Strategic Partners (STRAP) H2 2025 earnings summary

Executive summary

• Focused on executing a strategy of entering partnerships or acquiring growth assets; sold CombiGene AB and acquired 10% of Avium Fund I ApS in 2025.

• Ongoing search for new investments and capital increases to grow the balance sheet.

• Limited operational business activities, with a single employee at year-end.

Financial highlights

• Revenue for 2025 was DKK 309k, with an operating loss of DKK 2.4m, compared to a DKK 0.2m loss in 2024.

• Net financial income was DKK 1.6m, up from a DKK 0.1m expense in 2024, driven by gains in securities and partnerships.

• Net result for 2025 was a loss of DKK 859k, compared to a loss of DKK 298k in 2024.

• Cash at year-end was DKK 394k, down from DKK 3.9m in 2024; total assets were DKK 19.5m.

• Equity stood at DKK 18.4m, with an equity ratio of 94%.

Outlook and guidance

• Anticipates a loss before tax of DKK 0–2m for 2026.

• Revenue from investment properties expected at DKK 0.3m, with related expenses of DKK 0.1m and G&A expenses of DKK 2.5m.

• Financial income projected between DKK 0.5–2.5m.

• Outlook subject to risks due to limited business activities and future investment prospects.