Gubra A/s · OMXCOP:GUBRA
Gubra A/s — Investor Day (October 2026)
122 slides from Gubra A/s's investor day presentation, Oct 27, 2026
Slide 1: Gubra Investor R&D Event
TUESDAY 27 OCTOBER 2026 Gubra Investor R&D Event
Slide 2: Forward-looking statements
Forward-looking statements ©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 sp
Slide 3: Agenda
Agenda TIME AGENDA ITEM PRESENTER 13.00-13.05 Welcome Adam Lange, Head of IR 13.05-13.25 Gubra’s 2030 strategy Markus Rohrwild, CEO 13.25-13.50 Biotech: Gubra’s value driver Louise S. Dalbøge, CSO 13.50-14.10 Beyond weight loss: The importance of skeletal muscle health Professor Juleen R. Zierath 14
Slide 4: Gubra's 2030 strategy
GUBRA INVESTOR R&D EVENT 2026 Gubra’s 2030 strategy Markus Rohrwild CEO 27 October 2026
Slide 5: Gubra at a glance
2030 STRATEGY Gubra at a glance A revenue-generating, clinical-stage bioscience company 2008 ~20 years Founded Scientific expertise Headquartered in Denmark Deep heritage in peptides with offices in Boston and Basel and metabolic disease ~300 ~108,000 FTEs Sq ft Laboratory and office space 3 6 Ph1/2
Slide 6: Strong execution since IPO has laid the foundation for Gubra's next phase of growth
2030 STRATEGY Strong execution since IPO has laid the foundation for Gubra's next phase of growth GUBRA AT IPO (2023) GUBRA TODAY (2026) + 1 clinical-stage asset, and GUBamy 4 assets in clinical development (now ABBV-295) approaching the clinic including two partnered Phase 2 programs in obesity 6 a
Slide 7: From a preclinical CRO to a scaled innovation platform with a clear 2030 ambition
2030 STRATEGY From a preclinical CRO to a scaled innovation platform with a clear 2030 ambition 2008 2023 2026 2030 Founded IPO Today Ambition Biotech 8-10 clinical-stage assets and 1-2 new drug development candidates/year Biotech Ventures CRO CRO CRO Three flagship therapeutic areas: Obesity and CV
Slide 8: Differentiated innovation model with reinforcing synergies
2030 STRATEGY Differentiated innovation model with reinforcing synergies Disease-agnostic bioscience company with deep peptide and preclinical expertise VALUE DRIVER Gubra Proprietary AI-based peptide Biotech drug discovery platform Our value advancing high-value assets to driver clinical proof of c
Slide 9: Where we play: Focused on where we have the greatest competitive advantage
2030 STRATEGY Where we play: Focused on where we have the greatest competitive advantage DISCOVERY EARLY-STAGE DEVELOPMENT LATE-STAGE DEVELOPMENT IND-enabling Discovery and Lead Preclinical preclinical Phase 1 Phase 2 Phase 3 hit generation optimization validation development Phase 1b/2a GUBRA CRO C
Slide 10: A strong foundation for the next phase of growth
2030 STRATEGY A strong foundation for the next phase of growth Platform Pipeline People Position + Proven ability to + High-value assets with + Assembled strong + Strong balance sheet discover and advance multiple value-inflection leadership team aligned differentiated assets points ahead with next
Slide 11: The leadership team to deliver on the strategy
2030 STRATEGY The leadership team to deliver on the strategy Markus Rohrwild Louise S. Dalbøge Thomas Langenickel Zoë Johnsona Kristian Borbos Trine Nygaard Hamann CEO CSO CMO Head of Gubra Ventures & BD CFO Head of Gubra CRO aZoë Johnson is legally associated with Gubra GmbH in Switzerland. 11
Slide 12: Executing on our strategic priorities toward 2030
2030 STRATEGY Executing on our strategic priorities toward 2030 Advance portfolio of Build growth platforms Strengthen technology Unlock multiple value differentiated assets in flagship TAs and data capabilities creation pathways To build next generation To establish new To extend the reach of To ma
Slide 13: At the core of Gubra's innovation is our technology edge
2030 STRATEGY At the core of Gubra’s innovation is our technology edge AI-enabled peptide design Automated 3D imaging Data-driven research Designing and optimizing peptide backbones High-throughput imaging and AI-powered AI-supported analysis, integration, and for molecule-specific properties analys
Slide 14: Expanding innovation footprint across three flagship therapeutic areas
2030 STRATEGY Expanding innovation footprint across three flagship therapeutic areas (disease-agnostic platform) Future expansion Near-term TA expansion Our three flagship therapeutic areas Legacy TA core Core value driver and transition platform, 1 Obesity and CVRM maintaining innovation leadership
Slide 15: GUB-UCN2
2030 STRATEGY GUB-UCN2 + Gubra’s next potential major value driver + Phase 1/2a trial initiated + Positions Gubra at the forefront of an emerging therapeutic class with multi-indication potential 15
Slide 16: Disciplined capital allocation to maximize long-term value creation
2030 STRATEGY Disciplined capital allocation to maximize long-term value creation Disciplined, data-driven investment with clear go/no-go decisions Balance internal Maintain Invest development, partnerships, strategic behind and ventures to create optionality evidence multiple paths to value and man
Slide 17: Gubra 2030: Scaling a differentiated drug discovery and development platform
2030 STRATEGY Gubra 2030: Scaling a differentiated drug discovery and development platform GUBRA BY 2030 8-10 Three flagship 2-3 ventures Growing specialist clinical-stage therapeutic areas launched and preclinical CRO with assetsa and (Obesity and operated leadership in 1-2 DDCs/year CVRM, ARFD, I&
Slide 18: Biotech: Gubra's value driver
GUBRA INVESTOR R&D EVENT 2026 Biotech: Gubra’s value driver Louise S. Dalbøge CSO 27 October 2026
Slide 19: Integrated innovation model for discovery and early development of differentiated peptide-based medicines
BIOTECH Integrated innovation model for discovery and early development of differentiated peptide-based medicines Gubra + Differentiated pipeline + streaMLine : + Validated through partnerships Biotech of proprietary and AI-driven peptide-based with leading pharma and Our value partnered programs dr
Slide 20: streaMLine: Proven AI-driven peptide-based drug discovery platform
BIOTECH streaMLine : Proven AI-driven peptide-based drug discovery platform Competitive advantage + 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, pharmacok
Slide 21: Continuous platform innovation expands Gubra's future pipeline
BIOTECH Continuous platform innovation expands Gubra’s future pipeline Continuously expanding the toolbox to drive Gubra´s 2030 ambition De novo design Long-acting peptide technologies Extend dosing intervals and enhance differentiation streaMLine Macrocyclic peptides Expand target space and future
Slide 22: Differentiated R&D pipeline spanning proprietary and partnered programs
BIOTECH Differentiated R&D pipeline spanning proprietary and partnered programs GLP-1=glucagon-like peptide-1; NPY2R=neuropeptide Y receptor type 2; GLP-1R=glucagon-like peptide-1 receptor; GIPR=glucose-dependent insulinotropic polypeptide receptor; PBH=post-bariatric hypoglycemia; 22 PTH=parathyroi
Slide 23: Obesity
BIOTECH Obesity Differentiation that matters 23
Slide 24: Obesity represents one of the largest global healthcare challenges
BIOTECH Obesity represents one of the largest global healthcare challenges By 2035… High prevalence of overweight and obesity contrasts with low treatment penetrationa High ~4bn people / >50% <2% of global population projected of the global population with obesity to live with overweight Share of po
Slide 25: Obesity innovation continues to evolve
BIOTECH 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 25-40% of weight lost1 + Target energy intake through + Introduction of compl
Slide 26: Chronic weight management remains in its early stages with significant room for innovation
BIOTECH Chronic weight management remains in its early stages with significant room for innovation Greater Improved New biological Addressing Optimized body convenience and tolerability and mechanisms obesity-related composition and flexibility treatment broadening comorbidities function persistence
Slide 27: NPY2 receptor agonism complements established incretin biology through a distinct mechanism
BIOTECH BI 3034701 NPY2 receptor agonism complements established incretin biology through a distinct mechanism GLP-1R GIPR NPY2R Incretin regulating insulin Incretin regulating insulin Neuropeptide receptor secretion and food intake1 secretion and nutrient mediating postprandial PYY3-36 metabolism2
Slide 28: Phase 2 trial in people living with overweight and obesity has been initiated for BI 3034701
BIOTECH BI 3034701 Phase 2 trial in people living with overweight and obesity has been initiated for BI 3034701 Phase 1 studies for BI 3034701 demonstrated encouraging weight loss, alongside a favorable safety and tolerability profile, supporting advancement to Phase 2. PHASE 2 TRIAL1 Estimated 300
Slide 29: Amylin offers a distinct and complementary approach to chronic weight management
BIOTECH ABBV-295 Amylin offers a distinct and complementary approach to chronic weight management GLP-1R Amylin receptor Incretin regulating insulin secretion and Pancreatic hormone regulating glucose food intake1 homeostasis and food intake2 Receptor Formed by CTR and RAMPs, resulting in Single, de
Slide 30: Clinical data support the potential of amylin analogs to deliver substantial weight loss
BIOTECH ABBV-295 Clinical data support the potential of amylin analogs to deliver substantial weight loss with favorable tolerability 48-week Phase 2 trial with eloralintide1 68-week Phase 3 trial with cagrilintide2 % change in body weight from baseline at week 48 a % change in body weight from base
Slide 31: ABBV-295 is a differentiated, long-acting amylin analog
BIOTECH ABBV-295 ABBV-295 is a differentiated, long-acting amylin analog Balanced Long-acting Stability around Strong IP receptor profile PK profile neutral pH3 protection Potent agonism across Half-life of ~11-12 days Supporting potential Long-duration patent AMY-R1, AMY-R3, and and delayed Tmax of
Slide 32: ABBV-295 has consistently demonstrated highly encouraging clinical data in Phase 1
BIOTECH ABBV-295 ABBV-295 has consistently demonstrated highly encouraging clinical data throughout a comprehensive Phase 1 program SAD study1 6-week MAD study2 12/13-week MAD study3 20-week Ph1b study4 % change in body weight % change in body weight % change in body weight Generating additional ins
Slide 33: Detailed data from the 12/13-week Phase 1 MAD trial of ABBV-295 presented at EASD 2026
BIOTECH ABBV-295 Detailed data from the 12/13-week Phase 1 MAD trial of ABBV-295 presented at EASD 2026 % change in body weight1 Key highlights LS Mean (95% CI) Meaningful weight loss LS Mean (SE) Body Weight % CFB 2 % change at 1 Week 12 / 13 All Placebo + Up to ~10% body weight reduction over 12-1
Slide 34: AbbVie has initiated Phase 2 trial for ABBV-295
BIOTECH ABBV-295 AbbVie has initiated Phase 2 trial for ABBV-295 in adults living with overweight and obesity Primary efficacy endpoint at week 32 supports timely evaluation of dose-response and dose selection for potential Phase 3 development, while treatment continues through week 52. PHASE 2 TRIA
Slide 35: ABBV-295 exemplifies the Gubra Biotech model
BIOTECH ABBV-295 Amylin provides an ABBV-295 combines a Phase 2 is underway to alternative and differentiated product define the optimal complementary profile with highly dose and dosing approach to chronic encouraging Phase 1 data paradigm for later-stage weight management development ABBV-295 exem
Slide 36: Three programs from Gubra collaborations beyond obesity advancing toward and through clinical development
BIOTECH Three programs from Gubra collaborations beyond obesity advancing toward and through clinical development Bleeding disorders, including Post-bariatric hypoglycemia Hypoparathyroidism heavy menstrual bleeding and other rare diseases + HMB-003a + AMX0318b + PTH analogc + Long-acting plasmin in
Slide 37: Expanding innovation footprint across three flagship therapeutic areas
BIOTECH Expanding innovation footprint across three flagship therapeutic areas Future expansion Near-term TA expansion Our three flagship therapeutic areas Legacy TA core 1 Obesity and CVRM ABBV-295a BI 3034701b Age-related 2 functional decline GUB-UCN2 Immunology 3 & Inflammation aABBV-295 is outli
Slide 38: Biotech: Gubra's value driver
BIOTECH Biotech: Gubra’s value driver A proven peptide A high-value obesity Versatile innovation discovery platform, pipeline addressing the engine and platform continuously evolving to next wave of innovation in extending beyond obesity drive Gubra’s 2030 chronic weight and broadening Gubra’s ambit
Slide 39: Beyond weight loss: The importance of skeletal muscle health
GUBRA INVESTOR R&D EVENT 2026 Beyond weight loss: The importance of skeletal muscle health Juleen R. Zierath Professor of Clinical Integrative Physiology, Karolinska Institutet Executive Director, Novo Nordisk Foundation Center for Basic Metabolic Research 27 October 2026
Slide 40: Skeletal muscle is essential for metabolic health and physical function
MUSCLE HEALTH Skeletal muscle is essential for metabolic health and physical function Metabolic Physical Healthy health function aging + Major site of glucose disposal + Provides strength and power + Muscle mass, strength, and and determinant of insulin for movement and everyday function decline wit
Slide 41: Muscle health reflects quantity, quality, and function
MUSCLE HEALTH Muscle health reflects quantity, quality, and function Muscle quantity Example assessments: How much muscle is Muscle mass and DXA, MRI, CT there? volume Muscle quality What is the condition Composition and MRI, CT, fat infiltration of the muscle? architecture (myosteatosis) Muscle fun
Slide 42: Obesity and aging can compromise skeletal muscle health
MUSCLE HEALTH Obesity and aging can compromise skeletal muscle health Obesity Aging ~1 in 4 people globally to live ~1 in 6 people globally to be with obesity by 20351 aged ≥60 by 20352 + Increased fat infiltration / Sarcopenia: myosteatosis + Progressive loss of muscle mass + Impaired muscle metabo
Slide 43: Chronic weight management: From magnitude of weight loss to quality of weight loss
MUSCLE HEALTH Chronic weight management: From magnitude of weight loss to quality of weight loss Weight loss ≠ fat loss Lean mass ≠ skeletal muscle A meaningful proportion of weight loss with current therapies may come from lean mass1,2,3 Total weight lost Skeletal muscle Body water ~60-75% ~25-40%
Slide 44: The clinical goal should extend from losing weight to maintaining healthier body composition
MUSCLE HEALTH The clinical goal should extend from losing weight to maintaining healthier body composition over time Substantial weight regain after treatment withdrawal Weight regain may favor fat over lean mass Example: SURMOUNT-4 with tirzepatide1 Example in postmenopausal women after weight loss
Slide 45: Body composition, muscle health, and physical function
MUSCLE HEALTH Body composition, muscle health, and physical function + Can we further improve the quality of weight loss? + Can improvements in muscle health translate into meaningful functional benefits? 45
Slide 46: Multiple biological approaches are being explored to improve body composition
MUSCLE HEALTH Multiple biological approaches are being explored to improve body composition Myostatin / INHBE / ALK7 UCN2 / CRHR2 activin signaling signaling signaling Muscle growth Adipose lipid Muscle protein turnover regulation mobilization and metabolism + Relieves inhibitory signaling on + Rele
Slide 47: Myostatin/activin signaling is a key regulator of skeletal muscle growth
MUSCLE HEALTH Myostatin/activin signaling is a key regulator of skeletal muscle growth Illustrative Mechanism of action1,2,3 Clinical evidence4 Ligand Myostatin (GDF8) Activin A/B Example: Bimagrumab 48-week Phase 2 BELIEVE trial Muscle growth brake Muscle wasting signal Monoclonal antibody targetin
Slide 48: INHBE/ALK7 signaling is a key regulator of adipose tissue lipolysis
MUSCLE HEALTH INHBE/ALK7 signaling is a key regulator of adipose tissue lipolysis Illustrative Mechanism of action1,2,3 Clinical evidence4 Gene/ INHBE Encodes Activin E Example: WVE-007 Phase 1 INLIGHT trial Ligand Expressed in hepatocytes Adipose lipolysis brake INHBE-targeting GalNAc-siRNA Single
Slide 49: UCN2/CRHR2 signaling may address both adipose tissue and skeletal muscle
MUSCLE HEALTH UCN2/CRHR2 signaling may address both adipose tissue and skeletal muscle through a distinct mechanism UCN2 CRHR2 cAMP-mediated downstream signaling Skeletal muscle Adipose tissue + CRHR2 is highly expressed in skeletal muscle1,3 + CRHR2 signaling regulates adipose metabolism4 + Promote
Slide 50: Across preclinical studies, UCN2 treatment reduces fat mass while increasing muscle mass
MUSCLE HEALTH Across preclinical studies, UCN2 treatment reduces fat mass while increasing muscle mass and preserving muscle function Reduced fat mass Increased skeletal muscle mass Preserved muscle function HFD-fed mice HFD-fed mice Cast-immobilized mice Total fat mass measured by MRI Tibialis ante
Slide 51: UCN2/CRHR2 biology extends beyond body composition, with potential cardiorenal effects
MUSCLE HEALTH UCN2/CRHR2 biology extends beyond body composition, with potential positive cardiorenal effects UCN2 CRHR2 cAMP-mediated downstream signaling Cardiovascular effects Renal effects supported demonstrated in humans in preclinical HF models + Acute UCN2 infusion increased cardiac output an
Slide 52: UCN2 has demonstrated cardiovascular effects in humans and renal effects in preclinical models
MUSCLE HEALTH UCN2 has demonstrated cardiovascular effects in humans and renal effects in preclinical heart failure models Cardiovascular effects in patients with acute heart failure Renal effects in an ovine model of acute heart failure Randomized, placebo-controlled study: 4-hour IV UCN2 infusion1
Slide 53: Beyond weight loss: The importance of skeletal muscle health
MUSCLE HEALTH Beyond weight loss: The importance of skeletal muscle health Muscle health is critical Chronic weight UCN2/CRHR2 biology for metabolic health, management should offers potential across physical function, and extend beyond weight loss body composition, healthy aging to preserving health
Slide 54: GUB-UCN2: Gubra's next potential major value driver
GUBRA INVESTOR R&D EVENT 2026 GUB-UCN2: Gubra’s next potential major value driver Thomas Langenickel Chief Medical and Development Officer 27 October 2026
Slide 55: GUB-UCN2: From healthier body composition in obesity toward broad indication potential
GUB-UCN2 GUB-UCN2: From healthier body composition in obesity toward broad indication potential 3 Broad indication potential 2 Clinical translation underway 1 Distinct mechanism of action ... with a profile creating opportunities across multiple disease settings, including obesity, muscle wasting co
Slide 56: GUB-UCN2: From healthier body composition in obesity toward broad indication potential
GUB-UCN2 GUB-UCN2: From healthier body composition in obesity toward broad indication potential 3 Broad indication potential 2 Clinical translation underway 1 Distinct mechanism of action ... with a profile creating opportunities across multiple disease settings, including obesity, muscle preservati
Slide 57: GUB-UCN2's novel mechanism may unlock benefits across multiple organ systems
GUB-UCN2 GUB-UCN2’s novel mechanism may unlock benefits across multiple organ systems UCN2 CRHR2 Downstream signaling Key features of GUB-UCN2 + 38-amino-acid neuropeptide + Highly potent and selective CRHR2 agonist Muscle mass + Excellent physical and chemical Adiposity and function Cardiac functio
Slide 58: GUB-UCN2 development is centered on healthy body composition and multiple paths to differentiation
GUB-UCN2 GUB-UCN2 development is centered on healthy body composition and multiple paths to differentiation Healthy body composition Maximize fat loss while preserving or increasing skeletal muscle Physical function and Translate healthier body composition into physical capacity, long-term GUB-UCN2
Slide 59: GUB-UCN2 induces weight loss while improving body composition in diet-induced obese mice
GUB-UCN2 GUB-UCN2 induces weight loss while improving body composition in diet-induced obese mice NEW DATA GUB-UCN2 reduces body weight in diet-induced obese mice through significant fat loss while preserving lean mass1 Body weight Fat mass Lean mass 120 0 4 110 100 -10 2 *** Body weight (% of basel
Slide 60: GUB-UCN2 demonstrates additional metabolic benefits in diet-induced obese mice
GUB-UCN2 GUB-UCN2 demonstrates additional metabolic benefits in diet-induced obese mice NEW DATA GUB-UCN2 reduces HbA1c, triglycerides, and total cholesterol following four weeks of treatment1 HbA1c Triglycerides Total cholesterol 6 2.0 9 1.8 8 5 * 1.6 7 *** ** *** Plasma TG (mmol/L) Plasma TC (mmol
Slide 61: GUB-UCN2 improves body composition in diet-induced obese rats alone and with a GLP-1 analog
GUB-UCN2 GUB-UCN2 improves body composition in diet-induced obese rats alone and in combination with a GLP-1 analog GUB-UCN2 drives selective fat mass loss in DIO rats while preserving lean mass, alone and in combination with semaglutide1 Body weight Fat mass Lean mass GUB-UCN2 maintains semaglutide
Slide 62: GUB-UCN2 shows consistent body composition benefits alone and with a GLP-1/GIP analog
GUB-UCN2 GUB-UCN2 shows consistent body composition benefits alone and in combination with a GLP-1/GIP analog NEW DATA GUB-UCN2 drives selective fat mass loss in DIO rats while preserving lean mass, alone and in combination with tirzepatide1 Body weight Fat mass Lean mass 110 20 15 Body weight (% of
Slide 63: GUB-UCN2's body composition benefits extend to amylin-based obesity treatment
GUB-UCN2 GUB-UCN2’s body composition benefits extend from GLP-1 and GLP-1/GIP analogs to amylin-based obesity treatment Adding GUB-UCN2 to cagrilintide maintains weight loss while enhancing fat mass reduction and preserving lean mass in DIO rats1 Body weight Fat mass Lean mass 110 20 15 ** Body weig
Slide 64: Advanced 3D imaging demonstrates increased skeletal muscle volume with GUB-UCN2
GUB-UCN2 Advanced 3D imaging demonstrates increased skeletal muscle volume with GUB-UCN2 Gubra’s 3D imaging technology for skeletal muscle analysis Tissue processing Automated 3D GUB-UCN2 increases total hindlimb muscle volume in and optical clearing light-sheet imaging aged diet-induced obese rats1
Slide 65: Switching from semaglutide to GUB-UCN2 increases lean mass while maintaining fat mass reduction
GUB-UCN2 Switching from semaglutide to GUB-UCN2 increases lean mass while maintaining fat mass reduction NEW DATA GUB-UCN2 improves body composition in DIO rats following semaglutide treatment, alone and in combination1 Body weight Fat mass Lean mass Weight gain after switch reflects Fat mass reduct
Slide 66: Switching from semaglutide to GUB-UCN2 increases lean mass while maintaining fat mass reduction
GUB-UCN2 Switching from semaglutide to GUB-UCN2 increases lean mass while maintaining fat mass reduction NEW DATA GUB-UCN2 improves body composition in DIO rats following semaglutide treatment, alone and in combination1 Body weight Fat mass Lean mass Weight gain after switch reflects Fat mass reduct
Slide 67: Switching from semaglutide to GUB-UCN2 increases lean mass while maintaining fat mass reduction
GUB-UCN2 Switching from semaglutide to GUB-UCN2 increases lean mass while maintaining fat mass reduction NEW DATA GUB-UCN2 improves body composition in DIO rats following semaglutide treatment, alone and in combination1 Body weight Fat mass Lean mass Weight gain after switch reflects Fat mass reduct
Slide 68: Switching from semaglutide to GUB-UCN2 increases lean mass while maintaining fat mass reduction
GUB-UCN2 Switching from semaglutide to GUB-UCN2 increases lean mass while maintaining fat mass reduction NEW DATA GUB-UCN2 improves body composition in DIO rats following semaglutide treatment, alone and in combination1 Body weight Fat mass Lean mass Weight gain after switch reflects Fat mass reduct
Slide 69: GUB-UCN2 increases skeletal muscle weight in DIO rats
GUB-UCN2 GUB-UCN2 increases skeletal muscle weight in DIO rats NEW DATA Across multiple skeletal muscles, GUB-UCN2 treatment results in higher muscle weight versus vehicle1 EDL muscle Soleus muscle Tibialis anterior muscle 0.55 0.55 2.0 0.50 0.50 1.8 0.45 0.45 1.6 Tibialis anterior weight (g) 0.40 *
Slide 70: GUB-UCN2: From healthier body composition in obesity toward broad indication potential
GUB-UCN2 GUB-UCN2: From healthier body composition in obesity toward broad indication potential 3 Broad indication potential 2 Clinical translation underway 1 Distinct mechanism of action ... with a profile creating opportunities across multiple disease settings, including obesity, muscle preservati
Slide 71: Comprehensive Phase 1/2a trial sets the stage for GUB-UCN2 across multiple settings
GUB-UCN2 Comprehensive Phase 1/2a trial sets the stage for GUB-UCN2 across multiple settings and patient populations Strategic GUB-UCN2 design Phase rational 1/2a trial1 Designed to: Key design elements + Assess safety and tolerability while capturing early efficacy signals in ambitious design ~188
Slide 72: A staged Phase 1/2a trial builds progressively from safety to evidence of clinical differentiation
GUB-UCN2 A staged Phase 1/2a trial builds progressively from safety to evidence of clinical differentiation Establish initial Demonstrate Evaluate clinical safety and tolerability early human translation meaningful differentiation SAD data package 6-week MAD data package 16-week MD data package Esta
Slide 73: Comprehensive MRI-based assessment of body composition and muscle volume
GUB-UCN2 Comprehensive MRI-based assessment of body composition and muscle volume in MAD and MD parts of the trial Whole-body composition Thigh muscle composition Subcutaneous Visceral Adipose tissue Muscle Extramuscular fat adipose tissue adipose tissue free volume volume volume volume (lean tissue
Slide 74: Assessment of key physical function endpoints differentiates the clinical program
GUB-UCN2 Assessment of key physical function endpoints differentiates the clinical program beyond body composition 6-week MAD and 16-week MD data packages 6-week MAD: Explore early changes in physical performance and muscle strength following 6 weeks of GUB-UCN2 treatment. Data packages 16-week MD:
Slide 75: GUB-UCN2: From healthier body composition in obesity toward broad indication potential
GUB-UCN2 GUB-UCN2: From healthier body composition in obesity toward broad indication potential 3 Broad indication potential 2 Clinical translation underway 1 Distinct mechanism of action ... with a profile creating opportunities across multiple disease settings, including obesity, muscle preservati
Slide 76: Expanding innovation footprint across three flagship therapeutic areas
GUB-UCN2 Expanding innovation footprint across three flagship therapeutic areas Future expansion Near-term TA expansion Our three flagship therapeutic areas Legacy TA core Clinical program designed to show differentiated 1 Obesity and CVRM profile in obesity with CVRM expansion potential ABBV-295a B
Slide 77: Beyond obesity, functional aging represents a major opportunity for GUB-UCN2
GUB-UCN2 Beyond obesity, functional aging represents a major opportunity for GUB-UCN2 Age-related functional decline offers a Population aging is increasing The addressable population major intervention opportunity the unmet need is substantial Population aged 65+ set to double by 20602 10–27% ~570
Slide 78: Muscle wasting and sarcopenia are a growing health concern and a potential opportunity
GUB-UCN2 Muscle wasting and sarcopenia are a growing health concern and a potential opportunity for GUB-UCN2 Sarcopenia carries substantial clinical consequences Value proposition for Gubra A meta-analysis of 35 studies and 98,754 older adults found sarcopenia associated with1 High unmet need driven
Slide 79: GUB-UCN2 offers pipeline-in-a-product potential spanning obesity, muscle health, and functional disease
GUB-UCN2 GUB-UCN2 offers pipeline-in-a-product potential spanning obesity, muscle health, and functional disease Broader long-term opportunity Extending muscle health benefits Ongoing work into healthy aging Future work Expanding into new indications Leveraging UCN2 biology and complementary mechani
Slide 80: GUB-UCN2: Gubra's next potential major value driver
GUB-UCN2 GUB-UCN2: Gubra’s next potential major value driver Compelling preclinical Comprehensive Obesity provides data support a Phase 1/2a program the entry point to differentiated body designed to generate broader long-term composition opportunity a robust clinical indication potential data packa
Slide 81: Q&A Biotech focus
Q&A Biotech focus Markus Rohrwild Louise S. Dalbøge Thomas Langenickel Juleen R. Zierath
Slide 82: Break
Break The meeting commences at 3:30pm GMT
Slide 83: Ventures: Gubra's value accelerator
GUBRA INVESTOR R&D EVENT 2026 Ventures Gubra’s value accelerator Zoë Johnson Head of Gubra Ventures & BD 27 October 2026
Slide 84: Gubra Ventures expands our innovation footprint and creates additional pathways to value creation
VENTURES Gubra Ventures expands our innovation footprint and creates additional pathways to value creation Gubra + Expand our innovation + Limit capital at risk: + Leverage Gubra’s scientific engine: Ventures footprint: Selectively Leverage external Apply our science, translational and Our value ent
Slide 85: Gubra is uniquely positioned to build and scale successful ventures
VENTURES Gubra is uniquely positioned to build and scale successful ventures Ventures leverages an established scientific, discovery, and early development platform SCIENTIFIC EXPERTISE PROVEN DISCOVERY PLATFORM INTEGRATED CAPABILITIES + Deep expertise in obesity and + streaMLine peptide discovery +
Slide 86: Gubra Ventures broadens our growth opportunities while leveraging existing capabilities
VENTURES Gubra Ventures broadens our growth opportunities while leveraging existing capabilities Strategic rationale Gubra Biotech Our value driver Strengthen innovation pipeline through external 1 assets and venture creation Expand into new disease and technology areas BD 2 beyond our current Biote
Slide 87: Lean, asset-centric companies leverage Gubra's integrated capabilities
VENTURES Lean, asset-centric companies leverage Gubra’s integrated capabilities to accelerate value creation Gubra shared capabilities Venture-specific capabilities Gubra shared functions: Discovery, IP, PM, Clinical Development, QA, BD, Legal, Finance, HR, IT Formation Lead optimization* Capital ne
Slide 88: Lean, asset-centric companies leverage Gubra's integrated capabilities
VENTURES Lean, asset-centric companies leverage Gubra’s integrated capabilities to accelerate value creation Gubra shared capabilities Venture-specific capabilities Gubra shared functions: Discovery, IP, PM, Clinical Development, QA, BD, Legal, Finance, HR, IT Formation Lead optimization* IND-enabli
Slide 89: Lean, asset-centric companies leverage Gubra's integrated capabilities
VENTURES Lean, asset-centric companies leverage Gubra’s integrated capabilities to accelerate value creation Gubra shared capabilities Venture-specific capabilities Gubra shared functions: Discovery, IP, PM, Clinical Development, QA, BD, Legal, Finance, HR, IT Formation Lead optimization* IND-enabli
Slide 90: Lean, asset-centric companies leverage Gubra's integrated capabilities
VENTURES Lean, asset-centric companies leverage Gubra’s integrated capabilities to accelerate value creation Gubra shared capabilities Venture-specific capabilities Multiple paths to value maximization Gubra shared functions: (partnering, strategic transaction, Discovery, IP, PM, Clinical continued
Slide 91: We are looking for external innovation where Gubra can create differentiated value
VENTURES We are looking for external innovation where Gubra can create differentiated value DISCOVERY EARLY-STAGE DEVELOPMENT IND-enabling Discovery and Lead Preclinical preclinical Phase 1 Phase 2 hit generation optimization validation development Peptides Expand modalities Metabolic Immunology Sel
Slide 92: We are looking for external innovation where Gubra can create differentiated value
VENTURES We are looking for external innovation where Gubra can create differentiated value DISCOVERY EARLY-STAGE DEVELOPMENT IND-enabling Discovery and Lead Preclinical preclinical Phase 1 Phase 2 hit generation optimization validation development Discovery Ventures Peptides + Partner complementary
Slide 93: We are looking for external innovation where Gubra can create differentiated value
VENTURES We are looking for external innovation where Gubra can create differentiated value DISCOVERY EARLY-STAGE DEVELOPMENT IND-enabling Discovery and Lead Preclinical preclinical Phase 1 Phase 2 hit generation optimization validation development Discovery Ventures Peptides + Partner complementary
Slide 94: Expanding innovation footprint across three flagship therapeutic areas
VENTURES Expanding innovation footprint across three flagship therapeutic areas Future expansion Near-term TA expansion Our three flagship therapeutic areas Legacy TA core 1 Obesity and CVRM ABBV-295a BI 3034701b Age-related 2 functional decline GUB-UCN2 Immunology 3 & Inflammation aABBV-295 is outl
Slide 95: Ventures: Gubra's value accelerator
VENTURES Ventures: Gubra’s value accelerator Expand Accelerate Repeat Into new therapeutic areas Build lean, asset-centric Create a scalable venture and modalities where companies that benefit engine that generates Gubra can create from Gubra’s integrated more shots on goal and capabilities differen
Slide 96: CRO: Gubra's value enabler
GUBRA INVESTOR R&D EVENT 2026 CRO Gubra’s value enabler Trine Nygaard Hamann Head of Gubra CRO 27 October 2026
Slide 97: Gubra CRO strengthens and benefits from our integrated scientific platform
CRO Gubra CRO strengthens and benefits from our integrated scientific platform Gubra + Reproducible + Reliable, high-quality data CRO + Deep scientific and preclinical disease and execution, customer Our value translational expertise models and advanced insight, and profitable enabler technology pla
Slide 98: Science-led expansion: Nearly two decades of building ahead of evolving drug development needs
CRO Science-led expansion: Nearly two decades of building ahead of evolving drug development needs Non-exhaustive Diabetes Obesity Liver - MASH 2008 2014 2018 2024 Future 98
Slide 99: The Gubra service development model: From scientific insight to market leadership in MASH
CRO The Gubra service development model: From scientific insight to market leadership in MASH + Understanding trends and investing ahead of 2D imaging / digital pathology demand From manual scoring of liver sections to AI-enabled histopathology + Developing the clinically translatable disease model
Slide 100: Science-led expansion: Nearly two decades of building ahead of evolving drug development needs
CRO Science-led expansion: Nearly two decades of building ahead of evolving drug development needs Non-exhaustive Continuous innovation Diabetes Obesity Liver - MASH Kidney - CKD Lung - IPF Sarcopenia Women’s Health to stay ahead of the curve 2008 2014 2018 2024 Future 100
Slide 101: Disease-area expansion has been amplified by pioneering technology innovation
CRO Disease-area expansion has been accompanied and amplified by pioneering technology innovation 3D imaging / light-sheet microscopy Whole-brain analysis at cellular resolution + Visualize the entire brain at cellular resolution to understand treatment effects + Map drug distribution throughout the
Slide 102: 3D imaging – not only the brain! Muscle in sarcopenic models
CRO 3D imaging – not only the brain! Differentiated insights across multiple organ systems Muscle in sarcopenic models + Measure individual muscles within an intact hindlimb + Identify differences in treatment response that may be missed by overall body weight or lean mass measurements + Quantify va
Slide 103: 3D imaging – not only the brain! Cysts and follicles in ovaries
CRO 3D imaging – not only the brain! Differentiated insights across multiple organ systems Cysts and follicles in ovaries + Visualize the entire ovary in 3D while preserving tissue architecture and reducing variability and manual work + Count oocytes and follicles throughout the ovary to assess trea
Slide 104: Automation turns advanced technology into scalable CRO execution
CRO Automation turns advanced technology into scalable CRO execution High-throughput light-sheet microscopy Fully automated staining and sample handling Gubra can handle data from 800+ mouse brains per month Robot with capacity to handle 384 samples at a time 104
Slide 105: Scientific rigor and customer trust translate into sustained growth
CRO Scientific rigor and customer trust translate into sustained growth CRO revenue Gubra CRO serves 10-year organic revenue CAGR 17/20 14% of the largest pharma companies globally Gubra CRO mid-term growth target ~10% Average annual growth rate 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Prec
Slide 106: The preclinical CRO market is evolving in Gubra's direction
CRO The preclinical CRO market is evolving in Gubra’s direction Scientific complexity Biotech funding has More preclinical R&D increases the value of rebounded strongly in 2026 is being outsourced specialist expertise and differentiated technology Biopharma equity raises1 Global discovery and precli
Slide 107: Sarcopenia and Women's health represent attractive growth opportunities for Gubra's CRO
CRO Sarcopenia and Women’s health represent attractive growth opportunities for Gubra’s differentiated CRO offering Sarcopenia Women’s Health + An estimated 10–27% of adults aged ≥60 globally + Significant unmet need across disease areas with affected by sarcopenia1 historically limited innovation +
Slide 108: A growing specialist preclinical CRO with leadership in high-value disease and technology areas
CRO A growing specialist preclinical CRO with leadership in high-value disease and technology areas GUBRA CRO PRIORITIES TOWARD 2030 Lead in metabolic Expand into Grow proprietary Expand Drive efficiency and fibrotic disease Sarcopenia and 3D imaging commercial reach through cost models Women’s Heal
Slide 109: Capital allocation strategy
GUBRA INVESTOR R&D EVENT 2026 Capital allocation strategy Turning scientific advantage into shareholder value Kristian Borbos CFO 27 October 2026
Slide 110: A structured approach to capital allocation
CAPITAL ALLOCATION A structured approach to capital allocation 3 Investment Governance Previous sessions Strategic planning process Targets & Competitive incentives advantage Where to play, how to win, and how to create value? Market Feedback attractiveness loops 1 Focus for this session Value drive
Slide 111: Capital allocation across business units
CAPITAL ALLOCATION Capital allocation across business units Each area is funded per its risk and return profile that translates into a disciplined growth strategy Biotech Biotech Ventures CRO Discovery Development Capital Intensity Capital Intensity Capital Intensity Capital Intensity Competitive ed
Slide 112: Biotech: disciplined, data-driven investment in R&D assets
CAPITAL ALLOCATION Biotech: disciplined, data-driven investment in R&D assets Capital at risk From discovery to Capital allocation principles clinical development to maximize R&D efficiency Decentralized scientific entrepreneurship, centralized capital discipline Rigorous, data-driven stage gates en
Slide 113: Amylin case study: value creation through the asset lifecycle
CAPITAL ALLOCATION Amylin case study: value creation through the asset lifecycle From peptide insight to USD 2.2 billion deal — and USD ~150 million returned to shareholders Project start Preclinical tox First Phase 1 SAD results 2018 2022 Nov 2024 streaMLine platform Phase 1 initiation AbbVie partn
Slide 114: Existing collaborations provide potential non-dilutive funding for future growth
CAPITAL ALLOCATION Existing collaborations provide potential non-dilutive funding for future growth ABBV-295a,1 BI 3034701b,3 HMB-003c,5 AMX0318d,6 PTH analoge,8 Phase 2 Phase 2 Phase 1 IND-enabling Drug discovery Obesity Obesity Bleeding disorders PBH Hypoparathyroidism + USD 350 million upfront +
Slide 115: Gubra Ventures: accelerating value creation with lower capital at risk
CAPITAL ALLOCATION Gubra Ventures: accelerating value creation with lower capital at risk Why Ventures (recap)? Capital allocation and value creation Expand innovation potential through external How is capital allocated? assets and more shots on goal at lower risk + Lean initial commitment from Gubr
Slide 116: CRO: Our competitive advantage translates into high ROIC and earnings quality
CAPITAL ALLOCATION CRO: Our competitive advantage translates CRO external revenue into high ROIC and earnings quality (DKK million) 10-year organic revenue CAGR Return on invested capital 14% Asset-light model supports capital-efficient growth 220 193 169 148 155 Revenue growth: 131 118 110 + 14% or
Slide 117: CRO: disciplined capital allocation to scale high-return growth opportunities
CAPITAL ALLOCATION CRO: disciplined capital allocation to scale high-return growth opportunities Investing ahead of the curve Portfolio logic + Manage offerings as a portfolio and maturity pipeline + Invest selectively to build scientific expertise and delivery excellence Disease area expansion Pion
Slide 118: Solid financial foundation supports our growth ambitions
CAPITAL ALLOCATION Solid financial foundation supports our growth ambitions Strong balance sheet Partnered programs USD ~140 million Potential milestone payments from existing Cash position as of Jun-30, 2026a partnerships as assets progress Excludes USD 50 million and EUR 10 million from AbbVie and
Slide 119: Capital allocation strategy
CAPITAL ALLOCATION Capital allocation strategy We invest where We fund We limit We recognize the we have an edge progressively capital at risk opportunity cost of capital Gubra combines scientific entrepreneurship with disciplined capital allocation 119
Slide 120: Q&A Ventures, CRO, Capital allocation
Q&A Ventures, CRO, Capital allocation Markus Rohrwild Zoë Johnson Trine Nygaard Hamann Kristian Borbos
Slide 121: A scalable, disease-agnostic innovation engine with multiple pathways to long-term value creation
A scalable, disease-agnostic innovation engine with multiple pathways to long-term value creation Differentiated science with significant potential A scalable, disease-agnostic innovation engine Multiple pathways to value creation Our ambition toward 2030 8-10 1-2 2-3 ≥10% Clinical-stage assets by 2
Slide 122: Thank you!
Thank you! Markus Rohrwild Louise S. Dalbøge Thomas Langenickel Zoë Johnsona Kristian Borbos Trine Nygaard Hamann CEO CSO CMO Head of Gubra Ventures & BD CFO Head of Gubra CRO aZoë Johnson is legally associated with Gubra GmbH in Switzerland. 122