Interim report
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Quarterly Report WWW.PHOTOCURE.COM Q3 2026
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Page 2 Highlights for the third quarter of 2026 Results Highlights • Global Hexvix ®/Cysview® revenue in Q 3 2026 increased 7% at constant currency (0% including foreign exchange (FX) rate impacts), to NOK 134.2 million, compared to the same period last year (NOK 134.1 million). • North America product revenue increased 9 % at constant currency ( 3% incl FX) to NOK 56.2 million, mainly driven by a 10% rigid unit sales increase. Total unit sales increased 9%. • Europe product revenue increased 6% at constant currency (-2% incl FX) to NOK 78.0 million, driven by unit sales increases in DACH and high-priority growth markets. Total unit sales increased 8%. • The Company continued to execute on its plan to expand blue light cystoscopy (BLC®) use in Q3 2026: • North America: 13 Saphira tower installations in the U.S.; 9 in new accounts, and 4 upgrades. Inclusive of ForTec expansion, there are now 454 active accounts in the U.S., an increase of 20% versus the third quarter of 2025. • Europe: Continued installation of new Olympus Visera Elite III BLC capable system s this quarter, taking the total installations since launch in Q1 2025 to 87 systems. During the quarter, there were also 9 upgrades of other BLC systems across Europe. • Adjusted EBITDA1 in Q3 2026 was NOK 18.5 million (NOK 18.9 million in the prior year), corresponding to a margin of 14% (vs 14% in Q3 2025). Year-to-date 2026, adjusted EBITDA margin was 15% (vs. 14% YTD 2025). • Reported EBITDA in Q3 2026 was NOK 4.0 million (NOK 10.2 million in the prior year) and included NOK 4.8 million expenses related to the newly acquired biomarker business from Vesica Health Inc. Selected Business News • Dennis Camporeale was appointed as Chief Financial Officer, strengthening Photocure’s leadership team and financial capabilities as the company executes on its strategic priorities. He brings 20 years of experience as a senior healthcare investment banker and corporate finance leader across life science to ols, diagnostics, medtech and broader healthcare. Dennis most recently led the Life Science Tools and Diagnostics practice at Canaccord Genuity, advising boards and executive teams on capital raising, M&A, restructuring and strategic development. • The U.S. Food and Drug Administration (FDA) has published a proposed order in the Federal Register to initiate the process of reclassifying cystoscopic systems intended as an aid for the detection of bladder cancer from Class III to Class II (Aug 14). A reclassification unlocks a significantly larger commercial opportunity across an expanded market, compared to where we are today. • The Photocure/Claritas co-sponsored ENAiBLE study that collects images/data to build a Blue Light AI solution has now enrolled 100+ patients as of September across 8 sites in Europe and North America. • Asieris partner news: Photocure received the first royalty payments this quarter related to sales of Cevira in China, following its commercial launch in Q2 2026 . Asieris entered an exclusiv e licensing agreement with Theramex for Cevira covering all countries in Europe, as well as Australia, New Zealand and Turkey (post - period: Oct 7). Following the arbitration initiated by Photocure due to an insufficient partial milestone payment related to the approval of Cevira in China (July 23), Asieris filed a response and counterclaim on August 3. • Cost neutrality of BLC versus WLC in a real-world setting was demonstrated by a new OPTUM study publication in the U.S. (Aug 11). The research objective was to evaluate the economic implications of blue light cystoscopy (BLC) versus white light cystoscopy (WLC) with Hexvix ®/Cysview® in a real-world setting, using claims data from the U.S. Optum Research Database. 1 Reported EBITDA and Adjusted EBITDA are non -IFRS APMs. Adjusted EBITDA includes adjustments for Milestone revenues, Business Development expenses, biomarker segment expenses, and non-cash expenses. Details are provided on page 25 of this report.
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Page 3 • New publication s in Urologic Oncology (Sep 16) and U rology Practice ( post-period, Oct 9) about Modern Predictive Models for Recurrence and Progression in Patients treated with BLC , highlighting the need for updated prediction tools based on more recent patient populations and current treatment practices. Photocure’s Blue Light Cystoscopy Registry provides a large, contemporary U.S. dataset that can help support the development of these next-generation models. Guidance • For 2026, Photocure now expects product revenue growth in the range of 10% to 12% on a constant currency basis (versus 8 to 11% previously) and continued expansion of Adjusted EBITDA margin. President & CEO Dan Schneider comments “Photocure is progressing towards an important evolution in its development: building on an established commercial franchise while expanding our capabilities across the bladder cancer diagnostic pathway. Our ambition is to combine the reach of Hexvix / Cysview with non-invasive molecular diagnostics, advanced imaging, artificial intelligence and real-world clinical evidence. We believe these complementary capabilities can create new opportunities to improve patient care, expand our addressable market and deliver sustainable long -term growth. We have also strengthened Photocure’s leadership team with the appointmen t of Dennis Camporeale as our new Chief Financial Officer. Dennis has a strong background in medtech and diagnostics investment banking, spanning mergers and acquisitions, strategic advisory, business development and corporate finance. This appointment supports our focus on disciplined financial management and execution while we advance our commercial franchise and invest in growth opportunities across the bladder cancer diagnostic pathway. During the quarter, global Hexvix/Cysview revenue increased 7% at constant currency year over year. North America grew 9% at constant currency while Europe delivered 6% constant currency growth. As we continue to expand access to Blue Light Cystoscopy (BLC), we are focused on increasing utilization, strengthening our relationships with urologists and equipment partners, and supporting the adoption of upgraded or next-generation cystoscopy technologies across our markets. Figures in NOK million Q3 2026 Q3 2025 % change At constant currency YTD 2026 YTD 2025 % change At constant currency FY 2025 Hexvix/Cysview revenues 134.2 134.1 0% 7% 413.2 395.0 5% 12% 530.8 Total other revenues 6.7 0.9 - 134.8 0.9 1.8 Total revenues 140.9 135.0 4% 12% 548.0 395.9 38 % 51 % 532.6 Hexvix/Cysview gross profit 125.2 123.7 384.3 367.9 488.8 Total gross profit 131.0 123.1 517.4 364.8 490.6 -/- Operating expenses -127.0 -112.9 13% 19% -387.1 -338.0 15% 22% -461.9 Reported EBITDA1 4.0 10.2 130.3 26.8 28.7 -/- Milestones and other revenues (margin) -5.9 0.4 -133.1 0.4 - + Biomarker expenses 4.8 - 6.9 - - + Operating expense adjustments 15.6 9.1 56.6 29.5 41.0 Adjusted EBITDA* 18.5 18.9 -2% 14 % 60.8 55.9 9% 19% 69.7 % of Hexvix/Cysview revenues 14% 14% 15% 14% 13% EBIT -3.4 2.9 107.9 4.8 -0.7 Net Earnings -26.2 4.0 56.5 6.4 -1.5 Cash & cash equivalents 162.4 247.8 162.4 247.8 238.9 1 Reported EBITDA and Adjusted EBITDA are non-IFRS APMs. Adjusted EBITDA includes adjustments for Milestone revenues, Business Development expenses, biomarker segment expenses, and non-cash expenses. Details are provided on page 25 of this report.
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Page 4 In North America, total unit sales increased 9%, driven primarily by rigid kit sales. Through our partnership with Karl Storz, 13 new Saphira™ towers were installed in the U.S. — 9 new accounts and 4 blue light tower upgrades, supporting increased procedural volumes. Utilization growth through our ForTec partnership also remained strong, supporting continued increase of BLC access through an expanded mobile fleet of 31 active towers (compared to 24 towers previously reported) for cases but also as back up and for one-off procedures. Active U.S. accounts increased by 20% to 454 accounts, compared to Q3 2025. In Europe, total unit sales increased 8%, and momentum with all four of our key OEM partners (Karl Storz, Olympus, Richard Wolf and Stryker) remained strong. Adoption of the Olympus Visera Elite III high -definition (HD) BLC system continues to expand, with 87 systems now installed since launch in Q1 2025. An important catalyst for our core business is the U.S. Food and Drug Administration’s proposal to reclassify applicable BLC systems from Class III to Class II. Published in August, the proposal will establish a new regulatory framework with special controls and a 510(k) pathway, subject to the FDA’s final determination. We believe this evolution will facilitate broader participation by equipment manufacturers, expand the availability of compatible BLC platforms and support wider adoption of BLC across U.S. healthcare systems. Combined with our commercial infrastructure and mobile access model, the reclassification will create a meaningful opportunity to accelerate market development and strengthen our posi tion in bladder cancer diagnostics. We are also building a stronger body of clinical and economic evidence to support BLC adoption in the U nited States. Recent publications using U.S. real- world data have demonstrated cost neutrality between BLC and white light cystoscopy (WLC) in the studied population and highlighted opportunities to improve the prediction of bladder cancer recurrence and progression in contemporary patients treated with BLC. Our growing Cysview registry provides a valuable foundation for understanding patient outcomes and developing more individualized approaches to disease management. We see this evidence-generation capability as an increasingly important strategic asset, supporting clinical engagement today while creating opportunities for future predictive analytics and data-driven diagnostics. Following the acquisition of Vesica Health, AssureMDx is our second growth engine and serves as a significant step in extending our reach earlier in the patient pathway through a multi-omic, urine-based molecular test designed to support risk stratification and the evaluation of patients presenting with hematuria. By combining non-invasive molecular testing via AssureMDx with our established BLC franchise, we can connect earlier risk assessment with procedural diagnosis and subsequent patient management. We expect initial AssureMDx revenue in 2027, with reimbursement secured during the first half of 2027. Artificial intelligence provides another opportunity to extend our capabilities and different iate our offering. Through our work with Claritas HealthTech and its subsidiary Intelligent Scopes Corporation, we are advancing AI -enabled technology designed to support physicians during BLC procedures, with the potential to enhance tumor detection and r esection completeness. The Photocure and Claritas co-sponsored ENAiBLE trial has now recruited over 100 patients into th e study. Our collaboration with Artera to evaluate the ArteraAI Bladder Test, which remains under development, illustrates the value of Photocure’s Cysview registry as a rich dataset to support the validation of emerging diagnostic tools. These initiatives enhance complementary aspects of care, from visualization during cystoscopy to pathology -based insights that may inform patient assessment and management. Through AssureMDx commercialization, BLC expansion, a rich clinical registry, and powerful AI partnerships, our ambition is to connect molecular biomarkers, advanced imaging, pathology and longitudinal outcomes. We are at different stag es of development across these initiatives, and clinical validation, regulatory requirements and commercialization will determine the pace at which each opportunity advances. Nevertheless, we believe this combination provides a differentiated foundation fo r Photocure to participate in the evolution toward more personalized, data-driven bladder cancer care. We believe Photocure’s opportunity extends beyond any single product or technology. By combining an established commercial franchise with capabilities spanning early risk assessment, procedural detection and data-enabled patient management, we are building a broader precision diagnostics platform in bladder cancer. At the same time, we recognize the need to navigate an evolving competitive environment while continuing to demonstrate the clinical value and commercial resilience of our established franchise. Our commitment remains to be disciplined, generate evidence that matters to clinicians and patients, and convert our growing capabilities into sustainable commercial growth and long-term shareholder value.” Management will be presenting and doing one -on-one meetings at various upcoming investor conferences including: • Canaccord Genuity Medtech, Diagnostics and Digital Health & Services Forum: November 11 in New York City • Jefferies Global Healthcare Conference / London Life Science Week: November 16-18 in London • DNB Carnegie 17th Annual Healthcare Conference: November 24 in Oslo
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Page 5 Financial review 1 Reported EBITDA and Adjusted EBITDA are non-IFRS A PMs. Adjusted EBITDA includes adjustments for Milestone revenues, Business Development expenses, biomarker segment expenses, and non- cash expenses. Details are provided on page 25 of this report. Revenues Total revenues in the third quarter of 2026 increased by 12% at constant currency (4% incl FX) to NOK 140.9 million (NOK 135.0 million in prior year (PY)). The impact of foreign exchange on total revenues was circa NOK -10.2 million in Q3 2026. Year-to-date, Total revenues increased 51% at constant curre ncy (38% incl FX) to NOK 548.0 million, compared to NOK 395.9 million in PY. Hexvix/Cysview revenues in the third quarter of 2026 were NOK 134.2 million (NOK 134.1 million in PY), a 7% constant currency increase (0% incl FX) versus Q3 2025. The increase in revenue was driven by an increase in unit sales but was partially offset by the negative impact of foreign exchange. Year-to-date, Hexvix/Cysview revenues increased 12% at constant currency (5% incl FX) to NOK 413.2 million, compared to NOK 395.0 million in PY. Partner revenues include global sales by distribution partners. Total Other revenues include milestone revenues from Asieris related to the development and market authorization approval of Cevira in China and Cevira API sales to Asieris. Beginning in Q3 2026, Photocure also recognizes royalty revenue related to the sales of Cevira by Asieris in China. Reported royalty income in Q3 2026 was NOK 4.8 million and relates to the Cevira sales in Q2 2026. Royalty income related to the sales of Cevira in Q3 will be reported in Q4 2026. North America Cysview Segment The Company continued to execute on its plan to expand blue light cystoscopy use in Q3 2026 with the installation of 13 new Saphira™ towers in the U.S. – 9 new accounts, 4 blue light tower upgrades. At the end of Q3 2026, the total number of active BLC accounts which ordered at least once in the last 12 months was 454, up 20% since Q 3 2025. ForTec Medical operated a total of 31 BLC towers for on - demand use , an increase from the 24 BLC towers reported earlier. Revenues from Photocure’s North American segment increased 9% at constant currency (3% incl FX) in the third quarter of 202 6, driven by a unit sales increase of 9% YoY. The increase in revenue was primarily driven by a 10% increase in rigid kit sales but was partially offset by the negative impact of foreign exchange of approximately NOK 3.6 million and by the decline in flex units of 39%. Karl Storz began phasing out flexible blue light equipment in 2023, leading to a gradual decline in related kit sales. The flexible BLC segment now represents less than 5% of Photocure’s North American business. Despite this, flexible BLC in the much larger surveillance setting remains a strategic priority for Photocure. In July 2024, the Company entered into a strategic partnership with Richard Wolf GmbH to develop and commercialize a next -generation 4K high-definition (HD) reusable flexible BLC system based on System blue technology. In February 2025, Photocure and Richard Wolf launched an interim solution enabling compatibility between the Richard Wolf System blue platform and existing reusable flexible cystoscopes in approved markets. Going forward, growth in U.S. sales volume is anticipated to be driven by focused sales resources and further penetration of Cysview in the surgical setting, until new flexible blue light cystoscopy equipment enters the market. Photocure continues to expect the U.S. to be the fastest growing segment of its business over the next several years. Europe Hexvix Segment Revenues from the Company’s European segment increased by 6% at constant currency (-2% incl FX) in the third quarter of 2026 year over year, with in- market unit sales increasing by 8% compared to the third quarter of 2025. Growth was mainly driven by a 12% increase in Germany and by 11% in the total DACH region. The High -priority growth markets France, Italy and UK grew by a combined 8% versus prior year. Foreign exchange had a negative impact MNOK Q3 '26 Q3 '25 Change YTD '26 YTD '25 Change North America revenues 56.2 54.8 3% 169.5 160.9 5% Europe revenues 78.0 79.3 -2% 242.1 233.9 4% Partner revenues - - 1.6 0.2 >100% Hexvix / Cysview revenues 134.2 134.1 0% 413.2 395.0 5% Total other revenues 6.7 0.9 >100% 134.8 0.9 >100% Total revenues 140.9 135.0 4% 548.0 395.9 38% Gross profit 131.0 123.1 6% 517.4 364.8 42% Research & Development 0.3 0.9 -64% -0.8 -0.8 -8% Sales & Marketing -86.9 -83.5 4% -260.7 -246.9 6% Other Opex -40.5 -30.2 34% -125.6 -90.3 39% Operating expenses -127.0 -112.8 13% -387.1 -338.0 15% EBITDA 4.0 10.2 130.3 26.8 Adjusted EBITDA (1) 18.5 18.9 -2% 60.8 55.9 9% Adjusted EBITDA % of H/C revenue 14% 14% 15% 14% 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
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Page 6 of NOK 6.1 million on the third quarter of 2026 revenues. Technology upgrades are also supporting growth. In late 2024, Olympus received regulatory approval for its HD blue light cystoscopy upgrade on the Visera Elite III platform, with 87 systems installed across Europe since Q1 2025, driving increased Hexvix utilization. The commercial strategy targets growth in established markets such as Germany and the broader DACH region, while scaling in large underpenetrated “Priority Growth Markets” including the U.K., France, and Italy. Despite healthcare reform changes in Germany effective January 2025, Photocure continues to see unit sales growth and is actively monitoring the evolving landscape and the potential impact on our business. In June 2025, Photocure launched direct sales and distribution in Spain, a high -potential market with over 58,000 TURBT procedures annually and approximately 11,500 new bladder cancer cases per year. Hexvix is reimbursed and supported by leading clinical centers. The Company also plans to expand into additional large, underpenetrated European and Middle Eastern markets as conditions allow. Gross Profit Gross profit increased to NOK 131.0 million (NOK 123.1 million in PY). Third quarter 202 6 Cost of Goods Sold ( COGS) was NOK 9.9 million (NOK 11.9 million in PY). COGS was 7% of sales revenue (9% in 2025). The decrease in COGS was mainly driven by one-time production expenses in 2025, partially offset by an increase in sales volume. Operating expenses Total operating expenses, excluding depreciation and amortization, were NOK 127.0 million (NOK 112.9 million in PY ) in the third quarter. The increase in expenses was driven by an increase in employee- related expenses due to merit and inflation, incentive accruals in line with increases in sales, expenses related to the new biomarker segment, and business development expenses related to the acquisition of Vesica Health Inc. The positive impact of foreign exchange on Operating expenses was circa NOK 7.0 million and has partially offset the increase in expenses. Third quarter 2026 research and development (R&D) costs were NOK -0.3 million (NOK -0.9 million in PY). The R&D costs relate mainly to regulatory work and the maintenance and expansion of Photocure’s intellectual property and are offset by charge-outs of certain development expenses to Asieris and received R&D tax credits. Sales and marketing costs increased by 4% to NOK 86.9 million (NOK 83.5 million in PY ) in the third quarter of 202 6. The expense increase was mainly driven by e mployee-related expenses and incentive accruals in line wit h increases in sales. The positive impact of foreign exchange was circa NOK 5.4 million and partially offset the increase in expenses. Third quarter 2026 other operating expenses, which include general administration, business development, and supply chain costs, were NOK 40.5 million, compared to NOK 30.2 million in the same quarter of 202 5. The increase was driven by employee-related expenses, including merit and inflation and an increase in business development expenses. The positive impact of foreign e xchange was NOK 2.2 million. Business development expenses in the third quarter of 202 6 amounted to NOK 9.4 million (NOK 3.9 million in PY) and were mainly driven by advisory services and legal fees related to the acquisition of Vesica Health Inc. Financial results Adjusted EBITDA1 in Q3 2026 decreased to NOK 18.5 million (NOK 18.9 million in PY), corresponding to a margin of 1 4% (vs 14% in Q 3 2025). Year-to-date 2026, adjusted EBITDA margin was 15% (vs. 14% YTD 2025). Reported EBITDA was NOK 4.0 million (NOK 10.2 million) and include d NOK 4.8 million expenses related to the newly acquired biomarker business from Vesica Health Inc. The consolidated negative impact of foreign exchange on Reported EBITDA was NOK 4.0 million. 1Reported EBITDA and Adjusted EBITDA are non-IFRS APM s. Adjusted EBITDA includes adjustments for Milestone revenues, Business Development expenses, biomarker segment expenses, and non- cash expenses. Details are provided on page 25 of this report. Third quarter 2026 depreciation and amor tization totaled NOK 7.4 million (NOK 7.3 million in PY). The main cost item was the amortization of intangible assets related to the reacquisition of Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen. Net financial items in the third quarter of 2026 were NOK -24.8 million (NOK -3.3 million in PY ). Net financial items were driven by unrealized currency losses on internal loans and on the deferred payment liability for the Vesica Health Inc. acquisition and by
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Page 7 accrued interest costs for the deferred earnout liability due to Ipsen. The loss before tax was NOK -28.2 million in the third quarter of 2026 (NOK -0.4 million in PY). The net loss was NOK 26.2 million for the third quarter of 202 6 (profit of NOK 4.0 million in PY). Cash flow and statement of financial position Net cash flow from operations was NOK 19.4 million in the third quarter of 2026 (NOK 29.2 million in PY). The cash flow from operations in Q3 is mainly driven by a net loss before tax of NOK 28.2 million adjusted for non -cash items of NOK 32. 1 million and a decrease in working capital of NOK 15.5 million which is mainly driven by the timing of revenue collections. Third quarter 202 6 net cash flow from investment activities was NOK - 6.8 million (NOK - 8.5 million in PY). The cash flow from investment activities is mainly driven by capitalization of US registry expenses and investments in production facilities. Third quarter 2026 cash flow from financing activities was NOK -12.7 million (N OK -12.1 million in PY ). Third quarter 2026 cash flow from financing was mainly driven by the payment of the Ipsen Earn-out. Net change in cash for the third quarter of 2026 was NOK 0.0 million (NOK 8.7 million in PY). Cash and cash equivalents were NOK 162.4 million at the end of the third quarter of 2026. Long-term liabilities were NOK 1 94.4 million at the end of the third quarter of 2026, including the capitalized value of expected future earn -out payments to Ipsen totaling NOK 83.2 million and the capitalized value of the expected future equity and cash earn-out liability to Vesica Health Inc. totaling NOK 96.0 million. Shareholders’ equity was NOK 5 83.5 million at the end of the third quarter of 2026, representing an equity ratio of 66%. As of September 30, 2026, Photocure held 151,951 of its own shares. Other Information Publications, presentations and research in the quarter During the quarter, new medical data highlighting the important role of blue light cystoscopy in the early and accurate pre cision diagnosis in bladder cancer was published or presented: Cost neutrality of BLC versus WLC in a real- world setting demonstrated by new OPTUM study in the U.S.: August saw the publication of the “Healthcare Resource Utilization and Costs Associated with Blue Light Versus White Light Cystoscopy in Non –Muscle- Invasive Bladder Cancer: A Retrospective Cohort Study” in JU Open Plus. The research objective was to evaluate the economic implications of blue light cystoscopy (BLC ®) versus white light cystoscopy (WLC) with Hexvix®/Cysview® in a real -world setting, using claims data from the U.S. Optum research database. The authors concluded that BLC increases detection of CIS and leads to more frequent surveillance and interventions. However, these do not translate into significantly higher healthcare costs in an Inverse Probability of Treatment Weighting (IPTW) model with variable patient follow-up. Given its cost-neutral profile, BLC remains a valuable diagnostic tool in NMIBC management. Further research should assess its long-term oncologic and economic impact. New publication about modern predictive models for recurrence and p rogression in p atients treated with BLC in September: a new approach to outcome modeling in patients with bladder cancer undergoing a blue light cystoscopy (BLC ®) in the peer -reviewed journal Urologic Oncology. The findings suggest that risk models developed using patients treated many years ago may not accurately reflect outcomes for patients receiving contemporary bladder cancer care. They highlight the need for updated prediction tools based on more recent patient populations and current treatment practices. Photocure’s Blue Light Cystoscopy Registry provides a large, contemporary U.S. dataset that can help support the developmen t of these next - generation models. Post-period, in October, a second publication modelling bladder cancer recurrence and progression using the Blue Light Cystoscopy with Cysview Registry was published in Urology Practice. Although blue light cystoscopy (B LC) is recommended by clinical practice guidelines to reduce recurrence, predictive models for patients undergoing BLC are lacking. The authors developed predictive models for recurrence and progression in patients treated with BLC-TURBT using 1040 BLC Reg istry patients and commenting on “how the BLC with Cysview Registry
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Page 8 can generate real -world evidence on NMIBC to improve prediction and guide management of patients with bladder cancer”. Progress in our ENAiBLE study that collects images/data to build a B lue Light AI solution: 100+ patients were enrolled by the end of September across 8 sites in Europe and North America. Business and Partnership News Vesica Health Inc. acquisition On June 4, Photocure announced the signing and successful completion of its acquisition of Vesica Health, a U.S. -based precision diagnostics company advancing AssureMDx, a urine -based molecular test for the early detection of bladder cancer, in a transaction designed to expand Photocure’s position across the bladder cancer care c ontinuum. In Q3 the company continued integrating the organizations and preparing for R&D activities and commercialization of AssureMDx. ArteraAI joint research collaboration On June 8, Photocure and Artera announced the launch of a joint research initiative. The collaboration encompasses Photocure’s blue light cystoscopy registry in bladder cancer and the ArteraAI Bladder Test, an AI -powered digital pathology test currently in development for patients with bladder cancer. Our collaboration with Artera illustrates how Photocure’s Cysview registry can support the development and validation of emerging diagnostic tools by providing access to a rich, clinically characterized dataset linking Cysview-enhanced bladder cancer visualization with clinical and pathological findings. The registry has also supported peer-reviewed publications, demonstrating its value as a research resource to advance innovation in bladder cancer detection, characterization and risk stratification. FDA reclassification update In March, the U.S. Food and Drug Administration (FDA) responded to the Karl Storz Citizen Petition, providing guidance on reclassification requirements, and in April, the FDA confirmed plans to initiate the proposed reclassification of BLC (FDA product code OAY) during the second half of 2026. On August 14, FDA published a proposed order in the Federal Register to initiate the process of reclassifying cystoscopic systems intended as an aid for the detection of bladder cancer from Class III to Class II. FDA is initiating the proposed reclassification on its own initiative following its review of available scientific, clinical and post -market evidence. FDA states that there is sufficient information to establish special controls that, together with general controls, will provide reasonable assurance of the safety and effectiveness of these devices. A reclassification establishes a predictable regulatory framework for BLC equipment and will significantly expand the addressable market for BLC by enabling broader participation from equipment manufacturers and accelerating adoption across U.S. healthcare systems. Cevira®: a photodynamic drug -device combination product for the non-surgical treatment of high-grade squamous intraepithelial lesions, including all HPV sub-types. Based on the principles of photodynamic therapy, the Cevira product aims to use a photosensitizer in combination with light activation to produce a therapeutic effect as a non -surgical treatment of high-grade squamous intraepithelial lesions (HSIL) in patients aged 18 years and above, excluding carcinoma in situ. Photocure developed Cevira through Phase I and Phase II trials, and the global rights for development and commercialization were outlicensed to Asieris Meditech Co., Ltd in 2019. Following Cevira’s approval in China in Q1 2026, as well as the acceptance by EMA to review the marketing authorization application (MAA) for Cevira in Europe , Asieris reached an agreement with the U.S. FDA on the design of a separate Phase III trial to support Cevira ’s potential U.S. approval. Post- period, on October 7, Asieris communicated on entering an exclusive licensing agreement with Theramex for Cevira , subject to certain conditions , covering all countries in Europe, as well as Australia, New Zealand and Turkey. Cevira was commercially launched in China in Q2 2026. In Q3 2026 Photocure received the first royalties related to sales of that product in China. With respect to the dispute concerning the milestone payment for the approval of Cevira in China in Q1 , Photocure initiated arbitration concerning the partial milestone payment case with Asieris Pharmaceuticals (July 23), to which Asieris filed a response and counterclaim on August 3. Photocure remains in ongoing settlement discussions with Asieris regarding the amounts in question and has in parallel initiated legal steps as part of its efforts to pursue recovery.
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Page 9 Risks and uncertainty factors Photocure is exposed to risk and uncertainty factors, which may affect some or all the Company’s activities. Pho tocure has commercial risk, financial risk, market risk, legal and regulatory risk, as well as operational risk related to geopolitical or environmental/climate issues, and risk related to the development of new products. The Company is exposed to risks associated with market development for Hexvix/Cysview, progress of partnering activities, the availability and operating condition of capital equipment supplied by third-party companies, as well as financial risks related to inflation, interest rates, liquidity and currency fluctuations. Photocure remains subject to commercial risk as described in the Annual Report for 2025 and sees the risk of competitive products and technologies potentially becoming more relevant. Photocure is aware of and monitors a regulatory filing in Europe relating to a potential generic version of hexaminolevulinate. At this stage, the filing represents a possible future source of competition and does not constitute an approved or commercially available competing product in Europe. There are several steps between an application and potential commercial entry, including regulatory review and approval and, subsequently, a decision by the applicant to commercialize the product. The timing and likelihood of any potential market entry therefore remain uncertain. Photocure does not have sufficient information to draw any conclusions about the potential impact of any generic, if and when it could be launched . Photocure's current business and guidance are not affected by the filing at this stage. There are no other significant changes in the risks and uncertainty factors compared to the descriptions in the Annual Report for 2025. Outlook Photocure delivers transformative solutions that improve the lives of bladder cancer patients. Based on benefits of the Company’s breakthrough product for the management of bladder cancer, Hexvix/Cysview, the Company has embarked on a stepwise approach for continued growth. Photocure sees significant long -term potential in the global bladder cancer treatment market and employs the following growth strategy: • Acceleration – Drive the breadth and depth of Hexvix/Cysview usage in key accounts • Expansion – Generate Hexvix/Cysview sales in new geographies and via product expansion including AssureMDx • Acquisition – Find and acquire or partner additional products used in the management of bladder cancer patients • Category Leadership – Acquire assets to strengthen the Company’s uro-oncology product portfolio North America and Europe are Photocure’s primary markets for growth, given the Company’s two direct sales organizations and a majority of the market still to be penetrated by Hexvix/Cysview with BLC. Photocure believes that the benefits of Blue Light Cystoscopy with Hexvix/Cysview offering superior detection and management of bladder cancer will continue to be adopted and become the standard of care. An accurate diagnosis is the key to identifying the appropriate treatment pathway for every cancer patient. Photocure's precision diagnostic s is supporting the urologist in the appropriate choice of a treatment pathway for their individual patients. Indicators of continued growth in the Company’s business are: (1) increased access to BLC through ongoing expansion of the installed base of rigid BLC towers in North America and increased interest in the mobile tower solution, (2) ongoing efforts to open the U.S. market for multiple manufacturers to offer BLC equipment (3) increasing momentum of BLC in the urology community and new NMIBC treatment options as observed at th e most recent European Association of Urology and American Urological Association con gresses, (4) a high number of blue light image quality upgrades in targeted European accounts, and (5) pursue gaining coverage and reimbursement for the urine -based biomarker , acquired through the acquisition of Vesica Health Inc., AssureMD x. The Company plans to continue supporting its commercial efforts with additional clinical publications in scientific journals and data presentations at medical conferences to underscore the clinical benefits and cost -effectiveness of using BLC with Hexvix/Cysview. In 2026, Photocure now expects product revenue growth in the range of 10% to 1 2% on a constant currency (versus 8 to 11% previously) basis and expansion of Adjusted EBITDA margin.
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Page 10 6T The Board of Directors and CEO Photocure ASA Oslo, October 27, 2026 Dylan Hallerberg Chairperson Ghizlane Tagmouti Director Neal Shore Director Dan Schneider President and CEO
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Page 11 Photocure Group Accounts for the third quarter 2026 Photocure Group – Statement of comprehensive income Reference is made to Note 2 for the breakdown of Sales Revenues which includes Hexvix / Cysview revenues and other revenues. 2026 2025 2026 2025 2025 (all amounts in NOK 1,000 except per share data) Note Q3 Q3 1.1 - 30.09 1.1 - 30.09 1.1 - 31.12 Sales revenues 140,934 134,960 422,451 395,912 532,580 Signing fees and milestone revenues 4 - - 125,571 - - Total revenues 140,934 134,960 548,022 395,912 532,580 Cost of goods sold -9,897 -11,886 -30,605 -31,067 -41,993 Gross profit 131,037 123,074 517,417 364,845 490,587 - Indirect manufacturing expenses 3 -4,436 -4,308 -11,487 -11,913 -16,448 Research and development expenses 3 247 862 -819 -817 -402 Marketing and sales expenses 3 -91,142 -89,293 -276,997 -264,306 -363,699 Other operating expenses 3 -39,100 -27,448 -120,218 -83,040 -110,782 Total operating expenses -134,431 -120,187 -409,522 -360,076 -491,331 EBIT -3,394 2,888 107,895 4,769 -745 Financial income -2,910 4,218 19,736 14,387 17,636 Financial expenses -21,892 -7,503 -48,098 -26,427 -33,583 Net financial profit/loss(-) -24,802 -3,286 -28,362 -12,040 -15,947 Profit/loss(-) before tax -28,196 -398 79,534 -7,271 -16,691 Tax expenses 5 1,985 4,381 -23,035 13,707 15,173 Net profit/loss(-) -26,211 3,983 56,499 6,435 -1,519 Other comprehensive income -852 -1,968 9,901 -5,900 -5,075 Total comprehensive income -27,063 2,015 66,399 535 -6,593 Net profit/loss(-) per share, undiluted 6 -0.97 0.15 2.11 0.24 -0.06 Net profit/loss(-) per share, diluted 6 -0.97 0.15 2.11 0.24 -0.06
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Page 12 Photocure Group – Statement of financial position (Amounts in NOK 1,000) Note 30/09/2026 30/09/2025 31/12/2025 Non currrent assets Customer relationship 7 66,689 83,361 79,193 Goodwill 7 249,875 144,000 144,000 Intangible and fixed assets 7 173,254 41,092 42,201 Deferred tax asset 5 35,196 53,672 55,874 Total non current assets 525,014 322,124 321,267 Current assets Inventories 52,906 33,963 44,373 Accounts receivable 4 106,481 69,987 74,919 Other receivables 32,441 22,855 27,116 Cash and short term deposits 10 162,396 247,771 238,894 Total current assets 354,224 374,575 385,303 Total assets 879,238 696,700 706,570 Equity and liabilities Equity Share capital 11 13,560 13,560 13,560 Other paid-in capital 526,432 488,533 496,081 Retained earnings 43,480 -15,493 -25,410 Shareholders' equity 583,472 486,600 484,231 Long-term liabilities Earnout liability 9,10 179,180 104,312 100,083 Other long-term liabilities 15,228 17,719 16,803 Total long-term liabilities 194,408 122,031 116,886 Accounts payable 25,772 19,365 29,997 Other short-term liabilities 75,586 68,704 75,455 Total liabilities 295,766 210,100 222,339 Total equity and liabilities 879,238 696,700 706,570
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Page 13 Photocure Group – Changes in equity Photocure Group – Cash flow statement 2026 2025 2026 2025 2025 (Amounts in NOK 1,000) Q3 Q3 1.1 - 30.09 1.1 - 30.09 1.1 - 31.12 Equity at end of prior period 606,745 479,765 484,231 501,716 501,716 Share-based compensation (share options employees) 3,790 4,820 11,719 14,030 18,789 Own shares - - 21,122 -29,681 -29,681 Comprehensive income -27,063 2,015 66,399 535 -6,593 Equity at end of period 583,472 486,600 583,472 486,600 484,231 2026 2025 2026 2025 2025 (Amounts in NOK 1,000) Q3 Q3 1.1 - 30.09 1.1 - 30.09 1.1 - 31.12 Profit/loss(-) before tax -28,196 -398 79,534 -7,271 -16,691 Depreciation and amortization 7,389 7,338 22,427 22,041 29,472 Share-based compensation 3,790 4,820 11,719 14,030 18,789 Interest income -1,262 -2,557 -5,198 -9,325 -12,230 Interest costs 10,612 6,064 21,058 18,980 24,879 Unrealized currency (- gains) / losses 15,731 -485 11,231 -560 128 Changes in working capital 15,543 15,494 -49,513 -6,322 -8,542 Other operational items -4,173 -1,068 -8,264 -5,142 -3,909 Net cash flow from operations 19,434 29,208 82,994 26,431 31,896 Investments in systems and equipment -8,017 -11,036 -20,616 -16,507 -21,688 Received interest payments 1,262 2,557 5,198 9,325 12,230 Investments in subsidiaries - - -106,475 - Cash flow from investments -6,755 -8,479 -121,893 -7,182 -9,458 Paid earnout including interest -10,929 -10,474 -31,622 -29,954 -40,581 Payment of lease liability -1,619 -1,433 -5,443 -5,182 -6,459 Buy back own shares - - - - -29,681 Other financial payments and transactions -159 -164 -534 -30,193 -673 Cash flow from financing activities -12,707 -12,072 -37,599 -65,330 -77,394 Net change in cash during the period -28 8,657 -76,498 -46,082 -54,956 Cash & cash equivalents at beginning of period 162,425 239,112 238,894 293,852 293,852 Cash & cash equivalents at end of period 162,396 247,771 162,396 247,771 238,894
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Page 14 Notes to the accounts for third quarter 2026 Note 1 – General accounting principles General information Photocure ASA is a public limited company domiciled in Norway. The business of the Company is associated with development, production, distribution, marketing and sales of pharmaceutical products and related technical medical equipment. The Company’s shares are listed on the Oslo Stock Exchange (OSE: PHO). The Company’s registered office is Hoffsveien 4, NO-0275 Oslo, Norway. Photocure Group (Photocure) comprises Photocure ASA and six wholly owned subsid iaries; Photocure Inc. registered in the U.S., Photocure GmbH registered in Germany, Photocure SAS registered in France, Photocure SRL registered in Italy, Photocure Canada Inc. registered in Canada, and Vesica Health Inc. registered in the U.S. Basis of preparation These condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. These interim financial statements should be read in conjunction with the consolidated financial statements for the year end ed December 31, 2025 (the Annual Financial Statements) as they provide an update of previously reported information. The interim report has not been subject to an audit. The Board of Directors approved the interim financial statements on October 27, 2026. Photocure performs the sales and distribution of Hexvix in the European markets. Photocure has established wholly owned subsidiaries in Germany (Photocure GmbH), Italy (Photocure SRL) and France (Photocure SAS) that provide marketing and promotion servi ces. These entities have Euro (EUR) as functional currency. The sales , marketing and distribution in the U.S. and Canada are performed through Photocure’s wholly owned subsidiary Photocure Inc. and Photocure Canada Inc., in both countries under the trade name Cysview. Photocure Inc. has U.S. dollars (USD) as functional currency while Photocure Canada Inc. has Canadian dollars (CAD) as functional currency. The U.S. based entity Vesic a Health Inc. develops and commercializes bladder cancer biomarkers and oper ates on a stand-alone basis. Photocure ASA uses Norwegian kroner (NOK) as its functional currency and presentation currency. In the absence of any statement to the contrary, all financial information is reported in whole thousands. As a result of rounding adjustments, the figures in the financial statements may not add up to the totals. Change in accounting treatment – foreign exchange differences on intercompany loans From the first quarter of 2026, the Group has changed its accounting treatment of foreign exchange differences on the long-term intercompany loan to Photocure Inc. There is no change to the other intercompany loans . Following changes to the intercompany loan agreements with Photocure Inc., including the introduction of interest accrual and defined repayment terms, the loans no longer qualify as part of the Group’s net investment in foreign operations in accordance with IAS 21. Consequently, foreign exchange gains and losses on the intercompany loan to Photocure Inc. are now recognized in profit or loss as part of financial income and financial expenses. Previously, such foreign exchange differences were recognized in other comprehensive income.
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Page 15 Important accounting valuations, estimates and assumptions IFRS 3 In 2020, Photocure reacquired the Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS. The residual value in the acquisition constituted goodwill and is tested at end of 2025 for impairment. The deferred consideration was measured at fair value at the date of acquisition and is remeasured at fair value as of December 31, 2025. The changes in fair value are recognized in profit or loss as financial income or expense. Preparation of the accounts in accordance with IFRS requires the use of judgment, estimates and assumptions that have consequences for recognition in the balance sheet of assets and liabilities, the estimation of contingent liabilities and recorded revenue s and expenses. The use of estimates and assumptions is based on the best discretionary judgement of the Group management. On 4 June 2026, Photocure ASA acquired 100% of the shares in Vesica Health Inc. (“Vesica”), a precision diagnostics company developing and commercializing AssureMDx, a multi-omic urine-based biomarker test for the early detection of bladder cancer. The acquisition supports Photocure's strategy of expanding its position in bladder cancer diagnostics through the integration of non-invasive biomarker testing with its existing Blue Light Cystoscopy platform. The preliminary purchase price allocation has been prepared in accordance with IFRS 3. See Note 8 for details. Note 2 - Photocure Group – Segment information Photocure reports two segments: Commercial Franchise and Development Portfolio. Commercial Franchise includes Hexvix/Cysview by geography ( North America and Europe) and other sales (partners and other products ). Development Portfolio includes development of pipeline products. Q3 2026 Hexvix Cy sview Other Total Total Grand (Amounts in NOK 1 000) Europe North Am Sales Sales R&D Total Sales revenues 77,959 56,232 - 134,191 6,742 140,933 Milestone revenues - - - - - - Cost of goods sold -6,233 -2,820 - -9,053 -843 -9,896 Gross profit 71,726 53,412 - 125,138 5,899 131,037 Gross profit of sales % 92% 95% 93% 87% 93% R&D -344 -230 -43 -617 866 249 Sales & marketing -33,903 -41,988 - -75,891 -9,308 -85,199 Other & allocations -11,076 -10,928 43 -21,961 -20,129 -42,090 Operating expenses -45,323 -53,146 - -98,469 -28,571 -127,040 EBITDA 26,403 266 - 26,669 -22,672 3,997
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Page 16 1.1-30.9 2026 Hexvix Cy sview Other Total Total Grand (Amounts in NOK 1 000) Europe North Am Sales Sales R&D Total Sales revenues 242,079 169,495 1,627 413,201 9,250 422,451 Milestone revenues - - - - 125,571 125,571 Cost of goods sold -19,231 -8,771 -421 -28,423 -2,182 -30,605 Gross profit 222,848 160,724 1,206 384,778 132,639 517,417 Gross profit of sales % 92% 95% 74% 93% 76% 93% R&D -723 -482 -43 -1,248 430 -818 Sales & marketing -105,634 -134,298 - -239,932 -19,130 -259,062 Other & allocations -36,333 -37,833 -38 -74,204 -53,009 -127,213 Operating expenses -142,690 -172,613 -81 -315,384 -71,709 -387,093 EBITDA 80,158 -11,889 1,125 69,394 60,930 130,324 1.1-30.9 2025 Hexvix Cy sview Other Total Total Grand (Amounts in NOK 1 000) Europe North Am Sales Sales R&D Total Sales revenues 233,886 160,876 245 395,007 905 395,912 Milestone revenues - - - - - - Cost of goods sold -22,521 -7,759 -284 -30,564 -503 -31,067 Gross profit 211,365 153,117 -39 364,443 402 364,845 Gross profit of sales % 90% 95% -16% 92% 44% 92% R&D -1,141 -303 708 -736 -81 -817 Sales & marketing -104,461 -134,338 -2,974 -241,773 -5,210 -246,983 Other & allocations -41,521 -30,643 -2,275 -74,439 -15,796 -90,235 Operating expenses -147,123 -165,284 -4,541 -316,948 -21,087 -338,035 EBITDA 64,242 -12,167 -4,580 47,495 -20,685 26,810 1.1-31.12 2025 Hexvix Cysview Other Total Total Grand (Amounts in NOK 1 000) Europe North Am Sales Sales R&D Total Sales revenues 309,791 219,936 1,040 530,767 1,813 532,580 Milestone revenues - - - - - - Cost of goods sold -29,393 -10,313 -513 -40,219 -1,774 -41,993 Gross profit 280,398 209,623 527 490,548 39 490,587 Gross profit of sales % 91% 95% 51% 92% 2% 92% R&D -1,591 -423 38 -1,976 1,573 -403 Sales & marketing -146,283 -182,206 -3,995 -332,484 -7,908 -340,392 Other & allocations -56,069 -41,455 -2,157 -99,681 -21,384 -121,065 Operating expens es -203,943 -224,084 -6,114 -434,141 -27,719 -461,860 EBITDA 76,455 -14,461 -5,587 56,407 -27,680 28,727
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Page 17 Note 3 – Income statement classified by nature Note 4 – Milestone Payments In Q1 2026, Photocure invoiced milestone payments to Asieris Pharmaceuticals for the approval of Cevira in China of USD 11.0 million and for the submission acceptance of Cevira in Europe of USD 2.0 million. In Q2 2026, the Company collected USD 8.6 million in milestone revenues from Asieris. Photocure did not receive any milestone payments in 2025. 2026 2025 2025 (Amounts in NOK 1 000) 1.1 - 30.09 1.1 - 30.09 1.1 - 31.12 Sales revenues 422,451 395,912 532,580 Signing fees and milestone revenues 125,571 - - Cost of goods sold -30,605 -31,067 -41,993 Gross profit 517,417 364,845 490,587 Payroll expenses -232,892 -219,226 -299,417 R&D costs excl. payroll expenses/other operating exp. -819 1,541 1,541 Ordinary depreciation and amortisation -22,426 -22,041 -29,472 Other operating expenses -153,384 -120,350 -163,983 Total operating expenses -409,522 -360,076 -491,331 EBIT 107,895 4,769 -745
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Page 18 Note 5 – Tax For 2026 and 31 December 2025, the tax note presents the Group’s total tax expense based on profit before tax at the Group level and including the effects of both temporary and permanent differences. This differs from Q3 2025, when only the Parent company’s profit before tax and its related tax expense were considered. The tax expense for the period ended September 30, 2026 includes withholding tax of NOK 2.2 million related to milestone and royalty income received from Asieris in China. The calculation of deferred tax assets as of September 30, 2026, and December 31, 2025, is based on a tax rate of 22% for the Parent company and 21% for the U.S. subsidiary. The deferred tax asset was NOK 35.2 million as of September 30, 2026. There is no expiry on losses to be carried forward in Norway while in the US, losses expire after 20 years according to tax legislation valid until the end of 2017. The new U.S. tax legislation, valid for taxable years from 2018, has no expiry for loss carryforwards but imposes an 80% limit on utilization. Deferred tax assets in Norway are recognized based on expected future taxable p rofits in accordance with the Group’s business plan, and the assumption that temporary differences will reverse over time. For the U .S. operations, deferred tax assets related to tax losses have not been recognized at the reporting date, as management has assessed that due to the history of losses Photocure Inc . does not meet the threshold of convincing evidence according to IAS 12 as of end of Q 3 2026. Photocure continues to see strong progress in its U.S. operations, with increasing revenues, expanding sales coverage and growing market penetration. The Group (Amounts in NOK 1 000) 30/09/2026 30/09/2025 31/12/2025 Income tax expense Tax payable -2,358 -895 -1,631 Changes in deferred tax -20,677 14,602 16,804 Total income tax expense(-)/income -23,035 13,707 15,173 Tax base calculation Profit before income tax 79,534 -7,271 -16,691 Permanent differences 11,848 11,289 16,018 Change in Temporary differences 22,332 58,727 31,076 Change in deferred tax not recognised Utilisation of tax loss carried forward -113,714 -62,745 -23,457 Utilisation of tax loss carried forward Tax base (0) (0) 6,947 Temporary differences: Temporary differences 101,954 137,756 124,558 Tax loss carried forward -386,920 -381,718 -523,535 Net temporary differences -284,966 -243,962 -398,977 Deferred tax asset -66,667 -53,672 -93,012 Not recognized tax asset -31,471 -37,138 Deferred tax asset -35,196 -53,672 -55,874
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Page 19 expects the US business to become sustainably profitable and to contribute positively to the Group’s results going forward. For further information refer to the consolidated financial statements for the year ending 31 December 2025 Note 11. Note 6 – Earnings per share Earnings per share are calculated based on the profit/loss for the year after tax but excluding other comprehensive items. The result is divided by a weighted average number of outstanding shares over the year, reduced by acquired treasury shares. The diluted earnings per share are calculated by adjusting the average number of outstanding shares by the number of employee options that can be exercised. Antidilution effects are not taken into consideration. Note 7 – Intangible and Fixed Assets Total Goodwill amounts to NOK 249.9 million. Goodwill of NOK 144.0 million relates to the Hexvix sales, marketing and distribution rights in Europe previously controlled by Ipsen Pharma SAS ( Ipsen) that were acquired by Photocure on October 1, 2020. The goodwill is not amortized but was tested against impairment as of end December 2025. The impairment analysis carried out confirmed the goodwill value given the performance in 2025 and future growth opportunities that are expected to exceed forecasts prepared in connection with the transaction. Goodwill of NOK 105.9 million relates to the acquisition of Vesica Health. See Note 8 for more details. The customer relationships relate to existing customers in Europe which have previously been served by Ipsen. Customer relationships have been valued using a multiperiod excess earnings method and the value 1 October 2026 2025 2025 (Figures indicate the number of shares) 1.1 - 30.09 1.1 - 30.09 1.1 - 31.12 Issued ordinary shares 1 January 27,120,820 27,120,820 27,120,820 Effect of treasury shares -401,746 -441,341 -459,693 Weighted average number of shares 26,719,074 26,679,479 26,661,127 Effect of outstanding share options 43,909 -0 -0 Weighted average number of diluted shares 26,762,983 26,679,479 26,661,127 Earnings per share in NOK 2.11 0.24 -0.06 Earnings per share in NOK diluted 2.11 0.24 -0.06 Goodwill Customer relations Assure MDX Product Right of use Equipment Registry Intangibles Other intangibles (Amounts in NOK 1 000) Net book value 31.12.2025 144,000 79,192 - 9,880 3,545 12,935 15,840 42,200 Net investments and revaluation 2026 105,875 - 118,779 2,058 366 1,255 18,517 140,975 Depreciation and amortization - -12,504 - -4,541 -1,115 -4,080 -186 -9,922 Net book value 30.9.2026 249,875 66,689 118,779 7,397 2,796 10,110 34,171 173,254 Total intangible and fixed assets
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Page 20 2020 was NOK 166.7 million. Photocure has evaluated this asset to have an estimated value for 10 years and the intangible asset is amortized on a straight-line basis over this period. The right-of-use asset includes the office rental agreements for Norway, U.S. and Germany. In addition, a company car fleet related to the sales organization in Germany is included. The related lease liability is measured at the present value of the lease payments that are not paid at the commencement, discounted using the Group ’s incremental borrowing rate as the discount rate. The lease liability as of September 30, 2026 is NOK 9.4 million compared to NOK 10.3 million as of December 31, 2025 and the interest expense is NOK 0.4 million. Registry intangibles relate to capitalized patient registries with information about diagnosis of bladder cancer with blue light. Due to the commercial value of the registry data, Photocure has decided to capitalize the registry costs from the start of 2023. Other intangibles include the capitalization of milestones for the partnership agreements with Intelligent Scopes Corporation (ISC) and Richard Wolf, and investments in production facilities. AssureMDx Product of NOK 118.8 million is related to Vesica Health acquisition. See Note 8 for more details. Note 8 – Investment in subsidiary On 4 June 2026, Photocure ASA acquired 100% of the shares in Vesica Health Inc. (“Vesica”), a precision diagnostics company developing and commercializing AssureMDx, a multi-omic urine-based biomarker test for the early detection of bladder cancer. The acquisition supports Photocure's strategy of expanding its position in bladder cancer diagnostics through the integration of non-invasive biomarker testing with its existing Blue Light Cystoscopy platform. Transferred USD thousand NOK thousand Cash paid at closing 13,343 124,824 Shares 2,280 21,122 Short term deferred payables 470 4,353 Long term deferred payables - contingent liability 9,550 88,468 25,643 238,767 Cash purchase 13,343 124,824 Cash Acquired 2,010 18,617 Net cash outflow on acquisition 11,333 106,206 Purchase price Allocation USD thousand NOK thousand Cash and cash equivalents 2,010 18,617 Other receivables 11 90 Deferred tax asset 2,598 24,141 Identifiable intangible assets: -AssureMDx Product 12,372 122,813 -Intangible asset 330 3,055 Total assets acquired 17,321 168,716 Other liabilities (108) (999) Deferred tax liability (2,598) (24,141) Net identifiable assets aquired 14,615 143,576 Goodwill 11,028 109,472 Total asset aquired 25,643 253,048
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Page 21 Identifiable intangible assets: The developed technology intangible asset represents the underlying biomarker testing technology, proprietary know-how and related intellectual property supporting the AssureMDx test. The fair value was determined using a discounted cash flow methodology based on the estimated future economic benefits attributable to the technology. Key assumptions included expected future revenues and profitability, with a discount rate of 20% applied to reflect the risk profile of the acquired business. The fair value identified was NOK 12 2.8 million. The asset will be amortized over its estimated useful life. The identifiable intangible asset of NOK 122.8 million was recognized at the acquisition date. The asset was subsequently translated at the closing exchange rate as of 30 September 2026, resulting in a foreign currency translation decrease of NOK 4.0 million. Accordingly, the reported identifiable intangible asset amounted to NOK 118.8 million as of 30 September 2026. Goodwill The goodwill recognized in the transaction primarily reflects: • expected revenue synergies from integrating AssureMDx with Photocure's existing commercial infrastructure; • future growth opportunities within molecular diagnostics; • the value of the assembled workforce; and • strategic benefits from establishing a broader diagnostics platform spanning detection, diagnosis and surveillance of bladder cancer Goodwill of NOK 109.5 million was recognized at the acquisition date. The goodwill was subsequently translated at the closing exchange rate as of 30 September 2026, resulting in a foreign currency translation decrease of NOK 3.6 million. Accordingly, the reported goodwill amounted to NOK 105.9 million as of 30 September 2026. Long-term deferred payables - contingent consideration As part of the acquisition of Vesica Health Inc., Photocure is obligated to make additional cash and equity -based payments upon the achievement of specified commercial and reimbursement-related milestones. The contingent consideration has been recognized at fair value at the acquisition date and is included in long-term liabilities. The contingent consideration amounted to NOK 88.5 million as of June 30, 2026. During the third quarter, the contingent consideration increased by NOK 7.5 million due to unrealized foreign exchange losses arising from NOK 3.3 million currency revaluation and NOK 4.2 million interest, resulting in a carrying amount of NOK 96.0 million as of September 30, 2026. The fair value of the contingent consideration was determined using a probability-weighted expected payment model and discounted to present value using a discount rate of 20%, reflecting the uncertainty and timing associated with the expected future cash flows. The contingent consideration will be remeasured at each reporting date, with changes in fair value recognized in profit or loss in accordance with IFRS 3. Impact of acquisition on Group result From the acquisition date to 30 September 2026, Vesica Health contributed a net loss of NOK 6.9 million to the Group's consolidated results. If the acquisition of Vesica Health had occurred on 1 January 2026, management estimates that the Group's net profit for the nine-month period ended 30 September 2026 would have been approximately NOK 8.3 million lower than reported. Artera partnership Through its partnership with Artera, Photocure has received a minority stake of 49,902 unvested Class B Common shares or 0.1% of all outstanding fully diluted shares in Artera Inc. for the investment the Company made toward the research collaboration. The shares will vest upon completion of the collaboration agreement. As of 30 September 2026, the shares have been recognized at NOK 0.0 million because the vesting conditions have not been met.
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Page 22 Note 9 – Ipsen Earnout Ipsen receives a deferred payment of 15% of net sales (years 1 -7 post-transfer) and 7.5% of net sales (years 8 - 10) in the former Ipsen major markets. The payments are made quarterly in E UR after the close of the quarter. The fair value of the remaining payments is classified as long-term Earnout liability. The Earn-out amount until 30 September 2026 was NOK 33.0 million including interest, compared to NOK 31.1 million until the end of September 2025. In 202 6 the total liability has been reduced by NOK 1 6.9 million based on the sales in the former Ipsen markets and the total liability remaining was NOK 83.2 million as of September 30, 2026. The fair value of the Earnout liability is driven by future expected sales and is remeasured on a yearly basis. There was no need for remeasurement as of December 31, 2025. To arrive at the remeasured fair value, Photocure has discounted the estimated earnout payments by an IRR equal to the IRR applied at license acquisition adjusted for later changes in the interest levels. This IRR has been deemed appropriate as a discount rate for the earnout payments since the level of the payments will be subject to the same risk factors as the cash flow prognosis for the acquisition. Note 10 – Fair value financial assets The table below details financial assets recognized in the balance sheet at fair value according to the valuation method. The different levels have been defined as follows: Level 1: Quoted prices in active markets for corresponding assets or liabilities Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Value measurements of assets or liabilities that are not based on observed market values Note 11 – Share capital Registered share capital in Photocure ASA amounts to: The table below indicates the status of authorizations as of September 30, 2026: Market value hierarchy (Amounts in NOK 1 000) Level 1 Level 2 Level 3 Total - Money market funds 45,331 - - 45,331 - Earnout liability -83,178 -83,178 Total 45,331 - -83,178 No. of shares Nominal value per share Share capital in NOK Share capital at 31 December 2025 27,120,820 NOK 0.50 13,560,410 Share capital at 30 September 2026 27,120,820 NOK 0.50 13,560,410 Treasury shares: Holdings of treasury shares at 31 December 2025 514,148 NOK 0.50 257,074 Sale/Buy-back of shares -362,197 NOK 0.50 -181,099 Sale(-)/Buy-back of restricted shares - NOK 0.50 - Holdings of treasury shares at 30 September 2026 151,951 75,976
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Page 23 Additionally, the General Meeting authorized share capital increases according to Milestone 1 and Milestone 2 in the acquisition of Vesica Health Inc. up to 373,817 and 747,654 shares. Shares owned, directly or indirectly, by members of the board, the President and CEO and senior management and their closely related associates as of September 30, 2026: Note 12 – Share options On September 30, 2026, employees in Photocure participated in the following share option schemes: The number of employee options, including conditional grants, and average exercise prices for Photocure, and development during the year: (Figures indicate the number of shares) Purchase, treasury shares Ordinary share issue Employee share issues Authorisation issued at the General Meeting on 26 June 2026 2,712,082 2,712,082 1,100,000 Share issues after the General Meeting on 26 June 2026 - - - Purchase of treasury shares after 26 June 2026 - - - Remaining under authorisations at 30 September 2026 2,712,082 2,712,082 1,100,000 No. of No. of subscription Name Position shares rights Daniel Schneider President & CEO 99,689 677,500 Geoffrey Coy VP & General Manager North America 15,207 301,250 Anders Neijber Chief Medical Officer - 244,000 Anja Gossens-von der Heidt Head of Global Human Resources - 125,000 Jane Healy VP & General Manager EMEA - 190,000 Christopher Thibodeau COO Biomarker 308,616 - Neal Shore Board member 41,175 30,825 Ghizlane Tagmouti Board member 25,000 26,852 Dylan Hallerberg Chairperson of the board 170,658 55,611 Year of allocation 2026 2026 2025 2025 2024 2024 2023 2022 Option program 2025/26 2026 2025 2025 2025 2023 2023 2022 Number 513,750 39,975 43,815 920,250 592,227 150,000 1,114,167 804 Exercise price (NOK) 63.93-79.31 58.9 55.64 55.47-67.39 59.57-69.36 61.92 57.14-61.03 115.70 Year of expiry 2033 2032 2030 2032 2031 2029 2028 2027 No. of shares A verage exercise price (NOK) No. of shares A verage exercise price (NOK) Outstanding at start of year 2,860,513 60.29 2,310,448 63.05 Allocated during the year 553,725 64.74 973,315 60.09 Cancelled during the year - - 30,000 98.71 Become invalid during the year 39,250 60.66 161,000 61.06 Exercised during the year - - - - Expired during the year - - 232,250 81.41 Outstanding at end of period 3,374,988 61.02 2,860,513 60.29 Exercisable options at end of period 1,368,471 60.28 777,098 60.60 9/30/2026 12/31/2025
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Page 24 Note 13 – Shareholders Overview of the major shareholders as of September 30, 2026: Name Citizenship Type of account Holding Stake Morga n Sta nley & Co. LLC United States Nominee 5,662,689 20.88% Skandinaviska Enskilda Banken AB Sweden Nominee 1,884,023 6.95% Nordnet Bank AB Sweden Nominee 917,969 3.38% Skandinaviska Enskilda Banken AB Ireland Nominee 843,100 3.11% JPMorgan C hase Bank, N.A., London United Kingdom Nominee 775,353 2.86% MP PENSJON PK Norway Ordinary 662,418 2.44% Skandinaviska Enskilda Banken AB Sweden Nominee 498,119 1.84% Goldman Sachs International United Kingdom Nominee 469,164 1.73% NORDNET LIVSFORSIKRING AS Norway Ordinary 433,939 1.60% The Northern Trust C omp, London Br Ireland Nominee 370,890 1.37% J.P. Morgan SE Sweden Nominee 361,113 1.33% S axo Bank A/S Denmark Nominee 289,718 1.07% TOWERING CUMULUS AS Norway Ordinary 276,233 1.02% VOHRA Norway Ordinary 254,266 0.94% C itibank, N.A. Ireland Nominee 232,135 0.86% Avanza Bank AB Sweden Broker 226,110 0.83% BILLINGTON Norway Ordinary 205,053 0.76% PIVOT INVEST 2 AS Norway Ordinary 195,585 0.72% VERDIPAPIRFONDET KLP AKSJENORGE IN Norway Ordinary 195,231 0.72% VERDIPAPIRFONDET KLP AKSJENORGE Norway Ordinary 185,102 0.68% Total 20 largest shareholders 14,938,210 55.08% Total Other shareholders 12,182,610 44.92% Total number of shares 27,120,820
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Page 25 Photocure Group – Alternative Performance Measures (Information provided based on Guidelines on Alternative Performance Measures (APMs) for listed issuers by The European Securities and Markets Authority - ESMA) Photocure reports certain performance measures that are not defined under IFRS, but which represent additional measures used by the Board and management in assessing performance as well as for reporting both internally and to shareholders. Photocure believes that the presentation of these non -IFRS performance measures provides useful information which provides readers with a more meaningful understanding of the underlying financial and operating performance of the Company when viewed in conjunction with the IFRS financial information. Reported EBITDA, Adjusted EBITDA & EBIT Photocure regards EBITDA as the best approximation to pre -tax operating cash flow and reflects cash generation before working capital changes and capex. EBITDA is widely used by investors when evaluating and comparing businesses and provides an analysis of the operating results excluding depreciation and amortization. In addition, Photocure reports an Adjusted EBITDA metric which reflects the underlying profitability of the core business activities of the Company related to the commercialization of Hexvix and Cysview. Revenue growth in constant currency Photocure’s business is conducted internationally and in respective local currency. Less than 5% of the revenue is conducted in Norwegian kroner, Photocure’s functional currency. Fluctuations in foreign exchange rates may have a significant impact on repor ted revenue in Norwegian kroner. To eliminate the translational effect of foreign exchange and to better understand the revenue development in the various regions, Photocure provides calculated revenue growth information by region and in total for the Company. The average exchange rates used to translate revenues as per the reporting dates were as follows: EBITDA & EBIT Reported EBITDA & EBIT 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 Gross profit 131,037 123,074 517,417 364,845 490,587 494,671 474,521 370,434 Operating expenses excl depreciation & amortization -127,042 -112,848 -387,095 -338,034 -461,860 -445,478 -419,027 -395,061 Reported EBITDA 3,995 10,226 130,322 26,810 28,727 49,193 55,494 -24,627 Depreciation & amortization -7,389 -7,339 -22,427 -22,042 -29,472 -28,793 -27,687 -24,376 EBIT -3,394 2,888 107,895 4,769 -745 20,400 27,807 -49,003 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 2026 2025 2026 2025 2025 2024 2023 2022 Q3 Q3 YTD Sep. YTD Sep. Full Year Full Year Full Year Full Year USD (NOK per 1 USD) 9.54 10.10 9.52 10.49 10.39 10.75 10.56 9.61 EUR (NOK per 1 EUR) 10.94 11.80 10.96 11.71 11.72 11.62 11.42 10.10
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WWW.PHOTOCURE.COM PHOTOCURE ASA Hoffsveien 4 0275 Oslo, Norway +47 22 06 22 10 info@photocure.no PHOTOCURE INC. 202 Carnegie Center, suite 101 Princeton, NJ 08540, USA +1 609 759 6500 info@photocure.com PHOTOCURE GMBH Breite Str. 27 40213 Düsseldorf, Germany kontakt@photocure.com