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“Defense to dominate space investments” Q3 presentation © UNIBAP SPACE SOLUTIONS 2025 1
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Important information This presentation is for general information purposes only. The information does not constitute legal, tax, or investment advice. Trading in securities always entails a risk. Historical returns are not a guarantee of future returns. An investment in securities can increase or decrease in value, and it is not certain that you will recover the invested capital. Information regarding the company is based on information known to Unibap Space Solutions AB (publ.) (reg. no. 556925-1134) ("Unibap" or the "Company") on the date hereof. Except as explicitly stated herein, no information provided herein has been reviewed or audited by the Company's auditor. Certain financial and other information presented in this presentation have been subject to rounding adjustments for the purpose of making this presentation more easily accessible for the reader. As a result, the figures in tables may not sum up to the stated totals. The publication, disclosure, or distribution of this presentation may be subject to legal restrictions in certain jurisdictions, and individuals in those jurisdictions where this presentation has been published or distributed should inform themselves of and comply with such legal restrictions. The recipient of this presentation is responsible for using this presentation and the information herein in accordance with applicable rules in each jurisdiction. This presentation does not constitute an offer, or an invitation, to acquire or subscribe for any securities in Unibap in any jurisdiction, either from Unibap or from anyone else. This presentation does not constitute an offer or an invitation to acquire or subscribe for securities in the United States. The securities mentioned herein may not be sold or offered in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"). There is no intention to register any securities mentioned herein in the United States or to make a public offer of such securities in the United States. The information in this presentation may not be published, disclosed, copied, reproduced, or distributed, directly or indirectly, in whole or in part, in or to the United States, Australia, Singapore, New Zealand, Japan, South Korea, Canada, Hong Kong, South Africa, Russia, Belarus or any other jurisdiction where such publication, disclosure, or distribution of this information would violate applicable laws or where such action is subject to legal restrictions or would require additional registration or other measures than what is required by Swedish law. Actions in violation of this instruction may constitute a breach of applicable securities laws. This presentation contains forward-looking statements concerning the Company's intentions, assessments, or expectations regarding the Company's future results, financial position, liquidity, development, prospects, expected growth, strategies, and opportunities, as well as the markets in which Unibap operates. Forward-looking statements are statements that do not relate to historical facts and can be identified by the fact that they contain expressions such as "believes," "expects," "foresees," "intends," "estimates," "will," "may," "assumes," "should," "could," and, in each case, negations thereof, or similar expressions. The forward-looking statements in this presentation are based on various assumptions, which in several cases are based on additional assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, it cannot be guaranteed that they will occur or that they are accurate. Since these assumptions are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcomes may, for many different reasons, differ materially from those expressed in the forward-looking statements. Such risks, uncertainties, eventualities, and other significant factors may cause the actual events to differ materially from the expectations explicitly or implicitly stated in this presentation through the forward-looking statements. The Company does not guarantee that the assumptions underlying the forward- looking statements in this presentation are correct and each reader of the presentation should not unreasonably rely on the forward-looking statements in this presentation. The information, opinions, and forward-looking statements expressly or implicitly stated herein are only provided as of the date of this presentation and may change. Neither the Company, nor any other person, undertakes to review, update, confirm or publicly announce any revision of any forward-looking statement to reflect events or circumstances that may arise with regard to the contents of this presentation, unless required by law. This presentation as well as any other information provided by or on behalf of Unibap in connection herewith shall be governed by Swedish law. The courts of Sweden, with the District Court of Stockholm as the first instance shall have exclusive jurisdiction to settle any conflict or dispute arising out of or in connection with this Presentation or related matters. © UNIBAP SPACE SOLUTIONS 2025 2
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Today’s presenters © UNIBAP SPACE SOLUTIONS 2025 3 Johan Åman CEO Henrik Fredin CFO
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Today’s agenda 1. Financials 2. Highlights 3. European market 4. Ambitions © UNIBAP SPACE SOLUTIONS 2025 4
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0 20 000 40 000 60 000 80 000 100 000 120 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 Quarter Rolling 12 months Financials 55 +27% Net revenues (KSEK) Low level of net revenues in Q3, 17,3 MSEK. The export license for UAE order of 1,4 MEUR came in Q4, thus delivery and revenues will also be in Q4. +27% growth year-on-year. EBIT (KSEK) EBIT at -13,1 MSEK due to lower revenues and higher costs related to U.S. expansion, defense & security initiatives, and R&D expenses. Two quarters with lower net revenues negatively impacting cash flow in Q3. The large variations in revenues, profit and cash flow between quarters are expected to continue. Cash flow from Operating Activities (KSEK) -40 000 -30 000 -20 000 -10 000 0 10 000 20 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 Quarter Rolling 12 months -30 000 -25 000 -20 000 -15 000 -10 000 -5 000 0 5 000 10 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 Quarter Rolling 12 months © UNIBAP SPACE SOLUTIONS 2025
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Today’s agenda 1. Financials 2. Highlights 3. European market 4. Ambitions © UNIBAP SPACE SOLUTIONS 2025 6
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Highlights During Q3: • 3-year framework contract with Loft Orbital, with a first call-off of 1.39 MEUR subject to export approval, with a minimum value of 2.6 MEUR. • 3.5-year framework contract where Unibap is appointed exclusive supplier of edge computers with Argotec, with a minimum value of EUR 2.0 million. • Order of USD 0.9 million from a leading U.S. defense and space research institute. • Order of EUR 0.64 million from Scanway S.A. for edge computing solutions to a satellite constellation. After Q3: • The export license for UAE related to the previously communicated order of EUR 1.39 million under the Loft Orbital framework agreement was obtained. The order is thereby confirmed for delivery in 2025. • A strategic collaboration has been initiated with Leonardo S.p.A. The collaboration aims to integrate Unibap’s edge computing solutions into Leonardo’s future Earth observation constellations. © UNIBAP SPACE SOLUTIONS 2025 7
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Today’s agenda 1. Financials 2. Highlights 3. European market 4. Ambitions © UNIBAP SPACE SOLUTIONS 2025 8
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Space-based ISR trends 1. Low latency / Near realtime / Realtime – ”Latency is the new resolution” o Resolution is good enough (Sub-25 cm) – tactical usefulness is now more important o Days → Hours → Minutes 2. Rapid iterative development – ”New capabilities in the hands of warfighters” o Example: SDA – Space Development Agency – ”SW application factory” o Learnings from the war in Ukraine o ”Over-the-air” upgrades of SW-defined satellites © UNIBAP SPACE SOLUTIONS 2025 9
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From strategic to tactical insights from space • Strategic (1 day) • Single satellites • Single ground stations • Operational (1 hour) • Satellite constellations • Ground station networks • Tactical (30 min) • Edge computing in-orbit • On-board pre-processing • Real-time (1 min) • On-board AI • Inter-satellite links (LEO-GEO / LEO-LEO) 10
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From strategic to tactical insights from space © UNIBAP SPACE SOLUTIONS 2025 11 Target identification Action Damage assessment Minutes Minutes Hours Hours
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Upcoming edge computing constellations © UNIBAP SPACE SOLUTIONS 2025 12 • Hypersonic missile tracking • Optical, IR • 25 S/C per year • 1st launch 2025 • Europe’s 1st AI- powered multi- sensor const. • Optical, SigInt • 10 S/C • 1st launch 2026 • Civilian & defence appl. • HPC, AI & cloud • Optical, SAR • 20 S/C • 1st launch 2027 • Chinese gov. • AI mega- constellation • 1000 Pflops • 2800 S/C • 1st launch 2025 • Commercial LEO const. • Built in UAE • Optical • 10 S/C • 1st launch 2026
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Spiral development with software-defined satellites • Innovation cycles in space • Hardware • Slow and costly to develop • Long generation to break even • Slow innovation • Struggles with measure – countermeasure development philosophies • Software • Software-defined satellites enable in-orbit updates • Iterative development of platform capabilities during mission • Rapid implementation of countermeasures • AI models • Can be continuously re-trained to meet changing requirements on the battlefield © UNIBAP SPACE SOLUTIONS 2025 13 Time Capabilities • Hardware • Software • AI model
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European awakening © UNIBAP SPACE SOLUTIONS 2025 14 Germany’s Minister of Defense, Boris Pistorius, speaks at the Federation of German Industries Space Congress in Berlin Sept. 25. Credit: BDI/Christian Kruppa Germany will invest 35 billion euros into defense space technologies within the next five years — an unprecedented amount for any European country. The decision, made in response to rising tensions with Russia, has been hailed a “watershed moment” for the German and European space sector, and experts say could spur a new era in European space cooperation. Source: https://spacenews.com/what-germanys-41b-investment-in- space-could-mean-for-europe/ Sveriges rymdförsvar ska byggas snabbare – egna satelliter före 2030 Försvarsmakten skyndar på satsningen på rymdförsvar och vill sända upp egna operativa satelliter tidigare än planerat. Satsningen ska stärka Sveriges övervakning och spaning. – Vi behöver se längre, säger den nya rymdchefen Anders Sundeman till SVT. Det skärpta säkerhetsläget gör att Försvarsmakten nu ökar takten i Sveriges rymdförsvar. Planen var att ha tillgång till svenska militära satelliter 2030. Nu har man gett Försvarets Materielverk i uppdrag att skynda på den processen med en så kallad forcerad anskaffning. Source: Publicerad 28 oktober 2025 av SVT
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Leonardo © UNIBAP SPACE SOLUTIONS 2025 15 https://www.leonardo.com/documents/15646808/28608810/20250311_Leonardo+IndustrialPlan25-29_vSent.pdf?t=1741709587968 Airbus, Leonardo and Thales agree to combine space businesses – SpaceNews
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Strategic cooperation with Leonardo to develop real-time intelligence in space © UNIBAP SPACE SOLUTIONS 2025 16 Under the new cooperation agreement, Leonardo and Unibap will conduct a joint technical study focused on two main goals: 1) integrating Unibap's high-performance edge computing solutions into Leonardo's future Earth observations space infrastructures 2) further developing Unibap's solutions along a joint roadmap integrating Leonardo expertise in meeting the most demanding mission requirements. Unibap's dual-use strategy, based on developing for the commercial market and adopting to defence applications, requires close cooperation with experienced defence, aerospace and security experts. High- performance edge computing solutions comprising AI applications, software and hardware, require a clear focus on the tactical needs of the warfighters. We see Leonardo as an ideal partner in Unibap's mission to become a trusted defence solution provider.
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Today’s agenda 1. Financials 2. Highlights 3. European market 4. Ambitions © UNIBAP SPACE SOLUTIONS 2025 17
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• TECHNOLOGY MATURITY • More than 30 launches planned – OK • First stand - alone SW in space – OK • Reach TRL9 for iX10 – OK • OPERATIONAL READINESS • Build redundancy – OK • Maintain >100 units/year capacity – OK Ambitions in 2025 • BUSINESS DEVELOPMENT • Capture Qualification Projects – OK • Convert into Constellation Projects - OK • Framework: Argotec and Loft Orbital • Expand US operations – OK • Leverage European awakening – OK • Cooperation: Leonardo • FINANCIAL IMPROVEMENT • 30 - 50% average annual mid - term revenue growth – OK • >30% revenue growth in 2025 – Not OK 18© UNIBAP SPACE SOLUTIONS 2025
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info@unibap.com Unibap Space Solutions AB (publ). Västra Ågatan 16, 5 tr SE-753 09 Uppsala Sweden unibap.com © UNIBAP SPACE SOLUTIONS 2025 19