Photocure Asa · OSL:PHO
Photocure Asa — Q4 2025 Earnings Presentation
27 slides from Photocure Asa's earnings presentation, Feb 18, 2026
Slide 1: 4th Quarter and Full Year 2025 Results
Photocure ASA 4th Quarter and Full Year 2025 Results February 18, 2026 Dan Schneider, President and CEO Erik Dahl, CFO Priyam Shah, VP IR
Slide 2: Disclaimer
Disclaimer By reading this company presentation (the “Presentation”) or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been produced by Photocure ASA (the “Company”)
Slide 3: Strategic Priorities & Initiatives
Strategic Priorities & Initiatives Continue to grow Establish BLC® as the definitive Expand and diversify Hexvix®/Cysview® sales and diagnostic standard in bladder global product portfolio increase Company profitability cancer care and improve access in uro-oncology Provide and deliver on financial
Slide 4: 4th Quarter 2025 Highlights
4th Quarter 2025 Highlights: Continued growth and execution on key initiatives Product Revenue Q4 +9% EBITDA NOK 1.9 million Recent news and key (ex FX), FY +10% (ex FX) Commercial milestone events Product Revenue +6% EBITDAEBITDA NOK NOK 27.88.4million million NOK Unit 135.1 million sales level in
Slide 5: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q4 2025 Results 5
Slide 6: Strong Unit Sales Performance in Both Regions in Q4
Strong Unit Sales Performance in Both Regions in Q4 Quarterly Hexvix/Cysview Unit Sales by Region (Last 3 Years) North America +19% Rigid kit growth All-time high Europe 4.500 16.000 4.000 14.000 3.500 12.000 3.000 10.000 2.500 8.000 2.000 6.000 1.500 4.000 1.000 500 2.000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 7: Q4 2025 Trends in North America and Europe
Q4 2025 Trends in North America and Europe North America Europe Q4 2025 revenues increased 17% ex FX; in-market unit sales Q4 revenues increased 4% year-over-year, in-market increased 13% unit sales grew 4% Strong rigid performance of 19% QoQ, fully absorbing the decline in Increases in unit sales d
Slide 8: Significant Growth in U.S. Accounts Actively Using Cysview
Significant Growth in U.S. Accounts Actively Using Cysview 450 22% growth in Q4 YoY 400 Active* U.S. Accounts (Rolling 12 Months through Current Reported Quarter) 384 350 +22% YoY growth 300 316 284 250 264 248 200 212 198 150 150 100 97 50 74 0 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 *Act
Slide 9: U.S. is a Highly Underpenetrated Market for BLC
U.S. is a Highly Underpenetrated Market for BLC with Potential Exponential Upside Bladder Cancer Market Access U.S. incidence1: ~85K patients/year U.S. prevalence2: 730K+ patients FDA reclassification Additional OEM partners 350K+ TURBTs/year in U.S3 Flex back on the market Improved CMS reimbursemen
Slide 10: Growth Initiatives
Growth Initiatives Photocure – Presentation of Q3 2025 Results 10
Slide 11: Photocure's Organic Growth Initiatives
Photocure’s Organic Growth Initiatives Mobile BLC: Accelerating Collaboration in Flexible Partnership in the BLC through Mobile BLC equipment for the development of AI for Capability in the U.S.: global surveillance market: blue light cystoscopy: ForTec Richard Wolf ISC / Claritas Photocure – Presen
Slide 12: Supportive Environment for BLC in the Management of Bladder Cancer
Supportive Environment for BLC in the Management of Bladder Cancer Guidelines Science Technology Global and national guidelines Wealth of clinical evidence: Equipment manufacturers have been recommend BLC with Hexvix® / Cysview® upgrading their blue light capital 300+ publications equipment to 4K /
Slide 13: Rapidly Evolving Therapeutic Landscape of Bladder Cancer
Rapidly Evolving Therapeutic Landscape of Bladder Cancer Current stage BCG Bladder Cancer: high BCG: cornerstone of treatment recurrence rates despite for NMIBC. However, ~50% standard therapies. patients relapse or are BCG unresponsive Therapeutic Landscape of NMIBC Recent advances Trend & Future M
Slide 14: Inorganic Opportunities in Precision Diagnostics
Inorganic Opportunities in Precision Diagnostics: Today and in the Future Our Focus Today Urologist TURBT performs initial procedure, cystoscopy biopsy to confirm Blood in the urine diagnosis, BCG or chemotherapy or other symptoms If suspected remove all based on grade or bladder cancer tumors: stag
Slide 15: Value-Generating Asieris Programs
Value-Generating Asieris Programs: Hexvix: Commercial partnership in China Recent News & Expectations • Awaiting regulatory approval of blue light equipment (Richard Wolf System Blue) • Upon device approval, commercialization anticipated in 2026 • Will initially focus on top-tier urology centers in
Slide 16: Q4 Financials
Q4 Financials Photocure – Presentation of Q4 2025 Results 16
Slide 17: Consolidated Income Statement Fourth Quarter 2025
Consolidated Income Statement Fourth Quarter 2025 Amounts in NOK million Q4 ‘25 Q4‘24 Change FY ‘25 FY ’24 Change Revenue Hexvix/Cysview Revenue 135.1 128.6 5% 530.1 487.9 9% Q4 Hexvix/Cysview product revenue increased 9% (5% incl FX) YoY driven by higher kit sales and average pricing in the US and
Slide 18: Segment Performance Fourth Quarter 2025
Segment Performance Fourth Quarter 2025 North America Segment Europe Segment Amounts in NOK million Q4 ‘25 Q4 ’24 Change FY ‘25 FY ’24 Change Amounts in NOK million Q4 ‘25 Q4 ’24 Change FY ‘25 FY ’24 Change Total revenues 59.1 55.5 7% 219.9 202.3 9% Total revenues 75.9 73.1 4% 309.8 285.6 8% Gross p
Slide 19: Cash Flow & Balance Sheet Fourth Quarter 2025
Cash Flow & Balance Sheet Fourth Quarter 2025 Amounts in NOK million Q4 ‘25 Q4 ‘24 FY ‘25 FY ‘24 Cash Flow Operations Cash Flow -0.5 15.4 26.0 76.8 Q4 cash flow from operations was NOK -0.5 million, driven by EBITDA Earnings before tax -9.4 1.2 -16.7 8.4 adjusted for non-cash expenses and working ca
Slide 20: Key 3-Year Performance Metrics
Key 3-Year Performance Metrics Photocure – Presentation of Q4 2025 Results 20
Slide 21: Significant Growth Across Key Performance Metrics (2022–2025)
Significant Growth Across Key Performance Metrics (2022–2025) FY December 31 1 Yr 3 Yr 2022 2023 2024 2025 Change Change Employee Headcount 106 100 101 102 North America Rigid + Mobile Volumes (excl. Flex) 11,300 12,401 13,729 15,830 15% 40% Europe + Other Volumes 50,608 51,290 54,813 57,244 4% 13%
Slide 22: Key Performance Trends (2022-2025)
Key Performance Trends (2022-2025) North America Rigid / Mobile Unit Volume Product Revenues (MNOK) Development Development 600 17.500 3-Year Growth: 40% 3-Year Growth: 42% 15.000 500 12.500 10.000 7.500 400 5.000 2.500 2022 2023 2024 2025 300 2022 2023 2024 2025 North America Rigid + Mobile Volumes
Slide 23: Summary
Summary Photocure – Presentation of Q4 2025 Results 23
Slide 24: Summary of Q4 2025 results
Summary of Q4 2025 results Q4 9% / FY 10% global product rev. growth YoY (ex FX); executing on key initiatives to increase sales growth. EBITDA NOK 1.9M (NOK 8.4M Commercial EBITDA); forecasting increased operating leverage while funding growth initiatives. 19% Rigid kit sales growth in U.S., outwei
Slide 25: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives 2026 Financial guidance: 7-11% product revenue growth on a constant currency basis and continued operating leverage in the commercial business. Continue increasing Hexvix/Cysview kit throughput and tower upgrades & installations; collaborate with ForTec
Slide 26: © Photocure - Confidential
© Photocure - Confidential 26
Slide 27: Q&A
Q&A THE BLADDER CANCER COMPANY