IDEX Biometrics ASA

Investor Presentation • Dec 4, 2025

IDEX Biometrics ASA

Company Update

Disclaimer

This presentation includes forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for IDEX Biometrics ASA (IDEX) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions denoting uncertainty. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be markets we target, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates, and such other factors as may be discussed from time to time.

Although IDEX believes its expectations and the information set forth in this presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as described in this presentation. IDEX is not making any representation or warranty, expressed or implied, as to the accuracy, reliability, or completeness of the information in this presentation, and neither I DEX nor any of its directors, officers, or employees will have any liability to you or any other persons resulting from your use of the information in this presentation. IDEX undertakes no obligation to publicly update or revise any forwardlooking information or statements in this presentation.

IDEX Biometrics

Investment summary

Proven turnaround

A new leadership team has delivered major cost reductions, refinanced the capital structure, repositioned the company, and launched world class access and payment products in only eight months.

One of a kind product and technology

IDEX proprietary technology, supported by 250 patents and roughly 350 million USD invested, enables IDEX to deliver highly secure, easy to use products that protect against AI driven attacks and meet NIS2, GDPR and DORA requirements.

Business model & unit economics

A 5 to 10x higher gross profit per unit, a lower cost base and a capital-light Biometrics as a Service model deliver strong unit economics and high returns on capital.

Team and governance

IDEX leadership holds more than 30 percent of the company, ensuring strong alignment between management and shareholders in all operational and financial decisions.

Market opportunity – perfect timing

The biometric access card market is large, growing and fragmented, with outdated solutions needing rapid replacement. Our new biometric payment cards, now usable online, can cut banks' online fraud losses to a minimum and unlock billions in annual savings.

Competitive positioning – biometric category leader

Traditional login methods are compromised. Real security requires offline credentials with biometric protection. IDEX delivers vault level security at lightning speed, in a card format you already carry, for both access and payment, outperforming known alternatives at a competitive price.

Commercial traction & milestones

Launched the world's first biometric Access card integrated with NXP MIFARE DESFire EV3 and the first biometric metal card with EBL and Mastercard. Signed multiple LOIs, including blue chip references such as Buypass and Sopra Steria.

The new management team has delivered on its stated objectives (Q3 2025 report)

Progress against March 2025 objectives

• Delivered: Transform the business from component supplier to product company
• Delivered: Launch world-class Access products (Physical and Logical):
• Delivered: Streamline operations and reduce OpEx to \$1.5M \$1.7M by Q3
• Exceeded: Stay in the game on payment cards
• In progress: Generate sales exceeding OpEx on a monthly basis by year-end

Cybercrime-as-a-Service – Available to anyone

Traditional authentication methods are getting hacked every day

Passwords, OTP codes and authentication apps create friction, yet still fail against AI-driven phishing, AiTM and automated cybercrime. Today's organisations need faster access and significantly stronger protection.

VoidProxy: Discovered in autumn 2025, is a new PhaaS (Phishing-as-a-Service) that runs AiTM¹ phishing to steal passwords, MFA codes and session tokens in real time.

New regulatory frameworks

Heavy regulatory burden on organisations - Adoption of IDEX biometric cards ensure organisations are effortlessly compliant

Digital Operational Resilience Act

DORA

Key Requirements

• ICT risk management framework
• Third-party oversight & monitoring
• Incident reporting to authorities
• Regular resilience testing

Effective Date: January 17, 2025

Network and Information Security Directive

NIS2

Key Requirements

• Cybersecurity Risk Management Measures
• 24-Hour Incident Notification
• Supply Chain Security Requirements
• Management Accountability & Oversight

Effective Date: October 17, 2024

General Data Protection Regulation

GDPR

Key Requirements

• Lawful Basis & Consent for Data Processing
• Individual Rights (Access, Erasure, Portability)
• 72-Hour Breach Notification
• Data Protection Impact Assessments

Effective Date: May 25, 2018

"The best way to secure your online accounts is to keep your keys offline, protected by biometric authentication – avoid cloud"

IDEX Biometrics

Proudly wear your ID card – Its time

From identification to protection

Finally, a real reason for employees to wear their ID card – it protects the entire company.

A familiar sight in today's workplace

IDEX Access Card

Get digital login, door entry, and ID – all in one familiar format you already carry.

Contactless power

The reader wirelessly powers the card – no battery needed.

ID card

Serves as your employee ID and access card in one.

Fingerprint sensor

Biometric authentication certified by Visa, MasterCard and FIDO.

IDEX Access Card

Vault-level security at lightning speed

One biometric card that replaces passwords, PINs, and weak two-factor authentication – with zero tolerance for unauthorised access, stopping phishing, stolen credentials, and AI-driven attacks.

Vault-level security

Built to stop phishing, AiTM, and AI-driven attacks

Discover how IDEX biometric cards compare to traditional authentication methods.

Attack vectors	Passwords	SMS and one-time codes	IDEX biometric cards
Phishing and AiTM	× Easy to steal	× Codes relayed in real time	✓ No codes to relay
Brute force / credential stuffing 1	× Guessable, reused	✓ Time-bound codes	✓ Card is offline
SIM-swap²	× Password resets via SMS	× SMS intercepted	✓ Not SMS-based
Malware on device	× Keyloggers steal	× Codes can be stolen	✓ Offline secure element
MFA fatigue 3	× -	× Users tricked to approve	✓ No push messages

More than 90% of successful cyberattacks start with phishing

Vault-level security

How can IDEX offer vault-level security?

-> Multi-application architecture meets world-class biometrics

IDEX Access Card

Secure login to your digital infrastructure with your ID card

NXP partnership – Opening doors around the world

Secure your company´s physical infrastructure – faster than using a pin-code

In a commercial first, IDEX has integrated its biometric technology with NXP Semiconductors. This enables the IDEX's market leading access card to support MIFARE DESFire EV3¹.

IDEX Access Card market validation

Strong customer feedback validating market demand

"The IDEX card is attractive to customers for its unique combination of PIN-free biometric access, high security, and battery-free design."

Trygve Daae Sales Manager at Buypass AS

"For customers, IDEX offers a clear advantage – a secure, easy-to-use, battery-free card that replaces both ID badges and USB keys."

Andreas K Fjeld Senior Manager at Sopra Steria | CIO Advisory

Serviceable available market

How big is the access opportunity?

As cyberattacks grow more advanced, and regulatory compliance is required, organisations must replace & upgrade their digital and physical access systems.

Our proprietary biometric technology¹ uniquely positions us to become a core part of this new security infrastructure.

Ready to take orders

New card configuration and ordering platform

A streamlined way to explore and customise cards, receive pricing and delivery details, and order

A breakthrough in secure online payments

IDEX now offers a commercial payment card with support for biometric 3D Secure – reducing online fraud losses that impact bank profitability, while delivering lightning-fast, seamless payments customers will love.

Fast, frictionless, and secure by design

A breakthrough user experience with worldclass security

• Log in or pay instantly with biometrics + FIDO.
• Fingerprint stays securely on the card no cloud.
• Backed by DORA¹, accelerating biometric and FIDO adoption for stronger security.

Protecting issuers from 3DS fraud

IDEX biometric FIDO card can sharply reduce online fraud losses for banks

By combining offline key storage, certified biometric protection and FIDO, the IDEX payment card can prevent more than 95%¹ of online 3D secure related fraud attempts, sharply reducing issuer losses and improving portfolio profitability.

Access control server

Server used by the issuer for 3DS authentication.

FIDO security advantages

• Prevents phishing and credential theft
• Blocks man-in-the-middle attacks
• Stops token replay and cloning

Offline keys protected by biometrics

The fingerprint sensor ensures only the real owner can complete 3DS.

Keys to unlock 3DS stored offline

The card's secure element protects the keys, and all FIDO operations are executed locally on the card.

Death of the physical card? Own the card, own the customer – Fintech invest heavily in physical cards

The daily card becomes the customer's bank

Nilson Report projects payment cards in circulation rising from 27.76 to 31.13 billion by 2029 – and fintechs are racing to take over the everyday payment relationship that has long anchored customers to their banks.

From Klarna's email and web campaign for the Klarna Card, November 2025.

Revolut advertising campaign at Copenhagen Airport, November 2025.

IDEX Payment Card

A completely new product that banks and fintechs can offer their customers

• Eliminate online fraud with biometric authentication
• Faster, frictionless checkouts in-store and online
• FIDO-based 3D Secure for global compliance
• Works with existing payment infrastructure

Bangladesh launch and India opening

A new economic reality

IDEX has fundamentally reshaped its cost profile and business model (recurring revenues)

• Costs significantly reduced after restructuring and operational focus
• Shift from components to complete biometric cards → 5-10× higher profitability per unit
• Break-even level now significantly lower than in 2024
• Further strengthened by introducing Biometrics as a Service (BaaS) (recurring revenues)

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Pipeline outlook

Revenue visibility

IDEX is expecting orders in both payment and access

Access

• Several signed letters of intent with major distributors and technology partners
• Statements from leading distributors like Buypass and Sopra Steria

Payment

• Expected POs from banks
• Launch of IDEX Second Generation payment card

Operational efficiency gains

Major restructuring impact realised in 2025

• Operating expenses reduced to USD 1.8 million in Q3 2025 – a 60% decrease vs Q3 2024 and 62% lower than the 2024 quarterly average of USD 4.6 million.
• Further improvements already implemented are expected to lower OPEX by ~USD 150 thousand in Q4 2025 and by ~USD 250 thousand per quarter from 2026.

Test our products

We welcome you to visit our offices and try our products

Let us know in advance at didrik@idexbiometrics.com

IDEX core competitive advantage

State-of-the-art fingerprint sensor

IDEX core competitive advantage

Fingerprint securely stored offline inside the card

Investor relations contact

Anders Storbråten – CEO anders@idexbiometrics.com +47 416 38 582