Slides
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Q3 2025 November 4, 2025
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Disclaimer This presentation contains forward- king s m n s c nc ning As k’s fin nci c ndi i n, su s f p i ns nd busin ss. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future exp c i ns b s d n m n g m n ’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. Forward- king s m n s inc ud , m ng ings, s m n s c nc ning As k’s p n i xp su m k isks nd s m n s xp ssing m n g m n ’s xp c i ns, b i fs, s im s, f c s s, p j c i ns nd ssump i ns. A numb f f c s ff c As k’s fu u p rati ns nd c u d c us As k’s su s diff materially from those expressed in the forward-looking statements included in this document, include (without limitation):(a) ch ng s in d m nd f As k’s p duc s; (b) currency and interest rate fluctuations; (c) customer concentration and industry competition; (d) legislative, fiscal, and regulatory developments, including changes in tax or accounting policies; (e) ability to enforce patents; (f) product development risks; (g) customer credit risks; and (h) supplyof components. All forward-looking statements contained in this document are expressly qualified by the cautionary statements contained or referenced to in this disclaimer. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in the risk m n g m n s c i n in As k’s m s c n annual report (available at https://ir .asetek.com/) and these factors also should be considered. Each forward-looking statement speaks only as of the date of this document. Asetek does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events other than as required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document. This presentation does not constitute a prospectus or offering document and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of itsdistribution, form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever. The transaction described in this presentation and the distribution of this presentation and other information in connection with the transactions in certain jurisdictions may be restricted by law and persons into whose possession this presentation, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. 2
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Q3 2025 financial highlights 3 12.2 15.4 9.8 11.2 9.8 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Group revenue USD million 4.4 6.4 4.3 5.0 4.1 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Group Gross profit USD million (0.5) 0.6 (0.3) 0.1 (0.5) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Group adj. EBITDA USD million • YTD revenue of $30.9 million and adjusted EBITDA of ($0.7) million vs. $37.1 million and ($0.3) million YTD 2024 • Signed major agreement with global customer for high-end liquid cooling solutions with minimum commitment of $35 million over the first two-year term • Q3 SimSports revenue at $1.3 million, stable vs. Q2 and in line with expectations as U.S. import tariffs continue to impact demand ($1.5 million in Q3 2024) • Group revenue expectation for 2025 adjusted to around $41 million with adjusted EBITDA margin of negative 3-5% • Raised mid-term Liquid Cooling segment revenue-ambition
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• Long-term agreement for high-end solutions based on the Ingrid platform ‒ Liquid coolers, caps, heat exchangers and fans bundled in one retail package ‒ Higher unit revenue in exchange for reduced gross margin ‒ Covers two products with deliveries expected to begin end of Q2 and Q4 2026, respectively • The customer is a globally leading provider of high- quality, components and accessories for the PC gaming community ‒ Expected to reclaim top tier position with shipments fully up and running in 2027 • Minimum volume commitment estimated at $35 million during the first 2-year term ‒ Revenue may be higher depending on actual order volumes Major Liquid Cooling agreement with $35 million minimum commitment 4
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2025 guidance reflects near -term challenges, 2026 growth expectation confirmed • 2025 reflects two major Liquid Cooling customers reducing purchasing and the U.S. effectively closed for SimSports sales due to the import tariffs • Full-year 2025 Group and segment guidance revised ‒ Group revenue of around $41 million ($45-$53 million) with adjusted EBITDA margin of negative 3-5% (0-3%) ‒ Liquid Cooling segment revenue of around $36 million ($40- $43 million) with gross margin in the range of 40-45% ‒ SimSports segment revenue at around $5 million ($5-$10 million) with gross margin in the range of 25-30% (28-33%) • Agreement supports expectations of Liquid Cooling segment returning to growth from 2026 • Medium-term Liquid Cooling ambitions raised to revenue of above $65 million ‒ Previously $50 million (November 2024) ‒ Aims to consistently achieve an Adjusted EBITDA Margin of above 25% (previously +25%) 0 10 20 30 40 50 60 70 80 90 100 Annual Group revenue USD million 5 Q4 expectation YTD reported
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Liquid cooling 6
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11.9 17.5 12.2 14.3 9.0 9.3 13.4 22.0 19.2 14.4 10.0 11.0 10.7 11.1 8.6 9.8 8.4 20% 29% 21% 28% 24% 28% 35% 40% 37% 37% 33% 31% 25% 28% 28% 30% 26% 38% 42% 38% 43% 44% 43% 45% 47% 46% 48% 49% 48% 39% 46% 46% 46% 43% 0% 20% 40% 60% 80% 100% 120% 140% 160% - 5.0 10.0 15.0 20.0 25.0 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 LC Revenue LC EBITDA margin LC Gross margin Liquid Cooling business passing the through Liquid cooling revenue, gross margin and EBITDA margin USD million 7 Q3 2024 EBITDA margin adjusted for non-recurring item
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12 10 1 5 9 11 5 3 7 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 No. of liquid cooling products started shipping Leveraging high -end liquid cooling leadership to expand addressable market • Supplying 3 of the top 5 PC manufacturers globally • 3 new liquid cooling products started shipping in Q3 2025 • 7 new products estimated to start shipping in Q4 ‒ Includes 2 products to new customers • Continued focus on mid-market coolers and widening the addressable market ‒ “v u ”-version of the new Ingrid technology platform for the mainstream market is ready in Q4, with revenue impact from 2026 8
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Strong 2026 momentum • Volumes decreased slightly vs. Q3 2024 ‒ Growth on existing and new customer not fully replacing the two major customers reducing purchasing in 2025 ‒ One returning in 2026, dialogue ongoing with the second • ASPs reflect shift towards value products ‒ Margins improved vs. Q3 2024 which was impacted by supply chain issue recognized in September 2024 • FY 2025 segment revenue and margin guidance adjusted • Strong support for 2026 growth expectation ‒ Major customer contract ‒ Focused commercial work resulting in new customers and closer collaboration with existing base ‒ Full launch of mid-market products in Q4 2025 with main revenue impact from 2026 ‒ Inc sing c gni i n f As k’s qu i , s b is d supp chain and full service offering in volatile markets 9 Illustrative dual-sourcing impact Sealed loops sold, thousand 564 544 YTD 2024 Dual sourcing impact Growth on remaining / new customers YTD 2025
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SimSports
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U.S.-China tariff uncertainty continue to impact reseller demand • Revenue of $1.3 million vs. $1.5 million in Q3 2024 ‒ Resellers remain cautious due to geo-political situation ‒ U.S. retailers still awaiting clarity on tariffs for China imports ‒ Focus on mid-end products, continued low demand for high- end products ‒ Steady increase Amazon.com sales, still modest levels without marketing support ‒ Di c s s in As k’s w b-shop progressing to plan • Gross margin of 27% ‒ High quarterly volatility, Q3 and Q4 impacted by clearance sales of products built for the U.S. market to reduce inventory ‒ Gross margin set to stabilize over time as the business grows ‒ Long-term overall margin to be lower than for Liquid Cooling due to mass-market products 11 1.3 2.4 1.2 2.2 2.2 1.7 1.5 4.2 1.1 1.3 1.3 36.4% 25.2% 29.5% 24.6% 21.1% 29.1% 17.1% 29.0% 25.8% 34.6% 26.6% -3.0% 2.0% 7.0% 12.0% 17.0% 22.0% 27.0% 32.0% 37.0% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Quarterly SimSports revenue and gross margin USD million
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Highly positive market feedback on Initium mass-market product line • High-value performance and quality for the broader gaming segment ‒ Launched at Gamescom in August and presented SimRacing Exp in Oc b , w d’s n .1 v n s f c mpu nd video games and sim racing in Cologne and Dortmund ‒ Recognised by media, end-users and resellers as a new leading offering and a strong brand with great products ‒ Strong interest from potential new channel partners, focus on converting momentum to real business • Initial Initium production volume sold out, new shipments expected end Q4 for 2026 delivery ‒ Production volume set to ramp into 2026 • Console compatibility expected to launch early 2026 ‒ Expanding segment to include Xbox console gamers representing the largest platform in the sim racing market 12
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Financials 13
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Quarterly revenue development Quarterly Group revenue 13.5 18.1 13.9 16.9 10.4 9.5 14.8 24.5 20.5 16.6 12.2 12.7 12.2 15.4 9.8 11.2 9.8 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 USD million 14
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Income statement • Liquid cooling revenue reflecting product mix ‒ Sales of 179,000 sealed loops in Q3 2025, down from 197,000 in Q3 2024 ‒ 544,000 sealed loops sold YTD 2025 (564,000) ‒ ASP reduction ($54.4in Q3 2024 to $50.0 in Q3 2025) reflects shift toward lower cost cooling solutions. ASP in line with recent quarters • Soft SimSports revenue as expected ‒ $1.3 million in Q3 2025, in line with the previous quarter • Total OPEX excluding special items reduced 3% in Q3 and 7% YTD 2025 ‒ Personnel costs down 3% and 7% in respective periods due to rightsizing of the organization ‒ Q3 2024 special items included various non-cash write-downs of non-current assets The financial tables are available in the Interactive Analyst Center at https://ir.asetek.com/overview/default.aspx15 Figures in USD (000's) Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Unaudited Unaudited Unaudited Unaudited Revenue 9,838 12,214 30,880 37,134 52,502 Cost of sales 5,714 7,832 17,391 21,630 30,557 Gross profit 4,124 4,382 13,489 15,504 21,945 Research and development 2,331 1,919 6,351 6,003 8,295 Selling, general and administrative 3,750 4,316 12,208 13,924 19,107 Special items - 13,791 - 13,791 13,791 Total operating expenses 6,081 20,026 18,559 33,718 41,193 Operating income (loss) (1,957) (15,644) (5,070) (18,214) (19,248) Foreign exchange (loss) gain 9 (1,441) (351) (501) 1,444 Finance income (costs) (300) (24) (858) (28) (413) Total financial income (expenses) (291) (1,465) (1,209) (529) 1,031 Income before tax (2,248) (17,109) (6,279) (18,743) (18,217) Income tax (expense) benefit (37) (5,041) 12 (6,699) (5,719) Income for the period (2,285) (22,150) (6,267) (25,442) (23,936) Other comprehensive income items that may be reclassified to profit or loss in subsequent periods: Foreign currency translation adjustments 70 1,152 5,092 286 (1,337) Total comprehensive income (2,215) (20,998) (1,175) (25,156) (25,273) Income per share (in USD): Basic (0.01) (0.23) (0.02) (0.26) (0.25) Diluted (0.01) (0.23) (0.02) (0.26) (0.25)
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Gross margin development 16 • Q3 2025 gross margin of 41.9%, up vs. Q3 2024 • 2024 margin reflected supply chain issue recognized in September Quarterly Group gross margin development 45.9% 46.5% 43.9% 45.4% 35.9% 41.9% 44.2% 44.8% 41.9% 30% 32% 34% 36% 38% 40% 42% 44% 46% 48% 50% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Liquid Cooling 94% 86% 82% 87% 88% 73% 88% 88% 87% SimSports 6% 14% 18% 13% 12% 27% 12% 12% 13%
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Balance sheet • Cash position of $2.8 million ‒ Impacted by working capital increase in preparation for the Black Friday and year-end holiday sales period • In compliance with loan covenants ‒ Lower covenants for 2026 in place • Interest-bearing debt of $20.5 million related HQ financing ‒ March 31, 2028, maturity, long-term repayment profile ‒ Danish CIBOR 3 rate plus 2.45%-points (4.45%-points in total) Cash Equity Current assets Non-current liabilitiesNon-current assets Current liabilities - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 Assets Equity and Liabilities USD million, at September 30, 2025 17
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Summary and outlook • Discussions in relation to potential strategic transactions still ongoing • 2025 Group revenue development remain impacted by near-term market challenges and U.S. import tariffs • SimSports mass-market product line successfully launched in line with long-term growth plan • Liquid Cooling business set for growth from 2026 with new and returning customers targeting a wider market 18
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Q&A 19
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Appendix 20
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Balance sheet summary 21 Figures in USD (000's) 30 Sept 2025 31 Dec 2024 ASSETS Total non-current assets 61,779 55,974 Total current assets 24,535 23,389 Total assets $ 86,314 $ 79,363 EQUITY AND LIABILITIES Total equity 50,728 41,135 Total non-current liabilities 19,734 19,201 Total current liabilities 15,852 19,027 Total equity and liabilities $ 86,314 $ 79,363
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Statement of equity summary 22 Nine Months Ended Figures in USD (000's) 30 Sept 2025 30 Sept 2024 Equity at January 1 $ 41,135 $ 66,126 Total comprehensive income for the period Income for the period (6,267) (25,442) Foreign currency translation adjustments 5,092 286 Total comprehensive income for the period (1,175) (25,156) Transactions with owners during the period Shares issued in rights offering, net 10,333 - Share based payment expense 435 265 Transactions with owners during the period 10,768 265 Equity at end of period $ 50,728 $ 41,235
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Summary cash flow statement 23 Nine Months Ended Figures in USD (000's) 30 Sept 2025 30 Sept 2024 Net cash provided by (used in) operating activities (6,704) (917) Net cash used in investing activities (2,923) (9,039) Net cash provided by (used in) financing activities 7,517 4,073 Effect of exchange rate changes on cash and cash equivalents 1,567 174 Net changes in cash and cash equivalents (543) (5,709) Cash and cash equivalents at beginning of period 3,293 9,121 Cash and cash equivalents at end of period $ 2,750 $ 3,412
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