BioPorto (BIOPOR) Guidance summary

Opening remarks and agenda

• Preliminary unaudited 2025 financial figures and 2026 guidance were presented, with a business update on strategic progress and future milestones.

Guidance on key objectives

• 2026 total NGAL revenue projected at DKK 33–42m, representing 20–50% growth and targeting over 60 active US hospitals.

• 2026 total revenue expected at DKK 48–58m, a 20–45% increase, with revenue expected to be back-end loaded.

• Adjusted EBITDA loss for 2026 forecasted at DKK 50–60m, a 22–35% improvement due to higher revenues and cost reductions.

• Aspirations for 2028 remain unchanged: revenue of DKK 150–200m and adjusted EBITDA margin of at least 15%.

• Cash flow is expected to turn positive in 2H 2027, with current cash covering projected spending through 2026.

Market trends and strategic opportunities

• Early detection of AKI remains a major unmet need; ProNephro AKI (NGAL) is the first FDA-cleared pediatric AKI test.

• Defined pathway for FDA approval and commercial launch for adult indication in the US, with clinical validation study to be initiated in 1H 2026.

• Addressable ICU market estimated at approximately USD 700m.

• NGAL RUO sales in the US showed strong growth in 2025, with 25% year-over-year increase and 44 active hospitals by year-end.

• Strategic focus on children's hospitals and segmentation in the US market demonstrated value and set the stage for further adoption.