Interim report
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Interim Report First Half 2026 SI STRATEGIC PARTNERS A / S Strategic Partners A / S ( the " Company " ) , today announces its Interim Report First Half 2026 for the period January 1 - June 30 , 2026 . Financial highlights First Half 2026 The total comprehensive profit for the first half year 2026 was a net profit of DKK 1.0 million compared to a total comprehensive net loss of DKK 1.2 million for the same period in 2025 . Operating expenses for the six months ended June 30 , 2026 totaled DKK 1.0 million compared to DKK 1.4 million for the same period in 2025 . In May , Strategic Partners A / S purchased a strategic position of 8,823 shares as Co - owners in the Danish company Gyldendal A / S corresponding to an investment of DKK 3 million . The investment was made after following the company's development for an extended period . During the period , the Company also worked on an improvement to its facility on Østerbrogade in Copenhagen , which will significantly enhance the facility's rental potential . In July , the Company announced the biggest potential strategic investment so far as the Company signed a conditional purchase agreement for the acquisition of three retail properties located outside Aarhus for a total purchase price of DKK 16.2 million , corresponding to a net yield of 7.25 % . Page 1 of 11
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Page 2 of 11 The acquisition will be financed by a cash payment of DKK 7.0 million as well as the assumption of an existing mortgage loan of DKK 9.2 million. The purchase is conditional upon approval at an extraordinary general meeting convened on August 5th, 2026, at which the board of directors will propose both the acquisition itself and the financing of the cash payment through a capital raise. The company is still in process with various investments in order to continue to execute the strategy to increase the company's investments in strategic partnerships with companies with significant potential, as well as in other equity interests and real estate. The result from property investments is realized at a net gain of DKK 0.1 million compared to DKK 0.1 million for the same period in 2025. The result from our strategic co-ownership in listed and unlisted companies is realized at a net gain of DKK 1.9 million compared to DKK 0.0 million for the same period in 2025. Diluted net asset value per share is DKK 465 on June 30th, 2026. Management’s review and Business update In continuation of the strategy, it is still the Company's wish to continue investing and adding competences in new partnerships in order to create added value for the Company's shareholders, as well as to attract additional capital to the company via capital raisings or the purchase of companies/assets via the issue of new shares in order to gain a greater critical mass. Risk and uncertainties For information on risks and uncertainties relating to Orphazyme’s business please refer to our Statutory Annual Report 2025. Additional risks and uncertainties, including risks that are not known to the Company at present or that its management currently deems immaterial or non - specific to the Company, may also arise or become material or specific to the Company in the future, which could, if such risks were to materialize, have a material and adverse effect on the Company’s business, financial condition, and/or results of operations.
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Page 3 of 11 Subsequent Events Management is not aware of any other events subsequent to 30 June 2026 other than described above related to the acquisition of new properties in Aarhus which could be expected to have a significant impact on the group’s financial position. Outlook The positive result of the first half of the year and the acquisition of the three retail properties will not change the company’s announced expectations for 2026, most recently communicated in company announcement 2/2026, in which the company expects an overall negative result before tax of DKK -2 million to DKK 0 million. Forward-looking statements, in particular relating to future activities, operating income and expenses as well as other key financials, are subject to risks and uncertainties. Various factors, many of which lie outside of the Company’s control, may cause the realized results to differ materially from the expectations presented in this earnings release.
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Page 4 of 11 Condensed Key Figures DKK (000) As of and for the six- months ended Jun 30, 2026 As of and for the six-months ended Jun 30, 2025 As of and for the year ended Dec 31, 2025 Statement of profit or loss Net rental income General and administrative expenses 100 (1,027) 105 (1,553) 34 (2,480) Operating profit / (loss) (927) (1,391) (2,446) Net financial items 1,946 204 1,587 Total comprehensive income (loss) 1,019 (1,187) (859) Profit / (loss) per share, basic (DKK) 24 (28) (21) Profit / (loss) per share, diluted (DKK) 24 (28) (21) Statement of financial position Investment property Cash 3,573 71 3,573 3,222 3,573 394 Securities 16,457 12,053 15,531 Other current assets 5 2 41 Total assets 20,107 18,850 19,539 Share capital 6,257 6,257 6,257 Total equity 19,405 18,061 18,390 Current liabilities 702 789 1,149 Cash flow statement Net cash from operating activities (1,339) (4,628) (2,136) Net cash from investing activities 1,016 3,964 (1,356) Net cash from financing activities - - - Other Share price (DKK) 590 1,000 698 Total outstanding shares 41,712 41,712 41,712 Market capitalization (DKK million) 24.6 41.7 29.1 Equity ratio 97% 96% 94% Equity per share (DKK) 465 433 441
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Page 5 of 11 Statement of Profit or Loss and Other Comprehensive Income Six months ended Jun 30, 2026 DKK (000) Six months ended Jun 30, 2025 DKK (000) Twelve months ended Dec 31, 2025 DKK (000) Net rental income General and administrative expenses 100 1,027 105 (1,496) 34 (2,480) Operating result (927) (1,391) (2,446) Financial items, net 1,946 204 1,587 Total comprehensive income (loss) 1,019 (1,187) (859) Profit / (loss) per share, basic Profit / (loss) per share, diluted 24 24 (28) (28) (21) (21)
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Page 6 of 11 Statement of Financial position Jun 30, 2026 DKK (000) Jun 30, 2025 DKK (000) Dec 31, 2025 DKK (000) ASSETS Fixed assets Investment property Total fixed assets Current assets 3,573 3,573 3,573 3,573 3,573 3,573 Prepayments and other receivables 5 2 41 Securities and partnerships 16,457 12,053 15,531 Cash 71 3,222 394 Total current assets 16,534 15,277 15,966 TOTAL ASSETS 20,107 18,850 19,539 EQUITY & LIABILITIES Equity Share capital 6,257 6,257 6,257 Retained earnings 13,148 11,804 12,133 Total equity 19,405 18,061 18,390 Current liabilities Trade payable and accruals 702 789 1,149 Total current liabilities 702 789 1,149 TOTAL EQUITY AND LIABILITIES 20,107 18,850 19,539
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Page 7 of 11 Statement of Changes in Shareholders’ Equity DKK (000) Share capital Accumulated deficit Total Balance as of Dec 31, 2024 6,257 12,991 19,248 Net loss for the period - (1,187) (1,187) Balance as of June 30, 2025 6,257 11,804 18,061 Balance as of Dec 31, 2025 6,257 12,133 18,386 Net profit for the period - 1,019 1,019 Balance as of June 30, 2026 6,257 13,148 19,405
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Page 8 of 11 Cash Flow Statement Six months ended Jun 30, 2026 DKK (000) Six months ended Jun 30, 2025 DKK (000) Operating activities Operating profit / (loss) (927) (1,345) Change in receivables 36 34 Change in accruals and other liabilities (448) (3,521) Interest received / (paid), net 0 204 Cash flow from operating activities (1,339) (4,628) Investing activities Purchase of securities (3,148) - Sale of securities Investment property 4,164 - 3,987 (23) Cash flow from investment activities 1,016 3,964 Changes in cash and cash equivalents (323) (664) Cash balance at beginning of period 394 3,886 Cash balance at end of period 71 3,222
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Page 9 of 11 Notes to the Interim Financial Statement NOTE 1 – CORPORATE INFORMATION Strategic Partners A/S is headquartered in Copenhagen, Denmark and is publicly traded on Nasdaq Copenhagen. There were no material related party transactions during the first half of 2026 other than remuneration to the Executive Management and the Board of Directors. Basis of preparation The interim condensed financial statements for the six months ended June 30, 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the EU, and additional Danish disclosure requirements for interim reports of companies listed on the Nasdaq Copenhagen. The interim condensed financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Company’s latest annual financial statements as of December 31, 2025. These interim condensed financial statements have been prepared in accordance with the going concern assumption. Updates to the Group's accounting policies The accounting policies used in the preparation of the interim condensed financial statements are consistent with those used in the preparation of Strategic Partners A/S’s annual financial statements for the year ended December 31, 2025. The interim financial report has not been reviewed or audited by the Company’s independent auditors. Significant accounting estimates and judgements The significant accounting estimates and judgements disclosed in note 1.4 of the financial statements for the year ended December 31, 2025 are still applicable.
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Page 10 of 11 NOTE 2 –INVESTMENT IN PARTNERSHIPS AND INVESTMENT PROPERTY In May, Strategic Partners A/S purchased 8,823 shares in the Danish company Gyldendal A/S corresponding to an investment of DKK 3 million. The investment was made after following the company’s development for an extended period. During the period, the Company worked on improvements to its commercial apartment on Østerbrogade in Copenhagen, which will significantly enhance the apartment’s rental potential . The Company is currently investigating different strategic investments. NOTE 3 – DEFERRED TAX ASSETS The Company’s tax losses can be carried forward infinitely subject to the general rules on limited deductibility due to ownership changes. For the period ended June 30, 2026, the Company has unrecognized net tax loss carry-forwards in the Danish entity in the amount of DKK 2,212 million which is equal to a deferred tax asset of DKK 487 million as of June 30, 2026.
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Page 11 of 11 Statement by the Board of Directors and the Executive Management The Board of Directors and the Executive Management have today reviewed and approved the interim financial report of Strategic Partners A/S for the period January 1 - June 30, 2026. The interim financial report has not been reviewed or audited by the Company’s independent auditors. The interim financial report for the period January 1 - June 30, 2026 has been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting policies used in the interim financial report are consistent with those accounting policies used in Strategic Partners A/S’s 2025 Annual Report with the additions described and additional Danish disclosure requirements for interim reports of listed companies. In our opinion, the interim condensed financial statements give a true and fair view of Strategic Partners A/S’s assets, liabilities, and financial position at June 30, 2026 and of the results of its operations and cash flows for the period January 1 - June 30, 2026. We furthermore consider that the management’s review gives a true and fair view of the development in the Group’s activities and financial affairs, the profit for the period and the Group’s financial position as a whole, as well as a description of the most significant risks and uncertainties to which the Group is subject.