Interim Financial Report

First half-year 2025

Gubra A/S CVR-nr 30514041

Denmark

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Gubra Interim Financial Report H1-2025

Presentation slides will be available prior to the earnings call and can be downloaded here

Table of content

Earnings call info

The H1 2025 report will be presented to investors and analysts on 21 August 2025 at 10.00 CET.

The presentation can be followed live via the link: here

To participate in the telephone conference, please use the dial-in details shown below:

DK: +45 32 74 07 10

UK: +44 20 3481 4247

When dialling-in, please state the name of the call “Gubra Q2 2025 earnings release” or the conference ID: 9767544.

Presentation slides will be available prior to the earnings call and can be downloaded here

Gubra Interim Financial Report H1-2025

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About Gubra

Gubra, founded in 2008 in Denmark, is specialized in high-end pre-clinical contract research (CRO) and peptide-based drug discovery and development within metabolic and fibrotic diseases.

Our activities are focused on the early stages of drug development and are organ- ized into two business areas – CRO Services and Discovery & Partnerships (D&P). The two business areas are highly synergistic and create a unique entity capable of generating a steady cash flow from the CRO business while at the same time benefiting from biotechnology upside in the form of potential milestone payments and royalties from the D&P business.

Gubra’s shares have been listed on NASDAQ Copenhagen since 2023 with ticker

code GUBRA.

~ 275

Employees June 2025

Obesity expertise

Several drug candidates in development Expert service provider

16 out of top 20 largest pharma companies

served by Gubra

30%

Yearly revenue growth*

*(Inception 2008 to 2024)

Specialized pre-clinical contract research and development services for the pharma and biotech industry.

Discovery, design, and

development of peptide-based

drug candidates with the aim of entering partnerships with pharma and biotech companies.

Discovery & Partnerships

CRO Services

Gubra Interim Financial Report H1-2025

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Letter from the CEO

prioritizes the reduction of fat mass while preserving - or even increasing - lean muscle mass, aiming to deliver a healthier and more sustainable weight loss outcome.

Preclinical studies in animal models have demonstrated that UCN2 ana- logues, when administered alone, selec- tively reduce fat mass and simultane-

The first half year has been transfor- mational, in a very positive way. We struck the biggest out-licensing deal so far for Gubra for our Amylin anti-obesi- ty asset GUBamy. The partnership with AbbVie really underscores Gubra’s ex- pertise in the metabolic space and our ability to develop novel peptide-based therapeutics. Following the deal, we decided to distribute DKK 1 billion to shareholders as an extraordinary dividend. A real strength for biotech company to be able to distribute a very meaningful amount back to sharehold- ers while still maintaining sufficient capital to realize our strategy in the coming years.

GUBAMY – PROGRESSING AS PLANNED

In the second quarter, we published strong interim clinical results from the first part of the Phase 1 Multiple- Ascending-Dose study (MAD). The results exceeded our expectations. The study showed that GUBamy was well tolerated with adverse events being predomi- nantly GI related, mild and consistent with data from the previous Single- Ascending-Dose study (SAD). On weight

ously promote gains in lean body mass. When combined with other anti-obesity agents, UCN2 has shown the unique ability to completely prevent the loss of lean mass typically seen in diet-induced obese rats treated with agents such as GLP-1 receptor agonists. Moreover, UCN2 enhances fat mass loss in these combination treatments.

reduction, GUBamy delivered a remark- able weight loss. Once-weekly admin- istration for six weeks of 1 mg or 2 mg GUBamy led to a dose dependent mean weight loss compared to a weight gain in the placebo group. LS Mean weight loss in the 2 mg cohort was -7.8% compared to an LS Mean weight gain of +2.0% in the placebo arm on day 43. Data confirmed general picture from the SAD study with a high degree of consistency within cohorts. The study also confirmed the very long and favourable half-life of 11 days.

The MAD study for testing higher doses during a longer treatment period is ongoing and is progressing as planned. As part of having AbbVie as partner, we are delighted to see them expanding development options in the study.

Their experience and scale make a real difference.

Advancing our UCN2 obesity PROGRAM

We are equally enthusiastic about our next-in-line internal obesity program, UCN2, which is designed to promote a high-quality weight loss. This approach

Henrik Blou, CEO

Gubra Interim Financial Report H1-2025

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Gubra Interim Financial Report H1-2025

Notably, UCN2 has also been shown to fully reverse the lean mass loss caused by prior semaglutide treatment. This po- sitions UCN2 as a potentially valuable component in combination regimens, acting both as a protective and restora- tive agent.

Beyond its metabolic effects, treatment with long-acting UCN2 analogues has resulted in improvements in cardiac and kidney function in preclinical models of chronic heart failure and chronic kidney disease. These findings underscore the potential of UCN2 to not only promote high-quality weight loss, but also ad- dress key comorbidities associated with obesity.

UCN2 is now being prepared for Phase 1 clinical study to start early 2026.

Advancing our R&D efforts toward 2030

When we glance a few years out in the future, we want to expand our pipeline also outside obesity and bring more pro- jects to the clinic. In our strategy towards 2030, we want to develop our pipeline further, both inside and outside obesity, and establish 1-2 new flagship areas.

We have in first half of 2025 started up efforts and activities in women’s health, which is a significantly underserved

area today. In our strategy for 2030, we are also stepping up our ambitions for clinical development and aspire to have 1-3 fully owned programs in the clinic. We will also build upon our scientific en- trepreneurship by further expanding our efforts in non-classical peptides, tissue distribution, and dosing flexibility.

group revenue and earnings up very significantly

Group revenue and EBIT in the first half of 2025 were record-high and amount- ed to DKK 2.5 billion and DKK 2.3 billion, respectively. This can be compared to the same period last year with DKK 121 million in revenue and DKK -21 million in EBIT. A very significant improvement with the recognition of the upfront payment in the AbbVie-deal as the main explanation.

CRO business – revenue slightly behind LAST YEAR

Our CRO business has grown very significantly over the last two years and revenue has by far outpaced our mid- term annual growth guidance of 10%. In Q2 2025, we reported revenue of DKK 55 million which is 12% up compared to Q2 2024. However, H1 2025 revenue is 2% behind H1 2024, i.e. somewhat be- low our expectations. The explanation being the US market where we generally see longer decision timelines among our

customers. The development in Europe is on the contrary very healthy with high growth in the first half of the year compared to the same period last year. As a result of the slowdown we experi- ence in the US, we have adjusted our full-year 2025 outlook for CRO revenue to be slightly below the revenue level in 2024 (previously 10-20% growth). EBIT- margin expectation for full-year 2025 for the CRO business has been reduced to around 20% (previously 25-31%).

HANDING OVER THE BATON TO INCOMING CEO

After almost 10 years in Gubra it is time for me now to hand over the baton to a new incoming CEO. I am really excited and proud of what we have achieved that has propelled Gubra into a com- pletely different league. I have always

admired leaders who found an appro- priate point in time to step back, and I feel that now is the right time.

I genuinely wish to thank the founders, the Board and our shareholders for all the trust and also all the fantastic colleagues that have brought Gubra to where we are today. It feels incredibly rewarding to leave the company in such a strong position, with significant poten- tial still ahead, as Markus Rohrwild takes over as CEO starting September 8, 2025.

GROUP REVENUE AND EARNINGS WERE

RECORD-HIGH IN THE FIRST HALF OF THE YEAR DRIVEN BY THE ABBVIE-DEAL

”

Financial outlook and guidance

Forward-looking statements

The interim financial report contains forward-looking statements, which include projections of our short- and long-term financial performance. These statements are by nature uncertain and associated with risk. Many factors may cause the actual development to differ materially from Gubra's expectations.

Read more about the risks in Annual Report 2024.

1: Outlook as of 20 August 2025

2: Outlook as of 9 May 2025

3: No revenue guidance is provided for the D&P segment due to the inherent uncertainty on timing and size of partnership revenue 4: Total costs are cost of sales and operating costs (adjusted for special items)

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Gubra Interim Financial Report H1-2025

Key events in H1 2025

New COO

appointed

Gubra appoints Anne-Marie Levy Rasmussen new Chief Operating Officer (COO).

GUBamy strong

MAD-results

Results from clinical MAD-study (part A) showing that GUBamy was well tole- rated and provided a very significant and consistent weight reduction.

Extraordinary

dividend payment

Distribution of DKK 1 billion to shareholders as extra- ordinary dividend following the AbbVie-deal.

GUBamy deal

Outlicensing of anti- obesity asset GUBamy (Amylin) to AbbVie for a total deal value of $2.2 billion + royalties.

UCN2 restores

lean mass loss

New preclinical study showing that UCN2 restores lean mass loss induced by prior GLP-1 treatment.

Read more

Read more

Read more

Read more

Read more

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The Discovery & Partnerships business serves as our drug discovery engine for identification of novel peptide-based candidates.

For drug discovery, Gubra has devel- oped a unique drug discovery plat- form using Machine Learning (ML) and Artificial Intelligence (AI), which accel- erates the process from target identifi- cation to drug candidates. We call it the streaMLine platform.

Discovery & Partnerships

The streaMLine process is a circular process that can evaluate several aspects of the molecule simultaneously, resulting in the ability to rapidly modify molecule designs and thus optimizing the hit molecule before testing it in vivo in our readily available and translata- ble models. The streaMLine platform enables us to run multiple projects in parallel with fewer resources, and thus lowering pre-clinical

streaMLine advantages + Design of over 4,000 peptides per month – compared to a few hundred before the use of streaMLine

+ Focus on 4-6 projects simultane- ously instead of 2-3 using fewer researchers = time efficiency and lower costs

+ Improved patent potential

Scan the code to know more about our Discovery & Partnership programs

streaMLine

Wet lab exploration powered by explainable AI

development costs per project as well as provide for strong IP protection.

Once our projects have matured they are included in our R&D pipeline and are ready to be out-licensed to partners. Our approach is to out-license our pro- jects early to reduce risks and costs.

Gubra Interim Financial Report H1-2025

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Our R&D pipeline

Scan the code to know more about our expanding pipeline

Our R&D pipeline is based on peptides. Below features our R&D pipeline from Drug Discovery and onwards.

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Gubra Interim Financial Report H1-2025

GUBamy

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Gubra Interim Financial Report H1-2025

GUBamy holds potential to become the next generation weight management therapy

GUBamy holds potential to become the next generation weight management therapy

Balanced receptor profile

(AMYR and CTR as native amylin)

Long half-life (T½)

Body weight loss alone and in combination

Physically and chemically stable at neutral pH

Very long patent exclusivity

Part A completed

Development path

Phase 1 Multiple

Ascending Dose

(Ongoing)

Phase 1 Single Ascen- ding Dose

(Completed)

Pre-clinical

(Completed)

GUBamy is an investigational long-acting amylin analogue for subcutaneous administration. GUBamy is in development for weight management in obese people and could be positioned as both an alternative and an addition to incretin-based treatments. Some of the differentiating factors of GUBamy are shown below.

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Gubra Interim Financial Report H1-2025

Strong Phase 1 results from Single Ascending Dose (SAD) study and Multiple Ascending Dose (MAD) study part A have shown that GUBamy is well tolerated with adverse events being predominantly GI related and mild. On weight reduction, GUBamy has delivered a very significant weight loss.

Favourable PK profile with a very long half-life of 11 days

Well tolerated with adverse events being predominantly GI related and mild

Reduced body-weight

dose dependently

Next step

MAD study ongoing with longer

treatment period incl. titration

SAD study: One dose  weight reduction of –3% vs. placebo of +1%

-3% vs. +1%

MAD study part A: Multiple doses for six weeks  weight reduction of –7.8% (2mg) vs. placebo of +2.0%

-8% vs. +2%

11 days

GUBamy: Positive Phase 1 results

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Gubra Interim Financial Report H1-2025

Global license agreement for GUBamy with AbbVie

In March 2025, Gubra signed a landmark deal granting AbbVie an exclusive global license to develop and commercialize GUBamy. The deal combines Gubra’s expertise in discovery, design and development of peptide-based drug candidates with AbbVie’s clinical development expertise and global commercialization footprint.

$350 million upfront (paid in Q2 2025)

Tiered royalties on global net sales

up to $1.875 billion in development, commercial and sales milestone payments

MILESTONES

ROYALTIES

upFROnt

Deal terms

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Gubra Interim Financial Report H1-2025

UCN2 for high-quality weight loss

HIGH QUALITY WEIGHT LOSS

With the current anti-obesity drugs, 20-40% of the body weight lost is unwanted loss of lean mass (mus- cles, bones, internal organs). In contrast, high quality weight loss focuses on body composition and pro- motes fat loss while preserving lean muscle mass to induce a healthy and sustained weight loss.

Lost weight (%)

Time to focus on healthy weight loss

– Treatment paradigm for future obesity treatment

Lean mass

Fat mass

Increased lean mass

Decreased fat mass

Today

Tomorrow

GUB-UCN2

GUB-UCN2 is a long acting Urocortin 2 (UCN2) analogue selectively activating the corticotropin-re- leasing hormone receptor 2 (CRHR2) that has been designed for once weekly subcutaneous administra- tion. We believe GUB-UCN2 could be well suited as a stand-alone treatment, but also as a combination with other anti-obesity drugs.

STRONG PRE-CLINICAL RESULTS UCN2 has shown that it can completely prevent lean mass loss in diet-induced obese rats treated with either GLP-1 or Amylin while substantially improving fat mass loss. New studies in 2025 in aged diet induced obese rats have shown that UCN2 can also restore lean mass loss induced by prior GLP-1 treatment. Furthermore, UCN2 treatment can also provide a cardiorenal upside.

UCN2 is now being prepared for Phase 1 clinical study to start in early 2026.

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Gubra Interim Financial Report H1-2025

CRO business

Our CRO business provides end-to-end pre-clinical services to pharma and biotech companies. The services we provide enable our customers to make data-based decisions to move their pre-clinical research projects fast forward.

We utilize our deep knowledge, animal model capabilities and advanced lab- oratory and animal testing facilities with operations centered around auto- mation, robotization and digitalization to offer a broad range of specialized services covering all aspects of pre-clinical studies.

Growing the number of clients

Scan the code to know more about our CRO business

121

2023

2024

In Vivo

Pharmacology

Biomarker Assays

Bioinformatics & NGS

(next gen sequencing)

2D & 3D Histology with

AI Pathology

Minipig

Pharmacokinetics

100

101

94

71

67

76

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Gubra Interim Financial Report H1-2025

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Disease areas

Our CRO services cover a wide variety of disease areas

Diabetes

Obesity

Liver (MASH)

Kidney

Women's health

Lungs (IPF)

Brain (CNS)

Revenue per disease area and region in

H1 2025

Other 7%

Heart/CVD 1%

Revenue by disease area

Revenue by geographic region

Obesity 47%

Kidney 21%

Liver/MASH 16%

Americas 35%

Asia 4%

Europe 61%

Africa 0,1%

Lung/IPF 3 %

CNS 4%

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Gubra Interim Financial Report H1-2025

Financial results H1 2025

Revenue

In H1 2025, Gubra recorded a total revenue of DKK 2,492.1 million compared to DKK 120.6 million in H1 2024. The significant increase was driven by the recognition of the upfront payment in the out-licensing agreement to AbbVie ("AbbVie-deal") for our anti-obesity Amylin asset GUBamy. The AbbVie-deal was successfully complet- ed in April 2025.

CRO services segment

Revenue in the CRO segment amounted to DKK 105.6 million in H1 2025, which is a slight decline compared to H1 2024 where revenue amounted to DKK 107.5 mil- lion. Geographically, sales in Europe grew solidly year-over-year, while sales to US customers experienced a decline. In the US, decisions for ordering studies are taking longer than we have experienced in previous quarters. In terms of the main thera- peutic categories (obesity, MASH and kidney), obesity showed solid growth year- over-year while MASH and kidney experienced a decline.

Discovery & Partnerships segment

In H1 2025, revenue from the Discovery & Partnerships (D&P) segment amounted to DKK 2,386.6 million (H1 2024: DKK 13.1 million). Revenue from the D&P segment is volatile by nature in contrast to the more stable CRO service business. In certain pe- riods upfront and milestones are triggered, causing D&P revenue to increase signifi- cantly. The AbbVie-deal with the upfront payment of USD 350 million in Q2 2025 was the main reason for the significant revenue increase in H1 2025.

Adjusted EBIT

For H1 2025, adjusted EBIT amounted to DKK 2,292.4 million (H1 2024: DKK -20.6 million). The significant increase in earnings was due to the AbbVie-deal.

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Gubra Interim Financial Report H1-2025

CRO services segment

Adjusted EBIT decreased to DKK 24.4 million in H1 2025 compared to DKK 34.5 million in H1 2024. While revenue was largely unchanged, the average number of employees was higher in H1 2025, as we have scaled the organisation, compared to H1 2024 causing earnings to decline. Adjusted EBIT margin amounted to 23% in H1 2025 compared to 32% in H1 2024.

Discovery & Partnerships segment

For the D&P segment, adjusted EBIT amounted to DKK 2,268.3 million in H1 2025 compared to DKK -54.8 in H1 2024, due to the impact from the AbbVie-deal.

REPORTED EBIT

Reported EBIT amounted to DKK 2,225.2 million in H1 2025 (H1 2024: DKK -26.1 mil- lion). The main explanation for the vast improvement in reported EBIT year-over-year was the AbbVie-deal. Special items in H1 2025 amounted to DKK 67.2 million and consisted solely of transactional advisory costs related to the AbbVie-deal, record- ed in the D&P segment.

Net financial income and expenses

For H1 2025, net financials amounted to a cost of DKK 2.8 million compared to an income of DKK 5.9 million in H1 2024.

Tax

For H1 2025, tax costs of 459.6 million were recognised driven by the AbbVie-deal compared to no tax costs reported in H1 2024.

Result for the period

The net result for the period amounted to an income of DKK 1,762.9 million compared to a loss of DKK 20.1 million in H1 2024. The main reason for the improvement was higher EBIT.

H1 2025

23%

CRO EBIT margin

H1 2025

2.5bn

DKK in Group revenue

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Gubra Interim Financial Report H1-2025

226

Average number of employees (FTE’s)

H1 2024

Cash flow

Operating net cash inflow for H1 2025 amounted to DKK 2,307.3 million compared to a net cash inflow of DKK 10.4 million for the same period last year. The increase in H1 2025 vs. H1 2024 was due to higher EBIT.

Cash flow from investing activities in H1 2025 amounted to a net outflow of DKK 1,365.4 million (H1 2024: DKK -12.8 million) primarily due to investments of excess cash into AAA-rated Danish mortgage bonds.

Cash flow from financing activities in H1 2025 amounted to an outflow of DKK 4.7 million compared to an outflow for the same period last year amounting to DKK 4.6 million.

Equity

Equity amounted to DKK 1,215.2 million at the end of June 2025 compared to DKK 450.6 million at the end of 2024. The increase is explained by the increase in earnings, partly counterbalanced by the extraordinary dividend of DKK 1 billion (paid in begin- ning of July 2025).

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Gubra Interim Financial Report H1-2025

Financial results Q2 2025

Revenue

In Q2 2025, Gubra recorded a total revenue of DKK 2,434.6 million compared to DKK 55.6 million in Q2 2024. The increase reflects the AbbVie-deal in Q2 2025.

CRO services segment

For Q2 2025, revenue in the CRO segment amounted to DKK 54.9 million compared to DKK 49.0 million in Q2 2024. The increase of 12% was mainly driven by growth in the obesi- ty area.

Discovery & Partnerships segment

In Q2 2025, revenue in the Discovery & Partnerships (D&P) segment amounted to DKK 2,379.7 million (Q2 2024: DKK 6.6 million). For Q2 2025, the significant revenue increase was caused by the AbbVie-deal.

Adjusted EBIT

Adjusted EBIT for Q2 2025 amounted to DKK 2,335.9 million, mainly due to the AbbVie- deal. For Q2 2024, adjusted EBIT had a loss of DKK 16.6 million.

CRO services segment

For Q2 2025, adjusted EBIT amounted to DKK 13.6 million corresponding to an adjusted EBIT margin of 24.8%, roughly on par with the same quarter last year with adjusted EBIT margin of 24.5%.

Discovery & Partnerships segment

Adjusted EBIT for Q2 2025 amounted to DKK 2,322.5 million for the D&P segment (Q2 2024: DKK -28.2 million) with the AbbVie-deal as the explanation for the vast increase.

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Gubra Interim Financial Report H1-2025

Consolidated Financial Statements

Consolidated Financial Statements

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Gubra Interim Financial Report H1-2025

Consolidated Balance Sheet

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Gubra Interim Financial Report H1-2025

Consolidated Balance Sheet - continued

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Gubra Interim Financial Report H1-2025