Gentian Diagnostics ASA

Investor Presentation • Nov 25, 2025

Gentian Diagnostics ASA Company Presentation

Matti Heinonen, CEO

DNB Nordic Healthcare Conference, November 25th, 2025

Important notice

This presentation has been prepared by and is the sole responsibility of Gentian Diagnostics ASA (the "Company" or "Gentian"). The presentation is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The information herein and any other material discussed is subject to change.

The presentation contains certain forward-looking statements relating to the business, future financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained herein, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts

which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Potential investors are expressly advised that financial projections, such as the revenue and cash flow projections contained herein, cannot be used as reliable indicators of future revenues or cash flows. The Company (nor any of its parent or subsidiary undertakings) does not provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. No obligation is assumed to update any forward-looking statements or to conform these forwardlooking statements to our actual results.

The distribution of this presentation may also in other jurisdictions be restricted by law. Accordingly, this presentation may not be distributed in any jurisdiction except under circumstances that will result in compliance with applicable laws and regulations. The Company require persons in possession of this presentation to inform themselves about, and to observe, any such restrictions.

Nothing in this presentation shall constitute an offer to sell or a solicitation of an offer to buy any shares in the Company in any jurisdiction in which such offer or solicitation is unlawful.

Nothing contained in this presentation is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, this presentation speaks as of the date set out on its cover. In addition, no responsibility or liability or duty of care is or will be accepted by the Company for updating this presentation (or any additional information), correcting any inaccuracies in it which may become apparent or providing any additional information.

Gentian Diagnostics in a nutshell

Gentian Diagnostics is listed on Euronext Oslo Børs

Success rooted on high quality standards (IVDR

and ISO13485 certified) and focus on ESG

Reached profitable growth with significant EBITDA improvement and solid cash position

EBITDA development (MNOK)

Financial highlights

Solid cash position of NOK 86.6 million (Q3 '25)

Fully funded long-term business plan

Equity ratio of 86.8% (Q3 '25)

Inaugural dividend of NOK 0.40/share paid in May

Appealing value proposition leveraging existing, open-channel instrumentation

Appealing value proposition

Still, many clinically relevant diagnostic biomarkers are only available on slow and inefficient platforms.

By leveraging existing, so-called openchannel instrumentation, Gentian converts these test for high-throughput platforms.

Industry-leading expertise in developing highly sensitive particle-enhanced turbidimetric immunoassays (PETIA).

• 1. Faster results -> better treatment decisions
• 1. Up to 10x improved efficiency and cost savings

Lean business model

Partnerships with global IVD companies

OEM partnerships to secure broad roll-out and acceptance of product

Distributors in select markets

In selected markets we do not serve directly

Large central laboratories in selected markets

Key disease areas: inflammation & infection, kidney disease, heart failure

ESTABLISHED PRODUCTS

Kidney disease

Cystatin C 2006

Inflammation

fCAL^® 2015

Pancreas deficiency

fPELA^® 2020

Inflammation & infection

Canine CRP 2012

Kidney disease & nutrition

RBP 2023

IN MARKET DEVELOPMENT

Inflammation & infection

GCAL^® 2019

LATE STAGE DEVELOPMENT

Cardiac disease

NT-proBNP 2026

Accelerating growth by strengthening strategic partnerships with leading IVD manufacturers

Sources of business

Gentian targets several unmet needs:

• 1. New and upcoming diagnostic biomarkers
• 1. Gaps in companies' current portfolio
• 1. Quality, supply or regulatory compliance issues with current 3rd party suppliers
• 1. Price pressure and need for automation

We differentiate from competition by serving our strategic partners with broad support:

• 1. World-class R&D
• 1. Kit or bulk production
• 1. Technical and clinical data generation
• 1. Regulatory and product support

Gentian's long-term growth strategy

1-3 years

Explore the High-Sensitivity Technology (HST) to dramatically improve the sensitivity of PETIA

Now

Explore collaborations to adapt Gentian's products to turbidimetric point-of-care platforms

Maximize current portfolio

• Cys C opportunity
• GCAL
• NT-proBNP launch

and launch new products

▪ Balanced pipeline of novel assays and codevelopment partnerships

Cystatin C is our key revenue driver in the US with large untapped market potential

US Cys C market 255 mUSD in 2024, projected to grow to 531 mUSD by 2034 (CAGR 7.6%)¹

Currently only 7% of all hospitals running creatinine are requesting Cys C¹

Recently updated KDIGO² guidelines drive Cys C adoption

Gentian has access to ~30% of the clinical chemistry market3

^1. Market.us: Cys C Testing Market report Oct 2025

^2. KDIGO = Kidney Disease: Improving Global Outcomes - an international organisation that develops clinical practice guidelines for kidney disease care

^3. Company estimates based on Kalorama data

Gentian's next generation NT-proBNP – commercial launch targeted for 2026

The Gentian assay will be the first test of its kind available on high-throughput analyzers

About NT-proBNP

NT-proBNP is a cornerstone test in heart failure diagnostics. Estimated market value in 2025 is \$1.0 B with 2025-2033 CAGR of +7%. NT-proBNP testing is a highly competitive market. Central lab testing is dominating, but point-of-care is the fastest growing segment.

Potential unmet need

• Up to 80% of NT-proBNP molecules may have sugar structures attached to them (glycosylation).
• Current assays tend to underestimate NT-proBNP levels due to antibodies targeting the glycosylated areas

Gentian's solution

• Gentian is developing a glycosylation-independent NTproBNP assay aiming to improve accuracy and consistency of heart failure diagnostics.

Summary: Gentian's key growth drivers and value creation

Maximize sales of our five established products

Prove clinical relevance of GCAL® and launch NT-proBNP

Develop and launch new assays while exploring new technologies

Secure new contracts with global commercial partners

Grow gross margin from ~50% to >60% through economies of scale

Long-term EBITDA margins of 40%

revenue potential of NOK 1bn in 5-7 years Targeting a serviceable market of USD 2.2bn*

Appendix

USD 2.2bn global serviceable market estimated to grow by 5-10% annually next 4-6 years

	Total Addressable Market, mUSD	Total Serviceable Market, mUSD	Target market share, unrisked	Gentian's revenue take	Key growth drivers
Established products	2.079	0.502*	~25%	30-50%	Cystatin C in new kidney disease guidelines. FCAL via our partner Bühlmann.
GCAL severe infection	1.031	0.465	~15%	30-50%	Calprotectin for earlier detection.
GCAL inflammation	0.945	0.220	Under evaluation	30-50	Monitoring rheumatic diseases.
NT-proBNP	1.805	1.000	TBD	30-50%	Large heart failure market, 1st high throughput assay
Total	5.860	2.187	>15%	30-50%	Annual growth 5-10%

Key risks to target market shares include market adoption rates for GCAL, and successful launch of NT-proBNP

Sources: Kalorama 2024, company estimates

* Company estimates

Solid cash position

3Q25 balance sheet and cash flow

Cash MNOK 86.6

MNOK 80.2 in 3Q24

Capex MNOK 1.4

MNOK 2.7 in 3Q24

FCF MNOK 6.3

MNOK 12.5 in 3Q24

Equity ratio 86.8%

85.4% in 3Q24

Capital priorities

• NOK 6.3 million increase in cash from 31 December 2024.
• Quarter end cash position of NOK 86.6 million
• Dividend of NOK 6.2 million paid in 2Q25.
• No interest-bearing debt
• Long-term net working capital/sales assumed at ~30%.

USA – Europe sales impacted by a warehouse shift in April. However, adjusted US growth YTD +165%. New accounts contributing to growth.

• YTD sales to the US were NOK 21.7 million vs. NOK 8.1 million for the same period in 2024 (NOK 8.3 million from the warehouse shift).
• Adjusted growth rate +165%.
• Sales to Asia grew 42%, from NOK 3.0 million to NOK 4.2 million in 3Q25
• YTD sales up by 37% (NOK 24.1 million vs. 17.6 million).

• Recently implemented initiative called "unbundling", together with previously implemented VBP, warrants cautious outlook to 4Q25 and onwards.

• Europe declined 2% in 3Q25 to NOK 26.8 million vs. NOK 27.3 million in Q3 2024.

• Warehouse shift impact NOK 5.4 million.

P&L highlights

MNOK	3Q25	3Q24	YTD25	YTD24	2024
Sales	41.8	32.7	129.9	109.5	152.1
Cost of goods sold	-18.4	-15.7	-58.7	-50.5	-69.3
Gross profit	23.4	16.9	71.2	58.9	82.8
Other revenues	1.1	1.0	2.8	2.8	4.6
R&D expenses	-6.1	-5.5	-17.8	-16.6	-21.9
Sales and marketing expenses	-7.3	-6.1	-20.7	-18.9	-28.1
Administrative expenses	-5.0	-3.8	-18.1	-16.3	-21.7
Operating profit	6.1	2.7	17.3	9.8	15.7
Net financial items	0.1	0.7	-1.3	2.5	-2.5
Net profit (loss)	4.0	3.4	9.8	12.3	45.3

Balance sheet highlights

MNOK	3Q25	3Q24	2024
Inventory	52.4	42.6	45.9
Accounts- and other receivables	33.0	11.1	31.3
Cash and cash equivalents	86.6	93.8	84.7
Total non-current assets	60.7	41.6	67.7
Total assets	232.7	189.1	229.7
Total paid-in equity	319.3	316.1	316.3
Total retained equity	-117.3	-154.7	-122.2
Total equity	202.0	161.4	194.1
Total non-current liabilities	1.9	6.7	5.5
Total current liabilities	28.8	20.9	30.1
Total equity and liabilities	232.7	189.1	229.7

Cash flow highlights

MNOK	3Q25	3Q24	YTD25	YTD24	2024
Operating activities	8.9	16.4	16.5	17.5	13.5
Investing activities	-1.4	-2.7	-5.9	-7.7	-11.0
Financing activities	-1.3	-1.2	-10.0	-3.8	-5.0
Changes in cash and cash equivalent	6.3	12.5	0.6	6.1	-2.4
Cash and cash equivalent at the beginning of period	80.2	81.0	84.7	87.6	87.6
Cash and cash equivalent at the end of period	86.6	93.8	86.6	93.8	84.7

Dedicated and experienced management team

CEO Matti Heinonen

CFO & COO Njaal Kind

CGO Markus Jaquemar

CSO Dr. Alexandra Havelka

CTO Dr. Frank Frantzen

VP R&D Dr. Torsten Knüttel

VP QA & RA Anne-Mette Horsrud Akre

VP Commercial Hanne Kjellevold Kristiansen

20+ years of relevant industry experience across management positions

Track record from leading global diagnostics companies in across all phases

Board of directors

Hilja Ibert

Chair of the Board

Dr. Hilja Ibert has more than 25 years' experience from the international diagnostic industry, including VP International Diagnostic Solutions at Hologic and senior positions within Becton Dickinson and bioMerieux. She was previously the CEO for miDiagnostics in Belgium. In 2018, she was appointed CEO of Gentian Diagnostics ASA, a position she served until May 2024. She is currently a board member in Gradientech and VitaDx.

Dr. Ibert holds a PhD degree in Nutrition Science from the University of Bonn, Germany.

Kari E. Krogstad

Board member

Kari Krogstad has more than 25 years of experience from the biomedical industry, from commercial leadership roles within the pharma, biotech and medtech sectors. Ms. Krogstad has held her current role as President and CEO at Medistim ASA since 2009. She was previously General Manager at Invitrogen Dynal. Ms. Krogstad holds a Cand. Scient. degree in Molecular Biology from the University of Oslo as well as a Business degree from IHM Business School.

Kjersti Grimsrud

Board member

Kjersti Grimsrud is currently President and COO of Infusion care at Convatec plc, where she has spent the last 5 years. She has over 30 years' experience in MedTech and IVD companies with roles in science, operations and commercial in Axis-Shield ASA and Alere Inc./Abbott, where she last held the position of VP Commercial EME (Europe Middle East) and International (APAC). Ms Grimsrud served as a board member of Biotec Pharmacon (now ArcticZymes technologies) from 2011 to 2015. Ms. Grimsrud holds a master's degree in biotechnology from the Norwegian University of Science and Technology in Trondheim.

Runar Vatne

Board member

Mr. Vatne is the principal and owner of Vatne Capital, a family office investing in financial assets and real estate. He has extensive experience from the real estate sector, primarily from Søylen Eiendom, a leading Oslo based real estate company which he co‐founded in 2004. Prior to Søylen Eiendom, Mr. Vatne was a Partner and stock broker in Pareto Securities. Mr. Vatne served as board member of Gentian Diagnostics from November 2019 to May 2022.

Mr. Vatne and companies controlled by him currently own 15.12% of the outstanding shares in Gentian Diagnostics ASA.

Christian Åbyholm

Board member

Christian Åbyholm is a partner in Kvantia AS where he joined in 2007. Prior to joining Kvantia AS, Christian worked as Head of Department within Mergers and Acquisitions in Norsk Hydro and as Senior Vice President in business development in Aker RGI. Christian has also worked in London as an Associate in Equity Research in Morgan Stanley where he was part of the number one European Paper and Packaging team ranked by Institutional Investor. Prior to that, Christian worked as an Analyst in Merrill Lynch's Investment Banking division.

Mr. Åbyholm is a CFA charter holder and has an MBA from IMD and a Siviløkonom degree from Norwegian School of Economics and Business Administration. In addition, Christian has completed first two years of law school at University of Oslo.

Caaby AS, a wholly owned company by Mr. Åbyholm owns 173,500 shares in the company. Kvantia AS and its subsidiaries (Victoria India Fund AS and Obligasjon 2 AS) own 1,992,208 shares in the company. In addition, Christian Åbyholm is Chairman in INSR ASA and Norda ASA, which both own 614,215 shares in the company. The combined shareholding corresponds to 22% of the outstanding shares in Gentian Diagnostics ASA.

Top 20 shareholders

Shareholder	No of shares	%
Vatne Equity AS	2 110 224	13.68 %
Kvantia AS	1 803 368	11.69 %
Carpe Diem Afseth AS	842 521	5.46 %
Norda ASA	716 099	4.64 %
DNB Carnegie Investment Bank AB	685 046	4.44 %
Safrino AS	649 700	4.21 %
Insr ASA	614 251	3.98 %
J.P. Morgan SE	523 631	3.40 %
DNB Bank ASA, Meglerkonto Innland	450 000	2.92 %
Verdipapirfondet Delphi Norge	384 572	2.49 %
Verdipapirfondet DNB Smb	341 338	2.21 %
Portia AS	300 000	1.95 %
Krefting, Johan Henrik	298 240	1.93 %
Intertrade Shipping AS	257 716	1.67 %
Lioness AS	220 000	1.43 %
Marstal AS	212 407	1.38 %
Sp Capital 22 AS	200 000	1.30 %
Silvercoin Industries AS	187 455	1.22 %
Caaby AS	173 500	1.12 %
T.D. Veen AS	164 967	1.07 %
Other Shareholders	4 287 315	27.80 %
Total shares	15 422 350	100 %

^*As of 30 September 2025 according to VPS and disclosures from investors.