Slides
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Q3 2026 Strategy Execution Drives Strong and Profitable Growth November 5th, 2026 CEO Michael Akoh CFO Børge Sørvoll CCO Paul Blackburn
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Disclaimer This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of the Company or assumptions based on information currently available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give assurance to the correctness of such information and statements. These forward-looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as "targets", "believes", "expects", "aims", "assumes", "intends", "plans", "seeks", "will", "may", "anticipates", "would", "could", "continues", "estimate", "milestone or other words of similar meaning and similar expressions or the negatives thereof. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected. Any forward-looking information or statements in this presentation speak only as at the date of this presentation. Except as required by the Oslo Stock Exchange rules or applicable law, the Company does not intend, and expressly disclaims any obligation or undertaking, to publicly update, correct or revise any of the information included in this presentation, including forward-looking information and statements, whether to reflect changes in the Company's expectations with regard thereto or as a result of new information, future events, changes in conditions or circumstances or otherwise on which any statement in this presentation is based. Given the aforementioned uncertainties, prospective investors are cautioned not to place undue reliance on any of these forward-looking statements.
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Q3 Highlights and Strategy Commercial Update Outlook and summary 1 2 3 4 Agenda Financial Performance Q & A5
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Q 3 2 0 2 6 · H I G H L I G H T S Continued growth in Q3 F I N A N C I A L P E R F O R M A N C E M I L E S T O N E S TOTAL REVENUE · MNOK ▲ +11% SALES REVENUE · MNOK ▲ +15% EBITDA · MNOK ▼ −11% YoY B I O M A N U F A C T U R I N G · + 4 4 % CDMO sales more than doubled M O L E C U L A R T E S T I N G Embedded in oncology workflows AZ Proteinase a critical kit component I N N O V A T I O N RNA therapeutics market entry Constant Exchange Rates 35.3 MNOK · +24% 9 months 9 months 9 months ▲ +23% ▲ +227% YoY▲ +22% Constant Exchange Rates · +33% New CDMO adopts M-SAN for in vivo CAR-T Launched 27 October 2026: RiboClean dsDNase and RiboCleave 1 In discussion with CDMOs 33.0 32.9 3.1 102.0 96.6 12.1
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Building a Scalable Enzyme Platform Strategic pillars accelerating growth and resilience 5 Customer focused market approach Transition from product-oriented enzyme supplier, to a customer centric, application lead/solutions provider Create a wider base – diversification Increase the number of markets addressed and products sold Umbrella Strategy Molecular tools Viral Vectors RNA Therapeutics Channel Strategic Pillars
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Commercial Update Q3 2026
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Q3 2026 Sales Highlights Double-digit growth for a third quarter / +24% at constant currency 32.9 MNOK Total Sales (MNOK) 12 Month Average Sales (MNOK) 20 24 28 32 36 23.3 Q1 2025 26.8 Q2 2025 28.5 Q3 2025 34.1 Q4 2025 31.8 Q1 2026 31.9 Q2 2026 32.9 Q3 2026 20 22 24 26 28 30 32 34 29.4 29.0 27.0 26.1 24.4 24.5 25.7 28.2 30.3 31.6 32.7 Highest quarter of 2026 Increasing Momentum Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 +15% YoY +4.4 MNOK vs Q3 2025 ~7% FX headwind +34%
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Regional Performance Europe leads growth, US recovering as predicted, APAC momentum broadens reach 5 Europe delivers 88% of Q3 growth; APAC +40%; US holding steady Europe 18.9 MNOK +26% YoY EU CDMOs Contributed most, UK slower US 12.1 MNOK Flat YoY US East recovering, US Central slower APAC 1.9 MNOK +40% YoY Larger distributor orders in India and China; Focus on Japan projects
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Biomanufacturing CDMOs scaling into GMP manufacturing power a breakout quarter 3 18.8 MNOK Biomanufacturing +44% YoY +18% QoQ 3rd-best quarter ever Biomanufacturing Sales (MNOK) 10 12 14 16 18 20 Strongest quarter since Q4 2022 GMP now 37% of segment sales (16%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Biomanufacturing in Q3: what matters 7.0 +6.5 2x Direct CDMO sales doubled (+5.3 MNOK) Six customers above 1 MNOK in Q3 – all CDMOs GMP sales +227% YoY MNOK in Q3 vs 2.1 M-SAN HQ is the growth engine MNOK YoY (+165%); SAN HQ, HL-SAN slightly lower +45% Larger orders lift order value Avg order 75.0 vs 51.6 kNOK, on larger CDMO orders 11.2 11.9 12.7 12.2 13.6 18.1 13.0 15.2 15.1 15.9 18.8
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Molecular Tools A pause after a record run – the underlying trend remains upward 4 14.1 MNOK Molecular Tools Molecular Tools Sales (MNOK) 18,8 14,6 10,6 12,3 9,7 8,6 15,4 18,8 16,6 16,0 14,1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Phasing of deliveries impacted revenue 12-month average up 41% year on year -8% YoY 9M: +39% YoY Production re-run Molecular Tools in Q3: what matters 4 of 4 Key product groups on track for 2026 72 More paying customers Up from 67 in Q3 2025 (+7.5%) – broader base Q4 Q3 orders shipping in Q4 Purchase orders roll into Q4 delivery
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9M 2026 - Growth Sustained Both segments growing / Sales +23% (+33% constant currency) 11 Total Sales 23% growth YoY 2025 96.6 MNOK +18.1 MNOK vs 9M 2025 Molecular Tools 39% growth YoY 2025 46.6 MNOK Biomanufacturing 11% growth YoY 2025 50.0 MNOK Q1–Q3 Revenues (MNOK) 10 15 20 25 30 35 23.3 31.8 Q1 26.8 31.9 Q2 28.5 32.9 Q3 2025 2026 +37% +19% +15%
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Launched 27 October 2026 | Early-access programme under way
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RNA Manufacturing, Explained Simply Enzymes are precision tools – ours make RNA therapeutics cheaper and faster >80% lower nuclease cost per batch (modelled), using 10× less enzyme 6 hrs → 30 min to prepare a sample for quality testing RiboClean RiboCleave 1 1 Make the RNA Drug developers make RNA - Instructions that tell the body's cells how to fight disease. 2 Clean up DNA from production must be removed. RiboClean does this using far less enzyme. 3 Check quality Each batch is tested to confirm the RNA is correct. RiboCleave 1 makes that test far faster. mRNA vaccines one well-known example
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Why It Matters What the RNA enzyme launch delivers Customers save time and cost – we build a more robust, diversified business FOR OUR CUSTOMERS Lower cost per batch RiboClean is modelled to cut nuclease cost by more than 80%, using 10× less enzyme. Faster answers RiboCleave 1 cuts a key quality test from about 6 hours to 30 minutes. No trade-off No detectable effect on RNA quality or yield, and it fits existing processes. FOR ARCTICZYMES Diversification RNA becomes our third growth pillar, alongside Molecular Tools and Viral Vector. An attractive growing market RNA is the technology behind mRNA vaccines and a growing number of new treatments. More steps to supply RNA production needs many more enzymes than viral vector – room to grow as customers scale up.
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Financial Performance
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-4 4 4 8 2 7 3 -5 0 5 10 15 20 25 30 35 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 MNOK Sales & EBITDA Sales EBITDA Profitable growth – currency masks underlying momentum Sales +15% reported, +23% at constant currency 16 -16% 15% 12% 24% 5% 23% 9% Q3 2026 2025 2026 2025 Sales revenues 32,9 28,5 96,6 78,5 Other revenues 0,1 1,2 5,5 5,0 Sum revenues 33,1 29,7 102,1 83,6 Cost of materials -2,0 0,1 -4,3 -2,7 Change in inventory -0,3 -0,8 -1,7 -0,4 Personnel expenses -18,8 -18,9 -55,7 -51,3 Other operating expenses -8,9 -6,7 -28,3 -25,4 Sum expenses -30,0 -26,2 -90,0 -79,9 EBITDA 3,1 3,5 12,1 3,7 Depreciation and amortisation -2,3 -2,2 -6,8 -6,7 EBIT 0,9 1,3 5,3 -3,0 Net financials 0,9 2,3 3,6 6,6 EBT 1,9 3,6 8,8 3,5 YTD At constant currency (estimate): Q3 2026 EBITDA of ~MNOK 5.5 (Q3 25: MNOK 3.5), margin ~16% 9M 2026 EBITDA of ~MNOK 19.8 (9M 25: MNOK 3.7), margin ~19%
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Stronger NOK reduces reported sales by MNOK 2.4 NOK strengthened against EUR/USD 17 2025 Norwegian krone strengthened against the USD and the Euro in Q3 2026, and compared to Q3 2025 Norwegian krone strengthened against USD and EURO in 9M 2026 Q3 2026 Q3 2026 CER Recalculated 32.9 MNOK 35.3 MNOK 2.4 MNOK 7% 2026 9M 2026 9M 2026 CER Recalculated 96.6 MNOK 104.3 MNOK 7.7 MNOK 7% 9,5 10 10,5 11 11,5 12 12,5 EURNOK 2025 2026 8 8,5 9 9,5 10 10,5 11 11,5 12 USD NOK
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Cost reflect growth investments and temp. items Commercial execution prioritised Temporary or timing-related MNOK 0.7 production re-run cost. Under control now Currency headwind Growth-related Increased development activity for new launches (MNOK 1.5 capitalised) Higher bonus accrual reflecting performance External consultancy supporting growth initiatives 18 Q3 2026 2025 2026 2025 Sales revenues 32,9 28,5 96,6 78,5 Other revenues 0,1 1,2 5,5 5,0 Sum revenues 33,1 29,7 102,1 83,6 Cost of materials -2,0 0,1 -4,3 -2,7 Change in inventory -0,3 -0,8 -1,7 -0,4 Personnel expenses -18,8 -18,9 -55,7 -51,3 Other operating expenses -8,9 -6,7 -28,3 -25,4 Sum expenses -30,0 -26,2 -90,0 -79,9 EBITDA 3,1 3,5 12,1 3,7 Depreciation and amortisation -2,3 -2,2 -6,8 -6,7 EBIT 0,9 1,3 5,3 -3,0 Net financials 0,9 2,3 3,6 6,6 EBT 1,9 3,6 8,8 3,5 YTD
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Cash flow and short-term investments Strong cash position supports future growth 19 *includes changes in STI of +0.8 MNOK -5 0 5 10 15 20 25 30 150 170 190 210 230 250 270 290 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Changes in cash and STI (MNOK) Net Cash (MNOK) Cash and STI position Short term investments (STI) Net Cash (MNOK) Changes in Cash and STI (MNOK)
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Outlook and Summary
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Priorities Unchanged | Execution excellence Focused execution against the Capital Markets Day priorities Sustainable double-digit growth, targeting outperformance of served markets: EBITDA margin expansion through operating leverage Stronger cash generation and financial flexibility Selective, value-accretive investments Scale a high-performance commercial engine Innovation through internal R&D and partnerships Expand SAN (GMP) penetration in CDMOs Expand NGS/metagenomics exposure Establish RNA as a scalable growth pillar Increased operational leverage OUR AMBITION Focused growth Core priorities (2026-2028): OUR EXECUTION
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Executing on our five priorities presented at the CMD Q3 delivery on strategic objectives 2026–2028 CORE PRIORITY PROOF DELIVERY DETAIL NEXT PROOF POINT 1 Scale a high-performance commercial engine +15% 9M sales growth | +33% at constant currency Repeat orders and broader account penetration 2 Innovation through internal and external partnerships 2 enzymes RiboClean and RiboCleave 1 developed and launched 4 beta-site testers provided data and application feedback to support launch 3 Expand SAN (GMP) penetration in CDMOs +227% GMP sales: 37% of Biomanufacturing Q3 revenue – sales to CDMO doubled Further GMP adoption and additional CDMO programme inclusion 4 Expand NGS / metagenomics exposure +39% 9M Molecular Tools growth which includes NGS New workflows, deeper customer adoption and partner 5 Establish RNA as a scalable growth pillar 2 launches RiboClean and RiboCleave 1 launched 27 October Early-access evaluations and first commercial orders Tangible Q3 execution progress .
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Summary A broader and more embedded enzyme platform GROWTH +23% Nine-month sales growth, +33% at CER PROFITABILITY NOK 12.1m LEVERAGE +23% / +13% Sales growth vs. operating expense growth, 9M STRENGTH NOK 272m Going into Q4 with business momentum 21 Nine-month EBITDA, up from NOK 3.7m a year ago Board has asked management to evaluate capital allocation options, including a potential share buyback and the possible use of treasury shares in future acquisitions
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Thank you Q & A