KLIFO A/S

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Business review KLIFO Group is a leading drug development consultancy with extensive experience supporting biotech and pharmaceutical companies in advancing their drug development programs. The company delivers cross-functional consulting and operational services across all areas of the drug development value chain, including strategic advisory, regulatory affairs, CMC development, clinical research, pharmacovigilance, clinical trial supply, and quality assurance. Over the past decade, KLIFO has evolved into a fully integrated consultancy, offering end-to-end expert capabilities that enable partners to seize opportunities, mitigate risks, drive innovation, and accelerate project advancement. In 2025, KLIFO took significant strategic steps to strengthen its core business within Clinical Trial Supply (CTS) and Drug Development Consultancy, thereby setting the company on a clear path for profitable growth. In parallel, KLIFO realigned its business portfolio by discontinuing non-core activities. KLIFO opened a new state-of-the-art Clinical Trial Supply facility in the Copenhagen area, significantly expanding capacity and establishing one of the largest CTS sites in Northern Europe. This was accomplished according to plan, with strong, stringent quality performance in November 2025. This investment supports increased demand, improves operational efficiency, continues strong quality performance and enables faster project execution and reduced supply chain risks. The new facility has been very well-received by existing and new customers in the Nordics and beyond. At the same time, KLIFO continued its transition from full-service CRO activities towards a more focused, premium advisory-based model. As part of this strategic realignment, KLIFO closed its clinical research operations in Germany and the Netherlands following completion of major customer projects and a prolonged slowdown in the biotech market in Central Europe. The financial result for 2025 is therefore significantly affected by non-recurring costs related to i) the investment in the new Clinical Trial Supply facility in the Copenhagen area, and ii) the closure of discontinued clinical operations in Germany and the Netherlands. Excluding these non- recurring items, KLIFO generated an underlying EBITDA of m.DKK 5.8 reflecting continued demand and growth within KLIFO’s core services.