Q3Third quarter 2026 results

Gentian Diagnostics ASA is registered in Norway and listed on the Euronext Oslo Børs. The company's headquarters are located at Bjørnåsveien 5, 1596 Moss, Norway. Gentian is a research and development-based company that develops and manufactures biochemical reagents for use in medical diagnostics and research. The customers are medical laboratories and universities worldwide. The group consists of the parent company Gentian Diagnostics ASA and the subsidiary Gentian AS, also located in Norway.

In addition, Gentian AS has a wholly owned subsidiary, registered in Florida, USA, named Gentian USA Inc., and a wholly owned subsidiary in Sweden, Gentian Diagnostics AB. Gentian Diagnostics AB also has a wholly owned subsidiary in Sweden, Getica AB.

Amounts are in thousand Norwegian kroner unless stated otherwise.

The accounting policies applied in the preparation of the consolidated interim financial statements are consistent with those applied in the preparation of the annual IFRS financial statements for the year ended 31 December 2025.

The group’s presentation currency is NOK (Norwegian kroner). This is also the parent company’s functional currency. The company uses currency rates published by the central bank of Norway (Norges Bank).

In some cases, Gentian is eligible for tax deductions under the Norwegian SkatteFUNN scheme related to research and development activities. In addition, the company may from time to time receive other grants from national and international programs.

SkatteFUNN is recognised in accordance with IAS 20 as a government grant. Grants related to capitalised development projects are recognised as a reduction of capitalised development costs, while grants related to other projects are recognised in profit or loss as other income.

Costs related to R&D projects consist of salary, external procurement of services, and other operating expenses. Development costs are capitalised when the recognition criteria in IAS 38 are met. The R&D department is also responsible for application validation.

As of 30 September 2026, the recognised intangible assets in the group amounts to NOK 4 million and relate to capitalised development costs for diagnostic products. Development costs are capitalised when the criteria in IAS 38 are met, including demonstration of technological feasibility and probable future economic benefits.

Intangible assets are tested for impairment at least annually, or when indications of impairment are identified, in accordance with IAS 36. The impairment test is performed at product level, representing the lowest level at which independent cash inflows can be identified. The recoverable amount is determined based on value in use using discounted cash flow models. The valuation involves significant estimates and assumptions, including expected future cash flows and discount rates, and is subject to uncertainty.

During the first quarter of 2026, an impairment of NOK 30.2 million was recognised following the decision to discontinue the NT-proBNP project. As a result, the related capitalised development costs were fully impaired. The impairment is included in R&D expenses in the Statement of Profit or Loss. No further impairment losses were recognised as of 30 September 2026.

Loan and related loan expenses is recorded in the balance sheet and expensed in the Statement of Profit and Loss at amortised cost. If a loan and loan expenses is related to an asset, and the real value of the asset is lower, the asset is written down to its real value. There was no value adjustment of assets in the first nine months of 2026.

Gentian’s interest-bearing debt relates to equipment leases and lease liabilities recognised under IFRS 16.

20 largest shareholders in Gentian Diagnostics ASA as of 30 September 2026 according to VPS and disclosures from investors:

Share option program

The company has a share option program covering certain key personnel. Per 30 September 2026, the program has fourteen members.

The share option program for key personnel is settled in shares, however, the company may resolve settlement in cash. The fair value of the issued options is expensed over the vesting period:

For options issued from 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 2023 and 2024, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options may be cancelled if the holder terminates its employment with the group.

The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company’s own shares) is recognised as salary and personnel cost in profit and loss and in other paid-in capital.

The value of the issued options of the programs that are settled in cash (cash-based programs) is recognised as salary and personnel cost in profit and loss and as a liability in the balance sheet. The liability is measured at fair value at each balance sheet date until settlement, and changes in the fair value are recognised in profit and loss.

Social security tax on options is recorded as a liability and is recognised over the estimated vesting period.

The outstanding options are subject to the following conditions:

No share options were granted during the quarter.

The group has recognised a deferred tax asset related to previously unutilized tax losses. The recognition is based on the profitability of the subsidiary Gentian AS and management’s assessment that sufficient taxable profits will be generated within the next five years to utilise these tax losses.

The recognised deferred tax asset amounts to NOK 15.7 million and relates to tax losses carried forward in Gentian AS. The total loss carried forward for the group as of 30 September 2026 amounts to NOK 152.6 million.

Non‐IFRS financial measures / alternative performance measures

In this quarterly report, the group presents certain alternative performance measures ("APMs"). An APM is defined as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specific in the applicable financial reporting framework (IFRS). The APMs presented herein are not measurements of financial performance or liquidity under IFRS or other generally accepted accounting principles, are not audited and investors should not consider any such measures to be an alternative to (a) operating revenues or operating profit (as determined in accordance with generally accepted accounting principles), (b) as a measure of the group's operating performance; or (c) any other measures of performance under generally accepted accounting principles. The APMs presented herein may not be indicative of the group's historical operating results, nor are such measures meant to be predictive of the group's future results.

The company uses APMs to measure operating performance and is of the view that the APMs provide investors with relevant and specific operating figures which may enhance their understanding of the group's performance. Because companies calculate APMs differently, the APMs presented herein may not be comparable to similarly titled measures used by other companies.

Below is an overview of APMs presented, including an overview of reconciliation and calculation of the relevant APMs.