Slides
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Financial Presentation Q2 2025 July 14, 2025
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2 1H 2025 with strong business momentum and major achievement in large account strategy in Q2 REVENUE Q2 6M 18.7 MUSD +43.7% 33.0 MUSD +28.8% EBITDA MARGIN Q2 6M 13.7% 7.8% 11.4% 8.1% GROSS MARGIN Q2 6M 48.6% 47.3% 48.0% 48.0% 2025 Change 2025 2024 2025 2024 Strongest quarter ever and record high order booking, surpassing previous two strong quarters Strong rebound in EBITDA margin, despite negative impact by tariffs Selected by Hyperscale organization, data center interconnect application for subsidiary US leading the way, with strong growth in business areas Optical Solutions, Software and Services Strategy update resulting in updated ambitions for 2026-2030
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Q2’25 deep dive 3
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Remarkably strong US, trade policy uncertainty reduced 4 Americas EMEA APAC Q2 Q3 Q4 Q1 Q2 6.9 5.7 6.9 7.8 12.3 +80% Q2 Q3 Q4 Q1 Q2 4.6 6.2 8.4 5.3 4.9 +6% Q2 Q3 Q4 Q1 Q2 1.5 1.1 1.6 1.2 1.4 -4% 2024 2024 2024 Revenue per region and quarter – Last 5 quarters MUSD 20252025 2025
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Strong growth in Business areas Solutions and Software and Services, material contribution from new products 5 Solutions Devices Software & Services Q2 Q3 Q4 Q1 Q2 7.4 7.3 10.3 8.2 11.6 +57% Q2 Q3 Q4 Q1 Q2 3.8 3.7 4.0 3.6 4.1 +7% Q2 Q3 Q4 Q1 Q2 1.8 2.0 2.6 2.5 2.9 +65% Revenue per business area and quarter – Last 5 quarters MUSD 2024 2024 2024 20252025 2025
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Summary of Q2 financial performance 6 Revenue MUSD EBITDA & EBIT MUSD Operating cash flow MUSD Gross margin and EBITDA margin % Comments 1.0 1.1 2.4 1.2 2.6 0.5 0.5 1.8 0.6 1.8 Q2 Q3 Q4 Q1 Q2 EBITDA EBIT -1.9 5.6 0.6 2.6 -0.5 Q2 Q3 Q4 Q1 Q2 47.3 % 47.4 % 49.0 % 47.3 % 48.6 % 7.8 % 8.3 % 14.4 % 8.4 % 13.7 % 3.6 % 3.8 % 10.8 % 4.1 % 9.8 % Q2 Q3 Q4 Q1 Q2 Gross margin EBITDA margin EBIT margin ▪ T ariff impact on all margins is approximately 1pp in Q1 and 2pp in Q2 2025 vs. 2024 Q2 Q3 Q4 Q1 Q2 13.0 13.0 16.9 14.4 18.7 43.7%
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Strong financial position Balance sheet Jun 30, 2025 Working capital development past 5 quarters 7 8.8 38.1 3.1 Assets 49.9 Non-current Assets Current assets Cash and cash equivalents 26.4 0.4 12.5 10.7 Equity and liabilities 49.9 Equity Non-current liabilities Current liabilities Deferred revenue 15.4 15.9 15.4 11.5 14.1 17.9 13.0 15.6 14.0 17.3 3.0 11.5 Q2 4.2 11.8 Q3 5.0 12.5 Q4 6.9 12.8 Q1 7.7 13.2 Q2 Trade Payables Net other short term liabilities MUSD MUSD 14.6 17.2 17.3 Q2 14.6 14.7 13.3 Q3 12.6 19.9 14.9 Q4 14.9 18.4 13.6 Q1 16.8 19.8 15.7 Q2 Inventories Trade Receivables Working Capital
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2025 8 2026-2030: Roadmap to deliver profitable growth in next -gen optical networking market * STRENGTHEN AND EXPAND THE CORE Grow market share 2x – 3x in relevant markets T argeting 13-16% EBIT margin driven by scalability and efficiency Continued focus on home markets • Targeting network- and data center operators, government & defense and enterprise • Data center interconnect, metro and regional networks Leverage software automation and AI • Strengthen application software offering to support more automation • Increase efficiency and expand profitability by leveraging Agentic AI tools and a data-driven approach Committing to the majors • Continue to expand capabilities with purpose to address the largest accounts such as major operators and hyperscalers Expand efforts in emerging markets • Asia • Africa • South America Explore M&A • Explore M&A as a vehicle for accelerated growth New and scalable go to market models • Accelerate growth in business area Devices • Localized operations ADD NEW GROWTH DRIVERS GAIN MARKET SHARE AND GENERATE NEW REVENUE STREAMS * CAGR in period of approximately 6% taking into account Metro WDM and IP-over-DWDM globally excluding China, according to Cigal.AI preliminary Q3 data
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Profit and Loss Statement Profit and Loss Statement Q2 2025 9 Amounts in USD 1 000 2025 Q2 2024 Q2 2025 YTD 2024 YTD Total revenue and other operating income 18 672 12 991 33 027 25 640 Direct cost of sales -9 592 -6 843 -17 161 -13 345 Employee benefit expenses -5 164 -4 076 -9 680 -8 139 Other operating expenses -1 351 -1 062 -2 413 -2 083 Total operating expenses -16 106 -11 981 -29 254 -23 567 Depreciation -610 -465 -1 109 -942 Amortization of intangible assets -126 -79 -244 -161 Total depreciation and amortization -736 -544 -1 353 -1 103 Operating profit/(loss) 1 829 466 2 420 970 Financial income 52 0 134 2 Financial expenses -617 -69 -114 -170 Net foreign exchange gains (losses) -638 -187 -1 691 873 Net Finance Items -1 204 -256 -1 671 706 Profit/(loss) before income tax 625 210 749 1 676 Income tax -185 -89 -245 -435 Profit/(loss) for the year 440 121 504 1 241 Shares outstanding (Basic) 98 045 518 97 794 244 98 045 518 97 142 790 Shares outstanding (Diluted) 98 045 518 97 794 244 98 045 518 97 706 585 Earnings per share (Basic) USD 0.004 0.001 0.005 0.013 Earnings per share (Diluted) USD 0.004 0.001 0.005 0.013 Earnings per share (Basic) NOK 0.039 0.011 0.050 0.132 Earnings per share (Diluted) NOK 0.039 0.011 0.050 0.132
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Balance Sheet Balance Sheet Jun 30, 2025 10 Amounts in USD 1 000 2025 Q2 2024 Q2 Capitalized development cost 2 004 1 341 Other Intangible assets 691 92 Property, plant and equipment 3 521 2 969 Right of use assets 1 006 1 545 Deferred tax assets 1 573 1 018 Total Non Current Assets 8 795 6 965 Inventories 16 777 14 627 Trade receivable 19 824 17 092 Other current assets 1 481 1 084 Cash and cash equivalents 3 064 5 089 Total Current Assets 41 146 37 893 TOTAL ASSETS 49 941 44 858 Amounts in USD 1 000 2025 Q2 2024 Q2 Share capital 194 184 Share premium 14 752 13 992 Other paid in capital - 20 Foreign currency translation reserves 265 428 Retained earnings 11 183 12 559 Total Equity 26 394 27 183 Lease liabilities (noncurrent portion) 349 909 Contract liabilities (noncurrent deferred revenue) 4 971 3 666 Other noncurrent liabilities 62 589 Total noncurrent liabilities 5 383 5 165 Lease liabilities (current portion) 718 707 Trade payable 7 708 3 040 Contract liabilities (deferred revenue) 5 710 3 140 Tax payable 248 1 198 Current Public duties payable 372 1 443 Other current liabilities 3 408 2 982 Total current liabilities 18 164 12 511 Total Liabilities 23 547 17 676 TOTAL EQUITY AND LIABILITIES 49 941 44 858
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Cash Flow Statement Cash Flow Statement Q2 2025 11 Amounts in USD 1 000 2025 Q2 2024 Q2 2025 YTD 2024 YTD Cash flows from operating activities Profit/(loss) before income tax 625 210 749 1 676 Adjustments for Taxes paid -302 0 -977 0 Depreciation and amortization 736 544 1 353 1 102 Net interest expense 17 0 -20 0 Change in inventory -1 895 -1 096 -4 162 -429 Change in trade receivable -1 451 -1 752 41 -288 Change in contract liabilities (deferred revenue) 524 479 1 712 244 Change in trade payable 844 -1 097 2 660 -1 443 Change in other current assets and other liabilities 303 828 654 -293 Interest received 52 0 134 0 Net cash inflow from operating activities -547 -1 883 2 144 569 Net cash (outflow) from investing activities -512 -650 -1 521 -1 285 Net cash inflow from financing activities -6 111 -4 108 -6 502 -3 130 Net increase/(decrease) in cash and cash equivalents -7 170 -6 641 -5 880 -3 846 Cash and cash equivalents at the beginning of period 9 888 11 488 7 972 9 321 Effects of exchange rate changes on cash and cash equivalents 346 242 971 -387 Cash and cash equivalents at the end of period 3 065 5 089 3 065 5 089
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Thank you