Gubra A/s · OMXCOP:GUBRA
Gubra A/s — Investor Presentation (September 2026)
38 slides from Gubra A/s's investor presentation, September 2026
Slide 1: Investor presentation
Share ticker: Gubra l Nasdaq Copenhagen Investor presentation September 2026 1
Slide 2: Context
Context ©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 sponsorship. All righ
Slide 3: Differentiated innovation model through reinforcing synergies
Differentiated innovation model through reinforcing synergies Disease-agnostic techbio with deep peptide and preclinical expertise VALUE DRIVER Proprietary AI-based peptide drug Gubra discovery platform advancing high- Biotech value assets to clinical proof of concept Our value driver VALUE ENABLER
Slide 4: Where we play: Focused on where we have the greatest competitive advantage
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 Clinical Provid
Slide 5: 2025 has been a record year for Gubra
2025 has History and been growth a record journey year for Gubra Revenue (USD million) 5
Slide 6: Key milestones achieved in 2026
Key milestones achieved in 2026 Amylyx selects AMX03181 AbbVie reports highly Hemab presents preclinical Initiation of ambitious Phase as DDC for PBH and other encouraging Ph1 MAD data for HMB-003 and 1/2a trial with GUB- rare diseases with IND topline data for amylin announces progression to UCN2,
Slide 7: Our leadership team
Our leadership team Markus Rohrwild Kristian Borbos Lena Moran-Adams Louise S. Dalbøge Chief Executive Officer Chief Financial Officer Group General Counsel Chief Science Officer Trine Hamann Thomas Langenickel Gaurav Grigo Zoë Johnson* Head of CRO Chief Medical and Chief Technology Officer Head of
Slide 8: Gubra Biotech
Gubra Biotech Our value driver 8
Slide 9: StreaMLine: Proven peptide discovery platform
StreaMLine : Proven peptide discovery platform Key advantages + 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, PK, selectivity, stability, solubility) + Dis
Slide 10: Differentiated R&D pipeline
Differentiated R&D pipeline GIP=glucose-dependent insulinotropic polypeptide; PTH=parathyroid hormone; FIH=first in human; GLP-1=glucagon-like peptide-1; PBH=post-bariatric hypoglycemia; NPY2R=neuropeptide Y receptor type 2. 10
Slide 11: Obesity
Obesity Differentiation that matters
Slide 12: Obesity innovation continues to evolve
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 20-45% of weight lost1 + Target energy intake through + Introduction of complementary
Slide 13: BI 3034701: Phase 2 trial initiated for potential first-in-class triple receptor agonist
BI 3034701 BI 3034701: Phase 2 trial initiated for potential first-in-class triple receptor agonist PROJECT DISEASE AREA PARTNER DRUG DISCOVERY PRE-CLINICAL PHASE 1 PHASE 2 BI 3034701 Boehringer Obesity (GLP-1R/GIPR/NPY2R) Ingelheim SCIENTIFIC INNOVATION PHASE 2 TRIAL3 + NPY2-driven central control
Slide 14: ABBV-295: Highly encouraging 12/13-week Phase 1 data and Phase 2 trial initiated
ABBV-295 ABBV-295: Highly encouraging 12/13-week Phase 1 data and Phase 2 trial initiated in August 2026 To be presented at EASD Phase 1 MAD topline data 2026 on 30-Sep Amylin March 20262 may represent the next distinct class of drugs for chronic weight management Competitive weight loss Up to -9.8%
Slide 15: Our landmark deal with AbbVie sets the stage for future partnering
ABBV-295 Our landmark deal with AbbVie sets the stage for future partnering $350m $2.2bn Upfront payment Deal + royalties -9.8% vs -0.2% Phase 2 trial Weight loss in Ph1 MAD study (BMI <30) initiated Multiple doses for 12 weeks (Aug-26) Balanced Long Stability around neutral receptor profile half-li
Slide 16: GUB-UCN2
GUB-UCN2 + Gubra’s next potential mega program + Positioning Gubra at the forefront of an emerging therapeutic class with multi-indication potential
Slide 17: GUB-UCN2 has a novel mechanism of action that addresses key trends in obesity
GUB-UCN2 GUB-UCN2 has a novel mechanism of action that addresses key trends in obesity and related diseases PRECLINICAL STUDIES SUPPORT POTENTIAL BENEFITS ACROSS BODY COMPOSITION AND CARDIORENAL HEALTH UCN2 Key features of GUB-UCN2 + 38-amino-acid neuropeptide + Highly potent and selective CHRH2 ago
Slide 18: Pre-clinical data: GUB-UCN2 selectively reduces fat mass and restores semaglutide-induced lean mass loss
GUB-UCN2 Pre-clinical data: GUB-UCN2 selectively reduces fat mass and restores semaglutide-induced lean mass loss GUB-UCN2 increases fat mass loss while preserving lean mass in diet-induced obese rats co-treated with semaglutide FAT MASS LEAN MASS BODY WEIGHT GUB-UCN2 reduces fat mass, alone and in
Slide 19: GUB-UCN2 eliminates lean mass loss and enhances fat mass loss induced by anti-obesity agents
GUB-UCN2 GUB-UCN2 eliminates lean mass loss and enhances fat mass loss induced by anti-obesity agents in DIO rats GUB-UCN2 rescues lean mass loss and increases fat mass loss in obese rats in combination with an amylin (cagrilintide), a GLP-1R agonist (semaglutide) or a dual glucagon/GLP-1R agonist (
Slide 20: Our advanced 3D imaging confirms direct beneficial UCN2-driven muscle growth
GUB-UCN2 Our advanced 3D imaging confirms direct beneficial UCN2- driven muscle growth Gubra’s 3D imaging technology for skeletal muscle analysis GUB-UCN2 increases total muscle volume in hindleg from aged diet-induced obese rats both as monotherapy and in combination with semaglutide 3D Total Muscl
Slide 21: UCN2 demonstrates clear cardiac benefits in preclinical models
GUB-UCN2 In addition to improving body composition, UCN2 demonstrates clear cardiac benefits in preclinical models Long-acting UCN2 significantly improves cardiac function in rats with myocardial infarction after 8 weeks of treatment Rat model of Myocardial Infarction (MI) UCN2 significantly improve
Slide 22: Phase 1/2a clinical trial sets the stage for exploring GUB-UCN2 across multiple indications
GUB-UCN2 Phase 1/2a clinical trial sets the stage for exploring GUB-UCN2 across multiple indications and patient populations Pipeline in Phase 1/2a a product trial1 potential COMPREHENSIVE TRIAL WITH PARTICULAR FOCUS ON MUSCLE VOLUME AND FUNCTION PRIMARY INDICATION + Approximately 188 participants (
Slide 23: Gubra Ventures
Gubra Ventures Our value accelerator 23
Slide 24: Gubra Ventures expands our innovation footprint and creates additional pathways to value creation
Gubra Ventures expands our innovation footprint and creates additional pathways to value creation Why Ventures? Gubra Biotech Our value driver Strengthen innovation potential by sourcing 1 external assets and creating more shots on goal Enable expansion into new disease and technology BD 2 areas bey
Slide 25: Gubra is uniquely positioned to build and scale successful ventures
Gubra is uniquely positioned to build and scale successful ventures A maturing platform meets a changing innovation landscape and attractive market opportunities SCIENTIFIC EXPERTISE PROVEN DISCOVERY PLATFORM INTEGRATED CAPABILITIES + Deep expertise in obesity and + StreaMLine peptide discovery + In
Slide 26: Venture risks must be balanced across scientific, technology, and clinical dimensions
Venture risks must be balanced across scientific, technology, and clinical dimensions to balance portfolio risk Scientific risk Validated pathways V1 V2 Novel biology Technology risk Proven formats V2 V1 New modalities Clinical risk Clinical stage V1 V2 Discovery / preclinical stage Portfolio risk M
Slide 27: We will source external assets and create ventures that are lean and asset-centric
We will source external assets and create ventures that are lean and asset-centric by leveraging Gubra shared resources Collaboration model between Gubra Ventures, Biotech and CRO Development functions Clinical Development, CMC, Toxicology + Provides deep peptide CRO Biotech expertise and AI-driven
Slide 28: Gubra CRO
Gubra CRO Our value enabler 28
Slide 29: Gubra CRO: Trusted by leading pharma companies and powering Gubra's integrated innovation model
Gubra CRO: Trusted by leading pharma companies and powering Gubra’s integrated innovation model Obesity Diabetes Liver - MASH Kidney - CKD Gubra serves 17/20 Therapeutic expertise of the largest pharma companies globally Sarcopenia Lung - IPF Women’s Health CNS New offering New offering 14% Technolo
Slide 30: Focused execution to position Gubra CRO for renewed growth
Focused execution to position Gubra CRO for renewed growth CRO MARKET DEVELOPMENT GUBRA CRO PRIORITIES Market conditions have been challenging, Maintain industry-leading expertise in metabolic but signs of improvement are emerging and fibrotic disease models Expand into attractive therapeutic areas,
Slide 31: Gubra CRO stabilized in H1 2026 after a challenging H2 2025
Gubra CRO stabilized in H1 2026 after a challenging H2 2025 REVENUE IMPROVEMENT PROFITABILITY STABILIZATION COMMERCIAL MOMENTUM CRO external revenue CRO EBIT-margin Sound order book DKK million for H2 2026 +11% 1% + Obesity remains the 96 87 largest contributor + Rebound in MASH studies -10% + Growt
Slide 32: Financial results and outlook
Financial results and outlook 32
Slide 33: H1 2026 financial results: Biotech business
BIOTECH BUSINESS H1 2026 financial results Biotech revenue, mDKK Revenue 2,387 Q2 Q1 + Revenue of DKK 30m in H1 2026 compared to 30 DKK 2.4bn in H1 2025 (driven by upfront payment 2,380 2 of USD 350m from AbbVie for ABBV-295) 28 + Milestone payment for Phase 2 initiation with BI 7 3034701 from Boehr
Slide 34: H1 2026 financial results: CRO business
CRO BUSINESS H1 2026 financial results CRO revenue (organic), mDKK +11% Q4 Revenue 106 96 Q3 + 11% increase in H1 2026 compared to H2 2025 87 Q2 55 49 38 Q1 + Signs of improving CRO market with more supporting funding conditions for biotech 51 49 48 companies H1 2025 H2 2025 H1 2026 Earnings CRO adj
Slide 35: Financial outlook and guidance
Financial outlook and guidance Key guidance items 2026 outlook Mid-term guidance Results 2025 (unchanged) Gubra Biotech Revenue No guidance DKK 2,444m Total costs1 DKK 330-360m DKK 251m Gubra CRO External revenue 0-10% growth 10% annual growth DKK 193m EBIT-margin 10-15% 15% Gubra Ventures EBIT DKK
Slide 36: Gubra is entering an exciting period with multiple value inflection points ahead
Gubra is entering an exciting period with multiple value inflection points ahead Non-exhaustive H2 2026 H1 2027 GUB-UCN2 GUB-UCN2 Ph1/2a initiation (SAD study) Topline data from SAD study BI 3034701 GUB-UCN2 Ph2 initiation (obesity) Initiation of MAD study ABBV-295 ABBV-295 Ph2 initiation (obesity)
Slide 37: Save the date: Gubra Investor R&D Event 2026
Save the date: Gubra Investor R&D Event 2026 A deep dive into Gubra’s differentiated innovation model, pipeline, and 2030 strategy October 27, 2026 1.00-5.00 pm GMT London Webcast 2 Stonecutter Street Registration: In-person Virtual attendance attendance Link Link 37
Slide 38: www.gubra.dk
www.gubra.dk