Asetek A/S

Investor Presentation • Aug 19, 2025

August 19, 2025

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 future exp c i ns b s d n m n g m n 's current expectations and assumptions and involve known and unknown risks and 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 p n i xp su m k isks nd s m n s xp ssing m n g m n 's expectations, beliefs, estimates, forecasts, projections and assumptions. A number of factors that affect 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 athttps://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.

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Q2 2025 financial highlights

• Sequential increase in Liquid Cooling revenue, new mid-market product line well received with shipments starting end-2025
• SimSports revenue impacted by the U.S. import tariffs in line with expectations
• Q2 Group gross margin of 45%, level with Q2 2024
• Launch of SimSports mass-market product tomorrow at Gamescom 2025
• Full year 2025 outlook unchanged with Group revenue expected in the range of \$45 to \$53 million and adjusted EBITDA at 0% to 3% of revenue

Positioning for growth amidst continued challenging markets

• Strong momentum with existing and new Liquid Cooling customers
  • ‒ Demand for innovative high-end and the new mid-market products
  • ‒ Increased focus on quality, supply-chain and full-service offering
  • ‒ Setting the stage for profitable growth from 2026
• SimSports sales reflect tariff uncertainty and lower end-user demand
  • ‒ Main impact through resellers and retailers
  • ‒ Mass-market Initium sim racing product launching tomorrow at Gamescom, widening addressable market
  • ‒ Console compatible Initium products to launch later and further expand the end-user universe to include the largest sim racing platform
• Received additional indications of interest relating to potential strategic transactions, preliminary discussions ongoing
  • ‒ No certainty that any such potential transaction will be completed

4

2025 Group financial guidance unchanged

• Group revenue is expected in the range of \$45 to \$53 million
  • ‒ Adjusted EBITDA margin of 0-3% (3-5%)
• Liquid Cooling segment revenue is expected in the range of \$40 to \$43 million
  • ‒ Gross margin in the range of 40-45%
• SimSports segment revenue is expected in the range of \$5 to \$10 million
  • ‒ Gross margin in the range of 28-33%

Annual Group revenue

6

0%

20%

40%

60%

80%

100%

120%

140%

160%

Liquid Cooling business passing the through

Liquid cooling revenue, gross margin and EBITDA margin USD million

-

5.0

10.0

15.0

20.0

25.0

Leveraging high-end liquid cooling leadership to expand addressable market

• Supplying 3 of the top 5 PC manufacturers globally
• 5 new liquid cooling products started shipping in Q2 2025
• 8 to 10 new products estimated to start shipping in Q3
• Increased focus on mid-market coolers widening the addressable market
  • ‒ Limited volume successfully deployed in China as part of local product offering by leading international OEM

No. of liquid cooling products started shipping

Continued strong customer momentum

• Growth on existing and new customer largely replacing impact of the two major customers reducing purchasing due to dual-sourcing
  • ‒ Positive dialogue underway with both customers for potential increased shipments in 2026
• Volumes and margins on par with Q2 2024, ASPs reflect shift towards value products
• FY 2025 segment revenue and margin expectation maintained
• Further support for 2026 growth expectation
  • ‒ Full launch of mid-market products in Q3 2025 with main revenue impact from 2026
  • ‒ Focused commercial work resulting in new customers and closer collaboration with existing base
  • ‒ Increasing recognition of As k's quality, established supply chain and full service offering in volatile markets

Illustrative dual-sourcing impact Sealed loops sold, thousand

Resuming collaboration with leading highperformance component provider Antec

• A global leader in high-performance computer components and accessories for the gaming, PC upgrade, and Do-It-Yourself markets
• The first shipments of mainstream mid-market liquid cooling products based on As k's new platform
• D iv ing fu AIO s u i n inc uding " ig ps" developed on request by and in partnership with the customer
• Shipments scheduled from Q4 2025

•

U.S.-China tariff uncertainty impacting reseller demand

• Revenue of \$1.3 million vs. \$1.7 million in Q2 2024
  • ‒ More cautious reseller buying behaviour due to current geopolitical situation
  • ‒ U.S. retailers awaiting clarity on size and timing of tariffs for China imports
  • ‒ Resellers in the U.S. and Europe experiencing lower demand for high-end products
  • ‒ Direct sales in As k's web-shop tracking plan
• Gross margin of 35%
  • ‒ High quarterly volatility
  • ‒ Gross margin expected to stabilize over time as the business grows
  • ‒ Long-term overall margin to be lower than for Liquid Cooling due to mass-market products

Quarterly SimSports revenue and gross margin USD million

Launching Initium mass-market product line this week at Gamescom

segment

customization

Financials

Quarterly revenue development

Quarterly Group revenue USD million

Income statement

Figures in USD (000's)	Q2 2025	Q2 2024	1H 2025	1H 2024	2024
	Unaudited	Unaudited	Unaudited	Unaudited
Revenue	11,210	12,743	21,042	24,920	52,502
Cost of sales	6,189	6,693	11,677	13,798	30,557
Gross profit	5,021	5,780	9,365	11,122	21,945
Research and development	2,314	2,069	4,020	4,084	8,295
Selling, general and administrative Special items	4,055 -	4,908 -	8,458 -	9,608 -	19,107 13,791
Total operating expenses	6,369	6,977	12,478	13,692	41,193
Operating income (loss)	(1,348)	(1,197)	(3,113)	(2,570)	(19,248)
Foreign exchange (loss) gain	(282)	287	(360)	940	1,444
Finance income (costs)	(258)	(2)	(558)	(4)	(413)
Total financial income (expenses)	(540)	285	(918)	936	1,031
Income before tax	(1,888)	(912)	(4,031)	(1,634)	(18,217)
Income tax (expense) benefit	162	(1,816)	49	(1,658)	(5,719)
Income for the period	(1,726)	(2,728)	(3,982)	(3,292)	(23,936)
Other comprehensive income items that may be reclassified
to profit or loss in subsequent periods:
Foreign currency translation adjustments	3,532	(269)	5,022	(866)	(1,337)
Total comprehensive income	1,806	(2,997)	1,040	(4,158)	(25,273)
Income per share (in USD):
Basic	(0,01)	(0,02)	(0.01)	(0.03)	(0.21)
Diluted	(0,01)	(0,02)	(0.01)	(0.03)	(0.21)

• Liquid cooling revenue reflecting product mix
  • ‒ Sales of 194,000 sealed loops in Q2 2025, level with Q2 2025, up 13% vs. Q1 2025
  • ‒ 365,000 sealed loops sold in 1H 2025 (367,000)
  • ‒ ASP reduction (\$56.6 in Q2/2024 to \$50.4 in Q2/2025) reflects shift toward lower cost cooling solutions
• Soft SimSports revenue as expected
  • ‒ \$1.3 million in Q2 2025
• Total OPEX decreased 9% in Q2 and H1 2025
  • ‒ Personnel costs down 8% and 9% in respective periods due to rightsizing of the organization

Gross margin development

• Q2 2025 gross margin of 44.8%, stable vs. Q2 2024

45.3% 45.9% 46.5% 43.9% 45.4% 35.9% 41.9% 44.2% 44.8% 6.0 6.5 7.0 7.5 8.0 8.5 9.0 30% 32% 34% 36% 38% 40% 42% 44% 46% 48% 50% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Group gross margin USD/CNY - trailing 3 quarters (rhs) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Liquid cooling 90% 94% 86% 82% 87% 88% 73% 88% 88% SimSports 10% 6% 14% 18% 13% 12% 27% 12% 12%

Quarterly Group gross margin development

Balance sheet

USD million, at June 30, 2025

• Cash position of \$7.3 million
• In compliance with loan covenants
• Interest-bearing debt of \$20.9 million related HQ financing
  • ‒ March 31, 2028, maturity, long-term repayment profile
  • ‒ Danish CIBOR 3 rate plus 2.45%-points

18

Summary and outlook

• 2025 Group revenue development impacted by U.S. import tariffs
• Execute SimSports growth plan with imminent launch of mas-market product line
• Position Liquid Cooling business for growth from 2026 with new and returning customers targeting a wider market

Q&A

Appendix

Balance sheet summary

Figures in USD (000's)	30 Jun 2025	31 Dec 2024
ASSETS
Total non-current assets	61,355	55,974
Total current assets	27,212	23,389
Total assets	\$ 88,567 \$	79,363
EQUITY AND LIABILITIES
Total equity	52,791	41,135
Total non-current liabilities	19,866	19,201
Total current liabilities	15,910	19,027
Total equity and liabilities	\$ 88,567 \$	79,363

Statement of equity summary

Summary cash flow statement

		Six Months Ended
Figures in USD (000's)		30 Jun 2025	30 Jun 2024
Net cash provided by (used in) operating activities		(3,837)	639
Net cash used in investing activities		(1,713)	(6,954)
Net cash provided by (used in) financing activities		8,080	4,548
Effect of exchange rate changes on cash and cash equivalents		1,474	(506)
Net changes in cash and cash equivalents		4,004	(2,273)
Cash and cash equivalents at beginning of period		3,293	9,121
Cash and cash equivalents at end of period	\$	7,297 \$	6,848

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