Asetek A/S

Investor Presentation • Mar 7, 2025

Disclaimer

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Q4 2024 financial highlights

Group adj. EBITDA USD million

• Q4 SimSports revenue grew 86% to a record \$4.2 million with launch of Invicta Steering Wheel and new distribution agreements
• Q4 liquid cooling revenue of \$11.1 million (\$14.3 in Q4 2023) the highest quarter of the year
• Q4 Group gross margin at 41.9% (46.5% in Q4 2023)
• Full-year Group revenue of \$52.5 million (\$76.3 million in 2023) and EBITDA break-even in line with guidance
• Completed rights issue in January 2025 to strengthen financial position and enable continued investment in SimSports

Delivering on 2024 adjusted expectations

• Full-year Group revenue in line with adjusted guidance

• ‒ EBITDA margin of 1% in the low end of the range
• Liquid Cooling revenue of \$42.8 million vs. guidance of \$42 – \$44 million
  • ‒ Gross margin of 45%
• SimSports growth on track with \$9.6 million in revenue
  • ‒ Gross margin of 25%

Annual Group revenue

5

Long-term profitable Liquid Cooling business

Liquid cooling revenue, gross margin and EBIDTA margin USD million

0%

20%

40%

60%

80%

100%

120%

140%

160%

-

5,0

10,0

15,0

20,0

25,0

• 9 new liquid cooling products started shipping in Q4 2024
• 7 new products estimated to start shipping in Q1 2025
• Shipping to over 20 OEMs
• Agreement with tier 1 PC manufacturer for multiple liquid cooling product lines with over 100,000 units expected delivered in 2025
  • ‒ Supplying 3 of the top 5 PC manufacturers globally

No. of liquid cooling products started shipping

Positioned for profitable Liquid Cooling growth

• Stabilizing revenue in the short-term
  • ‒ Ending 2024 with Q4 as highest revenue quarter
  • ‒ Declining volumes from two major customers due to dual sourcing, as previously communicated
  • ‒ Impact offset by growth across the remaining customer base
  • ‒ Reflected in the 2025 segment revenue expectation
• Several factors supporting profitable long-term growth
  • ‒ First major post COVID upgrade cycle and release of multiple new CPU/GPUs
  • ‒ Launch of mid-market offering and expanding the addressable market and potential customer base
  • ‒ Increased commercial focus
  • ‒ Positioned for renewed growth from 2026

Record quarter on strong year-end holiday sales and distribution agreements

• Q4 2024 revenue of \$4.2 million vs. \$2.2 million in Q4 2023

• ‒ Launch of Invicta wheel
• ‒ Two new distribution agreements
• Gross margin of 29%
  • ‒ Holiday sale affecting margin somewhat negative in Q4
  • ‒ High quarterly volatility as this is a scale-up business
  • ‒ Gross margins expected to stabilize at higher level over time as the business grows
• Launch of mass market product line and Designed for Xbox partnership agreement to enter the console market in H2 2025

New products and distribution channels to drive growth

• Moderate demand in start of 2025 reflects the high year-end activity and no major product releases in Q1
• Competitive mass-market product line set for launch in H2 2025
• Initial mass-market products with console support expected in H2 2025
• Investing in brand building, development of new sales channels and retail access to support mass-market entry
  • ‒ Establish retail reseller and distribution network
  • ‒ New sales channels led by Amazon.com
  • ‒ Increased brand building efforts
• Gradual revenue increase expected towards year-end and into 2026 as mass market products ramping up, supported by expanded distribution

Console market access to accelerate SimSports long-term growth

• Preparations for launch in H2 2025 progressing to plan
• Designed for Xbox partnership significantly expanding addressable end-user market
• An estimated 60 million potential players¹ of sim racing games worldwide
  • ‒ More than 80% of all players are console based, with Xbox being the biggest platform for sim racing
  • ‒ PC players represent about 16% of players

1) Potential players defined s "lifetime players", player that has played a simulation racing game at some point

12

2025 group financial guidance

• ‒ Adjusted EBITDA margin of 3-5%
• Liquid Cooling segment revenue is expected in the range of \$40 to \$43 million
  • ‒ Gross margin expected in the range of 40-45%
• SimSports segment revenue is expected in the range of \$12 to \$15 million
  • ‒ Gross margin in the range of 30-35%

Annual Group revenue

Financials

Quarterly revenue development

Quarterly Group revenue

USD million

Income statement

Figures in USD (000's)	Q4 2024	Q4 2023	2024	2023
	Unaudited	Unaudited
Revenue	15,368	16.598	52,502	76,332
Cost of sales	8,927	8,875	30,557	41,624
Gross profit	6,441	7,723	21,945	34,708
Research and development	2,292	2,091	8,295	7,379
Selling, general and administrative	5,183	4,617	19,107	17,079
Special items	-	40	13,791	847
Total operating expenses	7,475	6,748	41,193	25,305
Operating income (loss)	(1,034)	975	(19,248)	9,403
Foreign exchange (loss) gain	1,945	(1,276)	1,444	(1,015)
Finance income (costs)	(385)	15	(413)	110
Total financial income (expenses)	1,560	(1,261)	1,031	(905)
Income before tax	526	(286)	(18,217)	8,498
Income tax (expense) benefit	980	(529)	(5,719)	(2,497)
Income for the period	1,506	(815)	(23,936)	6,001
Other comprehensive income items that may be reclassified to profit or loss in subsequent periods:
Foreign currency translation adjustments	(1,623)	1,189	(1,337)	721
Total comprehensive income	(117)	374	(25,273)	6,722
Income per share (in USD):
Basic	0.02	(0.01)	(0.25)	0.07
Diluted	0.02	(0.01)	(0.25)	0.07

• Liquid cooling revenue impacted by lower YoY demand
  • ‒ Sales of 204,000 sealed loops in Q4 2024, down 16% YoY, up 4% vs. Q3 2024
  • ‒ Liquid Cooling ASP \$54 (\$59)
• SimSports revenue growing
  • ‒ \$9.6 million in FY 2024
  • ‒ \$4.2 million in Q4 2024
• Opex impacted by one-off items
  • ‒ Company relocation, capital raise and severance payments in Q4 2024
  • ‒ FY 2024 special items includes Q3 non-cash write-downs
• Forex income related to loans in DKK
  • ‒ Functional currency in parent company changed to DKK January 1, 2025

Gross margin development

• Q4 2024 gross margin of 41.9% vs. 46.5% in Q4 2023
• FY 2024 gross margin of 41.8% vs. 45.5% in 2023
• Product- and segment mix and price sensitivity with shift toward lowerpriced liquid cooling solutions

Quarterly Group gross margin development

	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Liquid cooling	98%	91%	90%	94%	86%	82%	87%	88%	73%
SimSports	2%	9%	10%	6%	14%	18%	13%	12%	27%

Balance sheet

USD million, at December 31, 2024

• \$10.5 million proceeds from rights issue received in early January following completion of rights issue
  • ‒ Year-end cash of \$3.3 million, stable from end Q3 2024
• In compliance with loan covenants post rights issue
• Total interest-bearing debt of \$20 million related HQ financing
  • ‒ March 31, 2028, maturity, long-term repayment profile
  • ‒ Danish CIBOR 3 rate plus 2.45%-points

Summary and outlook

• 2025 Group revenue development expected flat to 10% growth vs. 2024
• Build on SimSports commercial progress and execute growth plan supported by strengthened financial position
• Position Liquid Cooling business for growth from 2026 targeting a wider market

Annual Group revenue

Q&A

Appendix

Balance sheet summary

Figures in USD (000's)	31 Dec 2024	31 Dec 2023
ASSETS
Total non-current assets	55,974	71,954
Total current assets	23,389	30,785
Total assets	\$ 79,363 \$	102,739
EQUITY AND LIABILITIES
Total equity	41,135	66,126
Total non-current liabilities	19,201	2,596
Total current liabilities	19,027	34,017
Total equity and liabilities	\$ 79,363 \$	102,739

Statement of equity summary

Summary cash flow statement

		Year ended
Figures in USD (000's)		31 Dec 2024	31 Dec 2024
Net cash provided by (used in) operating activities		1,213	16,280
Net cash used in investing activities		(10,096)	(27,373)
Net cash provided by (used in) financing activities		4,959	11,836
Effect of exchange rate changes on cash and cash equivalents		(1,904)	967
Net changes in cash and cash equivalents		(5,828)	1,710
Cash and cash equivalents at beginning of period		9,121	7,411
Cash and cash equivalents at end of period	\$	3,293 \$	9,121

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