Half yearly financial audit reports reviews 2026 10 07 13h09m51 (1)

Unaudited Condensed Consolidated Interim Financial Statements as of 30 June 2026 and

for the six months ended 30 June 2026 and 2025

Table of Contents

Endorsement of the Board of Directors and the CEO F-2 - F-5 Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive

Income or Loss F-6

Unaudited Condensed Consolidated Interim Statements of Financial Position F-7 - F-8

Unaudited Condensed Consolidated Interim Statements of Cash Flows F-9 - F-10 Unaudited Condensed Consolidated Interim Statements of Changes in Equity F-11

Notes to the Unaudited Condensed Consolidated Interim Financial Statements F-12 - F-27

Unless otherwise indicated or the context otherwise requires, all references to "Alvotech," the "Company," the "Group," "we," "our," "us" or similar terms refer to Alvotech and its consolidated subsidiaries.

Alvotech is a highly integrated biotech company focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Our purpose is to improve the health and quality of life of patients around the world by improving access to proven treatments for various diseases. Since our inception, we have built our Company with key characteristics we believe will help us capture the substantial global market opportunity in biosimilars: a leadership team that has brought numerous successful biologics and biosimilars to market around the world; a purpose-built biosimilars R&D and manufacturing platform; top commercial partnerships in global markets; and a diverse, expanding pipeline addressing many of the biggest disease areas and health challenges globally. Alvotech is a company committed to constant innovation: we focus our platform, people and partnerships on finding new ways to drive access to more affordable biologic medicines. Alvotech, which was founded in 2013, is led by specialists in biopharmaceutical product creation from around the world that bring extensive combined knowledge and expertise to its mission.

Alvotech entered 2026 with five biosimilars approved and marketed in multiple global markets and a diversified pipeline of disclosed candidates targeting autoimmune diseases, ophthalmology, bone disorders, oncology and respiratory diseases. The commercial portfolio included biosimilars to Humira (adalimumab), Stelara (ustekinumab), Simponi (golimumab), Eylea (aflibercept) and Prolia/Xgeva (denosumab). During the first half of 2026, Alvotech continued to advance late-stage development programs, broaden commercialization pathways through its global partner network and strengthen its manufacturing and supply platform.

The Unaudited Condensed Consolidated Interim Financial Statements for the six-month period ended 30 June 2026 comprise the financial statements of Alvotech and its subsidiaries. The Unaudited Condensed Consolidated Interim Financial Statements are prepared in accordance with IAS 34 'Interim financial reporting' and should be read in conjunction with the Group's Consolidated Financial Statements as at and for the year ended 31 December 2025.

These Unaudited Condensed Consolidated Interim Financial Statements for the six-month period ended 30 June 2026 have not been audited by an external auditor.

As of 30 June 2026, the Company had $142.8 million in cash and cash equivalents and borrowings of $1,306.0 million, including $42.0 million classified as current. Current assets exceeded current liabilities by $213.8 million. In June 2026, the Company completed an equity financing generating gross proceeds of approximately $164.6 million and secured an additional $75.0 million term loan facility, which was drawn on 10 August 2026.

Product and service revenue: Product and service revenue was $105.9 million for the six months ended 30 June 2026, compared to $204.7 million for the six months ended 30 June 2025. Revenue was primarily generated from AVT02 (adalimumab), AVT04 (ustekinumab), AVT03 (denosumab), AVT05 (golimumab), and AVT06 (aflibercept). The decrease primarily reflected the continuing effects of manufacturing and quality-system enhancements initiated following the U.S. Food and Drug Administration ("FDA") inspection of the Company's Reykjavik facility in 2025, which affected product availability during the period.

License and other revenue: License and other revenue was $105.7 million for the six months ended 30 June 2026, compared to $101.3 million for the six months ended 30 June 2025. Revenue was driven principally by development and regulatory milestones across the biosimilar pipeline, including AVT16 (vedolizumab), AVT34 (durvalumab), AVT48 (canakinumab), AVT87 (emicizumab), AVT28 (ixekizumab) and AVT33 (pembrolizumab), together with performance-related milestones under existing commercialization agreements. License and development milestone revenue totaled

$102.8 million and performance-based revenue was $2.9 million.

Cost of product and service revenue: Cost of product revenue was $98.3 million for the six months ended 30 June 2026, compared to $139.3 million for the six months ended 30 June 2025. The decrease primarily reflected lower sales volumes and the continuing effects of manufacturing and quality-system enhancements following the 2025 FDA inspection. By the end of the second quarter, manufacturing had returned to planned operating levels, supporting inventory replenishment and future commercial supply requirements.

Research and development expenses: Research and development expenses were $46.4 million for the six months ended 30 June 2026, compared to $92.9 million for the six months ended 30 June 2025. The decrease primarily reflected capitalization under IAS 38 of qualifying development costs for programs that had advanced beyond process lock, as well as the timing and progression of development activities. These effects were partly offset by higher personnel-related costs and depreciation and amortization.

General and administrative expenses: General and administrative expenses were $69.2 million for the six months ended 30 June 2026, compared to $45.3 million for the six months ended 30 June 2025. The increase primarily reflected a $20.2 million provision related to commercial and contractual matters, together with higher personnel-related costs, information technology expenses and insurance costs.

Finance income and finance costs: Finance income was $17.0 million for the six months ended 30 June 2026, compared to $149.2 million for the six months ended 30 June 2025. The decrease primarily reflected substantially lower non-cash fair value gains on derivative financial instruments than in the prior-year period. Finance costs increased to $81.8 million from

$72.2 million, mainly due to higher interest expense and other costs associated with the Group's debt obligations and financing arrangements, including amortization of debt issuance costs and interest on lease liabilities.

Exchange rate differences and income tax: Exchange rate differences resulted in a gain of $1.1 million for the six months ended 30 June 2026, compared to a loss of $19.7 million in the prior-year period, principally reflecting movements between the Icelandic krona and the U.S. dollar. Income tax expense was $15 thousand for the six months ended 30 June 2026, compared to an income tax benefit of $39.0 million in the prior-year period; the change was mainly driven by the foreign-exchange impact on the U.S. dollar value of Icelandic tax-loss carryforwards and by operational results in Iceland.

Net Loss/Profit: The Group reported an operating loss of $2.0 million for the six months ended 30 June 2026, compared to operating profit of $28.6 million for the same period in 2025. After net finance costs, exchange rate differences and income tax, net loss was $65.8 million, or $(0.22) per share on a basic and diluted basis, compared to net profit of $141.7 million, or $0.50 per share on a basic basis and $0.49 per share on a diluted basis, for the same period in 2025.

In January 2026, Alvotech entered into a licensing and settlement agreement with Regeneron and Bayer resolving the remaining worldwide patent disputes relating to AVT06, its biosimilar to Eylea 2 mg (aflibercept). Together with the previously announced U.S. settlement, the agreement established market-entry dates across the United Kingdom, Canada, Japan, the European Economic Area and other territories, subject where applicable to regulatory approval.

In February 2026, the Company entered into supply and commercialization agreements with Sandoz covering multiple biosimilar candidates in Canada, Australia and New Zealand, expanding its commercial footprint.

In February 2026, the Company announced positive top-line results from the pivotal pharmacokinetic study for AVT80, its proposed biosimilar to Entyvio (vedolizumab) for subcutaneous administration. The study met all primary endpoints and supported the broader vedolizumab program, which includes AVT16 for intravenous administration and AVT80 in prefilled-syringe and autoinjector presentations.

In April 2026, the Company submitted marketing authorization applications to the European Medicines Agency for AVT16 and AVT80, proposed biosimilars to Entyvio (vedolizumab), covering intravenous and subcutaneous presentations.

During the first half of 2026, Alvotech also commenced a pivotal efficacy and safety study for AVT29, its proposed biosimilar to Eylea HD, in support of a planned U.S. submission in 2028.

In June 2026, Alvotech announced the resubmission to the FDA of the BLAs for AVT05, its proposed biosimilar to Simponi and Simponi Aria (golimumab), and AVT06, its proposed biosimilar to Eylea 2 mg (aflibercept). The resubmissions followed comprehensive responses to the FDA's Post-Application Action Letter relating to the Reykjavik facility and responses to observations from the routine Good Manufacturing Practice ("cGMP") surveillance inspection completed in May 2026.

In June 2026, Alvotech's partner Dr. Reddy's Laboratories resubmitted the U.S. BLA for AVT03, the proposed biosimilar to Prolia and Xgeva (denosumab). The FDA confirmed review completion goal dates consistent with the standard six-month process, with decisions on AVT03, AVT05 and AVT06 anticipated in the fourth quarter of 2026.

In June 2026, the FDA accepted for review the BLA for AVT16, Alvotech's proposed interchangeable biosimilar to Entyvio (vedolizumab) for intravenous administration. Under the partnership with Teva, Alvotech is responsible for development and manufacturing and Teva is responsible for commercialization in the United States.

In July 2026, the Company announced that the FDA had closed its April-May 2026 inspection of the Reykjavik manufacturing facility and assigned a Voluntary Action Indicated classification. The Company believes the outcome reflects the effectiveness of the quality-system and manufacturing enhancements implemented following the inspection observations.

During the first half of 2026, Alvotech continued to advance additional pipeline programs and recognized development and regulatory milestones associated with AVT34 (durvalumab), AVT48 (canakinumab), AVT87 (emicizumab), AVT28 (ixekizumab), and AVT33 (pembrolizumab).

In June 2026, the Company completed an underwritten public offering of 26,066,667 ordinary shares, including the full exercise of the underwriters' option, and a concurrent private placement of 17,826,666 ordinary shares, each at $3.75 per share. The transactions generated aggregate gross proceeds of approximately $164.6 million to support pipeline development, product launches, working capital and general corporate purposes.

In June 2026, the Company amended its existing credit agreement to provide an additional term loan facility of up to $75.0 million. The facility bears interest at 12.5% per annum and matures on 31 December 2027. On 10 August 2026, the Company completed the drawdown and received gross proceeds of $75.0 million to support working capital, operating activities and general corporate purposes.

During the first half of 2026, the Company continued to strengthen and diversify its manufacturing and supply network. In May, Alvotech announced a strategic manufacturing agreement with FUJIFILM Biotechnologies covering multiple products and establishing a U.S.-based second source of commercial supply. Manufacturing at the Reykjavik facility returned to planned operating levels by the end of the second quarter.

For 2026, based on information available as of 19 August 2026, management expected total revenue between $650 million and $700 million and Adjusted EBITDA between $180 million and $220 million. The outlook assumes recovery in product supply following the temporary manufacturing slowdown, continued commercial demand across the marketed portfolio and achievement of anticipated development, regulatory and commercial milestones. Actual results remain subject to the timing of manufacturing output, product launches, regulatory decisions, milestone recognition and partner-led commercialization.

The FDA's review of the resubmitted U.S. applications for AVT03, AVT05, and AVT06 was expected to follow standard six-month timelines, with decisions anticipated in the fourth quarter of 2026. The July 2026 closure of the Reykjavik inspection with a Voluntary Action Indicated classification removed an important regulatory uncertainty, while each application remained subject to its individual FDA review and decision. These reviews, together with restoration of planned manufacturing levels, inventory replenishment, market access and partner-led launches, represent important near-term execution priorities.

Principal risks and uncertainties: The Group's performance and financial position depend on reliable manufacturing execution and continued regulatory compliance at its Reykjavik facility and across its external supply network. Although manufacturing returned to planned operating levels by the end of the second quarter and the FDA closed its 2026 inspection with a Voluntary Action Indicated classification, production interruptions, quality-system deficiencies, adverse inspection outcomes, capacity constraints or delays in inventory replenishment could affect product availability, regulatory timelines, launches, revenue, margins, and cash generation.

The timing and outcome of regulatory approvals and development programs remain uncertain and are outside the Group's direct control. Requests for additional data, unsuccessful or delayed studies, changes in regulatory requirements, patent disputes or litigation could defer approvals and launches, increase development costs, delay milestone receipts or reduce the expected commercial value of individual programs.

The Group also relies on commercialization partners for market access, pricing, launch execution and sales in key territories, and its results are therefore exposed to partner performance, market uptake, competition and reimbursement conditions.

Liquidity and financing risk is heightened by the Group's substantial indebtedness, interest burden and continuing investment requirements. As of 30 June 2026, borrowings were $1,306.0 million and net cash used in operating activities was $80.2 million for the six-month period.

The Group's ability to meet debt service, fund development and manufacturing investment and maintain adequate liquidity depends on product sales, milestone receipts, working-capital conversion, covenant compliance and continued access to financing. The Group is also exposed to foreign-currency and interest-rate movements arising from its international operations and variable-rate borrowings, which may affect reported results, cash flows, tax balances and financing costs. Further quantitative information is provided in the market-risk disclosures in the unaudited condensed consolidated interim financial statements.

Other principal uncertainties include competition from biosimilar and originator products; intellectual property and commercial disputes, including uncertainty in estimates underlying provisions; supply-chain disruption and reliance on third parties; integration of acquired operations; and financial-reporting and control risk arising from the material weaknesses in internal control over financial reporting previously disclosed in the 2025 Annual Report. Remediation continued during the first half of 2026.

For the foreseeable future, Alvotech's Board of Directors will maintain a capital structure that supports Alvotech's strategic objectives through disciplined budgeting, strong investor relations and active management of financial risks.

Based on cash on hand, expected cash flows from commercialized products, anticipated milestone payments, the June 2026 equity financing and the $75.0 million term loan drawdown completed after the reporting date, management and the Board of Directors believe that Alvotech has adequate resources to continue operations and meet its obligations as they fall due for at least twelve months from the issuance of the Unaudited Condensed Consolidated Interim Financial Statements. This assessment remains subject to uncertainty because future liquidity and capital requirements depend on commercial performance, regulatory approvals and product launches, milestone timing and working-capital conversion, development and manufacturing expenditure, intellectual property and litigation matters, financing costs, partner arrangements and continued access to debt or equity financing on acceptable terms.

According to the Board of Directors' and CEO's best knowledge, the Unaudited Condensed Consolidated Interim Financial Statements are prepared in accordance with IAS 34 'Interim financial reporting' and give a true and fair view of the consolidated financial performance of the Group for the six-month period ended 30 June 2026, its assets, liabilities and consolidated financial position as at 30 June 2026 and its consolidated cash flows for the six-month period ended 30 June 2026. Furthermore, in our opinion, the Unaudited Condensed Consolidated Interim Financial Statements and the endorsement of the Board of Directors and the CEO give a fair view of the development and performance of the Group's operations and its position and describe the principal risks and uncertainties faced by the Group.

The Board of Directors and CEO of Alvotech. hereby endorse the Unaudited Condensed Consolidated Interim Financial Statements of Alvotech for the six-month period ended 30 June 2026 with their signatures.

Done in Luxembourg on 19 August 2026,

Robert Wessman Title: Chairman

‌Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income or Loss for the six months ended 30 June 2026 and 2025‌

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

‌Unaudited Condensed Consolidated Interim Statements of Financial Position as of 30 June 2026 and 31 December 2025‌

USD in thousands

30 June 31 December

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

Unaudited Condensed Consolidated Interim Statements of Financial Position as of 30 June 2026 and 31 December 2025

USD in thousands

30 June 31 December

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

‌Unaudited Condensed Consolidated Interim Statements of Cash Flows for the six months ended 30 June 2026 and 2025‌

USD in thousands

Six months ended 30 June

2026

Six months ended 30 June

2025

Six months ended 30 June

2026

Six months ended 30 June

2025

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

‌Unaudited Condensed Consolidated Interim Statements of Changes in Equity for the six months ended 30 June 2026 and 2025‌

USD in thousands

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

1. ‌General information‌‌

   Alvotech (the "Parent" or the "Company" or "Alvotech") is a Luxembourg public limited company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 9, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Trade and Companies' Register under number B 258884. The Company was incorporated on 23 August 2021. These unaudited condensed consolidated financial statements were approved by the Group's Board of Directors, and authorized for issue, on 19 August 2026.

   The Company and its subsidiaries (collectively referred to as the "Group") are a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide. The Group has commercialized a certain biosimilar product and has multiple biosimilar molecules.

   1. Information about shareholders

      Significant shareholders of the Company are Aztiq Pharma Partners S.à r.l. (Aztiq) and Alvogen Lux Holdings S.à

      r.l. (Alvogen), with 29.1% and 28.2% ownership interest as of 30 June 2026, respectively. The remaining 42.7% ownership interest is held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 30 June 2026.

   2. Going concern

      The Group has primarily funded its operations with proceeds from the issuance of ordinary shares and the issuance of loans and borrowings to both related parties and third parties. The Group incurred a net loss of $65.8 million for the six months ended 30 June 2026, compared to a net profit of $141.7 million for six months ended 30 June 2025, primarily reflecting the lower non-cash gains from fair value adjustments on derivative liabilities that benefited the comparative period, and had an accumulated deficit of $2,475.6 million as of 30 June 2026 and $2,409.8 million as

      of 31 December 2025. The Group used of $80.2 million of cash in operating activities during the six months ended 30 June 2026, compared to net cash generated from operating activities of $68.3 million during six months ended 30 June 2025.

      As of 30 June 2026, the Group had cash and cash equivalents of $142.8 million and current assets less current liabilities of $213.8 million.

      During the six months ended 30 June 2026, the Group continued to advance its biosimilar pipeline, expand commercialization activities for recently launched products and progress regulatory review and development activities across multiple pipeline assets. The Group recognized significant milestone revenue during the period and completed an equity financing in June 2026, generating gross proceeds of $164.6 million, as well as securing access to an additional $75.0 million financing facility.

      Management has prepared cash flow forecasts covering a period of at least twelve months from the date of issuance of these unaudited condensed consolidated interim financial statements. In preparing these forecasts, management considered the Group's cash and cash equivalents on hand, expected cash receipts from product sales and milestone payments under existing licensing and commercialization agreements, anticipated operating expenditures, debt service obligations and available funding arrangements.

      The Group expects to fund its activities through a combination of cash and cash equivalents on hand, cash generated from product revenues and milestone payments under existing collaboration and commercialization arrangements, and access to existing financing arrangements. Although the timing of future cash inflows remains dependent on a number of factors, including product launches, regulatory approvals and the achievement of contractual milestones, the Group's liquidity position was strengthened during the six months ended 30 June 2026 through commercial activities and the completion of an equity financing. This may mean that the Group ultimately might need to rely on other financing arrangements in the future, such as successive capital increases or debt financings that are not wholly within the control of the Group. If such funding is unavailable, then management may be required to delay, limit, reduce or terminate one or more of its research or product development programs or future commercialization efforts to free up sufficient cash.

      Based on the the existing cash on hand, funding received to date, and projected future cash flows, management concluded that the Group has adequate resources to continue operations and meet its obligations as they fall due for

      at least one year from the date of issuance of these unaudited condensed consolidated interim financial statements. Accordingly, no material uncertainty exists regarding the Group's ability to continue as a going concern.

2. ‌Basis of preparation

   The unaudited condensed consolidated interim financial statements of the Group as of and for the six months ended 30 June 2026 have been prepared in accordance and in compliance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) as issued by the International Accounting Standards Board (IASB). Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with IFRS® Accounting Standards (IFRS) as issued by the IASB, have been condensed or omitted.

   Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Group's audited annual consolidated financial statements and accompanying notes for the year ended

   31 December 2025, which have been prepared in accordance with IFRS as issued by the IASB and as adopted by the European Union (the "EU").

   The accounting policies and basis of preparation adopted in the preparation of these unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group's consolidated financial statements issued for the year ended 31 December 2025, except for the adoption of new and amended accounting standards effective as of 1 January 2026. The Group has not early adopted any other standards, interpretations or amendments that have been issued but are not yet effective. The unaudited condensed consolidated interim financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand unless otherwise indicated.

   In the opinion of the Group's management, these unaudited condensed consolidated interim financial statements contain all normal recurring adjustments necessary to present fairly the financial position and results of operations of the Group for each of the periods presented. The condensed consolidated statement of financial position as of

   31 December 2025 was derived from the consolidated financial statements at that date.

   In preparing these unaudited condensed consolidated interim financial statements, management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were consistent with those described in the Group´s consolidated financial statements issued for the year ended 31 December 2025.

   Significant judgments and estimates primarily relate to revenue recognition, the valuation of derivative financial liabilities, the recoverability of deferred tax assets, the valuation of acquired intangibles, and the assessment of whether development projects meet the capitalization criteria under IAS 38, Intangible Assets. The evaluation of development projects requires management to assess, among other factors, technical feasibility, the probability of future economic benefits and the ability to reliably measure directly attributable development expenditures. Actual results may differ from these estimates.

3. ‌Significant changes in the current reporting period

   The financial position and performance of the Group was impacted by the following events and transactions during the six months ended 30 June 2026:

   In January 2026, the Group entered into a settlement and licensing agreement with Regeneron and Bayer relating to AVT06, the Group's proposed biosimilar to Eylea (aflibercept), which is approved for marketing in the European Economic Area, United Kingdom and Japan. The agreement provides commercialization rights in specified territories outside the United States and supports the Group's planned regulatory and commercialization activities for AVT06.

   In February 2026, the Group entered into new supply and commercialization agreements with Sandoz covering multiple biosimilar candidates in Canada, Australia, and New Zealand, further expanding the Group's geographic commercial footprint.

   In February 2026, the Group announced positive top-line results from its pivotal pharmacokinetic study for AVT80, a proposed biosimilar to Entyvio (vedolizumab). These results enable the Group to progress toward regulatory submissions.

   In February 2026, the Company issued 12,500,000 new shares, all of which were subscribed by its wholly-owned subsidiary Alvotech Manco ehf. and classified as treasury shares without voting or dividend rights. The increase in treasury shares was undertaken to restore the number of treasury shares available following settlement of shares lent under the stock-lending facility that supported investors' hedging of the Convertible Bonds issued in December 2025 (refer to Note 16) and to ensure the Company maintains a sufficient pool of shares for outstanding financial commitments, including warrants, convertible instruments, and share-based compensation programs.

   In February 2026, the Board approved additional workforce optimization initiatives and recognized termination benefits and related costs. A termination benefit liability of $1.4 million as of 30 June 2026.

   In May 2026, the U.S. Food and Drug Administration ("FDA") completed a routine current Good Manufacturing Practice ("cGMP") surveillance inspection of Alvotech's manufacturing facility in Reykjavik, Iceland, and issued inspection observations. The Company continued implementation of quality system and manufacturing enhancements in response to the inspection observations and remained on track to proceed with planned regulatory submissions.

   In June 2026, the Company announced resubmission of the BLAs to the FDA for AVT05, a proposed biosimilar to Simponi® and Simponi Aria® (golimumab), and AVT06, a proposed biosimilar to Eylea® (aflibercept) following completion of actions taken in response to FDA inspection observations and the routine FDA inspection process.

   In June 2026, the FDA accepted for review the BLA for AVT16, the Company's proposed interchangeable biosimilar to Entyvio® (vedolizumab).

   In June 2026, the Company completed an underwritten public offering of 26,066,667 ordinary shares, including the full exercise of the underwriters' option to purchase additional shares, and a concurrent private placement of 17,826,666 ordinary shares, each at a price of $3.75 per share. The transaction closed on 17 June 2026 and generated aggregate gross proceeds of $164.6 million. The proceeds strengthened the Company's liquidity position and are intended to support ongoing business operations, including advancement of its biosimilar pipeline, product launches and global commercial activities.

   In June 2026, the Group amended its existing credit agreement with existing lenders to provide an additional term loan facility of up to $75 million. The additional term loan facility bears interest at 12.5% per annum, payable monthly in cash, and matures on 31 December 2027. The facility ranks pari passu with the Company's existing

   super-priority term loans and may be drawn through 15 August 2026, subject to the satisfaction of customary closing conditions. No amounts were drawn under the facility as of 30 June 2026. The proceeds are expected to support the continued execution of the Company's growth strategy, including advancement of its biosimilar pipeline, product launches and expansion of global commercial operations.

4. ‌New accounting standards

   New Standards and Interpretations, which became effective as of 1 January 2026, did not have a material impact on our unaudited condensed consolidated interim financial statements.

5. ‌Revenue

   Disaggregated revenue

   The following table summarizes the Group's revenue from contracts with customers, disaggregated by the type of good or service and timing of transfer of control of such goods and services to customers during the six months ended 30 June 2026 and 2025:

   30 June

   2026 2025

   Product and service revenue (point in time revenue recognition)	105,939	204,733
   License revenue (point in time revenue recognition)	39,750	-
   Performance revenue (point in time revenue recognition)	2,854	27,874
   Development revenue (over time revenue recognition)	63,094	73,397
   	211,637	306,004

   During the six months ended 30 June 2026, the Company recognized revenue of $39.8 million under a strategic licensing and commercialization agreement entered into during the second quarter of 2026 with an entity under common control/influence (see Note 18). Additional consideration may become payable upon achievement of future contractual milestones.

   Revenue from customers based on the geographic market in which the revenue is earned, which predominantly aligns with the rights conveyed to the Group's customers pursuant to its out-license contracts, is as follows:

   30 June

   2026		2025
   Europe	101,443	154,357
   USA	84,354	138,422
   Rest of World	25,840	13,225
   	211,637	306,004

   Contract assets and liabilities

   A reconciliation of the beginning and ending balances of contract assets and contract liabilities is shown in the table below:

   	Contract Assets	Contract Liabilities
   31 December 2025	187,374	35,864
   Contract asset additions	87,687	-
   Amounts transferred to trade receivables	(40,416)	-
   Customer prepayments	-	11,305
   Revenue recognized	-	(24,330)
   Foreign currency adjustment	(965)	(472)
   30 June 2026	233,680	22,367

   The net increase in contract assets as of 30 June 2026 is primarily attributable to additions resulting from revenue recognized as performance obligations were satisfied. These increases were partially offset by transfers to trade receivables upon the Group's right to consideration becoming unconditional and no longer contingent on further performance. The net decrease in contract liabilities as of 30 June 2026 is due to revenue recognized when the performance obligation has been met which is offset by customer prepayments in advance of the Group's performance. As of 30 June 2026, $165.0 million and $68.7 million are recorded as non-current contract assets and current contract assets, respectively. Non-current contract assets will materialize over the next 2 to 4 years. As of 30 June 2026, $4.2 million and $18.2 million are recorded as non-current contract liabilities and current contract liabilities, respectively. Non-current contract liabilities will be recognized as revenue over the next 2 to 3 years as either services are rendered or contractual milestones are achieved, depending on the performance obligation to which the payment relates.

   Remaining performance obligations

   Due to the long-term nature of the Group's out-license contracts, the Group's obligations pursuant to such contracts represent partially unsatisfied performance obligations at the end of the period. The revenues under existing out-license contracts with original expected durations of more than one year are estimated to be $343.8 million. The Group expects to recognize the majority of these revenues over the next 5 years.

   The Company's significant commercialization agreements provide partners with rights to commercialize specified biosimilar products in designated territories. The Company generally retains responsibility for development and supply activities, while commercialization partners are responsible for commercialization and certain regulatory activities. Revenue recognized under these agreements includes milestone consideration, development services,

   licenses and product supply revenue. The Company's contract assets and remaining performance obligations primarily relate to these arrangements.

   Out-license agreements

   Teva Pharmaceutical Industries Ltd. (Teva)

   In August 2020, the Group entered into an exclusive commercialization agreement with Teva for multiple biosimilar product candidates in the United States. Under the agreement, the Group is responsible for development, registration and supply of the products, while Teva is responsible for commercialization activities in the licensed territory.

   Through 30 June 2026, the Group received $150.0 million of upfront and milestone consideration under the arrangement. The Group remains entitled to significant additional development, regulatory, commercial and sales-based milestone payments upon achievement of specified contractual events. As consideration for product supply, the Group is entitled to a revenue share based on Teva's net sales of licensed products.

   STADA Arzneimittel AG (Stada)

   In November 2019, the Group entered into an exclusive commercialization agreement with Stada covering multiple biosimilar products in key European markets and selected markets outside Europe. Under the agreement, the Group is responsible for the development, registration and supply of the biosimilars, while Stada is responsible for commercialization activities in the licensed territories pursuant to intellectual property rights granted by the Group.

   Through 30 June 2026, the Group received $105.6 million of upfront and milestone consideration under the arrangement. The Group remains entitled to additional development, regulatory, commercial and sales-based milestone payments upon achievement of specified contractual events. In addition, the Group is entitled to sales-based consideration derived from the commercialization of licensed products by Stada and its affiliates.

   Advanz Pharma Holdings (Advanz Pharma)

   In February 2023, the Group entered into commercialization agreements with Advanz Pharma covering multiple biosimilar products in Europe and selected international markets, including Canada, Australia and New Zealand. The agreements have been expanded over time to include additional biosimilar products and territories. Under the agreements, the Group is responsible for development, registration and supply of the products, while Advanz Pharma is responsible for commercialization activities in the licensed territories.

   Through 30 June 2026, the Group received $227.9 million of upfront and milestone consideration under the agreements. The Group remains entitled to significant additional development, regulatory, commercial and sales-based milestone payments upon achievement of specified contractual events. In addition, the Group is entitled to sales-based consideration derived from the commercialization of licensed products by Advanz Pharma and its affiliates.

   Alvogen Inc. (Alvogen)

   In December 2025, the Group entered into a commercialization agreement with Alvogen covering multiple biosimilar products in the United States. Under the agreement, the Group is responsible for development, registration and supply of the products, while Alvogen is responsible for commercialization activities in the licensed territory. Alvogen is a related party to the Company (refer to Note 18).

   Through 30 June 2026, the Group received $15.0 million of upfront and milestone consideration under the arrangement. The Group remains entitled to additional development, regulatory, commercial and sales-based milestone payments upon achievement of specified contractual events. In addition, the Group is entitled to sales-based consideration derived from the commercialization of licensed products by Alvogen and its affiliates.

6. ‌Finance income and finance costs

   Finance income earned for the six months ended 30 June 2026 and 2025 are as follows:

   30 June

   	2026	2025
   Changes in the fair value of derivatives (see Note 20)	15,312	147,221
   Interest income from cash and cash equivalents	1,360	1,212
   Gain on lease termination	-	765
   Other interest income	331	49
   	17,003	149,247

   Finance costs incurred for the six months ended 30 June 2026 and 2025 are as follows:

   30 June

   	2026	2025
   Interest on debt and borrowings	(69,730)	(65,012)
   Interest on lease liabilities (see Note 10)	(5,059)	(4,062)
   Amortization of deferred debt issue costs	(7,041)	(3,116)
   	(81,830)	(72,190)

7. ‌Income tax

   The Group's effective tax rate for the six months ended 30 June 2026 was (0.02)%, representing a tax expense on a pre-tax loss and for the six months ended 30 June 2025 the effective tax rate was (37.95)%, representing a tax benefit on pre-tax profit. The effective tax rate for both periods is mainly influenced by the fair value adjustments of the derivative financial liabilities (refer to Note 20) which are not tax effected, non-deductible interest and losses incurred in Luxembourg for which no deferred tax asset is recognized and other permanent differences. The tax charge and tax benefit in the respective periods are primarily driven by operational results in Iceland with the effective tax rate for both periods being significantly effected by foreign exchange currency impact arising from the weakening of the Icelandic krona against the U.S. dollar which decreases the U.S. dollar value of tax loss carryforwards denominated in Icelandic krona.

   Deferred tax assets have been recognized in relation to ordinary timing differences arising from amortization, depreciation, reserves, employee benefits and tax losses carried forward in the Group. The deferred tax asset on tax losses as of 30 June 2026 amounts to accumulated tax losses arising in Iceland, that management considers probable to be offset against future forecasted profit associated with product, license and other revenue. No deferred tax asset is recognized on tax losses arising in Luxembourg as their recoverability is unlikely to be realized.

   As of 30 June 2026, the Group had $192.8 million in deferred tax assets and $192.2 million as of 31 December 2025.

8. ‌Profit / (loss) per share

   The calculation of basic profit / (loss) per share for the six months ended 30 June 2026 and 2025 is as follows (in thousands, except for share and per share amounts):

   2026 2025

   Earnings

(Loss) / profit for the period (65,791) 141,718 Number of shares

Weighted average number of ordinary

Diluted earnings per share is calculated to give effect to the potential dilutive effect that could occur if additional ordinary shares were assumed to be issued under securities or instruments that may entitle their holders to obtain ordinary shares in the future, which include share-based compensation awards (see Note 17-Share-based payments for additional details). The number of additional shares for inclusion in the diluted earnings per share calculation was determined using the treasury stock method.

The calculation of diluted profit (loss) per share for the six months ended 30 June 2026 and 2025 is as follows (in thousands, except for share and per share amounts):

2026 2025

Earnings (Loss) / profit for the period (65,791) 141,718

Fully diluted (loss) / profit for the period (65,791) 141,718

Number of shares

1. ‌Property, plant and equipment

   During the six months ended 30 June 2026, the Group acquired items of property, plant and equipment with a cost of

   $37.8 million, primarily consisting of facility improvements. The Group recognized $11.9 million and $9.6 million of depreciation expense for the six months ended 30 June 2026 and 2025, respectively.

   During the six months ended 30 June 2026 and 2025, the Group recognized no impairments of property, plant and equipment.

   The Group pledged $381.6 million and $356.4 million of property, plant and equipment as collateral to secure borrowings with third parties as of 30 June 2026 and 31 December 2025, respectively.

2. ‌Leases

   The Group's leased assets consist of facilities, fleet and equipment pursuant to both arrangements with third parties and related parties. The carrying amounts of the Group's right-of-use assets and the movements during the six months ended 30 June 2026 are as follows:

   	2026
   Right-of-use assets
   Balance at 1 January	138,294
   Adjustments for indexed leases	5,623
   New leases	517
   Cancelled leases	(2,953)
   Depreciation	(7,610)
   Translation difference	(155)
   Balance at 30 June	133,716

   At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The Group's lease liabilities and the movements during the six months ended 30 June 2026 are as follows:

   	2026
   Lease liabilities
   Balance at 1 January	150,077
   Adjustments for indexed leases	5,623
   New leases	517
   Cancelled leases	(3,257)
   Installment payments	(6,240)
   Foreign currency adjustment	(781)
   Translation difference	(163)
   Balance at 30 June	145,776
   Current liabilities	(11,819)
   Non-current liabilities	133,957

   The amounts recognized in the unaudited condensed consolidated interim statements of profit or loss and other comprehensive income or loss during the six months ended 30 June 2026 and 2025 in relation to the Group's lease arrangements are as follows:

   30 June

   2026 2025

   Total depreciation expense from right-of-use assets	(7,610)	(6,573)
   Interest expense on lease liabilities	(5,059)	(4,062)
   Foreign currency difference on lease liability	780	(17,773)
   Gain/(loss) from extinguishment of lease agreement	(304)	765
   Total amount recognized in profit and loss	(12,193)	(27,643)

   The maturity analysis of undiscounted lease payments as of 30 June 2026 is as follows:

   2026

   Less than one year	19,372
   One to five years	71,107
   Thereafter	102,560
   	193,039

3. ‌Other Intangible assets

   During the six months ended 30 June 2026, intangible assets increased by $61.8 million, mainly capitalized internal development costs. The Group recognized $1.1 million and $1.0 million of amortization expense for the six months ended 30 June 2026 and 2025, respectively.

   During the six months ended 30 June 2026 and 2025, the Group recognized no impairments of intangible assets.

4. ‌Cash and cash equivalents

   Cash and cash equivalents include both cash in banks and on hand. Cash and cash equivalents as of 30 June 2026 and 31 December 2025 are as follows:

   		31 December
   	30 June 2026	2025
   Cash and cash equivalents denominated in US dollars	131,559	161,299
   Cash and cash equivalents denominated in other currencies	11,191	11,060
   	142,750	172,359

5. ‌Inventories

   The Group's inventory balances as of 30 June 2026 and 31 December 2025 are as follows:

   		31 December
   	30 June 2026	2025
   Raw materials and supplies	107,517	102,158
   Work in progress	128,953	124,330
   Finished goods	2,824	1,383
   Inventory reserves	(12,743)	(7,817)
   Total Balance	226,551	220,054

6. ‌Other current assets

   The composition of other current assets as of 30 June 2026 and 31 December 2025 is as follows:

   		31 December
   	30 June 2026	2025
   Value-added tax	12,424	17,924
   Prepaid expenses	43,284	27,816
   Other short-term receivables	4,527	1,244
   	60,235	46,984

7. ‌Share capital

   Movements in the Group's Ordinary shares, share capital and share premium during the six months ended 30 June 2026 are as follows (in thousands, except for share amounts):

   	Ordinary Shares	Share capital	Share premium	Total
   Balance at 1 January 2026	312,021,375	2,929	2,105,691	2,108,620
   Capital contribution	43,893,333	439	155,640	156,079
   Settlement of RSUs with shares	902,330	9	7,095	7,104
   Balance at 30 June 2026	356,817,038	3,377	2,268,426	2,271,803

   No dividends were paid or declared during the six months ended 30 June 2026 and 2025.

   During the six months ended 30 June 2026, the Company issued 43,893,333 ordinary shares in connection with the financing transactions described in Note 3, increasing share capital and share premium by $156.1 million.

8. ‌Borrowings

   The Group's debt consists of interest-bearing borrowings from financial institutions and third parties. Outstanding borrowings, net of transaction costs and debt discounts, presented on the consolidated statements of financial position as current and non-current as of 30 June 2026 and 31 December 2025 are as follows:

   		31 December
   	30 June 2026	2025
   Senior Secured First Lien Term Loan Facility	1,032,114	1,031,565
   2025 Convertible Bonds	71,566	68,367
   Senior Term Loan Facility	97,522	96,719
   Other borrowings	104,807	102,417
   Total outstanding borrowings, net of debt issue costs	1,306,009	1,299,068
   Less: current portion of borrowings	(41,955)	(36,921)
   Total non-current borrowings	1,264,054	1,262,147

   In February 2026, the Group entered into a premium finance agreement with AFCO Premium Credit LLC for an amount of $1.6 million, in connection with the financing of insurance premiums. Per the terms of the agreement, this

   includes monthly installment payments with final maturity in December 2026. The agreement bears a fixed interest rate of 6.424%. As of 30 June 2026, the outstanding balance on the loan was $2.2 million.

   In March 2026, the Group increased the loans related to the asset acquisition for the manufacturing facility in Reykjavik by $8.0 million through an additional borrowing with Landsbankinn hf., including a variable interest rate of SOFR plus a margin of 4.05% and a maturity aligned with the existing facility in February 2030. The incremental borrowing is secured on the same collateral package as the existing Facility loans. As of 30 June 2026, the carrying amount of this incremental facility is $7.9 million.

   The weighted-average interest rates of outstanding borrowings for the six months ended 30 June 2026 and the year ended 31 December 2025 are 9.43% and 9.58%, respectively.

   Movements in the Group's outstanding borrowings during the six months ended 30 June 2026 are as follows:

   	2026
   Borrowings, net at 1 January	1,299,068
   Recognition of deferred debt issue costs	(2,531)
   Accretion/derecognition of borrowings discount	2,862
   Proceeds from new borrowings	20,290
   Repayments of borrowings	(20,124)
   Accrued interest	31
   Amortization of deferred debt issue costs	7,041
   Foreign currency exchange difference	(628)
   Borrowings, net at 30 June	1,306,009

   Contractual maturities of principal amounts on the Group's outstanding borrowings as of 30 June 2026 are as follows:

   30 June 2026

   Within one year	41,955
   Within two years	123,679
   Within three years	23,240
   Within four years	1,079,096
   Thereafter	115,959
   	1,383,929

9. ‌Share-based payments

   On 1 December 2022, the Remuneration Committee approved and the Group granted RSUs to employees, executives, and directors. These RSUs entitle recipients to receive Ordinary Shares upon satisfying the applicable vesting conditions. The compensation expense for RSUs is based on the market price of the Ordinary Shares on the grant date and is recognized over the vesting period, which typically spans 1 to 4-years. Vesting generally includes a 1-year cliff, after which shares vest either monthly or annually, contingent upon the participant fulfilling a required service period. Movements in RSUs during the six months ended 30 June 2026 are as follows:

   RSUs

   2026

   Weighted Average Fair Value

   Outstanding at 1 January	1,756,072	$8.65
   New grants during the year	2,962,434	$4.15
   Forfeited during the year	(280,032)	$9.46
   Vested during the year	(1,098,365)	$6.39
   Outstanding at 30 June	3,340,109	$5.33

   The Group recognized $5.3 million and $3.4 million of share-based payment expense during the six months ended 30 June 2026 and 2025, respectively, as follows:

   	2026	2025
   Cost of product revenue	275	1,273
   Research and development expenses	864	766
   General and administrative expenses	4,126	1,379
   	5,265	3,418

10. ‌Related parties

    Related party transactions as of 30 June 2026 are as follows:

    	Purchases / interest	Sold service	Receivables	Payables/ borrowings
    Alvogen Lux Holdings S.à r.l. - Sister company (a)	1,473	-	-	1,434
    Aztiq Consulting ehf. - Sister company	90	-	-	85
    Flóki-Art ehf. - Sister company	-	-	-	411
    Aztiq UK Ltd. - Sister company	132	-		82
    Alvogen Finance B.V. - Sister Company	731	-	-	-
    Lotus Pharmaceuticals Co. Ltd. - Sister company	-	92	90	-
    Alvogen Inc. - Sister company	-	92	89	656
    Entity under common influence/control (b)		39,750
    Klettagarðar 6 ehf. - Sister company (c)	673	915		2,898
    L41 ehf. - Sister company	4	-	-	2
    Flóki Invest ehf - Sister company	778	-	-	799
    Alvogen Spain SL - Sister company	-	-	-	15
    Norwich Clinical Services Ltd - Sister company	761	-	-	597
    Hlíðarvegur 20 ehf.	21	-	-	-
    Fasteignafélagið Eyjólfur ehf - Sister company	8,158	-	-	95,858
    Flóki fasteignir ehf. - Sister company	2,640	-	-	13,703
    	15,461	40,849	179	116,540

    1. The full amount of purchased service relates to royalty expense.

    2. During the six months ended 30 June 2026, the Group recognized $39.8 million of License and other revenue under a strategic licensing and commercialization arrangement with an entity under common control/ influence (see Note 5).

    3. The receivable is classified within Other long-term assets in the Consolidated Statement of Financial Position.

    Related party transactions for the six months ended 30 June 2025 and as of 31 December 2025 are as follows:

    30 June 2025 31 December 2025

    Purchased service /

    interest Sold service Receivables

    Payables/ borrowings

    Alvogen Lux Holdings S.à r.l. - Sister company (a)	3,925	-	-	-
    ATP Holdings ehf. - Sister company	210	32	-	125
    Aztiq Consulting ehf. - Sister company	-	-	5	-
    Flóki-Art ehf. - Sister company	-	-	-	430
    Alvogen Iceland ehf. - Sister company	6	-	-	-
    Alvogen ehf. - Sister company	-	22		-
    Alvogen UK - Sister company	93	-	-	28
    Alvogen Finance B.V. - Sister Company	415	-	-	-
    Lotus Pharmaceuticals Co. Ltd. - Sister
    company	1	-	-	-
    Alvogen Inc. - Sister company	37	3		656
    Klettagarðar 6 ehf. (c)	-	-	4,037	2,923
    Adalvo Limited - Sister company (b)	621	184
    L41 ehf. - Sister company	36	-	-	6
    Flóki Invest ehf - Sister company Alvogen Malta Sh. Services - Sister	516	-	-	276
    company	13	- - -
    Alvogen Spain SL - Sister company	-	- - 16
    Norwich Clinical Services Ltd - Sister
    company	738	- - 605
    Hlíðarvegur 20 ehf. Fasteignafélagið Eyjólfur ehf - Sister	18	- - -
    company	7,707	-	-	96,304
    Flóki fasteignir ehf. - Sister company	1,324	-	-	15,838
    	15,660	241	4,042	117,207

    1. The full amount of purchased service relates to royalty expenses.

    2. No longer a related party at 31 December 2025.

    3. The receivable is classified within Other long-term assets in the Consolidated Statement of Financial Position.

11. ‌Other current liabilities

    The composition of other current liabilities as of 30 June 2026 and 31 December 2025 is as follows:

    		31 December
    	30 June 2026	2025
    Unpaid salary and salary related expenses (1)	17,615	9,866
    Accrued interest	19,175	19,860
    Accrued vacation leave	9,885	9,337
    Commercial provision	20,200	-
    Accrued commercial fees	24,718	24,718
    Accrued royalties	11,845	10,933
    Accrued other expenses	16,687	19,511
    	120,125	94,225

    (1) Includes $1.4 million of termination benefit liability (refer to Note 3).

    During the six months ended 30 June 2026, the Company reassessed certain commercial and contractual matters arising under existing agreements. Based on information available at 30 June 2026, management recognized a provision representing its best estimate of probable losses associated with these matters. The ultimate outcome remains uncertain and actual outcomes could differ from current estimates.

    Accrued other expenses as of 30 June 2026 include $4.8 million related to outsourced research and development services and co-development programs, including amounts payable under collaboration arrangements, and

    $4.7 million of accrued transaction costs. The remainder of the balance is composed of recurring liabilities.

12. ‌Financial instruments

    Accounting classification and carrying amounts

    It is management's estimate that the carrying amounts of financial assets and financial liabilities carried at amortized cost approximate their fair value, with the exception of with the exception of the 2025 Convertible Bonds and the Senior Secured First Lien Term Loan Facility.

    Material differences between the fair values and carrying amounts of these borrowings are identified as follows:

    30 June

    2026

    	Carrying Amount	Fair Value
    Senior Secured First Lien Term Loan Facility	1,032,114	973,087
    2025 Convertible Bonds	71,566	67,799
    	1,103,680	1,040,886

    31 December

    2025

    	Carrying Amount	Fair Value
    Senior Secured First Lien Term Loan Facility	1,031,565	1,108,552
    2025 Convertible Bonds	68,367	72,765
    	1,099,932	1,181,317

    Fair value measurements

    The following tables illustrate the fair value measurement hierarchy of the Group's financial instruments measured at fair value on a recurring basis as of 30 June 2026 and 31 December 2025:

    30 June 2026

    Level 1 Level 2 Level 3 Total

    Conversion Feature	-	-	33,895	33,895
    Predecessor Earn Out Shares	-	2,500	-	2,500
    OACB Warrants	2,287	-	-	2,287
    	2,287	2,500	33,895	38,682
    31 December 2025
    	Level 1	Level 2	Level 3	Total
    Conversion Feature	-	-	38,732	38,732
    Predecessor Earn Out Shares	-	8,800	-	8,800
    OACB Warrants	6,462	-	-	6,462
    	6,462	8,800	38,732	53,994

    The Group did not recognize any transfer of assets or liabilities between levels of the fair value hierarchy during the six months ended 30 June 2026.

    Conversion Feature

    The Conversion Feature had a fair value of $33.9 million as of 30 June 2026, resulting in $4.8 million of finance income for the six months ended 30 June 2026 .

    The fair value of the Conversion Feature is determined using a binomial option-pricing model that incorporates both observable market inputs and significant unobservable inputs.

    The following table presents the assumptions and inputs that were used for the model in valuing the Conversion Feature:

    	30 June	31 December
    	2026	2025
    Share price	$3.69	$5.13
    Volatility rate	36.8 %	30.7 %
    Risky Yield	18.90 %	16.20 %

    Predecessor Earn Out Shares

    The Predecessor Earn Out Shares had a fair value of $2.5 million as of 30 June 2026, resulting in $6.3 million of finance income for the six months ended 30 June 2026.

    The fair value of the Predecessor Earn Out Shares was determined using Monte Carlo analysis that incorporated inputs and assumptions as further described below. The inputs and assumptions associated with the valuation of the

    instruments are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date.

    The following table presents the assumptions and inputs that were used for the model in valuing the Predecessor Earn Out Shares:

    	30 June	31 December
    	2026	2025
    Number of shares	19,165,000	19,165,000
    Share price	$3.69	$5.13
    Volatility rate	76.0 %	60.0 %
    Risk-free rate	4.00 %	3.50 %

    OACB Warrants

    The OACB warrants had a fair value of $2.3 million as of 30 June 2026. The fair value of the warrants was derived from the publicly quoted trading price at the valuation date. The change in fair value of the OACB Warrants resulted in $4.2 million of finance income for the six months ended 30 June 2026.

13. ‌Supplemental cash flow information

    Supplement cash flow information for the six months ended 30 June 2026 and 2025 is included below:

    30 June

    Non-cash investing and financing activities 2026 2025

    Acquisition of property, plant and equipment in trade

    payables and other current liabilities

    6,878

    3,853

    Acquisition of intangibles in trade payables and other

    current liabilities	21,515	4,195
    Right-of-use assets obtained through new leases	517	13,529
    Settlement of RSUs with shares	1,228	2,209
    Settlement of trade payables through financing	2,812	-
    Acquisition of intangible assets with shares	-	13,686
    Acquisition of property, plant and equipment with shares	-	1,147
    Settlement of borrowings through refinancing	-	162,833
    New borrowings through refinancing	-	169,000
    Settlement of transaction cost through refinancing	-	794

14. ‌Subsequent events

The Group evaluated subsequent events through 19 August 2026, the date that the unaudited condensed consolidated interim financial statements were available to be issued.

In July 2026, the FDA closed its inspection of the Company's manufacturing facility in Reykjavik, Iceland, conducted in May 2026, and confirmed a Voluntary Action Indicated ("VAI") classification for the site. The Company believes this outcome reflects the effectiveness of the quality system and manufacturing enhancements implemented following the inspection observations.

On August 10, 2026, the Group completed a drawdown under the financing facility entered into on 30 June 2026 (refer to Note 3 for further details). Gross proceeds of $75.0 million were received by the Group. The proceeds are expected to support working capital requirements, operating activities and general corporate purposes.