Photocure

31

Financial Statements

Photocure ASA

STATEMENT OF PROFIT AND LOSS AND COMPREHENSIVE INCOME

STATEMENT OF FINANCIAL POSITION as of 31 December

STATEMENT OF CASH FLOWS

STATEMENT OF CHANGES IN EQUITY

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Annual Report Photocure – Results 2025

STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME

Parent				Group
2025	2024	Amounts in NOK 1 000	Notes	2025	2024
324 057	300 033	Revenues from contract with customers	1, 2, 3	532 580	491 675
-	33 713	Signing fees and milestone revenues	1, 2, 3	-	33 713
324 057	333 746	Total revenues		532 580	525 387
-40 169	-29 297	Cost of goods sold	4	-41 993	-30 716
283 887	304 449	Gross profit		490 587	494 671
582	531	Other income		-	-
-16 448	-16 223	Indirect manufacturing expenses	5	-16 448	-16 223
-402	-3 631	Research and development expenses	5	-402	-3 631
-210 216	-203 671	Marketing and sales expenses	5	-363 699	-354 928
-85 583	-74 475	Other operating expenses	5, 6, 7, 8	-110 781	-99 490
-312 067	-297 469	Total other income and expenses		-491 330	-474 272
-28 180	6 980	Operating profit/loss(-)		-743	20 399
17 184	67 159	Financial income	9, 10	17 655	24 927
-81 688	-38 846	Financial expenses	9, 10	-33 602	-36 937
-64 503	28 313	Net financial profit/loss(-)		-15 947	-12 010
-92 683	35 294	Profit/loss(-) before tax		-16 690	8 390
16 672	-10 406	Income tax	11	15 173	-11 729
-76 011	24 888	Net profit/loss(-)		-1 517	-3 340
		Currency translation		-5 075	5 239
		Total other comprehensive income items
		that may be reclassified to profit & loss		-5 075	5 239
		Comprehensive income		-6 592	1 899
		Earnings per share (Amounts in NOK):	12
		Basic		-0.06	-0.19
		Diluted		-0.06	-0.19

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STATEMENT OF FINANCIAL POS ITION as of 31 December – ASSETS

Parent				Group
2025	2024	Amounts in NOK 1 000	Notes	2025	2024
		ASSETS
79 193	95 865	Customer relations	13	79 193	95 865
144 000	144 000	Goodwill	13	144 000	144 000
21 225	10 158	Property, plant, equipment, intangibles and other assets	14	42 201	36 173
345 314	393 841	Loan to group company	10, 11	-	-
30 274	26 626	Shares in subsidiaries	15	-	-
55 874	39 070	Deferred tax asset	11	55 874	39 070
675 879	709 560	Total non-current assets		321 267	315 107
41 362	36 494	Inventories	16	44 373	39 536
74 188	56 182	Accounts receivable	17, 19	74 919	66 856
11 851	11 767	Other receivables	17, 19	27 116	23 737
211 475	259 400	Cash and short term deposits	18, 20	238 894	293 852
338 876	363 843	Total current assets		385 303	423 981
1 014 756	1 073 403	Total assets		706 570	739 088

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Annual Report Photocure – Results 2025

STATEMENT OF FINANCIAL POSITION as of 31 December – EQUITY AND LIABILITIES

Parent				Group
2025	2024	Amounts in NOK 1 000	Notes	2025	2024
		EQUITY AND LIABILITIES
13 560	13 560	Share capital	21	13 560	13 560
496 081	477 542	Other paid-in capital		496 081	477 542
236 607	342 051	Retained earnings		-25 410	10 614
746 248	833 152	Total equity		484 231	501 716
100 083	117 126	Earnout liability	22	100 083	117 126
2 342	1 994	Pension liabilities	8	6 454	5 722
2 005	4 577	Lease liabilities	22	4 894	10 660
104 430	123 696	Total non-current liabilities		111 431	133 507
115 654	72 164	Accounts payable	17, 23	29 997	19 443
2 318	2 424	Employee withholding taxes, social security tax and VAT		2 411	2 594
12 551	12 267	Short term part non-current liabilities	22	15 360	15 784
33 555	29 700	Other current liabilities	17, 23	63 139	66 045
164 078	116 554	Total current liabilities		110 908	103 865
268 508	240 250	Total liabilities		222 339	237 372
1 014 756	1 073 403	Total equity and liabilities		706 570	739 088

Dylan Hallerberg Chairperson

Neal Shore Director

Dan Schneider President and CEO

Ghizlane Tagmouti Director

Oslo, 9 April 2026 Photocure ASA

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STATEMENT OF CASH FLOWS

Parent				Group
2025	2024	Amounts in NOK 1 000	Notes	2025	2024
-92 683	35 292	Profit/loss (-) before tax		-16 690	8 390
20 757	20 931	Ordinary depreciation & amortisation	13, 14	29 472	28 798
15 271	13 040	Share-based payments expense	6	18 789	16 970
348	293	Pension costs	8	732	1 400
-10 706	-11 739	Interest income	9	-12 230	-12 868
24 514	27 616	Interest expenses	9	24 879	28 073
48 480	-43 361	Unrealized currency (gain)/loss loan subsidiary	9	-	-
2 106	-65	Unrealized currency (gain)/loss other		128	-65
-2 647	-799	Other items		-3 238	4 399
		Changes in
-4 868	-2 083	- inventories		-4 837	-2 346
-24 611	-16 079	- trade and other receivables		-11 443	-14 856
49 891	57 620	- trade and other payables		10 372	-218
4 135	-20 010	- provisons and other accruals		-2 634	20 396
-131	-	Tax paid	11	-1 631	-1 323
29 856	60 656	Net cash flow from operating activities		31 668	76 750
10 706	11 739	Interest received		12 230	12 868
	-9 562	Loan to subsidiary	10	-	-
-15 151	-1 673	Investments in tangible and intangible assets	14	-21 688	-11 446
-4 445	504	Net cash flow from investing activities		-9 458	1 422
-2 556	-2 556	Lease offices and company cars	14, 22	6 232	-5 945
-29 681	-	Buy back own shares		-29 681	-
-517	-323	Interest paid financial loans		-673	-742
-40 581	-37 135	Earnout liability	22	-40 581	-37 135
-73 335	-40 014	Net cash flow from financing activities		-77 167	-43 822
-47 924	21 146	Net change in cash during the year		-54 957	34 350
259 400	238 252	Cash and cash equivalents as of 01 January		293 852	259 504
211 477	259 400	Cash and cash equivalents as of 31 December		238 894	293 852

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Annual Report Photocure – Results 2025

STATEMENT OF CHANGES IN EQUITY - Parent Company

Parent company
(Amounts in NOK 1 000)	Issued capital	Treasury shares	Other paid-in equity	Translation reserve	Retained earnings	Total equity
Equity as of 31 December 2023	13 560	-301	460 874	-	317 160	791 294
Comprehensive income:
Net profit for the year					24 888	24 888
Adjustment previous year					423	423
Other comprehensive income that may be reclassified to p&l						-
Total comprehensive income	-	-	-	-	24 888	24 888
Transaction with owners:
Capital increase						-
Sale own shares						-
Buy back own shares						-
Employees' options			16 970			16 970
Total transaction with owners	-	-	16 970	-	-	16 970
Equity as of 31 December 2024	13 560	-301	477 844	-	342 048	833 152
Comprehensive income:
Net profit for the year					-76 011	-76 011
Adjustment previous year						-
Other comprehensive income that may be reclassified to p&l						-
Total comprehensive income	-	-	-	-	-76 011	-76 011
Transaction with owners:
Capital increase						-
Sale own shares						-
Buy back own shares		-250	-29 431			-29 681
Employees' options			18 789			18 789
Total transaction with owners	-	-250	-10 642	-	-	-10 892
Equity as of 31 December 2025	13 560	-551	467 201	-	266 037	746 248

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STATEMENT OF CHANGES IN EQUITY - Group

Group
(Amounts in NOK 1 000)	Issued capital	Treasury shares	Other paid-in equity	Translation reserve	Retained earnings	Total equity
Equity as of 31 December 2023	13 560	-300	460 873	-903	9 617	482 848
Comprehensive income:
Net profit for the year					-3 340	-3 340
Other comprehensive income that may be reclassified to p&l				5 239		5 239
Total comprehensive income	-	-	-	5 239	-3 340	1 899
Transaction with owners:
Capital increase						-
Sale own shares						-
Buy back own shares						-
Employees' options			16 970			16 970
Total transaction with owners	-	-	16 970	-	-	16 970
Equity as of 31 December 2024	13 560	-300	477 843	4 336	6 277	501 716
Comprehensive income:
Net profit for the year					-1 517	-1 517
Other comprehensive income that may be reclassified to p&l				-5 075		-5 075
Total comprehensive income	-	-	-	-5 075	-1 517	-6 592
Transaction with owners:
Capital increase						-
Sale own shares						-
Buy back own shares		-250	-29 431			-29 681
Employees' options		-	18 789			18 789
Total transaction with owners	-	-250	-10 642	-	-	-10 892
Equity as of 31 December 2025	13 560	-550	467 201	-739	4 760	484 231

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Annual Report Photocure – Results 2025

Accounting principles 2025

I. General information

The annual accounts for 2025 for Photocure Group (Photocure) comprises Photocure ASA and the five wholly owned subsidiaries; Photocure Inc. registered in U.S, Photocure GmbH registered in Germany, Photocure SAS registered in France, Photocure Srl registered in Italy and Photocure Canada Inc. registered in Canada. The annual accounts for Photocure were approved for publication by the Board of Directors on 9 April 2026.

Photocure ASA is a public limited company domiciled in Norway. The business of the Group is associated with research, development, production, distribution, marketing and sales of pharmaceutical products. The Company’s shares are listed on the Oslo Stock Exchange. The Parent Company’s registered office is Hoffsveien 4, NO-0275 Oslo, Norway.

II. Basis for preparation of the annual accounts

The annual accounts for the Group and the Parent Company have been prepared on a historical cost basis, except for money market funds and earnout liability which are valued at fair value.

The Group and the Parent Company’s annual accounts are prepared in accordance with IFRS Accounting Standards (R) as specified by the International Accounting Standards

Board as adopted by the European Union (EU) as per 31 December 2025.

Photocure ASA has NOK (Norwegian kroner) as its functional currency and presentation currency. In the absence of any statement to the contrary, all financial information is reported in whole thousands. As a result of rounding adjustments, the figures in the financial statements may not add up to the totals.

Photocure performs the sales and distribution of Hexvix in the European markets. Photocure has established wholly owned subsidiaries in Germany (Photocure GmbH), Italy (Photocure Srl) and France (Photocure SAS) that provide marketing and promotion services. These entities have Euro (EUR) as functional currency. The sales, marketing and distribution in North America is in the U.S. performed through Photocure’s wholly owned subsidiary Photocure Inc. and in Canada through Photocure’s wholly owned subsidiary Photocure Canada Inc. In both countries sales, marketing and distribution is performed under the trade name Cysview. Photocure Inc. has U.S. dollars (USD) as functional currency while Photocure Canada Inc. has Canadian dollars (CAD) as functional currency.

III. Changes in significant accounting policies

There are no significant new IFRS standards made effective in 2025 that effect the group accounts for Photocure.

IV. Disclosures regarding new standards not yet effective

The Group is currently assessing the detailed impact of IFRS 18. The standard is expected to result in revised subtotals in the statement of profit or loss and enhanced aggregation/disaggregation disclosures but is not expected to have a material impact on the Group’s reported financial position or performance.

There are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group. The new and amended standards and interpretations from IFRS that were adopted by the EU with effect from 2025 did not have any significant impact on the reporting for 2025.

V. Use of judgements and estimates

In preparation of these consolidated financial statements, management has made judgments, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis.

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Revisions to estimates are recognized prospectively. Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized, and information about assumptions and estimation uncertainties that have significant risk of resulting in a material adjustment in the financial statements as of 31 December 2025, are included in the following notes:

Note 13 and 22 Goodwill and customer relations: the assumptions in the application of IAS 36 of the annual goodwill impairment analysis, and the remeasurement of the fair value of the earnout liability according to IFRS 9.

Note 11 Recognition of deferred tax asset: available future taxable profit against which tax losses carried forward can be used.

Note 9 and 10 Long term loan subsidiaries: impairment and key assumptions underlying the balance sheet value in Parent company.

VI. Summary of material accounting principles

A. Currency

Monetary items in foreign currencies are converted at closing rate of exchange. In the absence of any statement to the contrary, realized and unrealized exchange rate gains and losses are included in financial income or expenses. Transactions in foreign currencies are recorded at the exchange rate on the date of transaction. Assets and liabilities in foreign currencies are translated into NOK at the exchange rate applicable on the balance sheet date.

Income and expenses in foreign subsidiaries are translated into NOK at the average exchange rate for the financial statement period. The

assets and liabilities of the foreign subsidiaries are translated to NOK at exchange rates at the reporting date. Foreign exchange gains and losses on the long term loan granted to Photocure Inc. are recognized in Other Comprehensive Income (OCI), as the loan is considered to form part of the net investment in the foreign operation in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates.

B. Property, plant, equipment and intangible assets

Property, plant and equipment (PPE) are recognized at cost less deductions for accumulated depreciation and accumulated impairment losses. PPE are depreciated over the expected useful life of the assets taking any residual value into consideration. Costs incurred for major replacements and upgrades of PPE are added to cost if it is probable that the costs will generate future economic benefits for the Group and if the costs can be reliably measured. Ordinary maintenance is expensed as incurred.

PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows:

Production and test equipment	5 years
Furniture and office equipment	3–5 years

Intangible development expenditures are amortized on a straight-line basis in the profit and loss over the remaining patent period for the approved product and indication as follows:

Product development	4 - 10 years
Customer relations	10 years

C. Impairment

Non-current & intangible assets that are recognized in the balance sheet, are tested for impairment if there are

indications of a loss in value. If the book value of an asset is higher than the recoverable value of the asset, the loss in value is recognized in profit and loss. The recoverable value is the highest of net sales value and the value in use of the asset. Assets are grouped and measured at the lowest level for determining loss in value.

Goodwill is tested annually for impairment. For impairment testing, assets are grouped that generate cash inflows from continuing use that are largely independent from the cash inflows from other assets or cash generating units (CGU). The recoverable value of the asset is the greater of value in use and its fair value less cost of disposal. Value in use is based on estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss is allocated first to reduce the book value of the goodwill related to the CGU and then to reduce the carrying amount of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed.

D. Research and development costs

Research costs are expensed as incurred. Development costs are recognized in the balance sheet as intangible assets only if there is an identifiable asset that is expected to generate future financial benefits, and when the costs of such an asset can be reliably measured. Development costs that have been expensed in previous accounting periods cannot be recognized in the balance sheet at a later date. Cost-sharing of research and development expenses with license partners is booked as a reduction in costs.

The work of the regulatory function and services provided are related to

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Annual Report Photocure – Results 2025

both market expansion and product development. Photocure classifies for this reason the regulatory function into the following two categories:

Regulatory work and services related to new products or product development based on new clinical trials up to and including phase 3, are classified as R&D costs.

Regulatory work and services for new markets based on existing clinical data are classified as marketing costs.

E. Investment in subsidiary companies

Shares and investments with the aim of long-term ownership are booked in the balance sheet as long-term investments and are valued at the lower of cost and fair value. Write-downs for permanent declines in value are made on the basis of individual evaluations. Any realized and unrealized profits/losses and any write-downs related to these investments will be booked in the income statement as financial items.

F. Inventories

Raw materials are valued at the lower of cost and net sales value in accordance with the first-in, first-out principle (FIFO). Semi-finished and finished goods are valued at production cost including a mark-up for their share of the indirect production costs based on the FIFO principle.

G. Financial assets and liabilities

All financial assets not classified as measured at amortized cost or fair Value over comprehensive income are subsequently measured at fair value through profit and loss. Photocure’ s investments in money market funds are measured at fair value through profit and loss.

The earnout liability is measured at fair value at the date of acquisition and remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in profit or loss.

Interest bearing liabilities are recognized at fair value at the time of recognition. In subsequent periods, interest-bearing liabilities are booked at amortized cost according to the effective interest rate method.

Financial income consists of interest income on bank balances and money market fund as well as exchange rate gains from currency items. Financial expense consists of interest expense on borrowing and exchange rate losses from currency items.

ImpairmentThe Group recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost.

The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs:

debt securities that are determined to have low credit risk at the reporting date; and

other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

The Group assumes that the credit risk on a financial asset has increased if it is more than 60 days past due.

Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking information.

H. Revenue recognition

The main revenue stream in the company is the sale of pharmaceutical products. The revenue is recognized on the date of delivery, when both control and risk essentially have been transferred to the customer. For the general supply of products, Photocure satisfies the contractual performance obligation upon delivery according to the agreed terms.This includes clarifications of normal delivery conditions, which are typically ExWorks unless otherwise specified. For deliveries made through distributors who subsequently deliver the products to an end customer, revenue is recognized when control is considered transferred. This means that Photocure assesses whether the performance obligation is fulfilled when the goods are delivered to the distributor, or only when the distributor ships the goods onward to the end customer, depending on the contractual terms and transfer-of-control indicators in each arrangement. The license agreements that give the right to a signing fee or achieved milestones are recognized as revenue when the contractual conditions are met. Royalty revenue is booked as Sales revenue in line with the licensee’s sale of licensed products.

The core principle in IFRS 15 is revenue should be recognized dependent on the transfer of promised goods or services to the customer for an amount that reflects the consideration which should be received in exchange for those goods or services. The objective is to provide a five-step approach to revenue recognition that includes identifying contracts with customers, identifying performance obligations, determining transaction prices, allocating transaction prices to performance obligations, and recognizing revenue when or as performance obligations are satisfied.

In Photocure’ s customer contracts which are regarded to be within the

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scope of IFRS 15, the up-front fees not related to a separate performance obligation will be recognized over the term of the contract upon the delivery of goods.

If the promise to grant the license is distinct from other promised goods or services in the contract, the promise to grant the license is a separate performance obligation. A license contract with a customer is a right to use Photocure’ s intellectual property as it exists at the point in time at which the license is granted.

The total transaction price is allocated between the performance obligations based on the relative stand-alone selling price. The transaction price allocated to the license may consist of up-front fee, different milestone payments and sales-based royalty payments. The part of the transaction price related to variable milestone payments are estimated as the most likely amount but constrained which currently means that these revenues will be recognized if and when the relevant milestone is achieved. Sales based royalty is recognized when the subsequent sales occur.

I. Share remuneration and other benefits related to share based remuneration

Employees have been offered share options to the Company’s shares as an element of the Group’s employee incentive policy. If the Group has own shares, the Group may allot own shares instead of issuing new shares when share options are exercised. All share options are offered at strike prices that reflect the market price +10% of the shares at the time of allotment of the rights.

The Group’s share option program is accounted for as an equity settled share based payment arrangement in accordance with IFRS 2 Share based Payment. The fair value of the share options is determined at the grant date using the Black Scholes option pricing

model, applying the specific terms and conditions of each option program.

The fair value is recognized as personnel expenses over the vesting period, with a corresponding increase in equity. Since the arrangement is equity settled, no liability is recognized in the balance sheet.

Employer’s social security contributions related to outstanding share options are accrued as personnel expenses over the vesting period based on the intrinsic value of the options.

Share options lapse when an employee leaves the Company unless otherwise specified in the program terms.

J. Tax

The tax expense in the income statement includes both the income tax payable for the period and changes in deferred tax. Deferred tax in Norway is calculated at rate of 22% and in the USA at a total rate of 28% based on the temporary differences that exist between the tax value of the assets and liabilities, and their book value.

Liabilities for deferred tax are included for all temporary differences that increase tax, except when the asset in connection with deferred tax arises because of the first-time inclusion of an asset or liability in a transaction that is not in a business combination and affects neither the accounting nor the taxable profit or loss at the time of the transaction.

Assets in connection with deferred tax are included for all tax-reducing temporary differences, carry forward of tax deductions and tax losses in the extent that there is objective proof that there will be sufficient taxable profits against which to offset tax-reducing temporary differences, and carry forward of unused tax deductions and tax losses.

The book value of assets in connection with deferred tax is reviewed on every

balance sheet date and is reduced to the degree that there is no longer any objective proof that there will be sufficient taxable profits to utilize all or parts of assets in connection with deferred tax. Non-recognized assets in connection with deferred tax are reviewed every balance sheet date and are included to the degree that it is probable that future taxable profits will allow the recovery of assets in connection with deferred tax. Each taxable entity in the Group is treated separately.

K. Contingent liabilities and assets

Contingent liabilities are defined as:

Possible liabilities as a result of earlier events where their existence depends on future events;

Liabilities that are not included because it is not probable that they will lead to an outflow of resources from the Group;

Liabilities that cannot be measured with sufficient reliability.

Contingent liabilities are not included in the annual accounts. Notes on significant contingent liabilities are provided, except for contingent liabilities with little probability of occurring.

Contingent assets are not included in the annual accounts but are reported in cases in which there is a certain likelihood of their resulting in a benefit to the Group.

L. Cash flow statement

The cash flow statement has been prepared in accordance with the indirect method. Cash and cash equivalents consist of cash, bank deposits and other current investments like money market funds.

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Annual Report Photocure – Results 2025

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M. Lease agreements

The main rule is that the leased assets are recognized in the balance sheet as a fixed asset or in a disclosure note for fixed assets. Leased assets are shown separately from other fixed assets owned by the company as “Right of use assets” in the related disclosure note. Although a lease is a right to use an asset and not a purchase of an asset, the classification in the balance sheet follows the leased asset.

The net present value of the lease liability is calculated by discounting the rental payments with the implicit interest rate of the lease, or the business’s marginal borrowing rate if the implicit interest rate is unknown.

According to IFRS 16 depreciation is calculated for the right of use assets. Depreciation is presented together with other depreciation, while interest cost is included in financial expenses in the income statement.

The leased assets are depreciated over their useful lives. This is the shorter of the rental period and the assets economic life.

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Notes to the Financial Statements for 2025

Photocure ASA

1 PARTNERSHIPS

2 OPERATING SEGMENTS

3 REVENUES FROM CONTRACT WITH CUSTOMERS

4 COST OF GOODS SOLD

5 INCOME STATEMENT CLASSIFIED BY NATURE

6 PERSONNEL EXPENSES

7 REMUNERATION OF MANAGEMENT AND BOARD OF DIRECTORS

8 PENSION COSTS

9 FINANCIAL INCOME AND EXPENSE

10 Related party

11 TAX

12 EARNINGS PER SHARE

13 GOODWILL AND CUSTOMER RELATIONS

14 PROPERTY, PLANT, EQUIPMENT AND OTHER ASSETS

15 SUBSIDIARIES

16 INVENTORIES

17 FINANCIAL RISK

18 FAIR VALUE

19 RECEIVABLES

20 CASH AND SHORT TERM DEPOSITS

21 SHARE CAPITAL

22 LOAN TERMS AND REPAYMENT

23 ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

24 Subsequent Events

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Annual Report Photocure – Results 2025

CURRENCY RATES CHANGES

Photocure’s revenues and costs are predominantly in EUR and USD, while the functional currency is NOK. In 2025, the weakning of the USD and strengthning of EUR impacted both revenues and costs. The following table illustrates the average currency rates between NOK and USD/EUR in 2025 compared to 2024.

Currency rates development 2025 vs 2024:	2025	2024	% 25 vs 24
Average currency rate NOK/USD	10.39	10.74	-3 %
Average currency rate NOK/EUR	11.72	11.63	1 %

1. PARTNERSHIPS

In July 2019, Photocure entered into a license agreement with Asieris MediTech Co, granting a worldwide license to develop and commercialize Cevira®for the treatment of HPV-induced cervical precancerous lesions. Under this agreement, Photocure will receive signing fees, development and approval milestones, as well as sales royalties.In January 2021, Photocure entered into another license agreement with Asieris MediTech Co, granting them a license to commercialize Hexvix in mainland China and Taiwan. Under this agreement, Photocure will receive signing fees and approval milestones, in addition to sales royalties.

2. OPERATING SEGMENTS

Photocure operates through two segments: the Commercial Franchise and the Development Portfolio. The Commercial Franchise includes Hexvix/Cysview by geography (North America and Europe) and other sales (partners and other products). The Development Portfolio focuses on the development of pipeline products. The Development segment is divided into the development of Cevira and other pipeline products.

Operating costs are directly charged to the respective segment if they are directly related. Indirect manufacturing costs are allocated based on sales within the Commercial segment, while other indirect costs are allocated based on the time and resources utilized within the different subsegments.

Segments are reported in a manner consistent with internal reporting to the Group’s Chief Operating Decision Makers (CODM), defined as the Group’s senior management. Segment assets and liabilities are not reported to the CODM and are therefore not allocated to reportable segments.

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1 Jan - 31 December 2025		Commercial Franchise			Development Portfolio
(Amounts in NOK 1 000)	North Am.	Europe	Other Markets	Total Sales	Cevira	PDT & Explorativ	Total R&D	Grand Total
Sales Revenues	219 936	309 791	333	530 060	2 520	-	2 520	532 580
Milestone revenues	-	-	-	-	-	-	-	-
Cost of goods sold	-10 313	-29 393	-298	-40 004	-1 989	-	-1 989	-41 993
Gross profit	209 623	280 398	35	490 056	531	-	531	490 587
Gross profit of sales revenue %	95 %	91 %	11 %	92 %	21 %		21 %	92 %
Direct operating costs	-177 814	-127 435	-	-305 249	1 578	-19	1 559	-303 690
R&D	-	-	-	-	1 578	-5	1 573	1 573
Marketing	-19 291	-10 433	-	-29 724	-	-	-	-29 724
Selling	-122 550	-100 687	-	-223 237	-	-	-	-223 237
Medical	-19 387	-6 887	-	-26 274	-	-14	-14	-26 288
G&A	-16 586	-9 428	-	-26 014	-	-	-	-26 014
Contribution	31 809	152 963	35	184 807	2 109	-19	2 090	186 897
Contribution margin	14 %	49 %	11 %	35 %	84 %		83 %	35 %
Allocated operating costs	-46 270	-76 507	-6 114	-128 891	-3 411	-25 867	-29 278	-158 169
EBITDA	-14 461	76 456	-6 079	55 916	-1 302	-25 886	-27 188	28 728
Depreciation and Amortization				-29 472			-	-29 472
EBIT				26 444			-27 188	-745

1 Jan - 31 December 2024		Commercial Franchise			Development Portfolio
(Amounts in NOK 1 000)	North Am.	Europe	Other Markets	Total Sales	Cevira	PDT & Explorativ	Total R&D	Grand Total
Sales Revenues	202 322	285 561	1 865	489 749	1 926	-	1 926	491 675
Milestone revenues	-	-	-	-	33 713	-	33 713	33 713
Cost of goods sold	-5 889	-23 236	-225	-29 349	-1 370	-	-1 370	-30 719
Gross profit	196 434	262 326	1 641	460 400	34 268	-	34 268	494 668
Gross profit of sales revenue %	97 %	92 %	88 %	94 %	29 %		29 %	94 %
Direct operating costs	-175 453	-123 355	-	-298 808	-729	682	-47	-298 855
R&D	-	-	-	-	-729	682	-47	-47
Marketing	-18 474	-13 401	-	-31 874	-	-	-	-31 874
Selling	-120 735	-94 716	-	-215 451	-	-	-	-215 451
Medical	-23 419	-7 438	-	-30 857	-	-	-	-30 857
G&A	-12 824	-7 801	-	-20 626	-	-	-	-20 626
Contribution	20 981	138 970	1 641	161 592	33 539	682	34 221	195 813
Contribution margin	10 %	49 %	88 %	33 %	94 %		96 %	37 %
Allocated operating costs	-42 097	-74 912	-10 329	-127 334	-3 378	-15 907	-19 286	-146 620
EBITDA	-21 116	64 059	-8 688	34 258	30 161	-15 225	14 935	49 193
Depreciation and Amortization				-28 695			-98	-28 793
EBIT				5 563			14 837	20 399

*The definition of EBITDA is “Earnings Before Interest, Tax, Depreciation and Amortization”

46

Annual Report Photocure – Results 2025

3. REVENUES FROM CONTRACT WITH CUSTOMERS

Performance Obligation: Product DeliveriesFor the general supply of products, Photocure satisfies the contractual performance obligation upon delivery according to the agreed terms.This includes clarifications of normal delivery conditions, which are typically ExWorks unless otherwise specified. For deliveries made through distributors who subsequently deliver the products to an end customer, revenue is recognized when control is considered transferred. This means that Photocure assesses whether the performance obligation is fulfilled when the goods are delivered to the distributor, or only when the distributor ships the goods onward to the end customer, depending on the contractual terms and transfer-of-control indicators in each arrangement.Invoices are issued at that point, with payment terms typically within 30 days. No discounts were provided to customers, and no product returns were accepted within the product expiry period.

Performance Obligation: LicenseCeviraIn July 2019, Photocure entered into a license agreement with Asieris for the pipeline product Cevira. The agreement was based on a “ready for Phase 3 study” concept, with the study conducted by Asieris in China from 2020 until September 2023. Under the agreement, Photocure transferred the rights for Cevira (license agreement) and entered into a supply agreement for the active substance for the Phase 3 clinical study and potential commercialization. Asieris is responsible for the remaining development of Cevira and will cover all associated costs. The license grants Asieris the right to use Photocure’s intellectual property as it existed at the contract date. The active substance will not be further developed or modified by Photocure for Asieris’s use. The transfer of the license and the delivery of the active substance are regarded by Photocure as two separate performance obligations.

In 2024, Asieris paid a milestone of USD 2 million after Cevira was accepted for regulatory review in China in May 2024. To date, Asieris has paid USD 17 million in milestones for Cevira. The agreement includes additional regulatory and sales milestones, as well as sales royalties if a commercial product is approved. The transaction price allocated to the license consists of a signing fee, various milestone payments, and sales-based royalty payments. The portion of the transaction price related to milestone payments is estimated as the most likely amount but is constrained, meaning these revenues will be recognized if and when the relevant milestones are achieved. Revenue for the sale of the active substance is recognized when the customer takes control of the goods, which occurs at the time of shipment. There were no milestones paid in 2025.

HexvixIn January 2021, Photocure entered into a partnership agreement with Asieris, granting them exclusive rights to register and commercialize Hexvix® in Mainland China and Taiwan. Asieris received marketing authorization for Hexvix® in China in November 2024, for which Photocure received a USD 1.1 million milestone payment. In 2023, Photocure received an upfront payment of USD 750,000 from Asieris for the rights to Hexvix in the designated territories as a non-refundable payment. To date, Asieris has paid USD 1.85 million in milestones for Hexvix.

The license of the Group’s intellectual property under all current licensing agreements is considered distinct from the delivery of goods and thus a separate performance obligation. Furthermore, the licenses are considered to be a right to use the company’s intellectual property as is, and therefore revenue allocated to the license is recognized at a point in time, taking into consideration the variable constraint for milestone payments that have not yet occurred and sales-based royalties. Milestone payments related to future events and sales-based royalties are recognized when the events and sales actually occur.

47

Geographical information
(Amounts in NOK 1 000)
Group revenues from contract with customers	2025	2024
Nordic countries	21 319	22 214
Germany	214 329	199 937
France	36 407	33 414
Austria	16 132	12 723
UK	4 988	2 456
BeNeLux	5 053	5 694
Italy	5 854	5 510
Other European countries	5 008	4 129
United States	217 267	201 616
Canada	2 669	2 055
Own sales	529 026	489 748
Partner countries rest of world	3 554	1 927
	532 580	491 675

The geographical revenue in all countries except North America are in the parent company. The geographical revenue information is based on the location of the end customers. The signing fees and milestone revenue are not included in the table above.

Revenue recognition by segments
	1 Jan - 31 December 2025	Commercial Franchise		Development Portfolio		Grand Total
	Hexvix/Cysview
(Amounts in NOK 1 000)	Own sales	Partner	Other Sales	Total Sales	Pipeline	Total R&D
	Contract revenue at point in time	-	2 520	2 520	-	2 520
			Contract revenue over time	-	-	-
Signing fees and milestone revenues at point in time			-	-	-	-
	Sales order revenue at point in time	529 727	333	530 060	-	530 060
529 727	-	2 853	532 580	-	-	532 580

Revenue recognition by segments
	1 Jan - 31 December 2024			Commercial Franchise	Development Portfolio	Grand Total
	Hexvix/Cysview
(Amounts in NOK 1 000)	Own sales	Partner	Other Sales	Total Sales	Pipeline	Total R&D
	Contract revenue at point in time	-	3 276	3 276	-	3 276
			Contract revenue over time	-	-	-
Signing fees and milestone revenues at point in time			-	33 713	33 713	33 713
	Sales order revenue at point in time	487 883	516	488 399	-	488 399
487 883	-	3 792	491 675	33 713	33 713	525 387

48

Annual Report Photocure – Results 2025

4. COST OF GOODS SOLD

Total cost of goods sold includes direct materials, services provided by contract manufacturers and packaging suppliers, products freights and distribution costs.

5. INCOME STATEMENT CLASSIFIED BY NATURE

(Amounts in NOK 1 000)		Group		Parent
	Note	2025	2024	2025	2024
Revenues from contract with customers	2	532 580	491 675	324 057	300 033
Signing fees and milestone revenues	2	-	33 713	-	33 713
Cost of goods sold		-41 993	-30 716	-40 169	-29 297
Gross profit		490 587	494 671	283 887	304 449
Other income		-	-	582	531
Payroll expenses	6, 7	-299 417	-285 700	-137 912	-124 027
R&D costs excluding payroll expenses/other operating expenses		2 526	-47	2 526	-47
Ordinary depreciation and amortisation	13, 14	-29 472	-28 793	-20 757	-20 931
Other operating expenses		-164 967	-159 732	-156 507	-152 995
Total operating expenses		-491 330	-474 272	-312 067	-297 469
Operating profit / loss (-)		-745	20 399	-28 180	6 980
Specification of Other operating expenses:		2025	2024	2025	2024
Marketing expenses		36 564	38 742	14 648	16 460
Sales and marketing costs Europe		-	-	68 912	67 331
Travel expenses		25 638	22 769	9 435	7 457
Patent costs, legal and other fees		65 229	54 941	39 147	38 683
Other expenses		37 536	43 281	24 364	23 063
Total other operating expenses		164 967	159 732	156 507	152 995

49

6. PERSONNEL EXPENSES

(Amounts in NOK 1 000)		Group		Parent
	Note	2025	2024	2025	2024
Salaries		218 351	217 236	90 903	85 993
Employer’s social security contributions on salaries, etc.		20 478	23 488	11 222	10 195
Option costs incl employer's social security contributions		20 845	16 878	17 327	12 948
Pension costs	8	15 724	13 061	7 940	5 374
Other benefits		24 019	15 038	10 520	9 517
Total payroll expenses		299 417	285 700	137 912	124 027
No. of full-time equivalent positions		101	101	34	33

Share-based remunerationAs part of the company’s incentive policy, employees have been offered share options to the company’s shares (referred to as ‘options’). Allocated share options vest over three years: 25% after the first year, 25% after the second year, and 50% after the third year. The rights expire after seven years or upon termination of the employee. Share option programs in 2023 and earlier had an expiration date of five years.

The number of employee share options and average exercise prices for Photocure, and developments during the year:

	2025		2024
	Number	Average exercise price (NOK)	Number	Average exercise price (NOK)
Outstanding at start of year	2 310 448	63.05	2 076 178	80.55
Granted during the year	973 315	60.09	1 073 482	60.40
Cancelled during the year	30 000	98.71	509 900	127.39
Become invalid during the year	161 000	61.06	260 312	67.82
Exercised during the year	-	0.00	-	0.00
Expired during the year	232 250	81.41	69 000	54.70
Outstanding at end of year	2 860 513	60.29	2 310 448	63.05
Exercisable options as per 31 December	777 098	60.60	585 569	71.02

The average weighted life of outstanding share options was 4.7 years at 31 December 2025 and 4.3 years at 31 December 2024.

50

Annual Report Photocure – Results 2025

The exercise prices and the average life of outstanding share options as per 31 December 2025 were as follows:

Average remaining life	No. of options	Exercise price NOK
2 years	612 771	57.14 - 115.70
3 years	675 200	61.03 - 61.92
4 years	43 815	55.64
5 years	20 227	69.36
6 years	1 155 000	55.47 - 59.57
7 years	353 500	62.74 - 67.39
Total	2 860 513

Calculation method for market value of employee share options:The market value of share options is calculated using the Black-Scholes method. Volatility is determined based on the historical share price development over the lifetime of the options, assuming that historical volatility indicates future volatility, which may not always be the case. Strike prices are set at the listed price plus 10% at the time of allocation. The risk-free interest rate is based on Norwegian government bond rates. Each option program is calculated separately, considering the actual exercise price and duration of the program. The exercise date for the options is estimated based on historical company experience and varies between senior management and other employees. The interest advantage is considered insignificant and has not been included in the accounts. The table below shows the values used in the model.

	2025*	2024*
Dividends (NOK)	0.00	0.00
Expected volatility (%)	45.25	47.16
Historical volatility (%)	45.25	47.16
Risk-free interest (%)	3.67	3.65
Expected life of options (years)	3.19	3.21

*Weighted average parameters at grant of instrument

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7. REMUNERATION OF MANAGEMENT AND BOARD OF DIRECTORS

(Amounts in NOK 1 000)	Pay currency	Directors’ fees paid	Salaries paid	Bonuses accrued	Benefits in kind	Pension cost	Total
Senior management 2025
President and CEO	USD		7 328	3 009	315	666	11 318
Chief Financial Officer	NOK		2 983	853	17	555	4 408
VP and General Manager North America	USD		4 630	1 814	315	484	7 242
VP and General Manager EMEA	GBP		3 412	1 290		184	4 885
Chief Medical Officer	SEK		3 315	1 082		315	4 712
Head of Global Human Resources	EUR		2 258	639		153	3 050
Total senior management			23 925	8 687	647	2 356	35 615
Board of Directors 2025			Consultant fee
Chairperson of the Board	NOK	620					620
Members of the Board	NOK	720					720
Total remuneration		1 340	23 925	8 687	647	2 356	36 955

(Amounts in NOK 1 000)	Pay currency	Directors’ fees paid	Salaries paid	Bonuses accrued	Benefits in kind	Pension cost	Total
Senior management 2024
President and CEO	USD		7 359	3 232	285	631	11 507
Chief Financial Officer	NOK		2 841	820	16	409	4 086
VP and General Manager North America	USD		4 612	2 271	285	433	7 601
VP and General Manager Europe	EUR	3 615	1 351	-		-	4 966
Chief Medical Officer	SEK	2 977	983	-		293	4 253
Head of Global Human Resources	EUR	2 140	708	-		146	2 994
Total senior management			23 544	9 364	586	1 912	35 406
Board of Directors 2024			Consultant fee
Chairperson of the Board	NOK	751					751
Members of the Board	NOK	1 080	269				1 349
Total remuneration		1 831	23 813	9 364	586	1 912	37 506
In 2024, the Group utilized the professional services of one of its Directors for consulting work beyond regular board duties. The consultancy fees were based on a contract approved by the board. The bonus accruals relate to approved bonuses for the 2025 financial year and may differ from the amounts recorded in the financial statements.

Currency rates development 2024 vs 2025:	2025	2024
Avr currency rate NOK/USD	10.39	10.74
Avr currency rate NOK/EUR	11.72	11.63
Avr currency rate NOK/SEK	1.06	1.02
Avr currency rate NOK/GBP	13.68	13.74

52

Annual Report Photocure – Results 2025

Share options senior managementSenior managers’ holdings of shares in Photocure ASA are detailed in the note concerning share capital. The allocation and exercise of share options, as well as the holdings of share options for senior managers, are presented in the following overview:

Share options for senior management 2025	Share options awarded	Expired share options	Share options cancelled	Holding of share options at 31 December 2025	Weighted Average Strike Price
President & CEO	180 000	60 000	-	577 500	59.95
Chief Financial Officer	95 000	35 000	-	338 750	60.09
VP and General Manager North America	75 000	35 000	-	261 250	60.45
VP and General Manager Europe	140 000	-	-	140 000	56.98
VP Global Human Resources	26 250	-	3 000	90 000	60.09
Chief Medical Officer	40 000	-	-	204 000	59.20
Total	556 250	130 000	3 000	1 611 500

Share options for senior management 2024	Share options awarded	Expired share options	Share options cancelled	Holding of share options at 31 December 2024	Weighted Average Strike Price
President & CEO	125 000	-	-	457 500	62.96
Chief Financial Officer	65 000	-	-	278 750	62.85
VP and General Manager North America	50 000	45 000	-	221 250	63.57
VP and General Manager Europe	-	-	203 750	-	0.00
VP Global Human Resources from April	40 000	-	-	66 750	61.98
Chief Medical Officer	50 000	-	-	164 000	60.11
Total	330 000	45 000	203 750	1 188 250

Auditing fees

(Amounts in NOK 1 000 ex VAT)	Group and parent
	2025	2024
Statutory auditing	997	1 816
Other attestation services	70	250
Other services excluding auditing	391	15
Tax advice	80	47
Total	1 538	2 128

53

8. PENSION COSTS

Photocure ASA has an agreement with a life assurance company for contribution-based pensions for its employees in Norway. The contribution plan complies with revised national pension regulations. Contributions are 7% of the employee’s ordinary salary up to 7.1 times the basic amount (G) of the Norwegian National Insurance scheme, and 20% for salaries between 7.1 and 12 times G. The national insurance covers pensions for salaries up to 7.1 G. Pension contributions are paid into the employee’s contribution account with the life assurance company.Although pension-related accruals are recognised in the balance sheet for Photocure ASA, these arrangements do not constitute a pension promise or a defined benefit plan requiring actuarial valuation. The employees’ entitlement is limited to the contribution percentages specified, and the Group has no obligation beyond the payment of these contributions. As of December 31, 2025, and December 31, 2024, the company had no deposits in the premium and contribution fund.Photocure ASA employees in other European countries have individual defined contribution pension plans according to local regulations and their employment agreements.Photocure Inc matches its employees’ contributions to the 401(k) plan dollar for dollar up to 4% of salary for employees who elect to join the plan. There is a salary maximum set by the IRS, which was $350,000 in 2025.Employees in Photocure GmbH in Germany who came from Ipsen have defined benefit pension plans through the TUPE regulations in Germany. Photocure GmbH has a re-assurance agreement with an assurance company in Germany to balance the pension liability. New employees in Photocure GmbH are offered a defined contribution plan.Salaries for senior management employees in Photocure ASA above 12 times G are subject to agreements concerning operational coverage of pensions for salaries above this level in the form of contribution-based pensions. The calculated contribution is 16% of the employee’s salary above 12 times G. Photocure Inc has established additional unfunded pension coverage for senior managers, accruing annually an amount equal to 4% of salary and earned bonus.

The pension cost for the year is calculated as follows:

(Amounts in NOK 1 000)	Group		Parent
	2025	2024	2025	2024
Total pension costs, contribution scheme in life assurance	14 573	11 922	7 592	5 081
Total pension costs, company scheme	1 151	1 139	348	293
Total	15 724	13 061	7 940	5 374

54

Annual Report Photocure – Results 2025

9. FINANCIAL INCOME AND EXPENSE

(Amounts in NOK 1 000)	Group		Parent
	2025	2024	2025	2024
Interest income	12 233	12 868	11 398	11 739
Foreign exchange gains	5 522	12 059	5 787	55 420
Total financial income	17 655	24 927	17 184	67 159
Interest costs long term liabilities and lease	673	742	308	307
Interest costs earnout	23 997	27 292	23 997	27 292
Foreign exchange losses	8 693	8 864	57 173	11 230
Other financial expense	240	39	209	16
Total financial expense	33 602	36 937	81 688	38 846
Remeasure financial balances	-	-	-	-
Net financial income and expenses	-15 947	-12 010	-64 503	28 313

The foreign exchange loss in the parent company for 2025 includes an unrealized exchange loss on the long-term loan to the subsidiary, which is denominated in USD. The exchange rate for NOK/USD decreased to 10.1 as of December 31, 2025, compared to 11.2 at the end of the previous year. This resulted in an unrealized loss of NOK 48.5 million in 2025, compared to a gain of NOK 43.4 million in 2024. In the consolidated accounts, the unrealized gain/loss is eliminated against the change in equity as part of other comprehensive income.The gain/ loss is presented as part of other comprehensive income in the consolidated accounts due to the long term loan is evaluated to be a part of the net investment in the subsidiaryRemeasurement of Financial BalancesInformation regarding the remeasured value of the earnout liability is provided in Note 22.A loss allowance on the parent company’s loan to the US subsidiary was recognized in 2023 according to IFRS as a probability-weighted estimate of future loan repayments. In 2024 and 2025, there was no increase. The total allowance as of December 31, 2025, is NOK 39.4 million, based on a probability-weighted scenario that the loan will not be repaid in full. Nonetheless, the parent company is committed to securing operations in the US.

55

10. RELATED PARTIES - COMPANIES

Photocure has established a wholly owned subsidiary in the US, Photocure Inc, to manage the sales, marketing, and distribution activities for the Cysview product. Photocure ASA retains ownership of the patent rights and trademark and is responsible for the development and manufacturing of the product within the Group. Photocure Inc purchases the finished product from the parent company and distributes it in the United States. Photocure Inc has its own marketing organization, funded by a loan from the parent company in addition to its own revenues. Transactions between Photocure ASA and Photocure Inc are conducted on arm’s length terms, and the loan is interest-free until further notice.

Photocure believes that the US operations will be profitable, based on a cash flow model that considers a balanced view of the market share for Cysview in the US compared to Hexvix sales in Europe. In 2023, Photocure Inc entered into an agreement with a US-based pharmaceutical company for access to patient registry information obtained by Photocure Inc.

Photocure has also established wholly owned subsidiaries in Germany, Italy and France. Photocure ASA handles the sales and distribution of Hexvix in Europe, while the marketing and promotion activities for Hexvix in Continental Europe are managed by Photocure GmbH, Photocure Srl and Photocure SAS. A markup is applied to fully loaded local costs for the services rendered to the parent company.

In January 2022, Photocure established a sales subsidiary in Canada to manage the sales, marketing, and distribution of Cysview in Canada. Photocure ASA holds the pharmaceutical market authorization for the sale of Cysview in the US and Canada.

Transactions and intercompany balances:

(Amounts in NOK 1 000)	2025	2024
Sales of products	12 183	12 562
Sales of services	-	-
Intercompany sales	12 183	12 562
Purchase of marketing and promotion services	-68 912	-67 331
	31-Dec-25	31-Dec-24
Accounts receivables and other storm-term receivables	33 262	19 696
Long term loan given	345 314	393 841
Accounts payables and other short-term liabilities	-90 336	-56 865
Total subsidiaries	288 241	356 671
Guarantees to bank in favor of subsidiary for requested security	2 804	2 804

These bank guarantuees are provided for licenses pertaining to the sale of Cysview in the states of Maryland, Mississippi, Nevada, and California, as well as the office lease deposit.

56

Annual Report Photocure – Results 2025

11. TAX

(Amounts in NOK 1 000)	Parent & Group		Parent
	2025	2024	2025	2024
Income tax expense
Tax payable	1 631	1 323	132
Changes in deferred tax	-16 804	10 406	-16 804	10 406
Total income tax expense	-15 173	11 729	-16 672	10 406
Tax base calculation parent
Profit(-loss) before income tax	-16 690	35 294	-92 814	35 294
Permanent differences *)	16 018	12 008	17 344	12 008
Change in temporary differences	-31 076	-56 312	60 173	-56 312
Change in deferred tax not recognisedUtilisation of tax loss carried forward	-23 457
(Utilized)/Increased tax loss carried forward	-	9 010
Tax base	6 947	-	-15 297	-9 009
Temporary differences
Receivables	-1 228	-565	-565	-565
Inventories	-	4 207	-	4 207
Non current assets	30 953	30 097	30 204	30 097
Long term currency loans	123 525	175 824	123 525	175 824
Earnout liability	-19 422	-19 422	-19 422	-19 422
Change in earnout true up	-	-692	-	-692
Provisions	-15 295	-143	-2 199	-143
Pensions	-2 342	-1 994	-2 342	-1 994
Gains and loss account	8 367	10 310	8 247	10 310
Total	124 558	197 622	137 448	197 622
Tax loss carried forward *	-523 535	-375 211	-391 418	-375 211
Net temporary differences	-398 977	-177 589	-253 970	-177 589
Deferred tax liability (asset)	-93 012	-39 070	-55 874	-39 070
Not recognized deferred tax liability (asset)	-37 138
Recognized Deferred tax liability (asset)	-55 874		-55 874	-39 070

*Tax loss carried forward in 2022 was in later tax declaration decreased by NOK 23.3 million as a true up of earnout payments 2020 - 2022.

Reconciliation of effective tax rate	2025	2024	2025	2024
Profit(-loss) before income tax	-16 690	8 390	-92 814	35 294
Expected income taxes at statutory tax rate	-3 672	1 846	-20 419	7 765
Effect tax rates foreign entities	765	3 981
Permanent differences	3 524	3 737	3 816	2 642
Other changes			131
Effect of deferred tax assets not recognized	-15 791	2 165
Income tax expense	-15 173	11 729	-16 472	10 406
Effective tax rate in % **)	90.9 %	139.8 %	17.7 %	29.5 %

In 2025, the tax note presents the Group’s total tax expense, based on profit before tax at the Group level and including the effects of both temporary and permanent differences. This represents a change from 2024, when profit before tax related to the Parent company only and tax expense comprised permanent differences and temporary differences recognised at the Parent company level.

*) Permanent differences consist of non-deductible costs and non-taxable income and deduction.**) Tax expense related to profit before tax.

57

The parent company reported a taxable loss of NOK 15.3 million in 2025, compared to a loss of NOK 9 million in 2024. Consequently, the deferred tax asset, along with changes in temporary differences, increased to NOK 55.8 million as of December 31, 2025, from NOK 39.1 million as of December 31, 2024. The recognition of a tax asset in Norway is based on predicted future profits according to the business plan for all major markets and the reversal of temporary differences in the coming years. Therefore, the remaining deferred tax asset is maintained as of December 31, 2025.

The European business contributed to Photocure’s profitability in 2025 and is expected to continue doing so. The parent company is the selling entity for the Hexvix product in all European countries, while the marketing and promotion activities in Germany, France, and Italy are carried out by the subsidiaries in those countries.

Photocure anticipates that its US operations will become more profitable, contributing to the pre-tax result of the parent company. This expectation is based on a cash flow model that considers a balanced view of the market share for Cysview in the US compared to Hexvix sales in Europe. The US sales and marketing force continues to expand its coverage of the US market and gain further market shares.

Photocure continues to see growth opportunities in European countries, particularly in several large untapped markets. With Photocure’s dedicated sales force in place in Europe, we believe this will further strengthen sales. Several studies have been published highlighting and verifying key clinical benefits, including the positive impact of Hexvix/Cysview on reduced disease progression, bladder cancer detection, and the safety of repeated use of Hexvix/Cysview . The basis for recognizing the tax asset is the assessment that there is convincing evidence that the deferred tax benefit will be utilized.

There is no expiry on losses to be carried forward in Norway, while in the US, losses expire after 20 years according to tax legislation valid until the end of 2017. The new US tax legislation, valid for taxable years from 2018, has no expiry for loss carryforwards but imposes an 80% limit on utilization.

Deferred tax assets have not been recognized for the following items in the US subsidiary due to the lack of a history of pre-tax profit at this time.

(Amounts in NOK 1 000)	2025		2024
Unrecognised deferred tax assets	Amount	Tax effect	Amount	Tax effect
Net deductible temporary differences	-12 891	-3 624	-10 695	-2 315
Tax losses	145 009	40 762	177 523	53 013
Net unrecognised deferred tax asset US	132 117	37 138	166 828	50 699

Tax losses for which no deferred tax asset was recognized, expire as follows:

(Amounts in NOK 1 000)	2025		2024
	Amount	Expiry date	Amount	Expiry date
Expire Federal	14 276	2030 - 2037	23 169	2030 - 2037
Expire State	11 891	2030 - 2043	16 219	2030 - 2043
Never expire	10 971		11 270
Total	37 138		50 658

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Annual Report Photocure – Results 2025

12. EARNINGS PER SHARE

Earnings per share are calculated based on the profit/loss for the year after tax, excluding other comprehensive items. The result is divided by the weighted average number of outstanding shares over the year, adjusted for the acquisition of treasury shares. Diluted earnings per share are calculated by adjusting the average number of outstanding shares by the number of employee share options that can be exercised. Antidilution effects are not considered.

	2025	2024
Figures indicate the number of shares
Ordinary shares 1 January	27 120 820	27 120 820
Effect of treasury shares	-459 693	-15 122
Effect of share options exercised
Weighted average number of shares, 31 December	26 661 127	27 105 698
Effect of outstanding share options	0	169
Weighted average number of diluted shares, 31 December	26 661 127	27 105 867
Net profit/loss(-)	-1 518	-3 339
(Amounts in NOK 1 000)
Earnings per share	2025	2024
Earnings per share in NOK basic	-0.06	-0.12
Earnings per share in NOK diluted	-0.06	-0.12

13. GOODWILL AND CUSTOMER RELATIONS

(Amounts in NOK 1 000)Hexvix sales, marketing, and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen) were acquired by Photocure on October 1, 2020. Under the final agreement, Photocure paid Ipsen EUR 15 million upon transfer on October 1, 2020. Additionally, Ipsen receives a deferred consideration of 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the former major Ipsen markets.One intangible asset has been identified: customer relationships. These relationships pertain to existing customers in Europe who were previously served by Ipsen. Customer relationships have been valued using a multiperiod excess earnings method, with a value of NOK 166.7 million at the transaction date. Photocure has estimated this asset to have a useful life of 10 years from the transaction date, and the intangible asset is depreciated on a straight-line basis over this period. The net book value of the customer relationships as of December 31, 2025, is NOK 79.2 million.Goodwill amounts to NOK 144 million and is not depreciated but is tested for impairment as of the end of December 2025. The impairment analysis confirms the goodwill value, given the performance in 2025 and future growth opportunities that are expected to align with forecasts prepared in connection with the transaction.

59

Group and parent	Customer relations	Goodwill
(Amounts in NOK 1 000)
Accumulated cost at 31 December 2021	166 720	144 000
Additions	-	-
Accumulated cost at 31 December 2022	166 720	144 000
Additions	-	-
Accumulated cost at 31 December 2023	166 720	144 000
Additions	-	-
Accumulated cost at 31 December 2024	166 720	144 000
Additions	-	-
Accumulated cost at 31 December 2025	166 720	144 000
Accumulated depreciation at 31 December 2021	20 840	-
Amortization and impairment	16 672	-
Accumulated depreciation at 31 December 2022	37 512	-
Amortization and impairment	16 672	-
Accumulated depreciation at 31 December 2023	54 184	-
Amortization and impairment	16 672	-
Accumulated depreciation at 31 December 2024	70 856	-
Amortization and impairment	16 672	-
Accumulated depreciation at 31 December 2025	87 528	-
Book value at 31 December 2021	145 880	144 000
Book value at 31 December 2022	129 209	144 000
Book value at 31 December 2023	112 536	144 000
Book value at 31 December 2024	95 865	144 000
Book value at 31 December 2025	79 192	144 000

The carrying amount of goodwill is allocated to the acquired business in Europe at NOK 144 million. The recoverable amount has been determined based on its value in use.

The impairment test is based on cash flow projections for the business related to the investment, using the most recent financial forecast. The main assumptions are:

Sales growth and related expenses are based on current penetration and future growth potential as assessed by management. This assessment considers experiences from high-growth markets as well as more mature markets within the company portfolio.

With minor exceptions, sales are in Euro. The assumed exchange rate in the forecast projection for NOK/EUR is 11.8, compared to an exchange rate of 11.7 used for the 2024 testing.

The impairment test is based on a 10-year cash flow projection, excluding the terminal year. A 10-year period is applied as it reflects changes in hospital practices driven by the product and the low churn experienced in other markets.

The applied discount rate for the testing is 22.0% post-tax, equal to the discount rate in the 2024 testing.

The applied tax rate is 22%.

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Annual Report Photocure – Results 2025

14. PROPERTY, PLANT, EQUIPMENT, INTANGIBLES AND LEASE ASSETS

(Amounts in NOK 1 000)

Group	Intangible assets		Right-of-use	Machinery and Equipment
	Registry intangible
		Other intangible assets	Office Lease
				Medical & manu- facture	Office	Total
Accumulated cost at 31 December 2021	-	4 933	31 062	776	9 348	46 119
Additions	-	1 133	3 498	78	3 532	8 241
Disposals and lease expiry	-	-	-83	-	-1 797	-1 880
Accumulated cost at 31 December 2022	-	6 066	34 477	854	11 083	52 480
Additions	8 250	1 510	2 582	260	2 371	14 973
Disposals and lease expiry	-	-	-8 324	-	-	-8 324
Accumulated cost at 31 December 2023	8 250	7 576	28 735	1 114	13 454	59 129
Additions	9 240	1 286	5 083	-	3 034	18 643
Disposals and lease expiry	-	-	-	-	-354	-354
Accumulated cost at 31 December 2024	17 490	8 857	33 818	1 114	16 134	77 418
Additions	3 549	14 913	-	154	391	-
Disposals and lease expiry	-	-	-1 412	-	-	-
Accumulated cost at 31 December 2025	21 039	23 770	32 406	1 268	16 525	95 008
Accumulated depreciation at 31 December 2021	-	3 778	2 371	442	5 954	12 545
Amortization and depreciation	-	615	5 779	161	1 151	7 706
Disposals and lease expiry	-	-	236	-	-486	-250
Accumulated depreciation at 31 December 2022	-	4 393	8 386	603	6 619	20 001
Amortization and depreciation	849	1 178	6 729	145	2 113	11 014
Disposals and lease expiry	-	-	-5 420	-	-	-5 420
Accumulated depreciation at 31 December 2023	849	5 571	9 695	748	8 732	25 595
Amortization and depreciation	3 091	1 204	5932	104	1 794	12 125
Disposals and lease expiry	252	11	1918		1 340	3 521
Accumulated depreciation at 31 December 2024	4 192	6 786	17 545	852	11 866	41 241
Amortization and depreciation	4 497	1 138	5 608	55	1 502	12 800
Disposals, lease expiry and currency adjustments	-585	5	-629	-	-25	-1 234
Accumulated depreciation at 31 December 2025	8 104	7 929	22 524	907	13 343	52 807
Book value at 31 December 2022	-	1 673	26 091	251	4 464	32 479
Book value at 31 December 2023	7 401	2 000	19 040	366	4 722	33 529
Book value at 31 December 2024	13 298	2 071	16 273	262	4 268	36 173
Book value at 31 December 2025	12 935	15 840	9 882	361	3 182	42 201
PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows
	4 years	3 - 5 years	Contract period	3 - 5 years	3 - 5 years

The registry intangible, with a net book value of NOK 12.9 million, is recorded in the Photocure Inc accounts. The right-of-use assets include a net book value of NOK 4.9 million in Photocure Inc and NOK 0.8 million in Photocure GmbH. Machinery and equipment have a net book value of NOK 1.7 million in Photocure Inc and NOK 0.5 million in Photocure GmbH. The remaining assets belong to the parent company.

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Right-of-use assets (Lease)		31-Dec-24				31-Dec-25
(Amounts in NOK 1 000)	Discount rate	Contract value	Expiry	New/increase contracts	Remeasure	Contract value
Right-of-use office contract Norway	3.15 %	14 340			-	14 340
Right-of-use office contract US	3.70 %	12 822			(1 439)	11 383
Right-of-use office contract Germany	1.40 %	1 936			8	1 944
Right-of-use office company car fleet Germany	1.40 %	4 720			19	4 739
Total lease assets		33 818				32 406

The right-of-use assets comprise office lease contracts covered by IFRS 16, including lease contracts for the company car fleet in Germany. The calculation of the lease asset excludes utility services shared by the tenants.The parent company has a 6-year rental agreement for office premises at Hoffsveien 4 in Oslo, starting September 1, 2021, and ending August 31, 2027. The agreement gives Photocure an option to extend the rental period by 4 years. The rent amounts to NOK 2.9 million for the period from January 1, 2026, to December 31, 2026. The rent for the remaining period until the expiry of the agreement amounts to NOK 7.6 million.On December 13, 2021, Photocure Inc signed a lease amendment to move to a new office of 5,212 square feet in Carnegie Center and to extend the lease term by six years, with an expiration date of December 31, 2028. The lease commitment is NOK 11.2 million (USD 1.1 million) at a 3.7% discount rate. The rent commitment for the period from January 1, 2026, to December 31, 2026, is NOK 2.2 million, while the rent for the remaining period until the expiry of the agreement amounts to NOK 8.9 million.Photocure GmbH entered into a new office lease agreement in Düsseldorf from January 1, 2024, ending December 31, 2026. The lease commitment is NOK 1.9 million, and the rent commitment for the period from January 1, 2026, to December 31, 2026, is NOK 0.8 million. The standard lease period for the car fleet in Germany is 36 months. As of December 31, 2025, Photocure GmbH had 10 lease agreements with an average remaining lease term of 18.44 months.

15. SUBSIDIARIES

(Amounts in NOK 1,000)

Company

Country

Ownership

Book value

31-Dec-25

31-Dec-24

31-Dec-25

31-Dec-24

Photocure Inc.

USA

100 %

25 449

22 596

Photocure GmbH

Germany

100 %

3 925

3 388

Photocure SAS

France

100 %

782

641

Photocure Canada Inc.

Canada

100 %

-

Photocure Srl

Italy

100 %

0 %

118

-

Total subsidiaries

30 274

26 626

16. INVENTORIES

(Amounts in NOK 1 000)

Group

Parent

31-Dec-25

31-Dec-24

31-Dec-25

31-Dec-24

Raw materials

4 216

2 022

4 216

2 022

Resale products

6

Semi-finished and finished goods

40 152

37 508

37 141

34 466

Total inventories

44 373

39 536

41 362

36 494

The raw materials inventory consists of active substances for pharmaceutical products. Raw materials are valued at cost. Finished and semi-finished goods are valued at full manufacturing cost. Consumption is accounted for in accordance with the FIFO principle. Obsolete goods are written down to net realizable value. Provisions and write-downs of inventories are included in the cost of goods sold in the income statement.

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Annual Report Photocure – Results 2025

17. FINANCIAL RISK

The note describes the Company’s various financial risks and their management. Additionally, it includes numerical presentations of risks associated with financial risks.

(I) Organization of Financial Risk ManagementPhotocure operates internationally and is exposed to various financial risks, including currency risk, interest rate risk, commodity price risk, liquidity risk, and credit risk. Responsibility for managing these financial risks lies with the company’s management, encompassing financing, interest rate and currency management, as well as risks within business areas and those associated with the company’s business processes. Financial risk is also monitored by the Board of Directors.

Centralized Risk ManagementPhotocure has a centralized finance department that ensures the company’s financial flexibility for both long-term and short-term actions. This department monitors and manages financial risk in collaboration with the individual business units within the company. The finance department maintains communication with the company’s banking partners and executes hedging transactions related to interest and currency when necessary. Required authorizations for borrowing and entering into derivative agreements are granted by the Board of Directors. Any transactions involving financial instruments are supported by an underlying commercial hedging requirement.

Commercial Operations – Production, Sales, and MarketingPhotocure manufactures, markets, and sells its products through its own sales organization in Europe and North America, as well as through license partners in other countries. Revenues from license partners consist of two elements: sales of products to license partners and milestone revenues. Photocure manufactures its products through renowned contract manufacturers in Italy, Spain, the Netherlands, and Austria. The prices of raw materials are a risk factor. Photocure’s commercial operations in North America expose the company to currency risk against USD/CAD, as both revenues and expenses are in USD/CAD. The same applies to commercial operations in Europe, which are mostly in Euros. Currency risks are partly naturally hedged by purchasing goods and services in EUR and USD.

(II) Classes of financial risk

Interest Rate RiskPhotocure has an interest-bearing earnout liability from 2020, with an original interest rate equal to the internal rate of return for the investment project, which has since been adjusted according to changes in interest rate levels. Additionally, Photocure has interest-bearing leasing and pension liabilities. The long-term bank loan, which was settled in 2023, had a floating interest rate, and 90% of the loan was state-guaranteed.

The company’s risk related to interest income is mainly associated with its holdings of cash and cash equivalents. The main strategy is to diversify the risk by investing in money market funds and bond funds with low risk, high liquidity, and short duration. More than 90% of the investments are denominated in NOK and are not hedged.

Liquidity and Funding RiskThe Company monitors its cash flows from both long-term and short-term perspectives through planning and reporting. Photocure does not have any loan agreements that involve covenants or other restrictions. Photocure uses a multi-currency consolidated bank account system that provides flexibility in drawing on multiple currencies. The company may require new capital in the future, and adequate sources of capital funding may not be available when needed or may not be available on favorable terms.

A main objective of Photocure’s financial policy is to ensure that the company has the financial freedom to act both short-term and long-term to achieve strategic and operational goals. Photocure’s policy is to have sufficient funds to cover known capital requirements for the forthcoming 12 months, in addition to maintaining a strategic reserve. Photocure follows a low-risk investment strategy for its liquid funds. The return on these liquid funds depends on the interest rates in the money markets and will therefore vary over time.

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The following table presents an overview of the maturity structure of the Group’s financial obligations, based on non-discounted contractual payments:

		Remaining period
(Amounts in NOK 1 000)	Less than 1 month	1–3 months	3–12 months	1–5 years	Total
31-Dec-25
Accounts payable		29 279	718		29 997
Withholding tax and social securities		2 411			2 411
Other current liabilities		29 218	18 261	25 565	73 044
Loan and lease liabilities		11 268	33 804	103 795	148 867
31-Dec-24
Accounts payable		18 767	676		19 443
Withholding tax and social securities		2 594			2 594
Other current liabilities		30 272	18 920	26 487	75 678
Loan and lease liabilities		11 173	33 519	104 599	149 291

Credit riskManagement of credit risk associated with accounts receivable and other operational receivables is handled as part of the commercial risk and is continuously monitored as part of normal operations. Photocure is primarily exposed to credit risk associated with accounts receivable and other short-term receivables. Photocure’s sales consist of a mix of direct sales to hospitals, pharmacies, and wholesalers in Europe and North America. The credit risk is limited as the customers are hospitals that are either publicly owned or financed by public funds or insurance companies. The same applies to wholesaler customers. Photocure’s credit risk is considered moderate, and the company does not use credit insurance.

Currency risk As NOK is the Company’s presentation currency, Photocure is exposed to translation risk associated with its foreign net exposure. Photocure’s revenues and costs are incurred in different currencies, primarily EUR and USD, exposing the company to exchange rate fluctuations. The company regularly monitors the need for hedging large transactions. Bank accounts in foreign currencies are actively used to reduce exposure to all main currencies, and currency risk is somewhat naturally hedged in EUR and USD, by having both revenues and costs in the same currency. However, in both 2025 and 2024, Photocure had a cash surplus in EUR and a cash deficit in USD. The Company did not enter into any currency hedging contracts during 2025.

The following table shows the Company’s sensitivity to potential changes in the NOK exchange rate, assuming all other factors remain constant. The calculation is based on the same change relative to all relevant currencies. The effect on the income statement arises from changes in the value of monetary items.

(Amounts in NOK 1 000)	Change in the NOK exchange rate	Effect on operating profit/loss
2025	+/- 10 %	+/-10.205
2024	+/- 10 %	+/-12.451
2023	+/- 10 %	+/-15.374

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Annual Report Photocure – Results 2025

18. FAIR VALUE

The table below provides an overview of financial assets recognized in the balance sheet at fair value according to the valuation method. The different levels are defined as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities.Level 2: Valuation techniques using observable inputs other than quoted prices included in Level 1, either directly (i.e., as prices) or indirectly (i.e., derived from prices of equivalent items).Level 3: Valuation techniques using inputs that are not based on observable market data.

(Amounts in NOK 1 000)
Market value hierarchy	Level 1	Level 2	Level 3	Total
Money market funds	197 214			197 214
Earnout liability, ref note 22			(100 083)	(100 083)
Total	197 214	-	(100 083)	97 131

19. RECEIVABLES

The company’s maximum credit risk associated with financial instruments corresponds to gross receivables. In a hypothetical situation where no receivables are actually paid, this would correspond to:

(Amounts in NOK 1 000)	Group		Parent
	31-Dec-25	31-Dec-24	31-Dec-25	31-Dec-24
Accounts receivable	74 919	66 856	41 363	36 486
Accounts receivable intercompany	-	-	32 825	19 696
Total	74 919	66 856	74 188	56 182
Prepaid expenses	19 438	18 367	10 840	11 297
Other receivables and deposits	7 678	5 370	1 011	469
Total other receivables	27 116	23 737	11 851	11 767

Loan to the subsidiary is disclosed in Note 10.

Age breakdown of group accounts receivable	Not yet due	0–30 days	30–60 days	60–90 days	Over 90 days	Total
31 December 2025	21 604	15 653	30 592	2 909	4 161	74 919
31 December 2024	42 760	15 115	3 923	4 722	335	66 856

Photocure’s sales are primarily to hospitals, pharmacies, and wholesalers in Europe and North America.

Photocure has implemented the expected loss model under IFRS 9 for trade receivables. The expected loss as of December 31, 2025, amounts to NOK 1.2 million. Realized bad debt losses in 2024 and 2025 have been immaterial. Credit risk and foreign exchange risk related to trade accounts receivable are discussed in more detail in Note 17.

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20. cash and short term deposits

(Amounts in NOK 1 000)	Group		Parent
	31-Dec-25	31-Dec-24	31-Dec-25	31-Dec-24
Cash and cash equivalents, restricted	4 242	5 018	4 242	5 018
Cash and cash equivalents, non-restricted	37 438	88 323	10 018	53 871
Money market funds, non-restricted	197 214	200 511	197 214	200 511
Total	238 894	293 852	211 474	259 400

Money market funds are considered cash equivalents because they are readily convertible to known amounts of cash and are held for the purpose of meeting short-term cash commitments.

Restricted cash and cash equivalents as of December 31, 2025, include NOK 1.4 million for employees’ withholding tax security, with the remaining amount referring to a deposit for office rent.

21. SHARE CAPITAL

Amounts that are distributed to or contributed by shareholders are included directly in the equity. The Group’s equity is increased in direct relation to the cost of share-based remuneration for employees.

The nominal value of treasury shares is presented in the balance sheet as a negative equity element. The net purchase price is entered as a reduction of other paid-in equity. Profits or losses on transactions in treasury shares are not included in the income statement.

Transaction charges in connection with equity transactions are included directly in equity after deduction for tax. Only transaction charges that are directly attributable to the equity transaction are included directly in equity.

Registered share capital in Photocure ASA amounted to:

	No. of shares	Nominal value per share NOK	Share capital in NOK
Share capital at 31 December 2024	27 120 820	0,50	13 560 410
Share capital at 31 December 2025	27 120 820	0,50	13 560 410
Treasury shares:
Holdings of treasury shares at 31 December 2024	15 122		7 561
Buy-back of treasury shares	500 000	0.50	250 000
Transfer of restricted shares to employee	-974	0.50	-487
Holdings of treasury shares at 31 December 2025	514 148		257 074

All shares have equal rights. Ordinary shares are classified as equity. Expenses that are directly attributable to the issue of ordinary shares are included as a reduction of equity.

At the General Meeting 5 May 2025, the Board of Directors of Photocure ASA was granted authorisation to purchase treasury shares to 2.7 million shares. The basis for this authorisation to purchase treasury shares is the desire by the Board of Directors to increase the liquidity of the Company’s shares and in connection with the incentive schemes.

All authorisations are valid up until the Ordinary General Meeting in 2026. Previously issued authorisations have expired.

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Annual Report Photocure – Results 2025

The table below indicates the status of authorizations at 31 December 2025:

	Purchase, treasury shares
(Figures indicate the number of shares)
Authorisation issued at the General Meeting on 5 May 2025	2 712 082
Purchase of treasury shares after 5 May 2025	-
Remaining under authorisations at 31 December 2025	2 712 082

2 860 513 share options have been allocated to employees 31 December 2025 (see note 6).

Ownership structureThe major shareholders in Photocure as of 31 December 2025 were:

	Shares	Shareholding
Morgan Stanley & Co. LLC	5 495 445	20.3 %
Skandinaviska Enskilda Banken AB	2 000 000	7.4 %
Skandinaviska Enskilda Banken AB	977 932	3.6 %
Nordnet Bank AB	675 587	2.5 %
MP Pensjon PK	618 418	2.3 %
J.P. Morgan SE	557 835	2.1 %
Photocure ASA	514 148	1.9 %
The Bank of New York Mellon SA/NV	510 466	1.9 %
J.P. Morgan SE	500 000	1.8 %
JPMorgan Chase Bank, N.A., London	487 015	1.8 %
Nordnet Livsforsikring AS	468 408	1.7 %
Skandinaviska Enskilda Banken AB	453 122	1.7 %
Verdipapirfondet klpAksjenorge IN	284 546	1.0 %
Skandinaviska Enskilda Banken AB	274 644	1.0 %
Avanza Bank AB	247 864	0.9 %
Vohra	238 398	0.9 %
Verdipapirfondet Storebrand Indeks	206 020	0.8 %
Verdipapirfondet DnbNorge Indeks	205 088	0.8 %
Verdipapirfondet KlpAksjenorge	205 033	0.8 %
Pivot Invest 2 As	204 675	0.8 %
Total of 20 largest shareholders	15 124 644	55.8 %
Treasury shares	514 148	1.9 %
Total other shareholders	11 482 028	42.3 %
Total number of shares	27 120 820	100.0 %

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Shares owned, directly or indirectly, by members of the Board of Directors, the President and CEO and senior management and their closely related associates as of 31 December 2025::**See note 6 for additional information about the share options.

Name	Position	No. of shares	No. of share options**
Daniel Schneider	President & CEO	99 689	577 500
Erik Dahl	Chief Financial Officer	32 750	338 750
Anders Neijber	VP Global Medical Affairs and Clinical Development	-	204 000
Anja Gossens-von der Heidt	Head of Global Human Resources	-	90 000
Geoffrey Coy	VP and General Manager North America	15 207	261 250
Jane Healy	VP & General Manager EMEA	-	140 000
Dylan Hallerberg	Chairperson of the board	150 000	36 390
Ghizlane Tagmouti	Board member	25 000	16 475
Neal Shore	Board member	13 500	20 448

22. LOAN TERMS AND REPAYMENT

(Amounts in NOK 1 000)	Currency	Nominal interest rate	Year of maturity	Loan amount 01.01	Instal-ment and interest	Book value 31-Dec-25	1st year instal-ments
Deferred consideration (Earnout)	NOK/EUR		2030	126 761	-40 580	109 988	9 905
Right-of-use office contract Norway	NOK	3.15 %	2027	7 208	-2 556	4 652	2 646
Right-of-use office contract US	USD	3.70 %	2028	6 002	-2 088	4 879	1 974
Right-of-use office contract Germany	EUR	1.40 %	2026	933	-765	698	698
Right-of-use company car fleet Germany *	EUR	1.40 %	2025	1 340	-824	121	137
Total non-current liabilities				142 244		120 337	15 360

*There are seperate lease agreements for each lease subject

Hexvix sales, marketing, and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen) were acquired by Photocure on October 1, 2020. Under the final agreement, Photocure paid Ipsen EUR 15 million upon transfer on October 1, 2020. Additionally, Ipsen receives a deferred consideration of 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the former Ipsen major markets. The deferred consideration is paid as quarterly earnout payments in EUR after the close of each quarter.The fair value of the deferred consideration is driven by future expected sales and is remeasured on a yearly basis. There was no remeasurement as of December 31, 2025. The remeasurement for 2023 resulted in an increase in fair value of NOK 1.4 million. Photocure has discounted the estimated earnout payments by an IRR aligned with the investment project, adjusted for changes in borrowing interest levels. This IRR is deemed appropriate as a discount rate for the earnout payments since the level of the payments will be subject to the same risk factors as the cash flow prognosis for the acquisition as a whole. Future sales, given performance in 2025 and growth opportunities going forward, are expected to align with forecasts prepared in connection with the transaction.Photocure has remeasured the earnout liability in NOK and based the forecasted cash flow on a fixed exchange rate of EUR/NOK 11.8, compared to an exchange rate of 11.7 in the prior year’s remeasurement.The agreement with Ipsen established a floor revenue for the earnout from 2022 to the end of the forecast period, with no upper cap on revenue. The total undiscounted amount of the earnout may range from NOK 129 million to NOK 207 million, depending on revenue and the development of the exchange rate between EUR and NOK. In the sensitivity analysis, revenue has been varied within a range of -25% to +25% compared to the base case. Based on this analysis, the corresponding net present value of the liability may decrease or increase by approximately NOK 25 million.

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Annual Report Photocure – Results 2025

The disclosures in this note cover both the Group and the Parent Company. The earn-out liability, financial loan and the Oslo office lease are accounted for in the Parent Company

Group & Parent

	Earnout liability	Financial loan bank	Office Lease Oslo	Office Lease Princeton, US	Office and car Lease Germany	Total
Accumulated 31 December 2022	142 709	12 500	11 433	9 592	6 013	182 247
Proceeds from loans and borrowing					1 023	1 023
Loan repayment and earnout instalments	-8 940	-12 500				-21 440
Payment of lease liabilities			-2 427	-1 360	-2 794	-6 581
Total changes from financing	-8 940	-12 500	-2 427	-1 360	-1 771	-26 998
Remeasurerd liability	2 472		758	-1	631	3 860
Terminated lease liability					-3 282	-3 282
New lease liability						-
Interest expense	25 424	209	332	273	99	26 336
Interest paid	-25 581	-209	-332	-273	-99	-26 493
Total liability related changes	2 315	-	758	-1	-2 651	421
Accumulated 31 December 2023	136 084	-	9 764	8 231	1 591	155 670
1th year instalments	-8 404	-	-2 889	-1 745	-980	-14 017
Accumulated 31 December 2023	136 084	-	9 764	8 231	1 591	155 670
Proceeds from loans and borrowing					2 284	2 284
Loan repayment and earnout instalments	-10 554					-10 554
Payment of lease liabilities			-2 556	-1 733	-1 650	-5 939
Total changes from financing	-10 554	-	-2 556	-1 733	634	-14 209
Remeasurerd liability	537			829	48	1 414
Terminated lease liability						-
Interest expense	27 292	-	308	278	157	28 035
Interest paid	-26 580	-	-308	-278	-157	-27 323
Total liability related changes	1 249	-	-	829	48	2 126
Accumulated 31 December 2024	126 779	-	7 208	7 327	2 273	143 587
1th year instalments	-9 636	-	-2 631	-1 795	-1 722	-15 784
Accumulated 31 December 2024	126 779	-	7 208	7 327	2 273	143 587
Proceeds from loans and borrowing	-16 006					-16 006
Loan repayment and earnout instalments						-
Payment of lease liabilities			-2 556	-2 088	-1 589	-6 233
Total changes from financing	-16 006	-	-2 556	-2 088	-1 589	-22 239
Remeasurerd liability	-209			-361	135	-435
Terminated lease liability						-
Interest expense	23 997	-	308	268	97	24 671
Interest paid	-24 574	-	-308	-268	-97	-25 247
Total liability related changes	-786	-	-	-361	135	-1 012
Accumulated 31 December 2025	109 987	-	4 652	4 878	819	120 337
1th year instalments	-9 905	-	-2 631	-1 974	-1 722	-16 232

69

23. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

(Amounts in NOK 1 000)	Group		Parent
	31-Dec-25	31-Dec-24	31-Dec-25	31-Dec-24
Accounts payable	29 997	19 443	24 990	15 299
Accounts payable intercompany	-	-	90 664	50 463
Total	29 997	19 443	115 654	65 762
Accrued bonus, holiday pay, salaries	43 927	44 184	22 699	21 665
Short-term payable, intercompany	-	-	-	6 402
Miscellaneous other accrued costs	19 212	21 861	10 856	8 035
Total other current liabilities	63 139	66 045	33 555	36 102

The incurred earnout liability is for net sales in the last quarter. Accrued bonus, holiday pay, and salaries include accruals for the estimated annual bonus as of December 31, 2025. The final annual bonus for the Group will be decided by the Board of Directors.

24. SUBSEQUENT EVENTS

In February 2026, the marketing authorization application (MAA) for Cevira was accepted for review by the European Medicines Agency (EMA). In March 2026, Asieris received the Drug Registration Certificate from China’s National Medical Products Administration (NMPA), enabling commercial launch in China. The company has also reached an agreement with the U.S. FDA on the design of a separate Phase III trial to support Cevira’s potential U.S. approval.

There are no other subsequent events after December 31, 2025, that had any material impact on the Financial Statements.