Slides
Page 1
August 27, 2026 Mission-Critical Subsea Intelligence Solutions for Maritime Security and Offshore Energy
Page 2
Transforming Subsea Intelligence Forward-Looking Statements Certain statements contained in this presentation constitute "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. In certain cases, forward-looking statements can be identified by the use of forward-looking terminology such as "seeks", "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations of such words and phrases or statements that certain actions, conditions, events or results "may", "could", "should", "would", "might", or "will be taken", "occur" or "be achieved", or the negative forms of any of these words and other similar expressions. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of historical fact. Forward-looking statements in this presentation include, but are not limited to, statements with respect to: the effects on the Company of the acquisition (the ”Acquisition”) of Covelya Group Limited (“Covelya”), including on the Company’s operations, financial condition, cash flows and overall strategy; the Company’s ability to retain and attract new business, achieve synergies and maintain market position arising from successful integration plans relating to the Acquisition; the Company’s ability to integrate Covelya within anticipated time periods and at expected cost levels; forward-looking financial and operating information and expectations for fiscal 2026; expectations regarding anticipated cost savings and synergies; expectations regarding future Adjusted EBITDA (as defined herein), Adjusted EBITDA Margin (as defined herein), revenue, revenue mix, Gross Profit (as defined herein) and Gross Profit Margin (as defined herein), capital expenditures, expenses and operations of the Company; expectations regarding financial and operating results of the Company for the financial year ending December 31, 2026 (“2026E”); the strength, complementarity and compatibility of Covelya’s business with the Company’s existing business and teams; the Company’s competitive position, business strategies, and its expectations regarding competition and its future success in competitive bidding processes; the completion of existing purchase orders, and receipt of expected purchase orders; the performance of the Company’s business and operations; growth of the business, operations and potential activities of the Company; expectations regarding expanded manufacturing capacity and the Company’s ability to maintain a strong balance sheet; research and development programs; the acceptance by customers and the marketplace of new products and solutions; the ability to attract new customers and develop and maintain existing customers; the ability to successfully leverage current and future strategic partnerships and alliances; the Company’s ability to attract and retain personnel; the anticipated trends and challenges in the Company’s business and the markets and jurisdictions in which the Company operates and expects to operate, including with respect to NATO defence spending growth, conflicts, and their potential impact on demand for the Company’s products and services, and addressable market. Forward-looking statements reflect the Company’s current expectations and assumptions, and are subject to a number of known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying factors or assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements or the assumptions on which the Company’s forward-looking statements are based. In making the forward-looking statements included in this presentation, the Company has made various material assumptions, including, but not limited to: continued compliance with regulatory requirements; the Company will have sufficient working capital and be able to secure additional funding necessary for continued growth and development; demand for the Company’s products and services and supply opportunities; the Company’s eligibility to participate in known and expected competitive bidding processes, and the Company’s likelihood of being selected as the successful proponent; revenue to be earned from new and existing contracts and expected renewals; the Company’s ability to maintain current and projected revenue if it fails to successfully compete for new contracts; the continued employment of key personnel, and that the Company will be able to obtain and retain additional qualified personnel, as needed, in a timely and cost-efficient manner; foreign exchange rates; the continuance of current tax, environmental and other laws; the continuance of relevant supply chains; the operating performance of the Company (including Covelya) post-Acquisition will be in line with current performance; Kraken's ability to obtain the anticipated benefits of the Acquisition; the accuracy of historical and forward-looking operational and financial information and estimates provided by Covelya and the seller; the accuracy of financial and operational projections of Kraken; inflation rates in the jurisdictions where the Company conducts its business; current and future geopolitical events, economic conditions, and NATO spending targets and their impact on the market for the Company’s products and services; and tariffs and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries or result in retaliatory policies. Although the Company believes that the assumptions on which the forward- looking statements are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct. Risks, uncertainties and other factors that may cause actual results, events, levels of activity and achievements to differ materially from those anticipated in the forward-looking statements include, but are not limited to: failure to realize the anticipated benefits of the Acquisition; the materiality of the final closing adjustments to the purchase price for Covelya; unforeseen difficulties in integrating the business acquired pursuant to the Acquisition into Kraken's operations; the inaccuracy of information provided by Covelya and the seller in respect of the Acquisition; the inaccuracy of financial and operational projections; the Company’s expectations regarding Kraken's business, financial condition, cash flows and operations after giv ing effect to the Acquisition may be incorrect; increased indebtedness; potential undisclosed costs or liabilities associated with the Acquisition; increas ed exposure to risks relating to foreign exchange rates; the collection of accounts receivable; increased competition; changes in market demand; government decisions may affect defence budgets, and anticipated procurement may be delayed, reduced in scope, or cancelled if defence budgets are reduced; and other risks inherent in the business conducted by the Company. For a discussion of these and other factors that could cause the Company’s actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements, readers are also advised to carefully review and consider the risk factors identified in this presentation and the Company’s most recent MD&A and annual information form, which are available on SEDAR+ at www.sedarplus.ca. To the extent any forward-looking statements in this presentation constitute future-oriented financial information or financial outlook within the meaning of applicable securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future-oriented financial information and financial outlook, as with forward-looking information generally, are based on current assumptions and are subject to risks, uncertainties and other factors. Financial outlook and future-oriented financial information contained in this presentation about prospective financial performance or financial position is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. Readers are cautioned that any such financial outlook and future-oriented financial information should not be used for purposes other than for which it is disclosed herein. The prospective financial information included in this presentation has been prepared by, and is the responsibility of, management and has been approved by management as of August 27, 2026. The Company and management believe that prospective financial information has been prepared on a reasonable basis, reflecting the best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. The preparation of any financial outlook is complex and is not necessarily susceptible to partial analysis or summary description and any attempt to do so could lead to undue emphasis on any particular factor or analysis. Furthermore, readers should not assume that any combined financial information included in this presentation will be the actual financial position of the Company’s in the future. Prospective financial information is provided for illustrative purposes only. Forward-looking statements speak only as of the date the statements are made. The forward-looking statements contained in this presentation are expressly qualified in their entirety by the foregoing cautionary statements and those made in our other filings with applicable securities regulators in Canada. The Company assumes no obligation to update publicly or otherwise revise any forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. Cautionary Notes 2
Page 3
Transforming Subsea Intelligence External Sources Where this document quotes any information or statistics from any external source, it should not be interpreted that the Company has adopted or endorsed such information or statistics as being accurate. The description of and information about Covelya contained in this document, as well as combined information after giving effect to the Acquisition, is based solely upon information provided by Covelya to the Company in connection with the Acquisition. Accordingly, an unavoidable level of risk remains regarding the accuracy and completeness of the information provided to the Company by Covelya, including with respect to facts or circumstances that would affect the completeness or accuracy of such information and which are unknown to the Company. Trademarks and Service Marks This presentation includes trademarks, trade names and service marks which are protected under applicable intellectual property laws for use in connection with the operation of our business, and which are the property of the Company. All other trade names, trademarks or service marks appearing in this presentation that are not identified as marks owned by us are the property of their respective owners. Solely for convenience, trademarks, service marks and trade names referred to in this presentation may be listed without the ®, and ℠ symbols, however, we will assert, to the fullest extent under applicable law, our applicable rights in these trademarks, service marks and trade names. Presentation of Financial Information and Exchange Rate Information All dollar amounts set forth in this presentation are in Canadian dollars unless otherwise indicated. References to "$" or "C$" are to Canadian dollars, and references to "US$" are to U.S. dollars. Non-IFRS Measures This presentation includes certain non-IFRS measures and non-IFRS ratios. The Company believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to understand how management analyzes results, show the impacts of specified items on the results of the reported periods, and allows readers to assess results without the specified items if they consider such items not to be reflective of the underlying performance of the Company's operations. Non-IFRS financial measures and non-IFRS ratios do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. In this presentation, the Company uses the following non-IFRS financial measures and non-IFRS ratios with respect to the Company: EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Gross Profit, and Gross Profit Margin. For explanations of the composition and usefulness of Gross Profit, and Gross Profit Margin, and reconciliations of such measures to the most directly comparable IFRS measures disclosed in the Company’s financial statements for the years ended December 31, 2020 to 2025, see “Non-IFRS Measures” in this presentation. Explanations of the composition and usefulness of each other measure, and reconciliations of such measures to the most directly comparable IFRS measures disclosed in the Company’s financial statements can be found in the section entitled, “Non-IFRS Measures” in the Company’s (i) management’s discussion and analysis (“MD&A”) for the three and nine months ended June 30, 2026, (ii) MD&A for the financial year ended December 31, 2025 (in the case of the financial years ended December 31, 2025 and 2024), (iii) MD&A for the financial year ended December 31, 2023 (in the case of the financial years ended December 31, 2023 and 2022), and (iv) MD&A for the financial year ended December 31, 2021 (in the case of the financial years ended December 31, 2021 and 2020), which sections are incorporated by reference in this document and are available on SEDAR+ at www.sedarplus.ca. 3 Cautionary Notes
Page 4
Transforming Subsea Intelligence Strategy ▪ To deliver market-leading value to customers through a portfolio of leading-edge technologies and a culture centered around innovation Business Overview ▪ Offer a portfolio of mission-critical subsea technology solutions with dual-use applications for maritime security and offshore energy to customers globally ▪ Provide products and services to customers across defence, energy and ocean sciences Product and Service Drivers ▪ Product revenue: technology sold on to various platforms/sensors including crewed vessels (ships and submarines), uncrewed systems (AUVs, USVs and ROVs) and stationary sensors on the seafloor ▪ Expected to account for >75% of 2026 revenues ▪ Service revenue: Driven by utilization of various sensors and software, rental equipment and/or monitoring services, primarily to customers across offshore energy and ocean sciences Differentiating Factors ✓ Extensive experience in harsh operating environments ✓ Highly skilled workforce with specialized domain expertise ✓ Proprietary products with proven IP and performance ✓ Advanced design engineering with an integrated product offering ✓ Advanced facilities located in key regions globally with ability to scale ✓ Long-standing customer relationships ✓ Dual-use technology with a large total addressable market Corporate Overview 4 Ticker: PNG (TSXV) / KRKNF (OTC) Shares Outstanding (basic) 371.4 million Shares Outstanding (fully diluted) 384.7 million Market Capitalization (fully diluted) (CAD$) $2.2 billion Market capitalization based on closing price on August 26, 2026
Page 5
Transforming Subsea Intelligence $355MM of Orders Announced YTD 2026 Combined Product Orders for Kraken and Covelya (Product Orders Do Not Include Demand for the Service Business) Recent 2026 Highlights 5 Q2 2026 Results $27.3MM Revenue and $5.0MM Adj. EBITDA (Revenue +9% and Adj. EBITDA +26% on an Adjusted basis YoY1) Continued Customer Expansion Including an MSA with a new manufacturer of XLUUVs Strengthened Leadership Team Implemented New Organizational Structure Closed Covelya Acquisition Transformative and Highly Strategic (Closed July 2, 2026) Strong 2026 Outlook $290MM-$320MM 2026 Revenue Guidance (Includes Half-Year Contribution From Covelya Acquisition) Expanded Manufacturing Capacity New 60,000 sq/ft Battery Facility in Nova Scotia Strong Balance Sheet Financial Flexibility for Future Growth Opportunities MSA = Master Supply Agreement UUV = Unmanned Underwater Vehicle Note 1: Year-over-year % growth change adjusted to exclude the effect of a reversal of previously -recognized revenue due to a ch ange in scope of a project that is nearing its completion and consequent decrease in contract value, which caused a $1.5 mill ion decrease in product revenue, a $0.7 million decrease in cost of sales and a $0.9 million decrease in Adjusted EBITDA. On an unadjusted basis, co nsolidated revenue and Adj. EBITDA increased +2% and +7% respectively on a YoY basis.
Page 6
Transforming Subsea Intelligence Manufacturing and/or Testing & Calibration Facility (13) Product Development or Sales & Support Facility (12) Select Key Markets Combined Global Footprint and Key Stats 6 Figures are approximate. Figures presented above are for the combined entity following the completion of the Acquisition on July 2, 2026. Intellectual property includes a combination of 74 active and 40 pending patents. Facility count includes a combination of leased and owned locations. Production capacity defined as facilities engaged in a combination of product development, manufacturing, testing & calibration and repairs & support; production capacity is based on both leased and owned locations. ~1,200 Employees 25 Facilities >450,000 sq ft Production Capacity 700+ Customers >110 IP Patents Top 10 Customers ~50% of Revenues (2025E) 37% 38% 18% 7% Combined Geographic Revenue (2025) Americas EMEA Asia Pacific Rest of World
Page 7
Transforming Subsea Intelligence Platforms, Software & Autonomy Navigation & Positioning Communication & Monitoring Sonar Systems, Optical Sensing & Imagery ToughBoy data buoys Technological Suite Offering 7 Power Systems Power Systems High-energy density, pressure- tolerant battery and a proprietary battery management system Navigation All-in-one acoustic-Inertial Navigation System (INS). Outputs position, velocity, altitude, orientation, rates and depth Positioning Long Baseline (LBL) and Ultra Short Baseline (USBL) positioning systems, consisting of software and in-water transponders Communication & Monitoring Acoustic and optical comms and subsea to surface data transfer (high-speed, real-time, large data files) Acoustic Doppler Current Profiler (ADCP) product for ocean monitoring Platforms Actively motion compensated towed platforms for mine countermeasures (MCM), monitoring critical underwater infrastructure (CUI), ocean survey and surveillance Software Survey data acquisition, processing and visualization software, along with autonomy software for remotely operated vehicles and autonomous underwater vehicles Optical Sensing and Imagery Optical multi-parameter biological and chemical sensors, environmental measurement systems Camera and laser imaging solutions with enhanced image enhancement features and 3D reconstruction workflows Sonar Systems Synthetic aperture sonar (SAS), circular- SAS, forward looking, multi-aperture and underwater security sonar systems. Wide area coverage and high-resolution Large technological suite of products allows Kraken to offer an integrated solution and address the larger, more complex needs of customers An integrated solution enhances power efficiency and provides better data, calibration, and reduces operational issues
Page 8
Transforming Subsea Intelligence Kraken Historical Results and 2026 Guidance 8 (1)(2) Revenue & Gross Profit Margins Adjusted EBITDA Product & Service Revenue Mix In Millions ($) In Millions ($) Adjusted EBITDA Margin (%) Products Revenue Mix (%) Services ▪ Guidance includes partial year contribution from Covelya (Closed July 2, 2026) ▪ ~$10 million of cost efficiencies expected in 24 months ▪ Potential for revenue synergies, including cross-selling opportunities ▪ Kraken to maintain a strong balance sheet with flexibility for future growth Gross Profit Margin (%) Strong growth profile with attractive profitability margins and a diversified (dual-use) offering Figures presented above are for Kraken on a stand-alone basis prior to 2026 and includes a partial year contribution for Covelya based on an acquisition closing date of July 2, 2026. 2026E represents the mid-point of Kraken’s guidance range. See “Cautionar y Notes – Forward-Looking Statements”. Adjusted EBITDA and gross profit are non-IFRS financial measures, and Adjusted EBITDA Margin and gross profit margin are non-IFRS ratio based on Adjusted EBITDA and gross profit, respectively. 2026E Adjusted EBITDA is a forward-looking non-IFRS financial measure. See “Cautionary Notes – Non IFRS Measures”. The Company’s net income (loss) was: 2025: $2,860; 2024: $20,089; 2023: $5,546; 2022: $(4,243); 2021: $(3,537); and 2020: $(5 ,212). ($3) $2 $5 $14 $21 $25 $70 8% 13% 20% 23% 24% 23% 0% 10% 20% 30% 40% ($10) $10 $30 $50 $70 $90 $110 2020 2021 2022 2023 2024 2025 2026E $12 $26 $41 $70 $91 $102 $305 30% 40% 50% 60% 70% $0 $50 $100 $150 $200 $250 $300 $350 2020 2021 2022 2023 2024 2025 2026E 0% 25% 50% 75% 100% 2020 2021 2022 2023 2024 2025 2026E ($ 000s) Low High Consolidated Revenues $290,000 $320,000 Adjusted EBITDA $65,000 $75,000 Adjusted EBITDA Margin 22% 23% Capital Expenditures / Intangible Assets $27,000 $33,000 2026E Guidance
Page 9
Transforming Subsea Intelligence Strong competitive position and exposure to various underwater platforms Kraken Strength: - -- - - -- - - Stationary Sensors ROV / ROTV AUV USV Crewed Vessel Underwater Comms Navigation Positioning Imaging Sensors Launch & Recovery Power Platforms - - - - - Diver - Kraken Capability: - Broad Set of Capabilities for Growth 9 ROV = Remotely Operated Vehicle, ROTV = Remotely Operated Towed Vehicle, AUV = Autonomous Underwater Vehicle, USV = Uncrewed Surface Vessel
Page 10
Transforming Subsea Intelligence These technologies are currently embedded within a broad group of well-funded, key defence customers Voyis Insight Pro Laser Scanner Kraken Synthetic Aperture Sonar Kraken SeaPower Batteries Sonardyne SprintNav Navigation & Positioning System Sonardyne Avtrak Acoustic Communications Sonardyne BlueComm Optical Communications Voyis Insight Pro Stereo Camera Voyis Nova LED Panels Forcys Vigilant Forward Looking Sonar Significant Content Per System 10
Page 11
Transforming Subsea Intelligence DefenceCommercial Larger set of capabilities combined with a diversified customer base positions Kraken for future growth via multiple channels + 700+ Customers 11
Page 12
Transforming Subsea Intelligence Investment Attributes 12 Solid customer relationships, a multi-decade track record and a strong history of innovation, quality manufacturing, product reliability and customer service Experienced management team and Board of Directors with deep expertise and market knowledge in a results driven organization centered on creating long-term value Integrated provider with a breadth of mission-critical technology solutions and exposure to various underwater platforms Significant production capacity with highly advanced facilities already in place located in key defence and offshore energy markets Strategically positioned in a fast-growing market, driven by the defence sector followed by offshore energy Track record of successful M&A to acquire, incubate and grow complementary underwater technologies Attractive financial profile within a high margin product and service business and a strong balance sheet to support future growth Outstanding R&D capabilities with a large team of technical professionals
Page 13
Business Drivers
Page 14
Transforming Subsea Intelligence Defence and Commercial End Markets 14 ▪ Geopolitical Drivers: National and economic security concerns are driving increased focus on spending given the growing threats to underwater attacks ▪ Changing Nature of Warfare: Adoption of uncrewed systems, drones and sensors are increasing in adoption to act as force multipliers with other military platforms ▪ Modernizing Defence Procurement: Governments are moving to make quicker decisions with a focus on speed, flexibility and innovation Defence Sources: NATO and Company Research and Westwood Global Energy Group (Sept 2025) Commercial ▪ Geopolitical Drivers: Increasing offshore energy production (oil & gas and renewable) to support economic growth and geopolitical stability; in addition to research vessels for science ▪ Value Chain: Support energy customers from discovery and surveying through construction, installation, inspection, repair & maintenance (IRM), monitoring and decommissioning ▪ Key Market Indicators: Final investment decisions on new projects/expansions, subsea tree installations, IRM services, abandonments, facilities removal, cleanup and carbon capture & storage (CCS) projects Global Offshore Energy Investment $291 $437 $682 $0 $100 $200 $300 $400 $500 $600 $700 $800 2015 to 2019 2020 to 2024 2025 to 2029 In Billions (US$) Figures represent engineering, procurement, construction and installation expenditures NATO Defence Spending
Page 15
Transforming Subsea Intelligence Large total addressable market and opportunities for revenue growth in both products and services ▪ Asset Integrity for Key Infrastructure ▪ Carbon Capture and Storage (CCS) ▪ Cable Installation ▪ Marine Construction ▪ Maritime Shipping ▪ Offshore Oil and Gas ▪ Offshore Renewables (ORE) ▪ Seabed Surveys ▪ Subsea Mining ▪ Subsea Power and Utilities ▪ Water and Exhaust Level Compliance ▪ Oceanic and Environmental Research Commercial Addressing a Large TAM 15 ▪ Anti-Submarine Warfare (ASW) ▪ Critical Underwater Infrastructure (CUI) ▪ Intelligence, Surveillance and Reconnaissance (ISR) ▪ Intruder Detection (IDS) ▪ Initial Preparation of Operating Environment (IPOE) ▪ Mine Countermeasures (MCM) ▪ Subsea Communication Strategies ▪ Strike and Mine Laying ▪ Q-Route Survey Defence
Page 16
Transforming Subsea Intelligence Integrated Across Major AUV OEMs 16
Page 17
Transforming Subsea Intelligence Next Gen XLUUVs Require More Power 17
Page 18
Transforming Subsea Intelligence Integrated Across Major USV OEMs 18
Page 19
Transforming Subsea Intelligence Integrated Across Major ROV OEMs 19
Page 20
Transforming Subsea Intelligence 20 Stationary Sensors “Satellites of the Sea” Kraken’s technology offering provides monitoring and communication solutions that play a crucial role in defence, commercial and ocean sciences Offshore Oil & Gas Seismic Data (4D) Carbon Capture & Storage Intruder Detection Anti-Submarine Warfare Monitoring Ocean Subduction Zones
Page 21
Transforming Subsea Intelligence Navies Upgrading Fleets for MCM & CUI 21 ▪ Underwater mines have long been considered an effective way to immobilize enemy ships, block sea lanes, threaten assets, disrupt commerce ▪ The use of sea mines adjacent to maritime choke points presents a ubiquitous / deadly threat ▪ Mine Countermeasures (MCM) is a foundational capability for any modern navy ▪ The average in-service life for MCM ships suggests that vessels are approaching their service limits ▪ Fleets for major NATO countries entered service in the 1980s-early 1990s ▪ Navies are now modernizing their mine hunting fleets and transitioning from crewed minehunter ships to unmanned, autonomous vehicles ▪ Large pipeline of opportunities driven by MCM and critical underwater infrastructure (CUI) programs. Significant RFP activity from several navies (2026 and onwards) with additional programs likely to follow. Positive outlook for Kraken’s KATFISH and SAS product lines
Page 22
Transforming Subsea Intelligence Threat Below the Waterline 22 Only outlet to Atlantic for Russian Northern Fleet, hosts multiple subsea telecom cables; heavily monitored by the U.S., U.K., and Denmark GIUK Gap Canal for global maritime trade, including 40% of all U.S. container trade, connecting to nearly 2,000 ports worldwide Panama Canal Critical artery of global commerce; handles ~20% of global maritime trade and is a primary corridor connecting major East Asian ports Taiwan Strait Handles ~33% of global trade and >25% of world’s seaborne oil. Primary path for energy supply to Northeast Asia. Shortest maritime route between Indian Ocean and Pacific Ocean Strait of Malacca Prior to Iran crisis, estimated to carry ~40% of global crude oil, ~30% of LPG, ~20% of global LNG and ~13% of chemicals. Also a significant transit passage for aluminum and fertilizer Strait of Hormuz Prior to Houthi attacks, strait facilitated >10% of global maritime trade and a significant portion of oil and gas shipments. Connection from Red Sea to the Gulf of Aden and the Indian Ocean Bab el-Mandeb Strait Transits >10% of global maritime trade. Primary western entry point for ships navigating to the Suez Canal and Indo-Pacific Strait of Gibraltar Handles ~6% of global maritime trade. Narrow passage connecting Baltic Sea to North Sea and Atlantic. Key gateway for Russian energy exports Danish Straits Connects Black Sea to Mediterranean Sea. Key route for oil and a significant grain (wheat) shipments globally Bosporus & Dardanelles (aka Turkish Straits) Recent attacks in Strait of Hormuz highlight the importance around maritime chokepoints and their impact on global trade and the economy Sources: Ballast Markets, Boston Consulting Group (BCG), CSIS, U.S. Energy Information Administration (EIA), Geopolitical Mon itor, Northern Trust, Seasia, UN Trade & Development
Page 23
Appendix
Page 24
Transforming Subsea Intelligence 2012 2017 2021 Founding: Synthetic Aperture Sonar focus Subsea Battery Products Commercial Services for Offshore Energy: Europe Commercial Services for Offshore Energy: Americas 2025 ✓ Enhanced breadth of capabilities ✓ Ability to offer a more integrated solution for customers ✓ Businesses with defensible market positions Enhance Competitive Position ✓ Differentiated leading niche technologies with a portfolio of patents ✓ Bolstered depth of technical professionals Deep Technical Expertise ✓ Increased our total addressable market for subsea technology applications ✓ Accelerated growth potential ✓ Expanded presence globally for sales and support Unlocks Growth Potential ✓ Accretive transactions with revenue and cost synergies ✓ Enhanced business diversification ✓ Increased cross-selling opportunities Improves Financial Position M&A Criteria Our Historical Acquisition Track Record Acquisitions to date have added new products and services,opened new markets and provided greater geographic diversification Strategic M&A Has Enhanced Our Position 24 Future Opportunities Kraken: Initial 19.9% equity stake in Enitech in May 2017 and subsequently acquired 100% equity stake by December 2019. Covelya: Forcys subsidiary established in 2022. In 2026, Chelsea Technologies, Forcys and Wavefront Systems formally merged under the Forcys brand. 2026 Global Provider of Subsea Navigation, Communication, Monitoring, Sonar Systems, Optical Sensing and Software Solutions
Page 25
Transforming Subsea Intelligence 25 Total Addressable Market (TAM) ▪ The largest segment is the UUV market, which is growing at a CAGR of ~24% by 2035 driven by the defence sector followed by oil and gas ~US$26B Current TAM ~US$120B Expected TAM (2035E) +16% CAGR Sources: The total address market (TAM) highlighted in the chart above includes the expected market size for: Uncrewed Underwater Vehi cles (UUVs) (Astute Analytica Market Research), Seabed Security for Critical Underwater Infrastructure (CUI) ( Market Research Future), Underwater Wireless Communication (Precedence Research), Sensors and Monitoring of the Ocean Floor ( Market Research Future), Uncrewed Surface Vessels (USVs) (Wise Guy Reports), Subsea Navigation and Tracking (Future Market Insights), Layered Defens e Systems (Renaissance Strategic Advisors), Maritime Tactical Modules (Renaissance Strategic Advisors), Sonar (Spherical Insights LLP), Subsea Battery Energy Storage (Data Intelo) and USBL Positioning (Strategic Market Research)
Page 26
Transforming Subsea Intelligence Significant Capabilities for Testing, Calibration, Product Demos & Training Kraken has >450,000 sq. feet of production capacity following closing of its acquisition of Covelya, including highly advanced facilities located in key defence markets Product Development & Manufacturing Significant Production Capacity 26 Figures presented above are for the combined entity and remain subject to change. Production capacity defined as facilities engaged in a combination of product development, manufacturing, testing & calibrati on and repairs & support; production capacity is based on both leased and owned locations. Combined company has facilities located across North America, South America, Europe and Asia Pacific.
Page 27
Transforming Subsea Intelligence SeaPowerTM Batteries 27 ▪ Pressure-tolerant battery ▪ Potted battery with proprietary pressure tolerant design and polymer matrix ▪ Eliminates the need for oil, compensators, or pressure vessels ▪ Enables higher energy density (reducing weight and volume) ▪ Rated to 6,000-meter depth ▪ Cost effective, modular and scalable solution ▪ Track record for safety and reliable, enhanced with proprietary battery management system (BMS) ▪ >15 years of experience in the entire manufacturing process, including proprietary intelligence of pressure tolerant battery design ▪ Source third-party lithium-ion battery cells; flexible model and can adapt to newest battery technology and chemistries ▪ Adheres to ISO 9001 production standards ▪ Introducing new compact design in 2026 with ~30% improvement in energy density allowing Kraken to target smaller and medium sized vehicles ▪ Longer-term goal to expand into offshore energy storage ▪ Current battery manufacturing capacity in Rostock, Germany and Halifax, Nova Scotia This 20 KWh battery weighs ~ 150 Kg XLUUVs include 50-60 of these batteries
Page 28
Transforming Subsea Intelligence 28 Customer Snapshot: Anduril Industries ▪ 2022: ▪ Entered underwater domain via acquisition of Dive Technologies;won US$90 million Royal Australian Navy (RAN) contract for 3 XL-UUVs prototypes ▪ 2024: ▪ US Navy and Defense Innovation Unit awards Anduril, and its Dive family of large AUVs, a contract to innovate new capabilities for undersea warfare ▪ Australia says to invest up to US$4.6 billion for development/acquisition of subsea warfare capabilities with new uncrewed maritime vehicles ▪ US$26 million co-investment contract with Royal Australian Navy to ramp production capability of Ghost Shark in Australia ▪ 2025: ▪ Announces opening of a new AUV manufacturing plant in Rhode Island and plans for a new US$1 billion Arsenal-1 factory in Ohio to hyperscale drone manufacturing ▪ Announced new Copperhead family of AUVs and Seabed Sentry subsea sensor system ▪ Announced a US$1.1 billion 5-year program for Ghost Shark XL-UUV for the Royal Australian Navy ▪ 2026: ▪ Defense Innovation Unit (DIU) and U.S. Navy select Anduril for participation in the Combat Autonomous Maritime Platform (CAMP) project, an XL-AUV program Kraken and Covelya supply a number of mission-critical systems to Anduril’s underwater platforms
Page 29
Transforming Subsea Intelligence 29 Customer Snapshot: HII ▪ Huntington Ingalls Industries (HII) is America’s largest shipbuilder. They are a large defense contractor prime with over 44,000 employees building aircraft carriers, submarines, and surface combatant ships for the US Navy ▪ Acquired Hydroid in 2020, (US$350 million purchase price or 24x EBITDA), a leading UUV provider to U.S. / allied navies with >900 REMUS UUVs sold at that time ▪ Kraken has integrated SAS to REMUS vehicles of all sizes (REMUS 6000, REMUS 620, REMUS 300, REMUS 100) ▪ REMUS 620 has Kraken SAS as an OEM standard sonar payload ▪ In April 2025, HII was awarded a US$347 million contract for as many as 200 Lionfish (small UUV based on REMUS 300 platform) over a period of five years
Page 30
Transforming Subsea Intelligence 30 Customer Snapshot: Teledyne Marine ▪ Kraken has integrated SAS to each of Teledyne’s AUVs, and provides SeaPower batteries into its larger SeaRaptor vehicle ▪ Teledyne is a long-standing customer having placed multiple orders over the years ▪ Teledyne Marine's suite of AUV products (Gavia, Osprey, and SeaRaptor) provide standard solutions for military, commercial, and scientific applications worldwide, with depth ratings up to 6,000 meters ▪ Such marine projects include: ➢ Autonomous underwater surveys ➢ Critical undersea infrastructure ➢ Energy mapping and monitoring ➢ Hydrographic surveys ➢ Marine construction and dredging ➢ Object detection ➢ Pipeline tracking and inspection ➢ Seismic surveys
Page 31
Transforming Subsea Intelligence 31 Customer Snapshot: Navies ▪ Denmark: Sept 2020, $30-$35 million. Four systems plus reference system over 2 -yr acquisition program followed by 7-yr service & support + options. Competitors were Northrop Grumman and Thales ▪ Poland: $15-$20 million from initial order in Sept 2020 and follow-on order in 2022. Integrated to Kormoran II class mine-hunting vessels. Additional purchase order for KATFISH in 2026 ▪ Australia: $15-$20 million from initial paid demo in Q1 2023 to order for complete KATFISH system and subsequent baseline seabed survey in H1 2024 ▪ U.K.: $16 million providing continued support to U.K. classified programmes through Covelya. Main contract to deliver by 2028 with equipment support through 2035. Follow on from previous equipment delivery contracts. Also, provision of $5 million containerized ROTV solution to RN in 2024 Figures are in Canadian dollars. Note: The U.K. Royal Navy customer snapshot was awarded to the Covelya Group of companies.
Page 32
Transforming Subsea Intelligence 32 Customer Snapshot: Navies ▪ Baltic: $20 million provision of expeditionary Sentinel Sonar Systems and deployment solutions to provide flexible coastal, harbour and river protection from underwater intruders. Provided through U.S. FMS contracts ▪ Indian Navy: $11 million protection of six navy ports across India with permanent fixed intruder detection sonars. Initial installation 2020 through to 2025. Ongoing maintenance and redevelopment expected at greater than $7 million in 2026 to 2028 ▪ Middle East Navies: Multiple ports and harbours protected across UAE and Kingdom of Saudi Arabia (KSA) with circa $14 million investment over last 4 years. Further $18 million contract to support future port protection projects (delivery in 2026/2027) in Middle East country through U.S. FMS contract ▪ Other European: $7 million Multiple Navy Frigate class vessels equipped with Intruder Detection Solutions including Italian PPA and Polish Miecznik programmes Figures are in Canadian dollars. Note: The Navy customer snapshots shown above were awarded to the Covelya Group of companies.
Page 33
Transforming Subsea Intelligence 33 Protecting Underwater Fiber-Optic Cables ▪ ~750,000 miles of submarine fiber-optic cables across the seafloor carry 95-99% of international internet and data traffic across across roughly 500 active subsea cable systems1 ▪ These fiber-optic cables are essential to economic stability and support cloud computing, financial transactions, communications and defence operations ▪ In recent years, fiber-optic cables have been sabotaged in the Gulf of Finland, Baltic Sea, Red Sea, the Taiwan Strait, among other regions ▪ Governments around the world are deploying advanced underwater monitoring systems to protect this critical underwater infrastructure for national security – creating a new defence industry for subsea cables ▪ UUVs are increasingly being used to patrol cable routes to inspect the seabed, identify suspicious threats and detect unauthorized cuts in real-time Source: (1) TechSpot and Submarine Networks Source: Global Submarine Cable Map via FiberAtlantic.com.
Page 34
Transforming Subsea Intelligence Reconciliation of Adjusted Gross Profit and Gross Profit Margin 34 Gross Profit and Gross Profit Margin Gross profit is defined as revenue less cost of total sales. Gross profit margin is defined as gross profit divided by total sales. The following table sets out the calculation of these measures for the following financial years: Non-IFRS Measures Figures in $ Millions For the Year Ended Dec. 31st 2020 2021 2022 2023 2024 2025 Revenue $12.3 $25.6 $40.9 $69.6 $91.3 $102.2 Cost of Sales $6.5 $14.3 $23.9 $35.6 $46.6 $38.8 Gross Profit $5.8 $11.3 $17.0 $34.0 $44.7 $63.4 Gross Profit Margin 47% 44% 42% 49% 49% 62%
Page 35
Transforming Subsea Intelligence 35 Corporate Information Management and Board of Directors Kraken Group - Executive Team Position Greg Reid, CPA, CA, CFA Chief Executive Officer (CEO) Bernard Mills President Joe Mackay, CPA, CA, CFA Chief Financial Officer (CFO) Terra Penrose Chief People Officer (CPO) John Salama Chief Information Officer (CIO) Andrew Griffin Chief Legal Officer (CLO) Board Position Shaun McEwan (Chairman)1 Director Greg Reid, CPA, CA, CFA Director Kim Butler2 Director Vice Admiral Mike Connor3 Director Peter Hunter Director Kristin Robertson Director Don Robertson Director Corporate Partnerships Contact Information Address 189 Glencoe Drive, Mount Pearl, NL A1N 4P6 Investor Relations investors@krakenrobotics.com Website www.krakenrobotics.com Auditors Ernst & Young, LLP Counsel Gowling WLG 1. Chair of Nominating and Governance Committee 2. Chair of Audit Committee 3. Chair of Compensation Committee
Page 36
Transforming Subsea Intelligence Kraken Robotics | Transforming Subsea Intelligence