Slide 1: Photocure ASA 2nd Quarter 2026 Results
Photocure ASA 2nd Quarter 2026 Results July 29, 2026 Dan Schneider, President and CEO Priyam Shah, VP IR Dick Peters, VP Finance & IT
Slide 2: Disclaimer
Disclaimer By reading this company presentation (the “Presentation”) or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been produced by Photocure ASA (the “Company”)
Slide 3: Strategic Priorities & Initiatives
Strategic Priorities & Initiatives Continue to grow Establish BLC® as the definitive Expand and diversify Hexvix®/Cysview® sales and diagnostic standard in bladder global product portfolio increase Company profitability cancer care and improve access in uro-oncology Provide and deliver on financial
Slide 4: 2nd Quarter 2026 Highlights: 1/2
2nd Quarter 2026 Highlights: 1/2 Continued Growth and Execution on Key Initiatives Product Revenue Q2 +11% (constant currency) Adjusted EBITDA NOK 27.2 million Product NOK Revenue +6% 140.0 million EBITDAEBITDA Reported NOK 27.8 million NOK -2.0 million Unit sales level in Q2 YoY; +3% YTD NOK 29.2 m
Slide 5: 2nd Quarter 2026 Highlights: 2/2
2nd Quarter 2026 Highlights: 2/2 Continued Growth and Execution on Key Initiatives Business & Partnership News Events & Publications Product Revenue +6% EBITDA NOK 27.8 million Unit sales level in Q2 YoY; +3% YTD NOK 29.2 million ex-BD expense Acquisition of Vesica Health Inc., strengthening Blue Li
Slide 6: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q2 2026 Results 6
Slide 7: Strong Sales Performance in Both Regions in Q2
Strong Sales Performance in Both Regions in Q2 Q2 Hexvix/Cysview Unit Sales by Region (Last 3 Years) All time high North America All time high Europe 4.500 Q2 2026 revenues increased 12% ex FX; in- 16.000 Q2 2026 revenues increased 10% ex FX; in- market unit sales increased 10% market unit sales inc
Slide 8: Strong Growth in U.S. Accounts Using Cysview
Strong Growth in U.S. Accounts Using Cysview 20% YoY growth in Q2 2026 500 Active* U.S. Accounts +20% YoY growth 450 (Rolling 12 Months through Current Reported Quarter) 436 400 +23% YoY growth 350 364 +2% YoY growth 300 289 296 250 252 200 150 100 50 – Q2 22 Q2 23 Q2 24 Q2 25 Q2 26 * Active account
Slide 9: Growth Initiatives
Growth Initiatives Photocure – Presentation of Q2 2026 Results 9
Slide 10: U.S. BLC Market Offers Significant Growth Opportunity with Strong Near-Term Upside
U.S. BLC Market Offers Significant Growth Opportunity with Strong Near-Term Upside Bladder Cancer Addressable Market Expansion Triggers and Photocure Initiatives Market Access 1 Additional Rigid Manufacturers / FDA Reclassification Initiatives: FDA reclassification / alternative OEM pathways U.S. in
Slide 11: Opportunities in Precision Diagnostics: Today and in the Future
Opportunities in Precision Diagnostics: Today and in the Future Vesica Health’s Focus Photocure’s Focus BCG2 or chemotherapy based on Urologist performs initial cystoscopy TURBT procedure, biopsy to confirm grade or stage of bladder tumors Blood in the urine or other symptoms If suspected bladder ca
Slide 12: Value-Generating Asieris Programs
Value-Generating Asieris Programs: Hexvix: Commercial partnership in China Recent News & Expectations • Hexvix approved in China (Nov 2024); BLC equipment approved (Apr 2026) • Commercial rollout expected to begin shortly starting with top-tier urology centers • Structured for future upside via manu
Slide 13: Q2 Financials
Q2 Financials Photocure – Presentation of Q2 2026 Results 13
Slide 14: Consolidated Income Statement Second Quarter 2026
Consolidated Income Statement Second Quarter 2026 Q2 ‘26 Q2‘25 Change YTD ’26 YTD ‘25 Change Revenue Amounts in NOK million Q2 Hexvix/Cysview product revenue increased 11% at constant currency Hexvix/Cysview Revenue 140.0 135.6 3% 279.0 261.0 7% (3% incl FX) YoY driven by higher kit sales in North A
Slide 15: Segment Performance Second Quarter 2026
Segment Performance Second Quarter 2026 North America Segment Europe Segment Amounts in NOK million Q2 ‘26 Q2 ’25 Change YTD ‘26 YTD ’25 Change Amounts in NOK million Q2 ‘26 Q2 ’25 Change YTD ‘26 YTD ’25 Change Total revenues 59.3 57.5 3% 113.3 106.1 7% Total revenues 80.7 77.9 4% 164.1 154.6 6% Gro
Slide 16: Cash Flow & Balance Sheet Second Quarter 2026
Cash Flow & Balance Sheet Second Quarter 2026 Amounts in NOK million Q2 ‘26 Q2 ‘25 YTD ‘26 YTD ‘25 Cash Flow Operations Cash Flow 62.8 -6.9 63.6 -2.8 Q2 cash flow from operations was NOK 62.8 million, driven by EBITDA adjusted for non-cash expenses and working capital. The working capital Earnings b
Slide 17: Key Performance Metrics
Key Performance Metrics Photocure – Presentation of Q1 2026 Results 17
Slide 18: Adjusted EBITDA Trend
Adjusted EBITDA Trend Yearly Adjusted EBITDA Development % Adj. EBITDA of Product Revenue 80 14% 70 12% Adj. EBITDA (MNOK) 60 10% 50 8% 40 6% 30 4% 20 10 2% 0 0% -10 -2% -20 -4% FY22 FY23 FY24 FY25 Adjusted EBITDA (MNOK) % Adjusted EBITDA of Product Revenue YTD Adjusted EBITDA Development % Adj. EBI
Slide 19: Adjusted EBITDA Historically
Adjusted EBITDA Historically EBITDA and Adjusted EBITDA 2026 2025 2026 2025 2025 2024 2023 2022 (All amounts in NOK 1 000) Q2 Q2 YTD Jun. YTD Jun. Full Year Full Year Full Year Full Year Reported EBITDA -1,989 14,764 126,327 16,584 28,727 49,193 55,494 -24,627 (-) Milestone Payments 0 0 -125,571 0 0
Slide 20: Summary
Summary Photocure – Presentation of Q1 2026 Results 20
Slide 21: Summary of Q2 2026 results
Summary of Q2 2026 results 11% product rev. growth YoY (constant currency); executing on key initiatives to increase sales growth. Adjusted EBITDA NOK 27.2M (NOK -2.0M Reported EBITDA); forecasting increased operating leverage while funding growth initiatives. 12% constant currency revenue growth in
Slide 22: Near-Term Milestones & Corporate Objectives
Near-Term Milestones & Corporate Objectives 2026 Financial guidance: 8-11% product revenue growth on a constant currency basis & Adjusted EBITDA margin expansion. Continue increasing Hexvix/Cysview kit utility, tower upgrades & installations; collaborate with ForTec on mobile tower national rollout
Slide 23: Longer-Term Business Outlook
Longer-Term Business Outlook Assuming Medicare reimbursement by mid-2028 and positive clinical readouts supporting commercialization, Photocure expects initial AssureMDx revenues in 2027 and positive adjusted EBITDA contribution from AssureMDx operations by 2030, with market access and commercializa
Slide 24: Q&A
Q&A THE BLADDER CANCER 4 COMPANY