Slides
Page 1
Investor Presentation November 2026 TSX: BOS | OTCQX: ABSSF investor.relations@airboss.com
Page 2
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 and regulatory actions; 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. 2 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 IFRS Accounting Standards 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 and Adjusted EBITDA are non-IFRS measures. A reconciliation of profit (loss) to these non-IFRS measures is on slide 27. 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 profit (loss) before income taxes, finance costs, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding impairment costs, acquisition costs, and non-recurring costs.
Page 3
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 3 Manufacturer of rubber & specialty rubber products • Second largest custom rubber compound manufacturer in North America¹ Producer of 500+ finished rubber-based products AIRBOSS RUBBER SOLUTIONS (ARS) AIRBOSS MANUFACTURED PRODUCTS (AMP) ¹ “The Rubber News”, December 22, 2025 Issue, Page 65 North American manufacturer of rubber-based products founded in 1989 Our Business Segments Defense • Long-standing supplier of rubber-based chemical and biological protective products • Select Products: - Boots, gloves, gas masks, filters, extreme cold weather footwear - Bandolier - First responder: ISOPODs, PAPRs, Half Masks Antivibration Solutions • Rubber to metal bonded products for antivibration (AV) • Antivibration components for trucks • Specialty molded products for many other applications
Page 4
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 4 TSX : BOS | OTCQX : ABSSF Share Metrics Share Ownership¹ Market Cap (11/04/2026) @ $6.79 (CAD) $184.6 M Shares Outstanding 27.18 M Current Quarterly Dividend (CAD) (Has paid dividends since 2007) $0.035 52-Week Share Price Range ($3.87 – 10.08 CAD) Source: Morningstar Management, Board, Insiders 20.2% (includes P . Gren Schoch (Chairman & Co -CEO): 18.5%) ¹ Based on information available on www.sedi.ca (09/30/2026) Analyst Coverage TD Securities National Bank Financial
Page 5
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF $205M ‘25 Net Sales $27M ‘25 Gross Profit Rubber Sheets on Drying Rack 500M+ lbs Annual Processing Capacity (Turn Pounds) 2,000+ Custom Rubber Formulations and Compounds 2nd largest Custom rubber compound manufacturer in North America¹ Kitchener, Ontario (1 million sq. ft. over approx. 15 acres) Acton Vale, Quebec Scotland Neck, North Carolina Rock Hill, South Carolina Auburn Hills, Michigan 5 Locations Advanced rubber R&D laboratories dedicated to new product development for customers’ needs Growth focused on specialty polymers ARS manufactures custom rubber compounds tailored for applications across multiple sectors 5 ¹ “The Rubber News”, December 22, 2025 Issue, Page 65 Values provided are for full-year 2025 unless otherwise noted Segment sales include intersegment sales, which are eliminated on consolidation All $ figures in USD unless otherwise indicated
Page 6
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 6 Trusted manufacturer and supplier of raw rubber compounds for blue-chip customers across multiple sectors: - Major tire - Off-the-road - Industrial - Defense - Resource sector - Among many others Multi-decade Customer Relationships
Page 7
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF ¹ World Bank, The World Rubber Economy; International Rubber Study Group (IRSG), World Rubber Industry Outlook (WRIO). Rubber consumption has historically tracked global economic growth¹ AirBoss continues to focus on high-quality manufacturing, advanced technical capabilities and specialty compound applications Focused on specialty compounds for continued margin growth R&D Lab Drivers for Growth 7
Page 8
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 8 AMP manufactures finished rubber - based products $44M ‘25 Gross Profit $239M ‘25 Net Sales Modern injection molding machine Rubber molded products 49% Defense 51% Concentration by Major Product1 Customers: Governments, Militaries, Tier-1 automotive OEMs and non-auto industry leaders 500+ Finished Products Manufacturing & Distributing Serving Customers Across 60+ Nations globally 1 Based on 2025 third-party sales per AirBoss FY2025 Annual Report (03/20/26) Values provided are for full-year 2025 unless otherwise noted Segment sales include intersegment sales, which are eliminated on consolidation All $ figures in USD unless otherwise indicated
Page 9
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 9 From Design to Production AIRBOSS ENGINEERED PRODUCTS (AEP)
Page 10
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF AIRBOSS ENGINEERED PRODUCTS (AEP) Autocell Rubber Press Engineered Product Growth Drivers We have invested in automation and robotics and now have two highly automated and efficient plants in Auburn Hills, Michigan. Benefitting from onshoring and “Made in America” Diversified from 100% auto to adjacent industries, including defense and new product applications 1 New products: - Components for electrical and power distribution applications - Molded components for electrical infrastructure applications 101 AirBoss FY2025 Annual Report (03/20/26)
Page 11
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF AIRBOSS DEFENSE GROUP (ADG) PROTECTION MITIGATION RESPONSE PREVENTION Products are employed by military, first responder, and healthcare personnel across partner nations worldwide, serving in the world’s most extreme environments 11 • ADG is a survivability solutions provider dedicated to delivering critical capability to military, first responder, and healthcare personnel operating in high-risk environments around the world • ADG manages a diverse portfolio of products spanning the survivability spectrum Survivability Solutions Provider
Page 12
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF AIRBOSS DEFENSE GROUP: SELECT PRODUCTS Respiratory Protection • Masks • PAPRs • Filters Testing and Diagnostics • Test Kits PPE • Surgical gowns ENTERPRISE Route Clearance • Husky Vehicle • Integrated Peripherals - GPR - Interrogation Arm - Net Armor - RWS - Metal Detector - Lane Marking • Training • Sustainment and Spares Breaching and Clearance • Bandolier • Energetics and Inerts Brain Health • Blast Gauge System Wearables • CBRN Gloves • CBRN Boots • Specialized Footwear Collective Protection • Decon shelters • ISOPOD 12 SERVICES
Page 13
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Bandolier AIRBOSS DEFENSE GROUP (ADG) BANDOLIER The Bandolier Modular Line Charge is a versatile, lightweight explosive system, easily employed to reduce burden and optimize mobility across a variety of tactical demolition and breaching tasks Modular, Lightweight, Tailorable Line Charge • Steel Cutting • Path Clearance • Cache Reduction • Obstacle Reduction • Precision Breaching • IED/UXO Neutralization • Underwater Demolition Bandolier Can Replace Numerous Other Single-Purpose Energetic Systems Bandolier 13
Page 14
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 14 Evolving Technology To Protect Our Soldiers Black Box Biometrics® (B3) - 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 AIRBOSS DEFENSE GROUP (ADG) BLAST GAUGE
Page 15
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Defense Growth Drivers: Global Defense Spending Tailwinds GLOBAL $2.9T Global Military Expenditure (2025) • 11th consecutive year of growth • Highest share of GDP (2.5%) since 2009 UNITED STATES $962B U.S. DoD Budget Request (FY26) ~$1.5T Proposed Budget for FY2027 CANADA C$63B+ Canada Defense Investment (FY25-26) • Hit NATO 2% of GDP target (FY2025-26) • Committed to 3.5% of GDP for core defense spending by FY2035-36 NATO ALLIANCE $1.4T+ Est. Allied Core Defense Spending (2025) • All 32 allies met 2% of GDP (2025) • European allies and Canada up 20% in real terms (2025) ~51% of AirBoss AMP 2025 Revenue is Defense-related AIRBOSS DEFENSE GROUP (ADG) 15 ~28% of AirBoss of America 2025 Revenue is Defense-related ● Spanning CBRN protection, blast mitigation, and force protection products serving U.S. and allied forces 1 1 1 2 1 3 3 3 4 4 4 5 5 ¹ SIPRI Military Expenditure Database (April 2026); ² U.S. Department of Defense FY2026 Budget Request; ³ Government of Canada / DND (March 2026) ⁴ NATO Secretary General’s Annual Report 2025 (March 2026); ⁵ AirBoss FY2025 Annual Report (03/20/26) - calculated as defense products revenue within AMP as a percentage of AMP net sales and total AirBoss net sales, respectively
Page 16
Scotland Neck, NC Kitchener, ON Rock Hill, SC Auburn Hills, MI Kuala Lumpur, Malaysia Acton-Vale, QC 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 U.S. production of originally imported products globally Professionally managed supply chain with optimized shipping capabilities to domestic customers Opened a new sales office in Germany to target European customers Newmarket, ON TSX: BOS | OTCQX: ABSSF 16 Germany
Page 17
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 17 Engineered ProductsRubber Solutions Defense Synergistically Structured to Maximize Value to the Customer Innovation & Growth Since 1989 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 2024 Launch of AirBoss Silicone
Page 18
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 Restructured certain supplier and customer agreements to improve flexibility and profitability During the 2020 pandemic, AirBoss showed the ability to ramp up production to support respiratory protection 18 $12 $109 $243 $290 $587 $410 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 Returned to historical normalized growth rate post-pandemic All $ figures in USD unless otherwise indicated
Page 19
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 2024 2025 2025 2026 Q3 Q3 ARS Net Sales1 226,351 205,247 51,513 54,732 Gross Profit $ 35,500 26,625 6,285 7,102 Gross Margin % 15.7% 13.0% 12.2% 13.0% AMP Net Sales1 176,696 239,203 58,134 55,396 Gross Profit $ 18,496 44,444 10,192 9,934 Gross Margin % 10.5% 18.6% 17.5% 17.9% AirBoss of America Net Sales 387,024 410,203 100,420 98,692 Gross Profit $ 53,996 71,069 16,477 17,036 Gross Margin % 14.0% 17.3% 16.4% 17.3% Adjusted EBITDA 21,914 33,988 7,313 8,082 Profit (Loss) (20,390) (8,617) (2,902) 1,533 Recent Financial Data 19All $ figures in thousands of USD unless otherwise indicated 1 Segment sales include intersegment sales, which are eliminated on consolidation
Page 20
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Q3 2026 Financial Highlights Net Sales 2% decrease in Q3 2026 compared to Q3 2025 primarily due to lower sales from AMP’s defense products business Adjusted EBITDA Increased by $0.8M in Q3 2026 compared to Q3 2025 due to improved performance at ARS and AMP , partially offset by higher stock-based compensation costs and administrative expenses Profit and diluted earnings per share Increased primarily due to higher operating profit and lower finance costs, partially offset by higher income tax expense All $ figures are in USD. 1. Adjusted EBITDA is a non-IFRS financial measure. Please see the Appendix on slide 27 for more details. 20 100.4 106.0 105.8 107.9 98.7 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net Sales $M 7.3 8.4 9.1 9.5 8.1 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adjusted EBITDA $M (2.9) (7.6) 2.1 2.5 1.5 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Profit $M (0.11) (0.28) 0.08 0.09 0.05 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 EPS $ (FD)
Page 21
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Q3 2026 - AirBoss Rubber Solutions ARS sales and profitability increased in Q3 2026 compared to Q3 2025 ARS’ Net Sales increased by 6% compared to the same period in 2025 Gross Profit increased by 13% primarily due to higher non-tolling volumes compared to the same period in 2025 All $ figures are in USD. 21 Third Party Sales Inter-Segment Net Sales 45.7 40.7 48.1 51.3 49.0 5.8 5.1 5.7 5.1 5.7 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ARS - Net Sales $M 6.3 5.3 6.9 6.9 7.1 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ARS - Gross Profit $M
Page 22
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Q3 2026 - AirBoss Manufactured Products AMP’s Q3 2026 results reflect a decrease in the defense products business: AMP Net Sales decreased by 5% compared to the same period in 2025 mainly due to: - Lower sales in the defense products business driven by the completion, in the prior quarter, of deliveries under a previously announced contract, partially offset by improved sales in the rubber molded products business AMP Gross Profit decreased by $0.3M compared to the same period in 2025 due to: - Lower volume in the defense products business which had concluded a delivery of a large defense contract in the prior quarter partially offset by volume and mix in the rubber molded products business All $ figures are in USD. 22 Third Party Sales Inter-Segment Net Sales 54.7 65.4 57.7 56.6 49.7 3.4 7.1 4.8 6.1 5.7 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 AMP - Net Sales $M 10.2 14.7 12.2 11.9 9.9 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 AMP - Gross Profit $M
Page 23
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF Driven and Dedicated 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); Co- founder of Aurora Oil & Gas (sold for $2.6 billion in 2014) Over 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 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 23 1. Member of Audit Committee 2. Member of Compensation Committee 3. Member of Nominating and Corporate Governance Committee The Board brings broad experience in industrial and defense businesses and public companies Management Team Board Members P . Gren Schoch Chairman & Co-CEO Alan J. Watson¹²³ Lead Independent Director David Camilleri12 Director & Audit Committee Chair Stephen M. Ryan³ Director Maxime Robillard¹ Director Ryan Voegeli²³ Director Leslie Graves Director
Page 24
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 24 Investor Highlights Second largest custom rubber compound manufacturer in North America 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 segments drive revenue growth and improved margins through vertical integration from raw materials to finished products Returned to historical normalized growth rate post -pandemic ¹ “The Rubber News”, December 22, 2025 Issue, Page 65 Values provided are for full-year 2025 unless otherwise noted All $ figures in USD unless otherwise indicated
Page 25
AIRBOSS OF AMERICA INVESTOR PRESENTATION TSX: BOS | OTCQX: ABSSF 25 Valuation Considerations Diversified End Markets Participation in industrial, transportation and defense markets Exposure to multiple demand drivers and customer sectors Multi-decade relationships with top-tier, blue-chip customers globally across government, military/defense, major tire, off-the-road, industrial and resource sectors Strategic Assets Significant North American manufacturing footprint with global reach Rationalization of owned real estate has potential to unlock value Alignment Meaningful insider ownership Long-term focus on capital allocation and operational performance
Page 26
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 TSX: BOS | OTCQX: ABSSF
Page 27
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 Accounting Standards 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 profit (loss) before income taxes, finance costs, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding impairment costs, acquisition costs, and non-recurring costs. 27 For the three-months ended In thousands of US Dollars September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Adjusted EBITDA: Profit (loss) (2,902) (7,572) 2,099 2,512 1,533 Finance costs 2,445 155 1,880 1,908 2,027 Depreciation and amortization 4,692 4,680 4,026 4,160 3,995 Income tax expense 206 3,401 906 943 527 EBITDA 4,441 664 8,911 9,523 8,082 Write-down of inventory - 249 - - - Restructuring costs 1,161 466 212 - - Impairment of assets 1,711 7,022 - - - Adjusted EBITDA 7,313 8,401 9,123 9,523 8,082 For the year ended December 31, 2024 2025 (20,390) (8,617) 12,763 8,045 21,012 19,523 1,678 4,428 15,063 23,379 6,049 249 802 1,627 - 8,733 21,914 33,988 All $ figures in thousands USD unless otherwise indicated