Q4 2023

March 8, 2024

Disclaimer

This presentation contains forward-looking statements concerning As k's financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of fu u xp c i ns b s d n m n g m n 's cu n xp c i ns nd ssump i ns nd inv v kn wn nd unkn wn isks nd uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements.

Forward-looking statements include, among other things, statements concerning As k's potential exposure to market risks and statements xp ssing m n g m n 's xp c i ns, b i fs, s im s, f c s s, p j c i ns nd ssump i ns. A numb f f c s ffect As k's future operations and could cause As k's results to differ materially from those expressed in the forward-looking statements included in this document, include (without limitation):(a) changes in demand for As k's products; (b) currency and interest rate fluctuations; (c) customer concentration and industry competition; (d) legislative, fiscal, and regulatory developments, including changes in tax or accounting policies; (e) ability to enforce patents; (f) product development risks; (g) customer credit risks; and (h) supply of components.

All forward-looking statements contained in this document are expressly qualified by the cautionary statements contained or referenced to in this disclaimer. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in the risk management section in As k's most recent annual report (available at https://ir.asetek.com/) and these factors also should be considered. Each forward-looking statement speaks only as of the date of this document. Asetek does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events other than as required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document.

De-listing from Oslo Stock Exchange

Asetek will delist from Oslo Stock Exchange on 27 March 2024, with the last trading day on 26 March 2024
Asetek will deregister from VP Norway on 3 April 2024
Shareholders wishing to continue trading on a public market must transfer their shares to Nasdaq Copenhagen by instructing their bank or broker
See Asetek IR website or contact Asetek IR for more information

Q4 Highlights

Fourth-quarter revenue of \$16.6 million, up 75% vs. Q4 2022
Gross margin of 47% compared with 41% in Q4 2022
Q4 adjusted EBITDA of \$2.2 million, compared with loss of \$0.6 million in Q4 2022
SimSports revenue of \$2.2 million in Q4, compared with \$0.2 million in Q4 2022
Full-year 2024 revenue growth expected in the range of -5% to 5% compared with 2023, with adjusted EBITDA projected to be between 12% and 17% of revenue

2023 milestones

Second-highest-ever full year Group revenue of \$76.3 million, up 51% from 2022
Full year adjusted EBITDA of \$15.9 million vs. loss of \$0.8 million in 2022
Launched 54 new Liquid Cooling- and 37 new SimSports products
Passed 11 million products shipped since foundation in 2000
Listing on Nasdaq Copenhagen

2024 focus areas

Broadening addressable Liquid Cooling market with value offering towards low end of premium segment
Grow sim racing market share with a full range of high-quality sim racing products by end-2024 based on an open ecosystem

Growth driven by Liquid Cooling shipments and expanding SimSports product range

Annual Group revenue and EBITDA margin

Quarterly revenue volatility continues

Quarterly Group revenue

USD million

2024 guidance

• Continued low revenue visibility

‒ Signs of improving macro
‒ Mixed regional picture and geopolitical tensions
‒ Some Liquid Cooling OEMs exiting 2023 with elevated inventories
Full-year 2024 revenue growth is anticipated in the range of -5% to +5% vs. 2023
‒ Liquid Cooling revenue: -10% to 0%
‒ SimSports revenue: +40% to +60%
Full-year adjusted Group EBITDA margin expected in the range of 12% to 17%
Long-term average growth ambition of approximately 15% per annum ⁰

Annual Group revenue

Leading offering for gamers and enthusiasts

Liquid cooling

Gaming/Performance PCs

Liquid cooling for competitive and committed gamers and enthusiasts SimSports

Immersive equipment for gamers, racing and automobile enthusiasts

Global platform with integrated value chain supports long-term growth

STRATEGIC POSITION: Large and long-term growing markets | Supplying global brands | Market-leading solutions

11 million units shipped | 134 employees | LTM¹revenue of USD 76 million | Listed on Nasdaq Copenhagen and Oslo Stock Exchange

Long-term profitable Liquid Cooling business

Liquid cooling EBITDA and margin

Stable product release activity going into 2024

12 new liquid cooling products started shipping in Q4
‒ Three featuring As k's 8th generation liquid coolers with the most advanced technology developed to date
10 new products estimated to start shipping in Q1 2024
Investing in product development and branding to expand reach with key customers based on the core tenants of performance, quality and reliability

No. of liquid cooling products started shipping

Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24E

Stable Liquid Cooling OEM base

Currently shipping to over 20 OEMs
Top five represented 91% of Liquid Cooling revenue in 2023, vs. 85% in 2022
Ambition to increase diversification over time

Top 5 liquid cooling customers¹

Asus ROG STRIX with As k's new Gen7 v2 technology

Broadening addressable Liquid Cooling market

A value offering tailored for a new and larger market segment
‒ Demand from larger customers to address the lower end of the Liquid Cooling premium segment with price competitive highquality solutions
‒ Targeting China and other value-oriented markets
‒ Complementing traditional focus on the higher end of the market
No compromise on the quality that the Asetek brand represents
Large volume potential at robust EBITDA margins over time
‒ Gross margins expected somewhat lower than historical levels
‒ No reflection of a general price or margin pressure on high-end liquid coolers
Full effect expected in 2025

Liquid cooling strategic development

Goal	Strategy Development and outlook
Further develop leadership in the gaming and enthusiast liquid cooling market	• Broaden addressable ma rket • R&D and product development • Growing existing customers • Widening OEM customer base • Branding and marketing	• Deploy value offering tailored for a new and larger market segment, meeting customer demand • Focus on delivery of core liquid cooling solutions • Ramp-up of development to bring value-adding innovations to market • Develop and ship products with market leading performance, quality and reliability • Currently over 20 OEM customers • Focus on reducing single-customer dependency • Co-branding agreements in place with several OEMs

Building full range of high -quality sim racing products

Eight new products released in Q4 2023
‒ Two button boxes and six wheel-rims
Total of 21 new products released in 2023
Various SimSports accessories to start shipping in Q1 2024
Q4 2023 revenue of \$2.2 million vs. \$0.2 million in Q4 2022
‒ Gross margins reflect early stage of scale up
Full-year revenue of \$7.2 million

Realistic life -like approach to sim racing gear paying off

Delivered almost 400% growth in 2023 driven by multiple new products and customers globally
On track for a full range of high-quality sim racing products by end-2024
Ambition to take pole position and build market share based on an open ecosystem
In 2021, Chinese companies entered the market with a lowcost offering, increasing competition and expanding the strategic focus
Maintain focus on high-end segment to anchor the Asetek brand name in the premium market
Leverage strong brand to launch a competitive mass-market product line, acting as a driver for long-term growth

Conclusion Asetek's concept works!

"Innovations in simracing have become rare and many new steering wheels only differ in nuances such as the buttons used or the shape.

But Asetek is breaking new ground with its button boxes."

(November 20, 2023)

SimSports strategic development

Goal	Strategy	Development and Outlook
Becoming a next-level immersive gaming experiences provider	• Leverage core mechatronics capabilities and global supply chain • Realistic life-like approach to racing gear • Establish a thriving and profitable growth segment in a fragmented market	• Initial product development phase completed with the availability of basic ecosystems (wheel, wheelbase and pedals) at each price tier • Offer full range of high-quality sim racing products based on an open ecosystem • Leverage strong premium market brand to launch a competitive mass market product line • Market and channel strategies in place and subject to ongoing review and refinement • Continuous innovation and product development to augment eco systems and drive growth • Supported by brand platform and reputation for performance, quality, reliability and immersive experiences

Financials

Income statement

Q4 and full-year revenue reflects increased sales of Liquid cooling and SimSports products vs. the previous year
‒ Sales of 244,000 sealed loops in Q4 (+55%) and 1,165,000 shipped in 2023 (+46%)
‒ SimSports revenues of \$2.2 million (\$0.2 million)
Q4 OPEX increased vs. Q4 2022 primarily due to product and supply chain development
Full-year OPEX*) declined 7% vs. 2022 due to cost reductions implemented in late 2022

*) Special Items not included

The financial tables for Q4 2023 are available in the Interactive Analyst Center at https://ir.asetek.com/overview/default.aspx

Continued positive margin development

Quarterly Group gross margin development

Q4 2023 gross margin of 46.5% vs. 41.1% in Q4 2022
2023 margin 45.5% (41.0%)
Margin expansion driven by a combination of richer product mix, reduced input costs and favorable foreign exchange rates
‒ SimSports gross margins impacted by ramp-up efforts

Balance sheet

USD thousands at December 31, 2023

120 000

USD 9.1 million cash position at end 2023
Working capital reflects improved operating cash flow in 2023
Investments in new HQ of USD 4.4 million in Q4 and USD 22.8 million for full year 2023
Current liabilities includes \$14.7 million construction debt
‒ Subsequently refinanced in early 2024 with new loan due January 1, 2025, to be refinanced with long-term mortgage post completion

Nearing completion of new development center and HQ

Progressing on schedule and budget for completion in mid-2024
Signed three-year lease for 20% of the space at attractive terms
To evaluate sale-leaseback market post completion vs. standard long-term mortgage financing

Financial strategy

Summary and outlook

Strong end-user interest in Asetek liquid cooling and sim racing products
Full-year 2024 revenue growth is anticipated in the range of -5% to +5% vs. 2023
Full-year adjusted Group EBITDA margin expected in the range of 12% to 17%
Expanding addressable Liquid Cooling market through products tailored for new markets
Growing SimSports business with widening product offering based on an open ecosystem

Q&A

Appendix

Balance sheet summary

Figures in USD (000's)	31 Dec 2023	31 Dec 2022
ASSETS
Total non-current assets	71,954	50,799
Total current assets	30,785	27,816
Total assets	\$ 102,739	\$ 78,615
EQUITY AND LIABILITIES
Total equity	66,126	42,748
Total non-current liabilities	2,596	1,739
Total current liabilities	34,017	34,128
Total equity and liabilities	\$ 102,739	\$ 78,615

Cash flow summary

	Year ended
Figures in USD (000's)	31 Dec 2023		31 Dec 2022
Net cash provided by (used in) operating activities	16,280		(8,354)
Net cash used in investing activities	(27,373)		(25,395)
Net cash provided by (used in) financing activities	12,316		18,327
Effect of exchange rate changes on cash and cash equivalents	487		(463)
Net changes in cash and cash equivalents	1,710		(15,885)
Cash and cash equivalents at beginning of period	7,411		23,296
Cash and cash equivalents at end of period	\$ 9,121	\$	7,411

Statement of equity

Figures in USD (000's)	Year ended
		31 Dec 2023		31 Dec 2022
Equity at January 1	\$	42,748	\$	48,388
Total comprehensive income for the period
Income for the period		6,001		(4,325)
Foreign currency translation adjustments		721		(1,971)
Total comprehensive income for the period		6,722		(6,296)
Transactions with owners during the period
Shares issued in rights offering, net		16,142		-
Shares issued for options exercised		-		216
Share based payment expense		514		440
Transactions with owners during the period		16,656		656
Equity at end of period	\$	66,126	\$	42,748

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