Slides
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Second-Half and Full- Year 2025 Results AlphaOne on Track, Strong Commercial Momentum Jasper C. Kurth, CEO Brede H. Ellingsæter, CFO & COO Mathias N. Reierth, Head of Coms. & Corp. Aff.
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Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Thor Medical ASA (The Company). The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with The Company’s growth initiatives, profit indications, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for The Company. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates” or similar. Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although The Company believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. The Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither The Company nor any of its officers, directors or employees will have any liability to you or any other persons resulting from your use of the presentation materials or Company statements made in connection with its use. The following slides should also be read and considered in connection with the information given orally during the presentation.
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Becoming a World-Leading Supplier of Alpha-Emitters to Cancer Therapies Creating a Multi-Million USD Market 3 New cancer therapies create a USD 1bn+ revenue opportunity Listed on Oslo Stock Exchange NOK ~1.5bn market capitalization Commercial progress NOK ~850m order backlog Mechanical completion in April AlphaOne on track
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• Executed final investment decision and began construction of AlphaOne • Signed strategic sourcing agreement for thorium-232 feedstock with European chemical group • Shipped first batch of ultra-high purity lead-212 to big pharma customer • Increased order backlog to NOK ~850 million through multi-year sales agreements with new and existing customers • Completed initial equipment installations and official takeover of the new Herøya laboratory and infrastructure • Secured funding for AlphaOne through NOK 300 million of total equity raised and NOK 90 million loan commitment from Innovation Norway • Strengthened executive team with hirings of Therese M. Kvehaugen as Executive Vice President HR and Mathias Nilsen Reierth as Head of Communications and Corporate Affairs 2025 Highlights 4
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AlphaOne Taking Shape 21,000 patient doses Capacity 15-20 FTEs Employment Q3 2026 Production start Herøya, Norway Location Mechanical completion on track for April 2026
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Market View and Commercial Development 6
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Radiotherapeutics Enter Acceleration Phase, Expected to Dominate the Broader Radiopharmaceutical Market by 2030 A adiotherapeutics adiodiagnostics Early breakthrough for alpha- emitters, increasing adoption for targeted cancer therapies Radiotherapeutics established as a core oncology treatment modality Radiopharmaceuticals market size, USDbn ~28% ~5% CAGR 2025-34 Footnote: Note: Radiotherapeutics and radiodiagnostics serve complementary roles in healthcare—diagnostics identify and assess diseases, while therapeutics treat them. Accurate diagnosis is essential for effective treatment, making both crucial steps in patient care. Source: MEDraysintell Nuclear Medicine Report, Edition September 2025 Recent Developments • Aktis Oncology (Ac-225, Phase 1) completes USD 318m upsized IPO backed by Eli Lilly • Molecular Partners initiates first clinical trial of Pb-212 asset MP0712 • Sanofi decided to shift near-term investments away from its AlphaMedix program toward other pipeline assets • Roche and OranoMed advance Pb-212 PRIT program • Increasing big-pharma alignment around Th-228/Pb-212 supply chain Radiotherapeutics expected to become the growth engine of radiopharma +15%
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Source: Company websites & press releases; SNMMI Ancora AI radiopharmaceuticals clinical trial tracker; Oppenheimer market research. Note: Concerns only isotopes for which more than 2x assets are in development. 1) Three clinical trials ongoing for Radspherin® (2 x phase1/2, 1 x phase 2) 8 Pb-212 Emerges as the Clear Alpha-Emitter Pipeline Leader Isotope Alpha emitters On marketPhase 3 / regPhase 2Preclinical Phase 1/2 Ra-2241 Ac-225 >20 At-211 Pb-212 >30 <10<5Lu-177 <20 <20Beta emitters Isotope type Assets in development by isotope and development stage, # assets, February 2026 • Alpha emitters represent the fastest-growing segment in radiotherapeutic drug development with number of publicly disclosed assets doubled since 2025 • Large and diversified preclinical pipeline provides a sustained inflow of future clinical assets • Notable expansion in Phase 1/2 programs signals increasing clinical validation and capital commitment LowHigh Number of Assets >1>5>20>30
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Significant Isotope Demand From Clinical Development; Market Expected to Exceed 40,000 Patient Doses in 2026 US Department of Energy, TRMED Research9 ~ 5,000 ~ 10,000 ~ 21,000 ~ 40,000 - 50,000 2023 2024 2025 2026e US Department of Energy Russian supplier ~100% Supply of Th-228 from the US Department of Energy has doubled every year for the past few years to keep pace with high demand in the market # Pb-212 patient doses equivalent, 2023-2026e CAGR, 2023-2025: • Number of publicly disclosed thorium-based assets under development doubled since 2025, exceeding 40 assets • Constraint capacity in isotope supply from the US Department of Energy allowing Russian suppliers to enter the market to fill the gap • Overall Isotope demand exceeds currently enrolled patient numbers in clinical trials as companies prioritize robustness of supply and isotope availability over efficiency
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10 Order Backlog Increased to NOK ~850m from a Broadening and High-Quality Customer Portfolio • Signed strategic sales agreements with eight leading companies in targeted alpha therapy to date • 5-year agreements, and one 3-year agreement for supply of lead-212 in pre-clinical studies • Total order backlog with revenue of NOK ~ m, increased by NOK m since H’ NOK 850m order backlog H’ H’ + undisclosed leader in Targeted Alpha Therapy + undisclosed Big Pharma customer
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Operational Development
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• Delivering high purity Th-228, Ra-224, and preclinical volumes Pb-212 based on natural thorium requiring no irradiation • Natural decay chain avoids radioactive contaminants and impurities arising in irradiation-based processes • Proven and scalable cost-effective separation method with 99.9 percent yield based on infinitely reusable Th-232 feedstock • Production process is self-scaling and self- sustaining capacity 12 Scalable, Cost-Efficient, and Sustainable Production of High-Purity Isotopes Th-232 14.1b years Ra-228 5.7 years Th-228 1.9 years Ra-224 3.6 days Pb-212 10.6 hours Sourcing from mining operations Therapeutics manufacturing and transport to treatment centers AlphaCycle Natural thorium feedstock AlphaBolt 228 AlphaBolt 224 Intermediate product AlphaBolt 212 (pre-clinical)
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13 • Th-228 and Ra-224 production to meet early market demand • Self-scaling production capacity with no additional capex ‒ Increasing to 21,000 doses after 3 years with NOK 350m revenue potential annually ‒ 35,000 doses after 5 years with NOK 550m revenue potential annually ‒ 60,000 doses after 10 years Production scale-up AlphaOne – Our First Commercial Scale Plant 2026 2035 # Pb-212 patient doses equivalent AlphaOne AlphaCycle production Th-228 Ra-224 21,000 60,000 No HSE incidents On cost and time Quality approved Core team
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Commercial Scale Development and Execution Roadmap 14 • Formally taken over lab facilities and completed installing core production equipment including thorium storage tanks • Mechanical completion in April, production start in Q ’ 6 • Fully funded and expecting profitable operations towards end of 2027 H and FY’ 5 reporting
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Financials
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16 Generating Initial Revenues and Keeping a Lean Organization While Building AlphaOne • Revenue mainly pilot sales of preclinical grade Pb-212 • Payroll and related expenses of NOK 19.9 million and other operating expenses of NOK 6.6 million • Depreciations of NOK 10.7 million and net financial income of NOK 5.9 million • Net cash flow reflects losses in the period and investments in AlphaOne, partly offset by change in working capital Financial key figures (in NOKm) 2H 2025 2H 2024 2025 Revenues 0.8 0.0 0.8 EBITDA -25.7 -28.9 -48.7 Profit / (loss) before taxes -30.5 -29.6 -62.3 Net cash flow -43.8 93.8 57.2 Available cash 180.6 123.4 180.6
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17 Strong Funding Position Secures AlphaOne Execution and Ramp-Up Until Positive Cash Flow in 2027 • Strong liquidity with cash and cash equivalents of NOK 180.6 million at period-end • Committed funding secured, including NOK 90 million Innovation Norway loan facility (first tranche drawn Q ’ 6) and working capital facility with DNB (NOK 10 +10 million) • Fully funded through AlphaOne start-up (Q ’ 6) with sufficient liquidity to support ramp-up until positive cash flow in 2027 Sources of capital 2026 (NOK million) Cash Loan, Innovation Norway WC Facility 180.6 20 90
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Outlook and Priorities
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Q3’ 0 6 Commercial production Herøya, Norway Sharply growing market opportunity requires ambitious ramp-up plan over the next decade Patient doses per annum based on Pb-212 equivalents. Each patient treatment requires 4-6 doses. 19 Nameplate production capacity #patient doses >1,000,000 AlphaOne 2026 Proof of Concept (2015-2022) Pilot 2024 Key Development Tracks Now: Safe and timely completion and ramp-up of AlphaOne remain a key priority for Thor Medical in 2026. Next: The company will continuously evaluate further development based on market pull, customer demand, and capital efficiency. AlphaGlobal (long-term) AlphaTwo (mid-term) Q ’ 0 pilot production Herøya, Norway
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20 Key Strategic Priorities Finalize and Ramp Up AlphaOne to Commercial Operations Broaden Strategic Partnerships and Further Strengthen Supply Chain Execute Commercial Backlog and Deliver on Customer Commitments Position the Company for Scalable, Profitable Growth
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thormedical.com Thor Medical HQ Drammensveien 167 NO-0277 Oslo, Norway Thor Medical is an emerging supplier of alpha particle emitters produced from naturally occurring thorium. Its proprietary production process requires no irradiation or use of nuclear reactors, and provides reliable, environmentally friendly, cost-efficient supply of alpha-emitters for the radiopharmaceutical industry. Thor Medical is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange under the ticker symbol 'TRMED'.