Photocure Asa · OSL:PHO
Photocure Asa — Q3 2026 Earnings Presentation
25 slides from Photocure Asa's earnings presentation, Oct 28, 2026
Slide 1: Photocure ASA 3rd Quarter 2026 Results
Photocure ASA 3rd Quarter 2026 Results October 28, 2026 Dan Schneider, President and CEO Priyam Shah, VP IR Dick Peters, VP Finance & IT
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: 3rd Quarter 2026 Highlights: 1/2
3rd Quarter 2026 Highlights: 1/2 Continued Growth and Execution on Key Initiatives Product Revenue Q3 +7% Adjusted EBITDA NOK 18.5 million (at constant currency, 0% including currency effects) Product Revenue +6% EBITDAEBITDA Reported NOK 27.8 million NOK 4.0 million NOK 134.2 million Unit sales lev
Slide 5: 3rd Quarter 2026 Highlights: 2/2
3rd Quarter 2026 Highlights: 2/2 Continued Growth and Execution on Key Initiatives Business & Partnership News Events & Publications Product Revenue +6% EBITDA NOK 27.8 million Unit sales level in Q2 YoY; +3% YTD NOK 29.2 million ex-BD expense Dennis Camporeale appointed as new CFO, Cost neutrality
Slide 6: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q3 2026 Results 6
Slide 7: Strong Sales Performance in Both Regions in Q3
Strong Sales Performance in Both Regions in Q3 Q3 Hexvix/Cysview Unit Sales by Region (Last 3 Years) North America Europe 4,500 Q3 2026 revenues increased 9% at constant 16,000 Q3 2026 revenues increased 6% at constant currency; in-market unit sales increased 9% currency; in-market unit sales increa
Slide 8: Strong Growth in U.S. Accounts Using Cysview
Strong Growth in U.S. Accounts Using Cysview 20% YoY growth in Q3 2026 500 Active* U.S. Accounts +20% YoY grow th 450 (Rolling 12 Months through Current Reported Quarter) 454 400 +22% YoY grow th 350 377 +5% YoY grow th 300 309 294 250 252 200 150 100 50 – Q3 '22 Q3 '23 Q3 '24 Q3 '25 Q3 '26 * Active
Slide 9: Growth Initiatives
Growth Initiatives Photocure – Presentation of Q3 2026 Results 9
Slide 10: U.S. BLC Market Offers Significant Growth Opportunity with Strong Near-Term Upside
U.S. BLC Market Offers Significant Growth Opportunity with Strong Near-Term Upside Bladder Cancer Addressable Market Expansion Triggers Market Access U.S. incidence1: ~85k patients/year U.S. prevalence2: FDA Reclassification / OEM Expansion 1 730k+ patients Additional rigid manufacturers Flexible BL
Slide 11: Opportunities in Precision Diagnostics: Today and in the Future
Opportunities in Precision Diagnostics: Today and in the Future Vesica Health’s Focus Photocure’s Focus BCG2 or chemotherapy based on Urologist performs initial cystoscopy TURBT procedure, biopsy to confirm grade or stage of bladder tumors Blood in the urine or other symptoms If suspected bladder ca
Slide 12: AssureMDx: Preparing for Commercialization
AssureMDx: Preparing for Commercialization Market Access Operational Readiness Commercial Readiness Evidence & Adoption PLA billing code effective Established CAP/CLIA Leverage existing Photocure Guidelines Novitas draft LCD supports California laboratory commercial team Ongoing trials AssureMDx Exp
Slide 13: Ongoing Study to Support AI-Assisted BLC 'ENAiBLE'
Ongoing Study to Support AI-Assisted BLC ‘ENAiBLE’ Study aims to collect BLC imaging & clinical data for BL-AI development #Sites contacted Actively recruiting patients at 8 sites across North America and Europe at the end of Q3 #Passed feasibility 15 of 16 sites expected to be activated by end of
Slide 14: Q3 Financials
Q3 Financials Photocure – Presentation of Q3 2026 Results 14
Slide 15: Consolidated Income Statement Third Quarter 2026
Consolidated Income Statement Third Quarter 2026 Q3 ‘26 Q3‘25 Change YTD ’26 YTD ‘25 Change Revenue Amounts in NOK million Q3 Hexvix/Cysview product revenue increased 7% at constant currency Hexvix/Cysview Revenue 134.2 134.1 0% 413.2 395.0 5% (0% incl FX) YoY driven by higher kit sales in North Ame
Slide 16: Segment Performance Third Quarter 2026
Segment Performance Third Quarter 2026 North America Segment Europe Segment Amounts in NOK million Q3 ‘26 Q3 ’25 Change YTD ‘26 YTD ’25 Change Amounts in NOK million Q3 ‘26 Q3 ’25 Change YTD ‘26 YTD ’25 Change Total revenues 56.2 54.8 3% 169.5 160.9 5% Total revenues 78.0 79.3 -2% 242.1 233.9 4% Gro
Slide 17: Cash Flow & Balance Sheet Third Quarter 2026
Cash Flow & Balance Sheet Third Quarter 2026 Amounts in NOK million Q3 ‘26 Q3 ‘25 YTD ‘26 YTD ‘25 Cash Flow Cash Flow from Operations 19.4 29.2 83.0 26.4 Q3 cash flow from operations was NOK 19.4 million, driven by Earnings before tax -28.2 -0.4 79.5 -7.3 EBITDA adjusted for non-cash expenses and wo
Slide 18: Key Performance Metrics
Key Performance Metrics Photocure – Presentation of Q3 2026 Results 18
Slide 19: Adjusted EBITDA Trend
Adjusted EBITDA Trend Yearly Adjusted EBITDA Development % Adj. EBITDA of Product Revenue 80 14% 70 12% Adj. EBITDA (MNOK) 60 10% 50 8% 40 6% 30 4% 20 10 2% 0 0% -10 -2% -20 -4% FY22 FY23 FY24 FY25 Adjusted EBITDA (MNOK) % Adjusted EBITDA of Product Revenue YTD Adjusted EBITDA Development % Adj. EBI
Slide 20: Adjusted EBITDA Historically
Adjusted EBITDA Historically EBITDA and Adjusted EBITDA 2026 2025 2026 2025 2025 2024 2023 2022 (All amounts in NOK 1 000) Q3 Q3 YTD Sep. YTD Sep. Full Year Full Year Full Year Full Year Reported EBITDA 3,995 10,226 130,322 26,810 28,727 49,193 55,494 -24,627 (-) Milestone Payments 0 0 -125,571 0 0
Slide 21: Summary
Summary Photocure – Presentation of Q3 2026 Results 21
Slide 22: Summary of Q3 2026 results
Summary of Q3 2026 results 7% product rev. growth YoY (constant currency); executing on key initiatives to increase sales growth. Adjusted EBITDA NOK 18.5 million (Reported EBITDA NOK 4.0 million); forecasting increased operating leverage while funding growth initiatives. 9% constant currency revenu
Slide 23: Near-Term Milestones & Corporate Objectives
Near-Term Milestones & Corporate Objectives 2026 Financial guidance: 10-12% (versus 8-11% previously) product revenue growth on a constant currency basis & Adjusted EBITDA margin expansion. Continue increasing Hexvix/Cysview kit utilization, tower upgrades & installations; collaborate with ForTec on
Slide 24: Business Outlook
Business Outlook A Profitable Core Business Funding Next Growth Engine Photocure is focused on driving sustained growth by expanding the adoption of Cysview and Hexvix, broadening its reach across clinical settings, and advancing the potential of its portfolio through data- driven innovation and str
Slide 25: Q&A
Q&A THE BLADDER CANCER y COMPANY