Gentian Diagnostics Asa · OSL:GENT
Gentian Diagnostics Asa — Q2 2026 Earnings Presentation
33 slides from Gentian Diagnostics Asa's earnings presentation, Jul 9, 2026
Slide 1: Q2 2026 Presentation
Q2 2026 Presentation 9 July 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: Q2 performance: Highest quarterly sales ever with return to double digit growth
Q2 performance: Highest quarterly sales ever with return to double digit growth Q2’26 financials and key milestones Additional highlights • Sales to Europe grew by 21% in Q2’26 and 45% to US Sales Sales to the US compared to Q2’25, more than compensating softness in China MNOK 49.8 MNOK 10.4 • Sales
Slide 5: Record H1 sales with double digit organic growth
Record H1 sales with double digit organic growth H1 ‘26 financials and key milestones Additional highlights ▪ Despite good growth in the US, sales of Cystatin C Sales Sales to the US decreased by -9.7% in H1 2026 vs. H1 2025, due to China performance and new order phasing to South-Korea. MNOK 93.7 M
Slide 6: Our Mission
Our Mission “Improving patient outcomes with world-class diagnostics.”
Slide 7: Our Vision
Our Vision “We will be the innovation partner for global IVD companies.”
Slide 8: Gentian Diagnostics in a nutshell
Gentian Diagnostics in a nutshell Sales revenue and CAGR Med Tech company targeting a $1.9B serviceable 190 MNOK diagnostic segment with 5-10% annual growth EBITDA development 170 177 (MNOK) 34,6 150 Appealing value proposition, lean business model +23% 152 & focused growth strategy 24,7 130 135 110
Slide 9: Key disease areas: inflammation, infection and kidney disease
Key disease areas: inflammation, infection and kidney disease ESTABLISHED PRODUCTS IN MARKET IN DEVELOPMENT DEVELOPMENT Custom Pancreas Inflammation Kidney disease Inflammation development Kidney disease Inflammation deficiency & infection & nutrition & infection for a global partner Cystatin C fCAL
Slide 10: 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 11: Key financials
Key financials
Slide 12: Continued growth in Europe and US, soft sales in China
Continued growth in Europe and US, soft sales in China Highlights Sales revenue - geographic split ▪ Sales to Europe grew by 21% in Q2’26 compared to Q2’25. MNOK Q2’26 Q2’25 H1’26 H1’25 2025 US 10.4 7.2 19.1 11.0 29.4 ▪ The US market continued to show solid YoY growth of 45% in Q2’26, driven by posi
Slide 13: Stable cost development
Stable cost development OPEX Capitalised R&D expenses Operating expenses MNOK Q2’26 Q2’25 H1’26 H1’25 2025 Sales and marketing 7.1 7.3 14.0 13.4 29.0 expenses 2 4 0 Administration 0 6.1 6.8 11.8 13.1 25.3 1 expenses Research and development 9.0 6.7 17.4 11.8 23.2 expenses 21 21 21 22 18 Total 22.2 2
Slide 14: Gross margin of 55% in Q2 2026
Gross margin of 55% in Q2 2026 Gross and EBITDA margin % . 70% 64% ▪ Gross margin at target despite currency 60% 56% 56% 58% 55% effects and moderate cost increases. 52% 53% 50% ▪ Operations ran smoothly in Q2’26. 44% ▪ Ambition of gross margin in the 55%-60% 40% area on current revenue levels is 30
Slide 15: Solid EBITDA performance
Solid EBITDA performance NOK million 14 ▪ EBITDA of NOK 8.1 million in Q2’26. ▪ No capitalisation of development 10 expenditure in Q2’26 – NOK 2.2 million effect on EBITDA 8 8 8 7 ▪ EBITDA margin at 16.3% 5 5 2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026
Slide 16: Healthy cash position
Healthy cash position Q2’26 balance sheet and cash flow ▪ Cash flow negatively impacted by working capital movements. Cash Capex ▪ Low CAPEX => currently no capitalisation on any R&D projects. MNOK 79.3 MNOK 0.1 MNOK 80.2 in Q2’25 MNOK 2.5 in Q2’25 ▪ Equity ratio down due to NOK 30.2 million impairm
Slide 17: Product update
Product update
Slide 18: Cystatin C
Cystatin C All-time high quarter driven by growth in the USA and Korea Sales of Cystatin C last 2 years (MNOK) ▪ NOK 18.3 million in Q2 2026 vs NOK 17.4 Growth: +5% million in Q2 2025. 17,7 17,4 18,3 ▪ The YoY increase is mainly driven by US growth 15,5 16,4 coming from all our partners, as well as
Slide 19: fCAL turbo
fCAL® turbo Excellent Q2 performance with expected high-teens growth in 2026 Sales of fCAL® turbo last 2 years (MNOK) Growth: +35% 18,3 17,2 17,3 16,4 15,9 15,0 14,3 14,8 ▪ Sales of fCAL® turbo increased by 35% in Q2 12,8 2026 compared to Q2 2025 (NOK 17.3 million vs NOK 12.8 million). ▪ Full year s
Slide 20: Other Products
Other Products Consistent long-term growth driven by fPELA and cCRP Sales of other products last 2 years (MNOK) Growth: +16% 9,4 8,2 ▪ NOK 8.2 million in Q2 2026 vs NOK 7.1 million in Q2 2025. 6,9 7,1 7,0 6,2 6,7 ▪ Forecasts from our partners remain on target 5,4 5,1 for full year. ▪ fPELA ® turbo e
Slide 21: Third-party products
Third-party products Solid quarterly sales despite slight YoY decline Sales of third-party products last 2 years (MNOK) Growth: -6% 6,4 6,4 6,0 ▪ A good NOK 6.0 million quarter, but YoY down by 6% due to record quarter in 2025. 5,1 4,8 ▪ Gentian Diagnostics AB continues to further 4,6 4,7 4,3 3,4 im
Slide 22: R&D update and summary
R&D update and summary
Slide 23: New R&D strategy to accelerate new product launches and manage risks
New R&D strategy to accelerate new product launches and manage risks Gentian’s R&D strategy is now built on three pillars: 1. Accelerated product launches. • A dynamic pipeline management approach combined with increasingly agile development processes. • Increased focus on the veterinary diagnostics
Slide 24: Broader and more balanced product pipeline targeting several new launches
Broader and more balanced product pipeline targeting for several new launches in coming years Focus remains in proprietary assay development complemented by paid development partnerships and technology licensing or collaboration opportunities • The ongoing assay development for a key IVD • An offer
Slide 25: R&D spending to remain at current levels as high activity is expected going forward
R&D spending to remain at current levels as high activity is expected going forward R&D Spend break-down MNOK Q2’26 Q2’25 H1’26 H1’25 2025 ▪ Current R&D expenditure levels to be maintained Technical and Clinical with several projects ongoing or under initiation. support 2.4 2.6 3.8 4.7 9.9 Pipeline
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: P&L highlights
P&L highlights MNOK Q1’26 Q1’25 H1’26 H1’25 2025 Sales 49.8 43.6 93.7 88.1 176.5 Cost of goods sold -22.2 -24.2 -43.1 -40.4 -78.3 Gross profit 27.6 19.3 50.6 47.7 98.2 Other revenues 0.5 0.9 1.2 1.8 4.8 R&D expenses -9.0 -6.7 -47.6 -11.8 -23.2 Sales and marketing expenses -7.1 -7.3 -14.0 -13.4 -29.0
Slide 29: Balance sheet highlights
Balance sheet highlights MNOK Q2’26 Q2’25 2025 Inventory 53.5 51.7 54.1 Accounts- and other 45.4 35.5 24.3 receivables Cash and cash equivalents 79.3 80.2 105.9 Total non-current assets 45.3 63.8 74.2 Total assets 223.5 231.2 258.5 Total paid-in equity 322.5 318.9 319.6 Total retained equity -139.9
Slide 30: Cash flow highlights
Cash flow highlights MNOK Q2’26 Q2’25 2025 Operating activities -3.2 0.9 42.6 Investing activities 0.1 -2.5 -10.8 Financing activities -9.4 -7.4 -11.1 Changes in cash and cash -12.7 -8.9 20.7 equivalent Cash and cash equivalent at the 91.9 88.7 84.7 beginning of period Cash and cash equivalent at th
Slide 31: Board of directors
Board of directors Hilja Bernhard Kjersti Christian Ibert Risse Grimsrud Åbyholm Chair of 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 Christian Åbyholm is a partner in Kvantia AS years’ exp
Slide 32: Top shareholders
Top 20 shareholders Shareholder No of shares % DNB Bank ASA 2 110 224 13.65 % Kvantia AS 1 803 368 11.67 % Carpe Diem Afseth AS 956 027 6.18 % Norda ASA 716 099 4.63 % Safrino AS 649 700 4.20 % DNB Carnegie Investment Bank AB 645 659 4.18 % Insr ASA 614 251 3.97 % J.P. Morgan SE 600 000 3.88 % DNB B
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