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Astroscale Holdings Inc. (Ticker: 186A) Business Update (October 2026) October 16, 2026
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Astroscale Proprietary Disclaimer 2 This document has been prepared by Astroscale Holdings Inc. (herein referred to as the “Company”, “Astroscale” or “we”) solely for informational purposes. This document contains forward-looking statements, which reflect the Company's assumptions and outlook for the future and the Company's plans and expectations as of the date of this document or other date indicated. There can be no assurance that any such forward-looking statements will be achieved. Actual results may differ materially from those expressed or implied by such forward- looking statements due to various factors, including changes or adverse outcomes in the development or operations of our missions, changes in customers' plans and needs, competition, changes in the legal and regulatory environment and other factors. Accordingly, readers are cautioned against placing undue reliance on any such forward-looking statements. The Company has no obligation to update or revise any information contained in this document based on any subsequent developments except as required by applicable law or stock exchange rules and regulations. This document has been translated from the Japanese language original for reference purposes only. In the event of any conflict or discrepancy between this translated document and the Japanese language original, the Japanese language original shall prevail in all respects. The Company makes no representations regarding the accuracy or completeness of this translation and assumes no responsibility for any losses or damages arising from the use of this translation. This document includes information derived from or based on third-party sources as cited herein. The Company has not independently verified and cannot assure the accuracy or completeness of any information derived from or based on third-party sources.
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Astroscale Proprietary Today’s Speakers 3 Introduction Nobu Okada Representative Director, Founder and Group CEO Nobu is a globally recognized leader in the start -up space ecosystem. He has a history of entrepreneurship and a visionary philosophy that has driven the advancement of the on - orbit servicing industry. Nobuhiro Matsuyama Director and Deputy President Group CFO Matsu comes with a wealth of experience in financial strategy, capital markets and risk management. He has advised numerous global companies on strategic capital raises and M&A, and led investments into multiple startup companies.
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Astroscale Proprietary TABLE OF CONTENTS 4 Notes: Information is presented based on the following unless otherwise noted. Fiscal year: “FY202X” is equivalent to the “fiscal year ending April 202X”. Full-year: The full fiscal year beginning from May 1 and ending on April 30. FX rate assumptions: US$1 = ¥155, €1 = ¥180, £1 = ¥205 Section 1: Executive Summary Section 2: Pursuing Repeatable Business Section 3: Financial Strategy Appendix
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Section 1 Executive Summary
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Astroscale Proprietary Executive Summary Section 1 | Executive Summary Robust progress in our growth strategy through repeatable business outlined at the previous business update Forging local partnerships outside of Japan Selected for inclusion in the TOPIX Index
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Astroscale Proprietary Our Business Evolution and Future Strategy 7 Section 1 | Executive Summary 2010s Early 2020s Late 2020s and Beyond Securing study projects Securing operational missions and on-orbit demonstration Securing repeatable business Multiple study projects secured as a foundation for future operational missions Growing recognition among governments and space agencies on the importance of on-orbit servicing Expansion of regulatory discussions Successful on-orbit demonstration of non-cooperative RPO technologies, the first and only achievement by a private company Secured a diverse range of OOS projects Significant growth in backlog and revenue driven by global bookings Improved profitability by maximizing technology reuse through operating limited number of platforms Scalable business expansion through maturation of a repeatable business model Limited revenue Limited opportunities for on-orbit technology demonstrations through satellite operations Low profitability, with many one-off, bespoke projects New development required to meet diverse customer requirements Repeatable business is essential to achieving profitability. Excerpt from the April 2026 Business Briefing
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Astroscale Proprietary Short- to Mid-Term Strategy Toward Profitability 8 Section 1 | Executive Summary Accelerate operating profitability through repeatable defense and commercial projects and strict cost control. Defense • Expanding space threats are driving growing demand for autonomous space defense capabilities across major countries and regions. • Demonstrations of inspection and refueling services are building platforms for repeatable defense business. Commercial • Life extension services significantly improve GEO economics, offering strong potential for multiple and repeatable business. • Successful on-orbit demonstration of dock-and-hold–based life extension with LEXI-P will support our aim to secure repeatable business for subsequent units from 20+ potential customers. Cost Control • Expect subsidy projects to turn profitable from FY2028 onward, following the completion of a partially funded project in FY2027. • No further pre-contract development costs are expected. • Other SG&A expenses targeted to be maintained in the low ¥9.0 billion range. Excerpt from the April 2026 Business Briefing
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Section 2 Pursuing Repeatable Business
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Astroscale Proprietary Initiatives to Drive Repeatable Business 10 Currently focused on securing opportunities that support repeatable business and platform reuse. Development of versatile platforms applicable for a wide range of future applications is progressing steadily. Section 2 | Pursuing Repeatable Business Advancing Repeatable Business Opportunities Developing Versatile Platforms Expanding sustainable revenue base through repeatable business First defense prime contract in the UK Strengthening local partnerships in France US Space Force refueling demo launching soon Developing platforms tailored to country-specific needs Improving efficiency through platform reuse Platform development progressing steadily Today Future
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Astroscale Proprietary UK: Secured First Defense Mission as Prime Contractor 11 The UK Space Strategy was driven by the UK government’s focus on national security on orbit. Against this backdrop, we secured our first defense mission from the UK Ministry of Defence as a prime contractor Section 2 | Pursuing Repeatable Business UK MoD Project • The UK government published the UK Space Strategy in September 2026, positioning space as a core pillar of national security and economic growth. • Space Domain Awareness (SDA) and in-orbit services are identified as two of the four priority subsectors. • The Royal Air Force established a dedicated space squadron to protect national space infrastructure, with the ability not only to detect threats such as hostile satellite interference, but also to take active countermeasures by disrupting, degrading, and denying hostile activity. • The initiative supports the UK's “Control of Space” objective and highlights growing defense and operational demand in the space domain. UK Space Strategy Highlights • First direct contract award by UK MoD to Astroscale. • May evolve into future repeatable business opportunities. Contract Value: £15 million (¥3.12 billion) Contract period: Undisclosed Service: Undisclosed Customer: UK Ministry of Defence Disclosure date: September 30, 2026
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Astroscale Proprietary France: Secured a Deorbit Demo Mission, the First Mission for ASFR 12 Astroscale France (ASFR) was selected to participate in a deorbit demonstration mission for a Eutelsat OneWeb satellite as its first concrete joint project with Exotrail. Section 2 | Pursuing Repeatable Business (1) Contract awarded to our French subsidiary by Exotrail. The end customer is CNES (Centre National d'Études Spatiales). Note on photo: (From right) Jean-Hubert Lenotte Chief Strategy and Resources Officer, Eutelsat; Nobu Okada, Founder and Group CEO, Astroscale Holdings; Kimi Onoda, Minister for Economic Security; Jean Luc Maria, CEO, Exotrail; Philippe Baptiste, Directeur Général, CNES; Philippe Blatt, President & Managing Director, Astroscale France New: CNES Project • End-of-life demonstration mission to approach, dock with, and deorbit a Eutelsat OneWeb satellite under the French government's France 2030 program. The OneWeb satellite is equipped with an Astroscale-designed docking plate, enabling magnetic capture. • As a subcontractor to Exotrail, Astroscale France will provide RPO expertise and docking mechanism technology. Project Overview Highlights • Potential pathway to future EOL (End-of-Life) services. • First mission in France for Astroscale. Contract Value: €13.2 million (¥2.36 billion) Contract period: Until 2030 Service: EOL Customer: Exotrail(1) Disclosure date: September 11, 2026
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Astroscale Proprietary France: Further Expanding Local Partnerships 13 A partnership was established with Hemeria, a participant in France’s space surveillance program, Yoda(1). Section 2 | Pursuing Repeatable Business (1) Yoda: Yeux en Orbite pour un Démonstrateur Agile • Overview of France’s Yoda Space Defense Program • Growing need to strengthen space defense capabilities as space becomes an increasingly important domain for military and national security activities. • Two satellites, a target and an inspector/tracker, will be deployed in GEO to simulate defense operations. • Hemeria is responsible for developing the satellite platform. • About Hemeria • Established in 2019 and based in Toulouse, France. • Specialized in small satellite platforms for defense applications. • Partnership Overview • Combining Astroscale's RPO technology with Hemeria's satellite platform technology to jointly develop a French GEO microsatellite and develop localized defense solutions. Partnership with Hemeria (From right) Philippe Blatt, President & Managing Director, Astroscale France; Nicolas Multan,Chairman, HEMERIA
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Astroscale Proprietary US: Expanding a Repeatable Refueling Business Through Demo Mission 14 Aim to establish a repeatable refueling business with the U.S. Space Force through a successful fuel transfer demo with the APS-R mission planned for this fiscal year. Section 2 | Pursuing Repeatable Business (1) RG-XX: Geosynchronous Reconnaissance & Surveillance Constellation (2) GSSAP: Geosynchronous Space Situational Awareness Program • In the RG-XX(1) program, which will replace the current GSSAP(2), the U.S. Space Force has announced plans to require refueling capability for next-generation SDA satellites, eliminating operational constraints caused by fuel limitations. • APS-R is expected to become the first on- orbit refueling demonstration mission for the U.S. Space Force and is planned for launch in FY2027. • The mission is planned to transfer fuel between a client satellite equipped with a refueling interface and a fuel depot in orbit (shown right). • Successful demonstration could pave the way for a repeatable refueling business with the U.S. Space Force. U.S. Space Force Refueling Strategy Overview of the APS-R Mission
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Astroscale Proprietary Japan: Advancing Space Infrastructure Defense 15 Expect discussions on bodyguard satellite deployment to advance further with defense budget allocations and revisions to the three National Security Documents underway. Development of the responsive space system prototype already awarded to Astroscale is advancing steadily. Section 2 | Pursuing Repeatable Business (1) Prepared by the Company based on Space Domain Defense Guidelines issued by the Ministry of Defense, Japan (July 2025). • Growing concerns over the development and operation of “killer satellites” capable of approaching target satellites and disrupting or disabling their functions using robotic arms, electromagnetic waves, and other means. Evolving Threat Environment in Space • Considering the introduction of “bodyguard satellites” designed to intercept and prevent killer satellites from approaching Japanese satellites through remote operations from the ground. • We have an existing JMoD contract to build a prototype spacecraft. Expect multiple spacecraft orders after launch and demo in FY2028. Government Response ▼Illustration of a killer sattelite Bodyguard satellite(2)
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Astroscale Proprietary Market Size for Life Extension Services 16 The GEO satellite business is large and stable, with approximately 20–30 satellites per year potentially serviceable with our life extension service. Section 2 | Pursuing Repeatable Business Source: UCS Satellite Database, as of May 1, 2023. (1) Figures are based on classifications by satellite nationality, and certain satellites may be excluded from the service scope depending on the results of technical assessments. Breakdown of Operational GEO Satellites Expected GEO Satellite Retirements (Serviceable Satellites) Approx. 80% of GEO satellites are serviceable(1). Directly Serviceable Countries where Astroscale has local presence Serviceable Without our local presence but open to service discussions Not Serviceable China, Russia and sanctioned countries 13 15 13 13 14 8 16 6 7 6 0 10 20 30 40 FY2027 FY2028 FY2029 FY2030 FY2031 Expected retirements of institutional GEO satellites Expected retirements of commercial GEO satellites Target repeatable bookings from the expected retirements of approx. 20–30 GEO satellites per year. Total 590
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Astroscale Proprietary Existing Projects Driving Future Repeatable Business and Platform Reuse 17 Secured multiple projects globally that can drive repeatable business, platform reuse, and improved profitability. Section 2 | Pursuing Repeatable Business Entity Project Outline CNES Project JMoD Project • Awarded a magnetic capture demonstrationmission as the first concrete joint project with Exotrail. • Drives French partnership and development of European solution for EOL. • Awarded a prototype development of a responsive space system from JMoD. • Advancing development of a platform that could support multiple future bodyguard satellite contracts. APS-R • A on-orbit refueling mission for the U.S. Space Force. Scheduled to launch in FY2027. • Potential for repeatable refueling business for the U.S. Space Force. ELSA-M UK MoD Project • Magnetic debris capture demonstration mission for a OneWeb satellite, awarded by ESA. • Supports development of a versatile satellite platform for Europe while providing a valuable in-orbit demonstration to drive future EOL opportunities. • First contract awarded as a prime contractor for a UK Ministry of Defence project. • Potential for repeatable business through customer procurement of multiple spacecrafts. LEXI-P • First commercial life extension service mission. • Contract negotiations with a prospective customer are advancing steadily.
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Astroscale Proprietary Satellite Platforms Under Development 18 Advancing platform development aligned with future repeatable business opportunities across US, Europe, and Japan. Section 2 | Pursuing Repeatable Business ~ FY2026 FY2027 FY2028 ~ ELSA-M (LEO) FY2028 Launch In-Orbit Demonstration After FY2028 Adapted for GEO Operations Future EOL Opportunities Future Civil Programs (e.g., CAT-IOD) Future European Defense Opportunities APS-R (U.S. Space Force Program) FY2027 Launch Future Refueling Opportunities GRPO-D (JMoD Program) Completion in Mar. 2028 Future Japanese Defense Opportunities In-Orbit Demonstration LEXI-P (Commercial) FY2028 Launch Future Life Extension Opportunities Platform ELSA-M Versatile European Satellite Platform APS-R U.S. Refueling Satellite Platform GRPO Japanese Bodyguard Satellite Platform LEXI Global Life Extension Satellite Platform Legend Developing Gray: Civil Opportunity Blue: Defense Sky blue: Commercial Repeatable Defense Business Opportunities
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Astroscale Proprietary Platform Development Progress 19 All programs are progressing steadily toward launch, with launch services secured. Section 2 | Pursuing Repeatable Business • Spacecraft delivered to RAL Space for electromagnetic compatibility testing. • Our launcher, Isar Aerospace's Spectrum rocket, successfully reached orbit on its second test flight. ELSA-M • Completed vibration and deployment tests. • Advancing key system-level and ground control milestones. • Launch vehicle selected; details undisclosed. APS-R • Development of the responsive space system prototype is progressing steadily. • Launch vehicle selected; details undisclosed. GRPO-D • Overall development remains on track. • Launch vehicle selected; details undisclosed. LEXI Planned Launch: FY2028 Planned Launch: FY2027 Planned Completion: FY2028 Planned Launch: FY2028
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Section 3 Financial Strategy
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Astroscale Proprietary Illustrative Key Drivers of Operating Profit Breakeven 21 Executing initiatives to achieve operating profitability and enable a transition to progress-based revenue recognition where appropriate. Section 3 | Financial Strategy Note: The targets discussed here are the current aspirations of the company that may be subject to change in the future. These targets shall not be understood as guarantee of results. (1) Actual project income recognition will be affected by various factors including but not limited to average project duration. Therefore, project income may differ from the quotient of backlog and average project duration. Backlog Avg. Project Duration Project Income Gross Margin Gross Profit R&D/SG&A Operating Profit • Build profitable backlog by leveraging global footprint and diversified services. • Aim to reduce average project duration through: • Enhanced project management • Expansion of recurring business • Conversion of backlog into project income through steady project execution. • Aim to expand margins by: • More fully-funded missions • Increasing higher-margin recurring defense and commercial businesses • Drive gross profit through drivers shown left and reliable project management. • Minimize costs through: • Leveraging customer- funded missions for R&D. • Maintaining strict SG&A cost discipline. • Produce gross profits exceeding R&D/SG&A costs to achieve breakeven. (1) Shorten through repeatable business Expand through repeatable business and revenue recognition changes Increase control through cost discipline Revenue Recognition Successful transition to percentage of completion revenue recognition will enable margin recognition during project execution (see p.24).
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Astroscale Proprietary Backlog Status (“Contracted backlog” + “Confirmed but uncontracted backlog”)(1) 22 The Q1 YTD bookings were ¥224 million. ¥5.4bn of bookings confirmed since Aug. Section 3 | Financial Strategy (1) Backlog includes the estimated contract value for (i) SBIR Phase 3, which has not yet been awarded but is expected to be awarded to our group in a subsequent phase where no competition exists and (ii) REFLEX-J, which was selected in January 2025. For REFLEX-J, as announced in the press release dated September 1, 2025, the budget from the third year onward is reflected in the backlog. (2) A "fully funded” project is defined as a project that we expect the contract amount will cover the full amount of the then-anticipated mission expenses which has been proposed by us. Ratio is calculated based on backlog amount. (3) Weighted average project duration represents the average project duration calculated by multiplying the actual or expected remaining contract period of each major project included in backlog by its backlog amount and then dividing by the total backlog amount for such projects. (4) Only the amount for the first and second year of the contract is included in the contracted backlog. 5,442 29,695 27,435 25,851 23,092 14,717 10,502 10,502 28,535 44,413 37,938 36,354 Apr. 2024 Apr. 2025 Apr. 2026 Jul. 2026 Confirmed but uncontracted backlog Contracted backlog Historical Backlog and Contract Status (¥ million) Backlog(1) Commercial Defense Civil 205 0 4,737 10 2,682 25,842 99 10,410 33,903 391 8,520 27,442 Drive backlog growth through expansion of business in all customer segments. Major Projects in Backlog Civil Defense Commercial ISSA-J1 Phase 3 REFLEX-J(4) None None ELSA-M Phase 3, 4 ISSA-J1 Phase 2 ADRAS-J2 CAT-IOD Phase A REFLEX-J (1st & 2nd year) (4) JAXA EP Refueling APS-R (Provisioner) Orpheus Project JMoD Project AFRL Project None Fully-funded ratio(2) 11% 80% 89% 94% Increasing ratio drives profitability. Weighted average project duration (3) 4.1 years 4.0 years 3.6 years 2.6 years Accelerating conversion from backlog to project income by shortening project timeline. FX rates (¥ per US$) 136.30 157.19 142.76 160.20 Awarded since Aug. 2026 CNES: ¥2.3bn UK MoD: ¥3.1bn
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Astroscale Proprietary Illustrative Global Pipeline Status (As of September 2026) 23 The defense opportunity in the bidding stage as of August 2026 was successfully contracted. The two opportunities currently under bid are both expected to have the potential to lead to future repeatable business. Section 3 | Financial Strategy Prospecting: Potential projects that are likely to have meaningful customer interest in the mid -term. Preliminary Discussions: Potential projects that have evolved into customer dialogue specific to the planned activities. Bid/Negotiations: Potential projects that are in bidding or contract negotiations. Note: The opportunities shown are those currently anticipated by the company. However, there is no guarantee of contracts at the value or within the expected timeframe or at all. The white boxes show breakdown of total opportunities by progress. Figure s may not add due to rounding. (1) Based on current negotiations and precedents. Civil Defense Commercial Comments • One significant new opportunity under bid in Europe. (Not identified in previous pipeline status report.) • Pipeline strong despite unsuccessful COSMIC bid. Total opportunity value unchanged at ~¥61bn. • Number of opportunities decreased due to elimination of small pipelines related to COSMIC. • August bid opportunity was successfully awarded. • Multiple opportunities heading into bid processes. Aiming to win contracts in the second half. • Overall pipeline health unchanged with some losses in the US offset by new opportunities globally. • Significant progress made on LEXI-P contract. • Continued engagement with other potential customers. • Expecting life extension fees of $10–15mm per satellite per year(1) from each operating LEXI satellite. Prospecting Preliminary Discussion Bid / Negotiations 8 (~¥11bn) 20 (~¥105bn) ~20 (N/A) 15 (~¥36bn) 26 (~¥90bn) 14 (N/A) 1 (~¥13bn) 0 (¥0) 1 (~¥7bn) Total Opportunities 24 (~¥61bn) 47 (~¥197bn) 30 to 40 (N/A) Upper: Estimated # of projects Lower: Estimated value Breakdown by Progress
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Astroscale Proprietary 0 Y ear 1 Y ear 2 Y ear 3 Y ear 4 0 Y ear 1 Y ear 2 Y ear 3 Y ear 4 Gross profit 0 Y ear 1 Y ear 2 Y ear 3 Y ear 4 0 Y ear 1 Y ear 2 Y ear 3 Y ear 4 R evenue Cost Impact of Revenue Recognition Methods on Financial Performance 24 Achieving profitability requires a transition to progress-based revenue recognition, in line with IFRS principles. Section 3 | Financial Strategy Current (Cost Recovery Basis) Target (Progress-Based Revenue Recognition) No gross profit recognized until the final contract year Gross profit recognized throughout the contract period, improving near-term financial performance When project progress cannot be reasonably estimated. (e.g., difficult to estimate total project costs or measure progress) When project progress can be reasonably estimated. (IFRS standard revenue recognition method) Revenue recognized only up to costs incurred before contract completion Margin recognized throughout the contract period
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Astroscale Proprietary 2,170 1,913 1,978 2,118 2,055 2,102 2,226 2,278 2,490 55 65 62 38 58 112 86 125 186 1958 1811 1512 725 257 139 74 463 385 223 254 224 179 275 445 927 867 415 1,421 1,118 1,508 1,306 1,632 829 5,250 4,732 4,432 4,689 3,713 3,976 3,843 4,662 3,780 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY 2025 FY 2026 FY 2027 Toward Profitability: SG&A Cost Discipline 25 With the partially-funded APS-R program scheduled to conclude in FY2027, development costs for subsidy projects are expected to be covered by government subsidy income thereafter, resulting in effectively only other SG&A expenses in the low ¥9.0 billion range. Cost discipline will remain a priority on the path to profitability. Section 3 | Financial Strategy (1) Development costs for grant projects, net of government subsidy income. Profitability of Subsidy Projects(1) • At present, development costs for subsidy projects exceed government subsidy income due to the partially funded APS-R program. APS-R is scheduled to conclude in FY2027. • From FY2028 onward, all projects are expected to be fully funded and covered by government subsidy income. Pre-contract Development Costs • Satellite manufacturing costs for LEXI-P , which accounted for the majority of expenses through FY2025, are no longer recorded from FY2026 due to capitalization. • No further pre-contract development costs are expected going forward. Other R&D Expenses • Expected to remain at a minimal level until breakeven. Other SG&A Expenses • Aim to maintain in the low ¥9.0 billion range per annum, while expecting some FX impact. • From FY2028 onward, SG&A expenses are expected to consist primarily of other SG&A expenses. Effective SG&A Expenses Costs covered by government subsidy income Temporary increase in FY2026 Q4 due to ISSA-J1 launch costs USD/JPY 145.42 148.87 155.96 157.68 145.42 148.87 155.96 157.68 160.46
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Astroscale Proprietary Cash Flow / Balance Sheet 26 Secured ¥30.6bn through a combination of convertible bonds and equity financing in June 2026, preserving the capacity and flexibility for strategic investment decisions. Section 3 | Financial Strategy (*) Excluding transaction expenses. Free Cash Flow Debt Balance Debt • Primary source of funding for significant working capital repayable through future customer revenue. • Seek to continue using debt while closely monitoring leverage and cost. • Active use of government guaranteed financing programs and similar facilities. Equity • Primary source of funding for at-risk investments and R&D. • Will continue to seek equity raises if there are attractive growth or collaboration opportunities. Future Fundraising Strategy Cash Balance Equity Balance (¥ mm) (¥ mm)(¥ mm) (¥ mm) (14,005) (13,294) (19,413) (4,223) 0 FY 2024 FY 2025 FY 2026 FY 2027 Q1 9,863 10,801 7,552 5,250 22,316 0 A pr. 2024 A pr. 2025 A pr. 2026 Jul. 2026 Borrowings Convertible bonds 14,196 21,300 10,021 34,952 0 A pr. 2024 A pr. 2025 A pr. 2026 Jul. 2026 5,401 6,126 7,657 12,853 A pr. 2024 A pr. 2025 A pr. 2026 Jul. 2026
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Astroscale Proprietary Inclusion in the TOPIX Index 27 Selected for inclusion in the TOPIX Index (Tokyo Stock Price Index), effective October 30, 2026. Expected to enhance awareness of Astroscale shares and broaden our investor base. Section 3 | Financial Strategy Source: JPX Market Innovation & Research (1) Number of Growth Market listed companies as of the end of August 2026. (2) Transitional constituents remain eligible for TOPIX periodic rebalancing until October 2028. Constituents that do not meet the continuation criteria at the October 2027 review will be phased out through gradual weight reductions. • On October 7, 2026, JPX Market Innovation & Research announced the results of the TOPIX periodic rebalancing. For the first time, selected companies from the Growth Market and Standard Market will be included in TOPIX following the market restructuring. • Among 598 companies listed on the Growth Market(1), only 12 companies were selected for inclusion, including Astroscale. Overview of the TOPIX Periodic Rebalancing • Astroscale will be included in TOPIX Small 500 Index and TOPIX 1000. • We aim to achieve further growth and advance to higher-tier indices over time. Inclusion in TSE Size-Based Indices TOPIX Constituents (after periodic rebalancing) 1,669 Companies Existing constituents: 1,634 New Standard Market Companies: 23 New Growth Market Companies: 12 Transitional Constituents 683 companies(2) Continuing TOPIX Constituents 986 companies(1) As of October 30, 2026 Future Large Cap Mid Cap Small Cap TOPIX Core30 TOPIX Large70 TOPIX Mid400 TOPIX Small TOPIX Small500 TOPIX Micro Cap TOPIX 100 TOPIX 500 TOPIX 1000 TSE Size-Based Indices TOPIX New Index Series 0 0 2 22 11 Distro of New Co.s Astroscale joins as a newly added constituent. Astroscale joins as a newly added constituent.
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Appendix
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Astroscale Proprietary Major Projects Contracted, Awarded and Under Proposal (Civil) 29 (As of October 16, 2026) (1) The cells shaded in gray represent projects that have not yet been awarded but are considered highly probable. Changes from the previous disclosure are indicated with underlines. (2) “TBD” indicates that the launch date has not yet been determined. (3) Contract amount of €50-60MM is Astroscale’s estimation based on ESA’s funding of €75mm, after redacting the estimated cost covered by ESA. There is no guarantee that the actual contract amount would fall under this range, and actual contract amount may differ from our estimation. FX assumption: US$1 = ¥155 €1 = ¥180 £1 = ¥205 Appendix Project Service Customer Entity Funding Payment Accounting Total Pj Amount Phase Currency (Local) Currency (JPY) Project Duratio Launch FY ELSA-d - - - Self-funded - - - - - - ~ FY2024 FY2021 ADRAS-J ISSA Civil Japan Partial Milestone Revenue - ¥1.9bn ¥1.9bn FY2020 ~ FY2025 FY2024 ELSA-M EOL Civil UK Partial Milestone Revenue €31.6mm Phase 2 €2.9mm ¥0.4bn FY2021 ~ FY2024 - Phase 3 €14.79mm ¥2.2bn FY2023 ~ FY2026 - Phase 4 €13.95mm ¥2bn FY2025 ~ FY2028 FY2028 ISSA-J1 ISSA Civil Japan Full Milestone Other income ¥12.0bn Phase 1 ¥1.8bn ¥1.8bn FY2024 ~ FY2025 - Phase 2 ¥6.5bn ¥6.5bn FY2025 ~ FY2027 - Phase 3 ¥3.8bn ¥3.8bn FY2027 ~ FY2028 FY2027/28 ADRAS-J2 ADR Civil Japan Full Milestone Revenue ¥12.0bn Concept study ¥9mm ¥9mm FY2022 ~ FY2022 - FL study ¥71mm ¥71mm FY2023 ~ FY2024 - - ¥12.0bn ¥12.0bn FY2025 ~ FY2029 FY2028 REFLEX-J LEX Civil Japan Full Milestone Other income ¥10.8bn - ¥4.13bn ¥4.13bn FY2026 ~ FY2027 - ¥6.69bn ¥6.69bn FY2027 ~ FY2031 FY2030 CAT-IOD ADR Civil UK Full Milestone Revenue €50.5-60.5mm Phase A €0.59mm ¥89mm FY2025 ~ FY2026 - - €50-60mm ¥7.5-9bn FY2027 ~ (TBD) CNES project EOL Civil France Full Milestone Revenue €13.2mm - €13.2mm ¥2.3bn FY2027 ~ FY2030 FY2029/30
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Astroscale Proprietary Major Projects Contracted, Awarded and Under Proposal (Defense-related) 30 (As of October 16, 2026) (1) “TBD” indicates that the launch date has not yet been determined, and “ND” indicates that the information is not disclosed. FX assumption: US$1 = ¥155 €1 = ¥180 £1 = ¥205 Appendix Project Service Customer Entity Funding Payment Accounting Total Pj Amount Phase Currency (Local) Currency (JPY) Launch FY APS-R LEX Defense US Partial Milestone Other income US$41.2mm - US$41.2mm ¥5.7bn FY2024 ~ FY2027 FY2027 Orpheus ISSA Defense UK Full Milestone Revenue £5.15mm - £5.15mm ¥0.9bn FY2025 ~ - FY2027/28 JMoD Project ISSA Defense Japan Full Milestone Revenue ¥6.6bn - ¥6.6bn ¥6.6bn FY2025 ~ FY2028 (TBD) Defense PJ (ND) Defense (ND) Full Milestone Revenue - - - ¥30mm FY2026 ~ FY2026 (ND) AFRL Project Study Defense US Full Milestone Revenue US$8.7mm - US$8.7mm ¥1.2bn FY2026 ~ FY2027 - UKMoD Project (ND) Defense UK Full Milestone Revenue £15mm - £15mm ¥3.1bn FY2027 ~ (ND) Project Duration
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Astroscale Proprietary Historical Financial Information: Income Statement 31 Appendix FY2026 FY2027 Q1 YTD Q1 YTD Bookings 6,793 30,704 8,445 1,443 224 Project income (Non-GAAP) 4,667 6,088 11,506 2,368 2,024 Revenue (IFRS) 2,852 2,456 5,940 1,250 1,195 Cost of sales (5,097) (6,337) (5,921) (1,219) (1,123) Gross profit (loss) (2,245) (3,880) 19 30 72 Gross margin (78.7)% (157.9)% 0.3 % 2.4 % 6.0 % SG&A expenses - R&D (5,001) (10,923) (7,533) (1,658) (1,290) SG&A expenses - non-R&D (6,694) (8,181) (8,662) (2,055) (2,490) Other income 2,386 4,230 6,201 1,306 958 Operating profit (loss) (11,555) (18,755) (9,975) (2,376) (2,750) Operating margin (405.1)% (763.3)% (167.9)% (190.0)% (230.0)% EBITDA (10,721) (17,505) (8,720) (2,064) (2,477) EBITDA margin (375.8)% (712.5)% (146.8)% (165.1)% (207.2)% Finance income 2,824 49 3,842 1,015 41 Finance costs (488) (2,844) (562) 150 (296) Profit (Loss) before tax (9,219) (21,550) (6,695) (1,210) (3,005) Income tax 38 (1) (419) (1) (66) Profit (Loss) (9,181) (21,551) (7,114) (1,211) (3,071) Earnings Per Share (¥) (101.45) (188.91) (52.89) (9.23) (22.13) (¥ million) FY2024 FY2025 FY2026
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Astroscale Proprietary Historical Financial Information: Balance Sheet 32 Appendix FY2027 Q1 Assets Current assets Cash and cash equivalents 14,196 21,300 10,021 34,952 Trade and other receivables 1,044 1,242 1,616 1,576 Contract assets 794 853 2,507 2,728 Other current assets 1,710 2,828 3,885 3,504 Total current assets 17,746 26,224 18,031 42,762 Non-current assets Property, plant and equipment 6,214 6,025 11,063 11,588 Intangible assets 220 273 1,822 2,353 Other non-current assets 809 1,101 1,204 1,203 Total non-current assets 7,244 7,400 14,090 15,145 Total assets 24,990 33,625 32,121 57,907 FY2026(¥ million) FY2024 FY2025 FY2027 Q1 Liabilities Current liabilities Trade and other payables 2,945 2,490 2,425 1,829 Contract liabilities - 5,379 4,738 4,381 Borrowings 2,487 8,525 5,376 3,099 Provision 2,071 1,344 796 825 Lease obligations 239 279 365 377 Other current liabilities 1,119 2,487 3,404 3,747 Total current liabilities 8,864 20,507 17,107 14,263 Non-current liabilities Borrowings 7,375 2,275 2,175 2,150 Provision 271 1,866 2,111 2,123 Lease obligations 3,078 2,849 2,652 2,527 Total non-current liabilities 10,725 6,991 7,356 30,790 Total liabilities 19,589 27,498 24,464 45,053 Equity Share capital 100 10,297 9,217 12,144 Capital surplus 7,858 9,836 (1,664) 3,776 Retained earnings (679) (14,219) 2,133 (927) Other reserves (1,878) 211 (2,029) (2,139) Equity attributable to owners of the parent 5,401 6,126 7,657 12,853 Total equity 5,401 6,126 7,657 12,853 Equity and liabilities 24,990 33,625 32,121 57,907 Borrowings 9,863 10,801 7,552 27,566 (¥ million) FY2024 FY2025 FY2026
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Astroscale Proprietary Historical Financial Information: Cash Flow Statement 33 Appendix FY2026 FY2027 Q1 YTD Q1 YTD Cash flow from operating activities (Loss) / Profit before taxation (9,219) (21,550) (6,695) (1,210) (3,005) Depreciation / Amortization 739 940 1,025 242 273 (Increase) / Decrease in trade and other receivables (1,738) (1,695) (2,118) (695) (152) Increase / (Decrease) in trade and other payables 881 5,312 (580) 387 (1,455) Increase / (Decrease) in provisions (1,952) 832 (688) (528) 39 Others (3,988) (1,086) (9,104) (2,385) (664) Subtotal (15,277) (17,246) (18,162) (4,189) (4,965) Others 2,455 4,996 5,676 (130) 2,069 Cash flow from operating activities (12,822) (12,250) (12,485) (4,319) (2,896) Cash flow from investing activities Purchase of property, plant and equipment (1,082) (582) (5,358) (1,852) (777) Purchase of intangible assets (87) (114) (1,539) (5) (550) Others (12) (347) (29) (29) - Cash flow from investing activities (1,182) (1,043) (6,927) (1,886) (1,327) Cash flow from financing activities Proceeds from issuarance of shares 996 19,854 10,621 10,621 4,295 Net increase (decrease) in short-term borrowings 1,424 4,038 (1,149) (100) (2,277) Proceeds from long-term borrowings 2,000 - - - - Repayments of long-term borrowings (24) (3,099) (2,099) (24) (24) Others (249) 26 (135) (57) 27,180 Cash flow from financing activities 4,145 20,818 7,236 10,438 29,174 Effects of changes in foreign exchange rates 1,377 (419) 897 277 (19) Change in cash and cash equivalents (8,482) 7,104 (11,279) 4,510 24,930 Cash and cash equivalents at beginning of period 22,678 14,196 21,300 21,300 10,021 Cash and cash equivalents at end of period 14,196 21,300 10,021 25,810 34,952 Free cash flow (14,005) (13,294) (19,413) (6,206) (4,223) (¥ million) FY2024 FY2025 FY2026
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Astroscale Proprietary Historical Financial Information: Adjusted EBITDA 34 Appendix FY2026 FY2027 Q1 YTD Q1 YTD Profit (loss) (9,181) (21,551) (6,712) (1,211) (3,071) Add: Income tax expense (benefit) (38) 1 1 1 66 Add: Finance costs - interest expenses 488 663 562 165 296 Deduct: Finance income - foreign exchange (2,756) 2,180 (3,650) (1,321) (22) Deduct: Finance income - interest income (67) (49) (191) (9) (18) Operating profit (loss) (11,555) (18,755) (9,990) (2,376) (2,750) Add: Depreciation - Leasehold Improvements 66 0 0 0 0 Add: Depreciation tangible & intangible 435 620 651 156 168 Add: Depreciation - Plant and Machinery 3 0 0 0 0 Add: Amortization of long-term prepaid expenses 0 0 0 0 0 Add: Depreciation and amortization of intangible assets - COS 229 319 373 85 103 Add: Share-based compensation expenses 99 309 245 69 0 Adjusted EBITDA (10,721) (17,505) (8,720) (2,064) (2,477) (¥ million) FY2024 FY2025 FY2026
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