Gubra A/s · OMXCOP:GUBRA
Gubra A/s — H1 2026 Earnings Presentation
29 slides from Gubra A/s's earnings presentation, Aug 20, 2026
Slide 1: H1 2026 Investor presentation
Share ticker: GUBRA l Nasdaq Copenhagen H1 2026 Investor presentation 20 August 2026 Present from Gubra: Markus Rohrwild, CEO Kristian Borbos, CFO Louise S. Dalbøge, CSO Thomas Langenickel, CMDO Zoë Johnson, Head of Ventures & BD Trine Hamann, Head of CRO Investor conference call 20 August 2026, 10:
Slide 2: Context
Context ©2026 Gubra A/S ("Gubra"). All Gubra logos, trademarks and trade names are the property of Gubra A/S or its affiliates. Any third-party trademarks or tradenames referenced are the property of their respective owners and references do not imply third party endorsement or sponsorship. All righ
Slide 3: H1 2026: Strong execution across Gubra's integrated business model
H1 2026: Strong execution across Gubra’s integrated business model Gubra Gubra Gubra Biotech CRO Ventures Significantly advanced Targeted commercial Established platform to differentiated R&D pipeline initiatives and expanded strengthen Gubra’s with multiple catalysts ahead service offerings improve
Slide 4: Differentiated innovation model through reinforcing synergies
Differentiated innovation model through reinforcing synergies Disease-agnostic techbio with deep peptide and preclinical expertise VALUE DRIVER Proprietary AI-based peptide drug Gubra discovery platform advancing high- Biotech value assets to clinical proof of concept Our value driver VALUE ENABLER
Slide 5: Key milestones achieved in 2026
Key milestones achieved in 2026 Amylyx selects AMX03181 AbbVie reports highly Hemab presents preclinical Initiation of ambitious Phase as DDC for PBH and other encouraging Ph1 MAD data for HMB-003 and 1/2a trial with GUB- rare diseases with IND topline data for amylin announces progression to UCN2,
Slide 6: Gubra Biotech
Gubra Biotech Advancing a differentiated R&D pipeline 6
Slide 7: StreaMLine: Proven peptide discovery platform
StreaMLine : Proven peptide discovery platform Key advantages + AI-driven design and data analysis + Hit-to-development candidate in <1.5 years + High novelty and patentability + Multi-parameter optimization to enhance key drug properties (e.g., potency, PK, selectivity, stability, solubility) + Dis
Slide 8: Differentiated R&D pipeline
Differentiated R&D pipeline GIP=glucose-dependent insulinotropic polypeptide; PTH=parathyroid hormone; FIH=first in human; GLP-1=glucagon-like peptide-1; PBH=post-bariatric hypoglycemia; NPY2R=neuropeptide Y receptor type 2. 8
Slide 9: Obesity
Obesity Differentiation that matters
Slide 10: Obesity innovation continues to evolve
Obesity innovation continues to evolve Prior wave Current wave Next wave CLINICALLY MEANINGFUL WEIGHT LOSS GREATER EFFICACY AND IMPROVED TOLERABILITY NEXT FRONTIER: BODY COMPOSITION Today, lean mass may account for 20-45% of weight lost1 + Target energy intake through + Introduction of complementary
Slide 11: BI 3034701: Phase 2 trial initiated for potential first-in-class triple receptor agonist
BI 3034701: Phase 2 trial initiated for potential first-in-class triple receptor agonist PROJECT DISEASE AREA PARTNER DRUG DISCOVERY PRE-CLINICAL PHASE 1 PHASE 2 BI 3034701 Boehringer Obesity (GLP-1R/GIPR/NPY2R) Ingelheim SCIENTIFIC INNOVATION PHASE 2 TRIAL3 + NPY2-driven central control of hunger a
Slide 12: ABBV-295: Highly encouraging 12/13-week Phase 1 data
ABBV-295: Highly encouraging 12/13-week Phase 1 data ahead of planned Phase 2 initiation in Q3 2026 To be presented at EASD Phase 1 MAD topline data 2026 on 30-Sep Amylin March 20262 may represent the next distinct class of drugs for chronic weight management Competitive weight loss Up to -9.8% WL a
Slide 13: GUB-UCN2
GUB-UCN2 + Gubra’s next potential mega program + Positioning Gubra at the forefront of an emerging therapeutic class with multi-indication potential
Slide 14: GUB-UCN2 has a novel mechanism of action
GUB-UCN2 has a novel mechanism of action that addresses key trends in obesity and related diseases PRECLINICAL STUDIES SUPPORT POTENTIAL BENEFITS ACROSS BODY COMPOSITION AND CARDIORENAL HEALTH UCN2 Key features of GUB-UCN2 + 38-amino-acid neuropeptide + Highly potent and selective CHRH2 agonist CRHR
Slide 15: Pre-clinical data: GUB-UCN2 selectively reduces fat mass
Pre-clinical data: GUB-UCN2 selectively reduces fat mass and restores semaglutide-induced lean mass loss GUB-UCN2 increases fat mass loss while preserving 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
Slide 16: Phase 1/2a clinical trial across multiple indications and patient populations
Phase 1/2a clinical trial sets the stage for exploring GUB-UCN2 across multiple indications and patient populations Pipeline in Phase 1/2a a product trial1 potential COMPREHENSIVE TRIAL WITH PARTICULAR FOCUS ON MUSCLE VOLUME AND FUNCTION PRIMARY INDICATION + Approximately 188 participants (healthy v
Slide 17: Gubra Ventures
Gubra Ventures Our value accelerator 17
Slide 18: Gubra Ventures expands our innovation footprint
Gubra Ventures expands our innovation footprint and creates additional pathways to value creation Why Ventures? Gubra Biotech Our value driver Strengthen innovation potential by sourcing 1 external assets and creating more shots on goal Enable expansion into new disease and technology BD 2 areas bey
Slide 19: Gubra is uniquely positioned to build and scale successful ventures
Gubra is uniquely positioned to build and scale successful ventures A maturing platform meets a changing innovation landscape and attractive market opportunities SCIENTIFIC EXPERTISE PROVEN DISCOVERY PLATFORM INTEGRATED CAPABILITIES + Deep expertise in obesity and + StreaMLine peptide discovery + In
Slide 20: Gubra CRO
Gubra CRO Our value enabler 20
Slide 21: Gubra CRO: Trusted by leading pharma companies
Gubra CRO: Trusted by leading pharma companies and powering Gubra’s integrated innovation model Obesity Diabetes Liver - MASH Kidney - CKD Gubra serves 17/20 Therapeutic expertise of the largest pharma companies globally Sarcopenia Lung - IPF Women’s Health CNS New offering New offering 14% Technolo
Slide 22: Focused execution to position Gubra CRO for renewed growth
Focused execution to position Gubra CRO for renewed growth CRO MARKET DEVELOPMENT GUBRA CRO PRIORITIES Market conditions have been challenging, Maintain industry-leading expertise in metabolic but signs of improvement are emerging and fibrotic disease models Expand into attractive therapeutic areas,
Slide 23: Gubra CRO stabilized in H1 2026 after a challenging H2 2025
Gubra CRO stabilized in H1 2026 after a challenging H2 2025 REVENUE IMPROVEMENT PROFITABILITY STABILIZATION COMMERCIAL MOMENTUM CRO external revenue CRO EBIT-margin Sound order book DKK million for H2 2026 +11% 1% + Obesity remains the 96 87 largest contributor + Rebound in MASH studies -10% + Growt
Slide 24: Financial results and outlook
Financial results and outlook 24
Slide 25: H1 2026 financial results: Biotech business
BIOTECH BUSINESS H1 2026 financial results Biotech revenue, mDKK Revenue 2,387 Q2 Q1 + Revenue of DKK 30m in H1 2026 compared to 30 DKK 2.4bn in H1 2025 (driven by upfront payment 2,380 2 of USD 350m from AbbVie for ABBV-295) 28 + Milestone payment for Phase 2 initiation with BI 7 3034701 from Boehr
Slide 26: H1 2026 financial results: CRO business
CRO BUSINESS H1 2026 financial results CRO revenue (organic), mDKK +11% Q4 Revenue 106 96 Q3 + 11% increase in H1 2026 compared to H2 2025 87 Q2 55 49 38 Q1 + Signs of improving CRO market with more supporting funding conditions for biotech 51 49 48 companies H1 2025 H2 2025 H1 2026 Earnings CRO adj
Slide 27: Financial outlook and guidance
Financial outlook and guidance Key guidance items 2026 outlook Mid-term guidance Results 2025 (unchanged) Gubra Biotech Revenue No guidance DKK 2,444m Total costs1 DKK 330-360m DKK 251m Gubra CRO External revenue 0-10% growth 10% annual growth DKK 193m EBIT-margin 10-15% 15% Gubra Ventures EBIT DKK
Slide 28: Gubra is entering an exciting period with multiple value inflection points ahead
Gubra is entering an exciting period with multiple value inflection points ahead Non-exhaustive H2 2026 H1 2027 GUB-UCN2 GUB-UCN2 Ph1/2a initiation (SAD study) Topline data from SAD study BI 3034701 GUB-UCN2 Ph2 initiation (obesity) Initiation of MAD study ABBV-295 ABBV-295 Ph2 initiation (obesity)
Slide 29: Save the date: Gubra Investor R&D Event 2026
Save the date: Gubra Investor R&D Event 2026 A deep dive into Gubra’s differentiated innovation model, pipeline, and 2030 strategy October 27, 2026 1.00-5.00 pm GMT London Webcast 2 Stonecutter Street Registration: In-person Virtual attendance attendance Link Link 29