Building the Foundation for Profitable Growth

Q1 2025

May 8, 202 5 CEO Michael Akoh CFO Børge Sørvoll VP Sales Paul Blackburn

Overview Overview

A Norwegian biotech with growth potential Positioned for Profitable Growth in Biotech

A provider of novel enzymes for advanced therapies and molecular Targeting segments with considerable growth Worldclass Products

potential

Listed on the Norwegian Stock Exchange

World class R&D team • Provide novel enzymes for advanced therapies and molecular diagnostics

diagnostics

No debt – 250 NMOK in Cash reserve

and strong manufacturing capabilities complying to both ISO13485 and GMP Margins above 90% across all products • Strong reputation in Molecular Tools and Bioprocessing segments.
- Net Promoter Score = 84

Customers are life science tools companies, CDMO, Pharma and World class products and reputation in Molecular Tools and Bioprocessing Segment & Customers

segments

US and Europe

Targeting segments with high growth potential
Recuring revenue streams – sticky business Sales of 119 MNOK (2023), positive cash flow and results • Customers are life science tools, CDMO, Pharma and Biotech companies

biotech

55 employees, Headquartered in Tromsø

International management and Board

Talent & Culture

Management team committed to creating a culture where exceptional innovation thrives
World class R&D team
Strong manufacturing capabilities complying to ISO13485 and GMP
Direct sales force in the • 53 employees, HQ in Tromsø
- Direct sales in US & Europe more than 90% of business

Strong Financials

Margins > 90% all products
Recurring revenue streams sticky business
Sales of 108 MNOK (2024)
No debt 240 MNOK in Cash reserve
Listed on the Norwegian Stock Exchange

Agenda

Highlights Q1, Strategic Priorities and Partnerships

Customer Centric Transformation

Sales - Biomanufacturing and Molecular Tools

Financials

Outlook and Q&A

Highlights Q1 2025

Total revenue 24.9 MNOK (30.0 MNOK)

SAN HQ embedded in AAV platform at leading CDMO

Record customer base growth lays foundation for long term growth

EBITDA Performance -3.7 MNOK (3.2 MNOK)

Strong growth in the US Up 25% Y on Y

Poster presented by acib at Bioprocessing International

Building the Foundation for Growth

Strategic priorities

From Strong Fundamentals to Sustained Growth

Partnership updates

Further Deployment of SAN in CDMO Platforms

CDMO platform integration

New US CDMO: SAN HQ on their AAV platform in their center of excellence
- Initial projects expected Q3
CDMO in the UK implemented M-SAN HQ in Lenti viral platform will transfer to M-SAN HQ GMP once launched
- Initial project in Q2/Q3 utilized beyond early-phase projects
Working with 3rd CDMO to implement SAN HQ on their platform
- Currently being evaluated in Process development stage

OEM

SAN HQ GMP neo - OEM collaboration will not move forward

Audit on March 15th in Tromsø passed without any major deviations
Collaboration discontinued due to partner-side operational challenges
Working actively with other partners on collaboration opportunities

Biomanufacturing base is stronger than ever

Record growth in the customer base, recent CDMO platform integrations, and intensified customer engagement reinforce confidence in biomanufacturing business growth for 2025

Customer Centric transformation

Building the Path Back to Growth

This quarter marks solid progress in our commercial transformation

Status

Focused execution by the commercial team
Internal alignment and stronger customer dialogue
Strong foundations now in place

Observations

New Projects customers actively evaluating and validating enzymes
Design-in projects now midcycle
Increased demand as a leading indicator

Impact

Broader reach with deeper customer engagement
Better Penetration of critical accounts
Customer Focus across commercial, product, and tech teams

Priorities

New Customers driving project initiation and scale conversion
Ensuring Adoption as customers scale and progress
Positioning for recurring revenue as customers advance

Design-in Expanding our customer base

Progression from technical evaluation to commercialisation

Broader and deeper opportunity pipeline

Across therapy, diagnostics, and research

Customers are progressing through full design-in lifecycles—from technical evaluation to commercialisation
Our enzymes are now embedded in platform processes at top-tier contract manufacturers
Early-stage research projects are now maturing into clinical and manufacturing applications
Long-term technical relationships are converting into validated, scaled use cases
Diagnostic innovators are validating our enzymes for use in integrated cartridge systems
Nuclease adoption is ramping across EMEA in national infectious disease programs

Marketing V2.0

Enhancing customer engagement

Emerging Opportunities Metagenomics

CAGR 17%

Sales Update Q1 2025

Q1 Sales — Overview

Biomanufacturing and Molecular Tools

✓ Quarterly sales of 23.3 MNOK reflecting a reduction from 30 MNOK in Q1 2024. One large molecular tools customer purchased 9M NOK less this year
✓ NA grew revenues by 20% yoy, APAC grew revenues by 145% yoy and EMEA declined by 13% (excluding the large non repeat customer)
✓ New customer increase: +42% more new customers and +14% more orders
✓ Stronger geographic balance: NA now represents 52% of revenue, up from 31% in Q1 2024

Q1 Sales — Biomanufacturing

Steady Performance with Expanding Customer Base

✓ Sales grew 21% to 13.6 MNOK (vs. 11.2 MNOK Q1 2024) — reflecting a strong market presence and commercial momentum
✓ NA grew by 29% YOY; EMEA grew by 12%
✓ Biomanufacturing accounts for 58% of total Q1 sales highlighting its strategic importance
✓ Customer base continues to grow helping offset the impact of larger account slowdowns
✓ Expanding clinical adoption beyond CGT applications opening new market opportunities

Q1 Sales — Molecular Tools

Underlying business intact

✓ Sales at 9.5 MNOK (vs. 18.2 MNOK in Q1 2024) reflecting the reduction of 9 MNOK from the major customer
✓ Molecular Tools accounted for 41% of sales
✓ Strategic focus on Biomanufacturing in 2024, now focusing on Molecular Tool lead generation and adoption.

Sales per area

Q1 2025 – All time high in customer numbers

Biomanufacturing traction balancing Molecular Tools shifts

Biomanufacturing Q1

Unique customers reached their highest level in recent years, driven by biomanufacturing growth

Biomanufacturing

Orders increase, customer base continues to grow across NA and EMEA
Increase in both opportunities made and customer pipeline stage progression

Molecular Tools

Orders and customer base contracting, with stable AOV
Lower demand from key Life Science and Diagnostic customers impacted sales

Expenses & Profitability

Profit and loss, Expense development

Change in spend as we transform

Personnel expenses

Reduction Norwegian personnel
Increase in US personnel
Reduced capitalisation

Other operating expenses

PPE reduced due to Oslo office closure and reduction in use of chemicals
External services reduced as ERP project is closed, but increased legal fees and recuitment
Increase in marketing and commercial efforts
Currency headwinds

	Q1
	2025	2024
Sales revenues	23 3 ,	30 0 ,
Other revenues	1 6 ,	0 0 ,
Sum revenues	24 9 ,	30 0 ,

Cost of materials	1 2 - ,	1 0 - ,
Change in inventory	0 3 ,	0 3 - ,
Personnel expenses	18 8 - ,	18 0 - ,
Other operating expenses	8 9 - ,	8 4 - ,
Sum expenses	28 6 - ,	27 7 - ,
EBITDA	3 7 - ,	2 3 ,
Depreciation and amortisation	2 3 - ,	1 5 - ,
EBIT	6 0 - ,	0 8 ,
Net financials	1 9 ,	3 3 ,
EBT	4 1 - ,	4 1 ,

Currency impact

The tide changed in Q1

Majority of revenues are in foreign currency
- 58% in USD
- 41% in EURO
- 73% in USD and 27% in EURO for 2024
Currency effect on P&L
- Finance -0.7 MNOK in Q1 (+0.5 increase in Q1 2024)
- Other operating expenses increased by 0.5 MNOK for Q1 (reduction of 0.6 MNOK Q1 2024)

Profitability and expenses

Negative impact by currency

Sales & EBITDA

	Q1
	2025	2024
Sales revenues	23 3 ,	30 0 ,
Other revenues	1 6 ,	0 0 ,
Sum revenues	24 9 ,	30 0 ,

Cost of materials	1 2 - ,	1 0 - ,
Change in inventory	0 3 ,	0 3 - ,
Personnel expenses	18 8 - ,	18 0 - ,
Other operating expenses	8 9 - ,	8 4 - ,
Sum expenses	-28 6 ,	-27 7 ,
EBITDA	-3 7 ,	2 3 ,
Depreciation and amortisation	2 3 - ,	1 5 - ,
EBIT	-6 0 ,	0 8 ,
Net financials	1 9 ,	3 3 ,
EBT	-4 1 ,	4 1 ,

Margin

Cash flow and short-term investments -1.3 MNOK in changes for Q1*

Outlook 2025

The market

Opportunities are still plentiful in a dynamic macroeconomic environment
Dialogues with Biomanufacturing customers are many and positive
Still ground to cover SAN is still new to many

Customer centric transformation:

Customer base is expanding new all time high
Will continue to invest in organization and activities

CDMO platform partnership:

Platform implementation at two CDMOs
Working on onboarding more

Product portfolio expansion:

New GMP grade nuclease will be launched mid 2025
RNA restriction enzyme ET-N1 has entered development phase

Confident in our ability to execute on our strategic priorities and create shareholder value

Thank you

Q&A

arcticzymes.com