Slide 1: Q3 2025 Investor Presentation
SHARE TICKER: GUBRA l NASDAQ COPENHAGEN Q3 2025 INVESTOR PRESENTATION 7 NOVEMBER 2025 PRESENT FROM GUBRA: Markus Rohrwild, CEO Louise S. Dalbøge, CSO Kristian Borbos, CFO INVESTOR CONFERENCE CALL DIAL-IN NUMBERS 7 November 2025, 10:00am CET DK: +45 70 71 71 73 l UK: +44 20 8610 3526 Follow live via:
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: CRO Services and Discovery & Partnerships
CRO SERVICES DISCOVERY & ~275 30% PARTNERSHIPS Specialized pre-clinical Discovery, design, and contract research and development of peptide- EMPLOYEES YEARLY development services based drug candidates SEPTEMBER 2025 REVENUE GROWTH* for the pharma and with the aim of entering biotech industry. partne
Slide 4: Record first nine months of 2025
Record first nine months of 2025 Revenue EUR million 348 Discovery & Partnerships CRO services 327 34 28 36 15 20 27 23 27 6 3 6 7 11 3 13 5 1 1 2 3 3 3 3 6 11 9 30 1 4 8 12 15 16 20 21 18 23 21 2 2 4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 2025 4
Slide 5: Key highlights in 2025
Key highlights in 2025 UCN2 AbbVie Amylin CRO CEO Program Deal ABBV-295* Business succession FOR HIGH QUALITY +EXTRAORDINARY STRONG CLINICAL SLIGHT DECLINE FOR NEXT WAVE WEIGHT LOSS DIVIDEND PHASE 1 RESULTS VS 9M 2024 OF GROWTH + Results show prevention + Out-licensing + Tolerability and patent + Ma
Slide 6: Our AI-accelerated peptide discovery-to-clinical platform
Our AI-accelerated peptide discovery-to-clinical platform StreaMLine rapidly identifies 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 + P
Slide 7: Our R&D Pipeline comprises both partnered and internal programs
Our R&D Pipeline comprises both partnered and internal programs 7
Slide 8: Obesity: Differentiation that matters
OBESITY Differentiation that matters 8
Slide 9: There is paradigm shift in obesity treatment
There is paradigm shift in obesity treatment to focus on high quality weight loss and improved patient experience Obesity continues to grow at a striking pace However, there is a paradigm shift in treatment Key trends will dominate future treatment Obese and overweight people globally (bn) Fat mass
Slide 10: Our deep domain expertise enables differentiated obesity assets
Our deep domain expertise enables us to deliver differentiated obesity assets with high value potential AMYLIN UCN2 ABBV-295 out-licensed GUB-UCN2 internal Development stage: Development stage: Clinical Phase 1 (MAD) Preclinical, entering clinic H1’26 Balanced receptor Ultra-long half-life Stability
Slide 11: GUB-UCN2
UCN2 GUB-UCN2 High quality weight loss with once-weekly UCN2 analogue 11
Slide 12: Preclinically, GUB-UCN2 selectively decreases fat mass
Preclinically, GUB-UCN2 selectively decreases fat mass while simultaneously protecting loss of lean mass GUB-UCN2 increases fat mass loss while rescuing loss in lean mass in diet-induced obese rats co-treated with a GLP-1R agonist Relative body weight Lean mass (% change) Decreased fat mass (% chang
Slide 13: GUB-UCN2 decreases fat mass as monotherapy and with GLP-1
GUB-UCN2 decreases fat mass both as monotherapy and in combination with GLP-1 GUB-UCN2 significantly lowers obesity biomarkers plasma leptin and triglycerides in diet-induced obese rats with no effect on cholesterol Plasma Leptin Plasma triglycerides Plasma total cholesterol 4.0 4.0 55000 3.5 3.5 50
Slide 14: Advanced 3D imaging confirms UCN2-driven muscle growth
Our advanced 3D imaging confirms UCN2-driven muscle growth; an effect not observed with GLP-1 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 GLP-1 Delivers high
Slide 15: UCN2 demonstrates clear cardiac benefits in preclinical models
In addition to improving body composition, UCN2 demonstrates clear cardiac benefits in preclinical models Rat model of Myocardial Infarction (MI) Cardiac output after 8 weeks treatment + Long-acting UCN2 significantly improves 120 *** * ** cardiac function (EF & cardiac output) 100 in rats with myoc
Slide 16: GUB-UCN2: Planning for clinical testing
GUB-UCN2: Planning for clinical testing Non-clinical toxicity programme ongoing Clinical Phase 1 expected to start H1 2026 16
Slide 17: 9M 2025 financial results: Discovery & Partnerships
DISCOVERY & PARTNERSHIPS Total adjusted costs* Revenue 9M 2025 financial results DKKm 182 DKKm 2,437 64 Q3 50 + Record-high revenue in 9M 2025 with 112 Q2 DKK 2.4 billion (9M 2024: DKK 41 million) 42 57 Q1 41 37 2,380 61 28 + Increase driven by upfront payment in 33 7 7 7 outlicensing deal with AbbV
Slide 18: Gubra CRO
CRO SERVICES GUBRA CRO Specialized preclinical CRO with strongholds in metabolic and fibrotic diseases 18
Slide 19: Our CRO business is Gubra's foundation
Our CRO business is Gubra’s foundation, specializing in high-growth markets since inception in 2008 We have strongholds across several disease and technological areas… ... serving Disease areas Diabetes Liver (MASH) Lungs Heart (CVD) Obesity Kidney (CKD) Brain (CNS) Women’s Health 16/20 of the large
Slide 20: 9M 2025 financial results: CRO business
CRO BUSINESS CRO revenue (organic) DKKm 9M 2025 financial results 162 55 155 Q3 49 Q2 Revenue 49 55 Q1 + Growth down 5% in 9M y/y (2024 was a record-year) 58 51 + Macroeconomic uncertainty and subdued funding 9M 2024 9M 2025 conditions weigh on biotech customers + Looking ahead, we see signs of impr
Slide 21: Financial outlook and guidance
Financial outlook and guidance Outlook Previous outlook Mid-term 9M 2025 Guidance items 2025 20252 guidance Results CRO segment Revenue to be Revenue to be Organic revenue growth 10% annually -5% 5-10% below 2024 slightly below 2024 EBIT-margin Around 20% Around 20% n/a 21% Discovery & Partnership s
Slide 22: What to watch: preparing for the next wave of growth
What to watch: Gubra is preparing for the next wave of growth through expansion of our pipeline and internal R&D UCN2 program momentum Expansion beyond obesity Expand partnerships TechBio innovation With first-in-human to start in By tapping into new therapeutic By building on our ABBV-295 To focus
Slide 23: Appendix
ubr. Appendix
Slide 24: Strategic priorities and aspirations towards 2030
Strategic priorities and aspirations towards 2030 PIPELINE AND MODELS TECH INNOVATION CORE RESEARCH ENGINE ESG + Develop pipeline further, also + Accelerate innovation by + Excellence in operations – one fully + Serve as an inspiration for outside of obesity establishing “TechBio Lab” unit fully opt
Slide 25: ABBV-295
ABBV-295 ABBV-295 Amylin analogue for the treatment of obesity 25
Slide 26: ABBV-295 Phase I results
ABBV-295 Phase I results 11 DAYS Well tolerated. Adverse Favourable PK profile events being predominantly with a very long half-life GI related and mild of 11 days -3% vs. +1% SAD study: One dose → Reduced body-weight weight reduction of –3% dose dependently vs. placebo of +1% -8% vs. +2% NEXT STEP
Slide 27: Amylin: An important player in appetite regulation
Amylin: An important player in appetite regulation Amylin From pancreas to the brain Decreases food intake Reduces blood glucose + Amylin is a 37 amino acid peptide Delays gastric emptying hormone. It is produced in the Decreases glucagon secretion pancreatic β-cells and co-secreted with insulin in
Slide 28: Phase 1a Study results
PHASE 1A Study results
Slide 29: Phase 1 Single Ascending Dose (SAD) in healthy men
Phase 1 Single Ascending Dose (SAD) in healthy men NCT06144684 (Phase 1, Part 1) + Randomized 6.0 mg + Double-blind within cohorts 4.75 mg + Placebo-controlled 3.5 mg + Single subcutaneous administration + Single site (CRO in UK) 2.0 mg + 8 subj. per cohort (2 placebo & 6 ABBV-295) 1.0 mg + 48 subje
Slide 30: Study population: Healthy males normal to overweight
Study population: Healthy males normal to overweight Baseline characteristics Placebo ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 (all) 0.5 mg 1.0 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg n 12 6 6 6 6 6 6 Mean age, years (range) 35.7 34.8 38.0 43.5 48.8 40.2 32.0 (23-53) (22-51) (24-50) (28-53) (33
Slide 31: ABBV-295 Phase 1a SAD key study endpoints
ABBV-295 Phase 1a SAD key study endpoints Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs) Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) 31
Slide 32: ABBV-295 was well tolerated
ABBV-295 was well tolerated Treatment Emergent Adverse Events (TEAEs) Treatment group Placebo ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 Dose (volume mL) 0 mg 0.5 mg 1 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg (0.1-1.2 mL) (0.1 mL) (0.2 mL) (0.4 mL) (0.7 mL) (0.95 mL) (1.2 mL) n (%) E n (%) E n (%)
Slide 33: Dose dependent GI adverse events
Dose dependent GI adverse events Treatment Emergent Adverse Events (TEAEs) Treatment group Placebo ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 ABBV-295 Dose (volume) 0 mg 0.5 mg 1.0 mg 2.0 mg 3.5 mg 4.75 mg 6.0 mg (0.1-1.2 mL) (0.1 mL) (0.2 mL) (0.4 mL) (0.7 mL) (0.95 mL) (1.2 mL) n = 12 n=6 n=6 n=
Slide 34: ABBV-295 Phase 1a SAD key study endpoints
ABBV-295 Phase 1a SAD key study endpoints Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs) Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) 34
Slide 35: Long half-life (11 days) supports weekly dosing
Long half-life (11 days) supports weekly dosing ABBV-295 shows a favourable pharmacokinetic profile 1000 Plasma concentration (ng/mL) 100 0.5 mg T½ 1.0 mg 2.0 mg 3.5 mg 10 4.75 mg 6.0 mg ≈ 270 hours (11 days) 1 0 72 144 216 288 360 432 504 576 648 720 792 864 936 1008 Time point (h) A long half-life
Slide 36: ABBV-295 Phase 1a SAD key study endpoints
ABBV-295 Phase 1a SAD key study endpoints Primary Endpoint Safety and tolerability incl. number of treatment-emergent adverse events (TEAEs) Secondary Endpoints (Pharmacokinetic) Pharmacokinetic (PK) evaluation incl. half-life (T½) Exploratory Endpoints (Pharmacodynamic) Change in body weight (%) 36
Slide 37: SAD-study: Dose dependent body weight reduction
SAD-study: Dose dependent body weight reduction Relative weight change from baseline in percentage 4 3 Change from baseline in body weight (%) 2 1 PLACEBO Placebo 0.5 mg 0 1.0 mg 2.0 mg -1 3.5 mg 4.75 mg -2 6.0 mg -3 -4 Pre-dose Day 4 Day 8 Day 15 Day 22 Day 29 Follow-up (Day 43) Time since dosing (
Slide 38: Sustained body weight reduction for weeks
Sustained body weight reduction for 6 weeks Relative weight change from baseline in percentage (SD) 4 3 Change from baseline in body weight (%) 2 1 Placebo PLACEBO 0 3.5 mg -1 4.75 mg 6.0 mg -2 -3 -4 Pre-dose Day 4 Day 8 Day 15 Day 22 Day 29 Follow-up (Day 43) Time since dosing (day) 38
Slide 39: MAD part A Study conclusions
MAD part A Study conclusions + ABBV-295 was well tolerated with adverse events being predominantly GI related, mild and consistent with SAD study. + Study confirmed the favorable half-life of 11 days. + Mean BMI was 24.33 (2mg cohort) and 27.63 (placebo). + Doses of 1 mg and 2 mg led to a dose-depen