Critical Accounting Judgements and Key Sources of Estimation Uncertainty

There were no significant changes in our critical accounting judgements and key sources of estimations uncertainty compared to those used in the most recent annual consolidated financial statements of December 31, 2025, except for the following new critical accounting judgements and key sources of estimation uncertainty.

Key sources of estimation

Determination of fair value of convertible loan receivable

As there is no active market for the convertible loan and no reference share value is readily available of Coultreon, which is a very early-stage R&D organization at the moment, we establish the fair value by using other valuation techniques. The fair value has been determined mainly by reference to the initial transaction price and adjusted as necessary for impairment and revaluations with reference to capitalized interests, relevant available information and recent financing rounds.

The convertible loan receivable was converted into equity ownership in Coultreon in connection with Series A financing in April 2026. As a result, the convertible loan receivable was reclassified to an equity instrument held at fair value through other comprehensive income. The fair value of equity instruments is estimated by management based on the cost of investment and adjusted as necessary for impairment and revaluations with reference to relevant available information and recent financing rounds. The inputs are categorized as Level 3 inputs. We refer to our Annual Report 2025 for more detailed information.

Critical accounting judgements

Equity investment – Coultreon

Our convertible loan receivable in Coultreon was converted into 29.12% of current equity ownership in Coultreon following the successful completion of Coultreon’s Series A Financing round. Although after conversion of the convertible loan, we hold 29.12% of currently issued and outstanding shares and corresponding voting rights, we concluded significant influence not to exist as we do not have representation on the Board of Directors, only holding a non-voting observer position, and we do not have substantive rights to participate in financial and operating policy decisions under the current shareholder agreement. Accordingly, the investment is accounted for as an equity instrument measured at fair value through other comprehensive income in accordance with IFRS 9 rather than as an investment in an associate under IAS 28.