Interim 2H and FY 2025 Presentation

Second-Half and Full-Year 2025 Results AlphaOne on Track, Strong Commercial Momentum

Jasper C. Kurth, CEO

Brede H. Ellingsæter, CFO & COO

Mathias N. Reierth, Head of Coms. & Corp. Aff.

Becoming a World-Leading Supplier of Alpha-Emitters to Cancer Therapies Creating a Multi-Million USD Market

3

2025 Highlights

• Executed final investment decision and began construction of AlphaOne

• Signed strategic sourcing agreement for thorium-232 feedstock

  with European chemical group

• Shipped first batch of ultra-high purity lead-212 to big pharma customer

• Increased order backlog to NOK ~850 million through multi-year sales agreements with new and existing customers

• Completed initial equipment installations and official takeover of the new Herøya laboratory and infrastructure

• Secured funding for AlphaOne through NOK 300 million of total equity raised and NOK 90 million loan commitment from Innovation Norway

• Strengthened executive team with hirings of Therese M. Kvehaugen as Executive Vice President HR and Mathias Nilsen Reierth as Head of Communications and Corporate Affairs

4

AlphaOne Taking Shape

Mechanical completion on track for April 2026

Market View and Commercial Development

6

Radiotherapeutics Enter Acceleration Phase, Expected to Dominate the Broader Radiopharmaceutical Market by 2030

Radiopharmaceuticals market size, USDbn

Radiotherapeutics Radiodiagnostics

15

28

Radiotherapeutics expected to become the growth engine of radiopharma

Radiotherapeutics established as a core oncology treatment modality

Recent Developments

• Aktis Oncology (Ac-225, Phase 1) completes USD 318m upsized IPO backed by Eli Lilly

• Molecular Partners initiates first clinical trial of Pb-212 asset MP0712

  Early breakthrough for alpha-emitters, increasing adoption for targeted cancer therapies

  12

  +15%

  27

  42

  CAGR 2025-34

  ~28%

• Sanofi decided to shift near-term investments away from its AlphaMedix program toward other pipeline assets

  
  
  

• Roche and OranoMed advance Pb-212 PRIT program

• Increasing big-pharma alignment around

  Th-228/Pb-212 supply chain

  ~5%

  2025A 2030E 2034E

  Footnote: Note: Radiotherapeutics and radiodiagnostics serve complementary roles in healthcare-diagnostics identify and assess diseases, while therapeutics treat them.

  Accurate diagnosis is essential for effective treatment, making both crucial steps in patient care. Source: MEDraysintell Nuclear Medicine Report, Edition September 2025

  Pb-212 Emerges as the Clear Alpha-Emitter Pipeline Leader

  Number of Assets

  • Alpha emitters represent the fastest-growing segment in radiotherapeutic drug development with number of publicly disclosed assets doubled since 2025

  • Large and diversified preclinical pipeline provides a sustained inflow of future clinical assets

  • Notable expansion in Phase 1/2 programs signals increasing clinical validation and capital commitment

Assets in development by isotope and development stage, # assets, February 2026

High

Low

Isotope type

Isotope

Preclinical Phase 1/2

Phase 2

Phase 3 / reg

On market

1. Source: Company websites & press releases; SNMMI Ancora AI radiopharmaceuticals clinical trial tracker; Oppenheimer market research. Note: Concerns only isotopes for which more than 2x assets are in development.

   1) Three clinical trials ongoing for Radspherin® (2 x phase1/2, 1 x phase 2)

   Significant Isotope Demand From Clinical Development; Market Expected to Exceed 40,000 Patient Doses in 2026

   Supply of Th-228 from the US Department of Energy has doubled every year for the past few years to keep pace with high demand in the market

   # Pb-212 patient doses equivalent, 2023-2026e

   US Department of Energy Russian supplier
   
   

   CAGR, 2023-2025:

   ~100%

   ~ 40,000 -

   ~ 21,000

   ~ 10,000

   ~ 5,000

   
   
   

   50,000

   • Number of publicly disclosed thorium-based assets under development doubled since 2025, exceeding 40 assets

   • Constraint capacity in isotope supply from the US Department of Energy allowing Russian suppliers to enter the market to fill the gap

   • Overall Isotope demand exceeds currently enrolled patient numbers in clinical trials as companies prioritize robustness of supply and isotope availability over efficiency

     2023 2024 2025 2026e

     
     
     
     
     

2. US Department of Energy, TRMED Research

Order Backlog Increased to NOK ~850m from a Broadening and High-Quality Customer Portfolio

+ undisclosed leader in Targeted Alpha Therapy

+ undisclosed Big Pharma customer

• Signed strategic sales agreements with eight leading companies in targeted alpha therapy to date

• 5-year agreements, and one 3-year agreement for supply of lead-212 in pre-clinical studies

• Total order backlog with revenue of NOK

~850m, increased by NOK 150m since 1H'25

1H'25 2H'25

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Operational Development

Scalable, Cost-Efficient, and Sustainable Production of High-Purity Isotopes

•

Delivering high purity Th-228, Ra-224, and preclinical volumes Pb-212 based on natural thorium requiring no irradiation

• Natural decay chain avoids radioactive contaminants and impurities arising in irradiation-based processes

• Proven and scalable cost-effective separation method with 99.9 percent yield based on infinitely reusable Th-232 feedstock

• Production process is self-scaling and self-sustaining capacity

  12

  Natural thorium feedstock

  Intermediate product

  AlphaBolt 228

  AlphaBolt 224

  AlphaBolt 212

  (pre-clinical)

  Pb-212

  10.6 hours

AlphaCycle

Production scale-up

AlphaOne - Our First Commercial Scale Plant

• Th-228 and Ra-224 production to meet early market demand

• Self-scaling production capacity with no additional capex

• Increasing to 21,000 doses after 3 years with NOK 350m revenue potential annually

• 35,000 doses after 5 years with NOK 550m revenue potential annually

• 60,000 doses after 10 years

21,000

AlphaOne

AlphaCycle production

Th-228 Ra-224

60,000

# Pb-212 patient doses equivalent

No HSE

incidents

On cost and time

Quality approved

Core

team

2026 2035

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Commercial Scale Development and Execution Roadmap

• Formally taken over lab facilities and completed installing core production equipment including thorium storage tanks

• Mechanical completion in April, production start in Q3'26

• Fully funded and expecting profitable operations towards end of 2027

AlphaOne decision

Final

Investment Decision

Entered contracts for long-lead items

Detailed engineering

Civil construction

Equipment installation

Mechanical completion

April

AlphaOne

commissioning

Production

Start

14 2H and FY'25

reporting

Financials

Generating Initial Revenues and Keeping a Lean Organization While Building AlphaOne

• Revenue mainly pilot sales of preclinical grade

  Pb-212

• Payroll and related expenses of NOK 19.9 million and other operating expenses of NOK 6.6 million

• Depreciations of NOK 10.7 million and net financial income of NOK 5.9 million

• Net cash flow reflects losses in the period and investments in AlphaOne, partly offset by change in working capital

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Strong Funding Position Secures AlphaOne Execution and Ramp-Up Until Positive Cash Flow in 2027

• Strong liquidity with cash and cash equivalents of NOK 180.6 million at period-end

• Committed funding secured, including NOK 90 million Innovation Norway loan facility (first tranche drawn Q1'26) and working capital facility with DNB (NOK 10

  +10 million)

• Fully funded through AlphaOne start-up (Q3'26) with sufficient liquidity to support ramp-up until positive cash flow in 2027

Sources of capital 2026 (NOK million)

Loan,

Innovation Norway

90

WC Facility

20

180.6

Cash

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Outlook and Priorities

Sharply growing market opportunity requires ambitious ramp-up plan over the next decade

Nameplate production capacity #patient doses

Q3'2026

Commercial production

Herøya,

Norway

Q4'2024

pilot production

Herøya, Norway

>1,000,000

Key Development Tracks

Now: Safe and timely completion and ramp-up of AlphaOne remain a key priority for Thor Medical in 2026.

Next: The company will continuously evaluate further development based on market pull, customer demand, and capital efficiency.

Proof of Concept

(2015-2022)

Pilot

2024

AlphaOne

2026

AlphaTwo

(mid-term)

AlphaGlobal

(long-term)

19 Patient doses per annum based on Pb-212 equivalents. Each patient treatment requires 4-6 doses.

Key Strategic Priorities

Finalize and Ramp Up AlphaOne to Commercial Operations

Broaden Strategic Partnerships and Further Strengthen Supply Chain

Execute Commercial Backlog and Deliver on Customer Commitments

Position the Company for Scalable, Profitable Growth

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Thor Medical is an emerging supplier of alpha particle emitters produced from naturally occurring thorium. Its proprietary production process requires no irradiation or use of nuclear reactors, and provides reliable, environmentally friendly, cost-efficient supply of alpha-emitters for the radiopharmaceutical industry. Thor Medical is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange under the ticker symbol 'TRMED'.

Thor Medical HQ Drammensveien 167 NO-0277 Oslo, Norway

thormedical.com