Slide 1: Advanced Technology That Makes Water Better
Advanced Technology That Makes Water Better — Robert Banks, President and CEO NEPHROS because water matters™
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements in this management presentation constitute “forward-looking statements.” Such statements include those regarding our ability to execute on our growth strategy, our plans to develop new products and technologies, including the efficacy and intended use of such
Slide 3: Overview
NEPHROS Overview Nephros provides leading filtration solutions to a variety of industries including healthcare, hospitality, institutions, government, and manufacturing Nephros water filters support medical and commercial use, with options for contaminants like scale or sediment, and FDA-cleared Cla
Slide 4: Investment Highlights
NEPHROS 4 Investment Highlights + New executive team rationalizing and re-energizing leading water filtration provider + Proprietary technology with multiple competitive advantages + Growing demand fueled by regulatory tailwinds + ASHRAE 514 - infection control + $1108 - sterile processing + AAMI st
Slide 5: Professional Executive Team
NEPHROS Professional Executive Team ROBERT BANKS President & CEO Robert has a proven track record of delivering value through innovation and aligning the strengths of his organization with customer needs to drive profitable growth. Most recently, he was the Executive Director of Product Management a
Slide 6: Board Of Directors
NEPHROS Board Of Directors —— ROBERT BANKS President & Chief Executive Officer Responsible for leading the organization with a clear, set vision, developing a strategy to achieve that vision, and then executing that strategy. Robert leads our team to success by inspiring and motivating employees, bu
Slide 7: Water Filtration Business Segments
NEPHROS Water Filtration Business Segments Nephros water filtration business is focused on two markets: medical water filtration and commercial water filtration We offer a robust line-up of solutions that support an array of installation applications for both water safety and quality 2026 CORPORATE
Slide 8: Medical Filtration
NEPHROS 2026 CORPORATE PRESENTATION Medical Filtration Medical water filtration is our core business, and within this product line we focus on two areas: Infection Control and Dialysis These solutions are FDA 510(k)- cleared as Class I medical devices for effective retention of waterborne pathogens
Slide 9: Superior Technology
NEPHROS 9 MEDICAL FILTRATION Superior Technology Our FDA Class II water filters are capable of effectively retaining bacteria, viruses, and endotoxins with proprietary, hollow-fiber media. This exceptional filtration technology is born from years of service in the field of dialysis, arguably the gol
Slide 10: Infection Control
NEPHROS — =—> suuHaan 2026 CORPORATE PRESENTATION INFECTION CONTROL Infection Control —— BENEFITS AND CAPABILITIES @ Purify EPA-quality water to be suitable for drinking, surgical handwashing, and medical equipment cleaning @ Aid in infection control while supporting facility safety and continuity o
Slide 11: Infection Control Business Drivers
NEPHROS 2026 CORPORATE PRESENTATION 11 INFECTION CONTROL Infection Control Business Drivers © INFLUENCES CUSTOMERS + CMS, TJC, + Healthcare facilities Reins + Government + ASHRAE 188 . and (new) 514 + Manufacturing detail water + Schools management plan o [Letas guidance SALE TYPES + Programmatic (r
Slide 12: Dialysis
NEPHROS A MEDICAL FILTRATION [DEINAIS ee ) Dialysis 3 i —— BENEFITS AND CAPABILITIES @ Offer sub-micron purification of water and bicarbonate concentrate following other water treatment equipment, such as reverse osmosis 1 i | @ Ideal for a variety of configurations throughout the dialysis water loo
Slide 13: Dialysis Business Drivers
NEPHROS Dialysis Business Drivers © INFLUENCES CUSTOMERS SALE TYPES + ISO and + Dialysis clinics and + Large accounts ANSI/AAMI dialysis wings within (fewer players) (new standard healthcare facilities $T108) + New product + OEM partners development + Dedicated national sales coverage 2026 CORPORATE
Slide 14: Commercial
NEPHROS NEPHRO® 2026 CORPORATE PRESENTATION 14 — Commercial =— BENEFITS AND CAPABILITIES @ High-quality reduction of water contaminants like lead, scale, total PFAS, and sediment © Improved equipment performance and efficiency @ Reduced machine maintenance @ Available in multiple keys and sizes to f
Slide 15: Commercial Business Drivers
NEPHROS COMMERCIAL FILTRATION Commercial Business Drivers © INFLUENCES CUSTOMERS SALE TYPES + IAPMO, NSF, and + Restaurants and + Programmatic ANSI standards quick-service (recurring restaurants (QSR) replacement orders) + Convenience stores + Hospitality + Facilities with cafeterias and/or staff ki
Slide 16: Looking Ahead
Looking Ahead
Slide 17: Growth Strategy
NEPHROS Growth Strategy Continue expansion of sales coverage + Expanding sales team to further capitalize national opportunities + Expanding relationship with key distributors to help market coverage Increase cross selling between products and applications Continue converting one-time customers to p
Slide 18: New Developments
NEPHROS 2026 CORPORATE PRESENTATION 18 New Developments PRODUCTS AND SERVICES Digital tools to enhance Nephros value + Deploying a filter tracker to drive reorders and support field installations + Development of a “digital twin” to monitor environmental inputs, anticipate usage, drive strategy, and
Slide 19: Nano- And Microplastics
NEPHROS 19 66 Nano- And Microplastics Because we have the smallest pore size in the Human exposure presents multiple health concerns market... we are the best + Nanoplastics penetrate biological barriers filter company to address + Leaches toxic chemicals NMPs. + Results: cellular toxicity, inflamma
Slide 20: Digital Tools
NEPHROS 20 so NEPHROS Digital Tools “We have taken an exciting step Enhanced Customer Experience towards digitizing A * Documentation of filter installations with the launch of a filter tracker.” You have 5 expired filters + Captures critical data points + Digital tools increase Nephros value * Trac
Slide 21: Growing Customer Base Driving Increasing Revenue Momentum
NEPHROS Growing Customer Base Driving Increasing Revenue Momentum Reported Revenue Active Customer Sites 6000 1600 1400 1200 1000 at 3000 800 600 2000 400 1000 | 200 0 Q1 2018 > Q1 2026 Q1 2021 > Q1 2026
Slide 22: Nephros, Inc. — Financial Highlights
NEPHROS 22 Nephros, Inc. — Financial Highlights Consolidated 202601 202501 FY 2025 REVENUE 5,212 4,877 18,789 14,162 Gross Margin 57% 65% 62% 62% EBITDA 135 585 1,207 133 Adjusted EBITDA 206 667 1,571 548 Operating Income (Loss) 97 566 1,146 6 Net Cash Flow From Operations (1,671) 322 1,645, (492) E
Slide 23: Nephros Inc. — Selected Balance Sheet Information
NEPHROS 23 Nephros Inc. — Selected Balance Sheet Information Assets March 31, 2026 December 31, 2025 December 31, 2024 Current Assets: Cash And Cash Equivalents 4,018 5,400 3,760 Accounts Receivable, Net 3,521 2,414 1,781 Inventory 3,619 3,232 2,615 Other Current Assets 338 177 142 Total Current Ass
Slide 24: Cap Table
NEPHROS 24 Cap Table coy Ol Mm " COMCaAst ae mMtsa v 0.660, 5 -0.30 $45.25 10.8 MM Cash Shares o/s 1.2 MM $0 Total equity grants Debt outstanding 2026 CORPORATE PRESENTATION
Slide 25: Key Takeaways
NEPHROS 25 2026 CORPORATE PRESENTATION Key Takeaways Experienced management team driving growth of leading water filtration provider Proprietary technology with multiple competitive advantages Growing demand fueled by regulatory tailwinds + ASHRAE 514 - infection control + $1108 - sterile processing
Slide 26: Thank You!
Thank You! Investor Relations Contacts: Kirin Smith > = Robert Banks President, PCG Advisory ) President & CEO, Nephros, Inc. © (646) 823-8656 © ksmith@pegadvisory.com © (201) 343-5202 x110 © robert.banks@nephros.com
Slide 27: Appendix
NEPHROS Appendix 2026 CORPORATE PRESENTATION 27
Slide 28: EBITDA And Adjusted EBITDA
NEPHROS 5s £< \ © : 4 ‘ : — 2026 CORPORATE PRESENTATION EBITDA And Adjusted EBITDA EBITDA and Adjusted EBITDA Definitions and Reconciliation to GAAP Financial Measures EBITDA is calculated by taking net income (loss) calculated in accordance with generally accepted accounting principles (“GAAP”) and
Slide 29: EBITDA And Adjusted EBITDA Reconciliation
NEPHROS 29 EBITDA And Adjusted EBITDA Reconciliation 12 Months 2026 Q1 2026 Q1 2025 4219112025 unaudited (in thousands) audited (in thousands) Reconciliation of Net Income: Reconciliation of Net Income: Net Income 140 Net Income 558 1,194 Adjustments: Adjustments: Depreciation of Property and Equipm
Slide 30: Corporate Milestones
NEPHROS Corporate Milestones 2026 CORPORATE PRESENTATION 30 Nephros founded as spin-off from Columbia University research group to develop a new type of dialysis machine that allows existing Hemodialysis (HD) machines to also deliver Hemodiafiltration (HDF) dialysis to patients in the US. IPO at pre
Slide 31: Corporate Milestones
NEPHROS Corporate Milestones 2026 CORPORATE PRESENTATION 31 Acquired Aether Water Systems to establish a presence in non-medical filtration for diversification. Also formed Specialty Renal Products (SRP) subsidiary, to re-start the HDF product market. Also started Pathogen Detection Systems group (P
Slide 32: because water matters™
NEPHROS because water matters™ nephros.com