Interim report
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Page 1 of 22 | The Ultimate Partner Q3 2026
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Page 2 of 22 ABOUT TEKNA Tekna Holding ASA (“Tekna”) is headquartered in Sherbrooke, Canada and specializes in high-purity metal powders used in critical applications such as additive manufacturing (metal 3D printing) across the aerospace, defense, medical and consumer electronics industries. Tekna also develops cutting-edge induction plasma systems with unique, IP-protected plasma technology powering its hypersonic wind tunnels, PlasmaSonic, which enable simulating material exposure conditions in space. With over 30 years of experience, the company delivers material solutions to a broad portfolio of multinational blue-chip customers. Beyond its established positions in Materials and Systems, Tekna is developing its plasma systems towards (nano-)material development, production and wind tunnels, extending the company's addressable market into adjacent growth segments. World-leading provider of advanced Materials and Systems; EBITDA positive and positive cash flow Positioned to capture accelerating demand for Materials across verticals in Additive Manufacturing, with strong contribution margins Attractive unit economics in Systems sales; maturing a large potential in new industries Targeting double digit CAGR and EBITDA margins of 15% - 20% towards 2030 in existing businesses Robust balance sheet, and a fully funded business plan Additional identified revenue potential adds large upside in adjacent applications
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Page 3 of 22 Q3 2026 HIGHLIGHTS Record EBITDA driven by strong commercial performance (Figures in parentheses refer to the same period the previous year) Tekna’s positive momentum continued in the third quarter, with strong revenue growth across both business areas resulting in a record EBITDA. The positive development was driven by sustained high Materials demand across aerospace and defense, and medical applications . Backed by a robust backlog , shorter delivery schedules and growing customer order sizes, the company remains well positioned for continued development and growth moving forward . Comment from the CEO : “I am pleased with the progress achieved in Q3, with positive momentum in Materials, strong performance in Systems and improving margins. As we move into the fourth quarter, new Materials orders support continued positive momentum, while our ongoing site conso lidation and the simplification of entities in Asia are creating a leaner cost base and a simpler operating structure, strengthening Tekna’s foundation for long -term value creation.” Key h ighlights from the third quarter of 2026: • Revenue increased 61% year-over-year to CAD 13.4 million (CAD 8.3 million) in the quarter driven by sustained Materials demand and strong order and project execution in Systems • Contribution margin stood at 50.7% (57.6%), mainly reflecting a higher proportion of lower-margin Materials sales in the product mix, as well as non-recurring operating items. • EBITDA reached CAD 1.9 million in the quarter (CAD 0.3 million), includes CAD 1.0 million of non-recurring operating items, while adjusted EBITDA increased to CAD 2.9 million (CAD 0.5 million), representing a 21.5% margin • Order intake doubled year-over-year to CAD 10.6 million (CAD 5.3 million) • Total backlog remained high at CAD 25.5 million (CAD 18.2 million), extending revenue visibility into 2027 • Free cash flow was CAD 5.6 million (CAD -0.5 million) • In an extraordinary general meeting held on October 1st, Egil Haugsdal was elected Chair of the Board of Directors Reshoring and localized manufacturing trends bolster growth in additive manufacturing and long-term demand for Tekna’s products. Materials order intake, growing customer order sizes, and an expanding systems pipeline – combined with current market trends - support Tekna’s long-term ambitions of double-digit annual topline growth through 2030. Revenue development CAD million Contribution margin % Backlog CAD million 7.0 8.0 7.7 7.9 8.4 1.4 1.8 2.3 2.7 5.08.3 9.9 10.0 10.6 13.4 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Materials Systems 57.6% 59.6% 54.2% 57.1% 50.7% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 16.6 17.4 17.3 16.6 17.1 1.6 3.1 2.8 11.9 8.318.2 20.5 20.1 28.5 25.5 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Materials Systems
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Page 4 of 22 Q3 2026 HIGHLIGHTS Key performance measures CAD thousands Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 YoY Materials revenues 8 398 7 922 7 653 8 023 6 975 20% Systems revenues 5 042 2 727 2 300 1 827 1 371 268% Total revenues 13 440 10 649 9 953 9 850 8 346 61% Adjusted Materials contribution margin 4 261 4 277 4 017 4 734 4 075 5% Adjusted Systems contribution margin 3 154 1 801 1 382 1 136 729 333% Total Adjusted contribution margin 7415 6 078 5 399 5 870 4 804 54% Adjusted Materials contribution margin % 50.7% 54.0% 52.5% 59.0% 58.4% -8pp Adjusted Systems contribution margin % 62.6% 66.0% 60.1% 62.2% 53.2% 9pp Total Adjusted contribution margin % 55.2% 57.1% 54.2% 59.6% 57.6% -2pp Adjusted Other income 102 235 34 29 293 -65% Adjusted Employee benefit expenses 2 952 3 353 3 214 3 283 3 041 -3% Adjusted Other operating expenses 1 676 1 592 2 017 1 700 1 590 5% Adjusted Other operating expenses excl. FX 1 609 1 855 2 027 1 558 1 647 -2% Adjusted EBITDA 2 890 1 367 202 916 465 2 426 Adjusted EBITDA margin % 21.5% 12.8% 2.0% 9.3% 5.6% 15.9pp EBITDA 1 881 1 196 -367 649 286 1 595 EBITDA margin % 14.0% 11.2% -3.7% 6.6% 3.4% 10.6pp Net working capital 10 961 14 487 10 565 14 192 14 493 -3 532 Net working capital / TTM revenues % 25.0% 37.3% 28.4% 39.9% 41.0% -16.0pp Net cash provided by operating activities 5 719 -1 207 3 365 -1 215 -208 5 927 Capital expenditures -98 -186 -205 -369 -276 178 Free cash flow 5 621 -1 394 3 160 -1 584 -484 6 105 Cash & cash equivalents 22 479 18 013 18 833 17 424 7 217 15 262 Net interest-bearing debt -16 971 -11 455 -12 887 -9 882 28 670 -45 641 Alternative performance measures (APMs). For definitions and reconciliations, please refer to the APM section of this report.
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Page 5 of 22 Q3 2026 Financial review (figures from same period in previous year in brackets) Profit and loss Revenue for the quarter amounted to CAD 13.4 million (CAD 8.3 million), representing a 61% increase year-on- year. Materials revenue increased 20% to CAD 8.4 million, while Systems and other revenue increased to CAD 5.0 million from CAD 1.4 million. Contribution margin was 50.7% (57.6%) for the quarter. The reduction mainly reflects a CAD 0.6 million inventory write-down recorded in September, primarily related to Systems. Excluding this adjustment, contribution margin was approximately 55.2%. Operating expenses remained well controlled despite the higher activity levels. Employee benefit expenses were CAD 3.4 million (CAD 3.2 million), while other operating expenses remained broadly stable at CAD 1.7 million (CAD 1.6 million). EBITDA amounted to CAD 1.9 million (CAD 0.3 million) for the quarter. Reported EBITDA includes CAD 0.4 million of restructuring charges associated with the continued simplification of the Group’s organization and operating footprint. Together, the inventory reduction initiatives and restructuring measures are expected to generate recurring annual cost savings of approximately CAD 1.0 million. Following a strategic review of its development portfolio, asset base and operating structure, Tekna discontinued the Nano Ni/MLCC development program and took further steps to simplify its organization and operating footprint. As a result, the third quarter includes the following non-recurring items: Impairment of CAD 3.8 million, recorded below EBITDA (see Note 4). This item is non-cash. The inventory write-down and the restructuring charges reduced reported EBITDA by CAD 1.0 million. The impairment affects EBIT and net result but has no effect on EBITDA or cash flow. Together, these measures support a sharper allocation of resources toward Tekna’s core Materials and Systems businesses and are expected to generate recurring annual cost savings of approximately CAD 1.0 million. Net loss for the quarter was CAD 3.2 million (CAD 0.9 million), primarily reflecting the impairment, inventory and restructuring adjustments. Cash flow Cash flow from operating activities was CAD 5.7 million (CAD -0.3 million), supported by the improved operating result and a reduction in net working capital during the quarter. Investing activities amounted to CAD 0.1 million (CAD 0.3 million), reflecting continued low capital expenditures. Cash and cash equivalents increased by CAD 4.5 million during the quarter to CAD 22.5 million at period-end. Balance sheet Total assets at 30 September 2026 were CAD 70.2 million (CAD 72.5 million at 31 December 2025). The period-end balance sheet reflects the asset impairments and inventory write-down recorded during the quarter. Total equity was CAD 51.3 million (CAD 55.9 million at 31 December 2025), corresponding to an equity ratio of 73.0% (77.1%). Cash and cash equivalents were CAD 22.5 million (CAD 17.4 million at 31 December 2025). The Group held net cash of CAD 17.0 million at period-end, compared with net cash of CAD 9.9 million at 31 December 2025. Interest-bearing debt decreased to CAD 5.5 million at 30 September 2026 (CAD 7.5 million at 31 December 2025), reflecting scheduled loan and lease repayments during the first nine months of the year.
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Page 6 of 22 MATERIALS Materials continues to grow driven by Aerospace & Defense Revenue Materials revenue reached CAD 8.4 million in the quarter, up 20% from CAD 7.0 million in Q3 2025. Growth was driven by strong operational execution and sustained demand from aerospace and defense customers. Margins Contribution margin was 50.0% in the quarter (58.4%), in line with the Company's long-term target of 50%. The margin includes CAD 0.1 million of inventory write-down recognized as a non-recurring operating item. Excluding this item, the contribution margin was 51.0%. Demand for prime powder continues to grow at a high pace, outpacing sales of the residual fine and coarse fractions. Tekna sees positive developments in both demand and pricing for coarse powder in North America and Asia for non-regulated applications and is improving its production processes to reduce the share of residual fine powder. Together, these measures support a contribution margin at or above target as prime volumes continue to grow. Backlog and order intake Order intake grew by 80% to CAD 9.3 million (CAD 5.2 million) Backlog stood at CAD 17.1 million at 30 September 2026 (CAD 16.6 million). Demand across defense, aerospace and medical markets remains robust, with active customer engagement and a growing pipeline of opportunities. After quarter-end, Tekna announced two Materials orders worth CAD 2.8 million from medical customers, a European Medical distributor and a US Contract manufacturer, further underlining the positive trajectory in the fast-growing medical sector. Key Figures CAD million Q3 2026 Q3 2025 YoY Quarterly Revenue 8.4 7.0 20.4% Contribution margin 50.0% 58.4% (8.4)pp Backlog 17.1 16.6 2.9% Order intake 9.3 5.2 80.4% Last 12 months Revenue 32.0 27.2 17.4% Contribution margin 53.9% 47.3% 6.6pp Backlog - - - Order intake 33.1 32.5 2.0%
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Page 7 of 22 SYSTEMS Significant revenue increase and healthier backlog Revenue Systems revenue reached CAD 5.0 million in the quarter, up 268% from CAD 1.4 million in the same period last year. Revenue benefited from the execution of projects in backlog and contribution from a major order secured in June. Margins Contribution margin was 51.8% in the quarter (53.2%). The margin includes CAD 0.5 million of the inventory write-down recognized as a non-recurring operating item (see Note 4). Excluding this item, the contribution margin was 62.6%, reflecting solid project execution in the quarter. Backlog and Order Intake Order intake was CAD 1.3 million, an improvement year- on-year (0.2 million). The backlog stood at CAD 8.3 million at 30 September 2026, up from CAD 1.6 million on 30 September 2025, strengthening revenue visibility for the remainder of 2026 and providing a solid foundation for production into 2027. Commercial activity remained strong during the quarter. Tekna continued to advance strategic opportunities, including for PlasmaSonic applications. While order timing can vary substantially from quarter to quarter, the pipeline remains active across multiple customer programs and end markets. Key Figures CAD million Q3 2026 Q3 2025 YoY Quarterly Revenue 5.0 1.4 267.8% Contribution margin 51.8% 53.2% -1.4pp Backlog 8.3 1.6 418.5% Order intake 1.3 0.2 695.1% Last 12 months Revenue 11.9 8.1 46.5% Contribution margin 58.1% 50.9% 7.2pp Backlog - - - Order intake 17.9 4.3 313.6%
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Page 8 of 22 MARKET AND OUTLOOK On track for double-digit revenue growth to 2030 Reshoring and localized manufacturing trends bolster growth in additive manufacturing and long -term demand for Tekna's products. Materials order intake, growing customer order sizes, and an expanding Systems pipeline – combined with current market trends - support Tekna’s long -term ambitions of double -digit annual topline growth through 2030. Rising defense spending represents a meaningful opportunity across both business areas. Defense OEMs 1 are advancing qualification of Tekna's powders for additive manufacturing applications, and the PlasmaSonic systems pipeline continues to develop . Materials The shift from traditional manufacturing to additive manufacturing continues to accelerate, supported by structural drivers including reshoring of supply chains, defense modernization, and emerging applications in space and unmanned systems. Materials business is primarily driven by aerospace and defense, supported by Tekna’s established qualifications and strong relationships with major OEMs in North America and Europe. Medical demand and qualifications are growing. Metal market size and growth from 2020-2025 and 2030 2 Systems Systems business represents a smaller but high-margin contribution to the 2030 plan, with attractive unit economics. Upside potential is supported by emerging opportunities in defense, space and other secular trends, where Tekna's PlasmaSonic systems are well positioned. Despite the natural volatility of this business, caused by public funding delays, tariffs and other geopolitical events, the sales pipeline continues to advance, with further orders anticipated over the next quarters. Innovation Innovation remains central to Tekna's long-term growth. R&D efforts are largely focused on productivity and yield improvement in the Materials business area. In addition, the R&D pipeline targets expansion of the addressable market of our plasma systems within material development, production and wind tunnels for materials testing. Operations Tekna remains focused on profitability, working capital reduction and disciplined capital management. 1 OEM stands for Original Equipment Manufacturer 2 Source: Additive Manufacturing Report (AM Power, 2026)
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Page 9 of 22 RISK MANAGEMENT Risk and uncertainties Tekna is subject to several risks which may affect the company’s operational and financial performance. These risks are monitored and managed to reduce exposure to acceptable levels by management. They are reported to the Board of Directors on a regular basis. As a global operator, Tekna is exposed to risk scenarios ranging from controllable risks, such as raw material price fluctuation, currency fluctuation, market changes, competition or fuel price volatility, to uncontrollable ones such as natural disasters. Geopolitics and trade tensions The continuation of the USMCA trade agreement in North America is uncertain, which could impact Tekna’s trade with the United States Tek na is headquartered in Canada. The tariffs imposed by the U.S. Administration increase geopolitical uncertainty and represent a risk of trade war that may have an impact on supply chains. Supply chain disruptions in terms of lead times and shortages can have a material impact on the company’s business and financial performance. For Tekna, a deterioration in the geopolitical environment in the Middle East could indirectly affect supply chain, operating costs, and economic conditions, particularly but not exclusively our wire supply from China and aluminum smelters in the Middle East. Market Tekna is currently not able to sell its full production yield of metal powders at attractive prices. Costs for inventory produced in excess of sales are therefore expensed as incurred. This limits balance-sheet risk, meanwhile the timing of demand for the full yield remains uncertain. The Group's business is subject to price risks. There is no guarantee that the Group will be able to obtain the expected prices for its materials and systems, and any change in the market conditions, including in the global technology and powder markets or in a specific regional and/or end markets in which the Group operates, could lead to lower sales prices. Financial Risk Furthermore, the company is subject to financial risks related to changes in commodity prices and fluctuation in interest rates. It is also subject to currency and exchange rate risk, as well as inflation risk impacting input costs. For a more detailed description of potential risks, please see an overview in the Annual report for 2025.
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Page 10 of 22 SUSTAINABILITY Environmental, social and governance (ESG) Through our vision, Tek na is committed to advance the world with sustainable material solutions, one particle at a time. Tekna's induction plasma process produces high-purity metal powders with inherently low waste, resource efficient closed-loop systems and drawing on one of the world's cleanest electricity grids. Customer-enabling sustainability impact Tekna's plasma atomization process produces metal powders that enable additive manufacturing — a technology that supports part consolidation, reduced material waste, and lower assembly energy across industrial supply chains. As a result, Tekna's powders not only carry a lower environmental footprint than conventional manufacturing, but also enable the company's customers to reduce theirs. Emissions trajectory Emissions were reduced by 26% in 2025 alongside profitability improvement, demonstrating that sustainability and commercial performance are progressing in parallel. Near-term Targ ets Tekna confirms the following targets: • Emissions: 2030 Energy intensity of 10 kWh/1 kg of powder produced • Emissions: 2030 50% reduced scope 1 & 2 (baseline 2021, absolute) • Emissions: 2035 be carbon neutral in own operation (scope 3) • Health & Safety: Lost time injury frequency rate (LTIFR) ambition 0; at least best-in-class vs industry benchmarks • Diversity: 50% gender balance in Board of Directors and Management • Supply-chain due diligence: improve participation and act on “high risk” assessments • Business Conduct: 100% of employees to sign the Code of Conduct • Cyber security: 0 successful cyber security breaches For information on sustainability and ESG, please refer to the sustainability report included in the annual report for 2025 published on April 9, 2026.
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Page 11 of 22 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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Page 12 of 22 Condensed consolidated statement of total comprehensive income CAD thousands Notes Q3 2026 Q3 2025 YTD 2026 YTD 2025 Revenues 3 13 440 8 346 34 042 25 725 Other Income 102 293 371 623 Materials and consumables used 6 630 3 542 15 755 12 633 Employee benefit expenses 3 357 3 218 10 369 11 676 Other operating expenses 1 675 1 593 5 578 5 748 EBITDA 1 881 286 2 710 -3 709 Depreciation and amortization 1 108 1 236 3 325 3 607 Impairment loss on intangibles assets 4 1 717 - 1 717 - Impairment loss on PP&E 4 2 116 - 2 116 - Net operating income / (loss) -3 060 -950 -4 448 -7 315 Finance income 175 190 409 934 Finance cost 282 563 614 1 869 Profit / (loss) before income tax -3 167 -1 323 -4 653 -8 250 Income tax expense 34 -470 35 278 Profit / (loss) for the period -3 200 -853 -4 689 -8 528 Attributable to equity holders of the company -3 200 -853 -4 689 -8 528 Attributable to non-controlling interests - - - - Basic earnings per share -0.01 -0.01 -0.02 -0.07 Diluted earnings per share -0.01 -0.01 -0.02 -0.07 Other comprehensive income Items that may be reclassified to statement of income Exchange differences on translation of foreign operations -30 -70 -147 -180 Other comprehensive income/(loss) for the period, net of tax -30 -70 -147 -180 Total comprehensive income/(loss) for the period -3 230 -923 -4 836 -8 708 Attributable to equity holders of the company -3 230 -923 -4 836 -8 708 Attributable to non-controlling interests - - - -
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Page 13 of 22 Condensed consolidated balance sheet statement CAD thousands Notes 30.09.2026 31.12.2025 30.09.2025 Non-current assets Property, plant and equipment 16 377 22 099 22 658 Intangible assets 3 531 6 018 6 365 Non-current receivables 3 807 4 107 4 112 Total non-current assets 23 715 32 225 33 134 Current assets Inventories 14 310 14 394 15 696 Contract assets 2 665 506 1 716 Trade and other receivables 6 999 7 964 7 045 Cash and cash equivalents 22 479 17 424 7 217 Total current assets 46 452 40 288 31 674 Total assets 70 167 72 513 64 808 CAD thousands Notes 30.09.2026 31.12.2025 30.09.2025 Equity Share capital and share premium 522 546 522 546 497 260 Other reserves -471 295 -466 642 -479 352 Capital and reserves attributable to holders of the company 51 252 55 904 17 909 Total equity 51 252 55 904 17 909 Non-current liabilities Borrowings 3 638 3 755 9 311 Lease liabilities 1 042 1 251 1 386 Deferred tax liabilities 395 395 1 049 Total non-current liabilities 5 075 5 401 11 746 Current liabilities Bank loan - 1 496 1 015 Lease liabilities 465 660 656 Trade and other payables 4 088 2 742 3 328 Provision for warranties 182 182 182 Contract liabilities 3 406 955 1 740 Other current liabilities 5 336 4 792 4 715 Borrowings short-term portion 363 380 23 519 Total current liabilities 13 841 11 208 35 154 Total liabilities and equity 70 167 72 513 64 808
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Page 14 of 22 Condensed consolidated statement of changes in equity YTD 2026 CAD thousands Notes Share capital and share premium Other reserves Total Non- controlling interests Total equity Balance at 1 January 2026 522 546 -466 642 55 904 - 55 904 Profit/(loss) for the period - -4 689 -4 689 - -4 689 Other comprehensive income/(loss) - -147 -147 - -147 Share-Based Compensation - 183 183 - 183 Balance at 30 September 2026 522 546 -471 295 51 252 - 51 252 YTD 2025 CAD thousands Notes Share capital and share premium Other reserves Total Non- controlling interests Total equity Balance at 1 January 2025 497 260 -470 723 26 537 - 26 537 Profit/(loss) for the period - -8 561 -8 561 - -8 561 Other comprehensive income/(loss) - -180 -180 - -180 Share-Based Compensation - 112 112 - 112 Balance at 30 September 2025 497 260 -479 352 17 909 - 17 909 FY 2025 CAD thousands Notes Share capital and share premium Other reserves Total Non- controlling interests Total equity Balance at 1 January 2025 497 260 -470 723 26 537 - 26 537 Profit/(loss) for the period - -11 048 -11 048 - -11 048 Other comprehensive income/(loss) - -139 -139 - -139 Reduction of share capital -15 102 15 102 - - - Issuance of shares 40 388 - 40 388 - 40 388 Share-Based Compensation - 167 167 - 167 Balance at 31 December 2025 522 546 -466 642 55 904 - 55 904
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Page 15 of 22 Condensed consolidated statement of cash flows CAD thousands Notes Q3 2026 Q3 2025 YTD 2026 YTD 2025 Cash flow from operating activities Net profit/(loss) -3 200 -853 -4 689 -8 528 Depreciation, amortization 1 108 1 236 3 325 3 607 Impairment loss on intangibles assets 1 717 - 1 717 - Impairment loss on PP&E 2 116 - 2 116 - Variation in deferred taxes - -600 - -600 Accretion of discounted loan 117 112 345 330 Loan discount recognition -35 -117 -126 -228 Share-based compensation 44 39 183 112 (Gain)/Loss from sales of assets - 7 -1 -12 Capitalized interests on loan - 408 - 1 231 Investing interest received -44 -31 -121 -115 Financing interest paid 93 17 153 85 Total after adjustments to profit before income tax 1 916 218 2 902 -4 120 Change in inventories 398 -637 1 528 1 565 Change in other assets -934 -545 -894 -865 Change in other liabilities 4 339 756 4 341 -688 Total after adjustments to net assets 5 719 -208 7 877 -4 108 Net cash from operating activities 5 719 -208 7 877 -4 108 Cash flow from investing activities Proceeds from the sales of PPE - - 28 44 Purchase of PPE and intangible assets, net of grants -98 -276 -489 -1 082 Interest received 44 31 121 115 Net cash flow from investing activities -54 -245 -341 -923 Cash flow from financing activities Increase (decrease) of bank loan -838 1 015 -1 496 1 015 New loans 114 253 400 580 Repayment of loans -208 -273 -624 -832 Repayment of lease liabilities -153 -141 -459 -452 Interest paid -93 -17 -153 -85 Net cash flow from financing activities -1 177 836 -2 333 225 Change in cash and cash equivalents 4 488 382 5 203 -4 805 Cash and cash equivalents at the beginning of the period 18 013 6 935 17 424 12 352 Effects of exchange rate changes on cash and cash equivalents -22 -101 -148 -330 Cash and cash equivalents at end of the period 22 479 7 216 22 479 7 216
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Page 16 of 22 Notes to the financial statements Note 1 | Confirmation of financial framework The financial statements for the quarter and nine-month period have been prepared in accordance with IAS 34 Interim Financial Reporting. The report does not include all the information required in full annual financial statements and should be read in conjunction with the consolidated financial statements for 2025. Note 2 | Key accounting policies The accounting policies for 2026 are described in the Annual Report for 202 5. The financial statements have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU and associated interpretations, as well as Norwegian disclosure requirements pursuant to the Norwegian Accounting Act and stock exchange regula tions and rules applicable as at 31 December 2025 . The same policies have been applied in the preparation of the interim financial statements as of 3 0 September 2026. The figures are presented in CAD rounded to the nearest thousand. As a result of rounding adjustments, amounts and percentages may not add up to the total. Note 3 | Revenue from contracts with customers Q3 2026 CAD thousands Systems & Equipment Materials Spare parts Other Total Revenue recognized at a point in time - 8 398 200 171 8 769 Revenue recognized over time 4 671 - - - 4 671 Revenue from external customers 4 671 8 398 200 171 13 440 Contribution margin 2 464 4 197 124 26 6 810 Contribution margin % 52.8% 50.0% 62.0% 15.0% 50.7% Revenue from external customers specified per geographical area: America 3 883 6 092 187 154 10 316 Europe 76 2 028 - 17 2 122 Asia 712 277 13 - 1 002 Total 4 671 8 398 200 171 13 440
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Page 17 of 22 Q3 2025 CAD thousands Systems & Equipment Materials Spare parts Other Total Revenue recognized at a point in time - 6 975 110 105 7 190 Revenue recognized over time 1 156 - - - 1 156 Revenue from external customers 1 156 6 975 110 105 8 346 Contribution margin 658 4 075 55 16 4 804 Contribution margin % 56.9% 58.4% 50.0% 15.0% 57.6% Revenue from external customers specified per geographical area: America 193 4 388 87 80 4 748 Europe - 2 388 - 24 2 412 Asia 963 200 23 - 1 187 Total 1 156 6 975 110 105 8 346 YTD 2026 CAD thousands Systems & Equipment Materials Spare parts Other Total Revenue recognized at a point in time - 23 973 545 470 24 988 Revenue recognized over time 9 054 - - - 9 054 Revenue from external customers 9 054 23 973 545 470 34 042 Contribution margin 5 274 12 490 342 182 18 287 Contribution margin % 58.2% 52.1% 62.8% 38.6% 53.7% Revenue from external customers specified per geographical area: America 7 899 16 696 517 405 25 517 Europe 305 6 795 - 65 7 165 Asia 850 483 28 - 1 361 Total 9 054 23 973 545 470 34 042 YTD 2025 CAD thousands Systems & Equipment Materials Spare parts Other Total Revenue recognized at a point in time - 19 770 515 378 20 663 Revenue recognized over time 5 063 - - - 5 063 Revenue from external customers 5 063 19 770 515 378 25 725 Contribution margin 2 614 10 064 305 109 13 092 Contribution margin % 51.6% 50.9% 59.3% 28.9% 50.9% Revenue from external customers specified per geographical area: America 1 455 11 114 364 304 13 237 Europe - 7 350 - 74 7 424 Asia 3 608 1 306 151 - 5 065 Total 5 063 19 770 515 378 25 725
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Page 18 of 22 Note 4 | Impairment During the quarter, Tekna completed a strategic review of its development portfolio and asset base, taking into account updated commercial expectations and the recoverability of its assets. Despite the technical progress achieved, the commercial development of the Nano Ni/MLCC program did not progress as initially anticipated. Tekna therefore decided to discontinue further development activities and to concentrate its resources on its core Materials and Systems businesses. The carrying amounts of the related assets, together with other assets no longer aligned with the Group’s strategic priorities, were written down to their recoverable amount. CAD thousands Q3-2026 Impairment loss on intangible assets 1 717 Impairment loss on property, plant and equipment 2 116 Total impairment losses 3 833 The impairment losses are non-cash and are presented separately below EBITDA in the statement of comprehensive income. The impairment losses are added back in the reconciliation from EBIT to adjusted EBIT (see Alternative Performance Measures).
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Page 19 of 22 Alternative performance measures Tekna presents alternative performance measures as a supplement to measures regulated by IFRS. The Group considers these measures to be important supplemental measures for investors to understand the Group ’s activities. They are meant to provide an enhanced insight into the operations, financing, and future prospects of the company. These measures are calculated in a consistent and transparent manner and are intended to provide enhanced comparability of the performance from period to period. The definitions of these measures are as follows: • Materials and consumables used: Is defined as direct variable costs such as direct labor, raw material, electricity, gas consumption, commissions, freight, customs and brokerage fees, laboratory supplies and packaging. • Contribution Margin: Is defined as revenues less materials and consumables used. The Contribution Margin is used to evaluate performance of production before any allocation of fixed manufacturing costs. • Contribution Margin %: Is defined as the Contribution Margin divided by revenues in the period. • EBITDA: Is defined as the profit/(loss) for the period before income tax expense, finance costs, finance income, share of net income (loss) from associated companies and joint ventures, depreciation, and amortization. • EBITDA Margin: Is defined as EBITDA as a percentage of revenues. • Adjusted EBITDA: Is defined as the profit/(loss) for the period before income tax expense, finance costs, finance income, share of net income (loss) from associated companies and joint ventures, depreciation, and amortization adjusted for certain special operating items affecting comparability. These operating items include, but are not limited to, restructuring costs, litigation costs and incomes, and expenses for vesting and change in social security tax because of the development in the value of the underlying shares in the group’s share-based compensation scheme. • Adjusted EBITDA Margin: Is defined as adjusted EBITDA as a percentage of revenues. • Adjusted Other income: Is defined as other income minus litigation income. • Adjusted Employee benefit expenses: Is defined as employee benefit expenses minus share -based compensation minus restructuring costs. • Adjusted Other operating expenses: Is defined as other operating expenses minus lit igation costs minus expenses for rights issue minus provision (reversal) for bad debts on accounts receivable from joint venture. • Adjusted Other operating expenses excl. FX: Is defined as adjusted other operating expenses minus operating FX effects. • EBIT: Is defined as the profit/(loss) for the period before income tax expense, finance costs, finance income, share of net income (loss) from associated companies and joint ventures. • EBIT Margin: Is defined as EBIT as a percentage of revenues. • Adjusted EBIT: Is defined as the profit/(loss) for the period before income tax expense, finance costs, finance income, share of net income (loss) from associated companies and joint ventures adjusted for certain special operating items affecting comparability. These o perating items include, but are not limited to, restructuring costs, litigation costs and incomes, and expenses for vesting and change in social security tax because of the development in the value of the underlying shares in the group’s share-based compensation scheme. • Adjusted EBIT Margin : Is defined as Adjusted EBIT as a percentage of revenues. Adjusted EBIT Margin is a non -IFRS financial measure that the Group considers to be an APM, and this measure should not be viewed as a substitute for any IFRS financial measure. • Long Term Debt/Equity Ratio: Is defined as total non-current liabilities divided by total equity. Long Term Debt/Equity Ratio is a non -IFRS financial measure that the Group considers to be an APM, and this measure should not be viewed as a substitute for any IFRS financial measure. • Net Interest-Bearing Debt: Is defined as non -current borrowings, the short -term portion of borrowings, bank loans and lease liabilities (current and non-current), less cash and cash equivalents. Net Interest-Bearing Debt is a non-IFRS financial measure. • Net working capital: Is defined as inventories plus contract assets plus trade and other receivables minus trade and other payables minus provisions for warranties minus contract liabilities minus other current liabilities. • Net working capital / TTM revenues %: Is defined as net working capital divided by trailing twelve months revenues. • Free cash flow: Is defined as net cash provided by operating activities minus capital expenditures
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Page 20 of 22 (Alternative Performance Measures – continued) Contribution margin CAD thousands Q3 2026 Q3 2025 YTD 2026 YTD 2025 (unaudited) (unaudited) (unaudited) (unaudited) (a) Revenues 13 440 8 346 34 042 25 725 Materials and consumables used 6 630 3 542 15 755 12 633 (b) Contribution margin 6 810 4 804 18 287 13 092 Inventory write-down 605 - 605 - (c) Adjusted contribution margin 7 415 4 804 18 892 13 092 Contribution margin % (b/a) 50.7% 57.6% 53.7% 50.9% Adjusted contribution margin % (c/a) 55.2% 57.6% 55.5% 50.9% Adjusted EBITDA reconciliation CAD thousands Q3 2026 Q3 2025 YTD 2026 YTD 2025 (unaudited) (unaudited) (unaudited) (unaudited) Net profit/(loss) -3 200 -853 -4 689 -8 528 Income tax expense (income) -34 470 -35 -278 Finance costs 282 563 614 1 869 Finance income -175 -190 -409 -934 Depreciation and amortization 1 108 1 236 3 325 3 607 Impairment loss on intangibles assets 1 717 - 1 717 - Impairment loss on PP&E 2 116 - 2 116 - (a) EBITDA 1 881 286 2 710 -3 709 Litigation costs -1 2 293 207 Share-based compensation 44 39 183 112 Inventory write-down 605 - 605 - Restructuring costs 360 137 667 1 063 (b) Adjusted EBITDA 2 890 465 4 458 -2 327 (c) Revenues 13 440 8 346 34 042 25 725 EBITDA margin (a/c) 14.0% 3.4% 8.0% -14.4% Adjusted EBITDA margin (b/c) 21.5% 5.6% 13.1% -9.0%
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Page 21 of 22 (Alternative Performance Measures – continued) Adjusted EBIT reconciliation CAD thousands Q3 2026 Q3 2025 YTD 2026 YTD 2025 (unaudited) (unaudited) (unaudited) (unaudited) Net profit/(loss) -3 200 -853 -4 689 -8 528 Income tax expense (income) -34 470 -35 -278 Finance costs 282 563 614 1 869 Finance income -175 -190 -409 -934 (a) EBIT -3 060 -950 -4 448 -7 315 Litigation costs -1 2 293 207 Impairment loss on intangibles assets 1 717 - 1 717 - Impairment loss on PP&E 2 116 - 2 116 - Impairment on inventory 605 - 605 - Share-based compensation 44 39 183 112 Restructuring costs 360 137 667 1 063 (b) Adjusted EBIT 1 781 -771 1 133 -5 933 (c) Revenues 13 440 8 346 34 042 25 725 EBIT margin (a/c) -22.8% -11.4% -13.1% -28.4% Adjusted EBIT margin (b/c) 13.3% -9.2% 3.3% -23.1% Long Term Debt/Equity Ratio CAD thousands 30.09.2026 30.09.2025 31.12.2025 31.12.2024 (unaudited) (unaudited) (audited) (audited) (a) Total non-current liabilities 5 075 11 746 5 401 34 771 (b) Total equity 51 252 17 909 55 904 26 537 Long Term Debt/Equity Ratio (a/b) 0.10 0.66 0.10 1.31
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Page 22 of 22 The Ultimate Partner