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© 2025 FPC Q3 2025 Earnings Presentation Adam Philpott, CEO Fredrik Hedlund, CFO October 28, 2025
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© 2025 FPC Agenda Executive summary 01. Transformation Plan 02. Asset Monetization 03. Core Growth 04. New Growth 05. Business Modernization 06. Key Figures 07. Future Growth 08. Q&A 09.
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© 2025 Fingerprint Cards AB Executive summary – Q3 2025 Cash Burn and EBITDA • Building towards positive EBITDA and FCF in via double -digit profitable growth and asset monetization Asset Monetizations • Upfront cash deals: Egis SEK 24m in Q3; Pixart SEK 19m in Q4 Core Growth • Revenue +35% YoY growth (+53% YTD 2025) • Gross margin 68.6% (58.7% YTD 2025) • AllKey platform momentum: Scaling from sensors to integrated systems – ~3X ASP and long-term growth platform New Growth • Identity Cloud Partnership (Anonybit): Launched MSFT Entra product • Go-to-Market: Added 2 dedicated sellers in the US Business Modernization • Operational efficiency: Headcount -54% YoY • AI-driven agentic marketing + lead-generation engines SEKm Q3 2025 Q3 2024 Change Q2 2025 Revenue 20.4 15.2 +35% 15.7 Gross margin % 68.6% 56.3% +13 pp 48.1% EBITDA1 -9.8 -40.8 nm -20.3 Free cash flow2 -2.3 -27.6 nm -18.4 Headcount3 49 107 -54% 49 Notes: 1) No adjustments. 2) FCF = Operating Cash Flow + Investing Cash Flow. 3) End of Period, Including consultants (Q3’25 excl. 1 and Q2’25 excl. 3 DiscOps headcount) Key figures
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© 2025 FPC Year 2 of transformation: Accelerate Growth STABILITY Focus on cost optimization, financial discipline, and Core high margin products ACCELERATE GROWTH Strategically invest for profitable growth OPERATIONAL EXCELLENCE Maintaining financial discipline and a strong balance sheet to sustain transformation PHASE ONE PHASE TWO PHASE THREE ✓ Asset Monetization Growth: Core Business Growth: New Business Business Modernization ✓ 1 2 3 4 Strategic execution Three phase plan Egis SEK 24m Pixart SEK 19m 53% YoY YTD AllKey Pipeline HC -54% YoY Agentic Foundation MSFT Entra Product GTM expansion
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© 2025 FPC Discontinued Assets Operating Assets Capabilities Asset Monetization • Mobile IP (Egis) • PC IP (Egis, Pixart) • IRIS (SmartEye) • Generic IP (Egis) • Engineering (Egis) • Algorithms • Software Asset Monetization: Scalable and Capital-Light Growth Engine1 Royalties / Future Revenue Multiple sources of incremental revenue 2025 Deals1 (Cash Upfront) SEK 24M SEK 23M SEK 19M No te: 1) Per anno uncements A B C D Egis, Pixart, SmartEye
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© 2025 FPC 6 2025: Component Provider 2026+: Full System Innovator Financial & Strategic Implications • Total Cost to Client ↓ • Revenue (~3x ASP) ↑ • Profitability ↑ • Commercial Velocity ↑ • Competitive Moat ↑ • Addressable Market ↑ 2 Core Growth: From Sensors to Systems 3X ASP increase: Sensors to Higher-Value Systems Host Device Software Memory Micro Controller Fingerprint Sensor Host Device Fingerprint Sensor✓ ✓ ✓ ✓ ✓ Secure Element✓
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© 2025 FPC AllKey (Standard) Versatile entry-level platform • Fingerprint authentication and personalization • FPC inhouse developed OS • Easy to customize • Customers requiring proven turnkey authentication AllKey Pro Enhanced security and features 2 Core Growth: Expanded AllKey Product Family • Enhanced security • Highest Anti Spoof Detection • Rich peripheral support • Customers requiring advanced features AllKey Ultra Highest security platform • Integrated secure element (SE) • Powered by JavaCard OS • Incl. FIDO-certified applet • Customers requiring highest security AllKey Ultra Edge Allkey Ultra - Slim form factor • Slim profile enabling flexible side-mount applications New New Scalable Platform for Long-Term Revenue Growth (~3X ASP)
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© 2025 FPC New Growth Areas – Iris and Identity Cloud3 IRIS FPC Identity Cloud • CMITech’s EF-70: Broader Iris adoption • Smart Eye partnership: Small form-factor Face, Eye-tracking and Iris modality • Launched Microsoft Entra product • Cloud fingerprint integration • Go-to-Market: Expanded US capacity EF-70 Camera
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© 2025 FPC Business Modernization – AI Operations4 107 49 Q3’25 FutureQ3’24 -54% No tes: 1) End of Period, Incl. consultants (excl. 1 DiscOps) Target Headcount 1 (#) Operational Leverage Sales modernization: • AI-driven agentic marketing • AI-driven agentic lead-generation Engineering: • AI-enabled coding (cycle-time ↓, quality ↑) Business services: • Automation, data-driven workflows Scaling Top Line Without Increasing Headcount
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© 2025 FPC Key figures – Q3 results SEKm Q3 2025 Q3 2024 Change Q2 2025 Revenue 20.4 15.2 +35% 15.7 Gross profit 14.0 8.5 +65% 7.6 Gross margin % 68.6% 56.3% +13 pp 48.1% EBITDA1 -9.8 -40.8 nm -20.3 Free cash flow2 -2.3 -27.6 nm -18.4 Cash and cash equivalents 28.3 48.8 -42% 32.7 Headcount3 49 107 -54% 49 • Revenue: +35% YoY growth (+ 53% YTD 2025) • Gross margin: 68.6% (58.7% YTD 2025) • EBITDA: SEK -9.8m, driving toward positive EBITDA • FCF: SEK -2.3m, driving toward positive cash flow • Cash & Equivalents: Decreased by SEK 4.4m to SEK 28.3m, driven by SEK -2.3m FCF and SEK -2.1m from FX impact/Other • Headcount: -54% YoY, reflecting ongoing cost optimization • Asset monetization: Monetized PC assets and IP (SEK 19m, Pixart) in October, securing cash and royalty upside to fund ongoing operations and growth initiatives • Cash position of SEK 28.3m plus Pixart SEK 19m asset monetization secures runway to execute growth initiatives and drive towards profitability Key Figures Q3 Dynamics Notes: 1) No adjustments. 2) FCF = Operating Cash Flow + Investing Cash Flow. 3) End of Period, Including consultants (Q3’25 excl. 1 and Q2’25 excl. 3 DiscOps headcount)
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© 2025 FPC Future Growth: Fragmented Identity Ecosystem Opportunity Sources: (1) Market Research Future: Digital Identity Market, 2025; (2) Picture: Aculty Market Intelligence. $120B Digital Identity Market growing >20% annually1
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© 2025 FPC Q3 Summary: Progress and Strategic Outlook Solid Progress on Strategic Turnaround • Core revenue growth of 35% YoY Q3. (53% YoY YTD: ~2x1 market) • Gross margin of 68.6% (58.7% YTD), reflecting shift to high-value products • Operational discipline: -54% headcount; AI tooling to support efficient growth Key Milestones Achieved • Monetized assets in Q4 (SEK 19m, Pixart), securing cash and ongoing royalty streams to fund growth initiatives • AllKey platform: Moving up the value chain – from sensors to scalable systems with ~3X ASP • Identity Cloud Partnership: launched launched Microsoft Entra product; positions FPC for higher-multiple recurring revenue Strategic Focus Going Forward • Transformation Year 2: Accelerate growth • Drive positive EBITDA and FCF through continued operational discipline • Leverage and expand biometric strength into broader Identity market (1) Precedence Research (Jun -25): Biometrics market CAGR'25 -34 = 20%, reaching $307B by 2034
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