Interim report
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Half-year report Q2 2026 Building the global standard for microbiome diagnostics Q2
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2 Key Figures Q2 2026 * FY 2025 includes a positive impact from customer pre-payment Definitions Equity ratio: Shareholder’s equity as a proportion of total assets. Earnings per share: Profit/Loss for the period divided by an average number of shares. Constant currency: This year’s sales converted to NOK by using last year’s exchange rates. 5,940 Operating income kNOK (7,151) 5,285 Sales revenue, kNOK (5,883) (NOK thousand) Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 Sales revenue 5,285 5,883 9,134 8,287 16,712 Other income 655 1,267 1,197 2,880 4,460 Operating income 5,940 7,151 10,331 11,166 21,172 Cost of goods sold 465 1,548 1,498 1,943 4,700 Gross profit 5,475 5,602 8,833 9,223 16,472 Operating expenses (ex. depr. & amort.) 6,473 5,091 13,025 11,836 22,563 EBITDA -998 511 -4,192 -2,613 -6,091 Net profit/loss -2,441 -951 -7,047 -5,539 -11,413 Earnings per share (NOK) -0.04 -0.01 -0.10 -0.10 -0.18 (NOK thousand) 2026-06-30 2025-06-30 FY 2025 Total non-current assets 21,741 20,925 21,374 Total current assets 22,900 34,115 31,072 Total equity 20,714 32,728 27,079 Total non-current liabilities 7,798 7,453 6,401 Total current liabilities 16,130 14,859 18,966 Cash and cash equivalents (*) 14,507 24,958 24,029 Equity ratio (%) 46% 59% 52% Half-year report Q2 2026
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3 Quarter in brief Q2 2026 Financial Highlights • Sales revenue (excluding grants) reached NOK 5.285 million in Q2 2026, a decrease of 10.2% compared to Q2 2025 (a 4% decrease at constant currency). • Key product sales (GA map® Reagent kits) reached NOK 5.042 million in Q2: Down 1.7% in Q2 2026 compared to Q2 2025. The underlying reagent kit sales was up 4.5% from Q2 2025 at constant currency rates. • Gross margin (less other income) was NOK 4.820 million in Q2 2026, corresponding to a gross margin of 91.2%, compared to NOK 4.335 million and 73.7% in Q2 2025. Gross margin was positively affected by accruals for refund of US customs duties for 2025, adjusted for this the gross margin would have been 72.5%. • Cost of goods sold totaled NOK 0.465 million in Q2 2026, compared to NOK 1.548 million in Q2 2025, and was positively affected by the accrual for refund of customs duties. EBITDA in Q2 2026 totaled NOK -0.998 million (NOK 0,511 million in Q2 2025). • Cash and cash equivalents: NOK 14.507 million on June 30, 2026 compared to NOK 24.029 million on December 31, 2025. Commercial highlights • Q2 reagent kit sales grew 4.5% at constant currency • H1 reagent kit sales grew 25.7% at constant currency Product and Scientific highlights • Our new marker project GA-map® IBD Precision Dx has shown strong progress towards RUO launch in 2026 • AInsight, an AI-assisted interpretation platform designed to translate microbiome analysis results into structured and clinically relevant insights was launched and welcomed by customers during H1 • Strengthen IP with a new US patent grant Operating income, kNOK EBITDA, kNOK Half-year report Q2 2026
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4 Letter from the CEO GA is building a global recurring-revenue microbiome diagnostics platform, delivering strong underlying kit growth, expanding geographically, validating its technology scientifically and is approaching the next product launch cycle. Following a strong start to 2026, GA continued to deliver growth in its core product, the GA-map® reagent kit, supported by recurring revenues from a growing customer base. The quarter was also marked by further progress in strengthening the positioning of the GA-map® platform. We have continued to strengthen our intellectual property portfolio through a granted U.S. patent, supporting our strategy to develop microbiome- based diagnostics for clinical decision-making. In addition, we published a peer-reviewed study in the scientific journal Gut Microbes, demonstrating that the GA-map® Dysbiosis Test delivers consistent results across geographically diverse populations and validates the ability to deploy GA-map® globally using a standardized diagnostic framework. Recurring revenues from GA-map® kit sales accounted for NOK 5.0 million in Q2, an increase of 4.5% from Q2 2025 at constant currency rates. Due to the weaker USD against NOK, reported sales declined by 1.7% year-on-year. In H1-2026, GA-map® kit sales totalled NOK 8.6 million an increase of 25.7% at constant currency or 18.7% increase at actual currency compared to the same period last year. During the quarter and first half of 2026, we have shown strong progress on our new marker project GA-map® IBD Precision DX. The project is progressing through validation, with preparations underway for a Research Use Only (RUO) launch later this year. The GA-map® IBD Precision Dx test will be an important test to support personalized treatment strategies and improved patient outcomes. IBD affects approximately 5-6 million people across the US and Europe and imposes a significant burden on patients and the healthcare system. Beyond healthcare costs, IBD has profound impacts on patients’ quality of life, productivity, and social functioning. There is a recognized need for improved diagnostics to support personalized treatment strategies and optimize therapy selection. Financials GA delivered total sales revenue of NOK 5.3 million in the second quarter, a decrease of 4% at constant currency or 10.2% at actual currency compared to Q2 2025. For the first half of the year, total revenue reached NOK 9.1 million, representing an increase of 17.3% at constant currency or 10.2% increase at actual currency. Operating income reached NOK 5.9 million in Q2, a decrease of 16.9% compared to the same period last year. For H1 2026, operating income reached NOK 10.3 million, down 7.5% year-on- year. The decrease is primarily explained by lower R&D grants following the completion of development projects. Operating costs increased by 20.9% compared to Q2 last year, mainly due to patenting of new inventions and one-off consultancy costs. For the first half of the year, operating expenses increased by 6.9%. August saw GA secure a new laboratory customer in Australia, now including commercial installations across North America, Europe, Asia, and Australia. GA-map® is now the only microbiome diagnostic platform with global laboratory deployment, opening worldwide markets for both current and pipeline products. Looking ahead, we remain focused on expanding the use of GA-map®, advancing our commercial network, deliver on our pipeline projects and building long-term value through reliable, standardized and scalable microbiome testing solutions. As interest in microbiome diagnostics continues to grow, GA is well positioned to support laboratories, healthcare providers and partners with clinically relevant testing solutions. Sincerely, Ronny Hermansen, CEO, Genetic Analysis AS Strengthened position during the quarter Half-year report Q2 2026
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Updates Product highlights The GA-map® Dysbiosis Test AInsight was launched in March, an AI-assisted interpretation platform designed to translate microbiome analysis results into structured and clinically relevant insights, supporting broader adoption of microbiome testing in clinical practice. This AI tool addresses one of the key practical barriers to broader clinical adoption of microbiome profiling, namely the complexity of interpreting microbiome results in routine healthcare settings. This interpretation platform has been well accepted by customers. Other highlights during Q2 2026 • On April 30, Genetic Analysis announced its attendance at Digestive Disease Week (DDW) congress in Chicago, May 3 - 5 2026. The company used the meeting to launch AInsight and highlight its upcoming product, GA-map® IBD Precision Dx, a next-generation diagnostic solution for personalized management in inflammatory bowel disease (IBD). • On May 7, Genetic Analysis announced that the USPTO granted a U.S. patent no. 12,596,121 covering a diagnostic method to assess the likelihood that IBS patients will respond to treatment with a low-FODMAP diet or Faecal Microbiota Transplant (FMT). Highlights after the end of the period • On July 16, Genetic Analysis announced the publication of a peer-reviewed study in the renowned scientific journal Gut Microbes. The publication demonstrates that the GA-map® Dysbiosis Test delivers consistent results across geographically diverse populations. These findings address one of the major challenges in microbiome diagnostics, population variability, and support the broader international applicability of the GA-map® diagnostic platform. • On August 21, Genetic Analysis announced the first Australian placement of the GA-map® Dysbiosis Test with the internationally recognized specialist gastroenterology center Centre for Digestive Diseases (CDD) in Sydney, expanding the Company’s global footprint which now covers USA, Europe, Asia and Australia. 5 Half-year report Q2 2026
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This unique technology platform uses a pre-selected multiplex approach for simultaneous analysis of a large number of bacteria targets in one reaction, and can be applied to develop different products, detecting unique sets of microbiome targets. The GA- map® Dysbiosis Test was our first product based on this platform and is the only patented and CE-IVD marked diagnostic test in this field suitable for routine use. Additional tests based on this technology platform have been launched and new products are in the pipeline. GA is generating recurring revenues through Laboratories worldwide, which are installing the GA-map® system and utilising the associated range of GA tests. Our vision GA’s vision is to become the preferred company for standardised gut microbiome testing worldwide. GA is committed to helping unlock and restore the human microbiome through its state-of-the-art technology. Pioneer in the human microbiome field Genetic Analysis operates in the field of microbiome diagnostics. The human microbiome has been named a “newly discovered organ”, and in recent years, research has emphasised the interplay between intestinal health and the immune system highlighting its essential functions for human well-being. Several diseases have been linked to changes in the intestinal microbiome composition and function, ranging from gastrointestinal disorders to neurological and autoimmune diseases. Genetic Analysis has developed the GA-map® technology platform and commercialised several GA-map® tests, along with an AI-assisted interpretation platform designed to facilitate the translation of microbiome analysis results into clinically relevant insight. Health benefits for patients and society Accurate diagnosis is key to any successful treatment. The GA-map® platform can aid in the diagnosis of gut-related conditions and diseases, help clinical personnel to follow up on the effect of treatment, improve patients’ lives and reduce treatment costs. The GA-map® Dysbiosis Test for microbiome will routinely diagnose possible imbalance, referred to as dysbiosis, in the complex digestive ecosystem. Dysbiosis is associated with several chronic conditions, diseases, and infections. Genetic Analysis AS (GA) is a molecular diagnostics company founded in 2008 and based in Oslo, Norway. GA is focused on developing targeted microbiome- based solutions using its proprietary GA-map® platform, based on the invention of Professor Knut Rudi from the Norwegian University of Life Sciences. With more than 15 years of experience in microbiome research and product development, the company works across disease areas including IBS, IBD, and recurrent Clostridioides difficile infection. GA-map® enables standardized and reproducible profiling of clinically relevant microbial patterns, supporting both research and diagnostic applications. GA employs a team of highly qualified employees with scientific backgrounds and competence in sales, operations, bioinformatics, molecular biology, and bioengineering. About Genetic Analysis AS Company The GA-map® platform End-to-end sample-to- result workflow for fast and reliable PCR-based microbiome analysis. Half-year report Q2 2026 6
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7 Market development Key drivers in the market As understanding expands, it is becoming increasingly clear that the gut microbiome plays a crucial role in both maintaining good health but also in contributing to various diseases and conditions. With the rise in gastrointestinal issues like Crohn’s disease, Ulcerative Colitis, there’s a greater demand for microbiome testing in clinical settings. This demand stems from the necessity for better diagnostic tools, preventive measures and treatment interventions. The approval of the first microbiome-based therapeutics by the U.S. Food and Drug Administration (FDA) is a huge driver in this market, as it represents evidence that the microbiome can play a direct role in diagnosis and treatment. In its publication from 2023 “Emerging Technologies and Scientific Innovations: A Global Public Health Perspective” the WHO listed microbiome analytical tools for research, clinical prevention, and treatment as innovations considered to have high impact and a high chance of adoption. In addition, the implementation of IVDR regulatory requirements leads to an increased focus on standardisation and clinical validation of the technologies used for microbiome analysis in the European market Uniquely positioned in the microbiome field GA is well placed to take a leading position in the microbiome field, as the Company has developed a unique microbiome profiling technology platform for reproducible and standardised microbiome analysis in both clinical and research settings. With most other microbiome offerings on the market relying on analysis being performed in centralised labs, GA offers high-quality software solutions and reagent kits enabling labs to perform reproducible microbiome analysis in their own laboratory. A recently peer-review publication (July 2026) in Gut Microbes demonstrates that the GA- map® Dysbiosis Test delivers consistent results across geographically diverse populations. These findings address one of the major challenges in microbiome diagnostics – population variability – and support the the broader international applicability of the GA- map® diagnostic platform. The GA-map® platform was used to develop and commercialise the first clinically validated and CE-IVD approved test for microbiome analysis, the GA-map® Dysbiosis Test. The test is well documented by nearly 60 peer- reviewed publications and more than 70 clinical studies. With the requirements for standardization and regulatory approval, new and existing labs in the microbiome field are expected to seek clinically validated Outlook Emeritus Professor, Former Director of the Clinic of Gastroenterology, Hepatology and Infectious Diseases at the University Magdeburg, and currently Senior Professor at the Ludwig Maximilian University, University Clinic in Munich. Peter Malfertheiner Expert perspective There is still so much to learn about the microbiome, we are only just beginning to discover its importance, and the GA- map® Test will help us do just that.“ Professor of Gastroenterology and Hepatology at the School of Medicine, University of Bergen, and consultant gastroenterologist at Stord Hospital, Norway. Magdy El-Salhy Expert perspective The GA-map® Test has been certainly critical in the development and success of our studies on FMT treatment in IBS patients, where the test was used to evaluate the intestinal bacterial profiles of patients following transplantation. Since our trials involved repeated sampling and measurements over a 3-year period, the use of a validated and standardized test was important. “ Half-year report Q2 2026
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8 Professor, dr.med. Gastroenterology, NOH, Copenhagen University, Denmark. Pia Munkholm Expert perspective In microbiome clinical studies the GA company offers high-quality service throughout the whole process from study design discussions, sample analysis, result reporting, and biostatistics all the way to important input in manuscript preparations. The GA-map® is especially valuable for clinicians, giving easy- to-interpret results already evaluated toward a healthy reference range. Additionally, suggestions to the clinicians regarding evidence-based treatment options if available. “ solutions with CE-IVD approval. Continuous improvements to the GA-map® interpretation system, omitting the need for advanced bioinformatic pipelines and use of third-party software and reference databases, ensures robust and user-friendly reporting. Further, the reports facilitate easier result interpretation and actionability of the results. The GA-map® technology platform is versatile and well-positioned to address needs within the research market as well. It enables high- precision probe and primer design, enabling GA to develop countless possibilities for custom- designed assays and novel diagnostic solutions in multiple diseases and indications associated with changes in microbiome composition. This has been proven by the launch of GA- map® Discovery, further increasing GA’s competitiveness and strengthening its position in the field. Since the market for microbiome testing in general is characterised by non- standardised testing, GA estimates that there are few direct competitors in its product area. With increasing knowledge on how the microbiome affects disease development, disease progression and treatment response in multiple disease areas, and growing interest in the microbiome from clinicians, industry and the public, GA is seeing a marked increase in attention from pharmaceutical companies and academic groups who are looking for technology platforms onto which they can place their microbiome-based biomarkers. The successful completion of the GA-map® MHI GutHealth test in collaboration with Ferring Pharmaceuticals is our first example of this, and manifests GA’s position in the market. GA is in dialogue with several other companies spanning multiple disease types. We therefore expect contract product development projects to be an increasing source of revenue for GA. In addition, this enables us to expand our product portfolio and enter into new disease areas. The microbiome testing market for the consumer health segment (DtC) continues to grow. This aligns with the growing focus on health, wellbeing, and longevity, where gut health and the microbiome play an increasingly central role. Together with our partners GA is well positioned to take market share in the DtC microbiome space. These efforts are expected to be expanded to new markets for continued growth. GA’s extensive network of contacts and partnerships with world renowned players in the diagnostic and pharmaceutical industry, such as Diasorin/Luminex Inc., Bio-Rad Laboratories Inc and Ferring Pharmaceuticals. These strong partners further reinforce GA’s position and accelerates growth in this exciting market. Half-year report Q2 2026
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Products and services GA-map® MHI GutHealth Test – measuring antibiotic-induced microbiome imbalances The GA-map® MHI Gut Health test is the first microbiome-based diagnostic test providing clinically actionable insights into antibiotic- induced microbiome imbalances. It combines the GA-map® technology with the validated Microbiome Health Index™ (MHI), developed by Ferring Pharmaceuticals. The GA-map® MHI GutHealth Test measures the ratio between pro- and anti-inflammatory bacteria in the gut of recurrent Clostridioides difficile (rCDI) infected patients. The test is a valuable tool for studying how antibiotic use and microbiome imbalance affect patient health. It provides a rapid measurement of baseline microbiome imbalances and the effects of microbiome restoration treatment. Standardized and reproducible data supports a wide range of clinical and translational research efforts. Beyond rCDI, the test has the potential to support clinical decision-making in patient groups where antibiotic-associated microbiome imbalance plays a critical role, such as Graft-versus- Host Disease (GvHD), infectious diseases, in immunocompromised patients and patients colonized with multidrug-resistant organism. GA-map® Dysbiosis Test – detects and characterizes dysbiosis The GA-map® Dysbiosis Test is a clinically validated and CE-IVD-approved (IVDD 98/79/ EC) diagnostic microbiome test, designed for use in molecular labs. The reagent kit is produced at Genetic Analysis in Norway in compliance with ISO 13485. The test results are generated using the GA-map® Analyzer software, which performs QC and calculates outcome. The assay detects and characterises dysbiosis, i.e., disruption or imbalance in the gut microbiome, and offers an automatic comparison against a clinically validated healthy normal reference range. The results are presented in an easy-to-interpret patient report, consisting of a Dysbiosis Index (DI) score, Bacteria Functionality Profiles, and an Abundance table. The proprietary dysbiosis algorithm and its intrinsic data from a comprehensive healthy reference cohort, allowing each sample to be compared to a clinically validated reference, constitute our core inventiveness/ingenuity. The analysis can be performed at any molecular laboratory having a Luminex LX200 or a MagPix installed. Alternatively, samples can be sent to the GA service laboratory for analysis. The GA-map® Dysbiosis Test is reproducible and standardised, and results can be delivered within 2-3 days from sample received. Results from the test are complementary diagnostics, along with other physician- ordered diagnostic tests in the diagnosis and treatment of IBS, IBD, lifestyle diseases, leaky- gut syndrome, and other gut disorders. GA-map® Dysbiosis Test AInsight software The GA-map® AInsight was launched in March, an AI-assisted interpretation platform designed to translate microbiome analysis results into structured and clinically relevant insights, supporting broader adoption of microbiome testing in clinical practice. This AI tool addresses one of the key practical barriers to broader clinical adoption of microbiome profiling, namely the complexity of interpreting microbiome results in routine healthcare settings. Technology 9 Half-year report Q2 2026
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GA-map® Discovery – a microbiome research tool With the microbiome being one of the hottest research areas in clinical medicine and life science today, increasing number of medical labs are looking to implement microbiome analyses, both for research and clinical diagnostics and research. GA has strengthened its efforts in the clinical research segment. This is reflected in our new comprehensive RuO (Research-use- Only) microbiome assay, GA-map® Discovery. The assay consists of a profiling panel based on GA´s proprietary technology and is suitable for integration on Luminex´s LX200 instrumentation or other Luminex xMAP instruments. With its incorporated databases, GA-map® Discovery gives researchers an easy-to-use, much-needed tool to search for bacteria profiles, and validate exploratory research findings. GA-map® Sample Collection Kit The GA-map® Sample Collection Kit is intended for collection, transport, and storage of faecal specimens for nucleic acid analyses without compromising the quality and integrity of the test results. It is a user-friendly kit for at-home faecal sampling and contains a stabilising buffer for sample preservation for up to 2 weeks at room temperature, 4 weeks at +2 to +8°C, and for longer storage at -20°C. The kit is approved according to the CE- IVDR (EU) 2017/746 regulation. It is offered as a stand-alone product to researchers and laboratories in need of faecal collection device. Furthermore, the kit is available as an OEM offering to commercial partners. Service laboratory GA operates a service laboratory in Oslo where customers can send their samples for microbiome profiling analysis. The service laboratory facilitates end-to-end microbiota profiling services for both clinical and research purposes, for customers worldwide. The service provides comprehensive gut microbiome profiling of the sample as well as standardised, clinically validated parameters for microbiome assessment. The Oslo service laboratory performs sample analysis for all assays based on the GA-map® platform. Pangea Laboratory LLC in Tustin, California operates as a service lab for GA in the US for the GA-map® MHI GutHealth test and the GA- map® Dysbiosis test. Pangea Laboratory is a Clinical Laboratory Improvement Amendments (CLIA) certified, and College of American Pathologists (CAP) accredited diagnostics company dedicated to simplifying diagnosis for critical health conditions. Bioinformatic analysis and custom panel services GA’s team of highly qualified bioinformaticians provide comprehensive and high quality biostatistics service to support clinical researchers. Among other functions, our customised bio-informatic and biostatistical analyses are designed to detect correlations between microbiome markers and study cohorts, assist in sample classification based on these markers, and visualise the resulting data. GA can also provide probe and primer design for custom GA-map® and PCR assay development. The GA-map® platform offers endless possibilities for developing multiplex microbiome assays, spanning from diagnostic assay development to targeted research assays. With an unmatched level of standardisation GA-map® sets the benchmark for reliable and clinically meaningful microbiome analyses. For further information on the GA-map® technology, products and services, please see our webpage: www.ga-map.com. Half-year report Q2 2026 10
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Strategic product development projects GA-map® IBD Precision Dx - New innovative biomarker for Inflammatory Bowel Disease (IBD) IBD affects approximately 5-6 million people across the US and Europe and imposes a significant burden on patients and the healthcare system, with annual healthcare costs estimated at EUR 12–13 billion. Beyond healthcare costs, IBD has profound impacts on patients’ quality of life, productivity, and social functioning. There is a recognized need for improved tools to support personalized treatment strategies and optimize therapy selection. Currently, no diagnostic tool exists to predict whether an IBD patient will experience a mild or severe disease course. As a result, treatment optimization remains an unmet clinical need. Based on our long-term involvement in the IBD field, including publication of several studies, GA initiated an IBD marker project, in collaboration with the University Hospital of Gothenburg and Akershus University Hospital. The project has received significant grant funding from the Research Council of Norway. The aim of the project is to develop a diagnostic test that predicts disease course in IBD patients by using data from microbiome profiling. The design freeze of an RuO (Research Use Only) version of this diagnostic test was completed in December 2025, and the project is now in the validation phase. The launch of this RuO product is planned to take place in 2026. Early administration of biologic therapy in high-risk patients is associated with better outcomes, underscoring the importance of early, precise disease course prediction. The GA-map® IBD Precision Dx test aims to fill this gap by enabling personalized treatment Advancements 11 Half-year report Q2 2026
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strategies and improved patient outcomes. GA-map® MHI GutHealth Test GA has, in collaboration with Ferring Pharmaceuticals, completed the development of the Microbiome Health Index™ biomarker onto the standardized GA-map® technology platform. The test is currently being launched as a Research Use Only testing service from Pangea Laboratory in the US and was made available as a reagent kit for laboratories worldwide in Q4 2025. The development path forward will be to document the test for wider clinical use and to determine the most suitable regulatory pathway. Initially, GA-map® MHI GutHealth is targeted towards recurrent Clostridioides difficile infected (rCDI) patients, providing clinicians with a rapid tool to assess baseline microbiome imbalances and monitor treatment effects during microbiome restoration. With the launch of GA-map® MHI GutHealth Test, GA expands into a novel diagnostic field. The market potential for a diagnostic test aiding treatment and follow-up of rCDI is significant, with close to 500,000 annual CDI cases in the US alone. Thus, the test will contribute to Genetic Analysis’ commercial activities and provide incremental contribution to the Company’s revenue base. The path forward will be to document the test for wider clinical use and to determine the most suitable regulatory pathway. The GA-map® Dysbiosis Test AInsight software An AI-assisted interpretation platform designed to translate microbiome analysis results into structured and clinically relevant insights, supporting broader adoption of microbiome testing in clinical practice. The AInsight software was launched in March 2026. By simplifying the interpretation of microbiome results, AInsight is expected to contribute to increased demand for GA’s reagent kit products. The GA-map® Dysbiosis Test is mainly targeting IBS patients. IBS is a common gastrointestinal disorder affecting an estimated 5-10% of the global population. This condition is associated with a significant cost burden to society, with annual direct and indirect costs in the United States estimated to approximately USD 30 billion. The Global IBS diagnostics market was estimated at USD 3.3 billion in 2025, CAGR of 5.72% during 2026–2034, and is expected to reach USD 5.4 billion by 2034. GA-map® Consumer Health test for China GA completed the development of a microbiome test adapted to the China market in April 2025. Together with partner Thalys Medical Technology Group Corporation (Thalys), GA continues to evaluate and expand GA-map® offerings into the Chinese market. The Chinese D2C microbiome testing market is growing rapidly. The estimated market size in 2023 was ~USD50-80 million, and with a projected CAGR of 20-30%, it has an expected 2030 Market Size of USD200-300 million. Main growth drivers include increased consumer interest in gut health, probiotics and personalized nutrition, as well as advances in e-commerce & digital health platforms such as Tmall and WeChat. Half-year report Q2 2026 12
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13 Sales Total sales in Q2 2026 ended at NOK 5.3 million, compared to NOK 5.9 million in Q2 2025, representing a decrease of 10.2%. Most of the decrease is due to weaker USD/ NOK and if we apply Q2-2025 exchange rates we would have seen a decrease of 4.0% on constant currency rates. We continue to see a strong increase of recurring reagent kit sales but offset by no testing services for Pharma in this quarter. GA-map® Reagent kit sales reached NOK 5.0 million in Q2 2026, compared to NOK 5.1 million in Q2 2025, representing a decrease of 1.7%. At constant currency rates, we saw an increase of 4.5% compared to Q2 2025. Sales from testing services amounted to NOK 0.2 million in Q2 2026, compared to NOK 0.6 million in Q2 2025, representing a decrease of 63.7%. The sales of testing services are primarily linked to testing services performed for smaller labs, and clinical research projects in industry (Pharma) and academia. Other income Other income ended at NOK 0.7 million in Q2 2026, compared to NOK 1.3 million in Q2 2025, representing a decrease of 48.3%. This is driven by less R&D grants to the IBD Precision DX project that is now approaching launch. Operating income For Q2 2026, operating income ended at NOK 5.9 million, compared to NOK 7.2 million in Q2 2025, representing a decrease of 16.9%. Cost of goods sold (COGS) totalled NOK 0.5 million in Q2 2026, compared to NOK 1.5 million in Q2 2025, resulting in a gross margin of 91.2% in Q2 2026 compared to 73.7% in Q2 2025. Gross margin% was positively affected by accruals for refund of the US customs duties for 2025, adjusted for this the gross margin would have been 72.5%. Operating expenses Operating expenses in Q2 2026 totalled NOK 7.8 million, compared to NOK 6.4 million in Q2 2025, representing an increase of 20.1%. Employee benefit expenses ended at NOK 4.1 million in Q2 2026, compared to NOK 3.4 million in Q2 2025, representing an increase of 22.0%. Other expenses were NOK 2.4 million in Q2 2026, compared to NOK 1.6 million in Q2 2025, representing an increase of 45.8%. This is mainly driven by on off patent costs related to patenting and other external consultancy. Earnings Net loss after net financial expenses and tax was NOK -2.4 million for Q2 2026, compared to NOK -1.0 million in Q2 2025. Balance sheet At the end of Q2 2026, GA had intangible assets of NOK 18.5 million, compared to NOK 16.5 million at the end of Q2 2025, representing an increase of 12.5%. The increase is an effect of completed new product development during the last 12 months. Cash and cash equivalents were NOK 14.5 million at the end of the reporting period, compared to NOK 25.0 million at the end of Q2 2025, representing a decrease of 41.9%. Outlook The positive momentum in the global microbiome market is strong, and Genetic Analysis expects continued revenue growth driven by increasing adoption of GA-map® solutions and expansion across key markets in Europe, US and China. With our newly developed GA-map® IBD Precision Dx that will be launched during H2-2026, we expect new and increased customer interest across territories. Future growth is expected to be supported by continuing scaling of reagent kit sales through partner laboratories, increased demand for standardised, clinically validated microbiome testing and commercial rollout of new GA-map® solutions. With expanding installed base of partner laboratories, stronger recurring revenue streams, advancing the diagnostics pipeline toward commercialization and the support from the FDA approval of new drugs in the market, the company reinforce a favorable outlook for strong growth in the coming years. Events after the balance sheet date No significant events after the balance sheet date beyond those already described under Highlights After the End of the Period. Financial performance Financial comments Half-year report Q2 2026
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14 Miscellaneous The share The shares of Genetic Analysis AS are listed on Spotlight Stock Market. The ticker is GEAN, and the ISIN code is NO0010692130. As of 30.06.2026, the number of shares was 69,087,041 (69,087,041). Please see note 8 for largest holders. All shares have equal rights to the Company´s assets and results. Risks The Company is exposed to several operational and financial risks that may affect performance. It is therefore of great importance to consider relevant risks in addition to the Company’s growth opportunities. For a detailed description of the risks attributable to the Company and its shares, please refer to the annual report published on 04.05.2026, which is available at https://www.genetic-analysis.com/financial- reports. Auditor’s review The 2026 Q2 report has not been reviewed by the Company’s auditor. Audited financial information, comprising the Company’s audited 2025 full-year figures, is marked with an asterisk (*) in the relevant tables throughout the report. Other information For further information about Genetic Analysis AS’ operations, please refer to the company website: www.genetic-analysis.com. If you are interested in more detailed information about GA’s products, please visit www.ga-map.com or subscribe to GA news, press releases, and financial information at www.genetic-analysis. com/subscriptions/. This disclosure contains information that Genetic Analysis AS is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, at the time indicated by Genetic Analysis AS news distributor upon publication of this press release. Contact information For additional information, please contact the company: Phone: +47-48 32 16 10 E-mail: info@genetic-analysis.com Address: Genetic Analysis AS, Ulvenveien 80, 0581 Oslo, Norway Extras Financial calendar GA issues interim reports and statements quarterly according to IFRS. The financial calendar is planned as follows: Financial reports: Date Interim report Q3 2026 2026-11-26 Year-end 2026 2027-02-25 Half-year report Q2 2026
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15 (figures in NOK thousand) Notes 2026 Apr–Jun 3 months 2025 Apr-Jun 3 months 2026 Jan–Jun 6 months 2025 Jan-Jun 6 months 2025 Jan-Dec 12 months* Sales revenue 2 5,285 5,883 9,134 8,287 16,712 Other income 3 655 1,267 1,197 2,880 4,460 Operating Income 5,940 7 ,151 10,331 11,166 21,172 Cost of goods sold 4 465 1,548 1,498 1,943 4,700 Gross Profit 5,475 5,602 8,833 9,223 16,472 Operating expenses Employee benefit expen- ses 5, 7 4,141 3,394 8,237 8,109 16,056 Depreciation and amorti- zation expenses 1,257 1,345 2,502 2,689 5,173 Other expenses 7 2,374 1,628 4,620 3,498 6,223 Other gains (-) and losses -43 69 168 230 285 Operating Expenses 7 ,730 6,436 15,528 14,526 27 ,736 Result From Financial Investments Financial income 13 7 735 17 347 Financial expenses 199 124 1,087 254 496 Total Result From Finan- cial Investments -186 -118 -352 -236 -149 Profit/Loss Before Inco- me Tax -2,441 -951 -7 ,047 -5,539 -11,413 Income tax expenses 0 0 0 0 0 Net Profit/Loss -2,441 -951 -7 ,047 -5,539 -11,413 Earnings per share (NOK) -0.04 -0.01 -0.10 -0.10 -0.18 Number of shares (thou- sands) 8 69,087 69,087 69,087 69,087 69,087 Number of share options (thousands) 6,191 2,811 6,191 2,811 5,111 Number of subscription rights (thousands) 0 0 0 0 0 Earnings per share - fully diluted (NOK) -0.04 -0.01 -0.10 -0.10 -0.18 Number of shares - fully diluted (thousands) 69,087 69,087 69,087 69,087 69,087 Financial statements Income Statement *Audited Half-year report Q2 2026
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16 (figures in NOK thousand) Notes 2026-06-30 2025-06-30 2025-12-31* Assets Non-Current Assets Property, plant, equipment 6 3,222 4,513 3,985 Intangible assets 7 18,519 16,458 17,436 Financial assets 0 -47 -47 Total Non-Current Assets 21,741 20,925 21,374 Current Assets Inventory 1,462 422 804 Trade receivables 825 2,771 1,908 Other receivables 6,106 5,965 4,331 Cash and cash equivalents 14,507 24,958 24,029 Total Current Assets 22,900 34,115 31,072 Total Assets 44,641 55,040 52,446 Equity and Liabilities Equity Ordinary shares 8 41,452 41,452 41,452 Share premium fund 12,491 11,584 11,809 Non-registered capital increase 0 0 0 Retained earnings -26,182 -14,769 -26,182 Retained earnings current year -7,047 -5,539 0 Total Equity 20,714 32,728 27 ,079 Non-Current Liabilities Lease liabilities 1,611 3,053 2,441 Other borrowings 6,187 4,400 3,960 Total Non-Current Liabilities 7 ,798 7 ,453 6,401 Current Liabilities Trade payables 2,846 7,641 2,556 Other current liabilities 13,284 7,218 16,409 Total Current Liabilities 16,130 14,859 18,966 Total Equity and Liabilities 44,641 55,040 52,446 Financial statements Balance Sheet *Audited Half-year report Q2 2026
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17 figures in NOK thousand Share capital Share premium Non-registered capital increase Retained earnings Total equity Equity at 01.01.2025 29,630 7 ,633 0 -14,769 22,494 Net result for the year 0 0 0 -5,539 -5,539 Proceeds from share issue 11,822 5,123 0 0 16,945 Costs of share issue 0 -1,370 0 0 -1,370 Share based payments 0 199 0 0 199 Equity at 30.06.2025 41,452 11,584 0 -20,308 32,728 Changes in Shareholder Equity H1 25 figures in NOK thousand Share capital Share premium Non-registered capital increase Retained earnings Total equity Equity at 01.01.2025 29,630 7 ,632 0 -14,769 22,494 Net result for the year 0 0 0 -11,413 -11,413 Proceeds from share issue 11,822 5,123 0 0 16,945 Costs of share issue 0 -1,320 0 0 -1,320 Share based payments 0 374 0 0 374 Equity at 31.12.2025 41,452 11,809 0 -26,182 2 7,07 9 FY 25* figures in NOK thousand Share capital Share premium Non-registered capital increase Retained earnings Total equity Equity at 01.01.2026 41,452 11,809 0 -26,182 2 7,07 9 Net result 0 0 0 -7,047 -7,047 Share based payments 0 682 0 0 682 Equity at 30.06.2026 41,452 12,491 0 -33,229 20,714 H1 26 Financial statements *Audited Half-year report Q2 2026
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18 (figures in NOK thousand) Notes 2026 Jan–Jun 6 months 2025 Jan-Jun 6 months 2025 Jan-Dec 12 months* Profit/Loss(-) Before Income Tax -7 ,047 -5,539 -11,413 Depreciation and amortisation 2,502 2,689 5,173 Stock options 682 199 373 Items classified as financing activities 0 0 0 Change in working capital Changes in inventory -659 339 -42 Changes in trade receivables 1,083 426 1,289 Changes in trade payables 290 2,965 -2,119 Changes in other items -6,386 -1,345 9,139 Net Cash Flow From Operating Activities -9,536 -264 2,401 Purchase of property, plant, equipment 0 0 -352 Payments of capitalised development -2,685 -2,602 -5,183 Net Cash Flow From Investing Activities -2,685 -2,602 -5,535 Repayments of borrowings -333 -200 -300 New borrowings 4,000 0 0 Instalments on lease liabilities -969 -922 -1,534 Paid in capital 0 16,945 16,945 Costs of issuance 0 -1,370 -1,320 Net Cash Flow From Financing Activities 2,698 14,453 13,792 Net Change in Cash and Cash Equivalents -9,522 11,586 10,657 Cash and cash equivalents at beginning of period 24,029 13,372 13,372 Cash and Cash Equivalents at End of Period 14,507 24,958 24,029 Financial statements Cash Flow Statement *Audited Half-year report Q2 2026
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19 The figures in parentheses refer to the corresponding period last year. 1. Accounting Principles The condensed consolidated financial statements for Q2 2026 have been prepared in accordance with International Financial Accounting Standards (IFRS) and IAS 34 for interim financial reporting. Genetic Analysis has applied the same accounting policies as in the consolidated financial statements since 2021. The interim financial statements do not include all the information required for a full financial report and should therefore be read in conjunction with the consolidated financial statements for 2021, 2022, 2023, 2024 and 2025, which were prepared in accordance with the Norwegian Accounting Act and IFRS, as adopted by the EU, and can be found at the following web page: https://www.genetic- analysis.com/financial-reports/. 2. Specification of Sales Revenue 3. Specification of Other Income Notes to the Condensed Financial Statements Sales revenue per geographical market (figures in NOK thousand) 2026 Apr–Jun 3 months 2025 Apr-Jun 3 months 2026 Jan–Jun 6 months 2025 Jan-Jun 6 months 2025 Jan-Dec 12 months USA 2,778 4,266 4,885 5,794 11,569 Europe 2,167 1,602 3,909 2,477 5,076 Rest of world 339 16 339 16 67 Sales revenue 5,285 5,883 9,134 8,287 16,712 Sales revenue per category (figures in NOK thousand) 2026 Apr–Jun 3 months 2025 Apr-Jun 3 months 2026 Jan–Jun 6 months 2025 Jan-Jun 6 months 2025 Jan-Dec 12 months Products 5,042 5,130 8,591 7,238 14,065 Services 235 648 533 942 2,539 Platform installations 8 105 11 106 108 Sales revenue 5,285 5,883 9,134 8,287 16,712 Notes (figures in NOK thousand) 2026 Apr-Jun 3 months 2025 Apr-Jun 3 months 2026 Jan-Jun 6 months 2025 Jan-Jun 6 months 2025 Jan-Dec 12 months Public grants 655 1,252 1,197 2,849 4,399 Other 0 15 0 31 61 Sum other income 655 1,267 1,197 2,880 4,460 Half-year report Q2 2026
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20 4. Cost of Goods Sold (COGS) In Q2 2026, the COGS decreased compared to Q2 2025 due to a positive effect of accruals for refund of the US customs duties for 2025, adjusted for this the gross margin are in line with last year’s %. 5. Share-Based Payment The company has a share option program for employees, management and members of the board of directors. As of 30.06.2026, the options program included 19 participants. In Q2 2026, the number of granted share options increased by 1.579.859. The total number of granted share options in GA was 6.190.859 as of 30.06.2026. The total expensed amount in Q2 2026 arising from the option programs was NOK 682 thousand (NOK 109 thousand). YTD 2026 the option program was expensed at NOK 0.7 million. 6. Leases In Q4 2022, GA moved into new premises in Ulvenveien 80 in Oslo. The leasing contract is valid until 31.03.2028. In Q3 2025, GA entered into a new lease agreement for IT equipment, valid until 30.06.2029. 7 . Capitalised Development Costs In Q2 2026, GA has capitalised a total of NOK 1.3million (NOK 2.1 million). This reflects that GA during the quarter has made strong progress on the new product development project, the GA-map® IBD Precision Dx test. Capitalisation of late-stage development costs is required according to IFRS accounting standards when development projects reach certain late stages and are close to a product launch. 8. Shareholder information The following list shows the 20 largest shareholders in Genetic Analysis AS as of 30.06.2026 according to the share registry Euronext Securities Oslo and disclosures from investors: Names Shares Ownership Bio-Rad Laboratories Inc 16,562,016 23.97% Avanza Bank AB * 6,062,963 8.78% Muen Invest AS 4,260,492 6.17% Ochrino AS 3,375,000 4.89% Lucellum AS 2,750,000 3.98% Nordnet Bank AB * 2,790,916 4.04% S. Munkhaugen AS 2,273,372 3.29% Ole Andreas Baksaas 2,292,354 3.32% LJM AS 1,940,236 2.81% Kagge AS 1,929,617 2.79% Tore Grøttum 1,830,652 2.65% Erik Borch Gjone 1,754,514 2.54% InVitroDia AS ** 1,463,600 2.12% Molver AS 1,444,673 2.09% BioHit Oyj 1,423,840 2.06% Per Anton Invest AS 1,417,910 2.05% GGS Invest AS 1,279,133 1.85% Stella Invest AS 1,059,232 1.53% Nordnet Livsforsikring AS 943,351 1.37% Finn Ørjan Rismyhr Sæle 804,530 1.16% Total 20 largest shareholders 57 ,658,401 83.46% Other shareholders*** 11,428,640 16.54% Total 69,087 ,041 100.00% * Nominee accounts for Swedish holders ** InVitroDia AS is fully owned by Ronny Hermansen, CEO *** Board and Management holds or controls a total of 5.937.172 shares, or 8,6% of the total shares. Half-year report Q2 2026
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21 Statement by the Board of Directors Oslo, August 28, 2026 The Board of Directors of Genetic Analysis AS IR contact: rh@genetic-analysis.com Website: www.genetic-analysis.com The Board of Directors provides their assurance that the half-year report Q2 2026 provides a fair and true overview of the Company’s operations, financial position, and results. Genetic Analysis AS Genetic Analysis AS, Ulvenveien 80B, 0581 Oslo, Norway Morten Jurs Chairperson Rune Sørum Board member Ove Öhman Board member Jonathan Kohn Board member Camilla Huse Bondesson Board member Thorvald Steen Board member Half-year report Q2 2026
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Supplying high quality diagnostics to the microbiome market