First half-year 2026

Gubra A/S l CVR no. 30514041 l Hørsholm Kongevej 11B l 2970 Hørsholm l Denmark

Interim

Financial Report

03 About Gubra

04 Letter from the CEO

07 Financial outlook and guidance

08 Recent key events in 2026

09 Gubra business model

10 Gubra’s strategic playing field

11 Gubra Biotech

20 Gubra Ventures

22 Gubra CRO

24 Gubra Green

Contents

Management’s review

Earnings call info The H1 2026 report will be presented to investors and analysts on

20 August 2026 at 10.00 am CET.

The presentation can be followed live via the link: here

To participate in the telephone conference, please register using the dial-in details via the link: here

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

be downloaded here .

25 Financial results H1 2026

27 Financial results Q2 2026

28 Consolidated Financial Statements and Notes

40 Statement of the Board of Directors and Executive Management

Founded in Denmark in 2008, Gubra is a disease-agnostic techbio company focused on peptide-based drug discovery and preclinical contract research services. Gubra operates through three synergistic business units – Biotech, CRO, and Ventures – combining scientific excellence with an integrated business model that creates multiple pathways for long-term value creation.

About Gubra

Gubra Ventures

Our value

accelerator

2008

6

$400m

~ 300

17/20

$325m

Year of inception

Active partnerships across multiple disease areas

Revenue in 2025 (DKK 2.6bn)

Average number of employees

(FTEs) in H1 2026

Of the largest pharma companies served by our CRO

Operating profit in 2025

(DKK 2.2bn)

Gubra CRO

Our value enabler

Gubra Biotech

Our value driver

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Markus Rohrwild

Chief Executive Officer

A unique business model to unlock Gubra’s full value potential

In the beginning of 2026, we introduced a new business model designed to maximize long- term value creation across Gubra. Today, we are already seeing the benefits of this structure. Gubra Biotech continues to serve as our value driver, advancing a growing portfolio of differentiated therapeutic assets, including the initiation of the ambitious Phase 1/2a clinical trial of GUB-UCN2, while our partners AbbVie and Boehringer Ingelheim are advancing the amylin program ABBV-295 and the potential first-in-class GLP-1/GIP/NPY2 triple receptor agonist into Phase 2 development, respectively.

Gubra Ventures is taking shape as a value accelerator, enabling us to pursue

Advancing differentiated innovation through unique biosciences ecosystem

Letter from the CEO

Letter from the CEO

opportunities beyond our core pipeline within peptides and metabolic disease through focused, asset-centric ventures.

At the same time, our CRO business remains a critical value enabler, providing the scientific expertise, technologies, and operational capabilities that support both our internal innovation engine and our global customer base.

Together, these three highly complementary business units create a unique platform for sustainable growth, allowing us to capture value across the full spectrum of drug discovery and early clinical development while remaining firmly guided by our commitment to society and sustainability.

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Biotech: Full steam ahead for differentiated obesity assets

Gubra’s obesity portfolio continues to make strong progress, reinforcing our position as a leader in next-generation peptide therapeutics and validating our strategy of creating value through discovery, early clinical development, and partnering.

GUB-UCN2: Gubra’s next potential mega program

A major milestone was achieved with the initiation of the ambitious Phase 1/2a clinical trial for GUB-UCN2, with a particular focus on muscle volume and muscle function. We believe GUB- UCN2 has the potential to offer a differentiated approach to obesity treatment by reducing fat mass while preserving – or potentially increasing – functional muscle mass to support healthier and more sustainable weight management. The Phase 1/2a trial will enroll a total of approximately 188 healthy participants and individuals living with obesity, with and without related comorbidities, investigating GUB-UCN2 as both a standalone therapy and in combination with incretin-based therapy for obesity. Data from the trial are expected to be released on a sequential basis, with initial data from the single ascending dose part of the trial expected in the first half of 2027. The innovative trial design sets the stage for broad clinical exploration of GUB-UCN2 across multiple indications and patient populations.

Together, these programs represent a unique portfolio of differentiated obesity assets addressing some of the most important unmet medical needs in metabolic disease today.

Scaling Gubra for its next phase of growth

Our ambition extends beyond advancing individual programs. We are building Gubra into a leading European biotech company powered by world-class science, proprietary technology platforms, and a strategy focused on generating multiple differentiated clinical- stage assets through excellence in drug discovery and early clinical development.

As part of our 2030 strategy, we are expanding beyond obesity to establish

Partnered obesity programs advancing to Phase 2

Our partnered obesity programs also continue to advance. AbbVie reported encouraging Phase 1 topline data for the amylin program ABBV-295, demonstrating up to ~10% weight loss after 12 weeks of treatment with weekly dosing in a predominantly non-obese male population with a mean baseline BMI below 30 kg/m², alongside a favorable tolerability profile. Comparable weight loss results were achieved with every-other-week and monthly dosing after week 5. Based on these results, AbbVie has decided to advance ABBV-295 into Phase 2 with expected trial initiation in the third quarter of 2026.

Boehringer Ingelheim has also advanced the potential first-in-class GLP-1/GIP/NPY2 triple agonist, BI 3034701, into Phase 2 clinical development, triggering a EUR 10 million milestone payment to Gubra. BI 3034701 is designed to address obesity through three complementary biological pathways, where neuropeptide Y2 (NPY2)-driven central control of hunger, appetite, and food intake is complemented by GLP-1/GIP-mediated satiety, weight reduction, and metabolic regulation.

additional flagship therapeutic areas that can drive long-term growth and diversification. We continue to invest in scientific capabilities, novel modalities, and platform technologies that strengthen our ability to discover and develop differentiated medicines. To support this ambition, we are also expanding our infrastructure and expect to double our laboratory capacity at our Hørsholm headquarters during 2026, further enhancing our ability to advance multiple innovation programs in parallel. These investments are guided by a disciplined value-based capital allocation approach, ensuring that we focus resources on the programs, platforms, and capabilities with the greatest strategic and scientific potential. Our collaborations with partners such as Amylyx, Camurus, and

Gubra enters the next phase of growth with strong momentum across Biotech, CRO and Ventures. With GUB-UCN2 advancing, partnered obesity programs moving into Phase 2, and our innovation platform expanding, we are building a broader foundation for long-term value creation.”

“

- Markus Rohrwild, CEO

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Hemab further demonstrate the versatility of our peptide innovation platform and its potential to create value across multiple therapeutic areas.

Gubra Ventures will play an increasingly important role in our long-term growth strategy by enabling the creation and scaling of new opportunities beyond our core pipeline, attracting specialized expertise and strategic partners while expanding the reach of Gubra’s innovation platform.

We look forward to sharing more details on GUB-UCN2, our new flagship therapeutic areas, and the broader 2030 strategy that will guide Gubra’s next phase of growth at our Investor R&D Event in London on October 27.

CRO: Enabling innovation and returning to growth

Our CRO business remains an important strategic asset and a key differentiator for Gubra. Beyond serving customers worldwide, it provides proprietary models, translational capabilities, and operational speed that accelerate our internal drug discovery and early development activities, providing a unique competitive edge in the progression of differentiated therapeutic assets.

While market conditions have remained challenging across parts of the biotech sector, we are encouraged by the continued development of our commercial customer pipeline and opportunities across both existing and emerging therapeutic areas. In response, we continue to manage the business with a balanced approach, investing selectively in commercial initiatives and growth opportunities while maintaining a strong focus on cost discipline and operational efficiency. We are expanding our capabilities with advanced preclinical models in areas such as women’s health, sarcopenia, and other high-growth disease segments, positioning the business for renewed growth while further strengthening support for our internal pipeline ambitions.

Revenue in the first half of 2026 for the CRO business increased by 11% compared with the second half of 2025, resulting in a small profit. We are pleased with this improvement despite challenging market conditions faced by smaller biotech customers, which were particularly evident in the latter part of 2025. Our commercial initiatives, together with continued cost-containment measures, are also gradually delivering results.

Looking ahead, we are beginning to see encouraging signs of an improving market environment, with biotech funding recovering and R&D spending by pharmaceutical and biotech companies showing positive momentum. We reiterate our guidance for CRO revenue growth of 0-10% in 2026.

Looking ahead: Building momentum for 2027

The second half of 2026 will be marked by important milestones and catalysts across our business. We expect continued progress from GUB-UCN2 and our partnered programs, the establishment of our first venture, and important strategic updates as we advance our 2030 ambitions. Our R&D Event in London on October 27 will provide additional insight into the future growth opportunities we see across our pipeline, technology platforms, and emerging therapeutic areas.

Gubra enters the next phase of its development with increasing strategic and operational momentum.

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Financial outlook and guidance

* No revenue guidance is provided for Biotech due to the inherent uncertainty on timing and size of partnership revenue (upfront and milestones)

** Total costs are cost of sales and operating costs

Comment on guidance

In addition to performing CRO studies for external customers, the CRO business also performs studies for Gubra’s Biotech business unit. This is not included in the outlook above. Studies for a total value of around DKK 50 million are expected to be performed for the Biotech unit.

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 risk factors in the Annual Report 2025.

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Recent key events in 2026

Partner Amylyx selects AMX0318 1 as DDC for PBH and other rare diseases with IND targeted for 2027

Launch of Gubra Ventures and appointment of Zoë Johnson as Head of Ventures & BD

Hemab presents preclinical data for HMB-003 and announces progression to FIH studies 3

Initiation of ambitious Phase 1/2a trial with GUB-UCN2, Gubra’s next mega program

HMB-003 progressing to clinic

Boehringer Ingelheim initiates Phase 2 trial with potential first-in-class GLP-1/GIP/NPY2 triple receptor agonist for obesity 4

AbbVie reports highly encouraging Ph1 MAD topline data for amylin analog ABBV-295 2

Launch of pre-clinical models for Sarcopenia and Women’s Health, including 3D imaging endpoints

1 Amylyx is responsible for development and commercialization of AMX0318; 2 ABBV-295 is licensed to AbbVie from Gubra, with AbbVie solely responsible for further development and commercialization; 3 Hemab is responsible for development and commercialization of HMB-003; 4 BI 3034701 was developed in cooperation with Boehringer Ingelheim. Boehringer Ingelheim is solely responsible for its further development and global commercialization.

DDC=drug development candidate; PBH=post-bariatric hypoglycemia; IND=investigational new drug application; MAD=multiple ascending dose; FIH=first in human; GLP-1=glucagon-like peptide-1; GIP=glucose-dependent insulinotropic polypeptide; NPY2=neuropeptide Y receptor type 2.

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VALUE DRIVER

VALUE ENABLER

World-class peptide drug discovery powered by the StreaMLine TM platform

Accelerated preclinical advancement through integrated CRO capabilities

Multiple high-value partnerships across disease areas validating our drug discovery platform

High-quality preclinical models and scientific expertise

Speed and execution excellence enabled by integrated capabilities and demand

Enhanced brand value and market credibility with with partners and co-investors

Our business units contribute distinct expertise that amplifies Gubra’s value

Gubra’s business model:

Gubra business model

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Gubra’s strategic playing field

Phase 1b/2a

Discovery and hit generation

Lead optimization

Preclinical validation

IND-enabling preclinical development

Phase 1

Phase 2

Phase 3

Clinical PoC

Provides expertise, data, and cash flow

Creates value through advancement of high-value assets

Accelerates value creation through new opportunities

PoC = Proof of Concept; IND = Investigational New Drug

DISCOVERY

EARLY-STAGE DEVELOPMENT

LATE-STAGE DEVELOPMENT

Partnering strategy:

Advance assets to key value-inflection points (Clinical PoC), then partner for further development and commercialization

Gubra CRO provides a recurring revenue stream and enables early hypothesis testing and target validation, whereas Gubra Biotech drives value by advancing differentiated assets to early clinical proof-of-concept before partnering for further development and commercialization. Gubra Ventures expands monetization pathways, diversifies risk, and accelerates growth opportunities.

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At the core of Gubra Biotech lies our deep expertise in peptide-based drug discovery

Key advantages of StreaMLine TM

AI-driven design combined with high-throughput wet lab screening

Evaluates up to 4,000 peptides/ month

Hit to development candidate < 1.5 years

High novelty and patentability of development candidates

Multi-parameter optimization to enhance key drug properties (e.g., potency, pharmacokinetics, selectivity, stability, solubility)

Disease-agnostic, proven across multiple therapeutic areas

StreaMLine TM is a AI-based peptide drug discovery platform developed at Gubra to streamline the design, synthesis, screening, and optimization of therapeutic peptides. It enables machine learning–assisted analysis of thousands of peptides, supporting a workflow across three stages – In Silico hit generation, In vitro multi-parameter optimization of any peptide backbone, and In vivo validation of frontrunners .

Gubra Biotech

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Our R&D pipeline

Enabled by our deep peptide-based expertise and AI-driven platform.

GIP=glucose-dependent insulinotropic polypeptide; PTH=parathyroid hormone; FIH=first in human; GLP-1 = glucagon-like peptide-1; PBH = Post-Bariatric Hypoglycemia; NPY2R = Neuropeptide Y Receptor Type 2

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The evolution of obesity treatment: From weight loss quantity to weight loss experience and improved cardiometabolic health

Key biological mechanisms

Key objective

Establish effective weight management

Key objective

Expand treatment options

Key objective Optimize body composition

Key biological mechanisms

Key biological mechanisms

First-generation

incretin-based therapies

New biological mechanisms, including amylin analogs and multimodal therapies

CRHR2 agonists, MSTN/ActRII inhibitors,

and other emerging therapies

CLINICALLY MEANINGFUL WEIGHT LOSS

GREATER EFFICACY AND IMPROVED TOLERABILITY

Prior wave

Current wave

Next wave

MoA=mechanism of action; CRHR2=corticotropin-releasing hormone receptor 2; MSTN=myostatin; ActRII=activin type 2 receptor. Source 1. Sanchis-Gomar et al. (2025) Nat Rev Endocrinol. 2025 Oct;21(10):584-585.

Target energy intake through appetite suppression

Focus on total weight reduction

Introduction of complementary and alternative MoAs

Improve tolerability and treatment persistence

Maximize fat loss and preserve or increase skeletal muscle

Enhance physical function and cardiometabolic health

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Our deep peptide expertise has delivered three potential blockbusters in obesity and related metabolic diseases

TRIPLE AGONIST

ABBV-295 out-licensed

BI 3034701 out-licensed

GUB-UCN2 internal

Development stage: Advancing to Phase 2 in Q3 2026

Development stage:

Phase 2 trial initiated

Development stage:

Phase 1/2a trial initiated

Long half-life

Targeting three receptors

(GLP-1/GIP/NPY2)

Improve kidney function

Encouraging

weight loss

Encouraging

weight loss

Increase muscle and reduces fat

Favorable safety and tolerability profile

Favorable safety and tolerability profile

Improve cardiac function

1 ABBV-295 is licensed to AbbVie from Gubra, with AbbVie solely responsible for further development and commercialization. 2 BI 3034701 was developed in cooperation with Boehringer Ingelheim. Boehringer Ingelheim is solely responsible for its further development and global commercialization. GLP-1=glucagon-like peptide-1; GIP=glucose-dependent insulinotropic polypepide; NPY2=neuropeptide Y receptor type 2; UCN2=urocortin-2.

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Amylin

may represent the next distinct class of drugs for chronic weight management

ABBV-295

has consistently demonstrated competitive results throughout comprehensive Phase 1 program

Landmark deal with AbbVie 1

USD 350 million upfront

Up to USD 1.875 billion in potential milestone payments

Tiered royalties on global net sales

Phase 2

initiation expected in Q3 2026

1 ABBV-295 is licensed to AbbVie from Gubra, with AbbVie solely responsible for further development and commercialization.

MAD = multiple ascending dose; WL = weight loss; BMI = body mass index; AE = adverse event; GI = gastrointestinal.

Competitive weight loss

Up to –9.8% WL at week 12 (weekly dosing) vs. –0.3% for placebo.

+ Mean BMI at baseline of <30 kg/m 2 (non-obese)

+ 88% male participants

Potential for less frequent dosing

Comparable WL with every-second-week and monthly dosing after week 5.

Favorable tolerability profile

No serious AEs; mostly mild GI symptoms predominantly in first six weeks of treatment.

12/13-week Phase 1 MAD topline data

March 2026

Ongoing Phase 1b trial in the U.S. in people with obesity

(BMI 30-45 kg/m 2 ), including higher % of female participants

Encouraging Phase 1 data ahead of expected Phase 2 initiation

ABBV-295:

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Phase 2 initiation represents another important validation of Gubra’s peptide discovery capabilities

BI 3034701:

NPY2-driven central control of hunger and food intake is complemented by GLP-1/GIP-mediated appetite suppression, weight reduction, and metabolic regulation 1,2

Phase 1 demonstrated favorable safety and tolerability, and encouraging weight loss results

N = Est. 300 participants with overweight and obesity

Six active dose groups vs. placebo

42 weeks treatment duration

Primary endpoint is % change in body weight at week 42

Secondary endpoints include changes in waist circumference, waist-to-hip ratio, and blood pressure

BI 3034701

(GLP-1R/GIPR/NPY2R)

Obesity

Boehringer Ingelheim

PROJECT

DISEASE AREA

PARTNER

DRUG DISCOVERY

PRE-CLINICAL

PHASE 1

PHASE 2

BI 3034701 was developed in cooperation with Boehringer Ingelheim. Boehringer Ingelheim is solely responsible for its further development and global commercialization. 1 Shah M, Vella A. Rev Endocr Metab Disord. 2014;15(3):181-187; 2 Yulyaningsih E, et al. Br J Pharmacol. 2011 Jul;163(6):1170-202; 3 ClinicalTrials.gov ID: NCT07662122. GLP-1=glucagon-like peptide-1; GIP=glucose-dependent insulinotropic polypeptide; NPY2=neuropeptide Y receptor type 2; BW=body weight.

Phase 2 trial initiation triggers milestone payment to Gubra of EUR 10 million.

Phase 2 initiated for potential first-in-class triple receptor agonist

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GUB-UCN2:

Gubra is at the forefront of an emerging therapeutic class with multi-indication potential

The opportunity

Current obesity therapies have transformed weight management. However, an estimated 20–45% of weight loss may come from lean tissue, including skeletal muscle, bone, and vital organs, highlighting the need for therapies that optimize body composition rather than weight loss alone.

The GUB-UCN2 approach

GUB-UCN2 is a long-acting CRHR2 agonist that activates the urocortin-2 pathway to promote an exercise-like phenotype, selectively reducing fat mass while preserving or increasing skeletal muscle. In preclinical studies, this was associated with potential metabolic, cardiovascular, and renal benefits, supporting development as both a standalone therapy and in combination with incretin-based medicines.

Ambitious Phase 1/2a clinical trial initiated in July 2026

1 Sanchis-Gomar et al. Balancing weight and muscle loss in GLP1 receptor agonist therapy. Nature Reviews Endocrinology (2025).

UCN2 = urocortin-2

CRHR2 = corticotropin-releasing hormone receptor 2

Downstream signalling

CRHR2

UCN2

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GUB-UCN2 reduces fat mass, alone and in combination with semaglutide...

...while preserving lean mass and restoring semaglutide-induced lean mass loss

...resulting in improved body composition and maintained body weight reduction

Strong and comprehensive preclinical data showing that GUB-UCN2 selectively reduces fat mass and increases lean mass when administered alone and in combination with incretin-based therapy.

Note: Values expressed as mean of n = 9-10 + SEM. Dunnett’s test one-factor linear. *: P < 0.05, ***: P < 0.001 compared to Vehicle + Vehicle

GUB-UCN2 improves body composition through selective fat loss and increased lean mass

Comprehensive preclinical data package:

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Approximately 188 participants (healthy volunteers and people living with obesity, with and without related comorbidities)

Investigating GUB-UCN2 both as standalone therapy and in combination with incretin-based therapy

Obesity drug-induced muscle loss

Leveraging cardiorenal benefits and favorable effects on metabolism and skeletal muscle

Phase 1/2a clinical trial sets the stage for exploring GUB-UCN2 across multiple indications and patient populations

Our GUB-UCN2-focused Investor R&D Event will take place on October 27, 2026

Muscle wasting and loss

Sarcopenia T2D-related muscle loss

Cardiorenal

Ischemia-reperfusion injury

Heart failure

CKD

Safety and tolerability

Pharmacokinetics

Data released sequentially, with initial SAD data expected in H1 2027

Safety and tolerability

Pharmacokinetics

Efficacy

Safety and tolerability

Pharmacokinetics

Efficacy

Indication expansion opportunities

1 ClinicalTrials.gov ID: NCT07702890.

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Zoë Johnson

Head of Gubra Ventures & BD

Gubra Ventures will accelerate value creation

Built around high-potential science with clear translational hypotheses

Focused on novel modalities in Gubra’s flagship therapeutic areas

Established to create independent companies with significant long-term value creation potential

Gubra’s platforms and translational capabilities have reached scale and maturity

External funding increasingly favors focused, capital-efficient company models

Proven track record of trusted external partnerships

Earlier scientific de-risking creates stronger optionality downstream 

Venture creation enables speed, focus, and flexibility without diluting core R&D

Opportunities suited to focused, independent company structures

Gubra Ventures

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Creating ventures that are lean and asset-centric by leveraging Gubra shared resources

- Zoë Johnson Head of Gubra Ventures & BD

Ventures give bold science room to grow – transforming focused ideas into independent companies with speed, structure, and ambition”

“

Collaboration model between Gubra Ventures, Biotech, and CRO.

Provides deep peptide expertise and AI-driven discovery platforms

Shapes core scientific strategy and direction

Perceived by partners as key value enabler for Ventures

Staying close to core therapeutic areas will enable Ventures to leverage our CRO

Group

function

HR, Digital, Finance

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Therapeutic expertise

Technology platforms

Gubra CRO is our value enabler

17/20

14%

of the largest pharma

companies globally

10-year organic

revenue CAGR (2016-2025)

Scientific expertise across several therapeutic and technology areas:

Gubra serves

Assays

Next-Generation Sequencing & Bioinformatics

Gubra’s CRO business delivers highly specialized preclinical research services to pharma and biotech companies worldwide. Beyond generating recurring revenue, the CRO provides scientific expertise, translational capabilities, and disease insights that strengthen Gubra Biotech’s drug discovery platform and support Gubra Ventures.

MASH = Metabolic Dysfunction-Associated Steatohepatitis; CKD = Chronic Kidney Disease; IPF = Idiopathic Pulmonary Fibrosis; CNS = Central Nervous System.

Gubra CRO

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