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Financial Presentation Q3 2026 October 29, 2026
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A proven playbook – from USD 100M to our next targets Enhanced strategy, stronger drivers – now aimed at our next set of targets REVENUE, ROLLING 4 QUARTERS 109 MUSD Q3 2026 HIGHLIGHTS REVENUE 34.3 MUSD +80.4% GROSS MARGIN 49.5% 49.5% Q3-25 EBIT 7.1 MUSD 20.6% margin WHAT GOT US HERE WILL TAKE US FURTHER Broader offering, larger market developed our HW and SW offering and broadened our addressable market – as we set out at listing. The strategy remains intact. Large account strategy delivered Repeat customers have grown significantly and new categories have been added – alongside our traditional customers and partners. Now engaging even larger players. A stronger company Stronger processes, our strongest team ever, and a wider footprint – bringing meaningful revenue and larger opportunities in new regions. Our challenger culture, preserved Still nimble and responsive, outgrowing mid market competition – securing our position as the “challenger of challengers”. THE EVER GROWING DEMAND FOR BANDWIDTH Extends beyond AI – across the cascade and beyond it Cloud & AI Cloud service providers, neoclouds, data center operators, etc. Network Operators Wholesale providers, internet service providers, telecom operators, etc. Enterprise Financial, industrial, health care, government, etc.
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Broad-based growth: all-time high revenue in all regions 3 Americas EMEA APAC Q3 Q4 Q1 Q2 Q3 10.8 13.3 13.9 16.7 20.2 +86% Q3 Q4 Q1 Q2 Q3 6.1 8.6 7.8 10.4 10.6 +72% Q3 Q4 Q1 Q2 Q3 2.0 1.3 1.2 1.7 3.6 +75% 2025 2025 2025 Revenue per region and quarter – Last 5 quarters MUSD 20262026 2026
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Strong growth in business areas Solutions, Software & Services 4 Solutions Q3 Q4 Q1 Q2 Q3 10.9 13.6 14.2 19.2 24.3 +123% Revenue per business area and quarter – Last 5 quarters MUSD 2025 2026 Devices Q3 Q4 Q1 Q2 Q3 5.4 6.4 5.3 5.5 5.4 0% 2025 2026 Software & Services Q3 Q4 Q1 Q2 Q3 2.7 3.2 3.4 4.1 4.6 +69% 2025 2026
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49.5% 46.1% 48.2% 46.1% 49.5% 12.6% 15.3% 11.7% 15.5% 23.5% 8.5% 11.9% 7.9% 12.5% 20.6% Q3 Q4 Q1 Q2 Q3 Gross margin EBITDA margin EBIT margin Summary of Q3 financial performance 5 Revenue MUSD EBITDA & EBIT MUSD Operating cash flow MUSD Gross margin and EBITDA margin Comments -0.4 6.8 2.2 0.9 7.6 Q3 Q4 Q1 Q2 Q3 19.0 23.2 22.9 28.9 34.3 Q3 Q4 Q1 Q2 Q3 +80% • Gross margin of 48.0% YTD and 49.5% in Q3 2026, compared with 49.5% in Q3 2025. • Record EBITDA and EBIT, with strong operating cash flow despite a strategic inventory build-up • Improved profitability despite continued investments to support future growth. 2.4 3.6 2.7 4.5 8.1 1.6 2.8 1.8 3.6 7.1 Q3 Q4 Q1 Q2 Q3 +340% EBITDA EBIT
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Strong financial position Balance sheet Sep 30, 2026 Working capital development past 5 quarters 6 16.3 50.8 7.5 Assets 74.7 33.5 5.4 21.6 14.2 Equity and liabilities 74.7 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 6.0 14.6 Q3 5.6 17.2 Q4 5.7 17.2 Q1 12.7 18.2 Q2 12.3 20.4 Q3 Trade Payables Net other short term liabilities* MUSD MUSD 5 10 15 20 25 30 -10 -5 0 5 10 15 20 0 20.0 19.0 18.4 18.7 18.7 14.5 Q4 18.4 19.1 14.6 Q1 21.3 26.4 16.8 Q2 22.8 25.6 15.8 Q3Q3 Inventories Trade Receivables Working Capital * Including deferred revenue of MUSD 14.2 (11.1) Non-current Assets Current assets Cash and cash equivalents
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Financial aspirations 7
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Top-three vendor in our target markets NA & EMEA, with clear financial aspirations supporting long-term value creation 8 STRONG TRACK RECORD, MOMENTUM AND ATTRACTIVE MARKET GROWTH THREE-PHASE ROADMAP Invest • AI-driven demand surge • Optical capacity capex growth Scale • AI-enhanced operations • Product and customer mix Lead • SW & automation transition driving customer retention and recurring revenue MID-TERM FINANCIAL ASPIRATIONS Revenue potential USD 300-400m >25% CAGR from 2026 EBIT margin 16% With upside potential Well positioned to benefit from evolving customer requirements Expanding into larger customers and adjacent market opportunities Leveraging structural tailwinds from bandwidth growth, accelerated by investments in AI training and inference Ahead of peers in next-generation open and disaggregated optical networking, and AI-driven automation in networks
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Profit and Loss Statement Profit and Loss Statement Q3 2026 9 Amounts in USD 1 000 2026 Q3 2025 Q3 2026 YTD 2025 YTD Total revenue and other operating income 34 278 19 000 86 053 52 027 Direct cost of sales -17 295 -9 586 -44 740 -26 748 Employee benefit expenses -6 324 -4 823 -19 660 -14 504 Other operating expenses -2 591 -2 202 -6 441 -4 615 Total operating expenses -26 210 -16 612 -70 841 -45 868 Depreciation -762 -619 -2 069 -1 728 Amortization of intangible assets -228 -160 -642 -403 Total depreciation and amortization -991 -778 -2 710 -2 132 Operating profit/(loss) 7 077 1 610 12 502 4 030 Financial income 54 29 129 163 Financial expenses -186 -59 -783 -173 Net foreign exchange gains (losses) -787 180 -1 581 -1 510 Net Finance Items -918 150 -2 235 -1 520 Profit/(loss) before income tax 6 159 1 761 10 267 2 509 Income tax -1 420 -386 -2 511 -631 Profit/(loss) for the period 4 739 1 374 7 756 1 879 Shares outstanding (Basic) 98 045 518 98 045 518 98 045 518 98 045 518 Shares outstanding (Diluted) 98 045 518 98 045 518 98 045 518 98 045 518 Earnings per share (Basic) USD 0.048 0.014 0.079 0.019 Earnings per share (Diluted) USD 0.048 0.014 0.079 0.019 Earnings per share (Basic) NOK 0.458 0.139 0.752 0.188 Earnings per share (Diluted) NOK 0.458 0.139 0.752 0.188
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Balance Sheet Balance Sheet Sep 30, 2026 10 Amounts in USD 1 000 2026 Q3 2025 Q3 Capitalized development cost 2 674 2 100 Other Intangible assets 695 691 Property, plant and equipment 4 869 3 626 Right of use assets 6 073 809 Deferred tax assets 1 991 1 590 Total Non Current Assets 16 302 8 817 Inventories 22 822 20 022 Trade receivable 25 641 19 025 Other current assets 2 380 1 218 Cash and cash equivalents 7 507 1 662 Total Current Assets 58 350 41 927 TOTAL ASSETS 74 652 50 744 Amounts in USD 1 000 2026 Q3 2025 Q3 Share capital 204 196 Share premium 15 516 14 914 Other paid in capital - - Foreign currency translation reserves 61- 156 Retained earnings 17 829 12 755 Total Equity 33 488 28 022 Lease liabilities (noncurrent portion) 5 364 295 Contract liabilities (noncurrent deferred revenue) 7 123 5 360 Other noncurrent liabilities - - Total noncurrent liabilities 12 487 5 655 Lease liabilities (current portion) 760 567 Trade payable 12 288 6 011 Contract liabilities (deferred revenue) 7 106 5 770 Tax payable 2 104 627 Current Public duties payable 2 198 949 Other current liabilities 4 222 3 143 Total current liabilities 28 677 17 067 Total Liabilities 41 164 22 722 TOTAL EQUITY AND LIABILITIES 74 652 50 744
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Cash Flow Statement Cash Flow Statement Q3 2026 11 Amounts in USD 1 000 2026 Q3 2025 Q3 2026 YTD 2025 YTD Cash flows from operating activities Profit/(loss) before income tax 6 159 1 761 10 267 2 509 Adjustments for Taxes paid -877 -162 -1 795 -1 140 Depreciation and amortization 991 778 2 710 2 132 Net interest expense 128 30 144 10 Change in inventory -1 496 -3 248 -4 154 -7 411 Change in trade receivable 755 798 -6 923 839 Change in contract liabilities (deferred revenue) 948 448 1 454 2 160 Change in trade payable -370 -1 697 6 658 963 Change in other current assets and other liabilities 1 324 838 2 215 1 492 Interest received 54 29 129 163 Net cash inflow from operating activities 7 616 -425 10 706 1 719 Net cash (outflow) from investing activities -1 749 -707 -3 817 -2 228 Net cash inflow from financing activities -586 -336 -7 909 -6 838 Net increase/(decrease) in cash and cash equivalents 5 281 -1 467 -1 021 -7 347 Cash and cash equivalents at the beginning of period 2 140 3 064 7 337 7 972 Effects of exchange rate changes on cash and cash equivalents 84 62 1 189 1 033 Cash and cash equivalents at the end of period 7 506 1 659 7 506 1 659
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Thank you