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Interim Management Statement Q3 2026 Kartik Srinivasan, CEO Klaus H. Skovrup, CFO November 5, 2026 Q3 2026 INVESTOR PRESENTATION © NAPATECH 2026
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Q&A Session Following the presentation DK: +45 32 74 07 10 NO: +47 57 98 94 30 US: +1 646 307 1963 UK: +44 20 3481 4247 Participant Access Code: 3809116 To ask a question, press *1 on your telephone keypad. To withdraw your question, press *2 Texted questions can be submitted using the button on the website 2 Q3 2026 INVESTOR PRESENTATION © NAPATECH 2026
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Safe Harbor Statement This presentation has been prepared by Napatech A/S solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Certain statements included in this presentation contain various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its reputation, to successfully operate its strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor its subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. 3 Q3 2026 INVESTOR PRESENTATION © NAPATECH 2026
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Q3 2026 INVESTOR PRESENTATION © NAPATECH 20264 AI Infrastructure enters commercial production Initial production shipments mark a key milestone, with expanding customer engagements support a broader, long-term growth opportunity Core Infrastructure remains a profitable foundation Continued growth and strong margins provide resilience as we expand our AI Infrastructure business Building for a future of profitable growth at scale Financial discipline, pricing management and operational readiness position Napatech for its next phase of growth Our AI Transformation From Ambition towards Profitable Growth
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Strong Revenue Growth as AI Enters Production Q3 2026 INVESTOR PRESENTATION © NAPATECH 20265 Q2 '25 0.2 Q3 '25 0.3 Q4 '25 Q1 '26 0.3 Q2 '26 2.3 Q3 '26 4.8 6.3 7.9 5.7 7.4 10.3 AI Infrastructure Core Infrastructure Quarterly Revenue Trend ($M) Q3 2026 Results Revenue $10.3M +64% YoY Gross margin: 55% • Reflects planned introductory pricing for initial AI production shipments • +39% QoQ Q3 YTD results Revenue $23.4M +62% YoY Gross margin: 63% • Core Infrastructure delivered ~$20.9M and AI Infrastructure ~$2.6M in revenue 2026 Guidance Unchanged Revenue DKK 200 – 240M | Gross Margin 60 – 70% Strongest Q3 in Napatech history
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Two Growth Engines: Profitable Core and Emerging AI Infrastructure Core Infrastructure – Profitable Foundation Q3 2026 INVESTOR PRESENTATION © NAPATECH 20266 0 10 20 30 0.0 0.5 1.0 2025 Q3 YTD 2026 Q3 YTD 13.8 20.9 Revenue ($M) AI Infrastructure – Entering Production 0 1 2 3 0.5 1.0 2025 Q3 YTD 2026 Q3 YTD 0.6 2.6 Revenue ($M) $20.9M Revenue, up ~51% year over year Demonstrating attractive business economics 13 design wins demonstrate continued customer adoption and Napatech value $2.6M YTD Revenue First shipments against a previously announced 1,000-unit production order 15 customer engagements and technical qualifications across AI Infrastructure applications
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Q3 YTD 2026 – Performance by Geography Americas – Building the AI Growth Engine Q3 2026 INVESTOR PRESENTATION © NAPATECH 20267 0.0 0.5 1.0 0 5 10 15 2025 Q3 YTD 2026 Q3 YTD 10.1 14.0 Revenue ($M) Rest of World – Scaling the Core Business 0 5 10 0.0 0.5 1.0 2025 Q3 YTD 2026 Q3 YTD 4.4 9.5 Revenue ($M) $14.0M Revenue, up ~40% year over year Strong customer engagement and strategic investment in AI Infrastructure to support future growth $9.5M Revenue, up 117% year over year Strong execution across Core Infrastructure with initial engagements for AI Expansion
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Q3 2026 INVESTOR PRESENTATION © NAPATECH 20268 AI Infrastructure Opportunity Extends Across Architectures Workload Disaggregation From integrated systems to specialized, distributed compute with tiered memory Attention FFN/MoE Prefill/Decode Tiered Memory Vendor Diversification From a market dominated by one GPU ecosystem to a growing diversity of AI compute architectures CPU GPU XPU Custom ASIC Other A Broader Market for Napatech’s Programmable Data Movement
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Turning the Opportunity into Customer Engagements Q3 2026 INVESTOR PRESENTATION © NAPATECH 20269 Expanding AI Infrastructure engagements across multiple customers and applications AI Infrastructure Engagements across Applications Target Applications Napatech Value Proposition Total AI Network Observability (e.g., traffic visibility, telemetry) 7 1 – 1 9 Scale-out networking (low latency, RDMA) 3 – 1 – 4 AI Storage acceleration (Data services) 2 – – – 2 Selected priority opportunities as of November 2026. Opportunities are shown at their current stage of maturity, progression and commercialization timelines vary Initial Evaluation Qualification Design Engagement Production 15 Selected opportunities 3 Target applications 1 In production
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Strong revenue and improving operating performance Continued momentum on revenue while costs are under control 0 20 40 60 80 0 5 10 15 70.5% 2025-Q3 69.9% 2025-Q4 69.8% 2026-Q1 67.3% 2026-Q2 55.4% 2026-Q3 6.3 7.9 5.7 7.4 10.3 GM% Revenue Revenue $M & GM% OPEX MDKK 0 10 20 30 40 50 0.0 0.2 0.4 0.6 0.8 1.0 9.6 25.5 2025-Q3 12.2 28.2 2025-Q4 11.3 33.1 2026-Q1 9.6 31.6 2026-Q2 8.5 30.0 2026-Q3 35.1 40.4 44.5 41.2 38.6 Other external costs Staff costs Q3 2026 INVESTOR PRESENTATION © NAPATECH 202610 Q3 Q3 YTD DKK million 2025 2026 ∆ 2025 2026 ∆ Revenue 40.1 66.9 67% 95.6 151.6 59% Gross profit 28.3 37.0 31% 66.2 94.9 43% Gross margin 70.5% 55.4% 69.3% 62.6% Staff & Other ext. Costs -35.1 -38.6 9.7% -126.7 -124.2 -1.9% Transferred to development costs 0.8 1.5 98% 5.7 4.5 -21% EBITDA -6.1 -0.0 -54.8 -24.8 Depreciation & amortization -5.0 -2.5 -51% -17.3 -8.4 -52% Operating result (EBIT) -11.1 -2.5 -72.1 -33.2
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Negative cash flow in Q3 due to Working Capital Backloaded invoicing in Q3 2026 are driving increased working capital Cash & Cash equivalents, MDKK Net Working Capital, MDKK Q3 2026 INVESTOR PRESENTATION © NAPATECH 202611 Q3 Q3 YTD DKK million 2025 2026 2025 2026 Earnings before tax (EBT) -11.2 -2.4 -76.3 -33.3 Adjustments 6.8 4.5 28.0 15.4 Working capital adjustments 3.8 -17.2 4.5 -32.5 Net cash flow from operating activities 0.0 -15.3 -44.3 -52.2 Net cash flow used in investing activities -1.7 -1.6 -8.0 -5.8 Free cash flow -1.7 -16.9 -52.3 -58.0 Net cash flow used in financing activities -13.9 -0.7 107.7 -24.2 Net change in cash and cash equivalents -15.6 -17.6 55.4 -82.2 Cash available, end of period 118.9 67.1 118.9 67.1 Cash beginning of Q Net cash adjusted EBT WC adjustments Interest, tax, & FX Investing activities Financing & FX Cash end of Q Undrawn committed facilities Cash available 62.7 2.1 -17.2 -0.3 -1.6 -0.3 45.5 21.6 67.1 NWC Q2-26 4.4 Inven- tories 17.6 Receivables -4.8 Payables and provisions -0.2 FX NWC Q3-26 99.1 116.1
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Financial outlook for 2026 is unchanged Guidance Revenue DKK 200 – 240M Units sold 7,700-9,700 Gross margin 60 - 70% Staff expenses & Other external costs DKK 170 – 180M Staff costs transferred to capitalized development costs DKK 5 – 8M The company is exposed to risks that might affect our ability to reach our goals, such as currency fluctuations, general market uncertainty, and material changes in our large OEMs’ needs for Napatech’s products. We have seen increasing market uncertainty, particularly related to potential trade barriers, including tariff increases in the United States. With our products manufactured in the US and most of our customers also located in the US, we do not feel overly exposed. However, the lack of predictability and uncertainty surrounding tariff increases is a concern, and we will be monitoring the development closely. Further, we have seen an elevated risk driven by a supply-constrained, high-volatile environment across several key areas. This leads to extended lead times and increased prices for certain components. • Revenue of $32-38M is unchanged • Initial commercial shipments mark progress in AI Infrastructure • Products for AI infrastructure comes with a lower gross margin • Staff expenses & Other external costs to increase slightly compared to 2025 but end in the lower end of the range, whereas staff costs transferred to capitalized development costs are in line with 2025 • With performance in the middle of the guided ranges, EBITDA would be negative around DKK 25M • Q4 is expected to be cash positive Comments Q3 2026 INVESTOR PRESENTATION © NAPATECH 202612
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Where to Find Us https://www.napatech.com/about/events/ 1-4 April 2027 Barcelona, Spain Q3 2026 INVESTOR PRESENTATION © NAPATECH 202613 1-3 June 2027 Prague, Czech Republic
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Q&A Session Following the presentation DK: +45 32 74 07 10 NO: +47 57 98 94 30 US: +1 646 307 1963 UK: +44 20 3481 4247 Participant Access Code: 3809116 To ask a question, press *1 on your telephone keypad. To withdraw your question, press *2 Texted questions can be submitted using the button on the website 14 Q3 2026 INVESTOR PRESENTATION © NAPATECH 2026
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15 Stay Connected with Napatech 15 www.napatech.com www.euronext.com On the web Social Media www.napatech.com/newsletter www.google.com/alerts Other news Q3 2026 INVESTOR PRESENTATION © NAPATECH 2026