Gubra (GUBRA) investor relations material

Executive summary

• Achieved record financial results in 2025, with revenue of DKK 2.6bn and net profit of DKK 1.7bn, driven by a landmark out-licensing deal with AbbVie for ABBV-295, including DKK 350m upfront payment.

• Returned DKK 1bn to shareholders and ended the year with strong liquidity of DKK 1.1bn.

• Advanced three potential obesity blockbuster programs into clinical phases, with expected data readouts on two partnered programs in 2026.

• Appointed Markus Rohrwild as new CEO and prepared for the launch of the first Gubra Venture in H2 2026.

Financial highlights

• Biotech segment revenue surged to DKK 2,444m in 2025 from DKK 46m in 2024, mainly due to the AbbVie deal.

• Adjusted EBIT for Biotech reached DKK 2,193m, reversing a loss of DKK 109m in 2024.

• CRO segment revenue declined 13% year-over-year to DKK 193m, with EBIT dropping to DKK 28m and margin falling from 30% to 15%.

• Organic revenue CAGR for CRO business over 10 years was 14%.

Outlook and guidance

• Biotech segment expects no revenue guidance for 2026, with total costs projected at DKK 330-360m.

• CRO segment targets 5-15% revenue growth and EBIT margin of 20-25% in 2026.

• Gubra Ventures and Gubra Green expected to post EBIT losses of DKK -5 to -10m and DKK -1m, respectively.

• Double-digit growth expected for CRO in 2026, with business unit model driving value creation.