Slides
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1 Investor presentation August 202 6 Share ticker: Gubra l Nasdaq Copenhagen
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. Context 2 ©2026 Gubra A/S ("Gubra"). All Gubra logos, trademarks and trade names are the property of Gubra A/S or its affiliates. Any third-party trademarks or tradenames referenced are the property of their respective owners and references do not imply third party endorsement or sponsorship. All rights reserved. This information is intended solely for corporate communications and investor relations purposes. It does not constitute medical advice, advertising, promotion, or marketing of any product. At date of publication, Gubra’s biotechnology or partnered products are investigational development candidates and have not received a marketing authorization in any country worldwide. This information is not a prospectus or offering circular and does not constitute investment advice or an offer to buy or sell securities in Denmark or any jurisdiction, including the United States. The information or opinions provided are made at the date of publication and are subject to change. While reasonable care has been taken, Gubra makes no warranty of accuracy, completeness or reliability. Information or opinions provided may also include third-party data that has not been independently verified. This document may contain forward-looking statements involving opportunities, expectations, risks and uncertainties, however actual results may differ materially. The forward-looking statements can be identified by words such as “aim”, “anticipate”, “believe” “could”, “estimate”, “expect”, “forecast” “goal”, “intend”, “may”, “plan”, “possible”, “potential”, “would”, and other words and terms of similar meaning. Investors are cautioned not to rely on these statements and Gubra disclaims and excludes all liability caused by such reliance. We do not undertake or commit to update these statements for subsequent changes, unless required by applicable laws, rules or regulation. The stated revenue guidance is based on expected global and domestic economic conditions and is subject to known and unknown risks, assumptions, uncertainties and other factors that may cause actual results to differ materially. Investors are cautioned not to place undue reliance on this guidance and Gubra cannot guarantee a particular result. This guidance assumes no significant changes in the global or regional macroeconomic and political environment that would impact Gubra’s business, including major healthcare reforms, legislative changes, or legal outcomes. It also assumes stable currency exchange rates from current level, particularly the U.S. dollar or Euro against the Danish krone and reflects current estimates of gross-to-net developments in U.S. sales. The guidance excludes potential effects from new significant business development transactions, significant impairments of intangible assets, and any shifts in international trade policy, such as pharmaceutical tariffs or further healthcare reforms.
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. 3 VALUE DRIVER Proprietary AI-based peptide drug discovery platform advancing high- value assets to clinical proof of concept VALUE ACCELERATOR Expands innovation into new therapeutic areas and modalities, leveraging external capital to create additional value creation pathways VALUE ENABLER World-class preclinical research providing data, competitive advantage, and cash flow Differentiated innovation model through reinforcing synergies Disease-agnostic techbio with deep peptide and preclinical expertise Gubra CRO Our value enabler Gubra Ventures Our value accelerator Gubra Biotech Our value driver Gubra Green Our commitment to society
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Where we play: Focused on where we have the greatest competitive advantage 4 Discovery and hit generation Lead optimization IND-enabling preclinical development Phase 1 Phase 2 Phase 3Preclinical validation Provides expertise, data, and cash flow Creates value through advancement of high-value assets Accelerates value creation through new opportunities GUBRA BIOTECH GUBRA VENTURES GUBRA CRO Clinical P oC Phase 1b/2a DISCOVERY EARLY-STAGE DEVELOPMENT LATE-STAGE DEVELOPMENT PoC=proof of concept; IND=investigational new drug.
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5 2025 has been a record year for Gubra Revenue (USD million) History and growth journey
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. 6 Key milestones achieved in 2026 Amylyx selects AMX03181 as DDC for PBH and other rare diseases with IND targeted for 2027 AbbVie reports highly encouraging Ph1 MAD topline data for amylin analog ABBV-2952 Hemab presents preclinical data for HMB-003 and announces progression to FIH studies3 Launch of pre-clinical models for Sarcopenia and Women’s Health, including 3D imaging endpoints Boehringer Ingelheim initiates Phase 2 trial with potential first-in-class GLP-1/GIP/NPY2 triple receptor agonist for obesity4 AMX0318 milestone ABBV-295 Ph1 MAD topline data HMB-003 progressing to clinic BI 3034701 advanced to Phase 2 Launch of Gubra Ventures and appointment of Zoë Johnson as Head of Ventures & BD Initiation of ambitious Phase 1/2a trial with GUB- UCN2, Gubra’s next potential mega program Gubra Ventures launched New CRO service offerings GUB-UCN2 advanced to clinic Expected Phase 2 initiation in Q3 2026 1Amylyx is responsible for development and commercialization of AMX0318; 2ABBV-295 is licensed to AbbVie from Gubra, with AbbVie solely responsible for further development and commercialization; 3Hemab is responsible for development and commercialization of HMB-003; 4BI 3034701 was developed in cooperation with Boehringer Ingelheim. Boehringer Ingelheim is solely responsible for its further development and global commercialization. DDC=drug development candidate; PBH=post-bariatric hypoglycemia; IND=investigational new drug application; MAD=multiple ascending dose; FIH=first in human; GLP-1=glucagon-like peptide-1; GIP=glucose-dependent insulinotropic polypeptide; NPY2=neuropeptide Y receptor type 2.
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7 Our leadership team Markus Rohrwild Chief Executive Officer Kristian Borbos Chief Financial Officer Gaurav Grigo Chief Technology Officer Louise S. Dalbøge Chief Science Officer Thomas Langenickel Chief Medical and Development Officer 7Notes: Zoë Johnson is legally associated with Gubra GmbH in Switzerland Head of Ventures & BD Zoë Johnson* Head of CRO Trine Hamann Lena Moran-Adams Group General Counsel
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88 Gubra Biotech Our value driver
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. StreaMLine : Proven peptide discovery platform 9 + AI-driven design and data analysis + Hit-to-development candidate in <1.5 years + High novelty and patentability + Multi-parameter optimization to enhance key drug properties (e.g., potency, PK, selectivity, stability, solubility) + Disease-agnostic, proven across multiple therapeutic areas Key advantages StreaMLine has delivered multiple assets with blockbuster potential
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. Differentiated R&D pipeline 10 GIP=glucose-dependent insulinotropic polypeptide; PTH=parathyroid hormone; FIH=first in human; GLP-1=glucagon-like peptide-1; PBH=post-bariatric hypoglycemia; NPY2R=neuropeptide Y receptor type 2.
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Obesity Differentiation that matters
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. Obesity innovation continues to evolve Key objectives Establish effective weight management + Target energy intake through appetite suppression + Focus on total weight reduction + Introduction of complementary and alternative MoAs + Improve tolerability and treatment persistence + Maximize fat loss and preserve or increase skeletal muscle + Enhance physical function and cardiometabolic health Key biological mechanisms First-generation incretin-based therapies Key biological mechanisms New biological mechanisms, including amylin analogs and multimodal therapies Key biological mechanisms CRHR2 agonists, MSTN/ActRII inhibitors, and other emerging therapies 1Sanchis-Gomar et al. (2025) Nat Rev Endocrinol. 2025 Oct;21(10):584-585. MoA=mechanism of action; CRHR2=corticotropin-releasing hormone receptor 2; MSTN=myostatin; ActRII=activin type 2 receptor. Today, lean mass may account for 20-45% of weight lost1 Prior wave Current wave Next wave CLINICALLY MEANINGFUL WEIGHT LOSS GREATER EFFICACY AND IMPROVED TOLERABILITY NEXT FRONTIER: BODY COMPOSITION Key objectives Expand treatment options Key objectives Optimize body composition 12
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. BI 3034701: Phase 2 trial initiated for potential first-in-class triple receptor agonist 13 PHASE 1PRE-CLINICALDRUG DISCOVERYPARTNERDISEASE AREAPROJECT BI 3034701 (GLP-1R/GIPR/NPY2R) Obesity Boehringer Ingelheim PHASE 2 + NPY2-driven central control of hunger and food intake is complemented by GLP-1/GIP-mediated appetite suppression, weight reduction, and metabolic regulation1,2 + Phase 1 demonstrated favorable safety and tolerability, and encouraging weight loss results + N = Est. 300 participants with overweight and obesity + Six active dose groups vs. placebo + 42 weeks treatment duration + Primary endpoint is % change in BW at week 42 + Secondary endpoints include changes in waist circumference, waist-to-hip ratio, and blood pressure BI 3034701 was developed in cooperation with Boehringer Ingelheim. Boehringer Ingelheim is solely responsible for its further development and global commercialization. 1Shah M, Vella A. Rev Endocr Metab Disord. 2014;15(3):181-187; 2Yulyaningsih E, et al. Br J Pharmacol. 2011 Jul;163(6):1170-202; 3ClinicalTrials.gov ID: NCT07662122. GLP-1=glucagon-like peptide-1; GIP=glucose-dependent insulinotropic polypeptide; NPY2=neuropeptide Y receptor type 2; BW=body weight. SCIENTIFIC INNOVATION PHASE 2 TRIAL3 Phase 2 initiation represents another important validation of Gubra’s peptide discovery capabilities BI 3034701
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. ABBV-295: Highly encouraging 12/13-week Phase 1 data ahead of planned Phase 2 initiation in Q3 2026 14 ✓ Amylin may represent the next distinct class of drugs for chronic weight management ABBV-295 has consistently shown competitive results throughout comprehensive Phase 1 program Landmark deal with AbbVie1 + USD 350 million upfront + Up to USD 1.875 billion in potential milestone payments + Tiered royalties on global net sales Phase 1 MAD topline data March 20262 Competitive weight loss Up to -9.8% WL at week 12 (QW) vs. -0.3% for PBO + Mean BMI at baseline of <30 kg/m2 (non-obese) + 88% male participants P otential for less frequent dosing Comparable WL with Q2W and QM dosing after week 5 Favorable safety and tolerability profile No serious AEs; mostly mild GI symptoms predominantly in first six weeks of treatment Ongoing Phase 1b trial in people with obesity (BMI of 30-45 kg/m2) and higher % of females3 To be presented at EASD 2026 on 30-Sep 1ABBV-295 is licensed to AbbVie from Gubra, with AbbVie solely responsible for further development and commercialization; 2Gubra press release on March 9, 2026; 3ClinicalTrials.gov ID: NCT07291232. MAD=multiple ascending dose; EASD=European Association for the Study of Diabetes; WL=weight loss; QW=once weekly; PBO=placebo; BMI=body mass index; Q2W=every second week; QM=once monthly; AE=adverse event; GI=gastrointestinal. ABBV-295
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15 Upfront payment Deal + royalties $2.2bn NEXT STEP-9.8% vs -0.2% Weight loss in Ph1 MAD study (BMI <30) Multiple doses for 12 weeks Ph1b US in obese patients (BMI 30-45) (AbbVie responsible) $350m Our landmark deal with AbbVie sets the stage for future partnering Features of ABBV-295 Balanced receptor profile Long half-life Stability at neutral pH, potential for co-formulation 15 ABBV-295
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GUB-UCN2 + Gubra’snext potential mega program + P ositioning Gubra at the forefront of an emerging therapeutic class with multi-indication potential
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. GUB-UCN2 has a novel mechanism of action that addresses key trends in obesity and related diseases 17 Key features of GUB-UCN2 + 38-amino-acid neuropeptide + Highly potent and selective CHRH2 agonist + Excellent physical and chemical stability + Long-acting properties supporting weekly dosing + Formulated for subcutaneous administration UCN2 CRHR2 Muscle mass & functionAdiposity Cardiac function Renal function Selective reduction in fat mass and plasma triglycerides Preserves or increases skeletal muscle mass and function while restoring incretin-associated muscle loss Potential to improve cardiac function and cardiovascular outcomes in key patient groups Potential to improve renal function and reduce fibrotic remodeling in key patient groups Downstream signaling PRECLINICAL STUDIES SUPPORT POTENTIAL BENEFITS ACROSS BODY COMPOSITION AND CARDIORENAL HEALTH UCN2=urocortin-2; CRHR2=corticotropin-releasing hormone receptor 2. GUB-UCN2
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. Pre-clinical data: GUB-UCN2 selectively reduces fat mass and restores semaglutide-induced lean mass loss 18 Vehicle + Vehicle GUB-UCN2 + Vehicle Semaglutide + Vehicle GUB-UCN2 + Semaglutide GUB-UCN2 increases fat mass loss while preserving lean mass in diet-induced obese rats co-treated with semaglutide ...while preserving lean mass and restoring semaglutide-induced lean mass loss GUB-UCN2 reduces fat mass, alone and in combination with semaglutide... Week 12 Week 12 Week 12 ...resulting in improved body composition and maintained body weight reduction *** * *** -60 -50 -40 -30 -20 -10 0 10 20 30 Fat mass change (%) *** *** 0 10 20 30Lean mass change (%) 0 20 80 90 100 110 120 ** Body weight change (%) FAT MASS LEAN MASS BODY WEIGHT Values expressed as mean of n = 9-10 + SEM. Dunnett’s test one-factor linear model. *: P < 0.05, ***: P < 0.001 compared to Vehicle + Vehicle. GUB-UCN2
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19 19 GUB-UCN2 reduces fat mass, alone and in combination anti-obesity agenda GUB-UCN2 prevents lean mass loss caused by anti-obesity agents GUB-UCN2 maintains weight loss with anti-obesity agents GUB-UCN2 eliminates lean mass loss and enhances fat mass loss induced by anti-obesity agents in DIO rats GUB-UCN2 rescues lean mass loss and increases fat mass loss in obese rats in combination with an amylin (cagrilintide), a GLP-1R agonist (semaglutide) or a dual glucagon/GLP-1R agonist (survodutide) Vehicle GUB-UCN2 Cagrilintide Semaglutide Survodutide GUB-UCN2 + Cagrilintide GUB-UCN2 + Semaglutide GUB-UCN2 + Survodutide *** *** *** *** *** -80 -60 -40 -20 0 20 40 60 80 Lean mass change from baseline (g) * *** *** *** -80 -70 -60 -50 -40 -30 -20 -10 0 10 Fat mass change from baseline (g) 80 90 100 110 1 6 11 16 21 26 31 Study day Relative body weight (%) GUB-UCN2
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2020 Our advanced 3D imaging confirms direct beneficial UCN2- driven muscle growth 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 *: P < 0.05, **: P < 0.01 compared to Vehicle + Vehicle Vehicle GUB-UCN2 GLP-1 GUB-UCN2 + GLP-1 0 500 1500 2000 2500 3000 3D Total Muscle volume 3D Total Muscle volume (mm3) * ** GUB-UCN2 increases total muscle volume in hindleg from aged diet-induced obese rats both as monotherapy and in combination with semaglutide GUB-UCN2
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21 21 In addition to improving body composition, UCN2 demonstrates clear cardiac benefits in preclinical models *: P < 0.05, **: P < 0.01,***: P < 0.001 compared to Vehicle; 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) Left anterior descending artery Infarcted area UCN2 significantly improves cardiac output 0 20 40 60 80 100 120Cardiac output (ml/min) Sham-Vehicle Vehicle A+L+S(SoC) UCN2-low UCN2-high **** ** Systolic function is improved 0 10 20 30 40 50 60 70 80 90 100 Sham-Vehicle Vehicle A+L+S(SoC) UCN2 low UCN2 high EF (M-mode, %) ** *** *** *** Long-acting UCN2 significantly improves cardiac function in rats with myocardial infarction after 8 weeks of treatment GUB-UCN2
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22 Phase 1/2a clinical trial sets the stage for exploring GUB-UCN2 across multiple indications and patient populations Our GUB-UCN2-focused Investor R&D Event will take place on October 27, 2026 Phase 1/2a trial1 Pipeline in a product potential COMPREHENSIVE TRIAL WITH PARTICULAR FOCUS ON MUSCLE VOLUME AND FUNCTION + Approximately 188 participants (healthy volunteers and people living with obesity, with and without related comorbidities) + Investigating GUB-UCN2 both as standalone therapy and in combination with incretin-based therapy SAD PART Safety and tolerability Pharmacokinetics Data released sequentially, with initial SAD data expected in H1 2027 MAD PART Safety and tolerability Pharmacokinetics Efficacy MD PART: UP TO 16 WEEKS Safety and tolerability Pharmacokinetics Efficacy PRIMARY INDICATION Obesity drug-induced muscle loss INDICATION EXPANSION OPPORTUNITIES Leveraging cardiorenal benefits and favorable effects on metabolism and skeletal muscle Muscle wasting and loss Sarcopenia T2D-related muscle loss Cardiorenal Ischemia-reperfusion injury Heart failure CKD SAD=single ascending dose; MAD=multiple ascending dose; MD=multiple dose; T2D=type 2 diabetes; CKD=chronic kidney disease. 1ClinicalTrials.gov ID: NCT07702890. GUB-UCN2
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2323 Gubra Ventures Our value accelerator
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. Gubra Ventures expands our innovation footprint and creates additional pathways to value creation 24 Gubra Biotech Our value driver Gubra CRO Our value enabler Gubra Ventures Our value accelerator BD M&A Why Ventures? 1 Strengthen innovation potential by sourcing external assets and creating more shots on goal 2 Enable expansion into new disease and technology areas beyond our current Biotech and CRO focus 3 Provide additional return on investment through future exits 4 Leverage Gubra’s platform and integrated CRO capabilities to accelerate value creation
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. Gubra is uniquely positioned to build and scale successful ventures 25 SCIENTIFIC EXPERTISE INTEGRATED CAPABILITIESPROVEN DISCOVERY PLATFORM A maturing platform meets a changing innovation landscape and attractive market opportunities Ventures amplifies Gubra’s existing strengths rather than diluting them + Deep expertise in obesity and metabolic disease biology + Translational pharmacology and early clinical development + StreaMLine peptide discovery platform + AI-enabled molecular optimization + Integrated capabilities and shared infrastructure + Capital-efficient venture model
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. Venture risks must be balanced across scientific, technology, and clinical dimensions to balance portfolio risk Scientific risk Novel biologyValidated pathways Technology risk New modalitiesProven formats Clinical risk Discovery / preclinical stageClinical stage Portfolio risk Concentrated exposureMulti-company diversification V1 V1 V1 V2 V2 V2 Example ventures Ventures portfolio Risk is managed at the portfolio level, not the individual venture level 26
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. We will source external assets and create ventures that are lean and asset-centric by leveraging Gubra shared resources Collaboration model between Gubra Ventures, Biotech and CRO + Perceived by partners as key value enabler for Ventures + Staying close to core therapeutic areas will enable Ventures to leverage our CRO CRO models Biotech StreaMLine Development functions Clinical Development, CMC, Toxicology Group functions HR, Digital, Finance Ventures + Provides deep peptide expertise and AI-driven discovery platforms + Shapes core scientific strategy and direction 27
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2828 Gubra CRO Our value enabler
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. 29 Gubra CRO: Trusted by leading pharma companies and powering Gubra’s integrated innovation model Obesity Diabetes Liver - MASH Kidney - CKD Sarcopenia New offering Lung - IPF Women’s Health New offering CNS In Vivo Pharmacology 2D & 3D Histology with AI Pathology Key technology focus Assays Next-generation Sequencing & Bioinformatics Therapeutic expertise T echnology platforms 14% 10-year organic revenue CAGR Gubra serves 17/20 of the largest pharma companies globally MASH=metabolic dysfunction-associated steatohepatitis; CKD=chronic kidney disease; IPF=idiopathic pulmonary fibrosis; CNS=central nervous system; CAGR=compound annual growth rate.
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. Focused execution to position Gubra CRO for renewed growth Market conditions have been challenging, but signs of improvement are emerging Big Pharma increasingly leveraging quality outsourced vendors to manage costs Biotech funding has rebounded strongly in 2026 Maintain industry-leading expertise in metabolic and fibrotic disease models Expand into attractive therapeutic areas, including Sarcopenia and Women’s health Accelerate development and commercialization of proprietary 3D imaging platform Increase commercial activities, including expansion of U.S. sales force in key market segments, and drive operational excellence through cost discipline and AI-enabled process improvements CRO MARKET DEVELOPMENT GUBRA CRO PRIORITIES 30 Looming patent cliff drives continued need for innovation
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. 31 Gubra CRO stabilized in H1 2026 after a challenging H2 2025 87 96 H2 2025 H1 2026 +11% CRO external revenue DKK million CRO EBIT-margin Q4 2025 H1 2026 -10% 1% + Obesity remains the largest contributor + Rebound in MASH studies + Growth in kidney studies Sequential revenue growth in H1 2026 Returned to positive profitability Improving commercial outlook for H2 2026 REVENUE IMPROVEMENT PROFITABILITY STABILIZATION COMMERCIAL MOMENTUM Sound order book for H2 2026
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3232 Financial results and outlook
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33 Revenue + Revenue of DKK 30m in H1 2026 compared to DKK 2.4bn in H1 2025 (driven by upfront payment of USD 350m from AbbVie for ABBV-295) + Milestone payment for Phase 2 initiation with BI 3034701 from Boehringer Ingelheim of EUR 10m occurred in July 2026 (will be recognized in Q3 2026) Earnings + EBIT of DKK -120m in H1 2026 compared to DKK 2.2bn in H1 2025 (driven by the upfront payment from AbbVie) Biotech revenue, mDKK H1 2026 financial results BIOTECH BUSINESS Biotech adjusted EBIT*, mDKK *Adjusted for special items – No adjustments in 2026 7 28 2,380 H1 2025 2 H1 2026 2,387 30 Q2 Q1 -81-54 -39 2,323 H1 2025 H1 2026 2,268 -120 Q2 Q1
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34 Revenue + 11% increase in H1 2026 compared to H2 2025 + Signs of improving CRO market with more supporting funding conditions for biotech companies Earnings + EBIT has improved from a loss in Q4 2025 to a small profit in Q1 2026 and Q2 2026 + H1 2026 EBIT influenced by one-off costs for the establishment of new lab and office facilities (DKK 2m) CRO revenue (organic), mDKK CRO adjusted EBIT*, mDKK CRO adjusted EBIT-margin* H1 2026 financial results CRO BUSINESS Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 21% 25% 15% -10% 0% 2% 51 49 48 55 38 49 H1 2025 H2 2025 H1 2026 106 87 96 +11% Q4 Q3 Q2 Q1 11 8 14 -4 H1 2025 H2 2025 10 H1 2026 24 4 2 Q4 Q3 Q2 Q1 *Adjusted for special items – No adjustments in 2026
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. 35 Financial outlook and guidance Key guidance items 2026 outlook (unchanged) Mid-term guidance Results 2025 Gubra Biotech Revenue No guidance DKK 2,444m Total costs1 DKK 330-360m DKK 251m Gubra CRO External revenue 0-10% growth 10% annual growth DKK 193m EBIT-margin 10-15% 15% Gubra Ventures EBIT DKK -5 to -10m n/a Gubra Green EBIT DKK -5 to -10m DKK -1m 1Total costs are costs of sales and operating costs (COGS and OPEX). Comments to guidance: + In addition to performing CRO studies for external customers, the CRO business also performs studies for the Biotech business. This is not included in the outlook above. + Studies for a total value of around DKK 50 million are expected to be performed for the Biotech unit in 2026.
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. 36 Gubra is entering an exciting period with multiple value inflection points ahead Non-exhaustive T argeted commercial initiatives and operational excellence, positioning Gubra CRO for renewed growth H1 2027 GUB-UCN2 Topline data from SAD study GUB-UCN2 Initiation of MAD study ABBV-295 Potential topline data from Ph1b trial HMB-003 Initiation of Ph1 trial in heavy menstrual bleeding H2 2026 ABBV-295 Ph2 initiation (obesity) ABBV-295 Presentation of 12/13-week Ph1 data at EASD P otential launch of first venture and/or in-licensing of assets GUB-UCN2 Ph1/2a initiation (SAD study) BI 3034701 Ph2 initiation (obesity) HMB-003 Initiation of FIH studies Biotech Ventures/BD CRO SAD=single ascending dose; EASD=European Association for the Study of Diabetes; FIH=first in human; MAD=multiple ascending dose.
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To insert or change footer elements, click ’Insert > Header and footer’ To change level in the bullet list click ’Increase or Decrease List Level’ For normal body text format click ’Bullets’ to remove bullets. 37 Save the date: Gubra Investor R&D Event 2026 A deep dive into Gubra’s differentiated innovation model, pipeline, and 2030 strategy October 27, 2026 1.00-5.00 pm GMT London 2 Stonecutter Street Webcast Registration: In-person attendance Virtual attendance Link Link
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