Financial performance

Comparative numbers for Gentian in 2025 in ().

Revenue, geographic split and product split

Sales revenue increased by 22% to NOK 51.1 million in Q3 2026 (NOK 41.8 million), with currency neutral organic revenue growth of 30%. Year-to-date sales reached NOK 144.8 million (NOK 129.9 million), representing currency neutral organic revenue growth of 17% compared with the same period last year.

Revenue from the US market was NOK 13.3 million for Q3 2026 (NOK 10.8 million), up 23% compared to Q3 2025, while year-to-date revenue reached NOK 32.3 million (NOK 21.7 million). Europe recorded revenue growth of 24% in Q3 2026, reaching NOK 33.3 million (NOK 26.8 million), with year-to-date revenue of NOK 96.4 million (NOK 84.0 million). Sales to Asia amounted to NOK 4.5 million (NOK 4.2 million) in Q3 2026, an increase of 6% compared to Q3 2025, while year-to-date revenue was NOK 16.1 million (NOK 24.1 million).

Geographic split
NOK million	Q3'26	Q3'25	YTD Q3'26	YTD Q3'25	2025
US	13.3	10.8	32.3	21.7	29.4
Europe	33.3	26.8	96.4	84.0	114.2
Asia	4.5	4.2	16.1	24.1	32.9
Total	51.1	41.8	144.8	129.9	176.5

The sales of Cystatin C increased by 19% to NOK 18.5 million (NOK 15.5 million) in Q3 2026, while year-to-date sales were NOK 50.2 million (NOK 50.6 million). fCAL turbo sales increased by 23% to NOK 19.5 million (NOK 15.9 million) in the quarter, with year-to-date sales reaching NOK 53.1 million (NOK 43.5 million), remaining the strongest growth driver year-to-date with a growth of 22%. Sales of third-party products distributed by the Swedish subsidiary, Gentian Diagnostics AB (GAB), increased by 72% to NOK 5.8 million (NOK 3.4 million) in Q3 2026, while year-to-date sales amounted to NOK 16.6 million (NOK 14.9 million), up 12% compared to the same period last year. The sales of other products were NOK 7.2 million (NOK 7.0 million) in the quarter. For the first nine months of 2026, sales amounted to NOK 24.8 million (NOK 21.0 million) including NOK 2.8 million in development revenue from a project partner from Q1 2026.

NOK million	Q3'26	Q3'25	YTD Q3'26	YTD Q3'25	2025
		Product split
Cystatin C	18.5	15.5	50.2	50.6	67.0
fCAL turbo	19.5	15.9	53.1	43.5	60.6
Third party products	5.8	3.4	16.6	14.9	21.2
Other	7.2	7.0	24.8	21.0	27.7
Total	51.1	41.8	144.8	129.9	176.5

Approximately 83% (67%) of the sales revenue in the quarter came from long-term contracts with established customers.

Gross margin

Gross margin in Q3 2026 was 61% (56%) of sales revenue. Gross margin YTD 2026 was 56% (55%). The gross margin for the quarter was positively influenced by above average operational performance which has resulted in higher production yields. A favourable geographical sales mix has also contributed to the improved gross margin.

Gentian maintains its ambition that over time, the gross margin should be in the 55%-60% range.

Operating expenses

Net operating expenses, excluding cost of goods sold, amounted to NOK 21.8 million (NOK 18.4 million) in Q3 2026 and NOK 95.3 million (NOK 56.7 million) for the first nine months of 2026, including an impairment related to NT-proBNP of NOK 30.2 million recognised in Q1 2026. The impairment reflects the discontinuation of the NT-proBNP project following a strategic portfolio review, including updated information indicating that the project is no longer considered technologically feasible. The impairment is a non-cash accounting charge and does not impact on the company’s cash position. It should be viewed in the context of the company’s active portfolio management and ongoing prioritisation of development resources.

R&D expenses amounted to NOK 8.4 million (NOK 6.1 million) in Q3 2026 and NOK 56.0 million (NOK 17.8 million) YTD 2026. R&D expenses are related to both technical and clinical data generation for our existing products and pipeline development of new products. In Q3 2026 expenses for technical and clinical support amounted to NOK 2.5 million (NOK 2.9 million) while NOK 5.9 million (NOK 4.5 million) was related to pipeline development. No amounts (NOK 1.3 million) were capitalised in the quarter. For the first nine months of 2026, technical and clinical support expenses amounted to NOK 7.1 million (NOK 7.3 million), and NOK 48.9 million (NOK 16.0 million) was related to pipeline development and the impairment of NT-proBNP. No amounts were capitalised year-to-date (NOK 5.5 million).

Earnings

Operating profit before depreciation and amortization (EBITDA) ended at NOK 13.6 million (NOK 8.4 million) in Q3 2026 and NOK 26.7 million (NOK 24.1 million) year-to-date. Net profit was NOK 7.3 million (NOK 4.0 million) for the quarter and a net loss of NOK -8.5 million (net profit NOK 9.8 million) for the first nine months.

Balance sheet

Cash and cash equivalents as of 30 September 2026 were NOK 91.4 million (NOK 86.6 million). The cash is placed in both savings accounts and current accounts.

The Company paid NOK 9.3 million (NOK 6.2 million) in dividends in May.

Trade receivables as of 30 September 2026 were NOK 31.6 million (NOK 18.0 million), and inventory NOK 52.5 million (NOK 52.4 million).

The equity ratio was 81.4% as of 30 September 2026.

Events after the balance sheet date

There are no events after the balance sheet date.

Statement of Profit and Loss – Gentian Diagnostics Group (unaudited)

	Note	2026	2025	2026	2025	2025
(Amounts in NOK 1000)		Q3	Q3	01.01-30.09	01.01-30.09	01.01-31.12
Sales revenues	3	51 070	41 835	144 759	129 907	176 499
Cost of goods sold	4,7	-20 079	-18 394	-63 152	-58 746	-78 300
Gross profit		30 991	23 441	81 607	71 161	98 199
Other income	5,6	2 191	1 055	3 398	2 829	4 750
R&D expenses	7,8	-8 371	-6 057	-56 012	-17 836	-23 164
Sales and marketing expenses	7	-7 620	-7 274	-21 632	-20 713	-29 042
Administrative expenses	7	-5 816	-5 033	-17 606	-18 139	-25 292
Operating profit		11 375	6 133	-10 246	17 302	25 452
Finance income		-119	1 450	3 772	3 103	5 431
Finance cost		-1 735	-1 301	-4 955	-4 390	-5 216
Net financial items		-1 853	149	-1 183	-1 287	214
Profit (loss) before tax		9 521	6 282	-11 429	16 015	25 666
Tax expense		-2 176	-2 284	2 902	-6 226	-12 410
Net profit (loss)		7 346	3 998	-8 527	9 788	13 256
Other comprehensive income
Items that will or may be reclassified to profit or loss:
Exchange differences		605	107	539	1 271	507
Total other comprehensive income		605	107	539	1 271	507
Total comprehensive income for the period		7 951	4 105	-7 988	11 059	13 763
Earnings per share
Basic EPS from net profit/(loss)	12	0.48	0.26	-0.55	0.63	0.86
Diluted EPS from net profit/(loss)	12	0.48	0.26	-0.55	0.63	0.86

Statement of Financial Position – Gentian Diagnostics Group (unaudited)

	Note	2026	2025	2025
(Amounts in NOK 1000)		30.09.	30.09.	31.12.
Assets
Non-current assets
Intangible assets	9	4 005	32 293	35 833
Property, plant and equipment		4 454	4 358	4 417
Right-of-use assets		18 878	5 024	21 129
Deferred tax assets	14	15 721	19 003	12 819
Total non-current assets		43 058	60 678	74 198
Current assets
Inventory		52 484	52 412	54 142
Accounts receivables and other receivables		47 434	32 959	24 270
Cash and cash equivalents		91 382	86 632	105 929
Total current assets		191 300	172 003	184 341
Total assets		234 358	232 681	258 539
Equity and liabilities
Paid-in equity
Share capital	11	1 546	1 542	1 542
Share premium		294 988	293 810	293 810
Other paid-in equity		26 206	23 987	24 221
Total paid-in equity		322 740	319 339	319 573
Retained earnings
Retained earnings		-131 879	-117 320	-114 616
Total retained equity		-131 879	-117 320	-114 616
Total equity		190 861	202 019	204 957
Liabilities
Lease liabilities	10	15 921	1 912	19 442
Total non-current liabilities		15 921	1 912	19 442
Current liabilities
Accounts payable and other current liabilities		27 575	28 750	34 140
Total current liabilities		27 575	28 750	34 140
Total liabilities		43 496	30 662	53 582
Total equity and liabilities		234 358	232 681	258 539

Statement of changes in equity (unaudited)

	Share capital	Share premium	Other paid-in capital	Retained earnings	Translation differences	Total equity
(Amounts in NOK 1000)
Equity at 01.01.2026	1 542	293 810	24 221	-114 233	-383	204 957
Net result for the year				-8 527		-8 527
Dividend				-9 275		-9 275
Share-based payments (option programme)			1 690			1 690
Share-based payments (ESPP)			295			295
Issue of shares under ESPP	4	1 178				1 182
Other comprehensive income					539	539
Equity at 30.09.2026	1 546	294 988	26 206	-132 036	157	190 861

	Share capital	Share premium	Other paid-in capital	Retained earnings	Translation differences	Total equity
(Amounts in NOK 1000)
Equity at 01.01.2025	1 542	293 810	20 907	-121 321	-890	194 050
Net result for the year				9 788		9 788
Dividend				-6 169		-6 169
Share-based payments (option programme)			3 079			3 079
Other comprehensive income					1 271	1 271
Equity at 30.09.2025	1 542	293 810	23 987	-117 701	381	202 019

	Share capital	Share premium	Other paid-in capital	Retained earnings	Translation differences	Total equity
(Amounts in NOK 1000)
Equity at 01.01.2025	1 542	293 810	20 907	-121 321	-890	194 050
Net result for the year				13 256		13 256
Dividend				-6 169		-6 169
Share-based payments (option programme)			3 313			3 313
Other comprehensive income					507	507
Equity at 31.12.2025	1 542	293 810	24 221	-114 233	-383	204 957

Cash Flow Statement (unaudited)

(Amounts in NOK 1000)	Q3	Q3	01.01-30.09	01.01-30.09	01.01-31.12
	2026	2025	2026	2025	2025
Operating activities
Profit (loss) before tax	9 521	6 282	-11 429	16 015	25 666
Depreciation and amortisation	2 235	2 245	6 693	6 774	9 115
Impairment	-	-	30 242	-	-
Change inventory	1 008	-758	1 659	-6 469	-8 200
Change accounts receivables	-36	6 394	-17 794	5 264	9 501
Change accounts payables	2 000	-1 733	4 418	-1 144	-4 094
Share-based payments (option programme)	213	459	1 690	3 079	3 313
Share-based payments (ESPP)	-	-	295	-	-
Change in other assets and liabilities	-84	-3 951	-16 709	-7 060	7 288
Net cash flow from operating activities	14 857	8 938	-933	16 459	42 590
Investing activities
Payments of property, plant and equipment	-2 175	-84	-2 266	-375	-1 207
Investment in intangible assets	-	-1 318	-	-5 483	-9 552
Net cash flow from investing activities	-2 175	-1 402	-2 266	-5 858	-10 759
Financing activities
Lease payments	-1 253	-1 260	-3 813	-3 797	-4 962
Dividends paid	-	-	-9 275	-6 169	-6 169
Issue of shares under ESPP	-	-	1 182	-	-
Net cash flow from financing activities	-1 253	-1 260	-11 906	-9 966	-11 131
Net change in cash and cash equivalent	11 430	6 276	-15 105	635	20 700
Cash and cash equivalents at beginning of period	79 341	80 249	105 929	84 738	84 738
Effect of currency translation of cash and cash equivalents	612	107	558	1 259	491
Net Cash and cash equivalents at period end	91 382	86 632	91 382	86 632	105 929

Q3Third quarter 2026 results