Vetopia ApS

Significant accounting estimates The valuation of goodwill and investments in group enterprises has been assessed through a discounted cash flow analysis. The cash flow analysis includes five-year projections, along with a terminal period, and is based on the actual results for 2025. The expectations reflect decisions that have already been made and include management's assessments of pricing, product portfolio, procurement agreements, and similar factors. The growth expectations used for the next 5 years reflect external market assessments and the terminal growth rate is set at 2% (2024: 2%). A WACC of 12,0% (2024: 12,0%) has been applied for all countries, which reflects the risk-free rate, market risk premium, and interest rate on external financing. A reduction of the EBITDA margin by 1 percentage point would result in an impairment of m.DKK 9,5. An increase of the WACC by 1 percentage point would result in an impairment of m.DKK 32,7. The earn-out provision is measured at capitalized value and each quarter the provision is reassessed for changes in the expected future payments based on actual figures and forecasts/expectations for the remaining earn-out period.