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TEKNA | World class materials to world class customers 22 October 2025 | Tekna Holding ASA | Investor Presentation #InvestinTekna
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TEKNA | Important notice 2 DISCLAIMER The information contained in this presentation (the “Presentation”) has been prepared by Tekna Holding ASA (the "Company" and, together with its subsidiaries "Tekna" or the "Group") with assistance from Arctic Securities AS (the "Manager"). The Presentation is being distributed in connection with the rights issue directed towards existing shareholders in the Company. The Presentation has only been made and shall only be made available to a limited number of prospective investors (the "Recipients"). This Presentation is strictly private, proprietary and confidential. This Presentation may not be distributed, published, reproduced or transmitted in whole or in part, and the information contained herein, including the potential investment opportunity, may not be disclosed by a Recipient to any third party. By accepting delivery of this Presentation, the Recipient agrees to keep the information it contains strictly private and confidential, and to return the Presentation to the Company at any time upon the Company's request. The information contained in this Presentation reflects the conditions and views as of the date set out in the Presentation. The information contained herein is subject to change, completion, or amendment without notice. None of the Company or the Manager undertakes any obligation to amend, correct or update the materials to provide any additional information about any matters described herein. Past performance information included in this Presentation is not an indication of future performance and the actual returns on investments may differ materially from the returns indicated herein. This Presentation is for information purposes only, and do not constitute or form part of any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of this Presentation nor anything contained herein shall form the basis of or be relied upon in connection with or act as an inducement to enter into, any investment activity. Any decision to subscribe for or purchase shares in any offering should be made solely on the basis of information contained in any prospectus that may be published by the Company in final form in relation to any proposed offering and which would supersede the information in this Presentation in its entirety. If published, any such prospectus will include a description of risk factors in relation to an investment in the Company and is expected to be made generally available in Norway in connection with a proposed offering. Copies of the prospectus, if published, may be obtained by persons in Norway through the website of the Company and the Manager as set forth elsewhere in this advertisement. 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Accordingly, neither the Company, AFK, the Manager nor any other covered person shall have any responsibility or liability whatsoever (for negligence or otherwise) and accepts no liability for any loss of any nature from the use of this Presentation or its contents or any additional information referred to above or otherwise arising in connection therewith, except as may follow from mandatory law. This Presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any such forward-looking statements are solely opinions and forecasts reflecting views as of the date set out on the cover of this Presentation, which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. No liability for such statements, or any obligation to update any such statements or to conform such statements to actual results, is assumed. Furthermore, information about past performance given in these materials is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. An investment in the Company involves inherent risks, including risk of loss of the entire investment, and is only suitable for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. Recipients should carefully review the Presentation and related transaction documents prior to making any investment decision. Furthermore, Recipients must conduct their own independent analysis and appraisal of Tekna and of the data contained or referred to herein and in other disclosed information, and risks related to an investment, and they must rely solely on their own judgement and that of their qualified advisors in evaluating Tekna and Tekna's business strategy in determining the desirability of a potential investment. This Presentation must be read in connection with other publicly available information about Tekna. The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. This Presentation and the information contained herein are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local laws or regulations, and by accepting these materials, each recipient confirms that it is able to receive them without contravention of any unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business. In the United Kingdom the materials are only directed at (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order; or (iii) other persons to whom it may otherwise be lawfully communicated. The Presentation does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States, and the securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This Presentation is not for general distribution in or into the United States of America but directed only at persons reasonably believed to be a "qualified institutional buyer", as defined in the Securities Act. This Presentation is subject to Norwegian law, and any dispute arising in respect thereof of this Presentation is subject to the exclusive jurisdictions of Norwegian courts. By receiving this Presentation, each Recipient agrees to be bound by the terms and conditions set forth above and represents that it is a qualified institutional or other professional investor who is sufficiently experienced to understand the aspects and risks related to an investment in the Company, and who will obtain additional expert advice where and when needed.
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TEKNA | 02 Investment Highlights 03 Q3 2025 Financials 04 Concluding Remarks FIRST EBITDA-POSITIVE QUARTER SINCE IPO DRIVEN BY STRONG MATERIALS PERFORMANCE AND COST REDUCTIONS POSITIONED FOR PROFITABLE GROWTH WITH NEW 2030 TARGETS RIGHTS ISSUE STRENGTHENING LIQUIDITY AND BALANCE SHEET, FUNDING BUSINESS PLAN TO 2030 TARGETS Executive summary NOK 300m (CAD 42m) Rights Issue with subscription price up to 25% discount to VWAP 1 last 10 trading days prior to Extraordinary General meeting on 13 November (the “EGM”) • Fully underwritten by majority shareholder Arendals Fossekompani ASA (“AFK”) • Enabling full repayment of AFK shareholder loan plus accrued interest with remaining proceeds, NOK 95m (CAD 13m), for general corporate purposes • Pro-forma Q3 2025, Tekna will have a gross cash position of CAD 21m and total available liquidity of CAD 27m including the Scotiabank facility Strategically positioned to capture growing demand for advanced materials in Additive Manufacturing industry, with upside potential from other applications and verticals • Targeting double-digit growth (avg. >10%) towards 2030 • Moving towards target of 15% - 20% EBITDA margin in 2030 • Ample production capacity to meet 2030-targets in current facilities • Additional revenue potential identified in other applications and verticals CAD 0.5m (6% margin) in Q3 2025 driven by strong performance in Materials • Total revenues of CAD 8.3m (+9% YoY) and CAD 25.7m YTD (-7% YoY) • Contribution margin of 58% in Q3 (46% Q3 2024) mainly driven by strong development in Materials sales and contribution margin expanding from 33% to 58% YoY • Successful execution of improvement program and OpEx reductions with sustained effects • New CEO with highly competent management team – driving execution of focused strategy plan 1. Volume Weighted Average Price 3
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TEKNA | 01 Transaction Background 02 Investment Highlights 02 Investment Highlights 04 Concluding Remarks 04 Concluding Remarks Rights Issue NOK 300 million fully underwritten by majority owner Arendals Fossekompani ASA Market Capitalization NOK ~500 million as of 20 October 2025 (NOK 3.97/share) Subscription Price Up to 25% discount to VWAP1 10 days prior to the day before the Extraordinary General Meeting on 13 November 2025 Offering • Pro-rata participation offering • Tradable rights • Open to oversubscription Use of Proceeds • Repayment of AFK shareholder loan and interests totaling NOK ~205 million • NOK ~95 million to general corporate purposes Subscription Period 18 November 2025 to 2 December 2025 (expected) Payment and delivery of shares Planned payment date, 5December with delivery of shares 11 December 2025 41. Volume Weighted Average Price 03 Highlights Q3 2025 03 Highlights Q3 2025 05 Appendix 05 Appendix
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TEKNA | Tekna strengthens its capital structure through a Rights Issue and a new credit facility 1. The Bank of Nova Scotia (operating as Scotiabank), a Canadian multinational banking and financial services company; 2) CAD = 7.15 NOK 5 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix CASH AND NET DEBT INC. LEASE LIABILITIES DEVELOPMENT (CADm) Following Tekna’s recent improvements in performance and cost reductions, the company’s board believes timing is appropriate to streamline capital structure through new equity capital further supported by a new credit facility 1. NOK 300m Rights Issue, documented through prospectus mid-November 2025 • Tekna will raise NOK 300m (CAD 42m)2 through a Rights Issue (the “Rights Issue”), fully underwritten by majority shareholder Arendals Fossekompani ASA (“AFK”), ensuring equal treatment of its shareholders through offering pro-rata participation opportunity through subscription rights during a subscription period. • The Rights will be tradable, enabling non-participating existing shareholders to potentially mitigate the impact of dilution. • Open to over-subscription; if not all issued subscription rights are exercised, subscribers who have subscribed on the basis of subscription rights and who have over-subscribed, will be allocated further offered shares proportionally to the number of subscription rights they have exercised. 2. New bank facilities from the leading Canadian bank, Scotiabank • The company has signed on 21st October 2025 a credit facility agreement with the Canadian bank Scotiabank1, for a borrowing base credit facility of CAD 6m, a facility for standby letters of credit/guarantee of CAD 4m and credit card facility of CAD 0.5m, totaling CAD 10.5m. 3. Repayment of AFK shareholder loan • The proceeds from the Rights Issue will repay the CAD 25m (NOK 179m) shareholder loan from AFK plus accrued interests of CAD 4m (NOK 26m) in addition to creating a liquidity buffer. Following completion of the Rights Issue, Tekna’s pro-forma Q3 2025 gross and net cash position will be CAD 21m and CAD 15m, respectively. In addition, the company may draw up to CAD 6m on the new credit facility. • Tekna’s financial indebtedness has increased gradually since its listing in 2021, reflecting substantial investments made to strengthen its production capacity and market position. • These investments have enabled Tekna to expand and modernize its facilities, establishing a leading position with sufficient production capacity to support growth well into 2030. The increase in debt also reflects negative operational cash flows during the scale-up phase, prior to reaching sustainable profitability. 27 Q3 25 -15 Q3 25 pro-forma Debt Cash & Equivalents Net debt
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TEKNA | Sources and uses Note(s): 1) CAD = 7.15 NOK; 2)Accrued interest for AFK loan as of end-Q3 2025; 3) Source: Arena as of 10.21.2025 6 TOP 10 SHAREHOLDERS AS OF 15 OCTOBER 20253 # Investor # shares 1 000 Pre % of total 1 ARENDALS FOSSEKOMPANI ASA 88 530 69.5% 2 ULFOSS INVEST AS 2 942 2.3% 3 HAVFONN AS 2 914 2.3% 4 MUST INVEST AS 2 821 2.2% 5 KVANTIA AS 2 355 1.8% 6 VICTORIA INDIA FUND AS 1 332 1.0% 7 CARUCEL FINANCE AS 1 074 0.8% 8 MUEN INVEST AS 889 0.7% 9 MP PENSJON PK 769 0.6% 10 BORGANO AS 769 0.6% Total, top 10 104 394 ~82% Others 23 068 ~18% ▪ Tekna had 4,002 shareholders as of 15 October 2025. AFK remained the Company’s largest shareholder, owning 69.5% of the shares ▪ The Rights Issue subscription price will be set at up to 25% discount to VWAP last 10 trading days prior to the day before the EGM, planned for 13 November 2025 ▪ Assuming a subscription price set at 25% discount to VWAP, using a VWAP of NOK 4.0, this would imply a subscription price of NOK 3.0, a TERP discount of ~16% and an issuance of ~100m Offer shares. Sources NOKm (CADm1) Uses NOKm (CADm) Gross proceeds from Rights Issue 300 (42) Repayment of the AFK loan 179 (25) Repayment of accrued interest AFK loan2 26 (4) General corporate purposes 95 (13) Total 300 (42) Total 300 (42) • The Rights Issue of NOK 300 million is primarily intended to repay AFK loan and strengthen Tekna’s balance sheet. • With Tekna’s operations now approaching sustainable profitability, the proceeds from the Rights Issue and the new bank facilities will provide a solid financial foundation for the company to focus on growth and margins. • Pro-forma Q3 2025, Tekna will have a gross cash position of CAD 21m and total available liquidity of CAD 27m including the Scotiabank credit facility. 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Transaction timeline 7 Oct Nov Dec 43 44 45 46 47 48 49 50 13 Nov Prospectus approval 18 Nov - 26 NovTrading in subscription rights 18 Nov - 2 DecSubscription period 3 DecAllocation of new shares 5 Dec Week Payment date 11 Dec 22 Oct Delivery of shares Activity 14 Nov Record date Announcement 17 Nov Ex date Notice of EGM 6 NovQ3 – Tekna interim report Last day including right to receive subscription rights 29 Oct - 11 Nov 13 Nov 14 Nov Publication of prospectus 17 Nov Period used for VWAP calculation determining subscription price 22 Oct - 23 Oct EGM to be held 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | 02 Investment Highlights Targeting double-digit growth and EBITDA margins of 15% - 20% towards 2030 in existing businesses, with AM market expected to grow at ~20% pa. Word-leading provider of advanced Materials and Systems have reached profitability inflection point Positioned to capture accelerating demand for Materials in Additive Manufacturing (AM) with contribution margins exceeding 50% Additional identified revenue potential adds large upside potential in adjacent applications Robust balance sheet post transaction, and a fully funded business plan to 2030 Attractive unit economics in Systems sales; maturing a large potential in new industries % + 8 01 Transaction Background 01 Transaction Background 03 Highlights Q3 2025 03 Highlights Q3 2025 04 Concluding Remarks 04 Concluding Remarks 05 Appendix 05 Appendix
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TEKNA | PlasmaSonic Systems product line launched for Space industry Tekna Holding has developed a world-leading position in plasma and material processing, systems engineering, and manufacturing since 1990 1. Additive Manufacturing is in simple terms metal 3D printing 2. 2020 to LTM Q3-2025 9 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix Development of ICP and Plasma Systems for nanomaterials and spherical powders 1990s 2000s 2010s 2020s Started the sales of micron sized Materials for Additive Manufacturing1 (AM) World-leading position as materials supplier to the fast- growing AM Industry TEKNA IS BASED ON A CORE OF LEADING ICP COMPETENCES AND ASSETS INDUCTIVELY COUPLED PLASMA (ICP) Inductively coupled plasma technology generates an extremely hot gas stream, providing a clean and controllable heat source Tekna uses for producing metallic powders. 2014 1 3 5 7 8 11 13 17 19 26 27 27 +16%2 LTM Q3-25 Consecutive Materials revenue growth from 2014 CAD million
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TEKNA | Reaching profitability inflection point in Q3 2025, with first EBITDA-positive quarter following investment phase 1. Systems contribution margin, and consequently total contribution margin, in Q3 2025 adjusted for one-off related to tariffs (400k to US customer in Q1 2025) 51% including the tariff. 2. Q3 2025 EBIDA adjustment relates to CAD 137k restructuring costs, CAD 39k share option costs (non-cash) and CAD 2k litigation costs. 10 Tekna at a glance Revenue driven by sales of advanced materials to the additive manufacturing (AM) industry CAD million HQ in Quebec, Canada Listed at Euronext Oslo, Arendals Fossekompani majority owner 9x PhD; 27x Master; 39x BAC; 65x Technical field studies; 22x Other backgrounds Production facilities for materials and systems in Sherbrooke, Canada 2 best-in-class R&D facilities and laboratories 90 active patents protecting proprietary technology 37% 58% 2021 30% 46% 2022 33% 64% 2023 34% 65% 2024 47% 56%1 LTM Q3251 27 27 41 37 35 Systems: -3% CAGR Materials: +12% CAGR Q3 2025: First EBITDA-positive quarter, following cost and efficiency program CAD million Q3 2024 Q3 2025 Materials 5.5 7.0 Systems & other 2.2 1.4 Revenue 7.6 8.3 COGS -4.2 -3.5 Contribution margin 3.5 4.8 Contribution margin 45% 58% Other income 0.1 0.3 Personnel cost -3.8 -3.2 Other opex -1.4 -1.6 EBITDA -1.6 0.3 EBITDA-margin -21% 3% Adjustment 2 0.2 0.2 Adj. EBITDA -1.4 0.5 Adj. EBITDA-margin -19% 6% Contribution margins at inflection point: Systems: Proven unit economics Materials: At inflection point Total: Impacted by mix 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Delivering the highest purity material through a sticky position upstream in the Additive Manufacturing value chain 1. Macon plant in France is currently idle 11 Tekna sources approved raw materials on long-term contracts Tekna’s materials meet the most demanding industry standards Proprietary plasma torch heats up metals until they turn into liquid RAW MATERIAL LIQUID MATERIAL ADVANCED MATERIALS WORLDWIDE DISTRIBUTION On-time deliveries with consistent quality, secures continued customer production and loyalty Tekna is uniquely positioned serving global high demand across AM industries with high purity, high yield, and reputable size and quantity Proprietary process at own facilities in Canada; see appendix for detailed overview of the process. Additive manufacturing (AM) is superior to traditional milling for the production of complex lightweight parts + Savings in weight and material + Distributed production + Highly flexible + Nearly unlimited geometric freedom + Parts consolidation + Short turnaround time + Rapid production at large scale + Repeatability + Known technology MILLING BREAKS DOWN LARGE METAL BLOCKS TO COMPONENTS ADDITIVE MANUFACTUING BUILDS UP COMPONENTS FROM MATERIALS - Slower process for each part made - Limited pallet of available material - Technology learning curve ProsCons ORIGINAL EQUIPMENT MANUFACURERS (OEMs) Based on Additive Manufacturing Value creation - Large amounts of waste - Problems with complex parts - Long turnaround time - Low flexibility 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Tekna’s materials are qualified for the most demanding industry standards set by the Aerospace and Defense industry Sources: How AM is changing aerospace (Metal Additive Manufacturing “Metal AM”, 2023), (1) Global outlook for air transport (IATA, 2024), (2) Global fleet and MRO market forecast (Oliver Wayman, 2020) 12 Aerospace and Defense is half of revenue Revenue split by region and industry Asia & Other 15% Europe 37% North America 48% Academic, Industrial, Research & distributors 20% 3D Machine OEM 9% Consumer electronics 9% Medical implants 13% Aerospace & Defense 50% REGION INDUSTRY Over the last ~20 years, metal Additive Manufacturing (AM) has shifted from experimental to mainstream in aerospace RECORD HIGH GLOBAL BACKLOG # of aircrafts1 (‘000) Further acceleration expected when new programs (planes) are being launched STEADILY GROWING MAINTENANCE AND REPAIR MARKET USD trillion, 2020 estimate2 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 92 97 98 101 104 109 116 121 125 127 131 Line Engine Component Airframe 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 9 10 11 11 11 11 12 12 13 14 17 17 ▪ Sharp rise in replacing traditionally manufactured parts with AM designs, especially over the past 3-5 years. ▪ Engines and structural systems are increasingly designed around AM. LONG QUALIFICATION AND TESTING LEAD TIMES ✓ Lower manufacturing cost and faster lead times ✓ Fuel efficiency and emission reduction ▪ Strictest safety and performance standards, requires years of development, certification, and integration planning ▪ New materials and processes must undergo extensive testing including mechanical, environmental, and fatigue assessments ✓ Tekna meets regulatory and industry standards, ensuring reliability and airworthiness over the aircraft’s lifecycle SUPERIOR LIGHT WEIGHT FEATURES FOR AEROSPACE 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Meeting the highest qualification standards opens a large, growing and global market opportunity Source: Additive Manufacturing Report (AM Power, 2025) 13 Broadening exposure to other industries Revenue split by region and industry Asia & Other 15% Europe 37% North America 48% Academic, Industrial, Research & distributors 20% 3D Machine OEM 9% Consumer electronics 9% Medical implants 13% Aerospace & Defense 50% REGION INDUSTRY Utilizing top supplier position in the global shift to advanced Additive Manufacturing (AM) across several attractive growth industries SURPASSING 20 000 METAL PRINTERS POSITION TO CAPTURE GROWING DEMAND FROM A WIDE RANGE OF INDUSTRIES Wide range of industries and applications with similar growth and demand characteristics 21 269 39 154 2024 2029 ~2x Installed capacity, # of units (metal printers) Metal part manufacturing supplier revenue by industry , EUR million, Global 130 418 141 379 159 352 121 317 89 303 73 153 58 137 49 84 20242029 20242029 20242029 20242029 20242029 20242029 20242029 20242029 Defense Space Medical Industrial Civil aviation Automotive Energy O&G 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | The additive manufacturing (AM) market is expected to accelerate towards 20291 USD billion Strategically positioned to capture accelerating demand in the AM industry with ample capacity and qualifications to serve a wide range of applications 1: Source(s): Additive Manufacturing Report (AM Power, 2025) 14 0.9 1.3 2.50.8 1.2 2.9 0.6 0.9 2.4 2020 2024 2029 2.3 3.4 7.9 +10% +18% Part manufacturing Material Equipment Tekna has ample capacity to meet the growing materials demand towards its 2030 targets ▪ Existing production facility ▪ Continued efficiency initiatives ▪ Mainly maintenance CAPEX CAGR +12% +20% Production capacity, Tons per year 2020 2025 2030 ~3x 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | A self-reinforced growth trajectory supported by global megatrends Sources: How AM is changing aerospace (Metal Additive Manufacturing “Metal AM”, 2023) 15 Resource efficiency and electrification driving demand for low carbon solutions Increasing investments in research and use of advanced materials New metal 3D machines, and economics encouraging use of 3D printed parts AM penetration in medical and dental industries with rapidly increasing spend in emerging countries Entry of new suppliers represents new opportunities as AM allows for home-shoring Increasing investments in space exploration and tourism [Picture] [Picture] [Picture] [Picture] [Picture] [Picture] Self reinforced market growth: - Picking up pace Additive manufacturing supportive global megatrends and resource scarcity More Qualifications More AM machines More Parts More Materials More Use cases Climate and green transformation Defense spend Aerospace spend Interest rates and capital constraintsMedical spend Geopolitical shifts Now: Engines with more than 300 AM produced parts Long-term positioning and investments ▪ AM adoption in aerospace is reinforced by new standards and requirements. ▪ Demand is accelerating, driven by the need for lightweight, complex, and fuel-efficient components. 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Actively targeting larger strategic customers with increasing demand for Tekna’s materials 16 GROWING AVERAGE ANNUAL REVENUE PER CUSTOMER INCREASING SHARE OF LARGER STRATEGIC CUSTOMERS 70% 65% 66% 67% 58% 51% 13% 14% 11% 11% 14% 13% 7% 11% 10% 7% 11% 15% 7% 8% 9% 11% 10% 14% 2019 2020 2021 2022 2023 2024 147 169 192 205 187 174 2019 2020 2021 2022 2023 2024 70 75 89 92 131 153 # of customers Avg. revenue per customer (CAD ‘000) Revenue per customer CAD (‘000) number of customers Others 50 50 - 100k 100 - 200k 200 - 500k 500 -1000k > 1000k Share of revenue per customer group 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Tekna’s proprietary systems unlock an upside potential in defense, hypersonic flights and space exploration Source(s) : Additive Manufacturing Research, AM Market Data and Forecast dated Q2 2024. 1. Systems contribution margin in Q3 2025 adjusted for one-off related to tariffs (400k to US customer in Q1 2025) 51% including the tariff. 17 System sales is a technology incubator driving future demand and with a strong contribution margin PLASMA MACHINES (SYSTEMS): R&D of novel materials PLASMASONIC: Hypersonic flight and orbital re-entry vehicles Typical industries are energy and space exploration, academic research centers and small-scale production, used for production of high value materials and to simulate behavior of spacecraft thermal protection materials. 9 8 15 11 8 58% 2021 46% 2022 64% 2023 65% 2024 56% Q3 ’25 LTM1 In position to serve emerging opportunities, with 8x revenue potential compared to current position within academic and corporate Proven and attractive contribution margin of > 60 % ATTRACTIVE ECONOMICS Historical revenue and contribution margin CAD million EMERGING OPPORTUNITY Current systems market addressed Emerging systems opportunity Key users Serving the academic market and corporate R&D; limited to ~ 8 CADm/year Emerging PlasmaSonic opportunity with Increased investments in defense, space exploration and hypersonic flights and systems for powder production ~65 CAD million (TAM) ~8x Working on measures to make the Systems business more robust through the cycles 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | With the achieved position and expected market drivers, Tekna is targeting double-digit growth and EBITDA margins of 15% - 20% 1. Revenue in respective verticals times 4 2. Systems contribution margin in Q3 2025 adjusted for one-off related to tariffs (400k to US customer in Q1 2025) 51% including the tariff. 18 15% - 20% EBITDA 5.6% Adj. EBITDA Systems Materials 2030 TARGET WITHIN CURRENT BUSINESSES Revenue, CAD million 28 5 Annualized Q3 20251 2030 Target 33 CAGR >10% MATERIALS SET TO BE THE MAIN REVENUE DRIVER MATURING POSITION IN SYSTEMS MARKET >50% contribution margin target ▪ Aerospace & Defense to drive majority of growth with strong established position ▪ Gaining market share in a growing market in Medical and Consumer electronics ▪ Expand beyond current markets with highest standard qualifications Continued >60% contribution margin ▪ Modest growth expectations in 2030-target ▪ Strong EBITDA-supportive unit economics ▪ High upside potential to target with the emerging systems opportunity supported by global megatrends (defense, space, etc.) 30% >50% 2022 33% 2023 34% 2024 47% LTM Q3 ’25 46% >60% 2022 64% 2023 65% 2024 56%2 LTM Q3 ’251 Contribution margin and target Contribution margin and target Current Advanced Materials Portfolio Ti64 Titanium Nickel AI Aluminum Ta Tantalum TungstenW Ni 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Attractive growth opportunities in adjacent applications could add up to CAD ~60 million revenue 19 MATURE EXAMPLE: MULTI LAYER CERAMIC CAPACITORS (MLCC) ▪ As electronic devices get increasingly smaller and more complex, the size of MLCCs is decreasing with new emerging standards ▪ Tekna’s processes are tailored for these standards, and based on the lifecycles of Tekna can be positioned for 20 years of growth ahead Nickel powder represents a USD 0.5–0.8 billion addressable market; growing ~10% annually, and represents an adjacent opportunity for Tekna Made from nickel material ADDITIONAL MATERIAL OPPORTUNITY CAD 25 – 30 million revenue ▪ Nano nickel for Multi Layer Ceramic Capacitors (MLCC) ▪ High performance and new titanium and aluminum alloys for most demanding Additive Manufacturing applications ▪ Powder recycling and higher average selling prices for off size powders ADDITIONAL SYSTEMS OPPORTUNITY CAD 30 – 35 million revenue ▪ Selling production version of atomization equipment ▪ Offering PlasmaSonic services ▪ Winning large PlasmaSonic installations 2 000 10 000 800 ~ 1 000 Number of units per device 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Wide range of identified long-term opportunities utilizing the leading position within Inductively Coupled Plasma 20 AM of titanium and aluminum (same as A&D) for drones - driven by increased defense investments following geopolitical developments and accelerated certification need. Tungsten (W) in AM used for X ray collimators in imaging systems such as IRM, Scanners and Tomography – enabling precision and efficiency in medical and industrial applications. W in AM and sintering to produce heat and radiation resistant parts for nuclear reactors (fission & fusion). Application of tantalum cold spray in explosively formed penetrators (EFP) for advanced defense systems — delivering high-performance ammunition components. ICP technology + classification of Tekna’s intellectual property to industrialize AM powder recycling. Plasma systems replacing traditional gas burners – contributing to industrial decarbonization. Titanium cold spray coatings on break disks to reduce fine particle emissions. 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Personnel cost development CAD million Execution of cost and efficiency improvement program resulting in a normalized cost level going forward 21 Sustained effects from improvement program Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q2 25 Q3 25 Q1 25 2.9 3.2 3.2 3.4 3.9 4.1 3.8 4.2 4.5 Q1 21 4.1 4.3 4.6 4.44.2 3.7 4.6 3.9 3.2 3.8 -29%▪ Tekna continued to execute on its comprehensive profitability improvement program which started in 2023 ▪ Efforts focused on simplifying the organization, creating a leaner operation, reducing operating cost and further improving cash flow ▪ 26% headcount reduction from 222 in 2024 to 164 in Q3 2025, more than CAD 1.5 million was taken out of the operating costs ▪ Many of the cost reductions executed since 2024 will have recurring effect Efficiency program initiated in 2023 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Current production capacity will take Tekna beyond its 2030 targets with limited CAPEX while growing ASP with new applications 1. According to Additive Manufacturing Report (AM Power, 2024) 22 Unleashing increased production capacity by: ▪ Two new plasma systems built, but not yet set in operation ▪ Increasing feed rate of raw material; increasing power production per hour ▪ Increasing yield ▪ Automating, Overall Equipment Efficiency (OEE) improvement Limited CAPEX requirements: ▪ CAPEX will be limited to general plant and equipment maintenance, plus addition of some production tools for automation, yield improvement, feed rate improvement Average Selling Price (ASP) drivers: ▪ ASP improvement will mostly come from better selling price of the smaller and larger particle powders as new applications using those powders increase their demand 2020 2025 2030 >3x CAPACITY DEVELOPMENT CAPEX FULLY FUNDED INCREASING SMALLER AND LARGER MATERIAL PRICES + NORMALIZED CAD ~ 2m pa. Atomization Yield improvement Feed rate improvement USA 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Robust balance sheet and funded business plan 23 PRELIMINARY Q3 2025 BALANCE SHEET PRO FORMA Q3 2025 BALANCE SHEET ▪ The Rights Issue of NOK 300 million is primarily intended to repay AFK loan of NOK 179 million (CAD 25 million) plus accrued interest of NOK 26 million (CAD 4 million) ▪ Remaining NOK 95 million (CAD 13 million) to be used for general corporate purposes ▪ In addition, a committed credit facility from Scotiabank of CAD 6 million providing additional liquidity 23 6 4 24 7 Assets 18 29 5 3 Equity and Liabilities Property, plant and equipement Intangible assets Other receivables NWC assets Cash Equity AFK loan and interest Borrowings Other liabilities 65 65 NWC liabilities10 Equity % 28% Net debt 27 CADm Equity % 77% Net debt -15 CADm CAD million CAD million 23 6 4 24 21 Assets 60 3 10 Equity and Liabilities Property, plant and equipement Intangible assets Other receivables NWC assets Cash Equity Other liabilities NWC liabilities 78 78 Borrowings5 Q3 2025 Pro forma Cash Q3 2025 CAD 7.2 million + Cash from rights issue CAD 13.4 million = Pro forma cash CAD 20.6 million + New credit facility CAD 6 million = Pro forma liquidity CAD 26.6 million 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Cash flow development 24 0.2 Cash from P&L 0.4 Working capital 0.3 Net capex 0.0 Interest received 1.1 Cash 30 Sep 25 FX 0.1 Interest paid 0.0 Lease liabilities 0.1 Changes in loans 6.9 7.2 Cash 30 Jun 25 Q3 2025 CASH FLOW Cash position increased CAD 0.3 million since last quarter, meanwhile net change in cash excluding changes in loans was negative CAD 0.8 million. OPERATIONS ▪ Positive cash flow from P&L after non-cash adjustments. Sustainable profitability from operations attained. ▪ Negative effect from changes in working capital due to temporary increase in inventory and receivables. INVESTMENTS ▪ Net capex (purchase of PPE and intangible assets, net of grants) investments relating to maintenance capex and patents, which represents a normal maintenance level. FINANCING ▪ Net loans increased in the period for cash management purposes and will be reduced post transaction. ▪ Lease liabilities related to leased facilities and offices. Expected at similar levels going forward. ▪ Low interest cost, due to accruing of interest cost on the AFK loan to be repaid in the transaction, and governmental subsidy/loans are mostly interest free. CF from Investments CF from FinancingCF from Operations 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Entering phase of growth and profitability with a fully funded 2030 business plan 1. Q3 2025 annualized 2. Adj. EBITDA for Q3 2025 25 TARGETS TOWARDS 2030 Revenue EBITDA-margin BASE1 TARGET CAD 33m Avg. >10% per year towards 2030 15% - 20% in 2030 5.6%2 FINANCIAL POSITION CAD 21m Cash holding Q3 2025 pro forma Positive CFFO (TTM) Q3 2025 CAD 6m Available credit CAD -15m Net debt Q3 2025 pro-forma Targeting double-digit growth and EBITDA margins of 15% - 20% towards 2030 in existing businesses, with AM market expected to grow at ~20% pa. Word-leading provider of advanced Materials and Systems has reached profitability inflection point Positioned to capture accelerating demand for Materials across verticals in Additive Manufacturing, with improving contribution margins Additional identified revenue potential adds large upside potential in adjacent applications Robust balance sheet post transaction, and a fully funded business plan to 2030 Attractive unit economics in Systems sales; maturing a large potential in new industries 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Incentivized board and management ready to take Tekna into its next phase 1: India in process of closing. 2: Held through various entities, see prospectus | 3: Ms Heier, Mr Fagernes and Mr. Mogstad represent Arendals Fossekompani ASA | 4: Ms Åbyholm represents Kvantia AS (2.354.862), Victoria India Fund AS (1.331.883) and Caaby AS 154 364. 26 Disciplined management team with deep sector knowledge Claude Jean Chief Executive Officer (2025) Holdings 30.09.2025 Shares: 0 Options: 0 Espen Schie CFO – Tekna Holding ASA (2023) Holdings 30.09.2025 Shares: 379 9902 Options: 140 000 Arina Van Oost VP Corporate Strategic Development (2020) Holdings 30.09.2025 Shares: 392 384 Options: 140 000 Rémy Pontone EVP Materials (2016) Holdings 30.09.2025 Shares: 175 052 Options: 140 000 Yves Lemoyne CFO – Tekna Holding Canada Inc (2025) Holdings 30.09.2025 Shares: 0 Options: 0 Romain Vert Exec. Dir. Systems (2004) Holdings 30.09.2025: Shares: 0 Options: 90 000 LEGAL STRUCTURE Tekna Advanced Materials Inc (Canada) Tekna Plasma Europe S.A.S. (France) Tekna Plasma Systems Co Ltd. (China) Tekna Plasma India Pr Ltd. (India) 1 Tekna Plasma Korea Co Ltd. (South Korea) Tekna Inc (USA) Holding companies Operational companies Management investors Tekna Holding Inc (Canada) Tekna Plasma Systems Inc (Canada) Tekna Holding ASA (Norway) 100% 100% 100% 100% 100% 100% 100% 1.1% 100% Holding and Operational BOARD OF DIRECTORS Dag Teigland Chair Shares: 738 8182 Lars Magnus Eldrup Fagernes Member Shares: 03 Kristin Skau Åbyholm Member Shares: 3 841 1094 Ann-Kari Amundsen Heier Member Shares: 17 0002, 3 Torkil Mogstad Observer Shares: 52 1252, 3 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | 01 Transaction Background 01 Transaction Background 03 Highlights Q3 2025 First EBITDA-positive quarter since IPO driven by strong materials performance and cost reductions 1. CAD 0.5m (6% margin) in Q3 2025 driven by strong performance in Materials 2. Total revenues of CAD 8.3m (+9% YoY) and CAD 25.7m YTD (-7% YoY) 3. Contribution margin of 58% in Q3 (46% Q3 2024), mainly driven by strong development in Materials sales and contribution margin expanding from 33% to 58% YoY 4. Successful execution on our improvement program, driving OpEx reductions with sustained savings 27 02 Investment Highlights 02 Investment Highlights 04 Concluding Remarks 04 Concluding Remarks 05 Appendix 05 Appendix
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TEKNA | 04 Concluding Remarks 05 Appendix 05 Appendix Targeting double-digit growth and EBITDA margins of 15% - 20% towards 2030 in existing businesses, with AM market expected to grow at ~20% pa. Word-leading provider of advanced Materials and Systems have reached profitability inflection point Positioned to capture accelerating demand for Materials in Additive Manufacturing with contribution margins exceeding 50% Additional identified revenue potential adds large upside potential in adjacent applications Robust balance sheet post transaction, and a fully funded business plan to 2030 Attractive unit economics in Systems sales; maturing a large potential in new industries % + 28 01 Transaction Background 01 Transaction Background 02 Investment Highlights 02 Investment Highlights 03 Highlights Q3 2025 03 Highlights Q3 2025
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TEKNA | 03 Highlights Q3 2025 03 Highlights Q3 2025 05 Appendix 1. Financial summary tables Q3 2025 2. Process description: Tekna produces the world’s highest quality micro and nano materials 3. Additive manufacturing description: Additive Manufacturing is superior for complex, yet light-weight parts 4. Additional opportunities: Tekna material used in next-generation Multi Layer Ceramic Capacitors (MLCC) devices 29 01 Transaction Background 01 Transaction Background 02 Investment Highlights 02 Investment Highlights 04 Concluding Remarks 04 Concluding Remarks
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TEKNA | Financial Summary Quarterly (unaudited) 1) Free cash flow = Net cash provided by operating activities minus Capital expenditures 30 (CAD in thousands, except percentages and per share data) Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 YoY Materials revenues 5 456 7 477 6 195 6 600 6 975 28% Systems revenues 2 180 2 163 2 164 2 421 1 371 (37)% Total revenues 7 637 9 640 8 359 9 020 8 346 9% Materials contribution margin 1 821 2 814 3 475 2 513 4 075 124% Systems contribution margin 1 652 1 104 790 1 509 729 (56)% Total contribution margin 3 473 3 918 4 266 4 023 4 804 38% Materials contribution margin % 33.4% 37.6% 56.1% 38.1% 58.4% 25pp Systems contribution margin % 75.8% 51.0% 36.5% 62.4% 53.2% (23)pp Total contribution margin % 45.5% 40.6% 51.0% 44.6% 57.6% 12pp Adjusted Other income 139 255 173 157 293 110% Adjusted Employee benefit expenses 3 620 3 619 3 691 3 768 3 041 (16)% Adjusted Other operating expenses 1 411 1 911 1 553 2 398 1 590 13% Adjusted Other operating expenses excluding FX effects 2 096 1 862 1 873 1 740 1 647 (21)% Adjusted EBITDA (1 419) (1 357) (805) (1 986) 465 1 884 Adjusted EBITDA margin % (18.6)% (14.1)% (9.6)% (22.0)% 5.6% 24.1pp Net working capital 17 202 14 531 16 754 14 072 14 493 (2 709) Net working capital / TTM revenues % 44.2% 39.1% 45.4% 40.6% 41.0% (3.2)pp Net cash provided by operating activities (595) 4 878 (4 362) 400 (269) 326 Capital expenditures (769) (223) (528) (278) (276) 493 Free cash flow (1) (1 364) 4 655 (4 890) 123 (545) 819 Cash & cash equivalents 7 578 12 352 7 056 6 935 7 217 (361) Bank loan - - - - 1 015 1 015 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Financial Summary Trailing 12 Months (TTM) (unaudited) 1) Free cash flow = Net cash provided by operating activities minus Capital expenditures 31 (CAD in thousands, except percentages and per share data) Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 YoY Materials revenues 25 597 26 504 26 932 25 728 27 247 6% Systems revenues 13 318 10 662 9 935 8 928 8 119 (39)% Total revenues 38 916 37 166 36 867 34 656 35 366 (9)% Materials contribution margin 8 212 9 083 10 576 10 623 12 878 57% Systems contribution margin 8 757 6 918 5 761 5 056 4 133 (53)% Total contribution margin 16 969 16 001 16 337 15 679 17 011 0% Materials contribution margin % 32.1% 34.3% 39.3% 41.3% 47.3% 15pp Systems contribution margin % 65.8% 64.9% 58.0% 56.6% 50.9% (15)pp Total contribution margin % 43.6% 43.1% 44.3% 45.2% 48.1% 4pp Adjusted Other income 1 651 976 1 076 724 878 (47)% Adjusted Employee benefit expenses 16 631 15 931 15 284 14 699 14 120 (15)% Adjusted Other operating expenses 8 053 7 934 7 239 7 272 7 452 (7)% Adjusted Other operating expenses excluding FX effects 8 767 8 541 8 244 7 571 7 122 (19)% Adjusted EBITDA (6 065) (6 888) (5 111) (5 568) (3 684) 2 381 Adjusted EBITDA margin % (15.6)% (18.5)% (13.9)% (16.1)% (10.4)% 5.2pp Net working capital 17 202 14 531 16 754 14 072 14 493 (2 709) Net working capital / TTM revenues % 44.2% 39.1% 45.4% 40.6% 41.0% (3.2)pp Net cash provided by operating activities (5 669) (72) (27) 322 647 6 316 Capital expenditures (5 120) (2 890) (2 494) (1 799) (1 305) 3 815 Free cash flow (1) (10 788) (2 962) (2 520) (1 477) (658) 10 131 Cash & cash equivalents 7 578 12 352 7 056 6 935 7 217 (361) Bank loan - - - - 1 015 1 015 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Key Metrics Quarterly (in CADm) 32 7.5 3.5 Q2 23 5.2 3.8 Q3 23 6.6 4.8 Q4 23 5.8 2.9 Q1 24 7.8 3.4 Q2 24 2.2 Q3 24 7.5 2.2 Q4 24 6.25.5 Q1 25 6.6 2.4 Q2 25 4.7 2.2 2.1 Q4 22 6.4 6.8 9.4 3.0 9.1 11.4 8.7 11.2 7.6 9.6 11.0 9.0 Q3 25 8.3 7.0 1.4 Q1 23 8.4 +28% +9% Systems Materials Order intake Revenue Adj EBITDA Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -2.9 -1.2 -0.6 -1.7 -0.5 -2.6 -1.5 -1.4 -1.4 -0.8 -2.0 Q3 25 0.5 +1.9 Adj EBITDA -22% 6% % 5.6 10.5 Q4 22 5.6 4.8 Q1 23 5.0 Q2 23 7.6 2.8 Q3 23 7.4 3.9 Q4 23 7.0 0.4 Q1 24 5.9 0.5 Q2 24 Q1 25 7.0 2.1 Q2 25 5.2 0.2 2.9 Q3 25 0.2 12.6 Q4 24 1.9 7.7 Q3 24 16.1 10.3 6.5 10.4 11.2 7.4 1.6 5.8 9.6 12.8 9.1 5.3 2.9 6.4 +78% -8% Systems Materials 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Key Metrics Trailing 12 Months (TTM; in CADm) 33 22.8 10.4 Q2 23 23.8 12.5 Q3 23 25.7 15.2 Q4 23 25.1 15.1 Q1 24 25.4 15.0 Q2 24 13.3 Q3 24 26.5 10.7 Q4 24 26.925.6 Q1 25 25.7 8.9 Q2 25 18.9 9.9 8.0 Q4 22 20.7 26.9 29.8 9.0 36.3 40.9 40.1 40.3 38.9 37.2 33.2 34.7 Q3 25 35.4 27.2 8.1 Q1 23 36.9 +6% -9% Systems Materials Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -12.8 -11.2 -8.7 -6.5 -4.1 -5.5 -6.4 -6.1 -6.9 -5.1 -5.6 Q3 25 -3.7 +2.4 Adj EBITDA -10% % 19.8 17.9 Q2 23 23.7 19.7 Q3 23 25.5 13.1 Q4 23 27.0 8.7 Q1 24 27.8 7.6 Q2 24 7.6 Q3 24 23.5 5.7 Q4 24 29.1 23.2 Q1 25 30.2 7.0 Q2 25 25.0 5.513.5 Q4 22 24.5 38.5 42.6 18.1 43.4 38.6 35.6 35.5 30.8 29.1 37.6 37.3 Q3 25 36.8 32.5 4.3 Q1 23 34.6 +40% +20% Systems Materials Order intake Revenue Adj EBITDA 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Key Metrics Quarterly (in CADm) Free cash flow = Cash flow from operating activities + Capex 34 25.7 25.1 25.4 20.7 9.0 22.8 23.8 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -9.5 -4.1 -1.2 -3.3 -6.7 -2.1 -0.7 -4.4 0.1 -0.6 4.9 -4.4 0.4 Q3 25 -0.3 Q2 22 +0.3 Cashflow from operating activities Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -1.2 -1.3 -1.7 -2.3 -2.3 -1.1 -2.5 -0.9 -1.0 -0.8 -0.2 -0.5 -0.3 Q3 25 -0.3 Q2 22 +0.5 Capex Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 -5.3 -0.9 -1.4 4.7 -4.9 0.1 Q1 24 -0.5 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 -10.8 -5.4 -2.9 -5.5 -9.0 -3.3 -3.2 +0.8 Free cashflow Operating cash flow Free cash flowCapex 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Key Metrics Trailing 12 Months (TTM; in CADm) Free cash flow = Cash flow from operating activities + Capex 35 25.7 25.1 25.4 20.7 9.0 22.8 23.8 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -21.0 -20.1 -19.9 -18.1 -15.3 -13.3 -12.9 -14.0 -7.2 -5.7 -0.1 0.0 0.3 Q3 25 0.6 Q2 22 +6.3 Cashflow from operating activities (TTM) Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -4.5 -5.7 -6.0 -6.6 -7.6 -7.4 -8.1 -6.8 -5.5 -5.1 -2.9 -2.5 -1.8 Q3 25 -1.3 Q2 22 +3.8 Capex (TTM) Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -25.4 -25.8 -25.8 -24.7 -22.9 -20.8 -21.0 -20.8 -12.7 -10.8 -3.0 -2.5 -1.5 Q3 25 -0.7 Q2 22 +10.1 Free cashflow (TTM) Operating cash flow Capex Free cash flow 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Tekna produces the world’s highest quality micro and nano materials 1. Estimate based on [******] 36 LIQUID MATERIALRAW MATERIAL Tekna sources approved raw materials on long-term contracts ADVANCED MATERIALS Tekna’s materials meet the most demanding industry standards Proprietary plasma torch heats up metals until they turn into liquid WIDE RANGE OF METALS TEKNA IP PLASMA TORCH INDUSTRY LEADING MATERIALS Patented technology through which the company has developed a unique edge Vertically integrated securing customer in term of process qualification, continuous improvement, production ramp up and need for new alloys High purity High yield Repeatable size and quality Current Advanced Materials Portfolio Tekna’s plasma atomization technology provides highly spherical and clean materials with no internal porosity vs other atomization technologies Ti64 Titanium Nickel AI Aluminum Ta Tantalum TungstenW Ni 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Additive Manufacturing is superior for complex, yet lightweight parts Note: Additive Manufacturing and 3D printing are used as synonyms. 3D printing is a type of additive manufacturing and everything made with additive manufacturing is 3D printed 37 Traditional milling Additive manufacturing / 3D printing Breaks down materials into components Builds up components and complex structures from advanced materials Process Simple parts in high volume CharacteristicsBest for Complex and non-standard parts Example: Facial Plating Example: Heat Exchanger Example: Rocket Engine + Rapid production at large scale + High precision + Repeatability + Known technology + Savings in weight and material + Distributed production + Highly flexible + Nearly unlimited geometric freedom + Parts consolidation + Short turnaround time Pros ProsCons Cons - Large amounts of waste - Problems with manufacturing complex parts - Long turnaround time - Low flexibility - Slower process for each part made - Limited (but growing) pallet of available material - Technology learning curve Example: Bolts Example: Connector plate Example: Stainless steel gear 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | Tekna material used in next-generation Multi Layer Ceramic Capacitors (MLCC) devices 38 As electronic devices get increasingly smaller and more complex, the size of MLCCs is decreasing Historical development is showing how smaller MLCCs are introduced, become standard and then become replaced by even smaller MLCCs The new MLCC emerging standard is 0201M which is fraction of mm. 80 nm nano nickel adopted for this MLCC market. Tekna’s processes tailored for 80nm at high yield. Based on lifecycle of 0603M, Tekna advanced material has ~20 years of growth ahead MLCC in electronics 2,000 10,000 800 ~ 1,000 1 mm ~ 1,000 layers Made from nickel material Thousands of MLCCs in everyday devices made with extremely fine material… Over 1 trillion MLCCs produced annually …representing a highly attractive market and growth opportunity for Tekna ✓ Legacy processes are reaching physical limits unable to meet the industry’s shift toward smaller and more advanced electronic components ✓ The quality of the materials now required in this industry is at the sweet spot of Tekna’s plasma process: high yield, higher purity and consistent nano sized materials ✓ The global MLCC market is valued at ~171 USDbn, growing at a 15% CAGR and expected to reach ~40 USDbn by 2030 ✓ Nickel powder for MLCC represents a 0.5–0.8 USDbn addressable market, expanding at roughly 10% annually ✓ Tekna is one of the best available alternative options in the market with development and qualification ongoing over several years with key players, and is favorably positioned to capture ~3-5% of this TAM 01 Transaction Background 02 Investment Highlights 03 Q3 2025 Highlights 04 Concluding Remarks 05 Appendix
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TEKNA | 39