Slide 1: Q1 2026 Presentation
Q1 2026 Presentation 6 May 2026
Slide 2: Important notice
Important notice This presentation has been prepared by and is the sole which are subject to risks, uncertainties and other factors with applicable laws and regulations. The Company require responsibility of Gentian Diagnostics ASA (the “Company” that may cause actual events to differ materially fro
Slide 3: Highlights
Highlights
Slide 4: Q1 performance: Stable YoY sales with confident outlook for the year
Q1 performance: Stable YoY sales with confident outlook for the year Q1’26 financials and key milestones Additional comments • Overall sales performance was primarily impacted by the timing of a cystatin C order worth NOK 5.3 million pushed to subsequent quarters, with no expected Sales Sales to the
Slide 5: Efficient diagnostics for better treatment decisions
Efficient diagnostics for better treatment decisions
Slide 6: Gentian Diagnostics in a nutshell
Gentian Diagnostics in a nutshell Sales revenue and CAGR 190 MNOK Med Tech company targeting a $1.4B serviceable diagnostic segment with 5-10% annual growth 170 177 150 +23% 152 Appealing value proposition, lean business model & focused growth strategy 130 135 110 Industry-leading capabilities with
Slide 7: Appealing value proposition leveraging existing, open-channel instrumentation
Appealing value proposition leveraging existing, open-channel instrumentation Appealing value proposition Still, many clinically relevant diagnostic biomarkers are only available on slow and inefficient platforms. By leveraging existing, so-called open- channel instrumentation, Gentian converts thes
Slide 8: Lean business model
Lean business model Partnerships with global IVD companies OEM partnerships to secure broad roll-out and acceptance of product Distributors in select markets In selected markets we do not serve directly Direct end-users Large central laboratories in selected markets * IVD = in-vitro diagnostic
Slide 9: Accelerating growth by strengthening strategic partnerships with leading IVD manufacturers
Accelerating growth by strengthening strategic partnerships with leading IVD manufacturers Gentian targets several unmet needs: 1. New and upcoming diagnostic biomarkers 2. Gaps in companies’ current portfolio 3. Quality, supply or regulatory compliance issues with current 3rd party suppliers 4. Pri
Slide 10: Key disease areas: inflammation, infection and kidney disease
Key disease areas: inflammation, infection and kidney disease
Slide 11: Key drivers for long-term growth and value creation
Key drivers for long-term growth and value creation Five established products with solid growth potential Prove clinical relevance of GCAL® 7 products with combined net revenue potential of Bring a steady stream of new high-impact diagnostic tests to market Targeting NOK 1bn a serviceable in 5-7 yea
Slide 12: Key financials
Key financials
Slide 13: Continued growth in Europe and US while Asia is affected by change to order pattern
Continued growth in Europe and US while Asia is affected by change to order pattern Highlights Sales revenue - geographic split ▪ Adjusted sales to Europe grew by 16% in Q1’26 compared to Q1’25. MNOK Q1’26 Q1’25 2025 2024 US 8.7 3.8 29.4 12.2 ▪ The US market continued to show solid YoY growth of 10.
Slide 14: Stable cost development
Stable cost development OPEX Capitalised R&D expenses Operating expenses MNOK Q1’26 Q1’25 2025 2024 Sales and marketing 6.9 6.1 29.0 28.1 expenses 4 2 0 Administration expenses 5.7 6.3 25.3 21.7 2 1 Research and 8.5 5.1 23.2 21.9 development expenses 21 21 21 Total 21.1 17.5 77.5 71.7 18 18 ▪ Underl
Slide 15: Gross margin of 53% in Q1 2026
Gross margin of 53% in Q1 2026 Gross and EBITDA margin % . ▪ Gross margin slightly below target due to 70 % 64 % currency effects and moderate cost 60 % 57 % 56 % 56 % 58 % increases. 52 % 53 % ▪ Operations ran smoothly in Q1’26. 50 % 44 % ▪ Ambition of gross margin in the 55%-60% 40 % area on curre
Slide 16: EBITDA down vs Q1'25 due to weaker gross margin
EBITDA down vs Q1’25 due to weaker gross margin NOK million 14 ▪ EBITDA of NOK 5.0 million in Q1’26. ▪ No capitalisation of development expenditure in 10 Q1’26 – NOK 2.3 million effect on EBITDA 8 ▪ EBITDA margin at 11.3% 8 7 5 5 5 2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026
Slide 17: Solid cash position
Solid cash position Q1’26 balance sheet and cash flow ▪ Cash flow negatively impacted by working capital movements. Cash Capex ▪ No CAPEX as capitalisation of NT- MNOK 91.9 MNOK 0.0 proBNP has been stopped. MNOK 88.7 in Q1’25 MNOK 2.0 in Q1’25 ▪ Equity ratio down due to NOK 30.2 million impairment o
Slide 18: Product update
Product update
Slide 19: Cystatin C
Cystatin C Timing of shipments impacted Q1 sales with no FY impact Sales of Cystatin C last 2 years (MNOK) Growth: -25% ▪ NOK 13.3 million in Q1 2026 vs NOK 17.7 million in Q1 2025. 17.7 17.4 ▪ The YoY decline is mainly explained by order 14.9 15.5 16.4 timing effects, particularly in Asia, with a N
Slide 20: fCAL turbo
fCAL® turbo Good Q1 performance with expected high-teens growth in 2026 Sales of fCAL® turbo last 2 years (MNOK) Growth: +10% 18.3 15.9 17.2 16.4 ▪ Sales of fCAL® turbo increased by 10% in Q1 15.0 14.3 14.8 2026 compared to Q1 2025 (NOK 16.4 million vs 13.7 12.8 NOK 14.8 million). ▪ Full year expect
Slide 21: Other Products
Other Products Modest start for the year due to order phasing Sales of Other Products last 2 years (MNOK) Growth: -4% 7.1 7.0 6.9 6.7 6.2 6.6 ▪ Q1 2026 NOK 0.3 million below Q1 2025 due 5.4 to a large order moved to subsequent 5.2 5.1 quarters. ▪ Forecasts from our partners remain on target for full
Slide 22: Third-party products
Third-party products Slight YoY decline in Q1 with recovery expected in Q2 Sales of third-party products last 2 years (MNOK) Growth: -6% 6.4 6.4 ▪ Third-party products decreased by 6% in Q1 4.7 4.6 4.7 5.1 4.8 2026 compared to Q1 2025. No customer 4.3 losses in Q1 and expecting recovery in Q2. 3.4 ▪
Slide 23: R&D update and summary
R&D update and summary
Slide 24: Gentian has decided to discontinue development of its NT-proBNP assay
Gentian Diagnostics has decided to discontinue development of its NT-proBNP assay following a comprehensive technical and strategic evaluation • During Q1’26, re-optimization activities improved assay imprecision and overall analytical chemistry performance of the NT-proBNP assay. • However, perform
Slide 25: R&D update: Gentian to reallocate resources toward expanding product pipeline
R&D update: Gentian to reallocate resources toward accelerating execution of its expanding product pipeline. ▪ The undisclosed development project of a novel assay for a R&D Spend break-down leading global IVD company remains on track for Q4 2027 commercial launch. MNOK Q1’26 Q1’25 2025 2024 ▪ Genti
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: Europe and US driving growth in Q1. Asia with order pattern impact.
Europe and US driving growth in Q1. Asia with order pattern impact. • Q1 26 sales to the US more than doubled to NOK 8.7 million vs. NOK 3.8 million for the same period in 2025. Sales by region last 2 years (MNOK) • Both Cystatin C as well as cCRP US contributed to the growth. Asia • Adjusted for th
Slide 29: P&L highlights
P&L highlights MNOK Q1’26 Q1’25 2025 2024 Sales 43.9 44.5 176.5 152.1 Cost of goods sold -20.9 -16.1 -78.3 -69.3 Gross profit 23.1 28.4 98.2 82.8 Other revenues 0.7 0.9 4.8 4.6 R&D expenses -38.7 -5.1 -23.2 -21.9 Sales and marketing expenses -6.9 -6.1 -29.0 -28.1 Administrative expenses -5.7 -6.3 -2
Slide 30: Balance sheet highlights
Balance sheet highlights MNOK Q1’26 2025 2024 Inventory 55.2 54.1 45.9 Accounts- and other 38.7 24.3 31.3 receivables Cash and cash equivalents 91.9 105.9 84.7 Total non-current assets 49.7 74.2 67.7 Total assets 235.5 258.5 229.7 Total paid-in equity 320.3 319.6 316.3 Total retained equity -135.1 -
Slide 31: Cash flow highlights
Cash flow highlights MNOK Q1’26 Q1’25 2025 2024 Operating activities -12.6 6.6 42.6 13.5 Investing activities 0.0 -2.0 -10.8 -11.0 Financing activities -1.3 -1.3 -11.1 -5.0 Changes in cash and cash -13.8 3.3 20.7 -2.4 equivalent Cash and cash equivalent at the 105.9 84.7 84.7 87.6 beginning of perio
Slide 32: Dedicated and experienced management team
Dedicated and experienced management team CEO CFO & COO CGO CSO CTO VP R&D VP QA & RA Matti Njaal Markus Dr. Alexandra Dr. Frank Dr. Torsten Anne-Mette Heinonen Kind Jaquemar Havelka Frantzen Knüttel Horsrud Akre 20+ years of relevant industry experience across management positions Track record from
Slide 33: Board of directors
Board of directors Hilja Bernhard Kjersti Runar Christian Ibert Risse Grimsrud Vatne Åbyholm Chair of Board member Board member Board member Board member the Board Dr. Hilja Ibert has more than 25 Bernhard Risse is an independent Kjersti Grimsrud is currently President and Mr. Vatne is the principal
Slide 34: Top 20 shareholders
Top 20 shareholders Shareholder No of shares % Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 803 368 11.69 % Carpe Diem Afseth AS 951 027 6.17 % Norda ASA 716 099 4.64 % Safrino AS 649 700 4.21 % DNB Carnegie Investment Bank AB 645 395 4.18 % Insr ASA 614 251 3.98 % J.P. Morgan SE 600 000 3.89 % DN
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