FTW Holding ApS

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.