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Photocure ASA 3rd Quarter 2025 Results October 29, 2025 Dan Schneider, President and CEO Erik Dahl, CFO
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Disclaimer 2 By reading this company presentation (the “Presentation”) or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been produced by Photocure ASA (the “Company”) for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. The Recipient acknowledges that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the Company’s business. The Company shall not have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation, or violation of distribution restrictions. The Presentation will be used during an oral presentation and is therefore not a complete summary of the presentation held. Further, it is not the intention to provide, and the Recipient may not rely on the Presentation as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. Several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. For a further description of other relevant risk factors, we refer to the Company’s annual report for 2024. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described in this Presentation. This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts. Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. The Company cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments. This Presentation speaks as at the date set out on herein. Neither the delivery of this Presentation nor any further discussions of the Company shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements). This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts. Photocure – Presentation of Q3 2025 Results
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Continue to grow Hexvix®/Cysview® sales and increase Company profitability Provide and deliver on financial guidance, continue generating operating leverage Accelerate ForTec Mobile BLC usage Drive additional account reactivations in U.S. and image quality upgrades in Europe Increase penetration in Priority Growth Markets in Europe Leverage Olympus’ launch of new HD BLC system in Nordics/EU Establish BLC® as the definitive diagnostic standard in bladder cancer care and improve access Position blue light cystoscopy (BLC) as the primary diagnostic tool to facilitate earlier use of new NMIBC therapeutics Support reclassification of BLC equipment in the U.S.: Citizen’s petition/Partnerships Collaborate with BLC equipment manufacturers who plan to enter the U.S. Build adoption for Richard Wolf’s interim Flex BLC solution in Europe; launch new HD Flex BLC system globally once developed Expand and diversify global product portfolio in uro-oncology Asses new opportunities in NMIBC and adjacent uro-oncology indications, including biomarkers, AI, and emerging precision medicine technologies Leverage Photocure’s established global commercial infrastructure to expand into precision diagnostics within the broader uro- oncology segment Strategic Priorities & Initiatives Photocure – Presentation of Q3 2025 Results 3
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3rd Quarter 2025 Highlights: Continued growth and execution on key initiatives Product Revenue +6% Unit sales level in Q2 YoY; +3% YTD EBITDA NOK 27.8 million NOK 29.2 million ex-BD expense Product Revenue +12% NOK 134.1 million EBITDA NOK 10.2 million NOK 14.1 million ex-BD & ex milestone Recent news and key milestone events Continue forecasting improved operating leverage for FY 2025 and investing in revenue growth opportunities Biz Dev expense NOK 3.9 million Strong Balance Sheet NOK 247.8 million in cash and equivalents, completed buy-back program of 500,000 shares; no term debt First national recommendation on blue-light cystoscopy from the Italian society of urology: recommended for 1st TURB, 2nd resection and recurrent NMIBC in populations at higher risk (September) EU Roundtable on Bladder cancer: Report of recommendations published in Sept 2025, including Photocure expert’s contribution Partner news: In August, Asieris announced that Cevira (APL-1702), had advanced to the second round of technical review. Photocure and ISC partner on development of AI for blue light cystoscopy (Oct 15, post-period) Regional Performance YoY ⁻ North America product revenue up 12%, units up 14%, the Mobile Solution growth and pricing favorably impact the increase, flex decline and FX partly offsets growth. ⁻ European revenue up 11%, units up 4%. Favorably impacted by timing of shipments to wholesale markets Increasing number of U.S. accounts: 373 (+23% YoY) ⁻ 7 new account towers installed ⁻ 7 upgrades from existing accounts ⁻ ForTec mobile BLC strategy: 6 new towers (total 24) further supporting strong growth Executing on plan in Europe ⁻ 49 Olympus BLC Visera Elite-III systems installed since launch (in Q1 2025) Photocure – Presentation of Q3 2025 Results 4
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AI-Powered Blue Light Cystoscopy 5 Intelligent Scopes Corporation (ISC) is a US-based subsidiary of Claritas HealthTech; delivering cutting-edge AI-assisted diagnostic solutions for bladder cancer detection Strategic Partnership Overview: • Photocure + ISC are developing AI software for real-time tumor detection using BLC • 200 BLC procedures/80,000+ images → strong performance in detecting high-risk/early-stage lesions • Joint development underway; ENAiBLE clinical study initiated in the U.S. and Europe • FDA and CE submissions planned following development phase Strategic Rationale & Value Creation: • Strengthen Photocure’s position as the reference for next-generation cystoscopy • Leverage AI + BLC synergy to improve detection accuracy, diagnosis and resection completeness • Expand Photocure’s technology moat towards data-driven precision care • Exclusive global commercialization rights to Photocure post-clearance Photocure – Presentation of Q3 2025 Results
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Segment Trends North America and Europe markets 6 Photocure – Presentation of Q3 2025 Results
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0 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 Q1 Q2 Q3 Q4 2023 2024 2025 7 Strong Unit Sales Performance in Both Regions Quarterly Hexvix/Cysview Unit Sales by Region (Last 3 Years) EuropeNorth America 0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 Q1 Q2 Q3 Q4 2023 2024 2025 +20% Rigid kit growth Continued growth across the region Photocure – Presentation of Q3 2025 Results
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North America Strong Mobile performance more than offsetting the decline in sales to flex accounts Q3 2025 revenues increased 12%, in-market unit sales increased 14% ForTec mobile BLC rollout in U.S. continues to gain traction: +6 Towers, 121 Unique accounts have used the service since roll-out Installed base of rigid BLC equipment continues to expand; 14 Saphira installs (7 new towers, 7 upgrades) Active accounts in U.S. up 23% YoY in Q3 Access to BLC and reclassification of blue light cystoscopes in U.S. remains a high priority Q3 2025 Trends in North America and Europe 8 Europe Q3 revenues increased 11% year-over-year, in-market unit sales grew 4% Increases in unit sales driven primarily by strong growth in DACH 4% and Nordics 11% Priority growth markets performed well with double-digit growth in UK and Italy Olympus upgrading to include blue light: 49 Visera Elite III systems installed across Europe since launch in Q1 with healthy pipeline of new towers to be added throughout remainder of 2025 YTD there have also been 53 upgrades of other equipment Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 ForTec Kit Development Trend Photocure booth at the DGU 2025 Congress in Hamburg, Germany, September 17-20, 2025 Photocure – Presentation of Q3 2025 Results
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Significant Growth in U.S. Accounts Actively Using Cysview 23% growth in Q3 YoY *Active account is defined as an account with at least one order during the last 12 months accounts include rigid-only, multi- or dual-towers, flex-only, mobile tower, and evaluation 71 89 137 192 217 238 252 285 304 373 0 50 100 150 200 250 300 350 400 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 Active* U.S. Accounts (Rolling 12 Months through Current Reported Quarter) +23% YoY growth 9 Photocure – Presentation of Q3 2025 Results
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* Active account is defined as an account with at least one order during the last 12 months accounts include rigid-only, multi- or dual-towers, flex-only, mobile tower, and evaluation 1.) ACS (American Cancer Society) 2025 Cancer Facts and Figures Annual Report. 2.) SEER Cancer Stat Facts: Bladder Cancer. https://seer.cancer.gov/statfacts/html/urinb.html 3) Proprietary internal CPT claims data U.S. is a Highly Underpenetrated Market for BLC with Potential Exponential Upside Flex back on the market Additional OEM partners Improved CMS reimbursement 2026+ U.S. incidence1: ~85K patients/year U.S. prevalence2: 730K+ patients 350K+ TURBTs/year in U.S3 1.2M+ surveillance cystoscopies/year in U.S3 < 10% market penetration 71 89 137 192 217 238 252 285 304 373 0 100 200 300 400 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 FDA reclassification Illustrative representation of potential upside contingent on catalysts (not necessarily in order shown) and market access Active* U.S. Accounts Bladder Cancer Market Access 10 Photocure – Presentation of Q3 2025 Results
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Growth initiatives Photocure – Presentation of Q3 2025 Results 11
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Growth initiatives 12 Accelerating BLC through Mobile Capability in the U.S.: ForTec Flexible BLC equipment to unlock the global surveillance market: Richard Wolf (RW) Positioning BLC as the precision diagnostic in the rapidly evolving NMIBC treatment landscape • Strategic agreement to jointly develop and commercialize a next generation 4K LED HD reusable flexible blue light cystoscope • IP and Regulatory responsibilities remain with RW • Estimated Total Addressable Global Market: 1.3B USD 1 • BLC to play an important role in supporting new “bladder sparing” therapies: patient selection, staging, marker lesion identification • 5 new FDA approved products and multiple drug companies conducting 20+ clinical trials: multiple MOAs & drug targets • Tumor resection, biopsies and pathology will still be required for definitive staging and grading • Nationwide sales collaboration doubling BLC’s footprint with new ForTec customers • On Demand capability: On- demand utilization of BLC via operating budgets • 24 Mobile towers deployed and building demand, 121 accounts and over 185 MDs have used service since launch in mid-2024 • Teams leveraging both partners’ customer infrastructure Photocure – Presentation of Q3 2025 Results
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Value-generating Asieris Programs: Hexvix: Commercial partnership in China Cevira: Out-licensed worldwide rights to Asieris for development/commercialization Phase III Trial Endpoint successfully met. 1st Data presented at SIU Congress in Oct 2023 Strong Results (p<0.0001) First RCT Trial Conducted with High Def. BLC equipment Chinese Authorities’ (NMPA) Review of NDA ongoing since Nov 2023 (Typically 18 Months!) Market Authorization Granted Early in China (November 5, 2024) Awaiting regulatory Approval of BL Equipment Commercialization Phase III Trial Results presented at the EUROGIN 2024 HPV Congress in March 2024 NDA accepted in China May 2024, review by NMPA ongoing Regulatory review and commercialization in China U.S. FDA discussions and EU pre-submission discussions took place in Q4 2024 1st Non-Invasive Candidate for Cervical HSIL; Phase III Endpoint met. Results China & Europe Past Progress Recent News & Expectations Past Progress Recent News & Expectations Photocure/Asieris Joint Steering Committee Development of Hexvix Brand in China/Taiwan Milestone, Royalty, and Manufacturing Revenue on Sales Regulatory Milestones; Royalties and Sales Milestones, for primary and secondary indications Potential for Photocure Potential for Photocure Photocure – Presentation of Q3 2025 Results 13
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Q3 Financials 14 Photocure – Presentation of Q3 2025 Results
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Consolidated Income Statement Third Quarter 2025 15 Amounts in NOK million Q3 ‘25 Q3‘24 Change YTD ‘25 YTD ’24 Change Hexvix/Cysview Revenue 134.1 120.1 12% 395.0 359.3 10% Milestones and Other Revenue 0.9 0.1 0.9 24.4 Total Revenue 135.0 120.2 12% 395.9 383.7 3% Gross Profit 123.1 112.4 10% 364.8 360.5 1% Operating Expenses excl BD -109.0 -106.1 2% -324.6 -316.4 2% Business Development Expenses -3.9 -1.2 -13.5 -3.3 EBITDA – Reported 10.2 5.0 26.8 40.7 EBITDA – Ex BD ex Milestones 14.1 6.3 40.3 22.5 Depreciation & Amortization -7.3 -7.2 -22.0 -21.5 EBIT 2.8 -2.2 4.8 19.2 Net Financial Items -3.3 -2.8 -12.0 -12.0 Earnings before Tax -0.4 -4.9 -7.3 7.2 Tax Expenses 4.4 1.5 13.7 -6.2 Net earnings 4.0 -3.5 6.4 1.0 Revenue Q3 Hexvix/Cysview product revenue increased 12% YoY driven by higher kit sales and average pricing in the US and Europe. The expected decline of kits used for flexible cystoscopy in US and FX movements negatively impacted the product revenue growth. Operating Expenses Total Operating expenses including Business Development expenses increased YoY NOK 5.6 million to NOK NOK 112.9 million. The increase was driven by business development expenses, and merit and inflation Operating expenses within business development, NOK 3.9 million in Q3, relate mainly to life cycle management for Hexvix/Cysview and efforts that can diversify our business EBITDA Q3 EBITDA ex BD and ex Milestones was NOK 14.1 million, up from NOK 6.3 million in Q3 2024 Net Financial Items Ipsen earn-out payment offset mainly by interest income and FX gain Photocure – Presentation of Q3 2025 Results
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Segment Performance Third Quarter 2025 Europe Segment 16 North America Segment Q3 revenue growth was 12%, but was partially offset by the negative impact of FX In-market unit sales increased 14%, average price increased 5% Q3 direct costs decreased 2% YoY Q3 Contribution NOK 9.9 million, more than doubling the contribution margin versus Q3 2024 Q3 revenue increased 11% YoY, growth mainly driven by DACH and the Nordics In-market unit sales increased 4% (4% in DACH and 11% in Nordics) Q3 direct costs decreased 9% YoY driven by FTE adjustments Q3 Contribution NOK 38.2 million, 48% of revenue Amounts in NOK million Q3 ‘25 Q3 ’24 Change YTD ‘25 YTD ’24 Change Total revenues 54.8 49.0 12% 160.9 146.9 10% Gross profit 52.0 47.3 10% 153.1 142.3 8% % of revenue 95% 97% 95% 97% Direct costs -42.1 -42.7 -2% 132.1 -129.2 2% Contribution (1) 9.9 4.6 21.1 13.2 EBITDA -1.9 -6.9 -12.2 -17.1 % of revenue -4% -14% -8% -12% (1) Contribution = revenue – COGS – direct/local sales, marketing, medical and G&A costs Amounts in NOK million Q3 ‘25 Q3 ’24 Change YTD ‘25 YTD ’24 Change Total revenues 79.3 71.1 11% 233.9 212.4 10% Gross profit 70.9 65.0 9% 211.4 194.4 9% % of revenue 89% 91% 90% 92% Direct costs -32.8 -30.0 9% -93.0 -87.1 7% Contribution (1) 38.2 35.1 118.4 107.3 EBITDA 19.7 15.3 64.2 53.1 % of revenue 25% 21% 27% 25% Photocure – Presentation of Q3 2025 Results
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Cash Flow & Balance Sheet Third Quarter 2025 17 Amounts in NOK million Q3 ‘25 Q3 ‘24 YTD ‘25 YTD ‘24 Operations Cash Flow 29.2 34.5 26.4 61.3 Earnings before tax -0.4 -4.9 -7.3 7.2 Depreciation & amortization 7.3 7.2 22.0 21.5 Working capital 15.5 23.9 -6.3 5.3 Other 6.8 8.3 18.0 27.3 Investments Cash Flow -8.5 2.4 -7.2 3.1 Financing Cash Flow -12.1 -12.9 -65.3 -32.8 Net Change in Cash 8.7 24.1 -46.1 31.5 Amounts in NOK million 30.09.25 31.12.24 Non-current assets 322.1 315.1 Inventory & receivables 126.8 130.1 Cash & short-term deposits 247.8 293.9 Equity 486.6 501.7 Long-term liabilities 122.0 139.7 Current liabilities 88.1 97.7 Total balance 696.7 739.1 Cash Flow Q3 cash flow from operations was NOK 29.2 million, driven by EBITDA adjusted for non-cash expenses and working capital Q3 cash flow from investments includes interest received and paid, and investments in tangible and intangible assets, including partnerships with ISC and Richard Wolf Q3 cash flow from financing of NOK 8.5 million includes earnout payments to Ipsen of NOK 10.5 million Net cash flow in Q3 was NOK 8.7 million, cash balance end of Q3 was NOK 247.8 million Financial position Non-current assets include intangibles and goodwill from Ipsen transaction totaling NOK 322.1 million Long-term liabilities includes deferred Ipsen earnout totaling NOK 104.3 million Equity on 30 September 2025 was NOK 486.6 million, 70% of total assets Photocure – Presentation of Q3 2025 Results
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Summary 18 Photocure – Presentation of Q3 2025 Results
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Summary of Q3 2025 results 12% global product rev. growth YoY; executing on key initiatives to increase sales growth. EBITDA NOK 10.2M (NOK 14.1M Ex-BD ex Milestones); forecasting increased operating leverage while funding growth initiatives. 20% Rigid kit sales growth in U.S., outweighing Flex headwinds; ForTec mobile tower momentum. 23% active account growth in U.S. for rolling 12 months through Q3 2025 (unit sales 14% growth) 11% rev. growth in EU (unit sales: 4% in DACH, 11% in Nordics, double digit growth in UK & Italy). Strong momentum for BLC; KOL and new guidelines support; new data positioning BLC as the leading precision diagnostic in the rapidly evolving NMIBC treatment landscape. Cash balance of NOK 247.8M at end of Q3 2025; buy-back of 500,000 shares completed; no term debt. Advancing several business development initiatives in next-generation precision diagnostics, including a partnership with Intelligent Scope Corporation/Claritas to develop AI software for BLC. Photocure – Presentation of Q3 2025 Results 19
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Anticipated Milestones & Corporate Objectives Financial guidance: 8-10% product revenue growth on a constant currency basis (compared to 7 to 11% previously) and YoY EBITDA improvement in 2025. The Company also expects continued operating leverage flow- through in its commercial business and significant potential growth in milestones this year. Continue increasing Hexvix/Cysview kit throughput and tower upgrades & installations; collaborate with ForTec on mobile tower national rollout in U.S.; focus on growth markets & Olympus equipment launch in Europe. Advance partnership with Richard Wolf to develop and commercialize a next-generation, state-of-the-art, 4k/High Definition Flexible BLC system for the global markets as soon as possible. Present/publish additional data from real world evidence patient registries and other studies supporting the use of BLC with Hexvix/Cysview; leverage Photocure’s U.S. registry with NMIBC therapeutic companies. Increase access to BLC by supporting additional equipment manufacturers to enter the U.S. market (Citizen’s Petition, other expedited pathways to market entry). Asieris progress: Hexvix early approval in China awaiting BLC equipment approval; NDA for Cevira in regulatory review. 20 Photocure – Presentation of Q3 2025 Results
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Q&A Photocure – Presentation of Q3 2025 Results