Photocure ASA

Investor Presentation • May 8, 2025

Photocure ASA 1st Quarter 2025 Results

May 8, 2025

Dan Schneider, President and CEO Erik Dahl, CFO

Disclaimer

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The Presentation has been produced by Photocure ASA (the "Company") for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction.

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The Presentation will be used during an oral presentation and is therefore not a complete summary of the presentation held. Further, it is not the intention to provide, and the Recipient may not rely on the Presentation as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects. Several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. For a further description of other relevant risk factors, we refer to the Company's annual report for 2024. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described in this Presentation.

This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts. Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. The Company cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments.

This Presentation speaks as at the date set out on herein. Neither the delivery of this Presentation nor any further discussions of the Company shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

Strategic Priorities & Initiatives

Continue to grow Hexvix®/Cysview® sales and increase Company profitability

• Provide and deliver on financial guidance, continue generating operating leverage
• Accelerate ForTec Mobile BLC usage
• Drive additional account reactivations in U.S. and image quality upgrades in Europe
• Increase penetration in Priority Growth Markets in Europe
• Leverage Olympus' launch of new HD BLC system in Nordics/EU

Develop BLC's role as a definitive diagnostic in bladder cancer care / Improve access

• Position BLC as the primary diagnostic tool to facilitate earlier use of new NMIBC therapeutics
• Support reclassification of BLC equipment in the U.S.: Citizen's petition/Partnerships
• Collaborate with BLC equipment manufacturers who plan to enter the U.S.
• Build adoption for Richard Wolf's interim Flex BLC solution in Europe; launch new HD Flex BLC system globally once developed

Expand product portfolio / Diversify global product offering in bladder cancer / uro-oncology

• Continue to assess opportunities within NMIBC & other uro-oncology indications: Biomarkers, AI, new technologies in precision medicine
• Leverage existing global commercial infrastructure in broader uro-oncology segment

1st Quarter 2025 Highlights:

Continued growth and execution on key initiatives

Regional Performance YoY

⁻ N America revenue up 2%, units down 6% due to 71% flex decline and customer order timing

Product Revenue +6%

Unit sales level in Q2 YoY; +3% YTD

⁻ European revenue up 11%, units up 1%

Increasing number of U.S. accounts: 337 (+17% Y-o-Y)

• ⁻ 8 new account towers installed
• ⁻ 13 upgrades from existing accounts
• ⁻ ForTec mobile BLC strategy: good momentum with 57 accounts

Executing on plan in Europe

⁻ 30 Olympus BLC Visera Elite-III systems installed since launch in Q1 2025

Product Revenue +7% EBITDA NOK 1.8 million

EBITDA NOK 27.8 million NOK 3.6 million ex-BD expense

NOK 29.2 million ex-BD expense

Continue forecasting operating leverage for FY 2025 and investing in revenue growth opportunities

Biz Dev expense NOK 1.8 million

Strong Balance Sheet

NOK 260 million in cash and equivalents, completed buy-back program of 500,000 shares; No term debt

Recent news and key milestone events

Richard Wolf Flex Agreement:

Flexible BLC interim solution availability in countries where System blue & components are cleared

High volume of valuable clinical data about BLC as the precision diagnostic in bladder cancer:

• New BRAVO Study Publication reinforces clinical benefits of BLC in reducing risk of bladder cancer recurrence
• EAU 2025: 2 clinical data presentations highlight the benefits of using BLC in bladder cancer
• ASCO-GU 2025 abstract: Upstaging and risk mitigation with BLC in NMIBC
• AUA post-period: 3 abstracts from the U.S. registry and 1 trial protocol

Segment Trends

North America and Europe markets

Strong Unit Sales Performance in Both Regions in Q1

Quarterly Hexvix/Cysview Unit Sales by Region (Last 3 Years)

0 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 North America Europe 0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 Q1 Q2 Q3 Q4 2023 2024 2025 Q1 '25 unit sales impacted by –71% reduction in flex accounts units vs Q1 '24

Q1 2025 Trends in North America

• Sales in the U.S. were heavily impacted by 71% decline in sales to flex accounts and timing of key customer orders:
  • Q1 2025 revenues increased 2%, in-market unit sales declined 6%. Revenues benefited from a higher average price.
  • Q1 2025 vs Q1 2024 adjusted rigid segment growth is in line with prior quarters
• Installed base of rigid BLC equipment continues to expand; 21 Saphira installs (8 new towers, 13 upgrades).
• Active accounts in U.S. up ~17% YoY in Q1
• ForTec mobile BLC rollout in U.S. continues to gain traction: 57 accounts have used the service since roll-out.
• Access to BLC and reclassification of blue light cystoscopes in U.S. remains a high priority

Photocure booth at the AUA 2025 Congress in Las Vegas, USA April 26-28, 2025

7

Significant Growth in U.S. Accounts Actively Using Cysview

350 ~17% growth in Q1 YoY

* Active account is defined as an account with at least one order during the last 12 months Accounts include rigid-only, multi- or dual-towers, flex-only, mobile tower, and evaluation

Congress presence & continuing support to KOLs and medical education: EAU well attended and increasingly focused on precision diagnostics + 2 abstract presentations.

Olympus upgrading to include blue light: 30 Visera Elite III systems added throughout 2025

• Strengthened Guidelines:
  • French AFU guidelines strengthened: Recommending blue light cystoscopy for every first TURBT
  • Italian SIU recommendations include BLC: Recommended in certain patient populations for first and recurrent NMIBC
• Q1 2025 Trends in Europe
• Q1 2025 marks the highest revenue quarter ever for Photocure Europe.
• Q1 revenues increased 11% year-over-year, in-market unit sales grew 1%. Increases driven primarily by strong growth in DACH (5%), impacted by varying order patterns and tough Q1 2024 comparator.
• installed across Europe during Q1 with healthy pipeline of new towers to be

Growth initiatives

Growth initiatives

Accelerating BLC through Mobile Capability in the U.S.: ForTec

• Nationwide sales collaboration doubling BLC's footprint with new ForTec customers
• On Demand capability: Ondemand utilization of BLC via operating budgets
• 18 Mobile towers deployed and building demand, 57 accounts and over 100 MDs have used service since launch in mid-2024
• Teams leveraging both partners' customer infrastructure

Flexible BLC equipment to unlock the global surveillance market: Richard Wolf

• Strategic agreement to jointly develop and commercialize a next generation 4K LED HD reusable flexible blue light cystoscope
• IP and Regulatory responsibilities remain with RW
• Interim solution bringing flexible BLC to international centers while developing optimized solution
• Estimated Total Addressable Global Market: 1.3B USD ¹

Positioning BLC as the precision diagnostic in the rapidly evolving NMIBC treatment landscape

• BLC to play an important role in supporting new "bladder sparing" therapies: patient selection, staging, marker lesion identification
• 3 new FDA approved products / Multiple drug companies conducting 20+ clinical trials: multiple MOAs/ drug targets
• Tumor resection, biopsies and pathology will still be required for definitive staging and grading

Value-generating Asieris Programs:

Hexvix: Commercial partnership in China

Past Progress

Phase III Trial Endpoint successfully met.

1st Data presented at SIU Congress in Oct 2023

Strong Results (p<0.0001)

First RCT Trial Conducted with High Def. BLC equipment

Chinese Authorities' (NMPA) Review of NDA ongoing since Nov 2023 (Typically 18 Months!)

Recent News & Expectations

Market Authorization Granted Early in China (November 5, 2024)

Regulatory Approval of BL Equipment

Commercialization

Potential for Photocure

Photocure/Asieris Joint Steering Committee Development of Hexvix Brand in China/Taiwan Milestone, Royalty, and Manufacturing Revenue on Sales

Cevira: Out-licensed worldwide rights to Asieris for development/commercialization

Past Progress

1st Non-Invasive Candidate for Cervical HSIL;

Phase III Endpoint met. Results China & Europe

Phase III Trial Results presented at the EUROGIN 2024 HPV Congress in March 2024

NDA accepted in China May 2024, review by NMPA ongoing

Recent News & Expectations

Regulatory review and commercialization in China

U.S. FDA discussions and EU pre-submission discussions took place in Q4 2024

Potential for Photocure

Regulatory Milestones; Royalties and Sales Milestones, for primary and secondary indications

Q1 Financials

Consolidated Income Statement First Quarter 2025

Revenue

Q1 Hexvix/Cysview product revenue increased 7% YoY. The revenue growth was negatively impacted by an expected decline in kits used for flexible cystoscopy in US as well as the negative impact of timing of sales of rigid kit orders of major accounts in US

Operating Expenses

• Total Operating expenses including Business Development expenses increased YoY NOK 12.0 million to NOK 114.4 million. NOK 3.9 million of the increase was due to FX. Remaining increase was driven by the timing of congresses and business meetings, FTE adjustments, merit and inflation
• Operating expenses within business development, NOK 1.8 million in Q1, relate mainly to life cycle management for Hexvix/Cysview and efforts that can diversify our business

EBITDA

Q1 EBITDA including BD expenses was NOK 1.8 million

Net Financial Items

Ipsen earn-out payment offset mainly by interest income and FX gain

Segment Performance First Quarter 2025

North America Segment

Amounts in NOK million	Q1 '25	Q1 '24	Change	FY '24
Total revenues	48.6	47.5	2%	202.3
Gross profit	46.4	46.1	1%	196.4
% of revenue	95%	97%		97%
Direct costs	-44.4	-41.8	6%	-175.5
Contribution (1)	2.0	4.3		21.0
EBITDA	-10.6	-5.1		-21.1
of % revenue	-22%	-11%		-10%

• Q1 revenue growth was negatively impacted by an expected decline in kits used for flexible cystoscopy as well as the negative impact of timing of sales of rigid kit orders of major accounts
  • In-market unit sales decreased 6%, average price increased 4%
• Q1 direct costs increased 6% YoY including foreign exchange impact of 5%
• Q1 Contribution NOK 2.0 million

Europe Segment

million Amounts in NOK	Q1 '25	Q1 '24	Change	FY '24
Total revenues	76.8	69.3	11%	285.6
Gross profit	69.8	63.4	10%	262.3
of % revenue	91%	92%		92%
Direct costs	-31.6	-27.3	16%	-123.4
Contribution (1)	38.2	36.1		139.0
EBITDA	19.0	19.0		64.1
of % revenue	25%	27%		22%

• Q1 revenue increased 11% YoY, growth mainly driven by Germany and Austria
  • In-market unit sales increased 1%, wholesaler stock and order patterns positively impacted revenue growth
• Q1 direct costs increased 16% YoY driven by the timing of expenses related to congresses, merit, inflation and FX
• Q1 Contribution NOK 38.2 million, 50% of revenue

Cash Flow & Balance Sheet First Quarter 2025

Amounts in NOK million	Q1 '25	Q1 '24	FY '24
Operations Cash Flow	4.1	5.1	76.8
Earnings before tax	-9.4	-4.0	8.4
Depreciation & amortization	7.4	7.1	28.8
Working capital	2.7	-7.0	3.0
Other	3.4	8.9	36.6
Investments Cash Flow	0.7	0.2	1.4
Financing Cash Flow	-39.0	-6.5	-43.8
Net Change in Cash	-34.3	-1.2	34.4
Amounts in NOK million	31.03.25	31.03.24	31.12.24
Non-current assets	316.4	333.8	315.1
Inventory & receivables	132.6	122.6	130.1
Cash & short-term deposits	259.5	258.3	293.9

Equity 471.8 483.1 501.7 Long-term liabilities 133.8 151.3 139.7 Current liabilities 102.9 231.5 97.7 Total balance 708.6 714.6 739.1

Cash Flow

• Q1 cash flow from operations was NOK 4.1 million, driven by EBITDA adjusted for non-cash expenses and working capital
• Q1 cash flow from investments includes interest received and paid, and investments in tangible and intangible assets
• Q1 cash flow from financing of NOK -39.0 million includes earnout payments to Ipsen of NOK 9.6 million and the share buy-back program of NOK 27.5 million
• Net cash flow in Q1 was NOK -34.3 million, cash balance end of Q1 was NOK 259.5 million

Financial position

• Non-current assets include intangibles and goodwill from Ipsen transaction totaling NOK 235.7 million
• Long-term liabilities includes deferred Ipsen earnout totaling NOK 113.4 million
• Equity at December 31, 2024 was NOK 471.8 million, 67% of total assets

Summary

Summary of Q1 2025 results

• 7% product rev. growth, unit sales level YoY; executing on key initiatives to increase sales growth
• EBITDA of NOK 1.8M (NOK 3.6 Ex-BD); forecasting FY 2025 operating leverage while funding growth initiatives
• Growth of rigid (TURBT) kit sales in U.S. outweighed Flex headwinds, ForTec mobile tower momentum building
• 17% active account growth in U.S. for rolling 12 months through Q1 2025
• 5% in-market unit growth in DACH markets
• Strong momentum for BLC; KOL support & new data positioning BLC as the precision diagnostic in the rapidly evolving NMIBC treatment landscape
• Cash balance of NOK 260M at end of Q1 2025, buy-back program of 500,000 shares completed; no term debt
• Anticipating minimum impact of potential tariffs in the U.S. due to high gross margin

Anticipated Milestones & Corporate Objectives

• Financial guidance: 7-11% product revenue growth and YoY EBITDA improvement in 2025. The Company also expects continued operating leverage flow-through in its commercial business and significant growth in milestones this year
• Continue increasing Hexvix/Cysview kit throughput and tower upgrades & installations: collaborate with ForTec on mobile tower national rollout in U.S. / focus on growth markets & Olympus equipment launch in Europe
• Advance partnership with Richard Wolf to develop and commercialize a next-generation Flexible BLC system for the global markets as soon as possible.
• Present/publish additional data from real world evidence patient registries and other studies supporting the use of BLC® with Hexvix/Cysview; leverage Photocure's U.S. registry with NMIBC therapeutic companies
• Increasing access to BLC by getting additional equipment manufacturers into the U.S. market (Citizen's Petition, other expedited pathways to market entry)
• Asieris progress: Hexvix early approval in China; NDA for Cevira undergoing regulatory review.

Leading change in bladder cancer

Q&A