Gubra (GUBRA) investor relations material

Executive summary

• Achieved strong execution across an integrated business model, advancing the R&D pipeline, launching Gubra Ventures, and expanding commercial initiatives for long-term value creation.

• Multiple key milestones reached, including initiation of GUB-UCN2 Phase 1/2a trial, AbbVie and Boehringer Ingelheim advancing partnered obesity programs to Phase 2, and new strategic partnerships.

• CRO business returned to profitability with 11% sequential revenue growth over H2 2025, despite challenging market conditions.

• Gubra Ventures established to accelerate innovation and value creation, with multiple deals under evaluation and first announcement expected soon.

Financial highlights

• H1 2026 revenue was DKK 126.3 million, down from DKK 2,492.1 million in H1 2025 due to a large one-time AbbVie deal in the prior year; Biotech revenue was DKK 30 million in H1 2026.

• Group EBIT loss of DKK 122.9 million (H1 2025: profit of DKK 2,252.2 million); Biotech EBIT loss of DKK 120 million; CRO EBIT of DKK 1.5 million.

• CRO revenue grew 11% compared to H2 2025, reaching DKK 96 million, driven by improved demand and a rebound in biotech funding.

• Net loss for H1 2026 was DKK 110 million; cash and equivalents at DKK 901.3 million as of June 30, 2026.

Outlook and guidance

• 2026 outlook unchanged: CRO revenue growth expected at 0–10% with EBIT margin of 10–15%; no revenue guidance for Biotech due to unpredictability of partnership payments.

• Anticipates EUR 10 million milestone payment in Q3 2026 from Boehringer for triple agonist Phase II start.

• CRO aims for 10% annual growth in 2027, supported by expanded model portfolio and cost discipline.

• Continued investment in infrastructure and R&D, with lab capacity expected to double in 2026.