Slide 1: 4Q25 Presentation
4Q25 Presentation 11 February 2026
Slide 2: Important notice
Important notice This presentation has been prepared by and is the sole which are subject to risks, uncertainties and other factors with applicable laws and regulations. The Company require responsibility of Gentian Diagnostics ASA (the “Company” that may cause actual events to differ materially fro
Slide 3: Highlights
Highlights
Slide 4: 4Q highlights: record high quarterly sales with continuously improving profitability
4Q highlights: record high quarterly sales with continuously improving profitability 4Q25 financials and key milestones Additional highlights Sales Sales to the US ▪ Strong sales growth for Cystatin C in Asia and the US MNOK 46.6 MNOK 7.7 ▪ Very recent testing shows that the current assay version of
Slide 5: FY 2025 highlights: Solid top-line growth with strong sales expansion in the US
FY 2025 highlights: Solid top-line growth with strong sales expansion in the US FY ‘25 financials and key milestones Additional highlights ▪ Full year 2025 sales growth +16% (+17% organic) vs. 2024 Sales Sales to the US and EBITDA up +40%. MNOK 176.5 MNOK 29.4 ▪ Sales of Cystatin C increased by 32%
Slide 6: Efficient diagnostics for better treatment decisions
Efficient diagnostics for better treatment decisions
Slide 7: Gentian Diagnostics in a nutshell
Gentian Diagnostics in a nutshell Sales revenue and CAGR 190 MNOK Med Tech company targeting a $2.2B serviceable diagnostic segment with 5-10% annual growth 170 177 150 +23% 152 Appealing value proposition, lean business model & focused growth strategy 130 135 110 Industry-leading capabilities with
Slide 8: Appealing value proposition leveraging existing, open-channel instrumentation
Appealing value proposition leveraging existing, open-channel instrumentation Appealing value proposition Still, many clinically relevant diagnostic biomarkers are only available on slow and inefficient platforms. By leveraging existing, so-called open- channel instrumentation, Gentian converts thes
Slide 9: Lean business model
Lean business model Partnerships with global IVD companies OEM partnerships to secure broad roll-out and acceptance of product Distributors in select markets In selected markets we do not serve directly Direct end-users Large central laboratories in selected markets * IVD = in-vitro diagnostic
Slide 10: Accelerating growth by strengthening strategic partnerships with leading IVD manufacturers
Accelerating growth by strengthening strategic partnerships with leading IVD manufacturers Gentian targets several unmet needs: 1. New and upcoming diagnostic biomarkers 2. Gaps in companies’ current portfolio 3. Quality, supply or regulatory compliance issues with current 3rd party suppliers 4. Pri
Slide 11: Key disease areas: inflammation & infection, kidney disease, heart failure
Key disease areas: inflammation & infection, kidney disease, heart failure ESTABLISHED PRODUCTS IN MARKET LATE STAGE DEVELOPMENT DEVELOPMENT Pancreas Inflammation Kidney disease Inflammation Cardiac Kidney disease Inflammation deficiency & infection & nutrition & infection disease Cystatin C fCAL® f
Slide 12: Key drivers for long-term growth and value creation
Key drivers for long-term growth and value creation Five established products with solid growth potential Prove clinical relevance of GCAL® and bring NT-proBNP to market 7 products with combined net revenue potential of Bring a steady stream of new high-impact diagnostic tests to market Targeting NO
Slide 13: Key financials
Key financials
Slide 14: Excellent sales performance in the US and in Asia
Excellent sales performance in the US and in Asia Highlights Sales revenue - geographic split ▪ Adjusted US sales growth of 48% for full year 2025. The warehouse shift MNOK 4Q25 4Q24 2025 2024 for one customer had a full year impact of NOK +11.3m for the US, and corresponding decline for Europe. US
Slide 15: Stable cost development
Stable cost development OPEX Capitalised R&D expenses Operating expenses MNOK 4Q25 4Q24 2025 2024 Sales and marketing 8.3 9.1 29.0 28.1 expenses 4 Administration expenses 7.2 5.4 25.3 21.7 3 2 2 1 Research and 5.3 5.3 23.2 21.9 development expenses Total 20.8 19.8 77.5 71.7 20 21 21 18 18 ▪ Full yea
Slide 16: Gross margin of 56% in 2025
Gross margin of 56% in 2025 Gross and EBITDA margin % . 70 % ▪ Gross margin was 56% for the full year 64 % 2025 (54%), despite production issues 58 % 60 % 57 % 56 % 56 % experienced in 2Q25. 53 % 52 % 50 % 44 % ▪ Operations ran smoothly in 4Q25. ▪ Ambition of gross margin in the 55%-60% 40 % area on
Slide 17: Continued EBITDA improvement
Continued EBITDA improvement EBITDA development (MNOK) 34.6 ▪ EBITDA up 40% in 2025 compared to 2024. ▪ EBITDA margin at 19.6% showing good progress 24.7 towards the long-term target of 40% EBITDA margin. 3.3 -13.0 -15.5 2021 2022 2023 2024 2025
Slide 18: Solid cash position
Solid cash position 4Q25 balance sheet and cash flow ▪ NOK 20.7 million increase in cash from 31 December 2024. Cash Capex ▪ Cash flow positively impacted by MNOK 105.9 MNOK 4.9 working capital movements. MNOK 84.7 in 4Q24 MNOK 3.3 in 4Q24 ▪ Dividend of NOK 6.2 million paid in 2Q25. ▪ Proposed divid
Slide 19: Product update
Product update
Slide 20: Cystatin C
Cystatin C 32% growth in 2025 with robust US performance and China stabilisation Sales of Cystatin C last 2 years (MNOK) Growth: +22% ▪ Full year 2025 growth of 32% or NOK 16.4 17.7 million. 17.4 16.4 14.9 15.5 ▪ 36 new customers in the US and strong partner 14.0 13.3 13.4 results driving the Cystat
Slide 21: Cystatin C with exciting momentum in the US and large untapped potential
Cystatin C with exciting momentum in the US and large untapped potential – executing the “Accelerate Cys C” plan with our partners Currently only 7% of all hospitals running creatinine are requesting Cystatin C1 Growth drivers: Chronic Kidney Disease prevalence, KDIGO2 guideline change, improving ac
Slide 22: fCAL turbo
fCAL® turbo Back to growth in H2 vs. H1 Sales of fCAL® turbo last 2 years (MNOK) Growth: -6% ▪ Sales of fCAL® turbo decreased by 6% in 4Q25 18.3 compared to 4Q24, and by 1% for the full year 15.9 17.2 (NOK 60.6 million in 2025 vs. NOK 61.3 million in 15.0 13.6 13.7 14.3 14.8 2024), due to unusual hi
Slide 23: Other Products
Other Products 27% growth in FY25, driven by cCRP and fPELA volume increase Sales of other products last 2 years (MNOK) Growth: 8% 6.9 7.1 7.0 6.7 ▪ 8% quarterly growth with GCAL doubling the 6.2 sales vs. Q4 2024. 5.2 5.4 5.1 5.1 ▪ FY2025 sales ended at NOK 27.7 million which equals to 27% growth v
Slide 24: Third-party products
Third-party products A solid year with +35% Q4 and +16% FY growth Sales of third-party products last 2 years (MNOK) Growth: 35% ▪ Very strong sales in 4Q25, returning to the second quarter record level at NOK 6.4 million. 6.4 6.4 ▪ New customers and increased testing volumes 5.1 across existing cust
Slide 25: R&D update and summary
R&D update and summary
Slide 26: R&D Update
R&D Update ▪ During the quarter, Gentian announced that it has R&D Spend break-down entered into an exclusive cooperation agreement MNOK 4Q25 4Q24 2025 2024 with a leading global diagnostics company for the Technical and Clinical development of a novel assay to be integrated on support 2.6 2.9 9.9 9
Slide 27: Gentian's next generation NT-proBNP
Gentian’s next generation NT-proBNP Development update • Most recent investigations showed that the current assay version does not demonstrate sufficiently robust performance in the lower concentration ranges, particularly around clinically important cut-off levels. • The company has therefore initi
Slide 28: Q&A
Q&A
Slide 29: Appendix
Appendix
Slide 30: US and Asia driving record 4Q growth. Europe with continued warehouse shift impact.
US and Asia driving record 4Q growth. Europe with continued warehouse shift impact. • FY2025 sales to the US were NOK 29.4 Sales by region last 2 years (MNOK) million vs. NOK 12.2 million for the same US period in 2024 (NOK 11.3 million from the Asia warehouse shift). 3.8 7.7 • Adjusted growth rate
Slide 31: P&L highlights
P&L highlights MNOK 4Q25 4Q24 2025 2024 Sales 46.6 42.6 176.5 152.1 Cost of goods sold -19.6 -18.8 -78.3 -69.3 Gross profit 27.0 23.8 98.2 82.8 Other revenues 1.9 1.8 4.8 4.6 R&D expenses -5.3 -5.3 -23.2 -21.9 Sales and marketing expenses -8.3 -9.1 -29.0 -28.1 Administrative expenses -7.2 -5.4 -25.3
Slide 32: Balance sheet highlights
Balance sheet highlights MNOK 2025 2024 Inventory 54.1 45.9 Accounts- and other receivables 24.3 31.3 Cash and cash equivalents 105.9 84.7 Total non-current assets 74.2 67.7 Total assets 258.5 229.7 Total paid-in equity 319.6 316.3 Total retained equity -114.6 -122.2 Total equity 205.0 194.1 Total n
Slide 33: Cash flow highlights
Cash flow highlights MNOK 4Q25 4Q24 2025 2024 Operating activities 26.1 -4.1 42.6 13.5 Investing activities -4.9 -3.3 -10.8 -11.0 Financing activities -1.2 -1.2 -11.1 -5.0 Changes in cash and cash 20.1 -8.5 20.7 -2.4 equivalent Cash and cash equivalent at the 86.6 93.8 84.7 87.6 beginning of period
Slide 34: Dedicated and experienced management team
Dedicated and experienced management team CEO CFO & COO CGO CSO CTO VP R&D VP QA & RA Matti Njaal Markus Dr. Alexandra Dr. Frank Dr. Torsten Anne-Mette Heinonen Kind Jaquemar Havelka Frantzen Knüttel Horsrud Akre 20+ years of relevant industry experience across management positions Track record from
Slide 35: Board of directors
Board of directors Hilja Kari E. Kjersti Runar Christian Ibert Krogstad Grimsrud Vatne Åbyholm Chair of Board member Board member Board member Board member the Board Dr. Hilja Ibert has more than 25 Kari Krogstad has Kjersti Grimsrud is currently President and Mr. Vatne is the principal and owner of
Slide 36: Top 20 shareholders
Top 20 shareholders Shareholder No of shares % Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 803 368 11.69 % Carpe Diem Afseth AS 885 528 5.74 % Norda ASA 716 099 4.64 % Safrino AS 649 700 4.21 % DNB Carnegie Investment Bank AB 645 146 4.18 % Insr ASA 614 251 3.98 % J.P. Morgan SE 600 000 3.89 % DN
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