Gubra A/S

“Key personnel risk Risk description Gubra’s ability to compete in its industry, which is highly competitive, depends upon its ability to attract and retain highly qualified managerial, scientific, medical and other personnel. Some of Gubra’s competitors, with whom we compete for qualified personnel, have greater financial and other resources, different risk profiles, and longer histories in the industry than Gubra does.”

Annual report 2025A · The company itself

“Quality in the performance of CRO services Risk description The performance of pre-clinical CRO services is highly complex, expensive, specialized and time-consuming. Gubra may risk not performing according to its high standard, which could negatively impact or obviate the usefulness of the research or cause the results to be reported improperly or Gubra could be subject to customer claims.”

Annual report 2025A · The company itself

“The key to success is our highly skilled employees. We attract and retain our employees through various initiatives including long-term incentive programs to employees at all levels, allowing scientists to work on and publish cutting edge science, actively promoting employees to participate in the company’s green agenda projects and so forth.”

Annual report 2025A · The company itself

“Management and the Board are fully aligned behind an ambitious agenda to accelerate growth, scale our capabilities, and realize the company’s longterm potential. Our priorities are clear: Strengthen our internal pipeline and clinical development capabilities Expand our therapeutic footprint beyond obesity Continue to deliver world-class, specialized preclinical CRO services Drive innovation across our technology platforms Establish Gubra Ventures to amplify value creation Uphold sustainability as a fundamental part of who we are To our colleagues, partners, and shareholders: thank you for your trust, collaboration, and continued belief in Gubra’s mission.”

Annual report 2025A · The company itself

“Preparations are well underway to initiate a first-in-human Phase 1 study in H1 2026, aligned with our ambition of building multiple fully owned clinical programs. Partnered Programs — Expansion and Momentum At the end of 2025, Gubra and Camurus initiated a research collaboration to develop an extended-release therapy for hypoparathyroidism.”

Annual report 2025A · The company itself

“Beyond Obesity — Building the Next Flagship Areas We strengthened our position in therapeutic areas beyond obesity, including continued progress in women’s health, where we are developing advanced translational models to support future programs. Our broader ambition is to expand the clinical pipeline and establish one to two additional flagship therapeutic areas by 2030, while advancing leadership in non-classical peptides, tissue targeting, and dosing flexibility.”

Annual report 2025A · The company itself

“The partnerships demonstrate the breadth of our peptide innovation capabilities and the confidence partners place in Gubra’s ability to develop differentiated molecules. Gubra’s partnering strategy focuses on advancing differentiated peptide assets to key value inflecting milestones after which we partner our assets for further development and commercialization.”

Annual report 2025A · The company itself

“Moving forward, we will apply the deep peptide expertise we’ve built across a much broader spectrum of diseases to expand and diversify our pipeline.””

Annual report 2025A · The company itself

“Some opportunities are best advanced in Gubra Biotech, while others benefit from the focus, speed, and optionality that dedicated venture structures provide. A venture could encompass: Novel modalities in therapeutic areas where Gubra has deep expertise High value therapeutic areas leveraging modalities aligned with Gubra’s strengths, i.e. peptides High-potential science with clear translational hypotheses How will Ventures accelerate value?”

Annual report 2025A · The company itself

“About Gubra Gubra Biotech 1 Peptide-based drug discovery to clinical PoC Disease-agnostic AI-driven drug discovery platform positioning us to expand into new indications Gubra CRO World-class preclinical services Deep scientific expertise combined with AI and automation Gubra Ventures 2 Lean, asset-centric spin-outs Controlled entitities with operational autonomy Gubra’s shares have been listed on NASDAQ Copenhagen since 2023 with ticker code GUBRA. Gubra Biotech Our value driver Gubra Ventures Our value accelerator Gubra CRO Our value enabler Gubra Green At our core lies Gubra’s commitment to society.”

Annual report 2025A · The company itself

“Gubra Biotech — our value driver Gubra Biotech (formerly named D&P) is the cornerstone of our growth strategy, focused on advancing our own investigational drugs through key development milestones. Gubra is a global leader in peptide therapeutics with a proven, AI-enabled peptide discovery engine - StreaMLine - which enables rapid progress from hit to development candidate in under 1.5 years.”

Annual report 2025A · The company itself

“We employ a combination of unique techniques to profile drug candidates in a wide array of clinically translatable research models. A true differentiator in preclinical research Gubra’s proprietary 3D imaging pipeline integrates robotics and AI to process hundreds of organs in parallel, offering unmatched throughput and analytical depth. Our technology combines in vivo pharmacology, whole-organ clearing, and high-resolution imaging in an automated workflow and is perfectly suited for preclinical research within a diverse range of disease areas, including women’s health, neurodegeneration, and obesity.”

Annual report 2025A · The company itself

“Preclinical models We can handle complex animal models on a large scale and have established in vivo models for PCOS and POI. Advanced imaging & analytics We provide key endpoints for PCOS and POI, including 3D ovary imaging, estrous cycle evaluation, and detailed follicle staging.”

Annual report 2025A · The company itself

“Gubra is the ideal partner for pharma and biotech companies seeking reliable, data-driven solutions.”

Annual report 2025A · The company itself

“Importantly, having our own CRO unit signifiprograms in more therapeutic areas than ever before. Its rapid design-build-test cycle reinforces our fundamental belief: innovation in therapeutics increasingly depends on innovation in technology.”

Annual report 2025A · The company itself

“Our newly established TechBio Lab is already delivering impact. Designed as a hub for bold experimentation, it brings together interdisciplinary teams with the aim to mature innovative technologies through a culture of creativity, experimentation, and collaboration.”

Annual report 2025A · The company itself

“Technology as our engine Technology remains at the heart of Gubra. With our proprietary AI-driven StreaMLine platform and advanced 3D imaging and automation capabilities, we have created an integrated engine that accelerates therapeutic discovery across disease areas.”

Annual report 2025A · The company itself

“At the heart of this effort lies StreaMLine, our proprietary disease-agnostic AI-powered discovery platform, which enables rapid optimisation of peptide-based candidates and accelerates progression from target identification to preclinical validation. Our disease-agnostic approach allows us to expand beyond obesity and metabolic disorders into other high-impact indications.”

Annual report 2025A · The company itself

“In vitro multi-parameter optimization Comprehensive high-throughput a wet-lab screening of crude peptides, combined with explainable AI , tracks how sequence modifications affect pharmacological and physicochemical properties. By evaluating up to 4,000 peptides per month , Gubra’s automated workflows enable parallel optimization of drug properties.”

Annual report 2025A · The company itself

“Operations are built on automation, digitalization, and AI-driven processes, ensuring efficiency and reproducibility. As a preferred partner for complex preclinical studies, we offer end-to-end solutions that accelerate drug discovery and create measurable value for our clients.”

Annual report 2025A · The company itself

“Gubra is a global leader in peptide therapeutics with a proven, AI-enabled peptide discovery engine - StreaMLine - which enables rapid progress from hit to development candidate in under 1.5 years.”

Annual report 2025A · The company itself

“Innovative diseaseagnostic techbio platform Tech is at the heart of our business. With our proprietary AI-driven peptide discovery engine StreaMLine and advanced 3D imaging and automation technologies, we have an integrated approach that accelerates drug discovery across disease areas.”

Annual report 2025A · The company itself

“2D & 3D Histology with AI Pathology State-of-the-art, automated, quantitative whole-organ 3D imaging. AI-based, clinically derived histopathology scoring designed for scale and speed.”

Annual report 2025A · The company itself

“In 2025, share prices for companies working within obesity were affected by changes in stock market sentiment.”

Annual report 2025A · The company itself

“R&D pipeline — mega programs as value drivers Our deep domain expertise enables us to deliver differentiated obesity assets with significant value potential, including ABBV-295 (Amylin; out-licensed to AbbVie), BI 3034701 (triple agonist, out-licensed to Boehringer Ingelheim), and GUB-UCN2 (Urocortin-2 analog; internal program).”

Annual report 2025A · The company itself

“UCN2 — Advancing Toward First-in-Human Studies UCN2 is being advanced as a next-generation CRHR2-selective therapy delivering high-quality weight loss. It is purpose-engineered to reduce fat mass while preserving — or potentially increasing — lean mass.”

Annual report 2025A · The company itself

“Emerging therapies focus increasingly on High quality weight loss by targeting pathways that protect muscle while reducing fat mass. GUB-UCN2 builds on a novel mechanism and is designed to deliver a healthier, more sustainable weight loss outcome by improving body composition.”

Annual report 2025A · The company itself

“In early 2026, Amylyx selected the development candidate with IND submission planned for 2027.”

Annual report 2025A · The company itself

“Amylyx has announced the selection of AMX0318, a long-acting glucagon-like peptide-1 (GLP-1) receptor antagonist, as a development candidate for post-bariatric hypoglycemia (PBH) and other rare diseases. Beyond Obesity — Building the Next Flagship Areas We strengthened our position in therapeutic areas beyond obesity, including continued progress in women’s health, where we are developing advanced translational models to support future programs.”

Annual report 2025A · The company itself

“Pipeline of nextgeneration assets We have built a high-quality, differentiated pipeline. A key asset is GUB-UCN2 with a novel mechanism of action aimed at high quality weight loss with first-in-human planned for H1 2026.”

Annual report 2025A · The company itself

“Our technology combines in vivo pharmacology, whole-organ clearing, and high-resolution imaging in an automated workflow and is perfectly suited for preclinical research within a diverse range of disease areas, including women’s health, neurodegeneration, and obesity.”

Annual report 2025A · The company itself

“The significant increase of 892% was driven by recognition of the DKK 2.4 billion (USD 350 million) upfront payment in the out-licensing agreement to AbbVie for our long-acting amylin analog ABBV-295 (Amylin). Biotech segment In 2025, revenue from the Biotech segment amounted to DKK 2,444 million, mainly due to the AbbVie-deal compared to revenue of DKK 46 million in 2024.”

Annual report 2025A · The company itself

“Importantly, having our own CRO unit signifiprograms in more therapeutic areas than ever before. Its rapid design-build-test cycle reinforces our fundamental belief: innovation in therapeutics increasingly depends on innovation in technology.”

Annual report 2025A · The company itself

“Technology as our engine Technology remains at the heart of Gubra. With our proprietary AI-driven StreaMLine platform and advanced 3D imaging and automation capabilities, we have created an integrated engine that accelerates therapeutic discovery across disease areas.”

Annual report 2025A · The company itself

“With the new facilities, Gubra will increase its total laboratory and office space by 70% to nearly 10,000 m². This expansion is a key enabler of our ambitious long-term growth strategy, allowing us to double our internal discovery output, accelerate the generation of more drug development candidates, and continue scaling our CRO business.”

Annual report 2025A · The company itself

“In vitro multi-parameter optimization Comprehensive high-throughput a wet-lab screening of crude peptides, combined with explainable AI , tracks how sequence modifications affect pharmacological and physicochemical properties. By evaluating up to 4,000 peptides per month , Gubra’s automated workflows enable parallel optimization of drug properties.”

Annual report 2025A · The company itself

“Operations are built on automation, digitalization, and AI-driven processes, ensuring efficiency and reproducibility. As a preferred partner for complex preclinical studies, we offer end-to-end solutions that accelerate drug discovery and create measurable value for our clients.”

Annual report 2025A · The company itself

“2D & 3D Histology with AI Pathology State-of-the-art, automated, quantitative whole-organ 3D imaging. AI-based, clinically derived histopathology scoring designed for scale and speed.”

Annual report 2025A · The company itself

“A true differentiator in preclinical research Gubra’s proprietary 3D imaging pipeline integrates robotics and AI to process hundreds of organs in parallel, offering unmatched throughput and analytical depth.”

Annual report 2025A · The company itself

“Management and the Board are fully aligned behind an ambitious agenda to accelerate growth, scale our capabilities, and realize the company’s longterm potential. Our priorities are clear: Strengthen our internal pipeline and clinical development capabilities Expand our therapeutic footprint beyond obesity Continue to deliver world-class, specialized preclinical CRO services Drive innovation across our technology platforms Establish Gubra Ventures to amplify value creation Uphold sustainability as a fundamental part of who we are To our colleagues, partners, and shareholders: thank you for your trust, collaboration, and continued belief in Gubra’s mission.”

Annual report 2025A · The company itself

“Gubra CRO — our value enabler Gubra’s CRO business is our value enabler, delivering highly specialized preclinical services to pharma and biotech customers worldwide. We help customers make fast, data-driven decisions by combining deep scientific expertise with advanced technologies.”

Annual report 2025A · The company itself

“We enable customers to make fast, data-driven decisions by combining deep scientific expertise with advanced technologies. Our capabilities span a comprehensive catalogue of translational disease models and cutting-edge platforms in areas such as metabolic, fibrotic, and CNS disorders.”

Annual report 2025A · The company itself

“A collaboration was initiated in December 2025 to combine Gubra’s PTH analog with Camurus’ FluidCrystal ® technology to develop a long-acting therapy for hypoparathyroidism. GLP-1R antagonist: In our collaboration with Amylyx Pharmaceuticals, Gubra has developed a GLP-1 receptor antagonist for post-bariatric hypoglycemia and other rare diseases, underscoring the versatility of StreaMLine.”

Annual report 2025A · The company itself

“Partnered Programs — Expansion and Momentum At the end of 2025, Gubra and Camurus initiated a research collaboration to develop an extended-release therapy for hypoparathyroidism. This program combines Gubra’s long-acting preclinical PTH analog, discovered using StreaMLine, with Camurus’ FluidCrystal ® drug delivery technology, to enable extended, patient-friendly dosing.”

Annual report 2025A · The company itself

“Building on a record year, we move forward with confidence, together shaping the next chapter of Gubra’s growth and impact. self-sufficient in electricity with the inauguration of our first solar power plant — a milestone that positions Gubra at the forefront of the biotech sector’s green transition.”

Annual report 2025A · The company itself

“2MW / 2MWh Solar power and battery storage In 2025, we built a combined solar and battery park in Denmark, adding 2MW renewable capacity and providing balancing services to the Danish electricity grid. The park can deliver nearly double the electricity needed to power Gubra’s annual operations.”

Annual report 2025A · The company itself

“Estimated long-term CO₂e stock Our 54-hectare nature project in Løkkeby on the Danish island of Langeland has been growing since 2021. So far, the young forest has sequestered 342 tCO₂e. When the forest reaches 85 years, it is expected to hold a stable long-term CO₂e stock of around 12,591 tCO₂e, at any given time.”

Annual report 2025A · The company itself

“Our 3D imaging: Whole-brain imaging to map neuronal activation, drug biodistribution, and target engagement Whole-ovary imaging at cellular resolution for key endpoints in drug efficacy, mode of action and toxicology studies Drug distribution Oocytes Alzheimer plaques AI-detected oocytes Driving innovation in women’s health Women’s health is characterized by high unmet medical need and growing investment interest.”

Annual report 2025A · The company itself

“We bring extensive experience in obesity and metabolic disorders; conditions associated with female reproductive health. Our ability to model complex endocrine and metabolic interactions enables robust studies in PCOS and primary ovarian insufficiency (POI).”

Annual report 2025A · The company itself

“Gubra is the first listed company to commit 10% of annual pre-tax profits to initiatives advancing a net-zero and nature-positive future, extending our impact well beyond our footprint.”

Annual report 2025A · The company itself

“Alongside internal innovation, we selectively pursue in-licensing opportunities to strengthen and diversify our pipeline. Gubra is committed to driving projects forward internally to reach critical value inflection points before engaging in strategic partnerships, maximising the potential of our assets and positioning us to capture greater upside from our R&D and business development activities.”

Annual report 2025A · The company itself

“The CRO business has grown organically by almost 70% since 2022. In 2025, we saw a modest revenue decline, driven by macroeconomic headwinds and constrained funding environments for small biotech companies, resulting in longer decision cycles.”

Annual report 2025A · The company itself

“In 2025, we saw a modest revenue decline, driven by macroeconomic headwinds and constrained funding environments for small biotech companies, resulting in longer decision cycles. Encouragingly, we now see signs of improvement in the order pipeline.”

Annual report 2025A · The company itself

“The decline was mainly due to macroeconomic headwinds, including challenging funding conditions for small biotech companies. As a result, customer decision-making on ordering studies has taken longer than expected.”

Annual report 2025A · The company itself

“This to securely and reliably conducts its CRO services and for Biotech to utilise the streaMLine platform for identification of peptide-based drug discovery for partnering.”

Annual report 2025A · The company itself

“Risk factors explained Risk and dependence on IT-systems Risk description Gubra depends heavily on the efficient and uninterrupted operation of its IT systems, including its computer systems, software, data centres and servers.”

Annual report 2025A · The company itself

“The CRO business has grown organically by almost 70% since 2022. In 2025, we saw a modest revenue decline, driven by macroeconomic headwinds and constrained funding environments for small biotech companies, resulting in longer decision cycles.”

Annual report 2025A · The company itself

“Demand for CRO services Risk description The demand for Gubra's CRO services is influenced by customers' willingness and ability to initiate contract research, which can be impacted by economic factors and industry trends. In particular, changes in different therapeutic areas can alter the demand for Gubra’s CRO services in that disease area. In terms of overall macroeconomic sensitivity, the pharma industry is in general less susceptible to economic cycles, but funding environment for especially small biotech companies can at times be subdued and reduce or delay their ability to fund purchase of CRO services.”

Annual report 2025A · The company itself

“Gubra equity story An investment in Gubra is an investment in: outlook and guidance Key guidance items 2026 outlook Mid-term guidance Results 2025 Biotech Segment Revenue* DKK 2,444 million Total costs** DKK 330-360 million DKK 251 million CRO Segment Revenue 5-15% growth 10% annual growth DKK 193 million EBIT-margin 20-25% 15% Gubra Ventures EBIT DKK -5 to -10 million n/a Gubra Green EBIT DKK -5 to -10 million DKK -1 million * 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 From 1 January 2026, Gubra has changed how it organises the company with 4 distinct business units.”

Annual report 2025A · The company itself