Thor Medical Asa · OSL:TRMED
Thor Medical Asa — H1 2026 Earnings Presentation
30 slides from Thor Medical Asa's earnings presentation, Aug 28, 2026
Slide 1: H1 2026 Results Presentation
H1 2026 Results Presentation Fueling Targeted Alpha Therapy at Commercial Scale August 28, 2026 Jasper C. Kurth, CEO Brede H. Ellingsæter, CFO & COO Mathias N. Reierth, Head of Coms. & Corp. Aff.
Slide 2: Disclaimer
Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ("relevant persons"). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation doe
Slide 3: AlphaOne
AlphaOne STATUS OPERATIONAL Herøya, Norway In Production Validated Technology 60,000 manufacturing hub since July 2026 pilot plant has served customers since 2024 patient dose capacity by 2035
Slide 4: H1 2026 Highlights
H1 2026 Highlights • Continued generating initial revenue from sale of isotopes thorium-228 (Th-228), radium-224 (Ra-224) and lead-212 (Pb-212) from pilot facility to support the growing demand • Achieved mechanical completion of the AlphaOne facility on time and on budget and started commissioning
Slide 5: Leading supplier of high-purity radioisotopes
OUR MISSION Improving millions of lives by fueling next-generation cancer therapies with high-purity alpha emitters WHAT WE DO Leading supplier of high-purity radioisotopes With a proprietary production platform combining advanced separation technology with industrial-scale manufacturing and downstr
Slide 6: Thor Medical Produces Alpha-Emitting Radioisotopes, the Active Ingredients in Cancer Therapies
Thor Medical Produces Alpha-Emitting Radioisotopes, the Active Ingredients in Cancer Therapies Radiopharmaceutical Hospitals and Mine Operators Producing alpha- Companies & CDMOs Specialist Clinics supply natural thorium emitting radioisotopes manufacture therapies treat cancer patients Th-232 Th-22
Slide 7: Radiopharmaceuticals Are One of the Fastest-Growing Areas In Cancer Drug Development
Radiopharmaceuticals Are One of the Fastest-Growing Areas In Cancer Drug Development Targeted Radiopharmaceutical Cancer is a leading cause of death worldwide, accounting for around 10 million deaths per year Radiopharmaceuticals combine high efficacy with minimal side effects Thor Medical enables t
Slide 8: Pb-212 Radiopharmaceutical Therapies Have Demonstrated Complete Responses in Cancer Patients
Pb-212 Radiopharmaceutical Therapies Have Demonstrated Complete Responses in Cancer Patients Illustrative clinical case: 47-year-old patient with metastatic bronchial carcinoid, treated with a Pb-212 containing therapy 45+ Targeted Alpha Therapy Pb-212 drugs in Radioactive isotope development (Radio
Slide 9: Market View
Market View oO thor. S medical
Slide 10: Radiotherapeutics Drive Market Growth, Forecast to Account for Two-Thirds of the Radiopharmaceutical Market by 2034
Radiotherapeutics Drive Market Growth, Forecast to Account for Two-Thirds of the Radiopharmaceutical Market by 2034 Radiopharmaceuticals market size, USD billion Recent Developments Highlight Clinical and Commercial Momentum for Pb-212 • AdvanCell raised a USD 315 million Series D, with Radiotherape
Slide 11: Pb-212: Positioned to Become a Leading Isotope in RLT
Pb-212: Positioned to Become a Leading Isotope in RLT β α α Lu-177 Ac-225 Pb-212 Established · Lower Potency · Long-Lived Emerging · High Potency · Long-Lived Emerging · High Potency · Short-Lived ~15 days ~3 weeks ~24 hours DELIVERY to deliver 80% of its radiation to deliver 80% of its radiation to
Slide 12: Pb-212 Emerging as the Preferred Isotope
Pb-212 Emerging as the Preferred Isotope Number of Assets Drugs in development by isotope and development stage, # drugs, August 2026 High Low Isotope type Isotope Preclinical Phase 1/2 Phase 2 Phase 3 / reg On market Alpha emitters • Alpha emitters represent the fastest- Pb-212 >35 >10 growing radi
Slide 13: The Pb-212 Ecosystem has Expanded its Range of Cancer Targets
The Pb-212 Ecosystem has Expanded its Range of Cancer Targets, Broadening the Addressable Patient Population Known Pb-212 & Ra-224 Radiopharmaceuticals by Primary Cancer Indication, # drugs Clinical Preclinical 0 1 2 3 4 5 6 7 Example Drugs Prostate AB001, ADVC001 Established RLT indications Neuro-E
Slide 14: Commercial Development
Commercial Development oO thor. S medical
Slide 15: Direct Supply of Pb-212 Could Streamline Drug Development
Direct Supply of Pb-212 Could Streamline Drug Development ISOTOPE SUPPLIER INTEGRATED PHARMACEUTICAL COMPANY High barriers to entry might limit scale-up: Current situation • Requires infrastructure to enter new markets most companies must source Drug • Higher upfront cost and execution risk Th-228 P
Slide 16: CDMO Partnerships Connect Thor Medical to Pb-212 Drug Developers Worldwide
CDMO Partnerships Connect Thor Medical to Pb-212 Drug Developers Worldwide in Addition to Our Core Business Why Partner with CDMOs? Pb-212 Production CDMO Partners Drug Developers ✓ Support customers from preclinical to commercial operations Preclinical ✓ Rapid expansion through established Clinical
Slide 17: Strategic Partnership and Supply Agreements with Eckert & Ziegler and Minerva Imaging
Entering Strategic Partnership and Supply Agreements for Pb-212 with CDMOs Eckert & Ziegler and Minerva Imaging Global leader in isotope solutions and radiopharmaceutical manufacturing w > , m l y , f y’ l l f m «Thor Medical has quietly built a leading technology platform and strong production capa
Slide 18: Strong Near- to Mid-Term Revenue Visibility with Expanding Market Access
Strong Near- to Mid-Term Revenue Visibility with Expanding Market Access Th-228 supply agreements totaling NOK ~850 million provide visibility on production offtake during the AlphaOne Core Customer Base Th-228 Supply Agreements ramp-up New customer and partnership agreements signed in H1, Expanded
Slide 19: Operational Development
Operational Development oO thor. S medical
Slide 20: Scalable, Cost-Efficient, and Sustainable Production of High-Purity Isotopes
Scalable, Cost-Efficient, and Sustainable Production of High-Purity Isotopes Sourcing from mining operations Natural Th-232 thorium 14.1b years • Delivering high purity Th-228, Ra-224, and preclinical feedstock volumes Pb-212 based on natural thorium, requiring no irradiation Ra-228 Intermediate pro
Slide 21: Strong Industrial Execution Capabilities Demonstrated Delivering AlphaOne on Time and Budget
Strong Industrial Execution Capabilities Demonstrated Delivering AlphaOne on Time and Budget – De-Risking Future Growth Key capabilities established creating a proven foundation for future expansions • Validated project execution model • Standardized installation & commissioning methodology • Optimi
Slide 22: AlphaOne – Our First Commercial Scale Plant
Production scale-up AlphaOne – Our First Commercial Scale Plant AlphaOne 60,000 • Th-228, Ra-224, and Pb-212 production to meet AlphaCycle production early market demand Th-228 Ra-224 Pb-212 # Pb-212 patient doses equivalent • Self-scaling production capacity ‒ Increasing to 21,000 doses after 3 yea
Slide 23: Financials
Financials oO thor. S medical
Slide 24: Initial Pilot Revenues Generated While Completing AlphaOne on Time and Budget
Initial Pilot Revenues Generated While Completing AlphaOne on Time and Budget and Building Up Inventory of Raw Material Financial key figures (in NOKm) 1H 2026 1H 2025 2025 • Increasing revenue from pilot sales of preclinical grade Pb-212 Revenues 0.9 0.1 0.8 • Payroll and related expenses of NOK 21
Slide 25: Outlook
Outlook oO thor. S medical
Slide 26: A Pluvicto-Scale Pb-212 Prostate Cancer Therapy Would Require ~1.6 Million Doses
A Pluvicto-Scale Pb-212 Prostate Cancer Therapy Would Require ~ 1.6 Million Doses Over a 10-Year Product Lifespan Lu-177 ESTABLISHED BENCHMARK Pb-212 DEMAND ESTIMATE $ 5 billion 1.6 million Reported Peak Sales 10-year Potential Pb-212 Demand REVENUE POTENTIAL CUMULATIVE PATIENT DOSES ESTIMATED RANGE
Slide 27: Scaling Production to Generate Revenue and Profitability while Market Continues to Grow
Scaling Production to Generate Revenue and Profitability while Market Continues to Grow 2027E 2028-30E Production Capacity Patient doses Ramp-up Commercial scale Low thousands ~21.000 • Initial commercial revenues began in 2026 • Revenue outlook reflects current expectations, with inherent uncertain
Slide 28: Scaling Isotope Supply Through Centralized Manufacturing, Regional Production, and Point-of-Use Sales
Scaling Isotope Supply Through Centralized Manufacturing, Regional Production, and Sales at the Point-of-Use Th-232 Ra-228 Th-228 Ra-224 Pb-212 14.1b years 5.7 years 1.9 years 3.6 days 10.6 hours Th-232 Centralized Industrial Manufacturing 14.1b years Industrial-scale processing of natural Th-232 fo
Slide 29: A Leading Supplier of Isotopes to the Radiopharmaceutical industry
COMMERCIAL PRODUCTION PLATFORM ESTABLISHED. POSITIONED FOR LONG-TERM GROWTH A Leading Supplier of Isotopes to the Radiopharmaceutical industry ✓Large and fast-growing market ✓Production platform operational ✓Industrial-scale customer deliveries ongoing FOUNDATION FOR GROWTH EARLY MOVER, GROWING MARK
Slide 30: www.thormedical.com
Thor Medical is a leading supplier of high-purity isotopes to the radiopharmaceutical industry. The Company's proprietary production platform combines advanced separation technology with industrial-scale manufacturing capacity to deliver a reliable, scalable and cost-efficient supply of alpha- emitt