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aiforia.com
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Half-Year Financial Report for January 1 - June 30, 2026 Aiforia Technologies Plc August 28, 2026 Financing arrangements and new customers support future growth, revenue remained below the comparison period's level
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3 Jukka Tapaninen CEO August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026 Antti Ojala CFO Q&A Today’s agenda 01. 02. 03. Business highlights Financial review
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Expanded the CE-IVD-marked product portfolio by launching of two next-generation AI solutions for prostate and gastric cancer diagnostics. In total, Aiforia had twelve CE-IVD marked solutions at the end of June 2026. Continued investments in R&D to cover a broader range of the pathologists’ workflow. Expansion to five new AP-HP hospitals in France with CE-IVD-marked prostate cancer diagnostics solution. Winning a public tender to provide AI-assisted diagnostic solutions to a regional healthcare provider in Spain. H1 2026 highlights 4 August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026 The financing arrangements - directed share issue in June and financing agreement with the EIB in July - support Aiforia's growth strategy and strengthen our ability to invest in accelerating commercial growth and product development. Expansion of partner network, such as the collaboration with Proscia. Together with our common partner Siemens Healthineers, we can offer a solution for pathology laboratories to transition to fully digital and AI-powered workflows.
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Most significant clinical accounts 5 Mayo Clinic ● Breast cancer diagnostics in routine use since 2023 ● Aiforia® Create used in translational research ● An exclusive licensing agreement to globally commercialize an AI model that improves prediction of colorectal cancer recurrence A regional healthcare provider, Spain ● Breast and prostate cancer diagnostics Assistance Publique-Hôpitaux De Paris (AP-HP), France ● Prostate cancer diagnostics ● 1) Bicêtre, 2) Saint-Louis, 3) Cochin, 4) Hôpital Européen Georges Pompidou (HEGP), 5) La Pitié Salpétrière/Tenon, 6) Mondor, 7) Bichat Institut Curie, France ● Breast and prostate cancer diagnostics Nantes University Hospital, France ● Prostate cancer diagnostics Sardinia Region, Italy ● Breast and prostate cancer diagnostics The Lombardy Region, Italy ● Breast, prostate, and lung cancer diagnostics Fimlab Laboratories, Finland ● 6-year framework contract ● Breast cancer diagnostics, multi-organ Ki67 Castile and León Region, Spain ● Breast, prostate, and lung cancer diagnostics Veneto Region, Italy ● Breast, prostate, and lung cancer diagnostics Catania Region, Italy ● Breast and prostate cancer diagnostics Pathlake Plus Consortium / NHS ● 3-year framework contract for lung, prostate, and breast cancer diagnostics ● Southampton NHS Trust: lung cancer diagnostics Memorial Hospitals Group, Sisli Hospital ● Breast, prostate, and lung cancer diagnostics
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6 “Right to Use” customer (Customer cloud / on-premise) Deployment phase Utilization begins Revenue generation over time – two models 1–2 months (existing customer) 3 months – over 1 year (early-stage digital customer) “Right to Access” customer (Aiforia-hosted cloud) Deployment phase Utilization begins Fees from AI model #2 1–2 months (existing customer) 3 months – over 1 year (early-stage digital customer) Fees from AI model #1 One-time fee License period typically 2–4 years August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026
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Market is growing Surging global cancer burden combined with an acute pathologist workforce deficit 7 August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026 1) WHO / IARC GLOBOCAN 2024 (rel. 2026); ACS Cancer Facts & Figures 2024; 2) HRSA Health Workforce Projections (2025-2037); CAP / JAMA Network Open 2020 (doi:10.1001/jamanetworkopen.2020.27738); 3) Health Affairs Scholar 2024; BMJ Qual Saf. +67% Projected growth in annual global cancer cases Annual cases rising from 20.6M in 2024 to 35M by 2050, expanding diagnostic baseline volume across every continent. GLOBAL CANCER BURDEN 4,230 Projected FTE pathologist shortage in US 17.5% drop in US pathologist workforce (2007–2017) while over 40% of active pathologists reach retirement age (60+). WORKFORCE DEFICIT >50% Increase in diagnostic case complexity Driven by multi-biopsy sampling, IHC biomarker testing, and genomic profiling required for precision therapies. DIAGNOSTIC DEMAND
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AIFORIA: CORE 8 ADJACENT TO AIFORIA'S SCOPE AIFORIA: ORGANIC EXPANSION AND PARTNERSHIPS AIFORIA: EXPANDING VIA PARTNERSHIPS Aiforia's expanding role across the digital pathology workflow World digital pathology market: USD 1 billion in 2023, growing toward an estimated USD 2 billion by 2029 USD 126M → 341M AI supported Image Analysis 2023–2029 · 17,2% CAGR AI supports pathologists with objective, quantitative diagnostic reads and reporting. USD 449M ->834M Scanning & digitalization 2023–2029 · 10,6% CAGR Whole-slide scanners convert glass slides into digital images. USD 198M → 451M Image management & workflow orchestration 2023–2029 · 15% CAGR Stores, routes, and orchestrates whole slide images across labs and sites. Emerging-stage category* Prognostic & predictive AI AI forecasts disease progression and treatment response, beyond diagnosis. Aiforia's addressable market Source: Signify Research, Digital Pathology World 2025; In addition to segments listed above, the total world digital pathology market includes also Services segment. *No independent market estimate available yet for the Prognostic & predictive AI segment.August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026
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9 Aiforia's product portfolio is expanding *CE-IVD marked for diagnostic use in EU and EEA countries (IVDR/IVDD). All other AI models are currently for Research Use Only (RUO) and for Performance Studies Only (PSO) in all market areas. August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026 9 Aiforia® Breast Cancer Suite: ER*, PR*, Ki67*, HER2*, Grading*, Lymph Node Metastasis* Aiforia® Colon Suite: Lymph Node Metastasis*, QuantCRC (prognostic AI model) Aiforia® Prostate Cancer Suite: Prostate Cancer Biopsy*, PNI*, G4 Cribriform*, HG-PIN Aiforia® Gastric Suite Aiforia® Gastric Cancer*, H. pylori Aiforia® Lung Cancer Suite: PD-L1* Aiforia® Lymph Node Metastasis*
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10 Investments in growth and sales capabilities Targeted recruitments ● New Chief Commercial Officer starting in September ● Appointing regional Account Executives in the UK, DACH and Nordics ● Establishing Customer Success team to drive retention & account expansion ● Scaling channel sales capabilities through dedicated Channel Sales Lead and focused activities ● Deploying new sales and marketing tactics to target high-intent prospects and accelerate sales cycles Team restructuring and sales process changes
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Create a product offering that covers 80% of the pathologist’s diagnostic workflow (2030) Achieve financial independence by the end of 2027 Achieve 50 key accounts (potential for over 500 EUR thousand in annual recurring revenue) (2030) 11 Mid-term business targets Leverage technology beyond diagnostic support for pathologists (2030) August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026
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Financial review2 12August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026
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Group revenue was EUR 753 (1,395) thousand 13 Cash and cash equivalents and other financial assets at the end of the review period amounted to EUR 9,865 (11,874) thousand 24% Europe and other North America Finland 33% 43% H1 2026 results in brief 18% EUR 2,891 (3,679) thousand investment mainly in product development Number of employees on average 68 (69) EBIT was EUR -7,623 (-5,403) thousand August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026 EBITDA was EUR -4,726 (-3,014) thousand* *H1/2026 figure includes a one-off charge of EUR 1,076 thousand resulting from changes to the stock option plans.
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14 2.8 0.7 0.9 4.2 EUR, million 0 6 Order book H1/2025 H1/2026 5 4 3 2 -32% 1 Clinical Non-clinical August 28, 2025 | Half-year Financial Report, January 1 - June 30, 2025 3.5 5.1 H1 2026: Stable order book compared to year end 3.4 H2/2025 ● Order book at the end of review period EUR 3.5 million (5.1), decrease of 32% from the comparison period. ● Order book at the same level as on December 31 2025. ● Part of the order book extends to multiple years, giving more visibility into the future. 2.8 0.6
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15 ● January–June revenue decreased by 46% and totaled EUR 753 (1,395) thousand. ● Clinical revenue decreased by 57% in January–June. However, EUR 2.8 million, i.e. 80% of the order book, is clinical. ● Revenue negatively impacted by revenue recognition for agreements signed earlier in the year — including expansion into five new hospitals in the Paris region and agreement with a new regional healthcare provider in Spain — only commencing in the second half of the year. ● Delays in certain ongoing customer agreements also slowed revenue development in the first half of the year. 0 H1 2025 H1 2026 597 798 343 EUR, thousand 1,395 753 H1 2026: Revenue decreased by 46% 1,500 1,000 2,000 -46% August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026 500 410 Clinical Non-clinical
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Financing agreement with the EIB to support the execution of our growth strategy 18% ● A venture debt financing arrangement of up to EUR 20 million with the European Investment Bank ("EIB"), signed on July 31, 2026. ● Three loan tranches; first loan tranche EUR 5 million, the second EUR 7 million, and the third EUR 8 million. Drawing each loan tranche conditional on achieving the revenue and other milestones defined in the financing agreement within the agreed availability periods, all of which are within 36 months of signing the binding financing agreement. ● The loan period for each tranche is seven years from the date of withdrawal and includes a three-year grace period, after which the loan will be amortized. ● Aiforia and EIB agreed on a synthetic warrant arrangement - no immediate dilution of shares for Aiforia's shareholders. ● Aiforia plans to use the financing to accelerate its product development projects related to existing and new image analysis solutions and to boost its commercial operations.
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Q&A3 17
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For more information www. investors.aiforia.com ir@aiforia.com Investor Relations Contacts Jukka Tapaninen, CEO jukka.tapaninen@aiforia.com, +33 61 041 6686 Antti Ojala, CFO antti.ojala@aiforia.com, +358 40 720 2448
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Disclaimer It should be noted that Aiforia and its business are exposed to various risks and uncertainties, and certain statements herein which are not historical facts, including without limitation, those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties that may cause actual results to materially differ from those expressed in such forward-looking statements. All statements are based on the management’s best assumptions and beliefs in light of the information currently available to it and Aiforia assumes no obligation to publicly update or revise any forward looking statement except to the extent legally required. 19August 28, 2026 | Half-Year Financial Report, January 1–June 30, 2026
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