Tekna Holding ASA

Quarterly Report • May 4, 2023

Q1 2023 financial results

Luc Dionne, CEO Espen Schie, CFO May 4, 2023

Disclaimer

This presentation has been prepared by Tekna Holding ASA ("Tekna" or the "Company") solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities.

Statements in this presentation that are not statements of historical or current fact constitute "forward-looking statements"within the meaning of the Norwegian securities laws. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of Tekna Holding ASA ("Tekna" or the "Corporation") to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "projects," "anticipates," "will," "should," or "plans" to be uncertain and forward-looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this management analysis of the financial situation and operating results.

Information in this presentation is provided as of the date of this presentation. Tekna does not undertake to update any information in this presentation, whether as a result of new information, future events or otherwise, except as required by law.

Tekna in brief

Luc Dionne, CEO

3

Tekna is a world-leading provider of advanced materials and plasma systems

Established organization with world-wide reach

Tekna operates in four industries that are propelled by global megatrends

Megatrends driving double digit growth in all segments

Space exploration and hypersonic speed travel

Shifting economic powers and deglobalization

Climate change and environmental regulations

Connectivity and communication

Advanced materials

Systems

Demography and health care

R&D & PlasmaSonic wind tunnels

Additive Manufacturing

CAD 220m

Emerging industry for which Tekna has identified CAD 220m of PlasmaSonic prospects over the next 10 years

up to +30%

Materials sales CAGR 2022- 2030 as forecast by Grand View Research and Smartech

+13,5% MLCC CAGR 2023-30 as projected by Research & Market 2023 edition

+18%, +28%

Projected CAGR for demand for anode and silicon respectively in 2020-30 as forecast by IHS 2021

Developing business lines

Tekna's climate footprint

Tekna is well on its way to having a thorough understanding of the emissions they directly influence. The focus today is on improving our understanding of up- and downstream emissions so we can establish an ambitious and achievable target for that scope.

Our emissions reduction plan is evolving and maturing with the improved awareness of our climate footprint across the value chain. Tekna has set a 50% reduction target by 2030 on scope 1 and 2 ahead of formally subscribing to the Science-Based Targets initiative.

Renewable energy	share
69 %	(+3%) vs 66% in 2021. 95% of electricity (scope 2) is renewable	EU taxonomy 1
Scope 1 585 tCO2e	(+1%) vs 577 in 2021. Tekna has added a third facility in Canada, increasing natural gas consumption for heating in 2022.	(Climate Change Mitigation)
Scope 2 34 tCO2e	(-19%) vs 42 in 2021. At the end of 2021 Tekna has added AM production equipment in Canada increasing consumption in 2022. France and China	FY21 95 % FY22 94 % FY21
Scope 3 (incomplete)	reduced by 9 tCO2e total. The emissions compared to 2021 increased due to broader emissions mapping in scope 3 and improved data quality.	88 % 91 % FY22 FY21 100%
755 tCO2e		100% FY22

Energy Intensity per kg metal powder produced

Performance vs baseline FY19 Direct electricity of plasma systems within Tekna | Ti64 and AlSiMg | in kWh per kg

High eligibility, alignment to be confirmed 3.6. Manufacture of other low carbon technologies2 (Climate Change Mitigation) 95 % 94 % 91 % 100% 88 % FY22 100% FY22 FY22 FY21 FY21 FY21 eligible Revenue eligible Operating Expenses eligible Capital Expenses

1: Refer to EU taxonomy progress report 2022. 2: Economic activity of Tekna according to the classification in the EU Taxonomy.

New directors elected at the Annual General Meeting on 3 May 2023

Kristin Skau Åbyholm has 15+ years experience from IT-tech companies. She has several years of board experience – and is currently member of the board at 1X technologies and Ocean Sun. Åbyholm has a Master of Science in computer technology from NTNU in Trondheim. She also holds an Executive Master of Management from the Norwegian Business School (BI) in Oslo.

Lars Magnus Eldrup Fagernes has several years experience from EY, working as Manager within Strategy & Transactions and from the Group finance function of Cermaq Group. He is currently Business Developer in Arendals Fossekompani. Eldrup Fagernes hold a Master of Science in Business Administration from Norwegian School of Economics (NHH) in Bergen.

Q1 2023 Highlights Luc Dionne, CEO

8

Q1 2023 in brief Record revenues and improved profitability

Revenues Q1 2023 CAD 9.4 million Q1 2022: 6.5m

EBITDA (adj) Q1 2023 CAD -1.2 million Q1 2022: -2.8m

All time high quarterly revenues in Q1 2023

• Revenue growth of 44% compared to Q1 2022
• Both systems (+53%) and advanced materials (+40%) contributing to the revenue growth

EBITDA significantly improved

• Driven by revenue growth and increased contribution margin over last year
• Organizational efficiency and good cost control

Order backlog 31.03.23 CAD 26.4 million Q1 2022: 14.2m

Order backlog increased 86% above Q1 2022

• Strong order intake of CAD 10.4 million in Q1
• Reflecting growing demand for advanced materials, significant wins and strong pipeline of systems projects
• Over 75% of backlog is committed for delivery in 2023, supporting our previous guidance of revenue growth for 2023

Additive manufacturing industrialization drives significant materials demand, capacity upgrade program delivering results

Continued high demand in the market

• The order intake of CAD 5.6 million helped to sustain a robust materials backlog
• The traction for additive materials expected to remain strong in 2023 with average selling price increasing 3% - 6% over 2022
• Increasing capacity in Q2 and throughout the year will translate to higher material availability, shorter delivery leadtimes and increased sales in 2023

Capacity upgrade program

• Technical upgrades successfully implemented, while managing machine availability and customer priorities.
• The factory is now operating at a 70% increased output rate
• Some machines now operating with the upgrades since late 2022 and have proven reliable.
• New atomisers are scheduled to be commissioned by YE 2023 on Tekna's main selling materials, further increasing capacity

Tekna plasma machines are enabling the development of novel materials in key industries around the world

Market drivers

Industrial and academic research are resuming after 3 years of covid-19. The need for better performing products enabled by novel materials is driving an increase in demand for Tekna's research scale plasma units.

• The systems' order backlog increased to CAD 12.8 million at the end of March supported by CAD 4.8 million in new orders
• Pricing for systems are adjusted to reflect cost inflation
• The PlasmaSonic wind tunnels opportunity pipeline continues developing according to plan
• Typical applications include research and development of materials & coatings in the fields of energy and space exploration, medical implants production and small-scale production of high value materials

Q1 2023 - Finance Espen Schie, CFO

Q1 revenue and EBITDA improved YoY, reflecting favourable overall performance

Additive manufacturing

• Materials revenue in Q1 2023 CAD 6.4 million, 40% increase from 2022. Around 50% of materials revenues generated from spot orders
• Systems revenue at CAD 3.0 million, 53% increase year-over-year, reflecting market rebound
• Adjusted EBITDA at CAD -1.2 million, improved year-over-year resulting from volume, margins and profitability initiatives
• Continued focus on profitability and cash improvement
• CAD 25 million loan facility agreement executed

Adjusted EBITDA improved CAD 1.7 million from last quarter (Q4 2022)

(adj) Q1 2023

operating expenses

EBITDA (adjusted) - bridge

Q1 2023 vs Q4 2022 in CAD million

income

personnel expenses

-4

(adj) Q4 2022 effect

effect

• materials contributed positively
• Strongly improved margins, especially within materials
• Increased productivity and organizational efficiency
• Maintaining cost control while scaling revenue and managing inflationary cost increases remains our focus

Concluding remarks Luc Dionne, CEO

Market outlook

R&D & PlasmaSonic wind tunnels

CAD 220m

Emerging industry for which Tekna has identified CAD 220m of PlasmaSonic prospects over the next 10 years

Additive Manufacturing

up to +30% Materials sales CAGR 2022- 2030 as forecast by Grand View Research and Smartech

Systems business rebounding. Strong order book carrying through 2023 and pipeline of potential orders for 2024.

Fast growing market with OEMs now operating at an industrial scale. Increasing factory output rate throughout the year will translate into increased sales.

+13,5% MLCC CAGR 2023-30 as projected by Research & Market 2023 edition

+18%, +28% Projected CAGR for demand for anode and silicon respectively in 2020-30 as forecasted by IHS 2021

The product development cycle has started with two additional potential customers. We are now collaborating with the top six global leaders who control 100% of the high-end MLCC device market.

Dialogue continues to identify strategic partners within energy storage. For the time being, Tekna priority is given to the significant opportunities in the above industries.

Q1 2023: Record revenues and improved profitability

• Revenue growth of 40% and adjusted EBITDA improved by CAD 1.6 million compared to Q1 2022
• Strong order intake of CAD 10.4 million in the quarter
• Target for the capacity increase program reached. Increasing sales, production and delivery of additive materials remains top priority
• Pursuing significant potential in microelectronics, now working with all major players in this industry
• Reiterating guidance on improving operating revenues and margins in 2023 compared to 2022, supported by the strong order backlog, increased production capacity and organizational productivity

Consolidated financial statements
Income statement	20
Other comprehensive income	20
Balance sheet	21
Equity	22
Cash flow	23

Notes to the Consolidated Financial Statements 24

Note 1 Confirmation of financial framework Note 2 Key accounting policies Note 3 Revenue from contracts with customers Note 4 Events after balance sheet date

Alternative Performance Measures	26
Additional 2022 reporting available	28

Appendix Q1 Financial Statements

1

9

Amounts in CAD 1000	Note	2023 Q1	FY 2022	2022 Q1
Revenues	3	9,406	26,889	6,535
Other income		28	767	100
Materials and consumables used		4,839	17,540	3,689
Employee benefit expenses		4,479	16,009	3,886
Other operating expenses		1,309	10,835	2,656
EBITDA		-1,194	-16,727	-3,595
Depreciation and amortisation		1,038	3,978	1,140
Net operating income/(loss)		-2,232	-20,706	-4,735
Share of net income (loss) from associated companies and joint ventures		-400	-1,510	-332
Finance income		173	144	-293
Finance costs		103	332	112
Profit/(loss) before income tax		-2,563	-22,404	-5,472
Income tax expense		-	114	-
Profit/(loss) for the period		-2,563	-22,517	-5,472
Attributable to equity holders of the company		-2,437	-21,688	-5,289
Attributable to non-controlling interests		-125	-829	-183
Basic earnings per share		-0.02	-0.17	-0.04
Diluted earnings per share		-0.02	-0.17	-0.04

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

Amounts in CAD 1000	2023 Q1	FY 2022	2022 Q1
Items that may be reclassified to statement of income
Exchange differences on translation of foreign operations	-84	-178	254
Items that may be reclassified to statement of income	-84	-178	254
Items that will not be reclassified to statement of income
Exchange differences on translation of foreign operations	-	-	-
Items that will not be reclassified to statement of income	-	-	-
Other comprehensive income/(loss) for the period, net of tax	-84	-178	254
Total comprehensive income/(loss) for the period	-2,646	-22,696	-5,218
Attributable to equity holders of the company	-2,518	-21,876	-5,049
Attributable to non-controlling interests	-128	-820	-169

Consolidated revenues for the Tekna Group in Q1 2023 was CAD 9.4 million, compared to CAD 6.5 in Q1 2022. Revenues for Systems, Spare parts and Other increased 52.8% compared to Q1 2022 and revenues for Materials increased 40.1% compared to the same period last year.

Contribution margin in Q1 2023 was CAD 4.6 million corresponding to 48.5 percent of revenues. In the same period last year, the contribution margin was 43.6 percent. The increased margins are a result of higher margins in the Systems business, of which partly transitory high in Q1 2023.

Adjusted earnings before interest, tax, depreciation, and amortization (Adj. EBITDA) in Q1 2023 was negative CAD 1.2 million, and was marked by costs in materials machine upgrade efforts, its development programs in emerging segments and upfront investments in staff and R&D.

Loss for Q1 2023 was CAD 2.6 million, of which share of net loss from associated companies and joint ventures was negative CAD 0.4 million and net financial items was CAD 0.1 million.

CONSOLIDATED BALANCE SHEET

Amounts in CAD 1000	31.03.2023	31.12.2022
Non-current assets
Property, plant and equipment	20,672	19,240
Intangible assets	8,332	8,537
Associated companies and joint ventures	214	579
Non-current receivables	5,374	5,339
Deferred tax assets		- -
Total non-current assets	34,591	33,696
Current assets
Inventories	19,707	20,592
Contract assets	53	167
Trade and other receivables	9,423	7,880
Cash and cash equivalents	6,823	11,364
Total current assets	36,006	40,003
Total assets	70,598	73,699

Equity ratio at the end of March 2023 was 71.9 percent compared with 72.5 percent at the end of 2022.

Total cash and cash equivalents amounted to CAD 6.8 million at the end of March 2023 versus CAD 11.4 million at the end of December 2022.

Amounts in CAD 1000	31.03.2023	31.12.2022
Equity
Share capital and share premium	494,956	494,956
Other reserves		-443,453 -440,934
Capital and reserves attributable to holders of the company	51,503	54,022
Non-controlling interests	-737	-609
Total equity	50,766	53,413
Non-current liabilities
Borrow ings	4,069	4,119
Lease liabilities	1,131	1,161
Deferred tax liabilities	-	-
Total non-current liabilities	5,200	5,280
Current liabilities
Bank loan	2,398	1,197
Lease liabilities	563	459
Trade and other payables	5,652	7,852
Provision for w arranties	130	130
Contract liabilities	2,674	2,647
Other current liabilities	2,716	2,189
Borrow ings short-term portion	499	532
Total current liabilities	14,632	15,006
Total liabilities and equity	70,598	73,699

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		Attributable to equity holders of the Company
Amounts in CAD 1000	Share capital and share premium	Other reserves	Total	Non controlling interests	Total equity
Balance at 1 January 2022	494,957	-419,059	75,897	211	76,109
Profit/(loss) for the period mm	-	-5,289	-5,289	-183	-5,472
Other comprehensive income/(loss)	-	241	241	13	254
Balance at 31 March 2022	494,957	-424,108	70,849	42	70,891
Balance at 1 January 2022	494,956	-419,058	75,899	211	76,109
Profit/(loss) for the period	-	-21,688	-21,688		-829 -22,517
Other comprehensive income/(loss)	-	-187	-187	9	-178
Balance at 31 December 2022	494,956	-440,934	54,022	-609	53,413
Balance at 1 January 2023	494,956	-440,934	54,022	-609	53,413
Profit/(loss) for the period	-	-2,437	-2,437	-125	-2,563
Other comprehensive income/(loss)	-	-81	-81	-3	-84
Balance at 31 March 2023	494,956	-443,453	51,502	-736	50,766

CONSOLIDATED STATEMENT OF CASH FLOWS

Amounts in CAD 1000	2023 Q1	FY 2022	2022 Q1
Cash flow from operating activities Net profit/(loss)	-2,563	-22,517	-5,472
Depreciation, amortization and impairment
Variation in deferred taxes	1,038	3,978	1,140
Interest accretion on LT debt	- 86	- 290	- 69
Discounted value of long-term loan	-	-640	-246
FX variation on long-term loan	-	-	-
(Gain)/Loss from sales of assets	-	-	-
Share of results from associated companies and joint ventures	400	1,510	332
Total after adjustments to profit before income tax	-1,039	-17,379	-4,178
Change in Inventories	884	-6,177	-2,395
Change in other assets	-1,463	-1,070	-1,503
Change in other liabilities	-1,646	4,699	3,053
Total after adjustments to net assets	-3,263	-19,927	-5,023
Net cash from operating activities	-3,263	-19,927	-5,023
Cash flow from investing activities
Proceeds from the sales of PPE	-	-	-
Purchase of PPE and intangible assets	-2,265	-5,965	-1,654
Other investing activities	-	-816	-
Purchase of shares in subsidiaries	-	-	-
Net cash flow from investing activities	-2,265	-6,781	-1,654

Amounts in CAD 1000	2023 Q1	FY 2022	2022 Q1
Cash flow from financing activities
Proceeds from issue of shares	-	-	-
Proceeds from issue of shares in THC	-	-42	-
Increase (decrease) of bank loan	1,201	-2,536	-1,233
New loan	266	3,317	1,875
Repayment of loan	-216	-263	-63
Repayment of lease liabilities	-145	-874	-235
Net cash flow from financing activities	1,105	-398	344
Net increase in cash and cash equivalents	-4,423	-27,105	-6,334
Cash and cash equivalents at the beginning of the financial year	11,364	38,649	38,649
Effects of exchange rate changes on cash and cash equivalents	-118	-180	88
Cash and cash equivalents at end of the period	6,823	11,364	32,404

Net cash flow from operating activities was negative CAD 3.3 million in Q1 2023, of which a decrease in inventories was CAD 0.9 million. Corresponding cash flow in Q1 2022 was negative CAD 5 million.

Net cash flow from investing activities was negative CAD 2.3 million in Q1 2023, mainly due to purchase of property, plant and equipment, compared with negative CAD 1.7 million in the same period last year.

Net cash flow from financing activities was positive CAD 1.1 million in Q1 2023, of which an increase in bank loan of CAD 1.2 million. In Q1 2022, the comparable cash flow was positive CAD 0.3 million.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1 | Confirmation of financial framework

The financial statements for the quarter 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 2022.

Note 2 | Key accounting policies

The accounting policies for 2023 are described in the Annual Report for 2022. The financial statements have been prepared in accordance with EU-approved IFRS and associated interpretations, as well as the additional Norwegian disclosure requirements pursuant to the Norwegian Accounting Act and stock exchange regulations and rules, applicable as at 31 December 2022. The same policies have been applied in the preparation of the interim financial statements for 2023.

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

Accounting principles and information related to external customers are described in the consolidated financial statements for 2022.

Disaggregation of revenue from contracts with customers

2023 Q1	Systems &		Spare	Other	Total
Amounts in CAD 1000	Equipment Materials		parts
Revenue recognized at a point in time	-	6,373	420	175	6,968
Revenue recognized over time	2,438	-	-	-	2,438
Revenue from external customers	2,438	6,373	420	175	9,406
Contribution margin	1,819	2,259	313	175	4,566
Contribution margin %	74.6%	35.4%	74.6%	100.0%	48.5%
Revenue from external customers specified pr geographical area:
North America	1,895	2,652	210	88	4,845
Europe	296	3,194	210	88	3,787
Asia	247	527	-	-	774
Total	2,438	6,373	420	175	9,406

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

Disaggregation of revenue from contracts with customers (continued)

2022 Q1 Amounts in CAD 1000	Systems & Equipment Materials		Spare parts	Other	Total
Revenue recognized at a point in time	-	4,550	179	57	4,786
Revenue recognized over time	1,749	-	-	-	1,749
Revenue from external customers	1,749	4,550	179	57	6,535
Contribution margin	790	1,919	81	57	2,847
Contribution margin %	45.2%	42.2%	45.2%	100.0%	43.6%
Revenue from external customers specified pr geographical area:
North America	195	1,698	90	29	2,012
Europe	-	2,353	90	29	2,471
Asia	1,554	498	-	-	2,053
Total	1,749	4,550	179	57	6,535

FY 2022 Amounts in CAD 1000	Systems & Equipment Materials		Spare parts	Other	Total
Revenue recognized at a point in time	-	18,909	1,521	222	20,652
Revenue recognized over time	6,238	-	-	-	6,238
Revenue from external customers	6,238	18,909	1,521	222	26,889
Contribution margin	2,794	5,677	657	222	9,350
Contribution margin %	44.8%	30.0%	43.2%	100.0%	34.8%
Revenue from external customers specified pr geographical area:
North America	1,608	7,204	760	111	9,684
Europe	-	9,827	760	111	10,698
Asia	4,629	1,878	-	-	6,507
Total	6,238	18,909	1521	222	26,889

Note 4 | Events after balance sheet date

On April 11, 2023, Tekna announced additional financing from Arendals Fossekompani ASA, its majority shareholder, in the form of a CAD 25 million term loan facility.

DEFINITIONS Alternative Performance Measures

Tekna presents alternative performance measures as a supplement to measures regulated by IFRS. The Group considers these measures to be an important supplemental measure for investors to understand the Groups' 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:

• Backlog: Sales order intake awaiting completion or awaiting call off by customer (release) in case of blanket orders.
• Contribution Margin: Is defined as revenues less direct variable costs such as direct labour, raw material, electricity, gas consumption, commissions, freight, customs and brokerage fees, laboratory supplies and packaging. 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 special operating items include listing costs, adjustments for expenses related to cloud-based software previously recorded in the balance sheet (retrospective implementation accounting for cloud-based services for the years 2021, 2020 and 2019) and litigation fees. 26
• Adjusted EBITDA Margin: Is defined as Adjusted EBITDA as a percentage of revenues.
• 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 special operating items include listing costs, adjustments for expenses related to cloudbased software previously recorded in the balance sheet (retrospective implementation accounting for cloud-based services for the years 2021, 2020 and 2019), and litigation fees.
• 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.

Please see the Annual Report for a further detailed description of the Group's alternative performance measures.

Alternative Performance Measures

(continued)

	2023 Q1	FY 2022	2022 Q1
Amounts in CAD thousands	(Unaudited)	(Audited)	(Unaudited)
Revenues	9,406	26,889	6,535
Materials and consumables used	4,839	17,540	3,689
(b) Contribution margin	4,566	9,350	2,847
(c) Revenues	9,406	26,889	6,535
Contribution margin % (b/c)	48.55%	34.77%	43.56%
	2023 Q1	FY 2022	2022 Q1
Amounts in CAD thousands	(Unaudited)	(Audited)	(Unaudited)
Net profit/loss	-2,563	-22,517	-5,472
Income tax expense (income)	-	-114	-
Finance costs	103	332	112
Finance income	-173	-144	293
Share of net income (loss) from associated companies and joint ventures	400	1,510	332
Depreciation and amortization	1,038	3,978	1,140
(a) EBITDA	-1,194	-16,727	-3,595
Legal and listing cost	-	3,901	776
(b) Adjusted EBITDA	-1,194	-12,827	-2,819
(c) Revenues	9,406	26,889	6,535
EBITDA margin (a/c)	-12.70%	-62.21%	-55.01%
Adjusted EBITDA margin (b/c)	-12.70%	-47.70%	-43.13%

	2023 Q1	FY 2022	2022 Q1
Amounts in CAD thousands	(Unaudited)	(Audited)	(Unaudited)
Net profit/loss	-2,563	-22,517	-5,472
Income tax expense (income)	-	-114	-
Finance cost	103	332	112
Finance Income	-173	-144	293
Share of net income (loss) from associated companies and joint ventures	400	1,510	332
(a) EBIT	-2,232	-20,706	-4,735
Legal and listing cost	-	3,901	776
(b) Adjusted EBIT	-2,232	-16,805	-3,959
(c) Revenues	9,406	26,889	6,535
EBIT margin (a/c)	-23.73%	-77.00%	-72.45%
Adjusted EBIT margin (b/c)	-23.73%	-62.50%	-60.57%
	31.03.2023	31.12.2022	31.03.2022

Amounts in CAD thousands	31.03.2023	31.12.2022	31.03.2022
	(Unaudited)	(Audited)	(Unaudited)
(a) Total non-current liabilities	5,200	5,280	5,586
(b) Total equity	50,766	53,413	70,890
Long Term Debt/Equity Ratio (a/b)	0.10	0.10	0.08

Additional 2022 reporting available on www.tekna.com/investors

Annual Report 2022

• Tekna's annual report containing the Board of Directors' report and consolidated and audited financial statements among other

GRI Report 2022

• Sustainability information provided in the structure of the GRI General Disclosures 2021. This also includes metrics from 2019-2022 per GRI definition.

Carbon Accounting Report 2022

• Quantitative and Qualitative information on the CO2 emissions of the Company

Human Rights and Transparency Act Report 2022

• Reporting on Supply Chain governance following the Norwegian Transparency Act

Corporate Governance Report 2022

• Reporting on the Company's Governance structure following the Norwegian Code of practice for Corporate Governance

EU taxonomy Progress Report 2022

• Progress report ahead of the EU taxonomy reporting requirement per 2023

TCFD Progress Report 2021

• Progress report on preparations following the structure of the Task Force on Climate-Related Financial Disclosures (TCFD). Keep an eye out for the update in 2023.

UN Global Compact CoP

• United Nations Global Compact communication on progress. This is an online reporting in the UN system due in June 2023

Changing the world one particle at a time …