Photocure Asa · OSL:PHO
Photocure Asa — Q1 2026 Earnings Presentation
27 slides from Photocure Asa's earnings presentation, May 7, 2026
Slide 1: 1st Quarter 2026 Results
Photocure ASA 1st Quarter 2026 Results May 7, 2026 Dan Schneider, President and CEO Erik Dahl, CFO Priyam Shah, VP IR
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: 1st Quarter 2026 Highlights: 1/2
1st Quarter 2026 Highlights: 1/2 Continued growth and execution on key initiatives Product Revenue Q1 +18% (ex FX) Adjusted EBITDA NOK 15.3 million Product NOK Revenue +6% 139.0 million EBITDAEBITDA Reported NOK 27.8 million NOK 128.3 million Unit sales level in Q2 YoY; +3% YTD NOK 29.2 million ex-B
Slide 5: 1st Quarter 2026 Highlights: 2/2
1st Quarter 2026 Highlights: 2/2 Continued growth and execution on key initiatives Business & Partner 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 FDA provides answer to KARL STORZ’s CP and Laser III publica
Slide 6: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q1 2026 Results 6
Slide 7: Strong Unit Sales Performance in Both Regions in Q1
Strong Unit Sales Performance in Both Regions in Q1 Q1 Hexvix/Cysview Unit Sales by Region (Last 3 Years) North America Europe +29% YoY grow th Q1 2026 revenues increased 26% ex FX; in-market All tim e high Q1 2026 revenues increased 11% ex FX; 4,500 unit sales increased 26% 16,000 in-market unit sa
Slide 8: Accelerating Growth in U.S. Accounts Actively Using Cysview
Accelerating Growth in U.S. Accounts Actively Using Cysview 21% YoY growth in Q1 2026 450 Active* U.S. Accounts +21% YoY grow th (Rolling 12 Months through Current Reported Quarter) 400 413 350 +17% YoY grow th +6% YoY grow th 337 300 +7% YoY grow th 289 250 272 254 200 150 100 50 – Q1 22 Q1 23 Q1 2
Slide 9: 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 10: FDA Reclassification Process in Section 513(e)
FDA Reclassification Process in Section 513(e) Photocure – Presentation of Q1 2026 Results 10 https://www.fda.gov/about-fda/cdrh-transparency/reclassification
Slide 11: Growth Initiatives
Growth Initiatives Photocure – Presentation of Q1 2026 Results 11
Slide 12: Photocure's Organic Growth Initiatives
Photocure’s Organic Growth Initiatives Mobile BLC: Accelerating Collaboration in Flexible Partnership in the BLC through Mobile BLC equipment for the development of AI for Capability in the U.S.: global surveillance market: blue light cystoscopy: ForTec Richard Wolf ISC / Claritas Photocure – Presen
Slide 13: Supportive Environment for BLC in the Management of Bladder Cancer
Supportive Environment for BLC in the Management of Bladder Cancer Guidelines Science Technology Global and national guidelines Wealth of clinical evidence: Equipment manufacturers have been recommend BLC with Hexvix® / Cysview® upgrading their blue light capital 300+ publications equipment to 4K /
Slide 14: Rapidly Evolving Therapeutic Landscape of Bladder Cancer
Rapidly Evolving Therapeutic Landscape of Bladder Cancer Current stage BCG Bladder Cancer: high BCG: cornerstone of treatment recurrence rates despite for NMIBC. However, ~50% standard therapies. patients relapse or are BCG unresponsive Therapeutic Landscape of NMIBC Recent advances Trend & Future M
Slide 15: Opportunities in Precision Diagnostics: Today and in the Future
Opportunities in Precision Diagnostics: Today and in the Future Our Focus Today Urologist TURBT performs initial procedure, cystoscopy biopsy to confirm Blood in the urine diagnosis, BCG or chemotherapy or other symptoms If suspected remove all based on grade or bladder cancer tumors: stage of bladd
Slide 16: Value-Generating Asieris Programs
Value-Generating Asieris Programs: Hexvix: Commercial partnership in China Recent News & Expectations • Richard Wolf System blue BLC equipment approved in China in April 2026 • Hexvix was approved in China in November 2024 • Commercialization of the drug-device system anticipated to begin in coming
Slide 17: Q1 Financials
Q1 Financials Photocure – Presentation of Q1 2026 Results 17
Slide 18: Consolidated Income Statement First Quarter 2026
Consolidated Income Statement First Quarter 2026 Amounts in NOK million Q1 ‘26 Q1‘25 Change FY ‘25 Revenue Q1 Hexvix/Cysview product revenue increased 18% (11% incl FX) YoY Hexvix/Cysview Revenue 139.0 125.3 11% 530.8 driven by higher kit sales in North America and Europe. The expected Milestones an
Slide 19: Segment Performance First Quarter 2026
Segment Performance First Quarter 2026 North America Segment Europe Segment Amounts in NOK million Q1 ‘26 Q1 ’25 Change FY ’25 Amounts in NOK million Q1 ‘26 Q1 ’25 Change FY ’25 Total revenues 54.0 48.6 11% 219.9 Total revenues 83.4 76.8 9% 309.8 Gross profit 50.9 46.4 10% 209.6 Gross profit 76.6 69
Slide 20: Cash Flow & Balance Sheet First Quarter 2026
Cash Flow & Balance Sheet First Quarter 2026 Amounts in NOK million Q1 ‘26 Q1 ‘25 FY ‘25 Cash Flow Operations Cash Flow 0.8 4.1 26.0 Q1 cash flow from operations was NOK 0.8 million, driven by EBITDA Earnings before tax 109.4 -9.4 -16.7 adjusted for non-cash expenses and working capital Depreciation
Slide 21: Key Performance Metrics
Key Performance Metrics Photocure – Presentation of Q1 2026 Results 21
Slide 22: 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 Quarterly Adjusted EBITDA Development 20 A
Slide 23: Adjusted EBITDA Historically
Adjusted EBITDA Historically 2026 2025 2025 2024 2023 2022 (All amounts in NOK 1 000) Q1 Q1 Full Year Full Year Full Year Full Year Reported EBITDA 128,316 1,821 28,727 49,193 55,494 -24,627 (-) Milestone Payments -125,571 0 0 -33,713 -54,443 -18,658 (-) Non-H/C revenues (includes Hivec, Cevira API
Slide 24: Summary
Summary Photocure – Presentation of Q1 2026 Results 24
Slide 25: Summary of Q1 2026 results
Summary of Q1 2026 results 18% global product rev. growth YoY (ex FX); executing on key initiatives to increase sales growth. Adjusted EBITDA NOK 15.3M (NOK 128.3M Reported EBITDA); forecasting increased operating leverage while funding growth initiatives. 29% Rigid kit sales growth in U.S., outweig
Slide 26: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives 2026 Financial guidance: 7-11% 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 rollou
Slide 27: Q&A
Q&A THE BLADDER CANCER y COMPANY