Bora — Investor Presentation 2026

May 13, 2026

bora
Pharmaceuticals

boragroup

Making Success More Certain

1Q26 Earnings Release

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Disclaimer

bbc

Except for historical information contained herein, the matters set forth in this presentation are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

These forward-looking statements are not based on historical facts but rather on management's expectations regarding future growth, results of operations, performance, future capital and other expenditures, competitive advantages, business prospects and opportunities. Statements in this presentation about our future plans and intentions, results, level of activities, performance, goals or achievements or other future events constitute forward looking statements. Wherever possible, words such as "anticipate", "believe", "expect", "may", "could", "will", "potential", "intend", "estimate", "should", "plan", "predict", or the negative or other variations of statements reflect management's current beliefs and assumptions and are based on the information currently available to our management.

Investors are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this presentation, and we assume no obligation to update or revise any forward-looking statements.

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Bora by the Numbers

1.7 Billion USD Market Cap*

2100+ Employees

100+ Export Countries

11 Manufacturing Sites

634 Million USD FY2025 Revenue

95% Revenues outside of Taiwan

1 Pharma Manufacturer in Taiwan

*As of May 2026

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BORA 1Q26 Milestones

• Advanced Maple Grove site ramp-up significantly, with several multi-year CDMO agreements signed or progressing across emerging biotech and top-20 global pharma client.
• Bora Board approved the acquisition of CDMO business of MacroGenics in Maryland, Rockville to scale up its biologics CDMO platform eyeing at further consolidation. All CDMO operations ready for >15% CAGR from now on.
• Consolidated iconic sports nutrition brand Weider Global Nutrition into Bora Group through subsidiary Sunway Biotech. Officially completes the last mile of dual engine strategy across platforms.

bora
Contributing to Better Health All Over the World

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Past the Reset: Clear Runway for Improvement

Reported in NT$mn, except for EPS	1Q2026	4Q2025	QoQ%	1Q2026	1Q2025	YoY%
Revenue	4,001	4,861	-18%	4,001	4,480	-11%
COGS	-2,560	-3,090	-17%	-2,560	-2,591	-1%
Gross Profit	1,441	1,771	-19%	1,441	1,889	-24%
GM%	36%	36%		36%	42%
S&M	-391	-450	-13%	-391	-374	5%
G&A	-476	-583	-18%	-476	-646	-26%
R&D	-168	-181	-7%	-168	-188	-11%
OPEX ttl	-1,034	-1,215	-15%	-1,034	-1,208	-14%
Operating Profit	407	557	-27%	407	681	-40%
OP Margin%	10%	11%		10%	15%
Non-Op	-186	253	-174%	-186	2,336	-108%
Net Income before tax	221	810	-73%	221	3,017	-93%
Profit/Loss from Discontinued Operations	-14	-63	-78%	-14	-1,342	-99%
Net Income from Continued Operations	47	428	-89%	47	2,751	-98%
Net Income	32	365	-91%	32	1,409	-98%
Basic EPS from Continued Operations	0.32	3.01	-89%	0.32	22.10	-99%
Basic EPS	0.21	2.63	-92%	0.21	11.28	-98%

1Q26 revenues came in at NT$4,001 million, down 17.68% sequentially, with basic EPS of NT$0.21. GM stabilized QoQ.

The quarter reflected transitory headwinds across both businesses.

• Pricing and demand variability in generics through Jan. - Feb. left Upsher-Smith's 1Q26 revenue 18.63% below trailing four-quarter run rate.

• Scheduled 6-week maintenance of Maryland fill-finish facility limited fixed-cost absorption.

• Disciplined OPEX, down 14.87% QoQ and 14.41% YoY, signals advantages of scale.

• NON-OP reflected a wider equity loss from Tanvex Biopharma:

• Elevated overhead at Tanvex SD site: resource integration and structural optimization underway following acquisition of MacroGenics CDMO business
• Customary 1Q recognition of undistributed-earnings tax.

Note: latest shares outstanding adopted

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1Q26 Was An Eventful And Challenging Quarter

boro

External Orders Only

Rev Mix - CDMO

38%
- 14% sterile
- 86% non-sterile

Note: dosage form %s are internal orders inclusive based

Channel destocking/demand volatility & Site maintenance:

Inventories ↑ & NWC and CF pressured

Rev Mix – Pharma Sales

62%
- 49% specialty
- 51% generics

NWC/Rev

2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

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bors

Contributing to Better Health All Over the World

bora

Pharmaceuticals

CDMO Business

North America Based, Global Networked

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1Q26 CDMO Business Highlights

• Revenues declined 24.62% YoY and 30.15% QoQ including internal orders, primarily due to scheduled maintenance at fill and finish facility in Maryland and seasonality at Canada site.
• And yet strong visibility underway: backlog in the next 12mo increased by 19.31% sequentially, arriving at US$314 million.
• During the quarter, CDMO business booked US$27.2 million external wins, among which 60% or 7 molecules are pre-commercial programs. (For context, 25FY saw 16 pre-commercial molecule signings). Accelerating run-rate is a positive signal.

• OTIF in 1Q26 was 88% and right first time 92%.

• +19.31% 12mo rolling backlog QoQ

• +75% pre-clinical wins
  based on 12mo run rate

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botic

Our Goal: "One Stop Shop" for all CDMO Needs

Maple Grove, Minnesota, US

Xizhi, Taiwan

Nutraceutical ingredients

Zhunan, Taiwan

Mississauga, Ontario, Canada

Taoyuan, Taiwan

San Diego, California, US

Baltimore, Maryland, US

Rockville, Maryland, US

Zhubei, Taiwan

Fowden

Oral Sights

Sizzle

FocPond

Biologics

Ophthalmic

Semi-acids

Non-sterile

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bore

Building A Capabilities & Resilience Engine

Source: Statista

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DoiC

CDMO Business 2026 Mission & Vision

Economies of Scale

Canada site, Tainan site, Zhunan site, Zhongli site

Note: In alphabetical order

• Strong gross margin profile
• Continue to invest for client partnerships and leadership in complex delivery platforms

Investment In The Future

Baltimore F/F site, Taoyuan site, MG site, Biologics platform

• Build US footprint
• Completing end-to-end solutions
• Invest in new technologies

Focus on Continued Benefits of Scale and High-Growth Modalities Pipeline Potential to Drive 2x–3x Revenue Growth Over 3–5 Years

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DORC

The MacroGenics carve-out deal at US$122.5 million

Rockville, Maryland
- Biologics GMP manufacturing operations
- 122,600 sqft. (leased)

140 FTE

Frederick, Maryland
- Warehouse
- 17,000 sqft. (leased)

"In Mammalian, CDMO Capacity Has Increased to >50% Of Global Capacity" - CHPI

1. Stable commercial revenue base
   2 commercial-stage products at 2000L scale provide predictable manufacturing volume and cash-flow visibility.

2. Visible near-term growth
   PPQ work for a new customer represents the most immediate upside: successful validation converts directly into commercial production and incremental capacity utilization.

• 30% utilized

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bora

Bora Group Biologics CDMO Team Strengths and Differentiation

tanvex

Bora

bora group

Complementary skill sets

• A coherent operating team with full antibody value chain experience: 5 technical executives, 10+ years together at MacroGenics.

• Complex-molecule credibility: Experiences in Bispecifics, ADCs, Fc-engineered antibodies - the premium-pricing tier of the CDMO market.

• Strong brand and BD presence: 5 people covering US, APAC and Europe

• Strength in process and early-stage development with speed and cost effectiveness differentiation: Zubei site in Taiwan a key leverage

Investment and Project management:

• CAPEX and incentive program management
• Financial performance management
• DS and DP platform integration: to offer end to end solutions

Integrated East coast supply chain

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bors

Contributing to Better Health All Over the World

bora

Pharmaceuticals

Pharma Sales Business In The USA Continued Focus on Core Strengths

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Specialty Franchise Now A Backbone

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Unit: US$mn

>50% Sabril Market Unlocked

VIGAFYDE™

(vigabatrin) Oral Solution

Compared to same time last year

Unique Patients ↑141%

Steady New Patient +

While Vigadrone unique patient maintained

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boro

Generics Business From Transition to…

Transformation!

• Refill pipeline from both internal & external resources to form a sales and marketing company
• More aggressive investments in differentiated branded portfolio

7 Confirmed launches in 2026 — 3 Launched +TD

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When Science Meets A 90-Year Global Brand!

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1930 2010

H I PROTEIN

TOBACCO CARRY

THE ENTIRE FAMILY

• Impro. polaroidic Scientific, Protein Analysis
• with in Amino Acids
• Utilized, a 5-fluoro- or 6-fluorenone of powder
• Some three acids: Acet
• Polyurethane Amide, Protein, 95%, (400000)
• 5.8, For 1, Ash & Carbohydrates, 24.6

WEIDER HEALTH PRODUCTS

SUPER PROTEIN

Topo in Barbells For Over 25 Years!

Now Save As Much As 50% by Buying Direct at Factory-to-You Prices!

SUPER PROTEIN

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GLOBAL OFFICE NETWORK

OUR FOOTPRINT ACROSS THE WORLD

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bora

Contributing to Better Health All Over the World

bora

Pharmaceuticals

Vision 2026

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Bora 2026 Outlook: Unwavering Commitment

Continued Growth in CDMO Scale and Increase Global Awareness

• Scale biologics CDMO one-stop-shop platform in commercialized projects with SUB in the US; setting clear supply chain differentiation options for the industry
• Continue to increase capacity utilization and realize operational efficiencies and organic growth

Rapid Growth of Rare Disease Portfolio to Become the New Backbone

• Focus on Vigabatrin franchise and specialty portfolio to drive stable, margin-accretive growth
• Advance high-value generics with favorable PIV prospects and bolt-on investments
• Grow pipeline through R&D partnerships and in-licensing

Expand Competitive Advantages in scale and AI

• Global scale: Operating cost efficiency continues to improve, driven by increased capacity utilization, centralized procurement, and cost advantages of Taiwan operations.
• AI initiative: Investing heavily into AI to use our global database to create proprietary AI tools

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bora

Bora 2027 Blueprint: Setting The Stage

+94% Marketing Qualified Leads

based on 12mo run rate

growth opportunities annualized

• CDMO backlog and new signs continue to drive double digit organic growth
• Steady expansion of specialty pharma franchise market share
• Inorganic growth from high value/branded pharmaceutical assets acquisitions

2025FY 2026YTD

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bora

Contributing to Better Health All Over the World

bora

Pharmaceuticals

Bora and Community

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Bora’s Commitment to Governance, People & Society

BORA

Our Achievements

MSCI ESG

A Ratings

• The evaluation covers the three dimensions of Environment, Social, and Governance
• Reflecting Bora's performance in ESG risk management and resilience

Taiwan Stock Exchange

Corporate Governance Evaluation

Top 6%-20%

• A constituent of the TWSE Corporate Governance 100 Index and Fubon Corporate Governance ETF (00692)
• Underscoring our continuous enhancement of governance transparency and accountability as a public company

EcoVadis

Committed level

• Top 50 pharma all require EcoVadis ratings from outsourced partners
• Bora achieving "Committed" level with 52 points, exceeding the avg. 45-point threshold set by most clients

FTSE Russell ESG

3.5 / 5

• Qualified for FTSE4Good Index Series
• Demonstrating recognition across Environment, Social and Governance

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Bora's Commitment to Governance, People & Society

B

Our Achievements

Sustainalytics

Medium Risk

• Moving towards the lower zone of "Medium Risk"
• Industry PR value of 81 in the global pharmaceutical sector

Business Weekly

2025 Carbon Competitiveness Top 100

• Recognized for carbon reduction performance and product decarbonization roadmap

Taiwan Corporate Sustainability Awards

Corporate Comprehensive Performance Sustainability Report Award-Silver Level

• The most representative sustainability award in Taiwan
• Recognizing Bora Group's strong ESG performance

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bora

THANK YOU

bora Pharmaceuticals

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bors

Recent Investments To Unlock Next Chapter

May 2026 Acquisition of US Biologics CDMO Facility in Baltimore (Rockville)
Aug 2025 Addition of high-potency liquid capsule technology (Zhunan, Taiwan)
July 2025 Gerteis Macropactor and Packaging Lines (Maple Grove, Minnesota)
July 2025 New Norden Filing Line (Mississauga, ON, Canada)
May 2025 Installation AST GENiSYS® C, Automated Vial, Syringe, Cartridge Line (Baltimore, Maryland)
August 2024 Strategic Investment into Tanvex Biopharma, (San Diego, California)
August 2024 Acquisition of US Sterile Fill/Finish Facility in Baltimore (Maryland)
April 2024 Acquisition of US Pharma Manufacturer Upsher-Smith (Minnesota)
January 2024 Investment in pilot scale OSD equipment in (Mississauga)

Established MSAT (Manufacturing, Science & Technology) team across network in 1Q26

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