Slide 1: 2Q25 Presentation
2Q25 Presentation 10 July 2025
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: Efficient diagnostics for better treatment decisions
Efficient diagnostics for better treatment decisions
Slide 4: Gentian Diagnostics at a glance
Gentian Diagnostics at a glance Sales revenue and CAGR A MedTech company targeting $1.8bn serviceable MNOK 160 diagnostic market with 5-10% annual growth 152 140 135 Appealing value proposition, focused strategy and 120 +26% lean business model. 100 102 Industry-leading capabilities - strong focus o
Slide 5: Appealing value proposition
Appealing value proposition Value proposition Many clinically relevant diagnostic biomarkers are available only on slow and inefficient platforms By leveraging existing, open-channel instrumentation, Gentian converts these tests to high-throughput analysers Faster results → better treatment decision
Slide 6: 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 7: Focused strategy targeting large, existing market with our world-leading knowledge on PETIA
Focused strategy targeting large, existing market with our world-leading knowledge on PETIA* Focused strategy Highly specialised with PETIA assays on high volume diagnostic segments. Addressing customer needs with world- class R&D, production, clinical data generation and regulatory support. Leverag
Slide 8: Key disease areas: inflammation & infection, kidney disease, heart failure
Key disease areas: inflammation & infection, kidney disease, heart failure ESTABLISHED PRODUCTS IN MARKET IN PRODUCT DEVELOPMENT DEVELOPMENT Inflammation Pancreas Inflammation Cardiac Kidney disease Inflammation Kidney disease & infection deficiency & infection disease & nutrition Cystatin C Canine
Slide 9: 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 10: Highlights
Highlights
Slide 11: 2Q highlights: Good sales growth in Q2 and H1 vs. '24 – some one-off COGS events
2Q highlights: Good sales growth in Q2 and H1 vs. ’24 – some one-off COGS events impacted gross margin and EBITDA 2Q25 financials and key milestones Additional highlights ▪ Revenue of NOK 88.1 million in 1H25 up 15% vs 1H24 (13% Sales Sales to US organic growth). ▪ Cystatin C +31% in 2Q25 vs.2Q24. C
Slide 12: Both the US and Asia growing by ~30% followed by Europe
Both the US and Asia growing by ~30% followed by Europe Highlights Sales revenue - geographic split ▪ Sales growth of 14% (14% organic) vs. 2Q24. MNOK 2Q25 2Q24 YTD25 YTD24 2024 US 7.2 2.8 11.0 5.7 12.2 ▪ Another strong quarter for Cystatin C (+31%) with good order book for Q3 from Beckman China. Eu
Slide 13: Stable cost development
Stable cost development Operating expenses MNOK 2Q25 2Q24 YTD25 YTD24 2024 Sales and marketing 7.3 6.4 13.4 12.9 28.1 expenses Administration expenses 6.8 6.6 13.1 12.6 21.7 Research and 6.7 5.1 11.8 11.2 21.9 development expenses Total 20.8 18.1 38.3 36.6 71.7 ▪ Operating expenses ended at 20.8 MNO
Slide 14: Gross margin heavily influenced by production issues
Gross margin heavily influenced by production issues Gross and EBITDA margin % . 70 % ▪ Drop in gross margin related to raw 64 % material issues that transferred over to the 60 % 57 % 56 % production process. 53 % 52 % 50 % 46 % 42 % 44 % ▪ High amount of scrapping and additional 40 % work for the o
Slide 15: Continued EBITDA improvement
Continued EBITDA improvement EBITDA development (MNOK) 24.7 ▪ EBITDA 1H25 of NOK 15.7 million vs 15.7 11.6 million in 1H24. ▪ 2Q EBITDA influenced by weak gross 3.3 margin. -13.0 -15.5 2021 2022 2023 2024 2025 YTD
Slide 16: Solid cash position
Solid cash position 2Q25 balance sheet and cash flow Capital priorities ▪ NOK 4.5 million decrease in cash from 31 December 2024. Cash Capex ▪ Solid cash position of NOK 80.2 million MNOK 80.2 MNOK 2.5 MNOK 81.0 in 2Q24 MNOK 1.8 in 2Q24 ▪ Dividend of NOK 6.2 million paid in 2Q25. ▪ No interest-beari
Slide 17: Product update
Product update
Slide 18: Cystatin C
Cystatin C 31% growth from continued US momentum and stabilised China business Sales of Cystatin C last 2 years (MNOK) Growth: +31% 17,7 17,4 ▪ US, China and South Korea drove sales in 2Q. 16,5 14,9 ▪ Orders worth NOK 9.4 million from Asia were 14,0 13,3 13,4 shipped during 2Q. Solid orderbook for Q
Slide 19: fCAL turbo
fCAL® turbo Sales impacted by order phasing Sales of fCAL® turbo last 2 years (MNOK) Growth: -15% ▪ Sales dropped by 15% YoY to NOK12.8 million 18,3 for 2Q25. 15,0 ▪ 2Q was effected by stocking during previous 14,8 13,6 13,7 14,3 quarters and phasing of orders. 12,8 12,0 ▪ Overall, the outlook for 2
Slide 20: Other products with highest quarterly sales ever delivering 32% YoY growth
Other products with highest quarterly sales ever delivering 32% YoY growth Sales of other products last 2 years (MNOK) Growth: 32% 6,9 7,1 ▪ 2Q sales of NOK 7.1 million, up 32% 6,2 compared to the same quarter 2024. 5,1 5,2 5,4 5,1 ▪ fPELA turbo and cCRP had another strong 4,6 4,3 quarter at high do
Slide 21: Third-party products
Third-party products Record sales quarter at NOK 6.4 million Sales of third-party products last 2 years (MNOK) Growth: 38% ▪ Record 2Q sales up by 38% compared to 2Q last year. 6,4 ▪ Increased customer base across the region 5,8 and higher testing levels driving growth. 5,1 4,8 4,7 4,6 4,3 4,7 ▪ Our
Slide 22: US and Asia driving growth in Q2
US and Asia driving growth in Q2 Sales by region last 2 years (MNOK) US US sales + 156% vs. 2Q 2024 with a third 3,8 strong quarter in a row. 35 new customers in Asia 4,1 7,2 2025, including 31 for Cystatin C. Europe 2,9 2,8 2,0 10,0 6,2 2,8 1,9 8,9 7,7 6,9 2,4 9,8 Sales to Asia grew by 43% driven b
Slide 23: R&D update and summary
R&D update and summary
Slide 24: R&D Update
R&D Update ▪ The early-stage development project, in partnership R&D Spend break-down with a global IVD player, is progressing towards the MNOK 2Q25 2Q24 YTD25 YTD24 end of the proof-of-concept phase and getting ready Technical and Clinical to move to optimization. support 2.6 2.2 4.7 4.8 ▪ Addition
Slide 25: Gentian's NT-pro-BNP late-stage development
Gentian’s NT-pro-BNP late-stage development Selected total NT-proBNP option advancing towards final validation phase 2Q highlights: ▪ Following the strategic decision to align the product with a total NT-proBNP format, the team completed further calibrator adjustments and clinical sample testing acr
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: P&L highlights
P&L highlights MNOK 2Q25 2Q24 YTD25 YTD24 2024 Sales 43.6 38.3 88.1 76.8 152.1 Cost of goods sold -24.2 -16.6 -40.4 -34.8 -69.3 Gross profit 19.3 21.7 47.2 42.0 82.8 Other revenues 0.9 1.0 1.8 1.7 4.6 R&D expenses -6.7 -5.1 -11.8 -11.2 -21.9 Sales and marketing expenses -7.3 -6.4 -13.4 -12.9 -28.1 A
Slide 29: Balance sheet highlights
Balance sheet highlights MNOK 2Q25 2Q24 2024 Inventory 51.7 41.2 45.9 Accounts- and other receivables 35.5 23.5 31.3 Cash and cash equivalents 80.2 81.0 84.7 Total non-current assets 63.8 41.1 67.7 Total assets 231.2 186.9 229.7 Total paid-in equity 318.9 315.7 316.3 Total retained equity -121.4 -15
Slide 30: Cash flow highlights
Cash flow highlights MNOK 2Q25 2Q24 YTD25 YTD24 2024 Operating activities 0.9 -1.5 7.5 1.1 13.5 Investing activities -2.5 -1.8 -4.5 -5.0 -11.0 Financing activities -7.4 -1.3 -8.7 -2.5 -5.0 Changes in cash and cash -9.0 -4.6 -5.6 -6.4 -2.4 equivalent Cash and cash equivalent at the 88.7 85.6 84.7 87.
Slide 31: Achieved 26% p.a. sales growth last six years
Achieved 26% p.a. sales growth last six years Sales revenue and CAGR Partnerships prove viability of go-to-market model NOKm 160 152 140 +26% Global distribution agreement for 135 120 GCAL®, initial roll-out in Europe 100 102 80 Long-standing commercial 83 partnership for Cystatin C 60 63 40 48 Part
Slide 32: 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 33: 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 34: Top 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 797 516 5.17 % Norda ASA 716 099 4.64 % DNB Carnegie Investment Bank AB 681 000 4.42 % Safrino AS 649 700 4.21 % Insr ASA 614 251 3.98 % J.P. Morgan SE 523 631 3.40 % DN
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