Slide 1: Turning a transformative deal into new opportunities
Turning a transformative deal into new opportunities Q4 2025 Interim Report, incl. FY
Slide 2: Legal disclaimer
2 Legal disclaimer • This presentation, which is personal to the recipient, has been prepared and produced by Orexo AB (publ) (“Orexo”) solely for the benefit of investment analysis and may not be used for any purpose other than assessment of investments concerning Orexo. Unless otherwise stated, Or
Slide 3: Agenda & presenters
Q 4 2 0 2 5 P R E S E N TAT I O N 3 Agenda & presenters 1 Q4 in brief 2 Business update • The Zubsolv transaction • Continued operations • Discontinued operations 3 Financial & legal overview • Zubsolv transaction financial implications • Financial development • Legal update Nikolaj Sørensen Preside
Slide 4: Q4 in Brief
Q 4 2 0 2 5 P R E S E N TAT I O N 4 Q4 in Brief 4
Slide 5: Zubsolv divestment unlocks financial strength and sharpens strategic focus
Q 4 2 0 2 5 P R E S E N TAT I O N 5 Zubsolv® divestment unlocks financial strength and sharpens strategic focus • Transformative deal signed with Dexcel Pharma USA which acquired all rights to Zubsolv in the US. Dexcel transaction in numbers • Deal strengthens the ability to invest in the AmorphOX®
Slide 6: Zubsolv US transaction
Q 4 2 0 2 5 P R E S E N TAT I O N 6 Zubsolv® US transaction 6
Slide 7: Zubsolv US acquired by Dexcel Pharma USA
Q 4 2 0 2 5 P R E S E N TAT I O N 7 Zubsolv® US aquired by Dexcel Pharma USA • Dexcel Pharma to acquire all US rights to Zubsolv for USD 91 m About Dexcel Pharma USA plus inventory at closing ✓ Dexcel Pharma USA is the US subsidiary • Orexo may receive up to USD 16.8 m in contingent payments based o
Slide 8: Result divided in Continued and Discontinued operations
Q 4 2 0 2 5 P R E S E N TAT I O N 8 From a reporting perspective the result is divided in ”Continued” and ”Discontinued” operations Continued Operations Discontinued operations • Orexo R&D, pipeline and existing partnerships e.g. • Orexo US Zubsolv® sales force both commercial stage and development
Slide 9: A three phase approach to the new Orexo
Q 4 2 0 2 5 P R E S E N TAT I O N 9 A three phase approach to the new Orexo Signing and Closing Transistion New Orexo Dec 23-31 2026 March- • 30 colleagues accepted to join • Orexo continues to support Dexcel • Increased focus and resources on Dexcel from Jan 1 with transition services the developme
Slide 10: Business update: Continued operations
Q 4 2 0 2 5 P R E S E N TAT I O N 10 Business update Continued operations 10
Slide 11: Zubsolv US transaction unlocks capital to concentrate on AmorphOX technology
Q 4 2 0 2 5 P R E S E N TAT I O N 11 Zubsolv® US transaction unlocks capital enabling to fully concentrate on advancing the AmorphOX® technology Explore the Explore new areas where the AmorphOX technology can be applied • Expanding into new areas of biomolecules such as GLP-1 agonists and vaccines A
Slide 12: Exploring new applications of the AmorphOX technology
Q 4 2 0 2 5 P R E S E N TAT I O N 12 Exploring new applications of the AmorphOX® technology is key to unlock substantial future value creation Explore the use of the AmorphOX technology Explore the AmorphOX technology • Moving from incremental improvement in e.g. patient convenience to transformativ
Slide 13: Proprietary projects will enable a larger value share
Q 4 2 0 2 5 P R E S E N TAT I O N 13 Proprietary projects will enable a larger value share and opportunities to return to commercialization Zubsolv® transaction enables Orexo to develop proprietary projects to late stage to maximize share of value Accelerate the Orexo projects • Value increase with
Slide 14: The AmorphOX technology has potential beyond Orexo's capacity
Q 4 2 0 2 5 P R E S E N TAT I O N 14 The AmorphOX® technology has potential beyond Orexo’s capacity and access to molecules • Partner the AmorphOX technology Partner the AmorphOX technology • Based on the broad libary of molecules testet and with confirmed proof of concept Orexo can fast test the fe
Slide 15: Long term ambition to grow the commercial stage partnership
Q 4 2 0 2 5 P R E S E N TAT I O N 15 Long term ambition to grow the commercial stage partnership Business model relies on ability to create a portfolio of commercial products generating royálty, milestones and potentially direct sales opportunities for Orexo • Orexo projects are expected to lead to
Slide 16: Business update: Discontinued operations
Q 4 2 0 2 5 P R E S E N TAT I O N 16 Business update Discontinued operations 16
Slide 17: Zubsolv leaves Orexo in good shape
Q 4 2 0 2 5 P R E S E N TAT I O N 17 Zubsolv® leaves Orexo in good shape Net sales of USD 14.6 m – an increase from both last year (USD 14.1 m) and Zubsolv sales Q4 2025 14.6 (14.1) last quarter (USD 12.0) USD M • Seasonal inventory build up at wholesalers • Stable demand from Q3 with a slight decli
Slide 18: Financial & legal
Q 4 2 0 2 5 P R E S E N TAT I O N 18 Financial & legal 18
Slide 19: Transaction overview
Q 4 2 0 2 5 P R E S E N TAT I O N 19 Transaction overview Purchase price: • Purchase price of USD 91 m plus the value of inventory of USD 3.8 m paid at closing • USD 3 m held in escrow to secure Orexo´s obligations according to the agreement. • Primarily expected to cover returns of product sold by
Slide 20: Net proceeds overview
20 Net proceeds overview • Net proceeds from transaction as of 31 December • Items affecting net proceeds post transaction • Restructuring of operations (organization, facilities etc) following the transaction will result in restructuring costs and is planned to be completed by the end of the transi
Slide 21: P&L continued operations
Q 4 2 0 2 5 P R E S E N TAT I O N 21 P&L continued operations Jan - Dec Jan - Dec Income statement SEK m Q4 2025 Q4 2024 Comments Q4 2025 2024 Net revenues 3.3 8.2 26.0 29.7 Continued operations reflect the remaining part of US Commercial and HQ & Pipeline incl. Cost of goods sold (COGS) -2.6 -5.2 -
Slide 22: P&L Discontinued operations – Zubsolv US business
Q 4 2 0 2 5 P R E S E N TAT I O N 22 P&L Discontinued operations – Zubsolv US business Jan - Dec Jan - Dec Description Analysis of P&L, SEK m Q4 2025 Q4 2024 2025 2024 • Net revenues in local currency USD 14.6 m (14.1) for Q4 Zubsolv US product sales 138.6 152.1 499.0 560.3 and for the full year USD
Slide 23: Cash position
Q 4 2 0 2 5 P R E S E N TAT I O N 23 Cash position Jan - Dec Jan - Dec Comments Q4 Cash flow SEK m Q4 2025 Q4 2024 2025 2024 Cash flow from operating -23.6 -89.5 -195.4 -326.5 Cash and cash equivalents SEK 912 m increased with SEK 807 m from Q3 2025 activities (SEK 106 m) Investment activities 0.0 -
Slide 24: All financial metrics met in the 2025 outlook
Q 4 2 0 2 5 P R E S E N TAT I O N 24 All financial To facilitate comparability and evaluation of the financial outlook, the 2025 key financial metrics metrics met have been adjusted to exclude the effects of the Zubsolv US business transaction. in the 2025 Metric Outlook 2025 Outcome 2025 outlook Ke
Slide 25: Legal update
Q 4 2 0 2 5 P R E S E N TAT I O N 25 Legal Subpoena issued by the US authorities in 2020 update • On July 14, 2020, Orexo became aware of an investigation by the US authorities which is ongoing • Based on communications from the US authorities, the company believes it refers to certain historic mark
Slide 26: Future value drivers
Q 4 2 0 2 5 P R E S E N TAT I O N 26 Future value drivers
Slide 27: Approach for value growth
Q 4 2 0 2 5 P R E S E N TAT I O N 27 Approach for value growth Partner projects at the “right time” to create upfront payments, milestones, cost sharing and royalty Partnering to create Expand AmorphOX® technology partnering portfolio to create cost coverage, reduce risk and expand revenues and
Slide 28: Orexo R&D Day – Save the Date
Save the Date Orexo R &D Day March 24, 2026 9.30 am – 12 pm , followed by lunch Royal Swedish Academy of Engineering Sciences (IVA) Grev Turegatan 16, Stockholm, Sweden
Slide 29: Thanks
29 Thanks www.orexo.com