Thor Medical Asa · OSL:TRMED
Thor Medical Asa — FY2025 Earnings Presentation
21 slides from Thor Medical Asa's earnings presentation, 2026
Slide 1: Second-Half and Full-Year 2025 Results
Second-Half and Full- Year 2025 Results AlphaOne on Track, Strong Commercial Momentum Jasper C. Kurth, CEO Brede H. Ellingsæter, CFO & COO Mathias N. Reierth, Head of Coms. & Corp. Aff.
Slide 2: Disclaimer
Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation doe
Slide 3: Becoming a World-Leading Supplier of Alpha-Emitters to Cancer Therapies
Becoming a World-Leading Supplier of Alpha-Emitters to Cancer Therapies Creating a Multi-Million USD Market New cancer therapies create a USD 1bn+ revenue opportunity Commercial progress NOK ~850m order backlog Mechanical completion in April AlphaOne on track Listed on Oslo Stock Exchange NOK ~1.5bn
Slide 4: 2025 Highlights
2025 Highlights • Executed final investment decision and began construction of AlphaOne • Signed strategic sourcing agreement for thorium-232 feedstock with European chemical group • Shipped first batch of ultra-high purity lead-212 to big pharma customer • Increased order backlog to NOK ~850 millio
Slide 5: AlphaOne Taking Shape
AlphaOne Taking Shape Herøya, Norway 21,000 patient doses Location Capacity 15-20 FTEs Q3 2026 Employment Production start Mechanical completion on track for April 2026
Slide 6: Market View and Commercial Development
Market View and Commercial Development 6
Slide 7: Radiotherapeutics Enter Acceleration Phase, Expected to Dominate Radiopharmaceutical Market by 2030
Radiotherapeutics Enter Acceleration Phase, Expected to Dominate the Broader Radiopharmaceutical Market by 2030 Radiopharmaceuticals market size, USDbn Recent Developments adiotherapeutics adiodiagnostics • Aktis Oncology (Ac-225, Phase 1) Radiotherapeutics established completes USD 318m upsized IPO
Slide 8: Pb-212 Emerges as the Clear Alpha-Emitter Pipeline Leader
Pb-212 Emerges as the Clear Alpha-Emitter Pipeline Leader Number of Assets Assets in development by isotope and development stage, # assets, February 2026 High Low Isotope type Isotope Preclinical Phase 1/2 Phase 2 Phase 3 / reg On market Alpha emitters • Alpha emitters represent the Pb-212 >30 fast
Slide 9: Significant Isotope Demand From Clinical Development; Market Expected to Exceed 40,000 Patient Doses in 2026
Significant Isotope Demand From Clinical Development; Market Expected to Exceed 40,000 Patient Doses in 2026 Supply of Th-228 from the US Department of Energy has doubled every year for the past few years to keep pace with high demand in the market # Pb-212 patient doses equivalent, 2023-2026e US De
Slide 10: Order Backlog Increased to NOK ~850m from a Broadening Customer Portfolio
Order Backlog Increased to NOK ~850m from a Broadening and High-Quality Customer Portfolio NOK • Signed strategic sales agreements with eight 850m leading companies in targeted alpha therapy to order backlog date • 5-year agreements, and one 3-year agreement for supply of lead-212 in pre-clinical st
Slide 11: Operational Development
Operational Development oO thor. S medical
Slide 12: Scalable, Cost-Efficient, and Sustainable Production of High-Purity Isotopes
Scalable, Cost-Efficient, and Sustainable Production of High-Purity Isotopes Sourcing from mining operations Natural • Delivering high purity Th-228, Ra-224, and Th-232 thorium 14.1b years feedstock preclinical volumes Pb-212 based on natural thorium requiring no irradiation Ra-228 Intermediate prod
Slide 13: AlphaOne – Our First Commercial Scale Plant
Production scale-up AlphaOne – Our First Commercial Scale Plant • Th-228 and Ra-224 production to meet early market AlphaOne 60,000 demand AlphaCycle production • Self-scaling production capacity with no additional Th-228 Ra-224 # Pb-212 patient doses equivalent capex ‒ Increasing to 21,000 doses af
Slide 14: Commercial Scale Development and Execution Roadmap
Commercial Scale Development and Execution Roadmap • Formally taken over lab facilities and completed installing core production equipment including thorium storage tanks • Mechanical completion in April, production start in Q ’ 6 • Fully funded and expecting profitable operations towards end of 202
Slide 15: Financials
Financials oO thor. S medical
Slide 16: Generating Initial Revenues and Keeping a Lean Organization While Building AlphaOne
Generating Initial Revenues and Keeping a Lean Organization While Building AlphaOne • Revenue mainly pilot sales of preclinical grade Financial key figures (in NOKm) 2H 2025 2H 2024 2025 Pb-212 • Payroll and related expenses of NOK 19.9 million Revenues 0.8 0.0 0.8 and other operating expenses of NO
Slide 17: Strong Funding Position Secures AlphaOne Execution and Ramp-Up Until Positive Cash Flow in 2027
Strong Funding Position Secures AlphaOne Execution and Ramp-Up Until Positive Cash Flow in 2027 Sources of capital 2026 (NOK million) Loan, WC Facility • Strong liquidity with cash and cash Innovation Norway equivalents of NOK 180.6 million at 20 period-end • Committed funding secured, including 90
Slide 18: Outlook and Priorities
Outlook and Priorities oO thor. S medical
Slide 19: Sharply growing market opportunity requires ambitious ramp-up plan over the next decade
Sharply growing market opportunity requires ambitious ramp-up plan over the next decade >1,000,000 Nameplate production capacity #patient doses Key Development Tracks Q3’ 0 6 Now: Safe and timely Commercial production completion and ramp-up of Herøya, Norway AlphaOne remain a key priority for Thor M
Slide 20: Key Strategic Priorities
Key Strategic Priorities Finalize and Broaden Execute Ramp Up Strategic Commercial Position the AlphaOne to Partnerships Backlog and Company for Commercial and Further Deliver on Scalable, Profitable Operations Strengthen Customer Growth Supply Chain Commitments 20
Slide 21: thormedical.com
Thor Medical is an emerging supplier of alpha particle emitters produced from naturally occurring thorium. Its proprietary production process requires no irradiation or use of nuclear reactors, and provides reliable, environmentally friendly, cost-efficient supply of alpha-emitters for the radiophar