Gubra A/s · OMXCOP:GUBRA
Gubra A/s — Investor Presentation (February 2026)
36 slides from Gubra A/s's investor presentation, February 2026
Slide 1: Investor presentation February 2026
Share ticker: Gubra l Nasdaq Copenhagen Investor presentation February 2026 1
Slide 2: Forward looking statements
Forward looking statements Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and that can be identified by words such as “believe“, “expect“, “anticipate“, “intends“, “estimate“, “will“, “may“, “c
Slide 3: Gubra: A disease-agnostic techbio with deep peptide and preclinical expertise
Gubra: A disease-agnostic techbio with deep peptide and preclinical expertise Gubra Biotech OBESITY Expertise ~ 300 Employees Our value driver $400m $325m In revenue In operating profit Gubra CRO Gubra Ventures (DKK 2.6bn) (DKK 2.2bn) Our value enabler Our value accelerator Gubra Green Our commitmen
Slide 4: 2025 a record year for Gubra; history and growth journey
2025 has History and been growth a record journey year for Gubra Revenue (USD million) 4
Slide 5: Our leadership team
Our leadership team Markus Rohrwild Kristian Borbos Line Holten Reimer Gaurav Grigo Chief Executive Officer Chief Financial Officer Chief Investment Officer Chief Technology Officer Trine Hamann Louise S. Dalbøge Thomas Langenickel Zoë Johnson Head of CRO Chief Science Officer Chief Medical and Head
Slide 6: Key events in 2025
Key events in 2025 Out-licensing ABBV-295 Preservation of Combining Gubra’s (long-acting amylin analog) lean mass during parathyroid hormone (PTH) $2.2bn deal incl. incretin treatment analog with $350m in upfront Camurus’ technology Strong weight reduction Markus Rohrwild BI advances first-in-class
Slide 7: Our strong foundation for growth
Our strong foundation for growth OUR PROMISE TO PARTNERS... …WILL BE FULLY UNLOCKED THROUGH KEY GROWTH LEVERS We join forces across teams and with partners to innovate in AI-driven peptide discovery, preclinical CRO services and through venture creation. Building on our solid foundation, we strive t
Slide 8: The Gubra business model
The Gubra business model GUBRA GROUP GUBRA BIOTECH GUBRA CRO GUBRA VENTURES + Proprietary AI-based drug + World-class, highly specialized + Lean, asset-centric spin-outs that discovery platform preclinical research services leverage shared capabilities + Pipeline of high value assets, + Delivering o
Slide 9: Where we play: From Discovery to high-value proof of concept clinical inflection
Where we play: From Discovery to high-value proof of concept clinical inflection Value inflection magnitude DISCOVERY EARLY-STAGE DEVELOPMENT LATE-STAGE DEVELOPMENT IND-enabling Discovery and Lead Preclinical preclinical Phase 1 Phase 2 Phase 3 hit generation optimization validation development Phas
Slide 10: Gubra Biotech
Gubra Biotech Our value driver 10
Slide 11: AI-driven peptide discovery platform StreaMLine enables rapid identification of novel peptide candidates
Our AI-driven peptide discovery platform StreaMLine enables rapid identification of novel peptide candidates Key advantages + AI-driven design combined with high-throughput wet lab screening + Hit to Development Candidate < 1.5 years + High novelty and patentability of Development Candidates + Pepti
Slide 12: Our pipeline reflects our disease-agnostic nature, strong partnering capabilities, and deep peptide expertise
Our pipeline reflects our disease-agnostic nature, strong partnering capabilities, and deep peptide expertise Notes: UCN2 = urocortin-2; GLP-1 = glucagon-like peptide-1; PBH = Post-Bariatric Hypoglycemia; NPY2R = Neuropeptide Y Receptor Type 2 12
Slide 13: Obesity
Obesity Differentiation that matters 13
Slide 14: Paradigm shift in obesity treatment to focus on high quality weight loss
There is a paradigm shift in obesity treatment to focus on high quality weight loss Obesity continues to grow at a striking pace However, there is a paradigm shift in treatment Key trends will dominate future treatment Today, lean mass Obese and overweight people globally (bn) accounts for 20-45% of
Slide 15: Our deep peptide expertise has delivered potential obesity blockbusters
Our deep peptide expertise has delivered 3 potential obesity blockbusters LONG-ACTING AMYLIN ANALOG TRIPLE AGONIST UCN2 ABBV-295 out-licensed BI 3034701 out-licensed GUB-UCN2 internal Development stage: Development stage: Development stage: Clinical Phase 1 (MAD) Mid-stage clinical Entering clinic H
Slide 16: GUB-UCN2
GUB-UCN2 Gubra’s next mega-program focuses on high-quality weight loss
Slide 17: GUB-UCN2: Gubra's next mega-program focuses on high-quality weight
GUB-UCN2: Gubra’s next mega-program focuses on high- quality weight A NOVEL MECHANISM SUPPORTED BY STRONG PRECLINICAL DATA UCN2 HAS POSITIVE EFFECTS ON MULTIPLE TISSUES Increases muscle Reduces fat mass, mass, restoring loss including plasma from obesity drugs triglycerides Supports once- Cardiorena
Slide 18: GUB-UCN2 will enter the clinic in H1 2026, setting the stage for broad indication expansion
GUB-UCN2 will enter the clinic in H1 2026, setting the stage for broad indication expansion Key benefits Primary GUB-UCN2 to validate in indication and product the clinic expansion Mechanism of action Improved body composition Primary indication Long acting Urocortin-2 (UCN2) peptide analog Increase
Slide 19: GUB-UCN2: CTA successfully submitted for Phase 1/2a trial
GUB-UCN2: CTA successfully submitted for Phase 1/2a trial Ambitious First-In-Human Phase 1/2a trial enrolling ~188 participants Evaluates safety, tolerability, pharmacokinetics, and preliminary efficacy Focuses on muscle volume and muscle function endpoints Investigates GUB-UCN2 as monotherapy and i
Slide 20: Gubra CRO
Gubra CRO Our value enabler 20
Slide 21: Our CRO business is Gubra's foundation, specializing in high-growth markets since 2008
Our CRO business is Gubra’s foundation, specializing in high-growth markets since inception in 2008 We have strongholds across several disease and technological areas Gubra serves 16/20 of the largest pharma companies globally New offering New offering 14% 10-year organic revenue CAGR Key technology
Slide 22: Gubra's 3D imaging: A true differentiator in preclinical research
Gubra’s 3D imaging: Whole-brain imaging Whole-ovary imaging A true differentiator in preclinical research Automated, high-resolution imaging within a diverse range of disease areas, including women’s health, neurodegeneration, and obesity. WHAT SETS US APART? Drug distribution Oocytes Whole-organ im
Slide 23: Gubra Ventures
Gubra Ventures Our value accelerator 23
Slide 24: Gubra Ventures to accelerate value creation
Gubra Ventures to accelerate value creation WHAT IS A VENTURE? + High-potential science with clear translational hypotheses + Novel modalities in Gubra’s key therapeutic areas + High value therapeutic areas leveraging Gubra’s peptide expertise WHY NOW? + Gubra’s platforms and translational capabilit
Slide 25: Financial results and outlook
Financial results and outlook 25
Slide 26: Building on a record year
Building on a record year 2025 WAS A RECORD YEAR… …WITH A STRONG OUTLOOK ON 2026 + Strongest financial results in company history + Revenue of DKK 2.6bn and net profit of DKK 1.7bn + Landmark deal with AbbVie, validating our business model of developing novel assets and out-licensing at clinical PoC
Slide 27: FY 2025 financial results: Biotech business
2,444 BIOTECH BUSINESS Biotech revenue mDKK 8 FY 2025 financial results 50 Revenue 46 + Revenue of DKK 2.444m compared to DKK 46m in 5 2,380 2024 with the increase primarily driven by the 27 AbbVie upfront payment 7 7 7 FY 2024 FY 2025 Q1 Earnings Q2 Biotech adjusted EBIT* mDKK 2,193 + Significant i
Slide 28: FY 2025 financial results: CRO business
CRO BUSINESS CRO revenue (organic). DKKm FY 2025 financial results 220 193 58 38 Revenue 55 49 Q1 + 13% decline y/y vs. record-year 2024 49 55 Q2 Q3 + Decline driven primarily by lower activity among 59 51 small biotech customers Q4 FY 2024 FY 2025 + Promising orderbook at the start of 2026 CRO adju
Slide 29: Financial outlook and guidance
Financial outlook and guidance Key guidance items 2026 outlook Mid-term guidance Results 2025 Biotech Segment Revenue No guidance DKK 2,444m Total costs1 DKK 330-360m DKK 251m CRO Segment Revenue 5-15% growth 10% annual growth DKK 193m EBIT-margin 20-25% 15% Gubra Ventures EBIT DKK -5 to -10m n/a Gu
Slide 30: What to watch: preparing for the next wave of growth
What to watch: Gubra is preparing for the next wave of growth through expansion of our pipeline and internal R&D UCN2 program momentum Moving beyond obesity Expanding partnerships Pipeline expansion By initiating first-in-human trials in By moving into new therapeutic By building on our ABBV-295 By
Slide 31: Appendix
ubr. Appendix
Slide 32: Preclinically, GUB-UCN2 selectively decreases fat mass while protecting lean mass
Preclinically, GUB-UCN2 selectively decreases fat mass while simultaneously protecting loss of lean mass GUB-UCN2 increases fat mass loss while rescuing loss in lean mass in diet-induced obese rats co-treated with semaglutide GUB-UCN2 has a neutral effect on body GUB-UCN2 prevents lean mass loss and
Slide 33: UCN2 demonstrates clear cardiac benefits in preclinical models
In addition to improving body composition, UCN2 demonstrates clear cardiac benefits in preclinical models Long-acting UCN2 significantly improves cardiac function in rats with myocardial infarction after 8 weeks of treatment Rat model of Myocardial Infarction (MI) UCN2 significantly improves cardiac
Slide 34: Advanced 3D imaging confirms direct beneficial UCN2-driven muscle growth
Our advanced 3D imaging confirms direct beneficial UCN2- driven muscle growth Gubra’s 3D imaging technology for skeletal muscle analysis GUB-UCN2 increases total muscle volume in hindleg from aged diet-induced obese rats both as monotherapy and in combination with semaglutide 3D Total Muscle volume
Slide 35: UCN2 demonstrates clear cardiac benefits in preclinical models
In addition to improving body composition, UCN2 demonstrates clear cardiac benefits in preclinical models Long-acting UCN2 significantly improves cardiac function in rats with myocardial infarction after 8 weeks of treatment Rat model of Myocardial Infarction (MI) UCN2 significantly improves cardiac
Slide 36: www.gubra.dk
www.gubra.dk ,