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Investor Presentation November 2025 TSX: BOS | OTCQX: ABSSF investor.relations@airboss.com
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Forward-Looking Information & Disclaimers FORWARD-LOOKING INFORMATION Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could”, “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends”, “should” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance. Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; contract-related risks; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; global political uncertainty and policy change; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; AirBoss’ ability to successfully develop and execute effective business strategies including, without limitation, the recently announced strategic transition; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; changes in trade policies or the imposition of new tariffs, duties or other similar restrictions which could influence the cost and flow of goods and services across borders; current and future litigation; ability to obtain financing on acceptable terms and ability to satisfy the covenants set forth in such financing arrangements; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; IT/cybersecurity risks; potential product liability and warranty claims and equipment malfunction. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information. All forward-looking information in this presentation is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this presentation and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR+ at www.sedarplus.com. DISCLAIMERS This presentation has been prepared by AirBoss of America Corp. (“AirBoss”) for the sole purpose of providing preliminary information regarding AirBoss and its subsidiaries and is not intended to provide all available information about AirBoss. The material presented is not intended to modify, qualify, supplement or amend any information disclosed under corporate and securities legislation of any jurisdiction and should not be relied upon as a representation of any matter that a potential investor should consider in evaluating AirBoss or used for the purposes of making investment decisions concerning AirBoss securities. This presentation is not intended as and shall not constitute an offer, invitation, solicitation, or recommendation with respect to the purchase or sale of any securities of AirBoss in any jurisdiction. CURRENCY All $ figures in USD unless otherwise indicated. Non-IFRS and Other Financial Measures The presentation is based on financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) and uses Non- IFRS Financial Measures. Management believes that these measures provide useful information to investors in measuring the financial performance of the Company. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. These terms are not measures of performance under IFRS and should not be considered in isolation or as a substitute for net income under IFRS. EBITDA, Adjusted EBITDA and Adjusted profit are non-IFRS measures. A reconciliation of Profit to these non-IFRS measures is on Slide 30. EBITDA and Adjusted EBITDA are used to measure the Company’s ability to generate cash from operations for debt service, to finance working capital, capital expenditures and potential acquisitions and to pay dividends. EBITDA is defined as earnings before income taxes, finance costs, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding impairment costs, acquisition costs, and non-recurring costs. Adjusted profit is used to evaluate operating results of the Company and is defined as profit (loss) before acquisition costs and non-recurring costs. 2
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Pioneers of Innovation & Technology 2021 1989 20201994 1995 1996 1999 2001 2002 2013 2015 Acquired Acquired Where we began: developing a puncture- proof tire for the mining industry Acquired Controlled Rubber Products Acquired Uniroyal Goodrich tire plant In Kitchener, Ontario AirBoss Defense molded glove Completed purpose- built rubber compounding facility in North Carolina AcquiredAcquired Purchase of Acton International in Quebec, Canada Acquired Acquired 3 2024 Launch of AirBoss Silicone We develop, manufacture and market proprietary rubber-based products for the automotive, heavy commercial, construction and infrastructure, oil & gas, and defense industries Over 30 Years of Growth
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 4 SHARED SERVICES, BEST PRACTICES, EXPERTISE, LOGISTICS & BACK-OFFICE INTEGRATION: Supply Chain Management Engineering & Chemistry Sales & Marketing Strategy & Governance Finance Legal, HR & IT Synergies Drive Revenue Growth & Improved Margins Compounded Rubber & Silicone Materials R&D One AirBoss, Multiple Customer Channels AirBoss Segments SHARED CORE COMPETITIVE ADVANTAGES: Innovation Efficiency Scale AirBoss Divisions ARS North Carolina, ARS Kitchener, ARS Acton Vale
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 5 ¹ ”The Rubber News”, December 23,2024 Issue, Page 61 Values provided are for full-year 2024 unless otherwise noted All $ figures in USD unless otherwise indicated Custom Rubber Compounding North America’s second largest custom compounder¹ Trusted producer and supplier of raw rubber compounds for blue-chip customers in the major tire, off-the-road, industrial, defense and resource sectors Multi-decade, key customer relationships AIRBOSS RUBBER SOLUTIONS 500M Turn pounds of annual rubber production capacity 2,000+ Proprietary Compounds $226M ‘24 Net Sales $36M ‘24 Gross Profit Rubber Sheets on Drying Rack
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 6 AIRBOSS MANUFACTURED PRODUCTS Finished Products Manufacturing and distributing 500+ finished products in 60+ nations globally to governments, militaries, tier-1 automotive OEMs and non-auto industry leaders $18M ‘24 Gross Profit $177M ‘24 Net Sales 500+ Finished Products Manufacturing & Distributing ¹ Based on Q3 2025 third-party sales Autocell Rubber Press 53% Anti-vibration 47% Defense Concentration by Major Product1
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 7 Customized rubber-based anti-vibration and noise-reduction solutions for the automotive, electric vehicle, heavy truck, industrial and defense industries Multiple domestic and off-shore automakers and major Tier I/II suppliers to the global automotive market AIRBOSS MANUFACTURED PRODUCTS Rubber Molded Products: Focused on Anti-Vibration Silicone Dampers Bonded Stabilizer Bars
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Defense Products For Survivability 8 Industrial and military-grade protection for chemical, biological, radioactivity and nuclear (“CBRN”) threats Personal protective equipment (“PPE”) for healthcare settings Blast monitoring and route clearance solutions for military and law enforcement personnel AIRBOSS MANUFACTURED PRODUCTS Blast Gauge
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Scotland Neck, NC Kitchener, ON Rock Hill, SC Auburn Hills, MI Kuala Lumpur, Malaysia Acton-Vale, PQ Rochester, NY Charleston, SC Head Office Research Facility Compounding/Mixing Manufactured Products Joint Venture (Malaysia) EU Sales Office (Germany) Strategic Value Of Our North American Manufacturing Capacity Geographically positioned to win U.S. government contracts Strategically positioned to ramp up US production of originally imported products globally Professionally managed supply chain with optimized shipping capabilities to domestic customers Opened new German sales office to target European customers Jessup, MD Newmarket, ON TSX: BOS | OTCQX: ABSSF 9 Germany
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Consistent Growth Through Multiple Economic Cycles Consistent focus on innovation and competitive advantages Diversified customer sectors to mitigate risk of economic and contractual cycles and develop natural hedges Strategic acquisitions to bolster capabilities in target sectors Re-structured certain supplier and customer agreements to improve flexibility and profitability During 2020 pandemic, AirBoss showed the ability to ramp up production to support respiratory protection $12 $109 $243 $305 $587 $387 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 $Millions AirBoss' Revenue History Dot.com Recession Great Recession 2020-2022 PPE Spend due to COVID-19 10 Returned to historical normalized growth rate post-pandemic
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Q3 2025 Financial Highlights Net Sales 4% increase in Q3 2025 compared to Q3 2024 primarily due to higher sales from AMP partially offset by lower volumes at ARS Adjusted EBITDA 14% increase in Q3 2025 compared to Q3 2024 due to improvements at AMP Profit and Diluted Per Share Earnings Improvement compared to Q3 2024 due to lower finance costs Facility closure costs reduced profit and EPS by $2.5M and $0.09, respectively All dollar figures are in USD. 1. Adjusted EBITDA is a non-IFRS financial measure. Please see the Appendix for more details. 11 96.2 91.9 105.1 98.6 100.4 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net Sales $M 6.4 5.1 8.0 10.2 7.3 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Adjusted EBITDA $M (3.3) (2.6) (0.4) 2.3 (2.9) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Profit $M (0.12) (0.10) (0.02) 0.08 (0.11) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EPS $ (FD)
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Q3 2025 - AirBoss Rubber Solutions ARS’ Q3 2025 results reflect lower sales across most sectors: ARS Net Sales decreased by 6% compared to the same period in 2024 Gross Profit decreased due to unfavorable mix and lower volume across most customer sectors driven by market softness and economic uncertainty partially offset by managing controllable overhead costs and continuous improvement initiatives. All dollar figures are in USD. 12 50.7 43.8 51.5 46.9 45.7 3.8 3.5 5.5 4.0 5.8 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 ARS - Net Sales $M 8.3 5.9 8.5 6.6 6.3 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 ARS - Gross Profit $M Third Party Sales Inter-Segment Net Sales
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Q3 2025 - AirBoss Manufactured Products AMP’s Q3 2025 results reflect improvements in the defense products and rubber molded products businesses: AMP Net Sales increased by 28% compared to the same period in 2024 mainly due to: - improved sales in the defense products business - improved sales in the rubber molded products business including improvements in both the non-automotive products and the automotive business driven by higher volumes in light truck and SUV platforms AMP Gross Profit increased by $2.4M compared to the same period in 2024 due to: - improvements in the defense products business - operational cost improvements - reduced overhead costs executed in the quarter - favorable volume and product mix in the rubber molded products business All dollar figures are in USD. 13 45.5 48.2 53.6 51.7 54.70.0 0.0 0.0 3.2 3.4 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 AMP - Net Sales $M 7.8 9.4 10.0 9.6 10.2 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 AMP - Gross Profit $M Third Party Sales Inter-Segment Net Sales
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Innovation & Execution In Our Business Segments AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 14
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Growing The Rubber Business Over The Long Term 15 Core Driver For Sustainable Growth And Productivity Focus on innovation in custom rubber compounding, while aiming to expand market share through organic and inorganic means Continuing To Pursue Organic Growth Initiatives Leverage our enhanced scale to improve raw material buying power and be a secondary supplier to large customers seeking domestic redundancy Expansion Of Capabilities Expand our compounding capabilities with a focus on higher value black rubber, white / colour compounds and specialty, high-performance elastomers and silicone AIRBOSS RUBBER SOLUTIONS Calendered Rubber
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 16 100% ownership in Ace Elastomer, a U.S.-based custom rubber compounder provides AirBoss with higher margins and increased R&D capabilities Access to higher margin colour and specialty compounding markets, including domestically produced enhanced small- batch processing of high-value compounds Increased proximity to key markets and customers with new cross-selling opportunities Leveraging of R&D resources across entire enterprise Transforming the Rubber Business AIRBOSS RUBBER SOLUTIONS Fabric on Rollers
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 17 Building Value With New Solutions For Our Partners Continued Focus On Efficiency & Innovation Meeting our customers’ unique demands Advancing products up the technical curve Generating higher margins Expanding Our Access Into Non-Automotive Sectors Growing our customer base Extensive outreach to sector leaders to identify new and cross- selling opportunities AIRBOSS MANUFACTURED PRODUCTS Rubber Under Microscope
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 18 Expanding Beyond Automotive AIRBOSS MANUFACTURED PRODUCTS Accelerated innovation, local sourcing & manufacturing wins AMP strategic contracts with Defense and Off-Highway OEM’s AirBoss’ locally-sourced materials met necessary compliance requirements for a Defense contract connected with the U.S. Military Less than two months from purchase order to first part delivery Accelerated prototyping and delivery, “American Made” compliance and exceeding our customer’s expectations has made AMP a partner of choice for many new Customers Stabilizer Bars
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 19 Evolving Technology To Protect Our Soldiers AIRBOSS MANUFACTURED PRODUCTS Black Box Biometrics® - Transforming the battlefield with lightweight, wearable blast overpressure sensors Benefit from deployment of the Blast Gauge System across a spectrum of organizations Broaden our technical and engineering capability through the addition of B3’s human capital and IP Expand market applications with next-generation detection monitoring solutions for impulse noise and concussive impact in both military and commercial applications LBM with Filter and Blast Gauge
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 20 Strengthening Our Broad Survivability Platform AIRBOSS MANUFACTURED PRODUCTS Continued Focus On: Winning new government contracts Delivering on awarded contracts PPE consumables Growing Our Platform: Source, develop and acquire new defense and first responder products Seek strategic acquisitions to broaden our platform Cross-market existing product lines to expanded customer base Bandolier
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• Team • Share Metrics • Highlights AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 21
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Driven and Dedicated Management Team P . Gren Schoch Chairman & Co-CEO Chris Bitsakakis President & Co-CEO Frank Ientile CFO Chris Figel EVP & General Counsel Founded and chaired Petromet Resources in 1982; sold to Talisman for $900 million. More than 30 years in the rubber, automotive and defense industries. Extensive experience running global operations. Over 30 years of progressive financial leadership experience. Over 15 years of private practice and in-house experience. Co-founder of Aurora Oil & Gas; sold for $2.6 billion in 2014; Founded AirBoss in 1989; Chairman – 1989, CEO – 2013. Extensive operational experience in North America, Mexico, South America, Europe and Asia. Significant diversified industrials experience in the automotive, heavy trucking and construction sectors. Focus on Corporate Finance, Governance and M&A. 22
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Board With Significant Diversified Industrial, Defense & Public Company Expertise P. Gren Schoch Chairman & Co-CEO Stephen M. Ryan² Lead Independent Director Anita Antenucci Director David Camilleri¹ Director Robert McLeish¹²³ Director Jo-Anne O’Connor¹ Director Alan J. Watson¹²³ Director Founded and chaired Petromet Resources in 1982; sold to Talisman for $900 million. Highly regarded attorney for 40 years in Washington, D.C. Founder and Managing Partner - 3Wire Partners, an organization focused on the aerospace, defense, government, and related industries. 25+ years of advanced manufacturing experience (aerospace, NVH). 35 years in the investment business, most recently as Vice- Chairman - Merrill Lynch Canada. 35+ years experience in financial capital markets and corporate sectors. 30-year investment banking career with American and U.K.-based investment banks. Co-founder - Aurora Oil & Gas; sold for $2.6 billion in 2014; Founded AirBoss in 1989; Chairman - 1989, CEO – 2013. Has been adjunct professor at Georgetown University Law Center for over a decade and co- author of a book on government procurement ethics. Member of the board of directors of the Center for Strategic and Budgetary Assessment and an Emeritus Director of the Space Foundation. Former President - Noranco; VP - Precision Castparts Corp (a Berkshire Hathaway company). Former Chairman - Dundee Wealth Management Inc. President and Chief Executive Officer of Strategem Capital. Chairman - Pinnacle Investment Management (ASX:PNI). 1. Member of Audit Committee 2. Member of Compensation Committee 3. Member of Nominating and Corporate Governance Committee 23
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 24 TSX : BOS | OTCQX : ABSSF Share Metrics Share Ownership Market Cap @ $4.26 (CAD) $115.7 MM Shares Outstanding 27.15 MM Cash from Operations (3Q25) (USD) $8.7 MM Current Dividend (CAD) (Issued dividend since 2007) $0.035 52-Week Share Price Range ($3.34 - 5.54 CAD) Source: Morningstar Management, Board, Insiders 34.9% (includes P . Gren Schoch (Chairman & Co -CEO): 18.3%) Based on information available on www.sedi.ca (11/04/2025) Analyst Coverage TD Securities National Bank Financial
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 25 Investor Highlights North America’s 2 nd largest custom rubber compounder ¹ “American Made” – Geographically positioned to win U.S. Government contracts Strategically positioned to ramp up U.S. production of originally imported products globally Manufacturing in the U.S. for domestic contracts and in Canada for Canadian or International contracts Trusted supplier to blue -chip customers in the major tire, off -the-road, industrial, defense and resource sectors; Multi -decade customer relationships Professionally managed supply chain with optimized shipping capabilities to domestic customers Advanced rubber R&D laboratories dedicated to new product development for customers’ needs Synergies between Rubber Solutions and Manufactured Products drive revenue growth and improved margins through vertical integration from raw materials to finished products ADG Backlog of ~$175M as of end Q3 2025 ¹ ”The Rubber News”, December 23,2024 Issue, Page 61 Values provided are for full-year 2024 unless otherwise noted All $ figures in USD unless otherwise indicated
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Thank You Contact Information Investor Relations investor.relations@airboss.com Media media@airboss.com Website www.airboss.com Phone 905-751-1188 26 AirBoss of America Corp. 16441 Yonge Street, Newmarket, Ontario Canada L3X 2G8
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Appendix AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 27
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 28 Growth Strategy Summary AIRBOSS RUBBER SOLUTIONS AIRBOSS MANUFACTURED PRODUCTS AirBoss Defense Group & AirBoss Engineered Products • Advance custom rubber compounding innovation • Expand market share through organic and inorganic growth • Continued focus on advancing efficiency and innovation • Expand compounding capabilities with a focus on higher value black rubber, white / color compounds and specialty, high-performance elastomers and silicone • Expanding non-automotive sectors including Defense and Off-Highway OEM by leveraging existing network of sector leaders and cross-selling opportunities • Leverage enhanced scale to improve raw material buying power • Become secondary supplier to large customers seeking domestic redundancy • Leverage strong Defense contracts to source, develop and acquire new defense and first responder products and companies • Cross-market existing product lines to expanded customer-base
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Historical Performance INNOVATION EFFICIENCY SCALE 426 387 2023 2024 External Net Sales $M 26.8 21.9 2023 2024 Adjusted EBITDA¹ $M (6.4) (12.5) 2023 2024 Adjusted Profit1 $M Diversification benefits Revenues: Decreased sales at ARS and AMP’s rubber molded products business partially offset by increases in the defense products business Adjusted EBITDA: Adjusted EBITDA affected by lower revenues Reduced Profit due to write-down: 2023 profit impacted by goodwill write-off of $26.6M 1. Adjusted EBITDA and Adjusted Profit are non-IFRS financial measures. 29
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AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Reconciliation Of Non-IFRS Measures This presentation is based on financial statements prepared in accordance with IFRS and uses Non-IFRS Financial Measures. Management believes that these measures provide useful information to investors in measuring the financial performance of the Company. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. These terms are not a measure of performance under IFRS and should not be considered in isolation or as a substitute for profit or loss under IFRS. Reconciliations of Profit to the Non-IFRS Financial Measures are below. EBITDA and Adjusted EBITDA are non-IFRS measures used to measure the Company’s ability to generate cash from operations for debt service, to finance working capital, capital expenditures and potential acquisitions and to pay dividends. EBITDA is defined as earnings before income taxes, finance costs, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding impairment costs, acquisition costs, and non-recurring costs. 30 Adjusted profit is a non-IFRS measures used to evaluate operating results of the Company, defined as profit (loss) before acquisition costs and non-recurring costs. For the three-months ended For the year ended December 31, In thousands of US Dollars September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 2023 2024 Adjusted EBITDA: Profit (loss) (3,279) (2,616) (408) 2,265 (2,902) (41,749) (20,390) Finance costs 3,767 3,144 2,767 2,678 2,445 5,233 12,763 Depreciation and amortization 5,180 5,188 5,100 5,051 4,692 22,345 21,012 Income tax expense (recovery) 752 (611) 573 248 206 2,994 1,678 EBITDA 6,420 5,105 8,032 10,242 4,441 (11,177) 15,063 Professional fees related to AEP negotiations - - - - - 152 - Write-down of inventory - - - - - 8,031 6,049 Restructuring costs - - - - 1,161 3,104 802 Impairment of assets - - - - 1,711 26,648 - Adjusted EBITDA 6,420 5,105 8,032 10,242 7,313 26,758 21,914 For the year ended December 31, In thousands of US Dollars 2023 2024 Adjusted profit: Profit (loss) (41,749) (20,390) Write-off of deferred finance costs (after tax) - 1,003 Professional fees related to AEP negotiations (after tax) 116 - Write-down of inventory (after tax) 6,264 6,049 Restructuring costs (after tax) 2,297 802 Impairment of intangible assets (after tax) 26,648 - Adjusted profit (6,424) (12,536)