Nordic Unmanned ASA

Investor Presentation • Nov 17, 2022

Q3 2022 Presentation

01 Q3 HIGHLIGHTS 02 FINANCIALS 03 BUSINESS UNITS 04 COMMERCIAL 05 SUMMARY & OUTLOOK 06 Q&A 07 APPENDIX

The Textron Aerosonde landing after a cross-border operation in East Baltic

Q3'22 Highlights

01 Q3 HIGHLIGHTS 02 FINANCIALS 03 BUSINESS UNITS 04 COMMERCIAL 05 SUMMARY & OUTLOOK 06 Q&A 07 APPENDIX

The Staaker® performing a bridge inspection with a LiDAR sensor

Financials: Strong growth – improved EBITDA

	Quarters			YTD
mEUR	Q3'22	Q2'22	Q3'21	2022	2021
Operating revenue	5.5	4.8	2.7	12.8	6.7
EBITDA	-1.2	-3.0	-0.8	-6.2	-2.4
EBITDA margin %	-22 %	-61%	-29 %	-49 %	-36 %
Net Income (loss)	-2.3	-3.7	-1.1	-8.6	-3.0

• 12 months revenue growth continues and is accelerating
• Improved EBITDA by 1.8 million from Q2
• Overhead cost reduced by EUR 0.6 million from Q2
• Strong growth on existing cost-base, trending towards break even
• Cost saving program of EUR 2 million concluded with full effect from Q1 2023

Liquidity and solidity

• 57.7 57.7 • Liquidity in form of cash and committed credit lines of EUR 4.7 million
  • 12.3 • EUR 3.5 million credit line in AirRobot for the purpose of historic and future financing of the MIKADO II project with Bundeswehr
  • 30.6 • Record high level of receivables towards EMSA with EUR 3 mill as per end of Q3
  • Potential drone fleet adjustment may lead to divestment and replacement with new financing giving a net positive liquidity effect
  • Solid balance sheet with 50% equity ratio

9.6

Liquidity of EUR 4.7 million

01 Q3 HIGHLIGHTS 02 FINANCIALS 03 BUSINESS UNITS 04 COMMERCIAL 05 SUMMARY & OUTLOOK 06 Q&A 07 APPENDIX

The Textron Aerosonde VTOL HQ

Our business units

Organised into fully-functional business units

Drone-As-A-Service

• Pure-play drone "airline"
• State-of-the-art fleet of UAVs and systems
• Pilots and technicians
• Operations Control Center
• Complex missions with advanced platforms and sensors
• LUC permit

NUMar Data-As-A-Service

• Serves maritime market
• Emission monitoring services
• Data analytics and platform
• Subsidiaries
• Ecoxy
  • NUAer

NUTech Original equipment manufacturer (OEM)

• Portfolio owner of Nordic Unmanned Group's own technology products
• Product families:
  • Staaker
  • AirRobot
  • DroneMatrix

NUGlobal Sales and Distribution

• Global sales and distribution network offering:
  • Own products, solutions and services
  • Strategic partners, products and solutions
  • Global strategic distributors

Nordun Record-high activity

• Revenue Q3 mEUR 4.1 (2.2)
• EBITDA Q3 mEUR 0.5 (0.2)
• Total investment in business unit of EUR 20+ million
• Business growth:
  • 1450 flight hours in Q3, increase of 179% compared to Q3 2021
  • 2460 flight hours YTD, an increase of 111% compared to YTD 2021
  • Covered 139 000 km of flight distance with the Aerosonde and Camcopter in Q3
• Significantly improved profitability of OP/46 contract with EMSA
• With European LUC, can self-authorize operations with dangerous goods with all drones in the Nordic Unmanned catalogue

519

304

196

Q3'21 Q4'21 Q1'22 Q2'22 Q3'22

814

Significant contributions to life and the environment in Q3

Search & rescue operations 90+ Search and Rescue operations 3000+ people involved in 2022 YTD

General maritime surveillance 175 maritime surveillance missions

175x Less emission from our fleet compared to its manned alternatives

Emission monitoring 836 vessels overflown 471 measurements done 167 environmental flights

2378 tonnes CO2 saved

The amount CO2 emissions saved by our fleet compared to a S92 and MC-12 King Air doing the same amount of flight hours

OP/5/2022 contract Largest award in Group history

• Conditional letter of award from the European Maritime Safety Agency (EMSA) on 21 Oct 2022
• Value: EUR 20.5 million
• Duration: Up to four years (2+1+1)
• Scope: VTOL RPAS services for multipurpose maritime surveillance with medium range and endurance from land or vessel
• Current crew and part of current fleet will be used
  • Some upgrades of payloads and drone fleet will be required in 2023/2024
• Considerable fleet and staff synergies with existing contracts
• Financial effect from Q1 2023
• Full utilization of contract expected from 2024

NUTech Products ready for market

• Revenue Q3 mEUR 0.6 (0.0)
• Gross profit Q3 mEUR 0.4 (0.0)
• EBITDA Q3 mEUR -0.4 (-0.1)
• Invested capital of EUR 11 million
• First production milestones of "MIKADO II" Bundeswehr contract with AirRobot AR-100H
• Strong development in maintenance and repair activity for "old" MIKADO I fleet
• DroneMatrix installed first two Drone-In-A-Box systems in the Port of Antwerp-Bruges
• The Staaker® Logistics drone completed groundbreaking successful offshore qualification flights

The Staaker® Logistics Drone ready for take-off from an offshore oil platform

NUMar The preferred data provider for maritime industry

• Revenue Q3 mEUR 0.5 (0)
• EBITDA Q3 mEUR 0.1 (0)
• Invested capital of EUR 4 million
• NUAer demonstrated emissions monitoring capabilities onboard container vessel in USA
• NUAer achieved a larger commercial breakthrough for its sensor integrated on the Camcopter®
• Ecoxy continued to deliver steady growth and solid margins in Q3
• NUAer and Ecoxy performed parallel NOx measurement campaign on gas turbines for large oil and gas operator Sunset during emission monitoring in Southern California.

NUGlobal Building distribution network

• Revenue Q3 mEUR 0.3 (0.4)
• Gross profit Q3 mEUR 0.0 (0.1)
• EBITDA Q3 mEUR -0.4 (-0.0)
• Investment inventory value of EUR 1.7 million
• Established office in Baltimore, Maryland (US)
• Established worldwide distributor networks in the US, Canada, Australia, New Zealand, Indonesia and Japan
• Revenue in the quarter mainly related to sale of smaller drones to law enforcement agencies
• Strong tender activity related to own drone systems, payloads as well as reseller activities

The emerging counter drone market The latest opportunity for NUGlobal

• Dramatic increase in demand for counter drone systems
• DroneMatrix and Nordic Unmanned has been working in this market for some time
• Several commercial proposals under evaluation
• Hosted counter drone seminar at Nordic Unmanned HQ

The counter drone software offered to clients

01 Q3 HIGHLIGHTS 02 FINANCIALS 03 BUSINESS UNITS 04 COMMERCIAL 05 SUMMARY & OUTLOOK 06 Q&A 07 APPENDIX

• EUR 3.5 million added backlog comes from NUMar and NUTech orders and contracts
• EUR 2 million net reduction during Q3
• 2023 backlog of EUR 25.7 million
• EUR 20.5 million OP5 framework agreement is not included yet as ICT has not been conducted

Potential awards in the near future

• EUR 157 million

01 Q3 HIGHLIGHTS 02 FINANCIALS 03 BUSINESS UNITS 04 COMMERCIAL 05 SUMMARY & OUTLOOK 06 Q&A 07 APPENDIX

Concept drawing of logistics flight between offshore installations

Summary

Significant EBITDA improvement

Record high quarterly revenue and annual revenue

Continue to see a healthy market growth together with an additional capacity to scale

NUTech product lines transition from development to commercial products

Awaiting tender decisions on potential awards of EUR 157 million

Outlook

2023 Growth

The current contract backlog is expected to contribute revenues of EUR 25.7 million in 2023. Additional awards are expected, and these would further increase 2023 revenues accordingly.

01 Q3 HIGHLIGHTS 02 FINANCIALS 03 BUSINESS UNITS 04 COMMERCIAL 05 SUMMARY & OUTLOOK 06 Q&A 07 APPENDIX

The Textron Aerosonde VTOL HQ ready for take-off

01 Q3 HIGHLIGHTS 02 FINANCIALS 03 BUSINESS UNITS 04 COMMERCIAL 05 SUMMARY & OUTLOOK 06 Q&A 07 APPENDIX

The workshop at Nordic Unmanned's HQ in Sandnes

Definitions

EBITDA	Profit/(loss) for the period before net financial items, income tax expense, depreciation and amortization
Contract backlog	Contract backlog includes the maximum remaining estimated value of signed contracts
Historic win rate	Value of opportunities above EUR 200k won divided by aggregate value of closed targeted opportunities above EUR 200k
MRO	Maintenance, repair & overhaul
Value adjusted win rate	Based on 99 historical opportunities with value above EUR 200.000
Reduced CO2 emissions	Average CO2 Average CO2 emission of CAMCOPTER S-100 emission of Sikorsky S92 and Challenger CL604 per flight hour – per flight hour = Reduced CO2 emission.
	Our flight operations could be conducted by these comparable manned platforms; the helicopter Sikorsky S92 and the maritime surveillance plane Challenger CL604. Therefore, the average of these two platforms have been used when comparing CO2 footprint with large drone flight operations.
Definitions in sales pipeline	Prospect: Potential leads not formally confirmed Qualified lead: Lead formally confirmed or received from client RFI delivered: Response to request for information (RFI) RFP / Proposal: Ongoing proposal response Awaiting award: Tender or offer submitted Projects with ongoing negotiations or un-announced wins not included in CRM pipeline

Disclaimer – forward looking statements

• In addition to historical information, this presentation contains statements relating to our future business, events and/or results. These "forward-looking" statements include certain estimates, assumptions and projections of Nordic Unmanned AS (the "Company"), based on information currently available to the Company. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements preceded by, followed by or that include the words "estimate, "plan," project," "forecast," "intend," "expect," "predict," "anticipate," "believe," "think," "view," "seek," "target," "goal" or similar expressions; any projections of earnings, revenues, expenses, synergies, margins or other financial items; any statements of the plans, strategies and objectives for future operations, including integration and any potential restructuring plans; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.
• Forward-looking statements do not guarantee future performance and involve risks and uncertainties. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this report. These forward- looking statements are based on the current estimates and projections of the Company. No update or revision will be made to forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Although Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are impossible to predict and are beyond Company's control, Company cannot assure achievement or accomplishment of such expectations, beliefs or projections.
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