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1 SHARE TICKER: GUBRA l NASDAQ COPENHAGEN Q3 2025 INVESTOR PRESENTATION 7 NOVEMBER 2025 INVESTOR CONFERENCE CALL 7 November 2025, 10:00am CET Follow live via: https://events.q4inc.com/attendee/919308397 DIAL-IN NUMBERS DK: +45 70 71 71 73 l UK: +44 20 8610 3526 When dialling-in, please state the name of the call “Gubra Q3 2025 earnings release” or the conference ID 77009 PRESENT FROM GUBRA: Markus Rohrwild, CEO Louise S. Dalbøge, CSO Kristian Borbos, CFO Q3 2025
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22 Forward looking statements Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and that can be identified by words such as “believe“, “expect“, “anticipate“, “intends“, “estimate“, “will“, “may“, “continue“, “should“, and similar expressions. The absence of these words, however, does not mean that the statements are not forward-looking. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. The information, opinions and forward-looking statements contained in this presentation speak only as at its date and are subject to change without notice.
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3 ~275 EMPLOYEES SEPTEMBER 2025 CRO SERVICES DISCOVERY & P ARTNERSHIPS Specialized pre-clinical contract research and development services for the pharma and biotech industry. Discovery, design, and development of peptide- based drug candidates with the aim of entering partnerships with pharma and biotech companies. 30% YEARL Y REVENUE GROWTH* OBESITY EXPERTISE SEVERAL DRUG CANDIDATES IN DEVELOPMENT EXPERT SERVICE PROVIDER 16 OUT OF TOP 20 LARGEST PHARMA COMP ANIES SERVED BY GUBRA * From inception 2008 to 2024
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4 12 15 16 20 21 18 23 30 21 327 2010 2011 2012 12 2013 42 2014 34 2015 3 8 2016 2017 2018 2019 3 2020 2021 9 2022 5 2023 6 2024 9M 2025 1 1 2 3 3 6 7 2009 15 20 27 23 34 11 28 36 348 3 6 27 Record first nine months of 2025 Discovery & Partnerships CRO services Revenue EUR million 11 13
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55 Key highlights in 2025 CRO Business SLIGHT DECLINE VS 9M 2024 + Macroeconomic uncertainty weighs on small biotech customers Amylin ABBV-295* STRONG CLINICAL PHASE 1 RESUL TS + Tolerability and patent life key differentiators + Very long half life + Significant weight reduction (-7.8% vs. +2.0% placebo) UCN2 Program FOR HIGH QUALITY WEIGHT LOSS + Results show prevention and restoration of lost lean mass + Cardiorenal benefits + UCN2 to start clinic in H1 2026 AbbVie Deal + Out-licensing ABBV-295 (Amylin) to AbbVie + USD 2.2bn deal incl. USD 350m in upfront + royalties + Extraordinary dividend of DKK 1 billion +EXTRAORDINARY DIVIDEND CEO succession + Markus Rohrwild new CEO from 8 Sep 2025 *Previously referred to as GUBamy (GUB14295), now ABBV-295 following the license agreement with AbbVie, announced on March 3, 2025 FOR NEXT WAVE OF GROWTH
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66 Our AI-accelerated peptide discovery-to-clinical platform StreaMLine rapidly identifies novel peptide candidates + AI-driven design combined with high-throughput wet lab screening + Hit to Development Candidate < 1.5 years + High novelty and patentability of Development Candidates + Peptides optimized based on efficacy, Pharmacokinetics, selectivity, stability and solubility + Disease-agnostic, ready to scale into other high-growth disease areas Key advantages
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7 Our R&D Pipeline comprises both partnered and internal programs
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8 OBESITY Differentiation that matters
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99 There is paradigm shift in obesity treatment to focus on high quality weight loss and improved patient experience 1) Sanchis-Gomar et al. Balancing weight and muscle loss in GLP1 receptor agonist therapy. Nature Reviews Endocrinology (2025). 2) Healthy or high-quality weight loss refers to a healthier, more sustainable form of weight reduction that prioritizes fat mass loss while preserving or even increasing lean muscle mass 0 20 40 60 80 Lost weight (%) 100 Lean mass Fat mass 0 20 40 60 80 Lost weight (%) 100 Today Future Obese and overweight people globally (bn) 2020 2035 2.6 4.0 of which are obese (BMI >30) 50% Today, lean mass accounts for 20-45% of weight lost1 +54% Healthy muscle-preserving weight loss2 Improved tolerability, less side effects More convenient dosing regimens Combination therapies Ability to address co-morbidities Obesity continues to grow at a striking pace However, there is a paradigm shift in treatment Key trends will dominate future treatment
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1010 Our deep domain expertise enables us to deliver differentiated obesity assets with high value potential Supports once- weekly s.c. dosing in humans Increases muscle mass, restoring loss from obesity drugs Reduces fat mass, including plasma lipids Cardiorenal benefits, e.g. cardiac function UCN2 GUB-UCN2 internal Development stage: Preclinical, entering clinic H1’26 Key differentiator Improves body composition Features of GUB-UCN2 Balanced receptor profile, mimicking native amylin Ultra-long half-life for convenient dosing Stability at neutral pH, ideal for co-formulation Clinically relevant weight loss, alone and in combination AMYLIN Key differentiator Improved tolerability profile Features of ABBV-295 Development stage: Clinical Phase 1 (MAD) ABBV-295 out-licensed
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11 GUB-UCN2 High quality weight loss with once-weekly UCN2 analogue UCN2
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1212 Decreased fat mass (% change)Lean mass (% change)Relative body weight Vehicle + Vehicle GUB-UCN2 + Vehicle Semaglutide + Vehicle -10 -5 0 5 10 15 20 25 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 Study Week Lean mass change (%) -50 -40 -30 -20 -10 0 10 20 -1 1 2 3 4 5 6 7 8 9 10 11 12 Study Week Fat mass change (%) GUB-UCN2 + Semaglutide Semaglutide + GUB-UCN2 (week 3) Preclinically, GUB-UCN2 selectively decreases fat mass while simultaneously protecting loss of lean mass GUB-UCN2 increases fat mass loss while rescuing loss in lean mass in diet-induced obese rats co-treated with a GLP-1R agonist 80 100 120 First dose 1 2 3 4 5 6 7 8 9 10 11 12 Study week Body weight (%) 110 90
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1313 Plasma total cholesterolPlasma triglyceridesPlasma Leptin GUB-UCN2 decreases fat mass both as monotherapy and in combination with GLP-1 *** * *** *** 0 5000 10000 15000 20000 25000 30000 35000 40000 45000 50000 55000 Plasma Leptin (pg/mL) ** ** ** 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Plasma TG (mmol/L) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Plasma TC (mmol/L) GUB-UCN2 significantly lowers obesity biomarkers plasma leptin and triglycerides in diet-induced obese rats with no effect on cholesterol
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1414 Our advanced 3D imaging confirms UCN2-driven muscle growth; an effect not observed with GLP-1 Delivers high- resolution, quantitative tissue data using AI and automation Enables rapid, large-scale analysis of changes like muscle growth Gubra’s 3D imaging technology for skeletal muscle analysis GUB-UCN2 increases total muscle volume in hindleg from aged diet-induced obese rats both as monotherapy and in combination with GLP-1 * ** 1500 2000 2500 3000 3D Total Muscle volume [mm^3] *: P < 0.05, **: P < 0.01 compared to Vehicle + Vehicle
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1515 In addition to improving body composition, UCN2 demonstrates clear cardiac benefits in preclinical models Notes: Treatment started 4 weeks after LAD ligation and continued for 8 weeks; A+L+S = atenolol+lisinopril+spironolactone; SoC = standard of care Rat model of Myocardial Infarction (MI) Cardiac output after 8 weeks treatment 0 20 40 60 80 100 120Cardiac output (ml/min) Sham-Vehicle Vehicle A+L+S(SoC) UCN2-low UCN2-high Left anterior descending artery Infarcted area + Long-acting UCN2 significantly improves cardiac function (EF & cardiac output) in rats with myocardial infarction after 8 weeks of treatment + Consequently, long- acting UCN2 improves cardiac function in a rat model of chronic myocardial infarction **** **
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1616 16 Non-clinical toxicity programme ongoing Clinical Phase 1 expected to start H1 2026 GUB-UCN2: Planning for clinical testing
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1717 + Record-high revenue in 9M 2025 with DKK 2.4 billion (9M 2024: DKK 41 million) + Increase driven by upfront payment in outlicensing deal with AbbVie + Total costs increasing as expected as a number of projects are pushed forward in parallel. ABBV- 295 (Amylin) and UCN2 in particular DISCOVERY & P ARTNERSHIPS 33 6137 5742 64 9M 2024 9M 2025 112 182 T otal adjusted costs* DKKm Revenue DKKm Adjusted EBIT* DKKm 17 Q2 Q1 Q3 28 50 9M 2024 2,380 9M 2025 41 2,437 77 7 -15-28 -27 -54 9M 2024 2,323 9M 2025 -70 2,255 -14 Q2 Q1 Q3 9M 2025 financial results * Adjusted for special items
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1818 18 CRO SERVICES GUBRA CRO Specialized preclinical CRO with strongholds in metabolic and fibrotic diseases
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19 Our CRO business is Gubra’s foundation, specializing in high-growth markets since inception in 2008 2D & 3D Histology withAI Pathology Liver (MASH) Kidney (CKD) Brain (CNS) Lungs Diabetes Obesity Heart (CVD) We have strongholds across several disease and technological areas… ... serving Disease areasServices AssaysIn Vivo Pharmacology NGS (Next Gen Sequencing) Women’s Health Bioinformatics 16/20 of the largest pharma companies globally
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20Gubra presentation Revenue + Growth down 5% in 9M y/y (2024 was a record-year) + Macroeconomic uncertainty and subdued funding conditions weigh on biotech customers + Looking ahead, we see signs of improvement in the order pipeline Earnings + Cost increasing compared to 2024 due to build of new areas including women’s health + Q3 costs negatively impacted by compensation payment to former CEO (EBIT-margin increases to 19% in Q3 if this is excluded) + EBIT down in 9M and Q3 y/y as an effect of revenue decline with a large share of fixed cost CRO revenue (organic) DKKm CRO adjusted EBIT* DKKm Q3 2024 9M 2024 Q3 2025 9M 2025 35% 33% 15% 21% CRO adjusted EBIT-margin* CRO BUSINESS 9M 2025 financial results 20 58 51 49 55 55 49 9M 2024 9M 2025 162 155 Q3 Q2 Q1 23 11 12 14 19 8 9M 2024 9M 2025 54 32 Q3 Q2 Q1 * Adjusted for special items
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2121 Financial outlook and guidance 1) Total costs are cost of sales and operating costs 2) Outlook as of 20 August 2025 Guidance items Outlook 2025 Previous outlook 20252 Mid-term guidance 9M 2025 Results CRO segment Organic revenue growth Revenue to be 5-10% below 2024 Revenue to be slightly below 2024 10% annually -5% EBIT-margin Around 20% Around 20% n/a 21% Discovery & Partnership segment Total costs (adj. for special items)1 DKK 230-250 million DKK 230-250 million n/a DKK 182 million
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2222 What to watch: Gubra is preparing for the next wave of growth through expansion of our pipeline and internal R&D UCN2 program momentum With first-in-human to start in H1’26 and strengthen the evidence on improved body composition Strategic growth levers By tapping into new therapeutic areas and leveraging our core capabilities Expansion beyond obesity By building on our ABBV-295 partnering blueprint and owning the peptide design edge Expand partnerships To focus on identifying novel tech to improve peptide candidate design and development T echBio innovation
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23 Appendix
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2424 Strategic priorities and aspirations towards 2030 TARGETS PIPELINE AND MODELS + Develop pipeline further, also outside of obesity + Broaden the use of peptide-based drugs by challenging limitations of traditional peptide chemistry + Further strengthen Gubra as Preferred Peptide Partner TECH INNOVATION + Accelerate innovation by establishing “TechBio Lab” unit fully focused on long term innovations + Implement AI strategy across organization + M&A activities to focus on identifying tech opportunities CORE RESEARCH ENGINE + Excellence in operations – one fully optimized core research engine across Gubra + Preferred provider of expert end- to-end preclinical research services in core science areas + Drive customer satisfaction and efficiency through digitalization and automatization ESG + Serve as an inspiration for companies’ green transition + Investing 10% of pre-tax profit in environmental activities every year + Promote diversity and gender equality + 1-3 fully owned programs in the clinic at all times (no further than phase 2a for programs in large indications) + Develop 1-2 new flagship areas starting with PCOS (women’s health) + Electric power self-sufficiency in 2025 + Commit to Science Based Targets initiative (SBTi) + Carbon negative and nature positive + >40% of underrepresented gender in Board and leadership positions + Develop on average one new tech platform per year + Drive employee AI Literacy Score to very high levels + CRO revenue growth of 10% per year + Maintain high profitability in CRO + NPS (Net Promoter Score) above 70 YoY
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A B B V- 295 25 ABBV-295 Amylin analogue for the treatment of obesity
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26 ABBV-295 Phase I results -3% vs. +1% Well tolerated. Adverse events being predominantly GI related and mild Favourable PK profile with a very long half-life of 11 days 11 DAYS SAD study: One dose → weight reduction of –3% vs. placebo of +1% Reduced body-weight dose dependently NEXT STEP-8% vs. +2% MAD study part A: Multiple doses for six weeks → weight reduction of –7.8% (2mg) vs. placebo +2.0% MAD study ongoing with longer treatment period incl. titration
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2727 Amylin: An important player in appetite regulation + Amylin is a 37 amino acid peptide hormone. It is produced in the pancreatic β-cells and co-secreted with insulin in response to meal ingestion + Regulates appetite by activating key areas in the brain (AP , NTS) + Plays an important role in maintaining glucose homeostasis + Potential for substantial weight loss alone or in combination with incretin-based therapies From pancreas to the brain Amylin Decreases food intake Reduces blood glucose Delays gastric emptying Decreases glucagon secretion
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PHASE 1A Study results
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2929 Phase 1 Single Ascending Dose (SAD) in healthy men NCT06144684 (Phase 1, Part 1) + Randomized + Double-blind within cohorts + Placebo-controlled + Single subcutaneous administration + Single site (CRO in UK) + 8 subj. per cohort (2 placebo & 6 ABBV-295) + 48 subjects + Men (18–55 years) + Lean to overweight or obese (22< BMI <32 kg/m2) + Healthy based on medical history, physical examination, ECG, and clinical laboratory tests 0.5 mg 1.0 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg Single dose 1 4 8 15 22 29 43 Study day In-house stay / visits
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3030 Study population: Healthy males normal to overweight Baseline characteristics Placebo (all) ABBV-295 0.5 mg ABBV-295 1.0 mg ABBV-295 2.0 mg ABBV-295 3.5 mg ABBV-295 4.75 mg ABBV-295 6.0 mg n 12 6 6 6 6 6 6 Mean age, years (range) 35.7 (23-53) 34.8 (22-51) 38.0 (24-50) 43.5 (28-53) 48.8 (33-55) 40.2 (34-46) 32.0 (21-43) Sex, n (%) Male 12 (100) 6 (100) 6 (100) 6 (100) 6 (100) 6 (100) 6 (100) Mean Body Weight, kg (range) 90.74 (79.5-105.7) 82.08 (71.8-93.6) 90.55 (82.0-103.1) 80.92 (72.7-91.6) 84.15 (71.4-98.5) 87.57 (76.9-109.9) 85.00 (78.1-88.4) Mean BMI, kg/m2 (range) 28.61 (23.6-32.0) 24.85 (22.3-28.2) 27.97 (26.2-30.1) 26.50 (24.1-29.8) 27.03 (22.2-31.1) 26.98 (24.5-31.4) 26.58 (25.5-31.7) Mean HbA1c, mmol/mol (range) 33.4 (27-39) 35.7 (31-42) 34.0 (32-37) 34.3 (27-37) 35.5 (33-40) 34.7 (31-37) 34.0 (30-36) Haemoglobin A1c reference range (20-42 mmol/mol)
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3131 ABBV-295 Phase 1a SAD key study endpoints Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs)
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3232 ABBV-295 was well tolerated Treatment Emergent Adverse Events (TEAEs) T reatment group Dose (volume mL) Placebo 0 mg (0.1-1.2 mL) ABBV-295 0.5 mg (0.1 mL) ABBV-295 1 mg (0.2 mL) ABBV-295 2.0 mg (0.4 mL) ABBV-295 3.5 mg (0.7 mL) ABBV-295 4.75 mg (0.95 mL) ABBV-295 6.0 mg (1.2 mL) n (%) E n (%) E n (%) E n (%) E n (%) E n (%) E n (%) E TEAEs (all) 6 (50.0) 11 5 (83.3) 8 2 (33.3) 2 2 (33.3) 3 6 (100) 17 6 (100) 36 6 (100) 21 Severity of TEAEs Mild Moderate Severe 6 (50.0) 0 0 5 (83.3) 0 0 2 (33.3) 0 0 2 (33.3) 0 0 5 (83.3) 1 (16.7) 0 6 (100) 0 0 5 (83.3) 1 (16.7) 0 Serious AEs 0 0 0 0 0 0 0 Completed 12 6 6 6 6 6 6 n = Counts are given for total number of subjects, not for events. If more events in one subject the most severe episode is c ounted. Majority of AEs reported were mild and no severe or serious AEs. All study subjects completed the study.
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3333 Dose dependent GI adverse events Treatment Emergent Adverse Events (TEAEs) T reatment group Dose (volume) Placebo 0 mg (0.1-1.2 mL) n = 12 ABBV-295 0.5 mg (0.1 mL) n=6 ABBV-295 1.0 mg (0.2 mL) n=6 ABBV-295 2.0 mg (0.4 mL) n=6 ABBV-295 3.5 mg (0.7 mL) n=6 ABBV-295 4.75 mg (0.95 mL) n=6 ABBV-295 6.0 mg (1.2 mL) n=6 n (%) E n (%) E n (%) E n (%) E n (%) E n (%) E n (%) E TEAEs (all) 6 (50.0) 11 5 (83.3) 8 2 (33.3) 2 2 (33.3) 3 6 (100) 17 6 (100) 36 6 (100) 21 GI AEs 1 (8.3) 1 0 0 0 0 1 (16.7) 1 4 (66.7) 7 4 (66.7) 9 6 (100) 8 Nausea 1 (8.3) 1 0 0 0 0 0 0 3 (50.0) 3 4 (66.7) 4 5 (83.3) 5 Vomiting 0 0 0 0 0 0 0 0 1 (16.7) 2 2 (33.3) 2 1 (16.7) 1 Other* 0 0 0 0 0 0 1 (16.7) 1 2 (33.3) 2 3 (50.0) 3 2 (33.3) 2 Metabolism AEs 0 0 1 (16.7) 1 0 0 0 0 4 (66.7) 4 5 (83.3) 5 6 (100) 7 Decreased appetite 0 0 1 (16.7) 1 0 0 0 0 4 (66.7) 4 5 (83.3) 5 6 (100) 7 Injection site AE** 2 (16.7) 2 2 (33.3) 2 0 0 0 0 1 (16.7) 1 2 (33.3) 2 2 (33.3) 2 n = the number of subjects reporting at least one event. E = Total number of events. GI: Gastrointestinal. *Other: Abdominal pain/discomfort (3 subjects), change in bowel habit, constipation, diarrhoea, gastroesophageal reflux disease, toothache (each event in 1 subject). **Pain or bruising. Nausea and vomiting were mostly mild, transient and primarily reported at the higher doses. All TEAEs resolved during the study, the majority within a few days.
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3434 ABBV-295 Phase 1a SAD key study endpoints Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs)
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3535 Long half-life (11 days) supports weekly dosing ABBV-295 shows a favourable pharmacokinetic profile ≈ 270 hours (11 days) T½ A long half-life of 11 days suitable for once weekly dosing. Cmax and AUC confirm dose proportionality. 1 10 100 1000 0 72 144 216 288 360 432 504 576 648 720 792 864 936 1008 Plasma concentration (ng/mL) Time point (h) 0.5 mg 1.0 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg
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3636 ABBV-295 Phase 1a SAD key study endpoints Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs)
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3737 SAD-study: Dose dependent body weight reduction Relative weight change from baseline in percentage Pre-dose Day 4 Day 8 Day 15 Day 22 Day 29 Follow-up (Day 43) -4 -3 -2 -1 0 1 2 3 4 Change from baseline in body weight (%) Time since dosing (day) PLACEBO 0.5 mg 1.0 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg Placebo
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3838 Sustained body weight reduction for 6 weeks Relative weight change from baseline in percentage (SD) Pre-dose Day 4 Day 8 Day 15 Day 22 Day 29 Follow-up (Day 43) -4 -3 -2 -1 0 1 2 3 4 Change from baseline in body weight (%) Time since dosing (day) PLACEBO 3.5 mg 4.75 mg 6.0 mg Placebo
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3939Gubra presentation MAD part A Study conclusions + ABBV-295 was well tolerated with adverse events being predominantly GI related, mild and consistent with SAD study. + Study confirmed the favorable half-life of 11 days. + Mean BMI was 24.33 (2mg cohort) and 27.63 (placebo). + Doses of 1 mg and 2 mg led to a dose-dependent weight loss. + LS mean weight loss in the 2 mg cohort was -7.77% compared to an LS mean weight of +1.99% in the placebo arm on day 43. + Body weight loss was sustained in manner consistent with the SAD study data + The results support further development of ABBV-295 for a weight management indication.