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Nanoform – Q4 and FY2025 Report Conference call and webcast for investors and analysts February 26th, 2026
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Nanoform.com | @nanoform Forward-Looking Statements This presentation contains forward-looking statements, including, without limitation, statements regarding Nanoform’s strategy, business plans and focus. The words may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this presentation are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this presentation, including, without limitation, any related to Nanoform’s business, operations, clinical trials, supply chain, strategy, goals and anticipated timelines, competition from other companies, and other risks described in the Report of the Board of Directors and Financial Statements for the year ended December 31, 2025 as well as our other past disclosures. Nanoform cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Nanoform disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward- looking statements. Any forward-looking statements contained in this presentation represent Nanoform’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. 2 Disclaimer
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Nanoform.com | @nanoform Breakthrough Strategy Presented at CMD Dec 16th, 2025 Breaking ‘The Wall’ in 2 Places: Small & Large Molecules
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Nanoform.com | @nanoform Nanoform Strategy 2026-2030 5 Nanoform technologies break the wall CESS® for small molecules BioLine for biologics Patients treated with Nanoformed medicines with 5 years Clinical data with several major clients support nanoforming as a significant technology in the major industrial shift from IV to SC
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Nanoform.com | @nanoform Nanoform midterm business targets 2030 3 nanoformed medicines launched by 2030 6 * Revenue + other operating income (milestones, fees, royalties, profit shares etc.) EBIT margin > 30% by 2030 Income* growth > 50% CAGR 2026-2030
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Page 15 7 • CESS® technology scale up by a factor of 20x • Major US global pharma company signed • FIMEA filing for GMP certificate for commercial manufacturing • Lead investor term sheet signed around nanoencorafenib • TrackWise eQMS implementation finalized • First crystalline polymer embedded nanoparticles ( cPENsTM) patent family member granted in USA • New grant by the Bill & Melinda Gates Foundation • Biologics technology scale up by a factor of 10x • Nanoenzalutamide 100kg GMP campaign successfully concluded • Letter of intent to establish, with two specialist healthcare investors, BRAFMed Lda, a new company to progress the clinical development and outlicensing of nanoencorafenib • Takeda presented results related to their project with Nanoform's Biologics technology at the Drug Delivery Forum in Berlin • Nanoform presented successful generation of nanotrastuzumab, a high concentration nanoformulation of trastuzumab • Pivotal relative bioequivalence studies of nanoenzalutamide started • Business Finland approved a EUR 5m R&D loan • Preliminary results from the first arm of the pivotal clinical study of nanoenzalutamide • Distributor agreement with Ageing & Life Science Corp. signed • Finnish Medicines Agency (FIMEA) conducted a two -day inspection at Nanoform's facilities • Establishment of BRAFMed Lda, in partnership with A.forall (a portfolio company of The Riverside Company’s affiliated European fund) and IMGA Futurum Tech Fund • Partnership with Revio Therapeutics announced • Nanoform granted commercial cGMP manufacturing license for Europe • First in person Capital Market's Day at Nanoform headquarters and cGMP commercial manufacturing site in Helsinki • Nanoform announced its midterm business targets for 2030 • Nanoenzalutamide pivotal human fed and fasted study concluded, three more countries signed in Europe, next up is the submission of a European marketing authorization application during next quarter • Nanoapalutamide GMP batch for pilot BE human study successfully manufactured, negotiations with potential commercial partners ongoing • Nanoencorafenib GMP manufacturing and pilot BE human study planned for later this year, negotiations with potential commercial partners ongoing • Change negotiations announced as part of the announced new midterm business targets for 2030, measures will result in cost savings of ~5–6 million euros during 2026 • Results from a preclinical study designed to compare the tolerability and pharmacokinetics of nanotratsuzumab 7 Significant events
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Nanoform.com | @nanoform Nanoform near-term business targets 2026 8 I Cash burn below EUR 10m II First marketing authorization application for a nanoformed medicine submitted III Increased number of non-GMP and GMP projects signed in 2026 IV To sign development and license/commercial supply agreements on several product kernels during 2026
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Nanoform.com | @nanoform Nanoform Breaker Slide Option 2 Financials CFO Albert Hæggström 9
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Nanoform.com | @nanoform Nr of proposals sent jumped in 2025, early indicator that difficult industry conditions for 4th year in a row is ending? 10 10
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Nanoform.com | @nanoform Revenue, other income continues to grow, EBITDA improves 11 11
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Nanoform.com | @nanoform Improvement in cash burn continued, target for 2026 < EUR 10m ▪ At the end of 2025, Nanoform had EUR 24m in cash ▪ Target for 2026: cash burn < EUR 10m - no significant milestones included ▪ 2026 cost savings from change negotiations EUR 5-6m 12
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Nanoform.com | @nanoform Nanoform Breaker Slide Option 2 Commercial CCO Christian Jones 13
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Nanoform.com | @nanoform Page 15 Nanoform commercial highlights – growth on multiple fronts 14 96 proposals sent, +35% y-o-y (Kernels, Asia, Europe, US, Biologics - all driving interest) Five countries signed to date for Nanoenzalutamide commersialization, more to come Nanoencorafenib outlicensed and BRAFMed Lda established Asia expansion - Japan and South Korea Commercial manufacturing license elevates Nanoform in the global pharmaceutical industry Positive subcutanoeus in-vivo biologics data generated by Nanoform on nanotrastuzumab and separately by customers on their nanoformed molecules
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Nanoform.com | @nanoform Nanoenzalutamide dossier submission 15
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Nanoform.com | @nanoform Nanoform Breaker Slide Option 2 Product Kernels & Biologics CDO Peter Hänninen 16
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Nanoform.com | @nanoform * Only Product Kernel pipeline, i.e. not including customer projects * PoC = Proof of Concept * PoP = Proof of Process Nanoform Product Kernel overview* 17 Nanoform Product Kernels Nanoform Pre-Clinical (non-GMP) Nanoform Clinical (GMP) Nanoform at Market Originator Indication Expected originator peak sales Nanoformed API Delivery route / dosage form Nanoform ownership today Development partnering status Targeted commercial partnering PoC* Pre- formulation + in-vitro Dosage form development + in vivo PoP* / Dosage form development First cGMP manufacturing Phase 1 / Pilot clinical trial Pivotal - final - clinical trial First Dossier submission Earliest possible market launch Astellas/ Pfizer XTANDI® Prostate cancer ~$5bln Nanoenzalutamide Oral / Tablet 25 % OnConcept Consortium Several signed/Ongoing EU 2026 EU LAUNCH TARGETED 2028 Johnson & Johnson ERLEADA® Prostate cancer ~$5bln Nanoapalutamide Oral / Tablet 100 % Ongoing Ongoing 2026 2027 2028 2032 US & EU Pfizer BRAFTOVI® Melanoma and colorectal cancer ~$800mln Nanoencorafenib Oral / Tablet 57 % BRAFMed Lda Ongoing 2026 2027 2028 2030 US & 2033 EU Merck/ AstraZeneca GLIADEL® +LYNPARZA® Brain tumors ~$500mln Nanolaparib+Temo zolomide (GLIORA) Long Acting 50 % Revio Therapeutics Ongoing 2027 2028 2029 2030 US & EU Genentech/ Roche Oncology Nanotrastuzumab High Conc. Sub.Cut. Bio 100 % 2026 2026-2027 Novo Nordisk Obesity Nanosemaglutide Inhaled 100 % 2026 2027-2028 Undisclosed Inflammation Undisclosed Oral / Tablet 100 % Partnered 2026-2027 Undisclosed Oncology Undisclosed Oral / Tablet 100 % 2026 2027-2028 Undisclosed Prostate cancer Undisclosed Long Acting 100 % 2026 2026-2027
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Nanoform.com | @nanoform Page 15 A large biologics market is forming in subcutaneous delivery of monoclonal antibodies 18 ▪ Subcutaneous delivery will become the dominant standard (>50%) for new and marketed biologics. ▪ Suspension formulations enable high drug concentrations → lower injection volumes, making them a preferred choice. ▪ Particle properties are critical for suspension performance → Nanoform’s technology can become the “technology of choice”.
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Nanoform.com | @nanoform Subcutaneously administered Nanotrastuzumab matches performance of Herceptin HYLECTATM in minipig study 19 • Preclinical results compared Nanotrastuzumab, a hyaluronidase-free, non- aqueous nanoparticle suspension of trastuzumab for subcutaneous delivery, with Herceptin HYLECTATM. • In a 21-day Göttingen minipig study run by Charles River Laboratories, Nanotrastuzumab’s AUC, Cmax, and Tmax closely mirrored the reference product by Genentech / Roche. Nanotrastuzumab was well tolerated, supported by pathological, clinical and immunological readouts. • Most pharmaceutical and biotech companies developing antibody products are currently without a technology that can enable a subcutaneous version of their product. We see a tremendous opportunity to work together with those drug developers to enable best-in-class subcutaneous versions.”
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Nanoform.com | @nanoform Halozyme Dominated Exclusivity Matrix Makes Biologics Developers Thirsty for Alternatives Target Receptor Acumen Alexion/AZ Amgen Argenx BMS Lilly JnJ Merck Novartis Regeneron Roche Takeda ViiV OTHERS Amyloid A4 protein Halozyme 4 C2 Halozyme 1 C5 Halozyme 10 CD20 Halozyme 8 CD38 Halozyme 12 EGFRxMET Halozyme 7 FcRn Halozyme& Elektrofi 6 gp120 Halozyme 1 HER2 Halozyme 3 HIV integrase Halozyme 0 IGF-1R Xeris 7 IgG Halozyme 7 LAG-3 Halozyme 9 PD-1 Halozyme Alteogen 20 PDL-1 Halozyme 13 Plasma Proteins Elektrofi 0 Unknown Alteogen Elektrofi Elektrofi Xeris Lindy Xeris n/a 1Source: PatSnap Synapse database accessed 12Jul25; various corporate releases 20
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Nanoform.com | @nanoform 21 Q & A www.nanoform.com San Diego - Chicago - New York - Lisbon - Oxford - London - Cambridge - Bordeaux - Cologne - Stockholm - Budapest - Helsinki - Tokyo
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Nanoform.com | @nanoform Nanoform Breaker Slide Option 2 Q & A www.nanoform.com San Diego - New York - Lisbon - Oxford – London - Cambridge - Bordeaux - Stockholm – Budapest - Helsinki 22 APPENDIX
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Nanoform.com | @nanoform Nanoform midterm business targets 2030 3 nanoformed medicines launched by 2030 23 * Revenue + other operating income (milestones, fees, royalties, profit shares etc.) EBIT margin > 30% by 2030 Income* growth > 50% CAGR 2026-2030
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Nanoform.com | @nanoform
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Nanoform.com | @nanoform Small Molecules - Proprietary technology ➢ Relatively simple process developed through combining deep knowledge in physics, chemistry, and pharma Controlled Expansion of Supercritical Solutions - CESS® Green technology The CESS® technology platform was described in detail in the IPO prospectus (offering circular) on pages 76-80. The prospectus can be found via the following link: https://nanoform.com/en/ipo-materials/ Contro lled 25
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Nanoform.com | @nanoform Large molecules - Proprietary technology API = active pharmaceutical ingredient Nebulization = turns liquid into mist Ionization = particles electrically charged Nanoforming process for biologics Green technology 26
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Nanoform.com | @nanoform Nanoform internal Product Kernel work Development partners Commercial partners 1. Value proposition around a medicine candidate, called ‘Product Kernel’ Originator or Supergeneric / High value medicine company Originator or Supergeneric / High value medicine company 2. New IP that Nanoform owns in an R&D phase 1. Upfront payments 2. Milestones 3. Revenue from Nanoforming the medicine for clinical trials 1. Upfront payments 2. Milestones 3. Revenue from Nanoforming the medicine for clinical trials and commercial phase 4. Royalties/profit share Nanoform Product Kernels 27
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Nanoform.com | @nanoform Phase Proof of Concept / Proof of Process Phase I – III clinical trials Drugs on the market Certification Non-GMP GMP GMP Description • Proof of concept study - assessment of the possibility to nanoform a specific API • Proof of process study - definition of parameters to establish the optimal process and controls for a specific API • API for clinical trials are manufactured in Nanoforms GMP facility • Supply of material for customers’ Phase I, II and III trials • Drugs that have passed the trials and reached commercialization • Significant potential from patent extension (505b2 projects) of drugs already on market Revenue model Fixed fee per project Estimated project fee of EUR 50-500k per API per project Fixed fee per project Estimated project fee of EUR 0.5-10m per API per phase Royalty as a % on drug sales or supply price per kg Estimated royalty fee of 1-20% Attractive revenue model with pharma and biotech customers 28
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Nanoform.com | @nanoform Management team: Multi-disciplinary with international merits CEO & Co-founder; Ph.D. (Applied physics), MBA Edward Hæggström • Professor at the University of Helsinki, Head of Electronics Research Lab. within the Dept. of Physics • Previously visiting professor at Harvard Medical School, visiting scholar at Stanford University and project leader at CERN • Has led large number of scientific projects • Current ownership: 5,409,405 shares and 408,000 options CFO and member of the Board; B.Sc. (Economics) Albert Hæggström • 20 years of finance and investing experience • Prior roles include positions at Alfred Berg, BNP Paribas, Nordea and SEB • Current ownership: 805,779 shares and 690,000 options Head of Manufacturing; Ph.D. (Chemistry) David Rowe • Previously Particle Size Reduction Lead for GlaxoSmithKline • Chaired the PSR Centre of Excellence • Key area of responsibility: Technical leadership within new chemical entities and commercial assets • Current ownership: 313,720 options CCO; M.Sc. (Chemistry) Christian Jones • Previously Commercial Director and member of the Senior Leadership Team for the Global Health Sector at Johnson Matthey • Senior roles at Dr. Reddy’s Global Custom Pharma Solutions and Prosonix • Key area of responsibility: Commercial strategy and business development • Current ownership: 284,000 options General Counsel & Chief Development Officer; LL.M Peter Hänninen • Previously Attorney, Borenius Attorneys • Successful track-record of advising technology companies from founding to exit in key transactions and collaborations • Key area of Responsibility: Legal, Compliance, IPR, HR, IT • Current ownership: 173,125 shares and 580,000 options Chief of Business Operations (Chemistry and Quality) Antonio da Silva • Degree in Chemistry from Lisbon University and Master degree in Quality from the University Aberta of Lisbon • Extensive background in the CDMO and particle engineering space (19 years at Hovione) • Key area of responsinility: Pharmaceutical product launches • Current ownership: 25,051 shares and 228,032 options Chief Quality Officer, M.Sc. (Pharmacology) Johanna Kause • Previously Head of Quality, Regulatory and Safety for Finland and the Baltics at Takeda Pharmaceuticals • 25 years of experience in Quality Management in the Pharma sector • Key area of responsibility: Quality Management, GMP, GDP • Current ownership: 130,000 options 29
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Nanoform.com | @nanoform Board of directors: Top executives from leading industry positions Miguel Calado Chairman of the Board • Previously CFO at international particle engineering CDMO company Hovione Group • Other previous roles include CFO at PepsiCo International and President International Operations at Dean Foods • Experienced Board member in both the EU and the US • Current ownership: 167,544 shares and 230,000 options • Key experience: Albert Hæggström CFO and Board Member • 20 years of finance and investing experience • Prior roles include positions at Alfred Berg, BNP Paribas, Nordea and SEB • Current ownership: 805,779 shares and 690,000 options • Key experience: Jeanne Thoma Board Member • 30+ years of experience in global pharmaceutical and life science leadership • Prior roles include executive positions at BASF Inc, Lonza AG and SPI Pharmaceuticals • Current ownership: 91,263 shares and 38,630 options • Key experience: 30
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Nanoform.com | @nanoform CEO Edward Hæggström edward.haeggstrom@nanoform.com +358 50 317 54 93 CFO Albert Hæggström albert.haeggstrom@nanoform.com +358 40 161 4191 DIR Henri von Haartman hvh@nanoform.com +46 76866 50 11