Dear Shareholders,

It's been another strong period for Nowwell and one that shows a company stepping into a new level of maturity. REDUCE enrollment is running well ahead of schedule, we had standout visibility on the global urology stage at AUA in Washington D.C., our second- and third-generation product platforms continue to advance, and we received a Notice of Allowance on our Intermittent Catheter patent in the US. On the capital side, we've now closed half of our Series A target and welcomed several new shareholders to the cap table, with the remaining raise actively underway.

As Nowwell matures, we're also taking the next step in our investor relations journey. Going forward, you can expect more frequent updates like this one and you'll be able to access these, along with cap table details, company documentation and more, through our new investor relations login page, to which you will receive an invitation in your mailbox.

We also want to flag a big milestone: our new website is live at (Link). It's a much sharper reflection of where Nowwell stands today, and we'd love for you to take a look and discover more about our Clinical Trial and our Products.

None of this would be possible without the trust you've placed in us,and we're grateful for it every step of the way. Please enjoy reading this Shareholder Update.

On behalf of the entire Nowwell Team,

Jesper Melin Ganc-Petersen
Chairman of the Board, Nowwell AS

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REDUCE TRIAL UPDATE

• Extraordinary enrollment progress: The trial was approved by the Danish health authorities in late July, and we officially kicked off patient enrollment across the clinical sites on August 10, 2026, and just 5 weeks into the study we now have enrolled 47 patients and on pace to enroll +16 patients per week. At this pace we can complete the enrollment approximately 12 weeks ahead of schedule.
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• Strong pipeline of interest: The study coordinators report strong patient enthusiasm to join the trial and currently we have a waiting list of +60 interested individuals across our sites. These patients will undergo a screening to ensure they satisfy requirements before they can enroll in the study.
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• Behind the scenes: we've procured high-quality internal training material to ensure rigorous blinding procedures alongside study coordinators, plus new recruitment materials (information folders and tools) for study nurses and partners.
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• In the press: keep an eye out for a press release from the participating municipalities in Danish local media (we will share a link when its published) spotlighting what's believed to be the first clinical trial of its kind globally between private vendors and municipalities - combining frontline healthcare expertise with private clinical and R&D rigor.

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2ND GENERATION PRODUCTDEVELOPMENT

• NowCath 2-way Foley: The clinical product scope (14/16/18Fr, straight tip) and the associated V&V protocol we have developed was approved by the Danish Medicines Agency for the REDUCE clinical trial. This was a substantial milestone and helps pave the way for the approval of future products variations.
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• Size expansion underway: We are extending the NowCath Foley 2-Way product range to cover all adult sizes in straight-tip and curved-tip (Tiemann) variants. The first samples across all variants have been manufactured and approved internally and our now undergoing a reduced testingscope to satisfy regulatory approval.
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• Kaia intermittent catheter: Several prototype generations have been tested in pigs, with results showing our design outperforms conventional intermittent catheters on completeness of bladder drainage and reduced suction-related mucosal damage (confirmed histologically). Design optimization for mass production is now underway and we are refining key elements on the product such as the tip.
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• NowCath 3-way Foley: The 3-Way NowCath Foley has recently been evaluated in pigs and outperforms the control catheter (Coloplast X-Flow) on hematuria drainage, via both continuous and manual irrigation. Below you can see a comparison in blood clots between Coloplast X-Flow and NowCath Foley 3-Way. Coloplast X-Flow left a blood clot that’s 17x the size of ours weighing approximately 33.5 grams versus 1.9 grams.

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3RD GENERATION PRODUCTDEVELOPMENT (NOWACTIVE)

• Team strengthened: We've added specialist R&D resource, Jan Friedmann, to accelerate development of our third-generation device (See talent section for more information).
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• Design finalized: Product and clinical requirements, along with the overall device design, are now firmly locked in. Focus has shifted to internal electronics and power-consumption optimization, built from the outset for scalable manufacturing and a clear and simpler regulatory pathway than previously estimated.
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• Manufacturing partnerships progressing: Our partner for the NowCath and KAIA Product family has also confirmed that they are able to produce the silicone component of NowActive. Additionally, we are scoping out collaboration with a leading electronics manufacturer(s) to help manufacture PCBs and other electronic components.
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• External device: The development is also ontrack, with strong focus on patient usability and a design strategy built forregulatory efficiency.
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• Next milestone: We expect to begin pre-clinical testing in animals at SEARCH in Q4 2026. This will be the first test of a complete end-2-end prototype, integrating the internal device and wirelesspower-transfer system.

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INTELLECTUAL PROPERTY

• We've received a notice of allowance (NoA) for our Intermittent Catheter design in the US, with a patent to follow shortly and we're preparing additional filings to protect the NowActive design.

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MEDIA, EVENTS & DISSEMINATION

• AUA Innovation Nexus, WashingtonD.C. May 2026: Nowwell was selected to present at the esteemed AUA innovation conference AUA Nexus. This marked the first public and initial commercial kick-off for NowCath Foley and Nowwell as a whole. Our CEO, Nikolai Hoffmann-Petersen presented our pre-clinical results spanning our in-vitro studies at Bristol Urological Institute (UK),in-vivo studies from SEARCH (Norway), and our multi-site REDUCE trial in Denmark while our CCO Anthony Campbell discussed market entry and commercial strategy.
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• AUA Annual Meeting poster, Washington 2026: The award-winning urologist and Nowwell Advisory bBoard Chairman Dr. Steven A. Kaplan led a poster presentation demonstrating NowCath Foley’s in-vitro results, which shows that NowCath Foley, unlike peer products, does not cause blockage. The presentation drew strong interest from the attending clinicians and business professionals.  
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• Up next: We'll be at AHCA (long-term & post-acute care providers). This will be a great opportunity to deepen our healthcare relationships, both on the clinical and business side, and build awareness of NowCath Foley and the broader Nowwell product portfolio.

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COMMERCIAL INFRASTRUCTURE

• New website: We have launched a new website to better reflect where Nowwell stands today, sharpen our value proposition and give customers richer product information.
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• New CRM: We've rolled out Pipedrive (CRM) to enable and strengthen outreach, support building the early distributor and customer pipeline and create tighter alignment between sales and marketing.

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TALENT & CORPORATE DEVELOPMENT

• New hire: Dr. Jan Friedmann (Ph.D.) has joined to lead development of the wireless power-transfer system and full electronics architecture for our third-generation device. Jan brings deep experience in power electronics, motor control and wireless energy transfer - including several years developing a wireless power platform for implantable medical devices.
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• Strategic exit support: We're in dialogue with Michael Rolla (former SVP of Urology/Foley at Becton Dickinson) and Nicolai Buhl Andersen (former EVP Innovation & Chronic Care at Coloplast) to support potential divestment dialogues with strategics, on a no cure, no pay basis.

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FUNDRAISING PROGRESS & CORPORATE

• Raise update: This spring we raised approximately €2.5m of our €5m Series A target, and we're now kicking off the effort to close the remaining €2.5m over the coming months, with a few promising early dialogues already underway. We warmly welcome introductions from our current investor group, large or small.
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• Divestment process: We'll shortly launch an internally driven process to divest both the Intermittent and Foley Catheter businesses, expected to be positioned as a combined package, and are building industry alliances to help open doors with large corporates.