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/iqm.tech/ /iqm.tech/ Q3 2026 Earnings Presentation November 5, 2026
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Disclaimer This presentation contains “forward-looking statements” within the meaning of the U.S. federal securities laws and “forward-looking information” within the meaning of applicable non-U.S. securities laws. These forward-looking statements reflect IQM’s current expectations and views of future developments and include statements preceded by “believe”, “expect”, “expectations”, “ensure”, “commit”, “anticipate”, “foresee”, “see”, “target”, “estimate”, “designed”, “aim”, “plan”, “intend”, “influence”, “assumption”, “focus”, “continue”, “project”, “should”, “is to”, “will”, “could”, “forecast”, “strive”, “envisage”, “may”, “would” or similar expressions. These statements include, among others: IQM's full year 2026 financial guidance; projections of market opportunity and market share; projections regarding IQM's ability to commercialize new products and technologies, including its multi-year technology roadmap and related milestones, and the related costs and timelines; expectations regarding IQM's business model, customer base, strategic partnerships, manufacturing capacity and scaling plans and capital deployment; the sufficiency of IQM's cash position to fund its roadmap and reach key operational milestones; the conversion of IQM's order backlog into recognized revenue; and the potential for IQM to increase in value. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of IQM. These statements are based on management's best assumptions and beliefs in the light of the information currently available to it. Because they involve risks and uncertainties, actual results may differ materially from the results that we currently expect. Factors, including risks and uncertainties that could cause such differences can be both external, such as general, economic and industry conditions, as well as internal operating factors, including but not limited to IQM’s financial and business performance, IQM’s mission, goals and strategies, IQM’s future business development, financial condition and results of operations, expected changes in IQM’s revenues, costs or expenditures, IQM’s expectations regarding demand for and market acceptance of IQM’s products, competition in IQM’s industry, IQM’s future capital requirements and sources and uses of cash, relevant government policies and regulations relating to IQM’s industry and other risks and uncertainties described in IQM’s public filings and regulatory releases from time to time. Other unknown or unpredictable factors or underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-looking statements. We do not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. In addition to the measures presented in our consolidated financial statements, we use order backlog and order intake as indicators of future revenues from existing signed orders. This approach provides management with a transparent bridge from confirmed orders to revenue, linking sales performance with revenue realization, while remaining consistent with the external definition of backlog as confirmed, not yet recognized orders. We believe these metrics provide useful information for the market to understand and evaluate our results of operations in the same manner as our management team. Order backlog represents the value of binding customer orders that have been confirmed but not yet recognized as revenue at a point in time. We calculate order backlog as the point in time balance of order intake less recognized revenue. Order intake represents the total monetary value of binding customer orders signed during the period, excluding pipeline or expected orders, and reflects new business secured and future revenue generation. These metrics are presented for supplemental informational purposes only, should not be considered substitutes for financial information presented in accordance with IFRS accounting standards, and may differ from similarly titled metrics or measures presented by other companies.
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Quantum Computing is scaling fast, and IQM wins the most contracts 46% Sources: State of Quantum 2026, IQM / The Quantum Insider, June 2026 Note: 1 Quantum Computing contract volume increased more than sixfold from 2021 to 2025, rising from 4 annual contracts to 25; 2$2.6bn in quantum computing contracts, 2021 to Q1 2026 (121 contracts); 3 ~46% of buyers expect on-premises to be part of their access model within 3 years (vs. 24% cloud-only) 12 35 89 121 0 50 100 150 Pre-2021 2022 2024 Q1 2026 30% 8% 11% 11% 11% 19% Others (5 vendors) D-Wave Rigetti IonQ IBM IQM Cumulative quantum computing contracts, units, Market total Share of quantum computing contracts, top vendors, Q1 2026 $2.6bn deal value, 2021–Q1 20262 6× of enterprise buyers require on-premises systems3 annual contracts count1
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 on-prem QPUs European-built 2021 VTT Q5 “Helmi” 5-qubit star · Espoo 2022 Helmi ⇄ LUMI first EU hybrid service 2023 VTT floor upgrade 20-qubit processor floor 2024 Q-Exa · LRZ 20-qubit + SuperMUC-NG 2025 VTT Q50 53-qubit coupled to LUMI 2025 VLQ · IT4I 24-qubit star + Karolina 2025 CESGA · Galicia 54-qubit Radiance · Spain 2026 Euro-Q-Exa · LRZ 54-qubit Radiance · Slurm 2026 NOX · CINECA 54-qubit + Leonardo 2026 Pathfinder · Oakridge 20-qubit · first US install 2026 Real-time QEC GPU decode over NVQLink 2027 LUMI-IQ · CSC 150-qubit · Halocene H4 2026 Aalto University · LUMI 20-qubit · Espoo Also installed in Poland, Korea, Taiwan and Japan… Contracted, not yet deliveredIntegrated Deployment status: IQM leads quantum–HPC integration globally 10 supercomputing systems integrated with IQM Sources: Company information
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Commercial traction Product development Financial strength €33m Halocene order by LUMI AI Factory two 150-qubit systems shipped to customers €260m cash with advancement in several major grants on top of our sales Commercial traction Product development Financial strength Q3 2026 at a glance across the core themes underpinning our success
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Enterprises are getting quantum-ready on IQM quantum computers Optimising rolling stock with quantum algorithms 17k+ registered users on IQM ResonanceBuilding quantum-ready skills for the bank of the future Research papers published using IQM quantum computers Sources: Company information 130+ Commercial traction
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 LUMI-IQ: a €33M order from an AI factory that scales with our roadmap ✓ Order signed CSC AI Factory selects IQM to deliver LUMI-IQ, a €33M Halocene order ✓ Jul 2026 ✓ Upgrade path IQM announces the upgrade path that makes the deal possible ✓ Sep 2026 Halocene H4 150 physical qubits with early error-correction capabilities 2027 Upgrade Lower logical error rates and real-time error correction 2028 Halocene H5 Up to 9 fault-tolerant logical qubits with Clifford operations 2029 CONTRACT STAGED DELIVERY TO CSC Multi-year, sovereign-backed Value steps up with error correction Europe’s first logical qubits Sources: Company information €33M order, roughly equal to full year 2025 revenue of €31M Commercial traction
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Broad customer base stimulates ecosystem and creates structural lock in IQM has sold, delivered and installed the most quantum systems globally 2 Taiwan United States South Korea Germany France Czech Republic Poland Italy IQMIBM Quantum Brilliance Rigetti ORCA Computing Fujitsu XeedQ Alpine Quantum SpinQ D-Wave Other Japan Today Coming soon 31 Total systems sold1 10 quantum-AI integrations with both NVIDIA and AMD systems 17 Systems delivered1 Leading industry-standard, tiered systems Partnership to build resilient supply chain and local content Global delivery with local teams Sources: Company information; Quantum insider Note: 1 Represents data as of November 4, 2026; 2 Quantum Insider (August 23, 2025), Top-10 vendors by share of total systems sold, 2020 to June 2025 IQM is the pioneer for quantum-powered supercomputing, already powering 4 out of the Top 10 supercomputers in the Top 500 list DO NOT USE on any external docs yet Brazil Türkiye Spain Finland Is this true anymore? 2nd IQM QC announced, opened to Japan’s ecosystem 1st IQM Halocene order 1st IQM QC in South America IQM Radiance now live & operational at Oak Ridge Commercial traction
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Governments are buying quantum, and IQM is in programs across continents Sources: Company information; map is illustrative United States Opened our first Quantum Technology Center in Maryland 1 of 7 initial partners in Microsoft Quantum’s hardware makerspace Germany IQM-led SuperPilot is 1 of 6 projects advancing in the €640M federal competition European Union Selected for the first phase of the Grand Challenge under the EU Quantum Act Japan Government support through NEDO in a joint project with Kyocera & AIST Commercial traction
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Note: Combined fidelity: 2x1QG + CZ + 2xreadout Sources: Marxer et al., “Above 99.9% Fidelity Single-Qubit Gates, Two-Qubit Gates, and Readout in a Single Superconducting Quantum Device,” PRX Quantum 7, 020333 High-fidelity operations in superconducting devices Product development CZ-gate with > 99.93 % fidelity, average over 40 hours Combined fidelity = 99.8 % As a result of 99.98% single-qubit gate fidelity, 99.94% readout fidelity, and 99.93% two-qubit gate fidelity
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 All 54 qubits on the processor entangled 99.6 % median CZ Sources: Marxer et al., PRX Quantum 7, 020333 (2026); Wesdorp et al., PRX Quantum, accepted for publication; arXiv:2603.11018 (2026) Scaling to larger systems: Robust performance carries over to larger processors 99.6 % median CZ-fidelity achieved with optimized calibration Product development
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 We are progressing on the building blocks for scalable error correction 1 Many gates at once, without interference 2 Direct gates between any qubit pair 3 Constellation and barbell codes 99.96% mean fidelity of simultaneous single-qubit gates on a 49-qubit processor (16 ns gates) • New pulse shaping (CTS) suppresses leakage and crosstalk; simulated up to 1,000 qubits Any pair, via the central coupling element • New direct two-qubit (CZ) gate between any pair of qubits in IQM Star • Star is the building block of the Constellation architecture High efficiency Less physical qubits per logical qubit Up to 8x less vs surface code Low complexity Higher manufacturability 3-4 couplers per physical qubit Sources: Wesdorp, Hyyppä et al., arXiv:2603.11018, Mar 2026 (preprint). J. Andersson and J. Verjauw, APS Global Physics Summit, 19 Mar 2026. IQM press release, 9 Jun 2026, and arXiv:2606.06062; IQM blog “IQM Constellation,” 30 Sep 2025. Product development
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 This quarter we made error correction real-time, open and testable Real-time Runs on hardware the customer owns Calibration and error-correction loops run natively via NVQLink1 NVIDIA Ising Calibration · NVQLink Open One workload, compared across codes Benchmark error-correction codes and architectures on common metrics2 NVIDIA CUDA-Q Logical Testable Researchers run the experiments themselves NERSC researchers ran their own surface-code experiments on IQM hardware3 Qrisp · NERSC Sources: 1NVIDIA, “NVIDIA Launches Ising, the World’s First Open AI Models to Accelerate the Path to Useful Quantum Computers”, press r elease, 14 Apr 2026; 2 IQM, adoption of NVIDIA CUDA-Q Logical in IQM Halocene, IEEE Quantum Week, Sep 2026; 3IQM blog, D. Bulmash, “From quantum error correction theory to experiments on real quantum hardware” (2026); IQM Academy, “Ge tting started with Qrisp on IQM Product development
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 New methods from our application teams are turning into customer results 248× estimated runtime speed-up Volkswagen Group Innovation Faster chemistry post-processing, validated on IQM hardware for lithium-air batteries 48 qubits on IQM cloud German Aerospace Center (DLR) · HQS A classical baseline any future quantum materials result must beat 1 QISS optimisation Noisy hardware matched noiseless simulation on our 54-qubit Emerald 2 Open-source error reduction Fewer errors without amplifying noise, in one line of code 3 Quantum channel polynomial processing Lower circuit complexity, from today’s machines to fault-tolerant Sources: Company information; speed -up is an estimate for 100-orbital systems Use cases with customers and partners… …empowered by new methods from our teams Product development
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 An award-winning team and a growing ecosystem behind every system we deliver Awards Quantum Effects Award 2026 for Quantum Software, won by Qrisp, the open-source project we support 2 gold and 1 silver at the Employer Brand Management Awards Ecosystem 10 regions applied for the IQM Research Award Skills and research agreement with Swinburne University of Technology, after quarter-end Sources: Company information Product development
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Financial Results Q3 2026
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Q3 and 9M 2026 Revenue Commentary Q3 2025 Q3 2026 9M 2026 Revenue: EUR 17.7M 49% year over year growth from 9M 2025 Higher quantum computer sales and delivery with progress in projects recognized over time Global commercial leader with 31 quantum computers sold to date including 10 quantum-AI integrations Industrial leader with 17 systems delivered Largest publicly disclosed on-premises delivery count1 Strong commercial momentum and continued revenue growth Sources: Company information Note: Periods ended September 30, 2026 and September 30, 2025. 1 Since founding of IQM, represent publicly announced on -premises deliveries from each of IBM, D -Wave, Pasqal, Rigetti, IonQ, OQC, Quandela, Anyon Systems, QuEra, Atom Computing and Quantinuum. 9M 2025 9M 2026 EURm 5.9 8.9 11.9 17.7 Financial strength
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Expanding order backlog driven by new large customer wins Sources: Company information. 1. Order Backlog represents the value of binding customer orders that have been confirmed but not yet recognized as revenue a t a point in time. We calculate Order Backlog as the point in time balance of Order Intake less recognized revenue. Order Intake represents the total monetary value of binding customer orders signed during the period, exc luding pipeline or expected orders, and reflects new business secured and future revenue generation. Transparent bridge from confirmed orders to revenue1 Backlog growth of 52% YTD primarily driven by the LUMI AI factory contract, and other new sales Continued & committed commercial demand providing strong visibility over future revenue EURm 30 69 (31) 67 53 (18) 102 Order Backlog Commentary Opening Backlog (January 1, 2025) Total Order Intake (FY 2025) Total Recog. Revenue (FY 2025) Closing Backlog (December 31, 2025) Total Order Intake (9M 2026) Total Recog. Revenue (9M 2026) 9M 2026 Backlog (September 30, 2026) EURm FY 2025 9M 2026 Financial strength
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Selected Q3 2026 announced customer wins and partnerships Sources: Company information GLOBAL · TECH PARTNERSHIP Apr 2026 GERMANY · ACADEMIA Feb 2026 NVIDIA Ising Integration AI-Driven Agentic Calibration ✓ Enterprise-ready AI-driven calibration built on NVIDIA Ising models ✓ Removes need for on-site quantum expertise, enabling autonomous quantum operation The next generation of supercomputers will be quantum-GPU systems, and AI is what makes them operable. — Sam Stanwyck, Director of Quantum Product, NVIDIA ” Leibniz Supercomputing Centre IQM Radiance 54-qubit ✓ Euro-Q-Exa is 1st EuroHPC joint undertaking QC deployed in Germany ✓ Installed, hosted, and operated at LRZ, supporting development of expertise, operational know-how, and sustainable research capacity within Europe Euro-Q-Exa is much more than just a new computer. It represents technological sovereignty and our ambition to develop our own digital infrastructure. — Markus Blume, Bavarian Minister of State of Science and the Arts ” Announced post quarter-end Financial strength JAPAN · ENTERPRISE Sep 2026 By deploying IQM Spark at our R&D center and linking it with IQM Radiance 20, we will support a broad range of needs across different stages of quantum adoption... we aim to broaden access to quantum computing and contribute to the advancement and real-world adoption of quantum technologies in Japan. — Toshiya Kohno, President & CEO, ✓ 2nd full-stack quantum computer bought by TOYO Corporation ✓ Owning the two systems enable: ✓ Hands-on learning from quantum computing education ✓ Algorithm validation & verification ✓ Advancing QC in Japan, extending capability into ecosystem TOYO Corporation IQM Spark ” FINLAND · HPC,RESEARCH July & Sep 2026 CSC - LUMI AI Factory IQM Halocene H4 – QEC – H5 ✓ LUMI-IQ to be delivered in 3 steps: ✓ IQM Halocene H4 in 2027 ✓ Upgraded in 2028 to lower logical error rates, enable real time QEC ✓ Final upgrade in 2029, installation of IQM Halocene H5 ✓ These upgrades equip the system towards early fault tolerant QC Greatest potential lies in combining the complementary strengths of AI, high- performance computing, and quantum computing… The LUMI AI Factory allows European researchers to develop innovative hybrid approaches in a world- class computing environment. — Kimmo Koski, CEO, CSC ” BRAZIL · RESEARCH Sep 2026 By bringing this infrastructure to Eldorado, combined with access to more advanced quantum computing capabilities, we are not only investing in technology, we are investing in people, knowledge and an ecosystem. — José Bertuzzo, Superintendent, Eldorado Research Institute ✓ IQM Spark will enable Eldorado & its partners to explore quantum algorithms, build expertise in quantum HW and SW, and investigate hybrid architectures combining high-performance computing, QC and AI ✓ Part of strategy to expand activities in emerging technologies Eldorado Research Institute IQM Spark ” GERMANY · RESEARCH Jul 2026 Quantum computing is not going away. By tackling a real-world problem in a hybrid HPC and quantum computing environment, we have taken another step toward quantum advantage. — Manfred Rieck, Head of Quantum Technology at Deutsche Bahn ✓ Research collaboration where DB and IQM developed and tested a hybrid quantum-classical algorithm designed for enterprise-scale optimization problems ✓ Collaboration showed that QC is already capable of tackling large- scale, real-world optimization problems enterprises face Deutsche Bahn Quantum Approximate Optimization Algorithm ”
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Significant scaling investments and public market entry Revenue 31.3 16.4 91% Cost of Revenue (16.3) (11.4) 44% Gross Profit 15.0 5.1 195% Gross Margin % 48% 31% Selling expenses (5.9) (4.5) 32% G&A expenses (18.5) (12.4) 49% R&D expenses (50.7) (42.4) 19% Other income & expenses 2.0 4.1 (51%) Operating Loss (58.1) (50.0) 16% Full time employees 333 275 21% Commentary • Revenue growth was driven by standardized quantum computers delivery, and higher continued progress on customer projects • Cost of Revenue, including personnel and materials required to support higher sales volumes, increased, but slower than revenue resulting in GM improvement for the period • Selling expenses increase reflects expansion of the commercial teams and marketing activities • G&A expenses increase mainly from one-off transaction costs (EUR 13.5m) and headcount increase • R&D increase driven mainly by personnel costs • Other expenses increase driven by listing related costs • Q3’26 includes a one-time, non-cash, share based listing expense of EUR 127.1m • Growth in operating cost base reflects deliberate investments into R&D, and building out sales and delivery capacity EURm Q3 2026 Q3 2025 Sources: Company information Note: Quarter and 9M Ended September 30, 2026, and 2025 YoY9M 2026 9M 2025YoY Financial strength Revenue 8.9 5.9 51 % 17.7 11.9 49 % Cost of Revenue (4.7) (3.5) 33 % (10.0) (7.2) 39 % Gross Profit 4.2 2.3 78 % 7.8 4.7 64 % Gross Margin % 47 % 40 % 44 % 40 % Selling expenses (4.3) (1.4) NM (11.4) (3.8) NM G&A expenses (27.0) (2.7) NM (53.2) (9.7) NM R&D expenses (20.4) (13.7) 48 % (54.4) (39.4) 38 % Other income & expenses (123.7) 1.4 NM (120.5) 2.3 NM Operating Loss (171.2) (14.1) NM (231.8) (45.8) NM Loss before tax (152.4) (12.6) NM (227.3) (47.1) NM Loss for the period (152.6) (12.6) NM (227.5) (47.2) NM
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Well-capitalized to continue executing ambitious product roadmap and further scaling EUR 17.7M Revenue with 49% year- over-year growth as of 9M 2026 EUR 260M Cash position as of September 30, 2026 EUR 54M R&D expenses to deliver on product roadmap as of 9M 2026 Financials summary Strong revenue growth trajectory with large new customer wins, existing customer repeat purchases, new geographies expansion and secured growing backlog Commercial Momentum Strong cash position following the public listing. Provides visible runway to execute roadmap and reach key milestones Capital Strength Investing to execute our fault- tolerance roadmap, expanding testing capacity and scaling manufacturing to deliver QEC-ready systems to customers Continued R&D Investment Full year 2026 guidance reiterated with the context of revenue dynamics being structurally second half and Q4 weighted Guidance Sources: Company information EUR 42-47M Full Year 2026 Revenue EUR 65-75M Full Year 2026 Order Intake Financial strength
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/iqm.tech/ /iqm.tech/ Earnings Presentation Q3 2026 Take the ‘fast lane’ to Quantum advantage IQM Quantum Computers