HansaMatrix — Investor Presentation 2023

May 31, 2023

Management Board report to Annual General Meeting of shareholders 2022 audited financial results April, 2023

3 Year 2022 highlights Detailed 2022 financial results Business development and outlook

Year 2022 business, operational and financial highlights

2022 business trends and operations

• Semiconductor availability is improving as market demand in some sectors decreases (Q4 2022 14.7% YoY decrease in global component sales), thus stabilazing the overall situation.
• General inflation (20.8% YoY in Dec 2022) continues to influence profitability.
• Order book as at the end of Q4 2022 24.2 MEUR, 26% up compared to Q3 2022 figure, determined by increased demand for manufactured product mix.
• Focus on inventory level and cash flow management.

2022 financial result summary

• 29 MEUR revenue, 32% increase compared to 2021
• 2.9 MEUR EBITDA, 22% decrease compared to 2021, 10% EBITDA margin.
• 0.4 MEUR normalized net profit, 65% decrease year over year, 1.4% normalized net profit margin.
• EBITDA margin influenced by by manufactured product mix with less high-value added products due to global component deficit.

Indicator/EUR'000	2021	2022	YoY
Revenue	21 962	28 885	+32
EBITDA	3 732	2 912	(22%)
EBITDA margin	16.99%	10.41%
Net profit	820c -1	146b -2
Normalized net profit	1 165a	404	(65%)
Normalized net profit margin	5.30%	1.40%
Earnings per share (EPS)	(1.00)	(1.17)
Diluted EPS	(0.89)	(1.04)

^a – restated due to changes in calculation methodology

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c - includes 1.4M EUR Zinatnes parks one-off fair value write off

b - includes 0.8M EUR Zinatnes parks one-off fair value write off and SIA Lightspace technologies value write-off 1.4M EUR

Peer company analysis

• HansaMatrix EBITDA margin top 3 among selected peers.
• HansaMatrix Enterprise Value (EV) to EBITDA multiple 9 versus 14 peer average

Company/MEUR	Current EV to	TTM	TTM	TTM net	TTM EBITDA	Net profit
	TTM EBITDA	revenue	EBITDA	profit	margin	margin
Incap Oyj	17	170	29.3	21.0	17.2%	12.4%
Note AB	17	347	40.2	23.9	11.6%	6.9%
HansaMatrix AS	9	29	2.9	(2.1)*	10.4%	(7.43%)
Kitron ASA	13	642	61.5	28.4	9.6%	4.4%
Hanza AB	10	334	29.7	11.4	8.9%	3.4%
Inission AB	14	99	6.8	(0.9)	6.9%	(0.9)

Source: Bloomberg, February 17, 2023, ranked by EBITDA margin

* - includes 0.8M EUR Zinatnes parks one-off fair value write off and SIA Lightspace technologies value write-off 1.4M EUR

Detailed financial results 2022

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Share performance in 2022

• The highest share price observed during the year was 8.65 EUR, the lowest 6.1 EUR.
• 218 704 shares were traded with value of 1.6 MEUR.
• The number of retail investors since AGM in 2020 has increased 8 times.
• In Q2 2023 Baltcap company SIA Emsco acquires 93.1% HansaMatrix shares.

Investor category	11.01.2023		31.03.2022		18.05.2021			14.05.2020
	shares	No	%	shares	No	%	Shares	No	%	shares	No	%
Retail	179 856	1365	9.80	146 713	1158	8.00	43 549	273	2.38	44 817	168	2.45
Institutional	1 183 763	169	64.52	1 178 932	152	64.25	1 162 736	35	63.56	1 162 061	40	63.52
Founder	471 262	1	25.68	509 236	1	27.75	623 096	1	34.06	622 503	1	34.03
Total	1 834 881	1311	100	1 834 881	1311	100	1 829 381	309	100	1 829 381	209	100

2022 revenue 29 MEUR increased YoY by 32% suppoted by increased demand in industrial and IoT sectors, but limited by global component deficit

21 152 24 611 ²² 589 21 ⁹⁶² 28 885 - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 2018 2019 2020 2021 2022 Revenue, th EUR

• Baltic sales 39% ✓ 1% down from 2021
• Nordic sales 30% ✓ 46% up from 2021
• The rest of EU sales 25% ✓ 423% up from 2021
• Outside EU 6% ✓ 45% down from 2021 -

Revenue by region, th EUR

• Data network products 30% ✓ 24% down from 2021
• Industrial segment 50% ✓ 109% up from 2021
• Internet-of-things 13% ✓ 107% up from 2021
• Optics and photonics 5% ✓ 17% up from 2021

2018 2019 2020 2021 2022

• 2022 EBITDA 2.9 MEUR ✓ 22% down from 2021
• Net profit negative 2.1 M EUR*
  • ✓ Vs net loss 1.8 MEUR in 2021
• Normalized net profit 0.4 MEUR
  • ✓ 65% down from 2021
• 2022 EBITDA margin 10.4%, normalized net profit margin – 1.4%

* Includes 0.8 MEUR Zinatnes parks one-off fair value write off, losses from associates 1.4M EUR

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500

1 000

1 500

Profitability results, th EUR

2018 2019 2020 2021 2022 12 month EBITDA 12 month normlized net profit

Business development and outlook

• new 4.4 MUSD manufacturing order from aerospace industry customer
• high complexity electronic systems
• supply period from Q4 2023 to Q1 2025

• new 5 MEUR planned revenue from new manufacturing agreement with leading aquaculture company in Nordics
• underwater cameras and complementary equipment
• supply period from Q3 2023 to Q3 2023

• new 5.3 MEUR planned revenue from new manufacturing agreement with industrial customer in Nordics
• electricity overhead distribution line fault indicator systems
• supply period from Q4 2022 to Q4 2023

Business development 2022 highlights

• 1.3 MEUR investements made in 2022
• Largest investments in 2022: X-ray and CNC turning machine

HansaMatrix 2022 investments

HansaMatrix guidance for 2023

• Increased demand in data networks and industrial sectors;
• Launching manufacturing for new customers, predominantly in industrial sector in Nordic and other EU countries;