Slides
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5 November 2026 Q3 2026 Operational Update
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N orsk Titanium AS © 2026 Q3 2026 Key Highlights Financial s • Revenue and other income tripled to USD 2.1m in Q3 • Monthly cash burn down to USD 2.2m, from USD 2.4m in Q3 2025 • Cash balance of USD 27.2m at 30 September • Continued revenue growth in Q4; full year expected to reach USD ~ 8m Operations • Increased serial production deliveries to Airbus and H ittech • Started work under USD 4.2m D IB - ED GE submarine contract • Installed first RPD ® machine at Airbus in Varel, Germany • Received Rolls - Royce order for engine component in October • In process of receiving a qualification order for a hig h - rate missile defense prog ram Revenue and other income ( USDm ) DIB - EDGE IN ITIATIVE Airbus, Varel Notes: YTD = first nine months. FY = Full year. Cash burn = net change in cash excluding financing proceeds, transaction costs and changes in debt. 0.7 2.1 2.8 5.0 4.1 ~8 Q3 ’ 25 Q3 ’ 26 YTD ’ 25 YTD ’ 26 FY ’ 25 FY ’ 26e Undisclosed Defense Prim e (hig h - rate prog ram) 2
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Norsk Titanium AS © 2026 Progress Across All Three Revenue Streams Transitioning to a commercially driven manufacturing business Core OEM Programs Short-Cycle Sales RPD® Ecosystem Strategy Progress with key clients Scale short-cycle revenue and expand industrial applications Convert qualified aerospace and defense programs into recurring production revenue Establish a scalable commercial model for RPD® machine deployments across OEMs Execution model OEM-Aligned Roadmaps Roadmaps and resources aligned to priority OEMs and high-value markets Cross-Functional Teams Dedicated sales, engineering, and program teams supporting each program Milestone-based Execution Progress measured against defined commercial milestones Undisclosed Prime First RPD® machine operational at Airbus in Varel DIB-EDGE INITIATIVE Undisclosed Defense Prime (high-rate program) 3
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Norsk Titanium AS © 20264 Core OEMs - Aerostructures and Engines: Higher Airbus Volumes and First Rolls-Royce Purchase Order Aerostructures Engines Approved supplier for development activities • Higher serial deliveries to Airbus of the A350 Lower Frame Fitting • Continued deliveries to Boeing, Leonardo and other Tier 1 suppliers and landing gear development with Safran • Progressing toward a third Airbus production orderunder the 2024 Master Supply Agreement • Received Rolls-Royce purchase orderin October for a titanium component being explored for use across civil engine programs • Demonstrates RPD®’s potential in aerospace enginesand ability to support established engine supply chains • Engines are a priority growth area, with the project providing a foundation to explore further RPD® development opportunities
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Norsk Titanium AS © 20265 Core OEMs - Defense: Expanding Defense Activities Across Production and Qualification Programs Notes: (1) Defense Industrial Base Expansion, Development and Growth Enterprise (2) Joint Additive Qualification for Sustainm ent – Supplier Qualification (3) Edison Welding Institute • Northrop Grumman first serial production contract signed in Q2 – initiated production • General Atomics structural components in serial production since Q1 across unmanned aircraft systems Production programs with defense primes High-rate missile defense program • In process of receiving qualification order, expected in Q4, from U.S. defense prime for structural titanium components • Successful qualification expected to lead to a high-rate production order • Potential for ramping up sales starting from 2027, with further ramp-up in 2028 Undisclosed Defense Prime Funded development and qualification • Work started under the USD 4.2m, 18-month DIB-EDGE1 contract, funding development and qualification for U.S. submarine applications • America Makes JAQS-SQ2, targeting qualified supplier status for titanium alloy products across U.S. DoD services • Member of the EWI3 team on the America Makes INSITE project, leading nondestructive testing of titanium parts DIB-EDGE INITIATIVE
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Norsk Titanium AS © 20266 Short-Cycle Industrial Markets: Higher Semiconductor Volumes and First Production Parts Delivered in Energy Semiconductors: Hittech • Continued deliveries under the USD 1.5m order through Q1 2027 • Purchase orders in hand for deliveries through Q3 2027 • 2027 revenue now likely to exceed the USD 2.8m forecast previously indicated by Hittech • Demand continues to grow driven by investment in advanced lithography and AI- related semiconductor equipment Titanium carrier trays for semiconductor equipment Broader industrial opportunities • First production parts delivered to U.S. Department of Energy prime contractor, with remaining deliveries expected in Q4 Undisclosed Prime U.S. Department of Energy contractor
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Norsk Titanium AS © 20267 RPD® Ecosystem: First RPD® Machine Installed at Airbus in Varel, Germany Installed at Airbus in Varel Industrializing RPD® with Airbus Scalable commercial model Cooperation and Research Agreement signed June 2026 Machine sales or leasing Technology licensing Supporting services • Merke IV® machine operational at Airbus in Varel, Germany • Site Acceptance Testing completedin September • Airbus operates the machine; Norsk Titanium keeps control of process technology, software and qualification framework • Validating the industrial process and setting standards for structural parts • Moving to process-level qualification, reducing the work needed to add new parts • Framework for wider adoption across Airbus aircraft programs • Developing the model for future placements, building on the Airbus deployment • Significant opportunities to expand with selected OEMs and industrial customers • Broader RPD® adoption and new sources of recurring revenue
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Norsk Titanium AS © 2026 Financial Review: Higher Revenue and Cash Burn Down Year- over-Year Revenue and other income (USDm) Average monthly cash burn (USDm) Revenue tripled in Q3 YoY • USD 2.1m in Q3, up from USD 0.7m Q3 last year • Serial production USD 0.6m, from more Airbus and Hittech deliveries • Development and services USD 1.2m, led by DIB-EDGE • Q4 revenue expected to grow; full year revenue and other income to reach ~USD 8m Cash burn down YoY • USD 2.2m per month in Q3, down from USD 2.4m Q3 last year • Slightly above H1’26 (USD 2.1m), reflecting increase in working capital due to second half revenue growth • Cash of USD 27.2m at 30 September, up from USD 19.6m at 30 June Notes: YTD = first nine months. FY = Full year. Cash burn = net change in cash excluding financing proceeds, transaction costs and changes in debt. 0.7 2.8 4.1 2.1 5.0 ~8 Q3 YTD FY 2025 2026 2026e 2.4 2.7 2.2 2.1 Q3 YTD 2025 2026 2026e 8
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Norsk Titanium AS © 20269 Uniquely Positioned to Convert Demand to Profitable Growth Targeting 30% EBITDA-margin when operating at scale Revenue (USDm) EBITDA (USDm) Long-term revenue and profitability roadmap Estimated break-even at ~25% capacity utilization… Moving towards 30% EBITDA-margin at ~50% capacity utilization… Significant further profitability upside at full utilization of current capacity Increasing scale and utilization to reach breakeven >30% Full utilization of current capacity 2028 ~300 2030 Installed capacity, 35 machines → 30% Base Upside Base Upside Key drivers: 1: Volume growth Operating leverage Scaling an already installed production platform 2: Revenue mix Higher-margin sales RPD® Ecosystem revenue from machine sales, licenses and services targeted to increase from 0 → ~30% of revenue by 2030 3: Cost efficiency RPD® process cost reductions Targeting 50%+ unit cost reduction through process improvements and reduced downstream requirements Significant operating leverage driving toward 30% EBITDA margin
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Norsk Titanium AS © 2026 • Q3 revenue and other income tripled year-over-year, funded development programs and higher serial production • Commercial momentum across core OEM and Industrial programs, including finalizing a major defense qualification order, Rolls-Royce purchase order, and higher Airbus and Hittech volumes • First RPD® machine installed at Airbus, advancing process qualification and establishing the foundation for future recurring RPD® Ecosystem revenue • Continued revenue growth in Q4, with full-year revenue reaching approximately USD 8 million, providing a solid foundation for scaling production revenues in 2027 and beyond 10 Summary and Outlook
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Q&A
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Norsk Titanium AS © 2026 Norsk Titanium >USD 500m invested* 125+ employees US & Norway locations ~USD 150m market cap 3 markets presence 200+ patents granted USD 300m revenue capacity 35 machines 700 tons capacity RPD Parts supplier direct replacement Material specification qualified * >USD 400m equity plus USD 125m New York State grant 12