcare services.   Pharma Wholesale   Conducts wholesale trade in pharmaceutical and related products and provides related services to pharmacies, hospitals, healthcare institutions and other wholesalers.   Operating information   2025   2024   Pharma   Pharma   Trading and   Trading and   Pharmaceuti Pharma   Pharmaceuti Pharma   EUR’000   cals   Wholesale   Other   Eliminations Total   cals   Wholesale   Other   Eliminations Total   Revenue   1,165,590   727,052   ‐ ‐ 75,005   1,817,637   1,020,988   494,310   3 ‐28,334  1,486,967   Gross Profit   153,051   43,868   ‐ ‐ 196,919   139,045   31,977   3 ‐ 171,025   EBITDA   35,612   8,294   ‐68  ‐ 43,838   45,556   4,989   ‐148  ‐ 50,397   Total   362,724   131,996   6,027   ‐ 500,747   273,418   83,886   ‐838  ‐ 356,466   Assets   Total   275,053   121,144   7,700   ‐ 403,897   187,351   74,058   3,408   ‐ 264,817   Liabilites   5 Share‐based payments  Warrants have been granted to members of Key Management Personnel and other employees of the company. As regards the 2021, 2022, 2023, 2024 and 2025   programmes, the employees only receive equity instruments. The share plans from 2021‐2025 are still open.  Below is a brief description of each of the programs.   Warrant agreements entered into in November and December 2021 allow those eligible to subscribe for up to 129,082 new shares of EUR 0.05 each in Abacus Medicine   A/S. The subscription price is EUR 10.93 per share, corresponding to a total potential subscription price of approximately EUR 1,411 thousand. This warrant agreement   only allows settlement with shares which must take place in April 2026 at the latest. The warrant scheme has been accounted for as an equity‐settled programme.  Warrant agreements entered into in November 2022 allow those eligible to subscribe for up to 96,405 new shares of EUR 0.05 each in Abacus Medicine A/S. The   subscription price is EUR 11.20 per share, corresponding to a total potential subscription price of approximately EUR 1,080 thousand. This warrant agreement only allows   settlement with shares which must take place in April 2027 at the latest. The warrant scheme has been accounted for as an equitysettled programme.   Warrant agreements entered into in November 2023 allow those eligible to subscribe for up to 131,000 new shares of EUR 0.05 each in Abacus Medicine A/S. The   subscription price is EUR 14.02 per share, corresponding to a total potential subscription price of approximately EUR 1,837 thousand. This warrant agreement only allows   settlement with shares which must take place in April 2028 at the latest. The warrant scheme has been accounted for as an equitysettled programme.   Warrant agreements entered into in November 2024 allow those eligible to subscribe for up to 119,260 new shares of EUR 0.05 each in Abacus Medicine A/S. The   subscription price is EUR 18.75 per share, corresponding to a total potential subscription price of approximately EUR 2,236 thousand. This warrant agreement only allows   settlement with shares which must take place in April 2029 at the latest. The warrant scheme has been accounted for as an equitysettled programme.   Warrant agreements entered into in May 2025 allow those eligible to subscribe for up to 5,500 new shares of EUR 0.05 each in Abacus Medicine A/S. The subscription   price is EUR 18.75 per share, corresponding to a total potential subscription price of approximately EUR 103 thousand. This warrant agreement only allows settlement   with shares which must take place in April 2029 at the latest. The warrant scheme has been accounted for as an equity‐settled programme.  Warrant agreements entered into in December 2025 allow those eligible to subscribe for up to 115,870 new shares of EUR 0.05 each in Abacus Medicine A/S. The   subscription price is EUR 21.56 per share for 106,870 of the warrant agreements and 18.75‐21.41 EUR for 9,000 of the warrant agreements, corresponding to a total  potential subscription price of approximately EUR 2,498 thousand. This warrant agreement only allows settlement with shares which must take place in April 2030 at the   latest. The warrant scheme has been accounted for as an equity‐settled programme.  EUR’000   2025   2024   Equity‐settled expense  617   465   Total share‐based payment expense  617   465   5 Share‐based payments (continued)  Specification of outstanding share options   Key   managem.   Other   Total   Average exercise price per   personnel   employees   number   option (EUR)   Outstanding at 31 December 2023   92,413   323,594   416,007   Granted   33,700   85,560   119,260   Forfeited   0 ‐22,929  ‐22,929  Exercised   0 0 0 ‐ Outstanding at 31 December 2024   126,113   386,225   512,338   Granted   32,000   89,370   121,370   Forfeited   ‐9,600  ‐49,868  ‐59,468  Exercised   ‐7,400  ‐45,017  ‐52,417  10.16   Outstanding at 31 December 2025   141,113   380,710   521,823   Exercisable at 31 December 2025   ‐ ‐ ‐ The average remaining contractual life for the share options outstanding at 31 December 2025 was 2.5 years (2024: 2.5 years). The exercise prices are between EUR   10.93 ‐ EUR 21.56 per share option (2024: EUR 10.16 ‐ EUR 18.75).  In 2025, the expense in regards to share‐based payments recognised in the income statement amounts to EUR 617 thousand (2024: EUR 465 thousand).  The following table list the inputs to the models used for the plan for the different programs:   2025   2024   2023   2022   2021   Equity   Equity   Equity   Equity   Equity   Settled   Settled   Settled   Settled   Settled   Weighted average fair values at measurement date   11.8   10.3   7.3   5.9   5.1   Weighted average share price   28.8   25.0   18.7   14.9   14.6   Exercise price   18.8‐21.6  18.8   14.0   11.2   10.9   Expected volatility (%)   0.39   38%   29%   31%   35%   Expected life of share options   53 months   53 months   53 months   53 months   52‐53 months  Dividend yield (%)   0 0%   0%   0.0%   0.0%   Risk‐free interest rate (%)  1.7%/2.0%   1.8%/1.9%   2.8%/3.2%   1.0%/1.4%   ‐0.5%/‐0.6%  Valuation method   Black‐Scholes  Black‐Scholes  Black‐Scholes Black‐Scholes  Black‐Scholes  The expected volatility reflects 29%‐39%, which is based on a peer Group median.   3 Fees paid to auditors appointed at the annual general meeting   Fees payable to FTW Holding Group’s auditor for the audit of FTW Holding Group's financial statements and other non‐audit services are specified as below.  EUR’000   2025   2024   Audit   442   367   Other assurance engagements   0 0 Total audit related services   442   367   Tax consultancy   0 4 Other non‐audit services  109   180   Total fee to EY   551   551   The costs are recognised in the consolidated income statement as Other external costs.   4 Staff costs   EUR’000   2025   2024   Wages and salaries   91,234   73,896   Pensions, defined contribution plans   3,991   3,429   Other social security costs   2,302   1,702   Other staff costs   3,846   3,864   Share‐based payment expense  617   465   Total staff costs   101,990   83,356   Of which are capitalised as intangible assets   ‐3,820  ‐3,306  Total staff costs in the income statement   98,170   80,050   2025   2024   Average number of full‐time employee (full year)  1,590   1,370   In the above is included staff costs to the Board of Directors, Executive Management and Key Management Personnel of the subsidiary Abacus Medicine A/S. The full   year costs amounted to EUR 5,133 thousand (2024: EUR 4,065 thousand) for the year ended 31 December 2025, hereof pension payments of EUR 327 thousand (2024:   EUR 285 thousand).   The above is split between an average of 15 members (2024: 13 members) of the Board of Directors, Executive Management and Key Management Personnel.   2 Staff costs   2025   2024   Wages and salaries   32   112   Pensions   0 0 Other social securities costs   0 0 Other staff costs   0 0 Total staff costs   32   112   The average number of full‐time employee was 0 (2024: 0 employee). Management is not remunerated by the entity.   6 Depreciation, amortisation and impairment   EUR’000   2025   2024   Amortisation and write‐downs, intangible assets  9,638   7,833   Depreciation, property, plant and equipment   2,463   2,269   Depreciation, right‐of‐use assets  4,633   3,797   Total   16,734   13,899   7 Investments in subsidiaries and other investments   Ownership 2025   Ownership 2024   Name   Registered office   and voting rights   and voting rights   FTW Invest ApS   Denmark   100%   100%   Evocative ApS   Denmark   100%   100%   Wagner Family Holding ApS   Denmark   93.5%   93.5%   Abacus Medicine A/S   Denmark   57.1%   57.4%   Abacus Medicine Hungary KFT   Hungary   100%   100%   Abacus Medicine B.V.   The Netherlands   100%   100%   +365 Medicines GmbH   Germany   100%   100%   Abacus Medicine Berlin GmbH *   Germany   100%   100%   Abacus Medicine Ltd   United Kingdom   100%   100%   Abacus Medicine Austria GmbH   Austria   100%   100%   Abacus Medicine France S.A.S.   France   100%   100%   Abacus Medicine Finland Oy   Finland   100%   100%   Abacus Medicine Ireland Ltd.   Ireland   100%   100%   Abacus Medicine Switzerland LLC **   Switzerland   100%   100%   PharmaSave BVBA   Belgium   100%   100%   Originalis B.V.   The Netherlands   100%   100%   Abacus Medicine WH B.V.   The Netherlands   100%   100%   Aposave S.L.   Spain   100%   100%   Zdrave Med Ltd.   Bulgaria   100%   100%   Aposave Italy SRL **   Italy   100%   100%   Bucura Pharma SRL ***   Romania   100%   0%   VitaNorge AS ***   Norway   100%   0%   PharmaZeus Ltd. ***   Greece   100%   0%   Aposave Lithuania UAB ***   Lithuania   100%   0%   SveaPharma AB ***   Sweden   100%   0%   PharmVita s.r.o. ***   Czech Republic   100%   0%   PharmaVistula Sp.Z.o.o. ***   Poland   100%   0%   Aposave Latvia SIA ***   Latvia   100%   0%   Aposave Estonia OÜ ***   Estonia   100%   0%   Aposave Portugal Unipessoal LDA ***   Portugal   100%   0%   MediSlov s.r.o. ***   Slovakia   100%   0%   CroaVita d.o.o. ***   Croatia   100%   0%   Medigroup NV   Belgium   100%   0%   PI Pharma NV   Belgium   100%   0%   Impexeco SA   Belgium   100%   0%   Beta Active PI Pharma Limited   Ireland   100%   0%   Ecopharmasupply Distribution SA   Belgium   100%   0%   Eco.Pharma.Supply SRL   Belgium   100%   0%   Eco.Pharma.Supply BV   Netherlands   100%   0%   Abacus Medicine Pharmaceuticals ApS   Denmark   100%   100%   Abacus Medicine Pharmaceutials Ltd.   United Kingdom   100%   100%   Abacus Medicine Pharma Services Asia Ltd.   Hong Kong   100%   100%   Abacus Medicine US Inc.   USA   100%   100%   Abacus Medicine Pharma Services B.V.   The Netherlands   100%   100%   Aposave Mexico S de RL de   Mexico   100%   100%   Swiss Cardio Technologies AG   Switzerland   100%   0%   7 Investments in subsidiaries and other investments (continued)   Pluripharm Holding B.V.   The Netherlands   100%   100%   Pluripharm Groep B.V.   The Netherlands   100%   100%   ThuisApotheek B.V.   The Netherlands   100%   100%   Pluripharm B.V.   The Netherlands   100%   100%   Pluripack Alkmaar   The Netherlands   100%   100%   Pluripack Zwolle   The Netherlands   100%   100%   Pluripack Breda   The Netherlands   100%   100%   Pluriplus B.V.   The Netherlands   100%   100%   Distrimed B.V   The Netherlands   100%   100%   Pluripharm Apotheek Beheer B.V.   The Netherlands   100%   100%   Apotheekfonds Pharmaconnect B.V.   The Netherlands   50%   50%   Pluripharm Direct B.V.****   The Netherlands   0%   100%   Phardis B.V.   The Netherlands   100%   100%   Instellingsapotheek B.V. *****   The Netherlands   0%   100%   Pluripharm Ireland Ltd. **   Ireland   100%   100%   Pluripharm Belgium B.V. **   Belgium   100%   100%   DayDose ApS   Denmark   100%   100%   * Abacus Medicine Berlin GmbH has made use of the exemption option under Section 264 (3) HGB under German law. The prerequisite for this is the reference to the use   of this exemption option in the consolidated notes of the Parent Company. This notice is hereby given.   ** Newly established company in 2024.   *** Newly established company in 2025.   **** Divested in 2025.   ***** Liquidated in 2025.   24 Related party disclosures  The related parties of FTW Holding ApS comprise the following:   Related party   Residence   Reason for related party   Flemming Wagner   Gammel Kongevej 105, 05. tv.   Shareholders   Tina Wagner   1850 Frederiksberg C   The following shareholders are registered with an ownership share exceeding 5%:   Shareholder   Residence   Flemming Wagner   Gammel Kongevej 105, 05. tv.   Tina Wagner   1850 Frederiksberg C   Transactions to and from related parties are made at terms equivalent to those that prevail in arm’s length transactions.   Executives   The FTW Holding ApS’s related parties with significant influence includes the Board of Directors in the subsidiary Abacus Medicine A/S and executives in the parent  company, including these employees’ family members, and entities in which these executives have a significant influence.   The remuneration to executives is disclosed in note 4.   3 Equity investments in group entities   Ownership 2025   Ownership 2024   Name   Registered office   and voting rights   and voting rights   FTW Invest ApS   Denmark   100%   100%   Evocative ApS   Denmark   100%   100%   Wagner Family Holding ApS   Denmark   93.5%   93.5%   Abacus Medicine A/S   Denmark   57.1%   57.4%   Abacus Medicine Hungary KFT   Hungary   100%   100%   Abacus Medicine B.V.   The Netherlands   100%   100%   +365 Medicines GmbH   Germany   100%   100%   Abacus Medicine Berlin GmbH *   Germany   100%   100%   Abacus Medicine Ltd   United Kingdom   100%   100%   Abacus Medicine Austria GmbH   Austria   100%   100%   Abacus Medicine France S.A.S.   France   100%   100%   Abacus Medicine Finland Oy   Finland   100%   100%   Abacus Medicine Ireland Ltd.   Ireland   100%   100%   Abacus Medicine Switzerland LLC **   Switzerland   100%   100%   PharmaSave BVBA   Belgium   100%   100%   Originalis B.V.   The Netherlands   100%   100%   Abacus Medicine WH B.V.   The Netherlands   100%   100%   Aposave S.L.   Spain   100%   100%   Zdrave Med Ltd.   Bulgaria   100%   100%   Aposave Italy SRL **   Italy   100%   100%   Bucura Pharma SRL ***   Romania   100%   0%   VitaNorge AS ***   Norway   100%   0%   PharmaZeus Ltd. ***   Greece   100%   0%   Aposave Lithuania UAB ***   Lithuania   100%   0%   SveaPharma AB ***   Sweden   100%   0%   PharmVita s.r.o. ***   Czech Republic   100%   0%   PharmaVistula Sp.Z.o.o. ***   Poland   100%   0%   Aposave Latvia SIA ***   Latvia   100%   0%   Aposave Estonia OÜ ***   Estonia   100%   0%   Aposave Portugal Unipessoal LDA ***   Portugal   100%   0%   MediSlov s.r.o. ***   Slovakia   100%   0%   CroaVita d.o.o. ***   Croatia   100%   0%   Medigroup NV   Belgium   100%   0%   PI Pharma NV   Belgium   100%   0%   Impexeco SA   Belgium   100%   0%   Beta Active PI Pharma Limited   Ireland   100%   0%   Ecopharmasupply Distribution SA   Belgium   100%   0%   Eco.Pharma.Supply SRL   Belgium   100%   0%   Eco.Pharma.Supply BV   Netherlands   100%   0%   Abacus Medicine Pharmaceuticals ApS   Denmark   100%   100%   Abacus Medicine Pharmaceutials Ltd.   United Kingdom   100%   100%   Abacus Medicine Pharma Services Asia Ltd.   Hong Kong   100%   100%   Abacus Medicine US Inc.   USA   100%   100%   Abacus Medicine Pharma Services B.V.   The Netherlands   100%   100%   Aposave Mexico S de RL de   Mexico   100%   100%   Swiss Cardio Technologies AG   Switzerland   100%   0%   3 Equity investments in group entities (continued)   Pluripharm Holding B.V.   The Netherlands   100%   100%   Pluripharm Groep B.V.   The Netherlands   100%   100%   ThuisApotheek B.V.   The Netherlands   100%   100%   Pluripharm B.V.   The Netherlands   100%   100%   Pluripack Alkmaar   The Netherlands   100%   100%   Pluripack Zwolle   The Netherlands   100%   100%   Pluripack Breda   The Netherlands   100%   100%   Pluriplus B.V.   The Netherlands   100%   100%   Distrimed B.V   The Netherlands   100%   100%   Pluripharm Apotheek Beheer B.V.   The Netherlands   100%   100%   Apotheekfonds Pharmaconnect B.V.   The Netherlands   50%   50%   Pluripharm Direct B.V.****   The Netherlands   0%   100%   Phardis B.V.   The Netherlands   100%   100%   Instellingsapotheek B.V. *****   The Netherlands   0%   100%   Pluripharm Ireland Ltd. **   Ireland   100%   100%   Pluripharm Belgium B.V. **   Belgium   100%   100%   DayDose ApS   Denmark   100%   100%   * Abacus Medicine Berlin GmbH has made use of the exemption option under Section 264 (3) HGB under German law. The prerequisite for this   is the reference to the use of this exemption option in the consolidated notes of the Parent Company. This notice is hereby given.   ** Newly established company in 2024.   *** Newly established company in 2025.   **** Divested in 2025.   ***** Liquidated in 2025.   3 Equity investments in group entities and other investments (continued)   EUR’000   2025   2024   Cost as at 1 January   7,792   6,784   Addition   0 1,007   Cost as at 31 December   7,792   7,792   Value adjustments as at 1 January   38,986   33,604   Ownership portion of profit for the year   3,681   7,912   Ownership portion of equity movement in group entities etc.   595   ‐1,098  Dividend received   ‐6,205  ‐1,432  Value adjustments as at 31 December   37,057   38,986   Carrying value as at 31 December   44,848   46,777   Which are presented as follows:   Equity investments in group entities and other investments   44,848   46,777   As at 31 December   44,848   46,777   10 Related party disclosures  Controlling Influence   The related parties of FTW Holding ApS is disclosed in note 25 of the consolidated financial statements.   FTW Holding ApS has provided a loan of DKK 35 million (EUR 4.7 million) to FTW Invest Aps. The entity receives interests on the loan, refer to   note 4 finance income and expenses.   8 Finance income and expenses   EUR’000   2025   2024   Finance income   Finance income   856   342   Foreign exchange gain, net   403   1,414   Total finance income   1,259   1,756   EUR’000   2025   2024   Finance expenses   Finance costs   15,604   17,406   Interests, lease liabilities   328   259   Amortised loan costs   115   91   Earn‐out fair‐value adjustment  500   0 Foreign exchange loss, net   0 0 Total finance expenses   16,547   17,756   4 Finance income and expenses   EUR’000   2025   2024   Finance income   Intercompany interest   157   58   Other interest   30   40   Total finance income   187   98   EUR’000   2025   2024   Finance expenses   Intercompany interest   ‐10  0 Other interest   ‐1  0 Total finance expense   ‐11  0 9 Income tax   EUR’000   2025   2024   Current income tax   Current income tax charge   4,961   5,720   Adjustment in respect of current income tax of previous year   733   120   Deferred tax   Relating to origination and reversal of temporary difference   ‐1,159  ‐1,987  Income tax expense reporting in the income statement   4,535   3,853   15 Deferred tax  EUR’000   2025   2024   Deferred tax 1 January   5,147   3,160   Additions from business combination   ‐3,015  0 Currency translation   ‐11  0 Deferred tax for the year recognised in the income statement   1,159   1,987   Deferred tax for the year recognised on equity   0 0 Other adjustments   0 0 Deferred tax 31 December   3,280   5,147   Reflected in the statement of financial position as follows:   Deferred tax assets   7,223   6,633   Deferred tax liabilities   ‐3,943  ‐1,486  Deferred tax 31 December   3,280   5,147   Deferred tax relates to:   Intangible assets   ‐3,354  ‐5,492  Tangible assets   551   580   Tax losses carried forward   4,992   3,941   Other assets and liabilities, net   1,091   6,118   Deferred tax 31 December   3,280   5,147   10 Intangible assets  Development   EUR’000   costs   Software   Licenses   IP Rights   Goodwill   Total   Cost 1 January 2025   ‐ 20,930   43,286   1,097   8,484   73,797   Additions from business combinations   ‐ ‐ 32,852   ‐ 4,032   36,884   Currency translation   ‐ 3 444   ‐ ‐4  443   Additions   847   250   2,579   ‐ ‐ 3,676   Additions internally developed   ‐ ‐ 3,820   ‐ ‐ 3,820   Reclassification   ‐847  1,810   ‐ ‐ ‐ 963   Disposals   ‐ ‐ ‐ ‐ ‐ ‐ Cost 31 December 2025   0 22,993   82,981   1,097   12,512   119,583   Amortisation and impairment 1 January 2025   ‐ 10,490   24,100   1,097   3,626   39,313   Currency translation   ‐ 3 ‐46  ‐ ‐ ‐43  Amortisation   ‐ 2,331   6,490   ‐ 445   9,266   Write‐downs  ‐ ‐ 372   ‐ ‐ 372   Reclassification   ‐ ‐ ‐ ‐ ‐ 0 Amortisation and impairment 31 December 2025   ‐ 12,824   30,916   1,097   4,071   48,908   Carrying amount 31 December 2025   0 10,169   52,065   0 8,441   70,675   Development costs comprise capitalised expenses for the new ERP system for Abacus Medicine Group.   Software is amortised over 3‐10 years and Licences are amortised over 5‐8 years. Software has been written down by EUR 0 thousand in 2025 (2024: EUR 26 thousand)  and Licences have been written down by EUR 372 thousand in 2025 (2025: EUR 316 thousand) due to uncertainty as to the future utilisation of the assets. There have   been no further indications of impairment of the intangible assets.   Goodwill was recognised as a part of the acquisition of the Abacus Medicine Pharmaceutical entities on 21 December 2017, Pluripharm Group on 29 July   2020, ThuisApotheek on 1 July 2023 and MediGroup NV on 29 September 2025. Goodwill is amortised over 10 years. There have been no indications of impairment of   the Goodwill.   11 Property, plant and equipment  Other fixtures   and fittings,   Land &   Leasehold   plant and   EUR’000   Buildings improvements   equipment   Total   Cost 1 January 2025   8,314   2,198   19,897   30,409   Additions from business combinations   1,609   411   2,020   Currency translation   ‐ 97   68   165   Additions   1850   441   6185   8,476   Reclassification   ‐ ‐ ‐963  ‐963  Disposals   ‐ 0 ‐1,913  ‐1913  Cost 31 December 2025   10,164   4,345   23,685   38,194   Depreciation and impairment 1 January 2025   1,102   1,375   8,960   11,437   Currency translation   ‐ 64   208   272   Depreciation   396   314   1,753   2,463   Disposals   ‐ ‐ ‐1,897  ‐1897  Depreciation and impairment 31 December 2025   1,498   1,753   9,024   12,275   Carrying amount 31 December 2025   8,666   2,592   14,661   25,919   12   Leases (IFRS 16)  Other fixed   Buildings   assets   Total   EUR’000   Right‐of‐use assets  Opening balance at 1 January 2025   5,238   1,427   6,665   Additions from business combinations   683   813   1,496   Additions   7,105   2,119   9,224   Disposals   ‐85  ‐48  ‐133  Depreciation   ‐3,458  ‐1,175  ‐4,633  Remeasurement of lease liabilities   4,313   13   4,326   Carrying amount at 31 December 2025   13,796   3,149   16,945   Leasing liabilities   Maturity analysis ‐ contractual undiscounted cash flows  2025   2024   Less than 1 year   5,155   3,992   Between 1 and 5 years   10,691   3,411   More than 5 years   3,167   245   The undiscounted cash flows   19,013   7,648   Lease liability recognised on the balance sheet   17,553   7,348   Current lease liability   5,066   3,822   Non‐current lease liability  12,487   3,526   Amount recognised in the income statement   Interest expense from lease liabilities   328   259   Lease expenses for short‐term leases  0 0 Total   328   259   In 2025, Abacus Medicine paid EUR 4,637 thousand (2024: EUR 4,296 thousand) on lease contracts of which interest payments related to lease liabilities amount to EUR   328 thousand (2024: EUR 213 thousand) and down payments on lease liabilities amounts to EUR 4,309 thousand (2023: EUR 4,083 thousand).   Costs recognised in the period for short‐term leases were EUR 0 thousand (2024: EUR 0 thousand) and low‐value leases were EUR 0 thousand (2024: EUR 0 thousand).  Expenses are recognised on a straight‐line basis as Other external costs.  13 Other receivables  EUR’000   2025   2024   Non‐current  Other receivables   585   235   Total non‐current  585   235   Current   Deposits regarding factoring agreement   8,335   6,707   VAT receivables   6,585   1,880   Other receivables   15,470   9,302   Total current   30,390   17,889   Abacus Medicine Group has historically not suffered any significant losses. Allowance for bad debt amounts to EUR 0.5 million as of 31 December 2025 (2024: EUR 0.4  million).   6 Receivables from group entities   FTW Holding ApS has in 2025 provided a loan of DKK 35 million to FTW Invest Aps. As of 31 December 2025, receivables from group entities   amounts to EUR 7,724 thousand.   7 Other receivables   Other receivables includes receivables which are due end of 2025 at the latest.   14 Minority share  EUR’000   2025   2024   Non‐controlling interests at 1 January  42,546   45,358   Share of profit for the period   3,609   8,770   Equity movements etc.   ‐2,325  ‐11,582  Non‐controlling interests at 31 December  43,830   42,546   16 Borrowings   EUR’000   2025   2024   Non‐current  Credit institutions and banks   25,492   0 Total non‐current  25,492   0 Current   Credit institutions and banks   67,447   51,233   Total current   67,447   51,233   Wagner Family Holding has a credit facility of EUR 8.1 million secured by way of a pledge on a number of shares in Abacus Medicine A/S.   In 2025, Abacus Medicine A/S entered into two long‐term loan agreements with Danske Bank in connection with the acquisitions of Medigroup NV and Swiss Cardio  Technologies AG, with total borrowings amounting to EUR 32 million. The loans are amortised over a five‐year period.  Abacus Medicine A/S has a committed credit facility with Danske Bank, with a maximum credit limit of EUR 116 million. The bank credit facility is renegotiated on a three   year basis. Next renegotiation is in 2028.   17   Trade payables   EUR’000   2025   2024   Trade payables   162,061   110,366   Customer rebates and discounts   60,706   56,552   Total   222,767   166,918   18 Other payables  EUR’000   2025   2024   Non‐current  Employee related payables   1,426   1,390   Total non‐current  1,426   1,390   Current   VAT payables   19,939   14,896   Employee related payables   8,874   7,075   Other payables   3,177   1,398   Total current   31,990   23,369   19 Provisions   EUR’000   2025   2024   At 1 January   6,327   5,388   Arising during the period   22,241   6,327   Fair value adjustment   500   0 Utilised   ‐6,327  ‐5,388  Unused amounts reversed   0 0 At 31 December   22,741   6,327   Current   9,839   6,327   Non‐current  12,902   ‐ Provisions comprise provisions for sold products expected to be returned in the coming year. The return provision is utilised during the financial year.   Non‐current provisions relates to Contingent consideration related to Swiss Cardio Technologies AG, as Abacus Medicine has agreed to pay a contingent consideration  (earn out) to the former owners. The earn‐out is calculated on basis of the cumulative turnover of Cardioplexol® during the earn‐out period 2025‐2034. At 31 December  2025, the carrying amount of the provision amounts to EUR 12.9 million. The provision is meas ured at fair value using a discounted cash flow model (DCF model) based  ꢀ on the expected cumulative turnover during the earn‐out period 2025‐2034. Expected future payments are discounted using a pre‐tax WACC of 12.6% reflecting the  specific risks associated with Swiss Cardio Technologies AG.   20 Change in working capital  EUR’000   2025   2024   Change in inventory   ‐11,871  ‐29,599  Change in receivables   ‐44,793  8,759   Change in trade payables etc.   59,880   39,699   Total   3,216   18,859   Consideration transferred   The total consideration for the acquisition of 100% of the shares in Swiss Cardio Technologies AG amounted to EUR 23,207 thousand. The consideration comprises an   upfront payment, milestone payments, and an earn‐out component based on the future performance of Swiss Cardio Technologies AG. In 2025, a total of EUR 9,465  thousand has been paid in relation to the upfront payment and milestone payments. The earn‐out has been estimated at EUR 12,402 thousand and is based on forecasted  turnover from the acquisition date in August 2025 through 2034, which corresponds to the expiry of the Cardioplexol® supplementary protection certificate (SPC) in   most European countries.   Earnings impact   The acquisition of Swiss Cardio Technologies AG has impacted the 2025 result of Abacus Medicine Group with EUR 286 thousand in revenue, EUR 239 thousand in gross   profit and EUR ‐765 thousand in profit for the year. If the acquisition had occurred on 1 January 2025, consolidated pro forma revenue, gross profit and profit for the year  would have contributed approximately EUR 845 thousand, EUR ‐404 thousand and EUR ‐2,875 thousand, respectively, to the consolidated reporting for the period ended  31 December 2025.   Transactions costs   The total transaction costs amounts to EUR 293 thousand recognised in Other external costs.   Acquisition of Medigroup NV  In September 2025, Abacus Medicine A/S acquired 100% of the shares in Medigroup NV and consequently became the majority shareholder.   Strategic rationale and synergies   Through the acquisition of Medigroup NV, the Abacus Medicine Group expands its Belgian footprint within parallel import and shortage medicines. In addition, Medigroup   NV’s established market knowledge and operational capabilities complement the Group’s existing platform and create opportunities for operational synergies and further   growth in the Belgian market.   Consideration transferred   The consideration for the aquisition of 100% of the shares in Medigroup NV was EUR 19,931 thousand.   Earnings impact   The acquisition of Medigroup NV has impacted the 2025 result of Abacus Medicine Group with EUR 17,000 thousand in revenue, EUR 2,500 thousand in gross profit and   EUR ‐470 thousand in profit for the year. If the acquisition had occurred on 1 January 2025, consolidated pro forma revenue, gross profit and profit for the year would  have contributed approximately EUR 62,000 thousand, EUR 10,000 thousand and EUR ‐1,250 thousand, respectively, to the consolidated reporting for the period ended  31 December 2025.   Transactions costs   The total transaction costs recognised amounts to EUR 430 thousand in Other external costs.   Business combinations26 21 Contractual obligations and contingencies etc.  Contingent liabilities   The parent company is jointly taxed with the Danish entities within the FTW Holding ApS Group, with FTW Holding ApS as the administrative company. The parent   company is, together with the other Danish companies in FTW Holding ApS Group, liable for corporate taxes and withholding taxes on dividends, interests and royalties.   Abacus Medicine Group is currently party to certain lawsuits, disputes etc. of various scopes. In management’s opinion, apart from items recognised in the statement of   financial position or disclosed in the financial statements, the outcome of these lawsuits, disputes etc., individually and in the aggregate, is not expected to have a material   impact on Abacus Medicine’s financial position.   8 Contractual obligations and contingencies etc.   Contingent liabilities   FTW Holding ApS is jointly taxed with the Danish entities within the FTW Holding ApS group, with FTW Holding ApS as the administrative   company. FTW Holding ApS is, together with the other Danish companies in FTW Holding ApS group, liable for corporate taxes and withholding   taxes on dividends, interests and royalties.   21 Contractual obligations and contingencies etc.  22 22 Mortgage and collateral  Bank debt of EUR 8.1 million within Wagner Family Holding has been secured by way of a pledge on a number of shares in Abacus Medicine A/S.   Bank debt of EUR 85 million within Abacus Medicine is secured by a floating charge over Abacus Medicine A/S, covering receivables, totalling EUR 59 million (2024: EUR   25 million), intangible assets totalling EUR 68 million (2024: EUR 31 million), property, plant and equipment totalling EUR 5 million (2024: EUR 3 million) and inventories   totalling EUR 207 million (2024: EUR 203 million). In addition, Abacus Medicine Pharmaceuticals ApS has pledged its shares in Swiss Cardio Technologies AG and Abacus   Medicine A/S has pledged its shares in Medigroup NV. The bank debt is also secured by a pledge in Pluripharm B.V.'s intercompany receivables, totalling EUR 15 million   (2024: EUR 16 million) and inventories totalling EUR 44 million (2024: EUR 24 million).   9 Mortgage and collateral   For information on mortgage and collateral for the Group, please refer back to the note 23 in the consolidated financial statements. The parent   company has no pledges or collaterals.   FTW Holding ApS has pledged the shares in Wagner Family Holding ApS as security for the bank loans within the Group. For detailed desciption   of terms and amounts please refer back to note 23 in the consolidated financial statements.   Mortgage and collateral  23 23 Financial risk and financial instruments  Market risk   Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three   types of risk: currency risk, interest rate risk and other price risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial   instruments. Abacus Medicine is not considered to be directly affected by an equity price risk or a commodity risk (price volatility of certain commodities, i.e. oil prices,   metal prices etc.).   Currency risk   Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. Abacus Medicine’s   exposure to the risk of changes in foreign exchange rates relates primarily to the operating activities (when revenue or expense is denominated in a foreign currency) and   net investments in foreign subsidiaries.   Abacus Medicine sells finished products and purchases products in currencies other than EUR and is therefore exposed to a currency risk. The currency policy must   ensure that the risk is hedged, either by buying and selling in the same currencies or by making use of financial hedging. At the same time, the currency policy must in an   operational manner describe how the risk is assessed when a possible hedging is entered and who is responsible for entering into currency hedging agreements with the   bank.   Sales/receivables: Abacus Medicine enters sales agreements with customers, which will result in invoicing in DKK, EUR, SEK, NOK, USD and GBP. The exposure to   fluctuations in EUR/DKK is considered to be limited due to Denmark’s fixed exchange rate policy towards EUR and is consequently not hedged. Sales in SEK, NOK, USD   and GBP are considered a risk, as these currencies have historically been unstable compared to EUR/DKK.   Purchase/payables: On the purchase side, EUR is the main currency, but products and freight services are also purchased in other currencies. All the purchase currencies   used have historically been volatile. In the medium and long term, a change in the value of these currencies will lead to an adjustment of the purchase prices in the local   currencies thereby eliminating the currency risk. In the short term, i.e. from the date of invoice to the payment, the price is fixed in currency and an increase   (strengthening) of these currencies will result in a loss. However, the time from order delivery to payment is limited and thereby the currency risk exposure is also limited   and therefore the company does not enter forward transactions.   Production costs (repackaging costs): the largest repackaging facility is located in Hungary, and therefore employee expenses, rent of premises etc. are in Hungarian HUF,   which historically has been volatile compared to the EUR.   Group Finance can enter hedges with the bank on the basis of confirmed customer orders or on the budgeted sales. Foreign exchange forward contracts are designated as   hedging instruments in cash flow hedges of forecasted sales in foreign currencies. The foreign exchange forward contract balances vary with the level of expected foreign   currency sales and purchases and changes in foreign exchange forward rates.   There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange and commodity forward contracts match   the terms of the expected highly probable forecast transactions (i.e., notional amount and expected payment date). Abacus Medicine has established a hedge ratio of 1:1   for the hedging relationships as the underlying risk of the foreign exchange and commodity forward contracts are identical to the hedged risk components. To test the   hedge effectiveness, Abacus Medicine uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes   in fair value of the hedged items attributable to the hedged risks.   Hedge ineffectiveness can arise from:   • Differences in the timing of the cash flows of the hedged items and the hedging instruments   • The counterparties’ credit risk differently impacting the fair value movements of the hedging instruments and hedged items   • Changes to the forecasted amount of cash flows of hedged items and hedging instruments   It is Abacus Medicine’s policy that no trading in derivatives for speculative purposes may be undertaken.   Interest rate risk   Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Abacus Medicine’s   exposure to the risk of changes in market interest rates relates primarily to Abacus Medicine’s long‐term loans with Danske Bank of EUR 32 million, credit facility with a  credit limit of EUR 116 million and the factoring agreement with AL Finans with a limit of EUR 215 million. Further, the Group has an exposure to the risk of changes in   market interest rates entered related to the factoring agreement with Crédit Agricole with a limit of EUR 120 million for the activities in Pluripharm. The Group has not   hedged interest rate risks.   A change in the interest rate by 1 percentage point in comparison to the interest rate at the balance sheet date would all other things being equal affect Abacus   Medicine’s income statement by EUR 3.5 million (2024: EUR 2.7 million) and equity by EUR 3.5 million (2024: EUR 2.7 million).   23 Financial risk and financial instruments (continued)  Liquidity risk   Parallel distribution is a very liquidity‐intensive industry, as most of the raw material purchases are to be paid in advance or with very short payment terms, while the  customer side is characterised by normal and often long payment terms. This creates a liquidity requirement in the period between payment to suppliers and receipt of   customer payments. On the other hand, wholesale activity is less liquidity dependent than parallel distribution because payment terms from suppliers and to customers   are more aligned.   Abacus Medicine Group aims to have sufficient credit facilities that can accommodate the fluctuations that occur in day‐to‐day operations, so that Abacus Medicine has  sufficient reserves to account for unforeseen liquidity needs.   This objective is met through building and maintaining sound and trustworthy relationships with bank and factoring companies, which have resulted in the existence of   sufficiently large credit lines for factoring and credit facilities.   The availability of the required liquidity is ensured through a combination of cash pools for cash centralisation, long‐term loan agreements, committed credit facility and  factoring agreements. In 2025, Abacus Medicine entered into two long‐term loan agreements with Danske Bank in connection with the acquisitions of Medigroup NV and  Swiss Cardio Technologies AG, with total borrowings amounting to EUR 32 million. The loans are amortised over a five‐year period. In addition, Abacus Medicine has a  committed credit facility with Danske Bank, with a maximum credit limit of EUR 116 million. The bank agreement with Danske Bank is renegotiated on a three year basis.   Furthermore, Abacus Medicine has a factoring agreement with AL Finans with a limit of EUR 215 million and a factoring agreement with Crédit Agricole with a limit of   EUR 120 million relating to the activities in Pluripharm. Factoring is chosen because it allows for financing of nearly all sales invoices no later than the day after the invoice   has been issued.   25   Business combinations   In 2025, Abacus Medicine aquired Swiss Cardio Technologies AG and Medigroup NV. No aquisitions in 2024.   Acquisition of Swiss Cardio Technologies AG   In August 2025, Abacus Medicine Pharmaceuticals ApS acquired 100% of the shares in Swiss Cardio Technologies AG and consequently became the majority   shareholder.   Strategic rationale and synergies   Through the acquisition of Swiss Cardio Technologies AG, the Abacus Medicine Group has expanded its existing pharmaceutical business within Abacus Medicine   Pharmaceuticals. For the first time, the Group has become the exclusive owner of a pharmaceutical asset. The Abacus Medicine Group’s extensive experience in the sale   and distribution of medicines, combined with its diversified operations, provides a strong foundation for the development and commercialization of the asset.   26 Events after the reporting period  No events have occurred after the balance sheet date which could have a material effect on FTW Holding ApS’ financial position at 31 December 2025.   11 Events after the reporting period  No events have occurred after the balance sheet date which could have a material effect on FTW Holding ApS’ financial position at 31   December 2025.   21000 31000 32000 112000 -53000 3681000 187000 -142000 7912000 98000 11000 0 3804000 7867000 132000 -10000 3672000 7877000 -2524000 5928000 268000 6480000 1062000 335000 3672000 7877000 44848000 46777000 44848000 46777000 7724000 0 292000 2084000 5109000 9000 295000 952000 10100000 54948000 6365000 53142000 16000 37057000 15679000 268000 16000 38986000 9766000 335000 53020000 49103000 180000 1735000 13000 136000 3890000 13000 1928000 1928000 4039000 4039000 54948000 53142000 8 Contractual obligations and contingencies etc.   9 Mortgage and collateral   10 Related party disclosures   11 Events after the reporting period   16000 38986000 9766000 335000 49103000 -2524000 5928000 -15000 268000 335000 3672000 -15000 335000 595000 595000 16000 16000 37057000 33604000 15679000 8698000 268000 53020000 42989000 671000 6480000 1062000 335000 0 671000 7877000 6000 671000 -1098000 0 6000 0 -1098000 16000 38986000 9766000 335000 49103000 Cash flow statement   The parent company is omitted from preparation of cash flow statement in accordance the Danish Financial Statements Act 86 section 4. For   cash flow, reference is made to the group consolidated financial statements.   Equity investments in group entities   The Parent’s equity investments in group entities are accounted for using the equity method. FTW Holding ApS has chosen to consider the   equity method as a consolidation method.   Under the equity method, an investment in the group entity is initially recognised at cost. The carrying amount of the investment is adjusted to   recognize changes in the parent's share of net assets of the subsidiary since the acquisition date. Goodwill relating to the group entity is included   in the carrying amount of the investment and is not tested for impairment separately, however the carrying amount of the equity investments in   group entities is subject to an annual test for indications of impairment. Goodwill in group entities is amortised over 10 years.   The statement of profit or loss reflects the parent’s share of the results of operations of the group entities. Any change in other comprehensive   income of those group entities is presented as part of the parent's other comprehensive income. In addition, where a change has been   recognised directly in the equity of the group entity, the Parent recognizes its share of any changes, when applicable, in the statement of changes   in equity. Unrealised gains and losses resulting from transactions between the Parent and the group entity are eliminated.   Investments in enterprises with negative net asset values are measured at DKK 0 (nil). The enterprise's proportionate share of any negative   equity is set off against receivables from the investment to the extent the receivable is deemed irrecoverable. If the Parent Company has a   constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognised under provisions.   Net revaluations of the equity investments in group entities are transferred to the reserve for net revaluation, according to the equity method, to   the extent that the carrying amount exceeds the acquisition value.   5 Tax   Income statement   EUR’000   2025   2024   Current income tax   ‐27  10   Relating to origination and reversal of temporary difference   ‐105  0 Tax   ‐132  10   Statement by Management on the annual report Today, the Executive Management have discussed and approved the Annual Report of FTW Holding ApS for the financial year 1   January – 31 December 2025.   The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view of the   Group’s and the Parent Company’s financial position at 31 December 2025 and of the results of the Group’s and the Parent   Company’s operations and the Group's cash flow for the financial year 1 January – 31 December 2025. 2025-12-31 In our opinion, the Management’s Review includes a true and fair review of the development in the Group’s and the Parent   Company’s operations and financial conditions, of the results for the year and of the financial position of the Group and the Parent   Company, as well as a description of the more significant risks and uncertainty facing the Group and the Parent Company.   We recommend that the Annual Report be approved at the Annual General Meeting. Copenhagen 2026-06-16 Flemming Wagner CEO Independent auditor's report To the shareholders of FTW Holding ApS Opinion   We have audited the consolidated financial statements and the parent company financial statements of FTW Holdings ApS for the   financial year 1 January – 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and   notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The   consolidated financial statements and the parent company financial statements are 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 the   financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group's and the Parent   Company's operations as well as the consolidated 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 additional requirements applicable in   Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the   audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as   "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to   provide a basis for our opinion.   Independence   We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of   Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have   fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.   Management's responsibilities for the financial statements   Management is responsible for the preparation of consolidated financial statements and parent company financial statements that   give a true and fair view in accordance with 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 Group's and the Parent Company's ability to   continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of   accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or   to cease operations, or has no realistic alternative but to do so.   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 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 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 Group's and the Parent 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 Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material   uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if   such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of   our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a   going concern.   ► 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.   ► Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the   Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and   performance of the group audit. We remain solely responsible for our audit opinion.   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 2026-06-16 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Ole Becker State Authorised Public Accountant mne33732