Slides
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H1 2026 Results Presentation Fueling Targeted Alpha Therapy at Commercial Scale August 28, 2026 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. The forward-looking statements speak only as of the date of this presentation. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. 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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STATUS OPERATIONAL AlphaOne Validated Technology pilot plant has served customers since 2024 In Production since July 2026 Herøya, Norway manufacturing hub 60,000 patient dose capacity by 2035
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• Continued generating initial revenue from sale of isotopes thorium-228 (Th-228), radium-224 (Ra-224) and lead-212 (Pb-212) from pilot facility to support the growing demand • Achieved mechanical completion of the AlphaOne facility on time and on budget and started commissioning of the site • Signed a collaboration and supply agreement with Eckert & Ziegler, a global leader in isotope-related components, equipment and services, enabling access to Pb-212 for the pharmaceutical industry • Signed a collaboration and supply agreement with Minerva Imaging, a leading Scandinavian CRO/CDMO specializing in targeted radionuclide therapies, to support Pb-212 availability in Europe • Completed first shipments to Minerva Imaging, Node Pharma and other Pb-212 customers Subsequent events • Commenced commercial production at the AlphaOne facility on time and on budget • Completed the first commercial customer delivery from AlphaOne in line with plan H1 2026 Highlights 4 NOTE: CDMO - Contract Development and Manufacturing Organization; CRO - Contract Research Organization
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Market Traction Growing customer base in a market with ~28 % CAGR Deep expertise Across pharma, isotope production, industrial scale-up, commercialization, & nuclear regulation High Margins >50% EBITDA potential Industry Enabler Raw material & technology provider with no drug pipeline Improving millions of lives by fueling next-generation cancer therapies with high-purity alpha emitters Leading supplier of high-purity radioisotopes With a proprietary production platform combining advanced separation technology with industrial-scale manufacturing and downstream production systems WHAT WE DO OUR MISSION
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Thor Medical Produces Alpha-Emitting Radioisotopes, the Active Ingredients in Cancer Therapies 6 Mine Operators supply natural thorium Th-232 Patient Treatments Hospitals and Specialist Clinics treat cancer patients Radiopharmaceutical Companies & CDMOs manufacture therapies Cancer Therapies Producing alpha- emitting radioisotopes Th-228 / Ra-224 / Pb-212 NOTE: CDMO - Contract Development and Manufacturing Organization
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Radiopharmaceuticals Are One of the Fastest-Growing Areas In Cancer Drug Development Source: WHO Illustration: Redrawn from National Cancer Institute 7 Cancer is a leading cause of death worldwide, accounting for around 10 million deaths per year Radiopharmaceuticals combine high efficacy with minimal side effects Thor Medical enables the transformation of cancer care with alpha-emitters for next- generation precision treatment Radioactive isotope (radionuclide) Targeted Radiopharmaceutical Chelator Targeting Molecule (ligand) Target Protein Cancer Cell
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Pb-212 Radiopharmaceutical Therapies Have Demonstrated Complete Responses in Cancer Patients Targeted Alpha Therapy delivers radiation directly to cancer cells while limiting exposure to surrounding healthy tissue Pb-212 therapies are being investigated across multiple cancer types, with encouraging clinical responses reported in early studies NOTE: Based on publicly disclosed Pb-212 therapeutic development programs and registered clinical studies (July 2026). Planned enrolment reflects target recruitment across ongoing studies. Source: Journal of Nuclear Medicine, Vol 63, Issue 9 – September 1, 2022 8 Baseline PET/CT scan Follow-up PET/CT scan Radioactive isotope (Radionuclide) Ligand A molecule that binds to a specific marker of interest Illustrative clinical case: 47-year-old patient with metastatic bronchial carcinoid, treated with a Pb-212 containing therapy 45+ 10+ 1300+ 8+ Pb-212 drugs in development Ongoing clinical studies Planned patient enrollments Cancer types under investigation
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Market View 9
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Radiotherapeutics Drive Market Growth, Forecast to Account for Two-Thirds of the Radiopharmaceutical Market by 2034 Early breakthrough for alpha- emitters, increasing adoption for targeted cancer therapies Radiotherapeutics established as a core oncology treatment modality Radiopharmaceuticals market size, USD billion ~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 Highlight Clinical and Commercial Momentum for Pb-212 • AdvanCell raised a USD 315 million Series D, with participation from Eli Lilly & Sanofi Ventures, and established an 11,900 sqm manufacturing hub in the US, positioning its Pb-212 pipeline for scale-up and commercial operations • OranoMed unveiled plans to initiate a new clinical study for AlphaMedix in Q4 2026, designed to m z ’ b f -risk profile • Perspective Therapeutics expanded its Pb-212 clinical studies with new dose cohorts and cancer types, while reporting positive Phase 1/2 data and EU orphan designation for VMT-α-NET • Molecular Partners and Orano Med dosed the first patients in their clinical study of MP0712, a Pb-212 therapy targeting DLL3-positive lung cancers • Roche and Orano Med advanced the Pb-212 pre- targeted radioimmunotherapy (PRIT) program into clinical development Radiotherapeutics expected to become the growth engine of radiopharma +15%
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Pb-212: Positioned to Become a Leading Isotope in RLT NOTE: Clinical data are from separate studies with different designs, patient populations and sample sizes, and are not intended as head-to-head comparisons Sources: AdvanCell ESMO 2025 poster presentation - TheraPb Phase 1B dose escalation study; FPI-2265 TATCIST study results published in a press release; Pluvicto VISION study: Sartor et al. 2021 & Pluvicto drug label information; Lutathera drug label information; Perspective Therapeutics company presentations and pressreleases; ACTION-1 ASCO 2024 poster 11 β Lu-177 Established · Lower Potency · Long-Lived Ac-225α Emerging · High Potency · Long-Lived Pb-212 DELIVERY ~15 days to deliver 80% of its radiation Radiation can reach target & neighboring cells | Half life: 6.6 days ~3 weeks to deliver 80% of its radiation Highly localized radiation | Half life: 9.9 days ~24 hours to deliver 80% of its radiation Highly localized radiation | Half life: 10.6 hours α RESULTS 46% PSA50 Pluvicto, Novartis | VISION | Phase 3 | 385 patients 12% discontinued treatment due to treatment-related AEs (63/529) 50% PSA50 FPI-2265, AstraZeneca | TATCIST | Phase 2 | 20 patients 12% discontinued treatment due to treatment-related AEs (3/25) 80% PSA50 ADVC-001, AdvanCell | TheraPb | Phase 1B | 15 patients No treatment discontinuations due to treatment-related AEs (0/22) Emerging · High Potency · Short-Lived Prostate Cancer 13% ORR Lutathera, Novartis | NETTER-1 | Phase 3 | 116 patients 13% treatment discontinuation (15/111) 29% ORR RYZ-101, RayzeBio/BMS | ACTION-1 | Phase 1B | 17 patients No discontinuations; 24% required dose modification, hold, or delay 60% ORR VMT-α-NET, Perspective Tx | NCT05636618 | Phase 2 | 35 patients No reported treatment discontinuations due to treatment-related AEs Neuroendocrine Tumors RESULTS
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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. 12 Pb-212 Emerging as the Preferred Isotope Isotope Alpha emitters On marketPhase 3 / regPhase 2Preclinical Phase 1/2 Ra-224 Ac-225 At-211 Pb-212 >35 >10 <10<5Lu-177 <30 <30Beta emitters Isotope type Drugs in development by isotope and development stage, # drugs, August 2026 • Alpha emitters represent the fastest- growing radiopharmaceutical segment in development, with the number of publicly disclosed assets doubling since 2025 • A large and diversified preclinical pipeline provides a sustained inflow of future clinical assets • The notable expansion in Phase 1/2 programs signals increasing clinical validation and capital commitment LowHigh Number of Assets >1>5>20>35
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Note: 24x Pb-212 and 1x Ra-224 known drugs under development that have not disclosed a primary indication. Cancer indication assigned only where explicitly disclosed by the developer; target biology alone does not determine indication.AlphaDaRT (Ra-224) primary indication listed as skin, but multiple cancer indications are under investigation. 13 The Pb-212 Ecosystem has Expanded its Range of Cancer Targets, Broadening the Addressable Patient Population 0 1 2 3 4 5 6 7 Prostate Neuro-Endocrine Skin Ovarian Lung Colorectal Brain Pancreas Clinical Preclinical Diversification into additional cancer types expands the addressable market, and reduces dependence on any single indication Example Drugs VMT-α-NET AB001, ADVC001 MP-0712 RMX-VH ADVC002, VMT01 CEA-PRIT Radspherin, MP-0726 RMX-GPC3 >20 drugs in early development have yet to disclose a primary cancer indication Known Pb-212 & Ra-224 Radiopharmaceuticals by Primary Cancer Indication, # drugs Established RLT indications Emerging RLT indications Exploratory RLT indications
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Commercial Development 14
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Direct Supply of Pb-212 Could Streamline Drug Development 15 Image: Illustrations for conceptual purposes only; not representative of any commercial generator or production system. Established radiopharmaceutical companies rely on their own generators to access Pb-212. A direct supplier could provide an alternative route to access Pb-212, reducing infrastructure requirements and allowing companies to focus on drug development ISOTOPE SUPPLIER INTEGRATED ISOTOPE SUPPLIER PHARMACEUTICAL COMPANY Pb-212Th-228 Drug Development Pb-212Th-228 Drug Development Current situation most companies must source Th-228 and operate their own generators Future potential they could buy Pb-212 directly Lower barriers to entry support rapid scale-up: ✓ Lower infrastructure investment ✓ Greater flexibility ✓ Allows single focus on drug development High barriers to entry might limit scale-up: • Requires infrastructure to enter new markets • Higher upfront cost and execution risk • Must build generator infrastructure before treating any patients INTEGRATED PHARMACEUTICAL COMPANY GENERATOR SYSTEM GENERATOR SYSTEM
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• Drug manufacturing • Regulatory support • Distribution CDMO Partnerships Connect Thor Medical to Pb-212 Drug Developers Worldwide in Addition to Our Core Business NOTE: CDMO - Contract Development and Manufacturing Organization16 Why Partner with CDMOs? ✓ Support customers from preclinical to commercial operations ✓ Rapid expansion through established manufacturing networks ✓ Lower growth capital requirements ✓ Access to existing customer relationships Preclinical Clinical Commercial Drug DevelopersCDMO PartnersPb-212 Production • Isotope supply • Production platform
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Entering Strategic Partnership and Supply Agreements for Pb-212 with CDMOs Eckert & Ziegler and Minerva Imaging Global leader in isotope solutions and radiopharmaceutical manufacturing w > , m l y , f y’ l l f m Scandinavian integrated CDMO and CRO specializing in targeted radionuclide therapies 17 NOTE: CDMO - Contract Development and Manufacturing Organization Thor Medical CEO Jasper C. Kurth and Eckert & Ziegler CEO Dr. Harald Hasselmann in Boston «Thor Medical has quietly built a leading technology platform and strong production capabilities for high-purity medical isotopes and precursor materials, making the company a strong strategic fit» Eckert & Ziegler CEO, Dr. Harald Hasselmann «Thor Medical has established strong capabilities within lead-212 production, and we are responding to increasing requests from our customers to implement lead-212 capability at our facility. By collaborating with Thor Medical, we can better support this demand and contribute to the growing lead-212 ecosystem» Minerva CEO, Carsten H. Nielsen
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NOTE: CDMO - Contract Development and Manufacturing Organization18 Strong Near- to Mid-Term Revenue Visibility with Expanding Market Access Th-228 supply agreements totaling NOK ~850 million provide visibility on production offtake during the AlphaOne ramp-up New customer and partnership agreements signed in H1, further broadening our commercial footprint across the radiopharmaceutical value chain Expanding product offering and routes to market: i. Long-term CDMO partnerships broaden market access ii. Preclinical-grade Ra-224 and Pb-212 sales supports future market demand Th-228 Supply Agreements Core Customer Base Expanded Customer Access Expanded Product Offering CDMO Partnership Agreements Preclinical Pb-212 Sales
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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% yield based on infinitely reusable Th-232 feedstock • Production process is self-scaling and self-sustaining capacity 20 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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Strong Industrial Execution Capabilities Demonstrated Delivering AlphaOne on Time and Budget – De-Risking Future Growth 21 No serious incidents On time and budget Key capabilities established creating a proven foundation for future expansions • Validated project execution model • Standardized installation & commissioning methodology • Optimized plant design • Experienced project organization
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22 • Th-228, Ra-224, and Pb-212 production to meet early market demand • Self-scaling production capacity ‒ Increasing to 21,000 doses after 3 years with NOK 350 million revenue potential annually ‒ 35,000 doses after 5 years with NOK 550 million revenue potential annually ‒ 60,000 doses after 10 years Production scale-up AlphaOne – Our First Commercial Scale Plant 21,000 60,000 2026 2035 # Pb-212 patient doses equivalent AlphaOne AlphaCycle production Th-228 Ra-224 Pb-212
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Financials
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1) Includes committed NOK 32m under Innovation Norway loan facility subject to Company meeting specific conditions precedent. 24 Initial Pilot Revenues Generated While Completing AlphaOne on Time and Budget and Building Up Inventory of Raw Material • Increasing revenue from pilot sales of preclinical grade Pb-212 • Payroll and related expenses of NOK 21.3 million and other operating expenses of NOK 12.6 million • Depreciations of NOK 13.4 million • Net cash flow reflects losses in the period, investments in AlphaOne and build-up of Th- 232 raw material inventory (NOK >40 million) Financial key figures (in NOKm) 1H 2026 1H 2025 2025 Revenues 0.9 0.1 0.8 EBITDA -33.1 -23.1 -48.7 Profit / (loss) before taxes -56.8 -31.8 -62.3 Net cash flow -120.1 101.0 57.2 Cash and cash equivalents 59.9 224.4 180.6 Unused committed credit facilities1) 40.0 0 0
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Outlook
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A Pluvicto-Scale Pb-212 Prostate Cancer Therapy Would Require ~ 1.6 Million Doses Over a 10-Year Product Lifespan NOTE: Illustrative 10-year demand estimate based on mCRPC and mHSPC patient populations, adjusted for PSMA eligibility, medical eligibility, and market access. Range reflects conservative-to-upside scenarios for patient population, market penetration and access. Annual figures calculated as annual doses averaged over the 2026-2035 period. Sources: Novartis FY2025 Product Sales, Novartis Peak Sales Guidance; Novartis press release, January 2024, detailing RLT production expansion; Thor Medical market considerations; Scher et al. 2015; Desai et al. 2022 26 Reported Peak Sales Potential $ 5 billion REVENUE POTENTIAL 1.6 million CUMULATIVE PATIENT DOSES 10-year Pb-212 Demand ESTIMATED RANGE: 1.3 – 1.9 MILLION DOSES 160 000 DOSES PER YEAR ESTIMATED RANGE: 129 000 – 188 000 DOSES / YEAR Average Annual Pb-212 Demand Lu-177 ESTABLISHED BENCHMARK Pb-212 DEMAND ESTIMATE Current RLT Production Capacity >250 000 PATIENT DOSES PER YEAR
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Scaling Production to Generate Revenue and Profitability while Market Continues to Grow Graphs: Illustrative27 • Initial commercial revenues began in 2026 • Revenue outlook reflects current expectations, with inherent uncertainty related to the early-stage production ramp- up and timing of customer deliveries • Annual revenue capacity scales toward ~NOK 350m within three years • Self-scaling production model drives operating leverage over time Production Capacity Patient doses Revenue NOK million EBITDA % Ramp-up 2027E 2028-30E Commercial scale Low thousands Low double digits ~21.000 ~350 Negative >50%
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Scaling Isotope Supply Through Centralized Manufacturing, Regional Production, and Sales at the Point-of-Use NOTE: CDMO - Contract Development and Manufacturing Organization28 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 One Scalable Production Platform - Multiple Routes To Global Distribution Centralized Industrial Manufacturing Industrial-scale processing of natural Th-232 for production of all downstream products Decentralized Production Hubs Th-232 14.1b years Ra-228 5.7 years Local production systems for pharmaceutical or CDMO sites Regional production at Thor Medical facilitiesA B
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COMMERCIAL PRODUCTION PLATFORM ESTABLISHED. POSITIONED FOR LONG-TERM GROWTH A Leading Supplier of Isotopes to the Radiopharmaceutical industry 29 INDUSTRIAL CAPACITY VALIDATED TECHNOLOGY >10 customers strong near- to mid-term offtake visibility and longer-term agreements COMMERCIAL TRACTION 45+ drugs in development incorporating Pb-212 or Ra-224 EARLY MOVER, GROWING MARKET 21,000 patient doses eq. production capacity, self-scaling to 60,000 2+ YEARS of pilot operations with customer deliveries validating technology FOUNDATION FOR GROWTH Th-228, Ra-224, Pb-212 securing isotope access for drug developers, CDMOs, & researchers CRITICAL SUPPLIER ✓Large and fast-growing market ✓Production platform operational ✓Industrial-scale customer deliveries ongoing
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thormedical.com Thor Medical HQ Drammensveien 167 NO-0277 Oslo, Norway Thor Medical is a leading supplier of high-purity isotopes to the radiopharmaceutical industry. The Company's proprietary production platform combines advanced separation technology with industrial-scale manufacturing capacity to deliver a reliable, scalable and cost-efficient supply of alpha- emitting radioisotopes. Thor Medical supports radiopharmaceutical companies from early-stage development to commercialization enabling scale-up of next- generation targeted cancer therapies. Thor Medical's product portfolio includes lead-212 (Pb-212) and its precursor isotopes thorium-228 (Th-228) and radium-224 (Ra-224). Based on naturally occurring thorium, Thor Medical's production process requires neither irradiation nor nuclear reactors, providing significant cost advantages while minimizing radioactive waste. Guided by its vision to become a world-leading enabler for targeted cancer therapies, Thor Medical is committed to improving millions of lives by powering the next generation of precision cancer treatment with high -purity isotopes. Thor Medical is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange under the ticker symbol TRMED. For more information, visit www.thormedical.com - http://www.thormedical.com.