Gubra A/s · OMXCOP:GUBRA
Gubra A/s — Investor Presentation (June 2026)
39 slides from Gubra A/s's investor presentation, June 2026
Slide 1: Investor presentation
Share ticker: Gubra l Nasdaq Copenhagen Investor presentation June 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 >300 Expertise Employees Our value driver $400m $325m In revenue in 2025 In operating profit in 2025 Gubra CRO Gubra Ventures (DKK 2.6bn) (DKK 2.2bn) Our value enabler Our value accelerator Gubra Gree
Slide 4: 2025 has been a record year for Gubra
2025 has History and been growth a record journey year for Gubra Revenue (USD million) 4
Slide 5: Recent events
Recent events Significant expansion of lab Partner Amylyx selected CTA submitted for BI-partnered2 triple and office facilities at DTU AMX03181 as DDC for PBH ambitious Phase 1/2a trial GLP-1/GIP/NPY2 agonist Science Park and offices in and other rare diseases with evaluating preliminary BI 3034701
Slide 6: Our leadership team
Our leadership team Markus Rohrwild Kristian Borbos Lena Moran-Adams Louise S. Dalbøge Chief Executive Officer Chief Financial Officer Group General Counsel Chief Science Officer Trine Hamann Thomas Langenickel Gaurav Grigo Zoë Johnson* Head of CRO Chief Medical and Chief Technology Officer Head of
Slide 7: Gubra business model: Three business units create one integrated value creation model
Gubra business model: Three business units create one integrated value creation model One shared scientific core with three ...enables compounded value monetization engines... creation through VALUE DRIVER Core discovery and development unit, owning R&D and pipeline strategy Gubra Biotech Faster pip
Slide 8: 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 9: Gubra Biotech
Gubra Biotech Our value driver 9
Slide 10: Our 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 11: Strong progress across our early clinical pipeline, with multiple Phase 2 entries expected this year
Strong progress across our early clinical pipeline, with multiple Phase 2 entries expected this year CTA submitted for ambitious Phase 1/2a trial ABBV-295 Ph1 MAD showed ~10% weight loss, expected to enter Phase 2 in Q3 2026 BI 3034701 to enter Phase 2 in the middle of 2026 11 Notes: UCN2 = urocorti
Slide 12: Obesity
Obesity Differentiation that matters
Slide 13: There is a paradigm shift in obesity treatment to focus increasingly on muscle-preservation
There is a paradigm shift in obesity treatment to focus increasingly on muscle-preservation 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 2
Slide 14: 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: Entering Phase 2 in Q3 2026 Entering Phase 2 in mid-2026 E
Slide 15: Recent topline results for ABBV-295 demonstrate a competitive profile in the amylin class
LONG-ACTING AMYLIN ANALOG Recent topline results for ABBV-295 demonstrate a competitive profile in the amylin class Drug ABBV-295 Company ABBV Competitive weight loss: Delivered up to –9.8% 1 at week 12 (weekly) vs. –0.3% for placebo. Ph1 MAD Ph1 MAD Ph1 MAD Trial (Part 1) (Part 2a) (Part 2b) Clear
Slide 16: Our landmark deal with AbbVie sets the stage for future partnering
LONG-ACTING AMYLIN ANALOG Our landmark deal with AbbVie sets the stage for future partnering $350m $2.2bn Upfront payment Deal + royalties -9.8% vs -0.2% NEXT STEP Weight loss in Ph1 MAD study Ph1b US in obese patients (BMI <30) (BMI 30-45) Multiple doses for 12 weeks (AbbVie responsible) Balanced L
Slide 17: Advancement of first-in-class triple agonist BI 3034701 validates our strength in scientific innovation and partnering
TRIPLE AGONIST Advancement of first-in-class triple agonist BI 3034701 validates our strength in scientific innovation and partnering PROJECT DISEASE AREA PARTNER DRUG DISCOVERY PRE-CLINICAL PHASE 1 PHASE 2 Boehringer Triple agonist Obesity Ingelheim Scientific innovation Clinical progression + Inve
Slide 18: GUB-UCN2
UCN2 GUB-UCN2 Gubra’s next mega-program focuses on muscle-preservation
Slide 19: Gubra's next mega-program GUB-UCN2 has a novel mechanism of action that addresses key obesity trends
UCN2 Gubra’s next mega-program GUB-UCN2 has a novel mechanism of action that addresses key obesity trends GUB-UCN2’S NOVEL MECHANISM HAS THE POTENTIAL TO ADDRESS METABOLIC AND CARDIORENAL INDICATIONS UCN2 Key features of GUB-UCN2 + 38 aa neuropeptide + Highly potent and selective CHRH2 agonist CRHR2
Slide 20: GUB-UCN2 selectively decreases fat mass and restores semaglutide-induced lean mass loss
UCN2 GUB-UCN2 selectively decreases fat mass and restores semaglutide-induced lean mass loss GUB-UCN2 increases fat mass loss while rescuing loss in lean mass in diet-induced obese rats co-treated with semaglutide Fat mass Lean mass Body weight GUB-UCN2 reduces fat mass, alone and in ...while preser
Slide 21: GUB-UCN2 eliminates lean mass loss and enhances fat mass loss induced by anti-obesity agents in DIO rats
UCN2 GUB-UCN2 eliminates lean mass loss and enhances fat mass loss induced by anti-obesity agents in DIO rats GUB-UCN2 rescues lean mass loss and increases fat mass loss in obese rats in combination with an amylin (Cagrilintide), a GLP-1R agonist (Semaglutide) or a dual glucagon/GLP-1R agonist (Surv
Slide 22: Our advanced 3D imaging confirms direct beneficial UCN2-driven muscle growth
UCN2 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 vo
Slide 23: In addition to improving body composition, UCN2 demonstrates clear cardiac benefits in preclinical models
UCN2 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 ca
Slide 24: GUB-UCN2 will enter the clinic in H2 2026, setting the stage for broad indication expansion
UCN2 GUB-UCN2 will enter the clinic in H2 2026, Our GUB-UCN2-focused R&D Day will take place after FPFV, to enable a setting the stage for broad indication expansion comprehensive discussion of the study design and development strategy Key benefits Primary GUB-UCN2 to validate in indication and prod
Slide 25: GUB-UCN2: CTA successfully submitted for Phase 1/2a trial
UCN2 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
Slide 26: Gubra Ventures
Gubra Ventures Our value accelerator 26
Slide 27: Gubra Ventures will leverage external capital and our existing strengths for pipeline optionality
Gubra Ventures will leverage external capital and our existing strengths for pipeline optionality Why Ventures? Gubra Biotech Our value driver Ventures will build companies based on externally sourced assets to... 1• Strengthen innovation potential and providing more “shots on goal” BD M&A 2• Enable
Slide 28: Gubra is uniquely positioned to launch Ventures and will leverage our strong capabilities across Biotech and CRO
Gubra is uniquely positioned to launch Ventures and will leverage our strong capabilities across Biotech and CRO A maturing Gubra platform meets a changing innovation landscape and strong market opportunities Moving beyond obesity Technology edge Market opportunity + Metabolic disease biology + Pept
Slide 29: Venture risks must be balanced across scientific, technology, and clinical dimensions
Venture risks must be balanced across scientific, technology, and clinical dimensions to balance portfolio risk Scientific risk Validated pathways V1 V2 Novel biology Technology risk Proven formats V2 V1 New modalities Clinical risk Clinical stage V1 V2 Discovery / preclinical stage Portfolio risk M
Slide 30: We will source external assets and create ventures that are lean and asset-centric
We will source external assets and create ventures that are lean and asset-centric by leveraging Gubra shared resources Collaboration model between Gubra Ventures, Biotech and CRO Development functions Clinical Development, CMC, Toxicology + Provides deep peptide CRO Biotech expertise and AI-driven
Slide 31: Gubra CRO
Gubra CRO Our value enabler 31
Slide 32: Signs of improving market conditions and key future trends support our CRO growth ambition
Signs of improving market conditions and key future trends support our CRO growth ambition CRO MARKET OUTLOOK CRO EXPERT VIEW ON MARKET TRENDS “What trends will define the CRO market over the next 3-5 years?” Market recovering slower than expected but with signs of increasing demand Increasing use o
Slide 33: Our CRO business is Gubra's foundation, specializing in high-growth markets since inception in 2008
Our CRO business is Gubra’s foundation, specializing in high-growth markets since inception in 2008 Gubra serves 17/20 of the largest pharma companies globally New offering New offering 14% 10-year organic revenue CAGR Key technology focus Notes: MASH = Metabolic Dysfunction-Associated Steatohepatit
Slide 34: Gubra is driving innovation in women's health
Polycystic Ovary Syndrome (PCOS) Gubra is driving innovation in women’s health WHAT CAN GUBRA OFFER? PCOS affects ~10% of women in reproductive age PCOS has no cure and is managed by symptom relief including: + Lifestyle changes + Anti-androgens + Type 2 Diabetes medication + Gonadotropins/egg relea
Slide 35: Financial results and outlook
Financial results and outlook 35
Slide 36: Q1 2026 financial results: Biotech business
BIOTECH BUSINESS Q1 2026 financial results Biotech revenue mDKK 28 Revenue + Revenue of DKK 28m compared to DKK 7m in Q1 2025. 7 8 + The increase was primarily due to milestone from Amylyx collaboration Q1 2025 Q4 2025 Q1 2026 Earnings Biotech adjusted EBIT* mDKK + EBIT of DKK -39m compared to DKK -
Slide 37: Q1 2026 financial results: CRO business
CRO BUSINESS Q1 2026 financial results CRO revenue (organic). DKKm 51 48 38 Revenue + 26% increase vs. Q4 2025, but slight decline vs. Q1 2025 (-6%) + Obesity continues to be the main growth driver Q1 2025 Q4 2025 Q1 2026 + Macroeconomic uncertainty continues to affect smaller biotech clients CRO ad
Slide 38: Financial outlook and guidance
Financial outlook and guidance Key guidance items 2026 outlook Previous 2026 Mid-term Results 2025 outlook guidance Biotech Segment Revenue No guidance No guidance DKK 2,444m Total costs1 DKK 330-360m DKK 330-360m DKK 251m CRO Segment External revenue 0-10% growth 5-15% growth 10% annual growth DKK
Slide 39: www.gubra.dk
www.gubra.dk ,