Asetek A/S

Investor Presentation • Nov 3, 2025

Disclaimer

This presentation contains forward- king s m n s c nc ning As k's fin nci c ndi i n, su s f p i ns nd busin ss. 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- king s m n s inc ud , m ng ings, s m n s c nc ning As k's p n i xp su m k isks nd s m n s 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 ff c As k's fu u p rati ns nd c u d c us As k's su s diff materially from those expressed in the forward-looking statements included in this document, include (without limitation):(a) ch ng s in d m nd f As k's p duc s; (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 m n g m n s c i n in As k's m s c n 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.

This presentation does not constitute a prospectus or offering document and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever. The transaction described in this presentation and the distribution of this presentation and other information in connection with the transactions in certain jurisdictions may be restricted by law and persons into whose possession this presentation, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions.

Q3 2025 financial highlights

• YTD revenue of \$30.9 million and adjusted EBITDA of (\$0.7) million vs. \$37.1 million and (\$0.3) million YTD 2024
• Signed major agreement with global customer for high-end liquid cooling solutions with minimum commitment of \$35 million over the first two-year term
• Q3 SimSports revenue at \$1.3 million, stable vs. Q2 and in line with expectations as U.S. import tariffs continue to impact demand (\$1.5 million in Q3 2024)
• Group revenue expectation for 2025 adjusted to around \$41 million with adjusted EBITDA margin of negative 3-5%
• Raised mid-term Liquid Cooling segment revenue-ambition

Major Liquid Cooling agreement with \$35 million minimum commitment

• Long-term agreement for high-end solutions based on the Ingrid platform
• ‒ Liquid coolers, caps, heat exchangers and fans bundled in one retail package
• ‒ Higher unit revenue in exchange for reduced gross margin
• ‒ Covers two products with deliveries expected to begin end of Q2 and Q4 2026, respectively
• The customer is a globally leading provider of highquality, components and accessories for the PC gaming community
• ‒ Expected to reclaim top tier position with shipments fully up and running in 2027
• Minimum volume commitment estimated at \$35 million during the first 2-year term
• ‒ Revenue may be higher depending on actual order volumes

2025 guidance reflects near-term challenges, 2026 growth expectation confirmed

• 2025 reflects two major Liquid Cooling customers reducing purchasing and the U.S. effectively closed for SimSports sales due to the import tariffs
• Full-year 2025 Group and segment guidance revised
• ‒ Group revenue of around \$41 million (\$45-\$53 million) with adjusted EBITDA margin of negative 3-5% (0-3%)
• ‒ Liquid Cooling segment revenue of around \$36 million (\$40- \$43 million) with gross margin in the range of 40-45%
• ‒ SimSports segment revenue at around \$5 million (\$5-\$10 million) with gross margin in the range of 25-30% (28-33%)
• Agreement supports expectations of Liquid Cooling segment returning to growth from 2026
• Medium-term Liquid Cooling ambitions raised to revenue of above \$65 million
• ‒ Previously \$50 million (November 2024)
• ‒ Aims to consistently achieve an Adjusted EBITDA Margin of above 25% (previously +25%)

Liquid Cooling business passing the through

Liquid cooling revenue, gross margin and EBITDA margin USD million

Leveraging high-end liquid cooling leadership to expand addressable market

• Supplying 3 of the top 5 PC manufacturers globally
• 3 new liquid cooling products started shipping in Q3 2025
• 7 new products estimated to start shipping in Q4
• ‒ Includes 2 products to new customers
• Continued focus on mid-market coolers and widening the addressable market
• ‒ "v u "-version of the new Ingrid technology platform for the mainstream market is ready in Q4, with revenue impact from 2026

No. of liquid cooling products started shipping

Strong 2026 momentum

• Volumes decreased slightly vs. Q3 2024
• ‒ Growth on existing and new customer not fully replacing the two major customers reducing purchasing in 2025
• ‒ One returning in 2026, dialogue ongoing with the second
• ASPs reflect shift towards value products
• ‒ Margins improved vs. Q3 2024 which was impacted by supply chain issue recognized in September 2024
• FY 2025 segment revenue and margin guidance adjusted
• Strong support for 2026 growth expectation
• ‒ Major customer contract
• ‒ Focused commercial work resulting in new customers and closer collaboration with existing base
• ‒ Full launch of mid-market products in Q4 2025 with main revenue impact from 2026
• ‒ Inc sing c gni i n f As k's qu i , s b is d supp chain and full service offering in volatile markets

Illustrative dual-sourcing impact

Sealed loops sold, thousand

U.S.-China tariff uncertainty continue to impact reseller demand

• Revenue of \$1.3 million vs. \$1.5 million in Q3 2024

• ‒ Resellers remain cautious due to geo-political situation
• ‒ U.S. retailers still awaiting clarity on tariffs for China imports
• ‒ Focus on mid-end products, continued low demand for highend products
• ‒ Steady increase Amazon.com sales, still modest levels without marketing support
• ‒ Di c s s in As k's w b-shop progressing to plan

• Gross margin of 27%

• ‒ High quarterly volatility, Q3 and Q4 impacted by clearance sales of products built for the U.S. market to reduce inventory
• ‒ Gross margin set 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

Highly positive market feedback on Initium mass-market product line

• High-value performance and quality for the broader gaming segment
• ‒ Launched at Gamescom in August and presented SimRacing Exp in Oc b , w d's n .1 v n s f c mpu nd video games and sim racing in Cologne and Dortmund
• ‒ Recognised by media, end-users and resellers as a new leading offering and a strong brand with great products
• ‒ Strong interest from potential new channel partners, focus on converting momentum to real business
• Initial Initium production volume sold out, new shipments expected end Q4 for 2026 delivery
• ‒ Production volume set to ramp into 2026
• Console compatibility expected to launch early 2026
• ‒ Expanding segment to include Xbox console gamers representing the largest platform in the sim racing market

Quarterly revenue development

Quarterly Group revenue

USD million

Income statement

Figures in USD (000's)	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
	Unaudited	Unaudited	Unaudited	Unaudited
Revenue	9,838	12,214	30,880	37,134	52,502
Cost of sales	5,714	7,832	17,391	21,630	30,557
Gross profit	4,124	4,382	13,489	15,504	21,945
Research and development	2,331	1,919	6,351	6,003	8,295
Selling, general and administrative	3,750	4,316	12,208	13,924	19,107
Special items	-	13,791	-	13,791	13,791
Total operating expenses	6,081	20,026	18,559	33,718	41,193
Operating income (loss)	(1,957)	(15,644)	(5,070)	(18,214)	(19,248)
Foreign exchange (loss) gain	9	(1,441)	(351)	(501)	1,444
Finance income (costs)	(300)	(24)	(858)	(28)	(413)
Total financial income (expenses)	(291)	(1,465)	(1,209)	(529)	1,031
Income before tax	(2,248)	(17,109)	(6,279)	(18,743)	(18,217)
Income tax (expense) benefit	(37)	(5,041)	12	(6,699)	(5,719)
Income for the period	(2,285)	(22,150)	(6,267)	(25,442)	(23,936)
Other comprehensive income items that may be reclassified
to profit or loss in subsequent periods:
Foreign currency translation adjustments	70	1,152	5,092	286	(1,337)
Total comprehensive income	(2,215)	(20,998)	(1,175)	(25,156)	(25,273)
Income per share (in USD):
Basic	(0.01)	(0.23)	(0.02)	(0.26)	(0.25)
Diluted	(0.01)	(0.23)	(0.02)	(0.26)	(0.25)

• Liquid cooling revenue reflecting product mix
• ‒ Sales of 179,000 sealed loops in Q3 2025, down from 197,000 in Q3 2024
• ‒ 544,000 sealed loops sold YTD 2025 (564,000)
• ‒ ASP reduction (\$54.4in Q3 2024 to \$50.0 in Q3 2025) reflects shift toward lower cost cooling solutions. ASP in line with recent quarters
• Soft SimSports revenue as expected
• ‒ \$1.3 million in Q3 2025, in line with the previous quarter
• Total OPEX excluding special items reduced 3% in Q3 and 7% YTD 2025
• ‒ Personnel costs down 3% and 7% in respective periods due to rightsizing of the organization
• ‒ Q3 2024 special items included various non-cash write-downs of non-current assets

Gross margin development

• Q3 2025 gross margin of 41.9%, up vs. Q3 2024
• 2024 margin reflected supply chain issue recognized in September

Quarterly Group gross margin development

Balance sheet

USD million, at September 30, 2025

• Cash position of \$2.8 million
• ‒ Impacted by working capital increase in preparation for the Black Friday and year-end holiday sales period
• In compliance with loan covenants
• ‒ Lower covenants for 2026 in place
• Interest-bearing debt of \$20.5 million related HQ financing
• ‒ March 31, 2028, maturity, long-term repayment profile
• ‒ Danish CIBOR 3 rate plus 2.45%-points (4.45%-points in total)

Summary and outlook

• Discussions in relation to potential strategic transactions still ongoing
• 2025 Group revenue development remain impacted by near-term market challenges and U.S. import tariffs
• SimSports mass-market product line successfully launched in line with long-term growth plan
• Liquid Cooling business set for growth from 2026 with new and returning customers targeting a wider market

Appendix

Balance sheet summary

Figures in USD (000's)	30 Sept 2025	31 Dec 2024
ASSETS
Total non-current assets	61,779	55,974
Total current assets	24,535	23,389
Total assets	\$ 86,314 \$	79,363
EQUITY AND LIABILITIES
Total equity	50,728	41,135
Total non-current liabilities	19,734	19,201
Total current liabilities	15,852	19,027
Total equity and liabilities	\$ 86,314 \$	79,363

Statement of equity summary

	Nine Months Ended
Figures in USD (000's)		30 Sept 2025	30 Sept 2024
Equity at January 1	\$	41,135 \$	66,126
Total comprehensive income for the period
Income for the period		(6,267)	(25,442)
Foreign currency translation adjustments		5,092	286
Total comprehensive income for the period		(1,175)	(25,156)
Transactions with owners during the period
Shares issued in rights offering, net		10,333	-
Share based payment expense		435	265
Transactions with owners during the period		10,768	265
Equity at end of period	\$	50,728 \$	41,235

Summary cash flow statement

	Nine Months Ended
Figures in USD (000's)	30 Sept 2025	30 Sept 2024
Net cash provided by (used in) operating activities	(6,704)	(917)
Net cash used in investing activities	(2,923)	(9,039)
Net cash provided by (used in) financing activities	7,517	4,073
Effect of exchange rate changes on cash and cash equivalents	1,567	174
Net changes in cash and cash equivalents	(543)	(5,709)
Cash and cash equivalents at beginning of period	3,293	9,121
Cash and cash equivalents at end of period	\$ 2,750 \$	3,412

www.asetek.com