Slides
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Q3 2026 Presentation 20 October 2026
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This presentation has been prepared by and is the sole responsibility of Gentian Diagnostics ASA (the “Company” or “Gentian”). The presentation is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The information herein and any other material discussed is subject to change. The presentation contains certain forward-looking statements relating to the business, future financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. Any forward-looking statements contained herein, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Potential investors are expressly advised that financial projections, such as the revenue and cash flow projections contained herein, cannot be used as reliable indicators of future revenues or cash flows. The Company (nor any of its parent or subsidiary undertakings) does not provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. No obligation is assumed to update any forward-looking statements or to conform these forward- looking statements to our actual results. The distribution of this presentation may also in other jurisdictions be restricted by law. Accordingly, this presentation may not be distributed in any jurisdiction except under circumstances that will result in compliance with applicable laws and regulations. The Company require persons in possession of this presentation to inform themselves about, and to observe, any such restrictions. Nothing in this presentation shall constitute an offer to sell or a solicitation of an offer to buy any shares in the Company in any jurisdiction in which such offer or solicitation is unlawful. Nothing contained in this presentation is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, this presentation speaks as of the date set out on its cover. In addition, no responsibility or liability or duty of care is or will be accepted by the Company for updating this presentation (or any additional information), correcting any inaccuracies in it which may become apparent or providing any additional information. Important notice
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Highlights
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Q3 performance: Record sales and significantly more new development projects initiated • Both Europe (+24%) and USA (+23%) contributed most to YoY growth in Q3 2026. • The Bühlmann collaboration delivers overall strong performance with fCAL turbo sales increased by 23% in Q3 vs 2025. • Also, Cys C had a strong quarterly growth of +19%. • Demonstratable progress in executing the updated R&D strategy with seven assay and one technology development projects active. Sales MNOK 51.1 +22% vs Q3’25 (+30% organic) Gross margin 61% 56% in Q3’25 EBITDA MNOK 13.6 MNOK 8.4 in Q3’25 Sales to the US MNOK 13.3 MNOK 10.8 in Q3’25 Q3’26 financials and key milestones Additional highlights
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YTD: sales and EBITDA on track to deliver another successful year for Gentian Diagnostics ▪ Year-to-date sales to US reached NOK 32.3 million, up 49% from NOK 21.7 million in 2025. ▪ fCAL and fPELA turbo were the key drivers in Europe (YTD regional growth +15%) with continued positive long-term outlook. ▪ Despite flat YoY growth for Cys C, the strong Q4 order intake predicts expected YoY growth. Sales MNOK 144.8 +11% vs. YTD’25 (+17% organic) Gross margin 56% 55% YTD’25 EBITDA MNOK 26.7 MNOK 24.1 YTD’25 Sales to the US MNOK 32.3 MNOK 21.7 YTD’25 YTD‘26 financials and key milestones Additional highlights
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“Improving patient outcomes with world-class diagnostics.” Our Mission
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Gentian Diagnostics in a nutshell Med Tech company targeting a $1.9B serviceable diagnostic segment with 5-10% annual growth Appealing value proposition, lean business model & focused growth strategy Industry-leading capabilities with strong focus on in-house R&D and operations At commercial phase and making profit Success rooted on high-quality standards (IVDR and ISO13485 certified) and focus on ESG Gentian Diagnostics is listed on Euronext Oslo Børs 63 83 102 135 152 177 10 30 50 70 90 110 130 150 170 190 2020 2021 2022 2023 2024 2025 Sales revenue and CAGR MNOK +23% -15 -13 3 25 35 2021 2022 2023 2024 2025 EBITDA development (MNOK)
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Key drivers for long-term growth and value creation Five established products with solid growth potential Prove clinical relevance of GCAL® Bring a steady stream of new high-impact diagnostic tests to market Secure one new contract with a global commercial partner per year Stabilise the gross margin in the 55% to 60% range Long-term EBITDA margins of 40% *Kalorama 2025, Company estimates including RBP 7 products with combined net revenue potential of NOK 1bn in 5-7 years Targeting a serviceable market of $1.9B*
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“We will be the innovation partner for global IVD companies.” Our Vision
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Key financials
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• Sales to Europe reached NOK 33.3 million (+24%) in Q3’26 compared to Q2’25. YTD growth at +15%. • Focus and investments in the US delivered quarterly sales of NOK 13.3 million (+23%). YTD sales reached NOK 32.3 million (+49%), driven by both partner-led sales and direct customer activities. • Sales in Asia increased by 6% in Q3 2026, but YTD sales are down by 33% vs 2025. Continued growth in South-Korea is partially offsetting the known market challenges in China. • On product level, all products except Cys C are delivering YoY growth. Strong order book for Cys C in Q4 is expected to correct its course. Sales revenue - geographic split Sales revenue - product split Continued growth in Europe and US, soft sales in China Highlights MNOK Q3’26 Q3’25 YTD26 YTD25 2025 US 13.3 10.8 32.3 21.7 29.4 Europe 33.3 26.8 96.4 84.0 114.2 Asia 4.5 4.2 16.1 24.1 32.9 Total 51.1 41.8 144.8 129.9 176.5 MNOK Q3’26 Q3’25 YTD26 YTD25 2025 Cystatin C 18.5 15.5 50.2 50.6 67.0 fCAL®turbo 19.5 15.9 53.1 43.5 60.6 Third-party products 5.8 3.4 16.6 14.9 21.2 Other 7.2 7.0 24.8 21.0 27.7 Total 51.1 41.8 144.8 129.9 176.5 5150 4447 42 3Q262Q261Q264Q253Q25 Sales revenues (MNOK)
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Stable cost development • Underlying OPEX up 4.5% YTD driven by higher activity and general cost increases. • No capitalisation of development cost in 2026 (NOK 5.5 million per Q3’25). Notes: Operating expenses include depreciation, but excluding impairment charges Operating expenses MNOK 3Q26 3Q25 YTD26 YTD25 2025 Sales and marketing expenses 7.6 7.3 21.6 20.7 29.0 Administration expenses 5.8 5.0 17.6 18.1 25.3 Research and development expenses 8.4 6.1 25.8 17.8 23.2 Total 21.8 18.4 65.0 56.7 77.52222212118 4 1 3Q262Q261Q264Q253Q25 OPEX Capitalised R&D expenses
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Gross margin of 61% in Q3 2026 and 56% YTD • Strong gross margin in Q3 and positive development YTD. • Gross margin in Q3 positively influenced by good operational performance and favourable geographical sales mix. • Ambition of gross margin in the 55%-60% area on current revenue levels is maintained, but currency headwinds remain a challenge. 56% 64% 44% 56% 58% 53% 55% 61% 19% 31% 4% 20% 23% 11% 16% 27% 0% 10% 20% 30% 40% 50% 60% 70% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Gross and EBITDA margin % .
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Solid EBITDA performance • EBITDA of NOK 13.6 million in Q3’26 driven by strong gross margin and scale effects. • No capitalisation of development expenditure in Q3’26 – NOK 1.3 million effect on EBITDA compared to Q3’25 and NOK 5.5 million YTD. • EBITDA margin at 26.6% in Q3’26 and 18.4% YTD 5 8 14 2 8 10 5 8 14 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 20262024 NOK million
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Healthy cash position • CAPEX related to equipment purchases to support growth. • Currently no capitalisation on any R&D projects. • Equity ratio down due to NOK 30.2 million impairment of capitalised development expenditure recognised in Q1’26. • Dividend of NOK 9.3 million paid in Q2’26. • No interest-bearing debt. • Long-term net working capital/sales assumed at ~30%. Q3’26 balance sheet and cash flow . Cash MNOK 91.4 MNOK 86.6 in Q3’25 Capex MNOK 2.2 MNOK 2.3 in Q3’25 FCF MNOK 12.7 MNOK -3.2 in Q3’25 Equity ratio 81.4% 86.8% in Q3’25
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Product update
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9.0 13.4 17.7 17.4 15.5 16.4 13.3 18.3 18.5 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Sales of Cystatin C last 2 years (MNOK) Cystatin C Another all-time high quarter • NOK 18.5 million in Q3 2026 vs NOK 15.5 million in Q3 2025. • Sales driven by increasing demand from our largest partner in the United States, where awareness and adoption of Cystatin C testing continue to grow. • Strong order intake for Q4 across markets predicts return to expected YoY growth. Growth: +19%
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fCAL® turbo Record quarter and impressive YTD growth • Sales of fCAL® turbo increased by 23% in Q3 2026 compared to Q3 2025. • YTD sales reached NOK 53.1 million, up 22% from NOK 43.5 million in 2025. • Growth is driven by successful acquisition of new accounts and increasing testing volumes across all regions. Growth: +23%
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Other Products Strong quarter for fPELA and cCRP , while GCAL had lower Q3 sales • NOK 7.2 million in Q3 2026 vs NOK 7.0 million in Q3 2025. • YTD sales growth at very good level of +18%. • A notable development was the continued uptake of fPELA testing among existing fCAL customers. *Other products includes cCRP, fPELA ® turbo, GCAL, RBP and other revenue. Growth: +3%
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Third-party products Very good YoY Q3 sales with +12% YTD sales growth • NOK 5.8 million Q3 sales, a good performance for summer months (+72% vs. Q3 ’25). • YTD growth reflects continued solid demand in the Nordic market. Growth: +72%
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R&D update and summary
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R&D strategy accelerating new product launches to support long-term value creation Accelerated product launches • Broader pipeline combining in-house innovation and partner- driven development projects. • Veterinary diagnostics as new growth driver. Expansion in point-of- care assay market • Turbidimetric POC companies represent an attractive adjacent revenue opportunity. Investment in high- sensitivity technology (HST) • Addressing the key limitation of PETIA assays, i.e. sensitivity. • Up to 100-fold improvement in sensitivity, potentially bringing appr.100 additional biomarkers within the reach. Gentian’s R&D strategy builds on three pillars
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A More Dynamic Approach to Pipeline Not all development projects are expected to progress to commercial launches • A prototype-driven development model enables early validation of technical feasibility, commercial potential and partner commitment. • Success rates will become clearer as the model matures. External communication will be selective • Early disclosure may be restricted due to competitive sensitivities. • Confidentiality obligations under partner agreements may further limit external communication.
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Q3 update on strategic partnerships and development collaborations Key IVD partner – paid assay development Ongoing assay development progressed from research to development phase. The project remains on track for a Q4 2027 launch. Essange Reagents – platform expansion Recently announced partnership to convert several assays to clinical chemistry platforms for an existing IVD partner. Veterinary – two paid development opportunities In Q2 a proposal submitted for two paid development projects with a major veterinary IVD company. In Q3 positive feedback received pending final contractual arrangements. HST - first co-development collaboration on the POC platform Our partner is progressing towards the development of a research prototype. Commercial terms are under negotiation.
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Q3 update on internal innovation and product development Existing product optimization Product improvement project targeting increased assay robustness and improved margins. New PETIA opportunities Potentially first-in-market PETIA assay targeting a biomarker for liver disease assessment, addressing a growing clinical need driven by increasing disease prevalence. PETIA assay targeting a biomarker with growing unmet market demand to expand and complement our product portfolio.
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Development pipeline – status and commercialization horizon Exploration Proof of Concept Optimization Verification Validation Commercialization horizon Strategic context Paid partner development project 12-18 months Late-stage development with established IVD partner Essange collaboration 12-18 months Platform expansion with global IVD partner Undisclosed opportunity 18-24 months Biomarker with significant unmet market demand HST POC platform collaboration 36+ months Co-development project progressing toward prototype Veterinary assays 18-24 months Paid development opportunity; potential manufacturing role Existing product optimization 18-24 months Increased robustness and cost efficiency Liver disease candidate 24-36 months Liver disease assessment; first-in-market opportunity Balanced pipeline combining partner-driven projects with internally initiated portfolio development Development status and commercialization horizons are current estimates and may change based on technical progress, partner decisions, regulatory requirements and commercial prioritization.
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Modest increase in R&D spending to support parallel execution of multiple development projects • Stepwise increase in R&D expenditure levels expected to secure timely execution of growing number of new pipeline projects. • Increased focus on resource prioritisation and operational efficiency to support multiple development projects in parallel • Target return of more than 20% on capital employed for new projects. R&D Spend break-down Technical and clinical support relates to spending on products that are developed and on the market. Pipeline development are expenses on products under development.
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Q&A
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Appendix
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P&L highlights MNOK Q3’26 Q3’25 YTD’26 YTD’25 2025 Sales 51.1 41.8 144.8 129.9 176.5 Cost of goods sold -20.1 -18.4 -63.2 -58.7 -78.3 Gross profit 31.0 23.4 81.6 71.2 98.2 Other revenues 2.2 1.1 3.4 2.8 4.8 R&D expenses -8.4 -6.1 -56.0 -17.8 -23.2 Sales and marketing expenses -7.6 -7.3 -21.6 -20.7 -29.0 Administrative expenses -5.8 -5.0 -17.6 -18.1 -25.3 Operating profit 11.4 6.1 -10.2 17.3 25.5 Net financial items -1.9 0.1 -1.2 -1.3 0.2 Net profit (loss) 7.3 4.0 -18.5 9.7 13.3
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Balance sheet highlights MNOK Q3’26 Q3’25 2025 Inventory 52.5 52.4 54.1 Accounts- and other receivables 47.4 33.0 24.3 Cash and cash equivalents 91.4 86.6 105.9 Total non-current assets 43.1 60.7 74.2 Total assets 234.4 232.7 258.5 Total paid-in equity 322.7 319.3 319.6 Total retained equity -131.9 -117.3 -114.6 Total equity 190.9 202.0 205.0 Total non-current liabilities 15.9 1.9 19.4 Total current liabilities 27.6 28.8 34.1 Total equity and liabilities 234.4 232.7 258.5
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Cash flow highlights MNOK Q3’26 Q3’25 2025 Operating activities 14.9 8.9 42.6 Investing activities -2.2 -1.4 -10.8 Financing activities -1.3 -1.2 -11.1 Changes in cash and cash equivalent 11.4 6.3 20.7 Cash and cash equivalent at the beginning of period 79.3 80.2 84.7 Cash and cash equivalent at the end of period 91.4 86.6 105.9
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Board of directors Hilja Ibert Chair of the Board Dr. Hilja Ibert has more than 25 years’ experience from the international diagnostic industry, including VP International Diagnostic Solutions at Hologic and senior positions within Becton Dickinson and bioMerieux. She was previously the CEO for miDiagnostics in Belgium. In 2018, she was appointed CEO of Gentian Diagnostics ASA, a position she served until May 2024. She is currently a board member in Gradientech and VitaDx. Dr. Ibert holds a PhD degree in Nutrition Science from the University of Bonn, Germany. Christian Åbyholm Board member Christian Åbyholm is a partner in Kvantia AS where he joined in 2007. Prior to joining Kvantia AS, Christian worked as Head of Department within Mergers and Acquisitions in Norsk Hydro and as Senior Vice President in business development in Aker RGI. Christian has also worked in London as an Associate in Equity Research in Morgan Stanley where he was part of the number one European Paper and Packaging team ranked by Institutional Investor. Prior to that, Christian worked as an Analyst in Merrill Lynch’s Investment Banking division. Mr. Åbyholm is a CFA charter holder and has an MBA from IMD and a Siviløkonom degree from Norwegian School of Economics and Business Administration. In addition, Christian has completed first two years of law school at University of Oslo. Caaby AS, a wholly owned company by Mr. Åbyholm owns 173,500 shares in the company. Kvantia AS and its subsidiaries (Victoria India Fund AS and Obligasjon 2 AS) own 1,992,208 shares in the company. In addition, Christian Åbyholm is Chairman in INSR ASA and Norda ASA, which both own 614,215 shares in the company. The combined shareholding corresponds to 22% of the outstanding shares in Gentian Diagnostics ASA. Bernhard Risse Board member Bernhard Risse is an independent director with 30 years of experience in research and development in the international diagnostics industry. He began his career as a postdoctoral researcher at Roche Diagnostics in Switzerland and concluded it at Roche as global Network Lead Core Lab Development R&D and R&D Center Manager in Penzberg, Germany. In this role, he was responsible for product development and maintenance for the Core Lab business of Roche Diagnostics. His particular focus at Roche was on developing new solutions for routine diagnostics. Mr. Risse holds a PhD in physical biochemistry from the University of Regensburg. Kjersti Grimsrud Board member Kjersti Grimsrud is currently President and COO of Infusion care at Convatec plc, where she has spent the last 5 years. She has over 30 years’ experience in MedTech and IVD companies with roles in science, operations and commercial in Axis- Shield ASA and Alere Inc./Abbott, where she last held the position of VP Commercial EME (Europe Middle East) and International (APAC). Ms Grimsrud served as a board member of Biotec Pharmacon (now ArcticZymes technologies) from 2011 to 2015. Ms. Grimsrud holds a master’s degree in biotechnology from the Norwegian University of Science and Technology in Trondheim.
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*As of 30 September 2026 according to VPS and disclosures from investors. Top 20 shareholders Shareholder No of shares % DNB Bank ASA 2 110 224 13.65 % Kvantia AS 1 803 368 11.67 % Carpe Diem Afseth AS 1 000 000 6.47 % Norda ASA 716 099 4.63 % Safrino AS 649 700 4.20 % DNB Carnegie Investment Bank AB 645 621 4.18 % Insr ASA 614 251 3.97 % J.P. Morgan SE 600 000 3.88 % DNB Bank ASA, Meglerkonto Innland 571 169 3.69 % Verdipapirfondet Delphi Norge 389 572 2.52 % Intertrade Shipping AS 360 000 2.33 % Krefting, Johan Henrik 325 100 2.10 % Verdipapirfondet DNB Smb 304 097 1.97 % Alfaplan AS 303 000 1.96 % Manheim, Joachim Fasting 237 939 1.54 % Lioness AS 220 000 1.42 % Marstal AS 212 407 1.37 % T.D. Veen AS 195 000 1.26 % Skandinaviska Enskilda Banken AB 180 000 1.16 % Caaby AS 173 500 1.12 % Other Shareholders 3 847 577 24.89 % Total shares 15 458 624 100%