Xbrane Biopharma Ab · OMXSTO:XBRANE

Xbrane Biopharma Ab — Q4 2025 Earnings Presentation

19 slides from Xbrane Biopharma Ab's earnings presentation, Feb 20, 2026

1. Slide 1: Q4 2025 presentation

   ,RANE BIOPHARMA Q4 2025 present ation CS se 2025 Year-end Report 2026.02.20

2. Slide 2: Xdivane clinical study initiated

   “Xdivane clinical study initiated” Wud Martin Amark, CEO February 20" , 2026 MBRANE SCIENCE FOR HIGH QUALITY BIOSIMILARS 2025 Year-end Report 2026.02.20

3. Slide 3: Disclaimer

   Disclaimer You must read the following before continuing, The following applies to this document and the information provided in this presentation by Xbrane Biopharma AB (publ) (the "Company’) or any person on behalf of the Company and any ‘other material distributed or statements made in connection

4. Slide 4: Presenters

   Presenters P Martin Amark Jane Benyamin CEO CFO MBRANE SCIENCE FOR HIGH QUALITY BIOSIMILARS 2025 Year-end Report 2026.02.20

5. Slide 5: Ximluci® – Launched across 24 countries

   Ximluci® – Launched across 24 countries Ximluci® launched by STADA in 24 countries Co-Development & Commercialization Partnership with STADA Partnership with STADA signed in 2018. STADA are granted the commercial rights to Ximluci® globally  Global generics and biosimilar specialist with including

6. Slide 6: Ximluci® addressable market in Europe is €5 billion

   Ximluci® addressable market in Europe is €5 billion Europe retinal anti VEGF: EUR 5 billion market Commentary  Europe retinal anti VEGF market at €5 billion in 2024 with € 5 billion approx. 7 million units (excl off label Avastin) shipped 100%  Volume growth of 7% p.a. and value growth of 5.5% p.a

7. Slide 7: Ximluci® – Currently at 8% volume market share in Europe

   Ximluci® – Currently at 8% volume market share in Europe Profit split to Xbrane and growth in vials sold by STADA Commentary  Volume constant Q4 2025 vs. Q3 2025.  Ximluci® share of ranibizumab market across launched countries in Europe was 8% by volume in November 2025, i.e. constant market share

8. Slide 8: Lucamzi – delay in FDA approval

   Lucamzi – delay in FDA approval Xbrane & STADA partner with Valorum US Commercialization Partnership Xbrane and STADA license US commercial rights to Valorum Biologics. Valorum will be responsible for sales,  Biosimilar commercialization marketing and commercial efforts in the US after approval. ST

9. Slide 9: Xdivane is one out of four biosimilars in clinic addressing $14 billion

   Xdivane is one out of four biosimilars in clinic addressing $14 billion of expected originator sales at US patent expiry late 2028 Opdivo® expected to generate net-sales of $14b globally in 2028 Landscape & Commentary  Opdivo is an immuno-oncology drug (PD1 inhibitor) used in treatment of several c

10. Slide 10: Xdivane clinical trial initiated and program on track towards day 1 launch

    Xdivane clinical trial initiated and program on track towards day 1 launch 2024 2025 2026 2027 2028 2029 2030 Commercialization Milestone payment to Milestone payment to Xbrane Xbrane LoE US LoE Europe Production of clinical material Pivotal clinical trial MAA / BLA  Successful scale-up to  Single

11. Slide 11: Xdivane – +1 billion SEK annual profit sharing potential for Xbrane

    Xdivane – +1 billion SEK annual profit sharing potential for Xbrane US biosimilar volume market share vs. reference product Commentary  Oncology biosimilars have been well received with average penetration of 75% at year 3 post launch in US  Sold via hospital channel in US under Medicare Part B re

12. Slide 12: Year-end Report Financials

    Year-end Report 2 Financials 3. ii te i Z MUBRANE SCIENCE FOR HIGH QUALITY BIOSIMILARS

13. Slide 13: Net Revenues (Quarter by Quarter)

    Net Revenues (Quarter by Quarter) Net revenue SEK m 100,0 126% 80,0 60,0 40,0 20,0 0,0 + 20,0 Gross margin % Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 140% 120% 100% 80% mmm Product sales (incl. Profit share) 60% mmm Oullicensing of product 40% === Contract manufacturing 18%20% mmm Other 0% —=Gross

14. Slide 14: Company Expenses (G&A and R&D) by Quarter

    Company Expenses (G&A and R&D inc. capitilized R&D) by Quarter 0,0 -10,0 -20,0 -30,0 -40,0 -50,0 -60,0 -70,0 -80,0 -90,0 SEK m Q2'24 98 Q3 '24 98 Quarter by Quarter Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 8,0 66 183 od E 26,4 “10,1 11,0 G&A mR&D Xbrane has divested XB003 and part of it's organization during Q

15. Slide 15: Cash flow chart Q4-25

     Cash flow chart Q4-25 13  60 -8 -2  -18 -26 94  87 -25 0     

16. Slide 16: Cash and Cash Equivalents Operating Cash Flow

    Cash and Cash Equivalents Operating Cash Flow

17. Slide 17: Key Take-Aways

    Key Take-Aways Ximluci® launched in 24 countries, constant market share in Europe Ongoing initiatives to reduce Ximluci production cost for long term competitiveness Planned Ximluci BLA resubmission in March 2026 Xdivane development proceeding according to plan targeting BLA submission H2 2027 MUBRA

18. Slide 18: Business Concept, Vision, Objective

    BUSINESS CONCEPT Xbrane develops biosimilars of difficult-to- manufacture and often very expensive original drugs VISION To become a world-leading scientifically-based biosimilar developer of cost-effective drugs for which there is a significant medical need OBJECTIVE To contribute to everybody havi

19. Slide 19: MUBRANE SCIENCE FOR HIGH QUALITY BIOSIMILA

    MUBRANE SCIENCE FOR HIGH QUALITY BIOSIMILA

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