Slide 1: H1 2026 Financial Results
z z H1 2026 Financial Results AUGUST 20, 2026
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) does not contain or constitute an offer to guarantee, assurance, prediction or definitive statement of a fact or revenues, adjusted product and service revenue, adjusted license and sell, a solicitation of an offer to buy, or a recommendation to purchase
Slide 3: Agenda
Agenda INTRODUCTION RÓBERT WESSMAN 1 Executive Chairman z BUSINESS UPDATE LISA GRAVER 2 < Chief Executive Officer 3 JOSEPH MCCLELLAN REGULATORY AND R&D UPDATE Chief Operating Officer 4 FINANCIAL UPDATE LINDA JÓNSDÓTTIR Chief Financial Officer 5 Q&A
Slide 4: Introduction
z zz Introduction ROBERT WESSMAN, Executive Chairman
Slide 5: H1 2026: Advancing our growth strategy
H1 2026: Advancing our growth strategy EXPANDING REGULATORY & FUNDING PRODUCT OPERATIONAL THE NEXT PHASE PORTFOLIO PROGRESS OF GROWTH ✓ Five biosimilars now ✓ AVT05 (Simponi®), AVT06 contributing to product ✓ $165m equity financing (Eylea®) and AVT03 (Prolia® / completed revenue Xgeva®) US BLAs resu
Slide 6: Business update
zz z Business update LISA GRAVER, Chief Executive Officer
Slide 7: Adjusted financial results highlights H1 2026
Adjusted financial results highlights H1 2026 TOTAL REVENUE GROSS MARGIN FY 2026 GUIDANCE $212m 54% vs. $306m in H1 2025 –31% vs. 55% in H1 2025 –1% Total revenue $650-700m z EBITDA CASH BALANCE ON JUNE 30 EBITDA $47m $143m $180-220m vs. $54m in H1 2025 –14% vs. $172m at YE 2025 Revenue, EBITDA and
Slide 8: Operational highlights H1 2026
Operational highlights H1 2026 REGULATORY COMMERCIAL MANUFACTURING AND QUALITY EXECUTION AND CAPACITY Key regulatory Expanding portfolio Strengthening the platform milestones delivered across key markets for future growth ✓ AVT05 and AVT06 launched in ✓ Manufacturing returned to planned z ✓ AVT05, A
Slide 9: AVT02: Strong demand in an expanding biosimilars market
AVT02: Strong demand in an expanding biosimilars market Market leadership and franchise longevity drive long-term value US Humira® market now biosimilar Franchise longevity in Europe Hukyndra continues to demonstrate ✓ Biosimilar market #2 sustained demand across key share now >60% in U.S. European
Slide 10: AVT04: Growing with an expanding ustekinumab biosimilar market
AVT04: Growing with an expanding ustekinumab biosimilar market Rapid biosimilar conversion creating a substantial and growing opportunity US: biosimilar penetration Europe: Strong position in continues to rapidly increase an expanding biosimilar market Biosimilars have rapidly taken share from Stela
Slide 11: Next wave launches progressing across global markets
Next wave launches progressing across global markets Market entry underway across major biosimilar categories AVT05 (golimumab): AVT06 (aflibercept): biosimilar to Eylea® biosimilar to Simponi® First-to-market advantage in key regions Encouraging early uptake in launched markets • Gobivaz now launch
Slide 12: Regulatory and R&D update
zz z Regulatory and R&D update JOSEPH MCCLELLAN, Chief Operating Officer
Slide 13: Quality, manufacturing, and U.S. regulatory update
Quality, manufacturing, and U.S. regulatory update QUALITY AND ☑ Comprehensive improvement program implemented following MANUFACTURING FDA observations IMPROVEMENTS ☑ Quality system and manufacturing improvements embedded into routine operations z ☑ AVT05 (bSimponi® / bSimponi Aria), AVT06 (bEylea®)
Slide 14: Industry leading pipeline, focused on internal development
Industry leading pipeline, focused on internal development In addition to the named programs, Alvotech has developed 20+ cell lines, providing a range of opportunities BIOSIMILAR CANDIDATE REFERENCE THERAPEUTIC EARLY PHASE PRE-CLINICAL CLINICAL UNDER BIOLOGIC AREA DEVELOPMENT REVIEW1 AVT16/802 vedol
Slide 15: AVT16/AVT80 – proposed biosimilars to Entyvio (vedolizumab)
AVT16/AVT80 – proposed biosimilars to Entyvio® (vedolizumab) OVERVIEW → Addressing inflammatory bowel disease market $7B → Potential first wave biosimilar launch TAM1 → Developed presentations for both IV (AVT16) and SC (AVT80) administration z PROGRAM MILESTONES → MAA for AVT16 & AVT80 validated, u
Slide 16: AVT29 – proposed biosimilar to Eylea HD (aflibercept 8 mg)
AVT29 – proposed biosimilar to Eylea HD® (aflibercept 8 mg) OVERVIEW → Eylea is one of the largest global ophthalmology products → Eylea market continues the transition to High Dose (HD), $4B with HD now the leading Eylea presentation TAM1 → High technical and manufacturing barriers to entry z → Add
Slide 17: Financial results
zz z Financial results LINDA JONSDOTTIR, Chief Financial Officer
Slide 18: Executive summary 2Q26: Financial highlights for the quarter
Executive summary 2Q26 Financial highlights for the quarter Adjusted total revenue Gross margin Product margin → Total revenues $106m, even with USD m % of adj. total revenues % of adj. product revenues 1Q26, but down 39% YoY as a result of -39% -7 -17 facility improvements limiting supply 69 23 173
Slide 19: Executive summary 1H26: Financial highlights for the first half year
Executive summary 1H26 Financial highlights for the first half year Adjusted total revenues Gross margin Product margin → Adjusted total revenues down by 31% YoY USD m % of adjusted total revenues % of adjusted product revenues at $212m, driven by lower product -31% 73 -1 -25 revenues resulting from
Slide 20: Revenues and Adj. EBITDA margin
Revenues and 1H26 shows even split between Adj.EBITDA margin product revenue and licensing revenues → Product revenues at $106m in 1H26 Adjusted total revenues and Adjusted EBITDA margin down 52% YoY, due to limited USD m, % of revenues product supply impacted by the Adj. EBITDA margin. Adj. product
Slide 21: Cash flow
Cash flow in the quarter mainly impacted Cash flow by working capital and new equity raise → Cash from operations positive $17m in Cash from operations Cash balance 2Q26. USD m USD m 59 172 → Net working capital movements balanced 151 143 during the quarter with inventories staying flat QoQ. 17 → Ne
Slide 22: Funding growth and execution
Funding growth and execution $240 million of new equity and debt financing secured in June 2026 $164.6m Up to $75m GROSS PROCEEDS ADDITIONAL TERM LOAN FACILITY Strong investor demand supported an upsized offering Amendment to existing GoldenTree financing $125m $152m Initial Upsized at $164.6m Provi
Slide 23: Balance sheet: Assets
Balance sheet: Unaudited condensed consolidated interim Assets financial statements as of June 30, 2026 ASSETS → Non-current assets increased by $129m, primarily driven by growth in intangible assets as additional biosimilar programs met the capitalization criteria under IAS 38, z as well as higher
Slide 24: Balance sheet: Equity & liabilities
Balance sheet: Unaudited condensed consolidated interim Equity & liabilities financial statements as of June 30, 2026 EQUITY AND LIABILITIES → Total equity improved by $93 million and was strengthened by the June 2026 equity financing, which more than offset the net loss reported for the period and
Slide 25: Outlook for full-year 2026
Outlook for full-year 2026 ADJUSTED TOTAL REVENUE $650-700m ADJUSTED EBITDA $180-220m ADJUSTED TOTAL REVENUE ADJUSTED EBITDA USD m +14%1 USD m +46%1 z +21% 650-700 +27% 180-220 +429% 593 137 108 492 -205 -291 +9% 85 93 2022 2023 2024 2025 2026F 2022 2023 2024 2025 2026F 1: Percentage change calculat
Slide 26: Positioned for the next phase of growth
Positioned for the next phase of growth GROWING SCALABLE COMMERCIAL MANUFACTURING PORTFOLIO PLATFORM Increasing contribution from Capacity and capabilities to a broader mix of products and support portfolio growth markets z NEAR-TERM DISCIPLINED REGULATORY PIPELINE CATALYSTS INVESTMENT Multiple appr
Slide 27: Additional information and contacts
Additional information and contacts We want Financial Follow us to hear calendar and and join the z from you! upcoming events conversation Morgan Stanley Global Healthcare Conference, New York, NY, Sept 14- Dr Balaji V Prasad 16, 2026 World outline Chief Strategy Officer alvotech.com alvotech.ir@alv
Slide 28: Appendix
A alvotech Appendix
Slide 29: Reported to Adjusted Reconciliation – Half Year Basis
Reported to Adjusted Reconciliation – Half Year Basis H1 2026 H1 2025 H1 2026 Adjustment Entries Adjustment Adjustment $ millions Reported Adjusted Reported Adjusted − $0.3m charge related to long-term incentive plan (non-cash) Entries Entries Cost of Product Revenue − $0.6m cost related to workforc
Slide 30: Reported to Adjusted Reconciliation – Quarterly Basis
Reported to Adjusted Reconciliation – Quarterly Basis z © Alvotech. All rights reserved 30
Slide 31: Capital structure
Capital Common shares outstanding and total potential structure dilution as of June 30, 2026 Shares millions June March December September June Change % › This table reflects instruments that could 2026 2026 2025 2025 2025 (Jun-Mar) potentially create dilution for EPS purposes under IFRS Number of o