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Photocure ASA 3rd Quarter 2026 Results October 28, 2026 Dan Schneider, President and CEO Priyam Shah, VP IR Dick Peters, VP Finance & IT
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Disclaimer 2 By reading this company presentation (the “Presentation”) or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been produced by Photocure ASA (the “Company”) for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. The Recipient acknowledges that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the Company’s business. The Company shall not have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation, or violation of distribution restrictions. The Presentation will be used during an oral presentation and is therefore not a complete summary of the presentation held. Further, it is not the intention to provide, and the Recipient may not rely on the Presentation as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. Several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. For a further description of other relevant risk factors, we refer to the Company’s annual report for 2025. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described in this Presentation. This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts. Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. The Company cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments. This Presentation speaks as at the date set out on herein. Neither the delivery of this Presentation nor any further discussions of the Company shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements). This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts. Photocure – Presentation of Q3 2026 Results
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Continue to grow Hexvix®/Cysview® sales and increase Company profitability Provide and deliver on financial guidance, continue generating operating leverage Accelerate ForTec Mobile BLC usage Drive additional account reactivations in U.S. and image quality upgrades in Europe Increase penetration in Priority Growth Markets in Europe Leverage Olympus’ launch of new HD BLC system in Nordics/EU Establish BLC® as the definitive diagnostic standard in bladder cancer care and improve access Position blue light cystoscopy (BLC) as the primary diagnostic tool to facilitate earlier use of new NMIBC therapeutics Support reclassification of BLC equipment in the U.S. Collaborate with BLC equipment manufacturers who plan to enter the U.S. Launch new HD Flex BLC system globally following co-development with Richard Wolf Expand and diversify global product portfolio in uro-oncology Assess new opportunities in NMIBC and adjacent uro-oncology indications, including biomarkers, AI, and emerging precision medicine technologies Leverage Photocure’s established global commercial infrastructure to expand into precision diagnostics within the broader uro-oncology segment Strategic Priorities & Initiatives 3Photocure – Presentation of Q3 2026 Results
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3rd Quarter 2026 Highlights: 1/2 Continued Growth and Execution on Key Initiatives 4 Product Revenue +6% Unit sales level in Q2 YoY; +3% YTD EBITDA NOK 27.8 million NOK 29.2 million ex-BD expense Product Revenue Q3 +7% (at constant currency, 0% including currency effects) NOK 134.2 million Adjusted EBITDA NOK 18.5 million Reported EBITDA NOK 4.0 million Adjusted EBITDA margin: • 14% in Q3 2026 (14% in Q3 2025) • 15% YTD 2026 (14% YTD 2025) We continue forecasting improved operating leverage for 2026 while investing in growth opportunities Biz Dev expense: NOK 11.0 million Strong Balance Sheet: ⁻ At the end of Q3 NOK 162.4 million in cash and equivalents ⁻ No interest-bearing debt Regional Performance YoY ⁻ North America product revenue up 9% (constant currency), units up 9% (rigid units up 10%) - ForTec Mobile Solution growth favorably impacts the increase, while the decline in flex units and adverse FX partly offset growth. ⁻ Europe product revenue up 6% (constant currency), units up 8% Increasing number of U.S. accounts: 454 (+20% YoY) ⁻ 9 tower installations in new accounts ⁻ 4 upgrades in existing accounts Executing on plan in Europe ⁻ 87 Olympus BLC Visera Elite-III systems installed since launch (in Q1 2025) and 29 other system upgrades during 2026 Photocure – Presentation of Q3 2026 Results
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3rd Quarter 2026 Highlights: 2/2 Continued Growth and Execution on Key Initiatives 5 Product Revenue +6% Unit sales level in Q2 YoY; +3% YTD EBITDA NOK 27.8 million NOK 29.2 million ex-BD expense Business & Partnership News Events & Publications Cost neutrality of BLC versus WLC in a real-world setting demonstrated by new OPTUM study publication in the U.S. (August 11), published in JU Open Plus. New publications in Urologic Oncology (Sep 16) and Urology Practice (Oct 9): about Modern Predictive Models for Recurrence and Progression in Patients treated with BLC, highlighting the need for updated prediction tools, concluding that Photocure’s BLC Registry provides a large, contemporary U.S. dataset that can help support the development of these next-generation models. ENAiBLE data collection study enrolled its 100 th patient (September). Dennis Camporeale appointed as new CFO, strengthening Photocure’s leadership and financial capabilities Vesica Health Acquisition: continued integration and preparation for R&D activities and commercialization of AssureMDx FDA has published a proposed order in the Federal Register to initiate the process of reclassifying cystoscopic systems in BCa from Class III to Class II (Aug 14). A reclassification unlocks a significantly larger commercial opportunity across an expanded market. Cevira news: Asieris entered an exclusive licensing agreement with Theramex for Cevira covering Europe, Australia, New Zealand and Turkey (post-period: Oct 7). First royalties received this quarter, related to sales of Cevira in China, following its commercial launch in Q2 2026. Photocure – Presentation of Q3 2026 Results
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Segment Trends North America and Europe markets 66Photocure – Presentation of Q3 2026 Results
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0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Q3 2024 2025 2026 Strong Sales Performance in Both Regions in Q3 Q3 Hexvix/Cysview Unit Sales by Region (Last 3 Years) EuropeNorth America 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Q3 2024 2025 2026 7Photocure – Presentation of Q3 2026 Results Q3 2026 revenues increased 9% at constant currency; in-market unit sales increased 9% Strong rigid performance of 10% YoY, absorbing the decline in sales to flex Active accounts in U.S. up 20% YoY 13 Saphira installations (9 in new accounts and 4 upgrades) ForTec mobile BLC in U.S. continues to gain momentum: 200+ unique accounts and 350+ different physicians now trained on mobile solution 31 towers now in fleet for cases but also as back up and for one-off procedures (24 towers previously reported) Unit sales growth of 65% YoY 19% mobile contribution to North America revenue (vs 14% in Q3 2025) Q3 2026 revenues increased 6% at constant currency; in-market unit sales increased 8% Increases in unit sales driven primarily by a strong 11% growth in DACH countries and 8% in High-priority growth markets 87 Olympus Visera Elite III systems installed across Europe since launch in Q1 2025 with a healthy pipeline of new towers to be added. In addition, 29 upgraded systems were installed in Europe by Karl Storz, Richard Wolf and Stryker YTD 2026. Photocure is monitoring a potential generic filing for Hexvix in Europe. No approval or commercial launch has occurred, and the likelihood and timing remain uncertain. Unit sales Unit sales
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252 294 309 377 454 – 50 100 150 200 250 300 350 400 450 500 Q3 '22 Q3 '23 Q3 '24 Q3 '25 Q3 '26 Active* U.S. Accounts (Rolling 12 Months through Current Reported Quarter) Strong Growth in U.S. Accounts Using Cysview 20% YoY growth in Q3 2026 * Active account is defined as an account with at least one order during the last 12 months. Accounts include rigid-only, multi- or dual-towers, flex-only, mobile tower, and evaluation +20% YoY growth 8Photocure – Presentation of Q3 2026 Results +22% YoY growth +5% YoY growth
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Growth Initiatives 9Photocure – Presentation of Q3 2026 Results
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*1.) ACS (American Cancer Society) 2025 Cancer Facts and Figures Annual Report. 2.) SEER Cancer Stat Facts: Bladder Cancer. https://seer.cancer.gov/statfacts/html/urinb.html 3) Proprietary internal CPT claims data U.S. BLC Market Offers Significant Growth Opportunity with Strong Near-Term Upside U.S. incidence1: ~85k patients/year U.S. prevalence2: 730k+ patients 400k+ TURBTs/year in U.S.3 ~800k surveillance cystoscopies/year in U.S.3 Bladder Cancer Market Access 10 Current Rigid Market (< 10% Serviceable to Photocure Today) Additional Rigid Manufacturers Flexible Surveillance Reimbursement Addressable Market Expansion Triggers FDA Reclassification / OEM Expansion Additional rigid manufacturers Flexible BLC Surveillance market re-entry Cysview Reimbursement Lower economic friction 1 2 3 1 2 3 Time Photocure – Presentation of Q3 2026 Results
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Regular surveillance cystoscopies according to risk-classification Blood in the urine or other symptoms Urologist performs initial cystoscopy If suspected bladder cancer diagnosis, refer to hospital for TURBT1 TURBT procedure, biopsy to confirm diagnosis, remove all tumors: BCG2 or chemotherapy based on grade or stage of bladder tumors NMIBC3 MIBC4 Vesica Health’s Focus Photocure’s Focus New therapeutics for BCG- unresponsive patients 11 1) TURBT = Transurethral Resection of the Bladder Tumor; 2) BCG = Bacillus Calmette-Guerin; 3) NMIBC = Non-Muscle Invasive Bladder Cancer; 4) MIBC = Muscle-Invasive Bladder Cancer Biomarkers AI BLC Flexible Scope Opportunities in Precision Diagnostics: Today and in the Future Photocure – Presentation of Q3 2026 Results
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Align market access, operational readiness and commercial execution to accelerate adoption following Medicare coverage AssureMDx: Preparing for Commercialization Evidence & Adoption Guidelines Ongoing trials Health-economic evidence Operational Readiness Established CAP/CLIA California laboratory Expansion to Novitas / Texas Technology transfer + validation planned Market Access PLA billing code effective Novitas draft LCD supports AssureMDx Expected CMS reimbursement by mid-2027 CMS preliminary pricing determination under review Commercial Readiness Leverage existing Photocure commercial team Sales training + territory opportunity mapping Staged field expansion to drive adoption Photocure – Presentation of Q3 2026 Results 12
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Ongoing Study to Support AI-Assisted BLC ‘ENAiBLE’ 0 5 10 15 20 GOAL: #sites enrolling patients #Sites enrolled 1st patient #Site Initiation Visits #IRB/IEC decision #IRB/IEC submissions #Site agreement signed #Agreement negotiation #Passed feasibility #Sites contacted North America Europe Study aims to collect BLC imaging & clinical data for BL-AI development Actively recruiting patients at 8 sites across North America and Europe at the end of Q3 15 of 16 sites expected to be activated by end of October Increased enrollment at participating sites 0 100 200 300 400 500 Enrollment ENAiBLE as of Sept 2026 Estimated Actual Revised Aug'26 13Photocure – Presentation of Q3 2026 Results
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Q3 Financials 14Photocure – Presentation of Q3 2026 Results
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Consolidated Income Statement Third Quarter 2026 15 Amounts in NOK million Q3 ‘26 Q3‘25 Change YTD ’26 YTD ‘25 Change Hexvix/Cysview Revenue 134.2 134.1 0% 413.2 395.0 5% Milestones and Other Revenue 6.7 0.9 134.8 0.9 Total Revenue 140.9 135.0 4% 548.0 395.9 38% Gross Profit 131.0 123.1 6% 517.4 364.8 42% Operating expenses -127.0 -112.9 13% -387.1 -338.0 15% Reported EBITDA 4.0 10.2 130.3 26.8 Adjusted EBITDA 18.5 18.9 60.8 55.9 Depreciation & amortization -7.4 -7.3 -22.4 -22.0 EBIT -3.4 2.9 107.9 4.8 Net Financial Items -24.8 -3.3 -28.4 -12.0 Earnings before Tax -28.2 -0.4 79.5 -7.3 Tax Expenses 2.0 4.4 -23.0 13.7 Net earnings -26.2 4.0 56.5 6.4 Revenue Q3 Hexvix/Cysview product revenue increased 7% at constant currency (0% incl FX) YoY driven by higher kit sales in North America and Europe. The expected decline of kits used for flexible cystoscopy in U.S. and adverse FX movements negatively impacted the product revenue growth Milestones and other revenues include NOK 4.8 million royalties received from Asieris related to the sale of Cevira in China YTD Milestone revenue includes the invoiced milestones to Asieris for the approval of Cevira in China and the MAA submission acceptance of Cevira in Europe Operating Expenses Total Operating expenses increased 13% YoY to NOK 127.0 million. An increase in expenses due to merit and inflation and business development expenses mainly related to the newly acquired biomarker business, was partially offset by a favorable impact of FX. Operating expenses include business development expenses of NOK 9.4 million in Q3, and relate mainly to acquisition costs of Vesica Health Inc. EBITDA Adjusted EBITDA Q3 was NOK 18.5 million, at level with Q3 2025. YTD Adjusted EBITDA margin was 15% in 2026 and 14% in 2025. Reported EBITDA was NOK 4.0 million (NOK 10.2 million). Net Financial Items FX impacts on intercompany loan and deferred Vesica liability, and Ipsen earn-out payment Photocure – Presentation of Q3 2026 Results
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Segment Performance Third Quarter 2026 Europe Segment 16 North America Segment Q3 revenue growth was 9% at constant currency, but was partially offset by the negative impact of FX In-market unit sales increased 9%, impact of FX -6% Q3 direct costs increased 1% YoY, increases due to merit and inflation, and incentive accruals in line with sales increases were partially offset by a favorable impact of FX Q3 Contribution NOK 10.8 million, 19% of revenue (18% in the prior year) Q3 revenue increased 6% at constant currency, growth mainly driven by DACH and the High-Priority Growth markets In-market unit sales increased 8% (11% in DACH and 8% in High- priority growth markets), impact of FX -8% Q3 direct costs decreased 6% YoY driven by merit and inflation and increases which were more than offset by FX Q3 Contribution NOK 40.8 million, 52% of revenue (48% in the prior year) Amounts in NOK million Q3 ‘26 Q3 ’25 Change YTD ‘26 YTD ’25 Change Total revenues 56.2 54.8 3% 169.5 160.9 5% Gross profit 53.4 52.0 3% 160.7 153.1 5% % of revenue 95% 95% 95% 95% Direct costs -42.6 -42.1 1% -132.7 -132.1 1% Contribution (1) 10.8 9.9 28.0 21.1 EBITDA -1.1 -1.9 -13.2 -12.2 % of revenue -2% -4% -8% -8% (1) Contribution = revenue – COGS – direct/local sales, marketing, medical and G&A costs Amounts in NOK million Q3 ‘26 Q3 ’25 Change YTD ‘26 YTD ’25 Change Total revenues 78.0 79.3 -2% 242.1 233.9 4% Gross profit 71.7 70.9 1% 222.8 211.4 5% % of revenue 92% 89% 92% 90% Direct costs -30.9 -32.8 -6% -93.9 -93.1 1% Contribution (1) 40.8 38.1 128.9 118.3 EBITDA 26.4 19.7 80.2 64.2 % of revenue 34% 25% 33% 27% Photocure – Presentation of Q3 2026 Results
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Cash Flow & Balance Sheet Third Quarter 2026 Amounts in NOK million Q3 ‘26 Q3 ‘25 YTD ‘26 YTD ‘25 Cash Flow from Operations 19.4 29.2 83.0 26.4 Earnings before tax -28.2 -0.4 79.5 -7.3 Depreciation & amortization 7.4 7.3 22.4 22.0 Working capital 15.5 15.5 -49.5 -6.3 Other 24.7 6.8 30.5 18.0 Cash Flow from Investments -6.8 -8.5 -121.9 -7.2 Cash Flow from Financing activities -12.7 -12.1 -37.6 -65.3 Net Change in Cash 0.0 8.7 -76.5 -46.1 Amounts in NOK million 30.09.26 31.12.25 Non-current assets 525.0 321.3 Inventory & receivables 191.8 146.4 Cash & short-term deposits 162.4 238.9 Equity 583.5 484.2 Long-term liabilities 194.4 116.9 Current liabilities 101.4 105.5 Total balance 879.2 706.5 Cash Flow Q3 cash flow from operations was NOK 19.4 million, driven by EBITDA adjusted for non-cash expenses and working capital. Other includes unrealized interest expenses and unrealized currency losses Q3 cash flow from investments was NOK -6.8 million and was mainly driven by interest received and paid, other investments in tangible and intangible assets and investments in production facilities Q3 cash flow from financing of NOK -12.7 million includes earnout payments to Ipsen of NOK 10.9 million Net cash flow in Q3 was NOK 0.0 million, cash balance end of Q3 was NOK 162.4 million Financial position Non-current assets include intangibles and goodwill from the Ipsen transaction totaling NOK 210.7 million and from the Vesica transaction totaling NOK 224.6 million Long-term liabilities include deferred Ipsen earnout totaling NOK 83.2 million and the deferred Vesica earnout totaling NOK 96.0 million Equity on 30 September 2026 was NOK 583.5 million, 66% of total assets 17Photocure – Presentation of Q3 2026 Results
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Key Performance Metrics 18Photocure – Presentation of Q3 2026 Results
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Adjusted EBITDA Trend 19 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% -20 -10 0 10 20 30 40 50 60 70 80 FY22 FY23 FY24 FY25 % Adj. EBITDA of Product Revenue Adj. EBITDA (MNOK) Yearly Adjusted EBITDA Development Adjusted EBITDA (MNOK) % Adjusted EBITDA of Product Revenue 0% 2% 4% 6% 8% 10% 12% 14% 16% -10 0 10 20 30 40 50 60 70 YTD22 YTD23 YTD24 YTD25 YTD26 % Adj. EBITDA of Product Revenue Adj. EBITDA (MNOK) YTD Adjusted EBITDA Development Adjusted EBITDA (MNOK) % Adjusted EBITDA of Product Revenue Photocure – Presentation of Q3 2026 Results
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Adjusted EBITDA Historically 20Photocure – Presentation of Q3 2026 Results EBITDA and Adjusted EBITDA 2026 2025 2026 2025 2025 2024 2023 2022 (All amounts in NOK 1 000) Q3 Q3 YTD Sep. YTD Sep. Full Year Full Year Full Year Full Year Reported EBITDA 3,995 10,226 130,322 26,810 28,727 49,193 55,494 -24,627 (-) Milestone Payments 0 0 -125,571 0 0 -33,713 -54,443 -18,658 (-) Non-H/C revenues and margin (includes Hivec, Cevira API and Other revenues) -5,885 -402 -7,537 -402 -38 -2,199 -2,003 -739 (+) Business Development Expenses 11,017 3,924 43,180 13,457 17,392 9,327 9,241 11,014 (+) Biomarker segment expenses 4,784 0 6,916 0 0 0 0 0 (+) Severance payments 992 302 3,945 2,100 2,776 4,680 924 433 (+) Stock based compensation and options 3,635 4,862 9,520 13,929 20,845 16,878 19,040 23,701 (=) Total non-cash payments and non-recurring adjustments 20,428 9,087 63,562 29,486 41,013 30,885 29,205 35,147 Adjusted EBITDA 18,538 18,912 60,775 55,895 69,702 44,165 28,253 -8,876
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Summary 21Photocure – Presentation of Q3 2026 Results
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Summary of Q3 2026 results 7% product rev. growth YoY (constant currency); executing on key initiatives to increase sales growth. Adjusted EBITDA NOK 18.5 million (Reported EBITDA NOK 4.0 million); forecasting increased operating leverage while funding growth initiatives. 9% constant currency revenue growth in U.S. and ForTec mobile tower momentum. 20% active account growth in U.S. for rolling 12 months through Q3 2026 (unit sales 9% growth). 6% constant currency revenue growth in EU (unit sales: 11% in DACH, 8% in High -Priority Growth Markets). Strong momentum for BLC; FDA reclassification process has commenced; Stryker system in EU; new data positioning BLC as the leading precision diagnostic in the rapidly evolving NMIBC treatment landscape. Cash balance of NOK 162.4 million at end of Q3 2026; no interest-bearing debt. Advancing several business development initiatives in next-generation precision diagnostics, including the integration and commercialization of AssureMDx and AI partnerships with Claritas and Artera. 22Photocure – Presentation of Q3 2026 Results
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Near-Term Milestones & Corporate Objectives 2026 Financial guidance: 10-12% (versus 8-11% previously) product revenue growth on a constant currency basis & Adjusted EBITDA margin expansion. Continue increasing Hexvix/Cysview kit utilization, tower upgrades & installations; collaborate with ForTec on mobile tower national rollout in U.S.; focus on growth markets & equipment launch in Europe. Advance partnership with Richard Wolf to develop and commercialize a next-generation, state-of- the-art, 4K / High-Definition Flexible BLC system for the global markets as soon as possible. Present/publish additional data from real-world evidence patient registries and other studies supporting the use of BLC with Hexvix/Cysview and leverage Photocure’s U.S. registry. Increase access to BLC by supporting additional equipment manufacturers to enter the U.S. market (FDA reclassification, other expedited pathways to market entry). Support partners in China: Hexvix and System blue equipment approved; Cevira approved. 23Photocure – Presentation of Q3 2026 Results
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Business Outlook A Profitable Core Business Funding Next Growth Engine Photocure is focused on driving sustained growth by expanding the adoption of Cysview and Hexvix, broadening its reach across clinical settings, and advancing the potential of its portfolio through data- driven innovation and strategic partnerships. Modest AssureMDx operating losses expected in the near- term, quickly ramping to segment EBITDA margins north of 30%. The consolidated business is expected to accelerate revenue growth to above 25% CAGR during 2026- 2030, while maintaining strong profitability with consolidated adjusted EBITDA margins above 25% by 2030 and additional upside potential. 24 24 Photocure – Presentation of Q3 2026 Results
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Q&A