Gentian Diagnostics Asa · OSL:GENT
Gentian Diagnostics Asa — Q3 2026 Earnings Presentation
35 slides from Gentian Diagnostics Asa's earnings presentation, Oct 20, 2026
Slide 1: Q3 2026 Presentation
Q3 2026 Presentation 20 October 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: Q3 performance: Record sales and significantly more new development projects initiated
Q3 performance: Record sales and significantly more new development projects initiated Q3’26 financials and key milestones Additional highlights • Both Europe (+24%) and USA (+23%) contributed most Sales Sales to the US to YoY growth in Q3 2026. MNOK 51.1 MNOK 13.3 • The Bühlmann collaboration deliv
Slide 5: YTD: sales and EBITDA on track to deliver another successful year
YTD: sales and EBITDA on track to deliver another successful year for Gentian Diagnostics YTD‘26 financials and key milestones Additional highlights ▪ Year-to-date sales to US reached NOK 32.3 million, Sales Sales to the US up 49% from NOK 21.7 million in 2025. MNOK 144.8 MNOK 32.3 ▪ fCAL and fPELA
Slide 6: Our Mission
Our Mission “Improving patient outcomes with world-class diagnostics.”
Slide 7: Gentian Diagnostics in a nutshell
Gentian Diagnostics in a nutshell Sales revenue and CAGR Med Tech company targeting a $1.9B serviceable EBITDA development 190 MNOK diagnostic segment with 5-10% annual growth (MNOK) 35 170 177 150 Appealing value proposition, lean business model 25 +23% 152 & focused growth strategy 130 135 110 Ind
Slide 8: 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 9: Our Vision
Our Vision “We will be the innovation partner for global IVD companies.”
Slide 10: Key financials
Key financials
Slide 11: 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 • SalestoEuropereachedNOK33.3million(+24%)inQ3’26comparedto Q2’25. MNOK Q3’26 Q3’25 YTD26 YTD25 2025 YTDgrowthat+15%. US 13.3 10.8 32.3 21.7 29.4 • Focus and investments in the US delivered quarterly s
Slide 12: Stable cost development
Stable cost development Operating expenses MNOK 3Q26 3Q25 YTD26 YTD25 2025 OPEX Capitalised R&D expenses Sales and marketing 7.6 7.3 21.6 20.7 29.0 expenses Administration 5.8 5.0 17.6 18.1 25.3 expenses 4 Research and 1 development 8.4 6.1 25.8 17.8 23.2 expenses Total 21.8 18.4 65.0 56.7 77.5 21 2
Slide 13: Gross margin of 61% in Q3 2026 and 56% YTD
Gross margin of 61% in Q3 2026 and 56% YTD Gross and EBITDA margin % . 70% 60% 64% 61% • Strong gross margin in Q3 and positive 56% 56% 58% 55% development YTD. 53% 50% 44% • Gross margin in Q3 positively influenced 40% by good operational performance and favourable geographical sales mix. 30% 31% 2
Slide 14: Solid EBITDA performance
Solid EBITDA performance NOK million 14 14 • EBITDA of NOK 13.6 million in Q3’26 10 driven by strong gross margin and scale effects. 8 8 8 • No capitalisation of development expenditure in Q3’26 – NOK 1.3 million 5 5 effect on EBITDA compared to Q3’25 and NOK 5.5 million YTD. 2 • EBITDA margin at 26
Slide 15: Healthy cash position
Healthy cash position Q3’26 balance sheet and cash flow • CAPEX related to equipment purchases to support growth. • Currently no capitalisation on any R&D Cash Capex projects. MNOK 91.4 MNOK 2.2 • Equity ratio down due to NOK 30.2 MNOK 86.6 in Q3’25 MNOK 2.3 in Q3’25 million impairment of capitalise
Slide 16: Product update
Product update
Slide 17: Cystatin C
Cystatin C Another all-time high quarter Sales of Cystatin C last 2 years (MNOK) Growth: +19% 18.3 18.5 17.7 17.4 15.5 16.4 • NOK 18.5 million in Q3 2026 vs NOK 15.5 13.4 13.3 million in Q3 2025. • Sales driven by increasing demand from our 9.0 largest partner in the United States, where awareness a
Slide 18: fCAL turbo
fCAL® turbo Record quarter and impressive YTD growth Growth: +23% • Sales of fCAL® turbo increased by 23% in Q3 2026 compared to Q3 2025. • YTD sales reached NOK 53.1 million, up 22% from NOK 43.5 million in 2025. • Growth is driven by successful acquisition of new accounts and increasing testing vo
Slide 19: Other Products
Other Products Strong quarter for fPELA and cCRP, while GCAL had lower Q3 sales Growth: +3% • NOK 7.2 million in Q3 2026 vs NOK 7.0 million in Q3 2025. • YTD sales growth at very good level of +18%. • A notable development was the continued uptake of fPELA testing among existing fCAL customers. *Oth
Slide 20: Third-party products
Third-party products Very good YoY Q3 sales with +12% YTD sales growth Growth: +72% • NOK 5.8 million Q3 sales, a good performance for summer months (+72% vs. Q3 ’25). • YTD growth reflects continued solid demand in the Nordic market.
Slide 21: R&D update and summary
R&D update and summary
Slide 22: R&D strategy accelerating new product launches to support long-term value creation
R&D strategy accelerating new product launches to support long-term value creation Gentian’s R&D strategy builds on three pillars Investment in high- Accelerated product Expansion in point-of- sensitivity technology launches care assay market (HST) • Broader pipeline • Turbidimetric POC • Addressing
Slide 23: A More Dynamic Approach to Pipeline
A More Dynamic Approach to Pipeline Not all development projects are expected to progress to commercial launches • A prototype-driven development model enables early validation of technical feasibility, commercial potential and partner commitment. • Success rates will become clearer as the model mat
Slide 24: Q3 update on strategic partnerships and development collaborations
Q3 update on strategic partnerships and development collaborations Key IVD partner – paid assay development Ongoing assay development progressed from research to development phase. The project remains on track for a Q4 2027 launch. Essange Reagents – platform expansion Recently announced partnership
Slide 25: Q3 update on internal innovation and product development
Q3 update on internal innovation and product development Existing product optimization Product improvement project targeting increased assay robustness and improved margins. New PETIA opportunities Potentially first-in-market PETIA assay targeting a biomarker for liver disease assessment, addressing
Slide 26: Development pipeline – status and commercialization horizon
Development pipeline – status and commercialization horizon Commercialization Strategic Exploration Proof of Concept Optimization Verification Validation horizon context Paid partner Late-stage development 12-18 months development with established IVD project partner Essange Platform expansion 12-18
Slide 27: Modest increase in R&D spending to support parallel execution of multiple development projects
Modest increase in R&D spending to support parallel execution of multiple development projects R&D Spend break-down • Stepwise increase in R&D expenditure levels expected to secure timely execution of growing number of new pipeline projects. • Increased focus on resource prioritisation and operation
Slide 28: Q&A
Q&A
Slide 29: Appendix
Appendix
Slide 30: P&L highlights
P&L highlights MNOK Q3’26 Q3’25 YTD’26 YTD’25 2025 Sales 51.1 41.8 144.8 129.9 176.5 Cost of goods sold -20.1 -18.4 -63.2 -58.7 -78.3 Gross profit 31.0 23.4 81.6 71.2 98.2 Other revenues 2.2 1.1 3.4 2.8 4.8 R&D expenses -8.4 -6.1 -56.0 -17.8 -23.2 Sales and marketing expenses -7.6 -7.3 -21.6 -20.7 -
Slide 31: Balance sheet highlights
Balance sheet highlights MNOK Q3’26 Q3’25 2025 Inventory 52.5 52.4 54.1 Accounts- and other 47.4 33.0 24.3 receivables Cash and cash equivalents 91.4 86.6 105.9 Total non-current assets 43.1 60.7 74.2 Total assets 234.4 232.7 258.5 Total paid-in equity 322.7 319.3 319.6 Total retained equity -131.9
Slide 32: Cash flow highlights
Cash flow highlights MNOK Q3’26 Q3’25 2025 Operating activities 14.9 8.9 42.6 Investing activities -2.2 -1.4 -10.8 Financing activities -1.3 -1.2 -11.1 Changes in cash and cash 11.4 6.3 20.7 equivalent Cash and cash equivalent at the 79.3 80.2 84.7 beginning of period Cash and cash equivalent at the
Slide 33: 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 34: Top 20 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 1 000 000 6.47 % Norda ASA 716 099 4.63 % Safrino AS 649 700 4.20 % DNB Carnegie Investment Bank AB 645 621 4.18 % Insr ASA 614 251 3.97 % J.P. Morgan SE 600 000 3.88 % DNB
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