Napatech A/S — Investor Presentation 2026

May 7, 2026

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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SMARTNIC+DPU SOLUTIONS

Interim Management Statement
Q1 2026

Kartik Srinivasan, CEO
Klaus H. Skovrup, CFO
May 7, 2026

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NAPATECH

Q&A Session

Following the presentation

DK: +45 32 74 07 10
NO: +47 57 98 92 37
US: +1 646 307 1963
UK: +44 20 3481 4247

Participant Access Code: 4566992

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Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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NEARTH & HEALTH SERVICE

Safe Harbor Statement

This presentation has been prepared by Napatech A/S solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities.

Certain statements included in this presentation contain various forward-looking statements that reflect management's current views with respect to future events and financial and operational performance. The words "believe," "expect," "anticipate," "intend," "may," "plan," "estimate," "should," "could," "aim," "target," "might," or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include but are not limited to the Company's ability to operate profitably, maintain its competitive position, to promote and improve its reputation, to successfully operate its strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor its subsidiary undertakings or any of such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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NEARTHC REVOLUTION

Executive Summary

Strengthening Financial Performance

• Strong growth in Q1 with signs of demand recovery
• Disciplined execution driving improved operating leverage

Accelerating Business Momentum

• Design win traction across Core and AI Infrastructure
• Progressing toward production revenue with improving pipeline quality

Differentiated Product Positioning

• Network has emerged as a critical bottleneck in AI workloads
• Deterministic, programmable architecture aligned with requirements

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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QUARTERLY REVEAL OF DISCOVERY

Q1 2026 - Strong Financial Performance

• Revenue: $5.7M (+69% YoY)
• Driven by Core Infrastructure demand
• Gross margin: 70%
• Reflecting product mix and execution
• Guidance for 2026 is unchanged

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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INVESTOR PRESENTATION

Business Momentum

Design Win Momentum

Solid Q1 Activity

• 5 new Q1 design wins
• Pipeline expansion across verticals
• New customers and use cases

Key Design Win in FinTech

Production-oriented engagement

• >$3M lifetime opportunity
• $1.5M expected in 2026
• 400G SmartNIC application
• Repeatable across other customers

AI Inference Engagement

Transitioning to Production

• Technical deliverables on track
• Validation and testing on track
• Advancing towards production readiness per plan

Tier-1 Server OEM

Progressing though Qualification

• Use case defined and aligned
• Product deliverables identified and aligned
• Commercial discussions underway

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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NEARTHC REVOLUTION

Core Infrastructure Spotlight: Financial Trading Networks

Real-Time Trading Data Flow

Deterministic. Low Latency. Always-on.

• Mission-critical, latency-sensitive workloads require deterministic performance
• Napatech enables real-time trading infrastructure with ultra-low latency and zero packet loss
• Proven, repeatable deployments across leading financial institutions

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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NEARTHC+EPA SOLUTIONS

Solving the Networking Bottleneck in AI Infrastructure

BEFORE NAPATECH
Unpredictable. Congested. CPU Overhead.

TRADITIONAL NETWORK STACK

AFTER NAPATECH
Deterministic. Efficient. Built for AI.

NAPATECH SMARTNIC

• AI performance is constrained by network bottlenecks, not compute
• Deterministic networking unlocks compute utilization and performance
• Programmable acceleration enables scale at lower cost

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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Financial Review and Outlook

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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NEARING OPS VOLUTIONS

Quarterly Revenue and OPEX development

Revenue $M & GM%

OPEX MDKK

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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Consolidated Income Statement Q1 2026

	1st quarter		Q1
DKK'000	2026	2025	Δ
Revenue	36.588	23.849	53%
Cost of goods sold	(11.065)	(7.078)
Gross profit	25.523	16.771	52%
GM%	69,8%	70,3%
Staff costs	(33.143)	(35.059)	-5%
Other external costs	(11.322)	(13.846)	-18%
EBITDAC	(18.942)	(32.134)	-41%
Transferred to capitalized development costs	810	3.083	-74%
EBITDA	(18.132)	(29.051)
Depreciation, amortization and impairment	(3.301)	(6.457)	-49%
Operating result (EBIT)	(21.433)	(35.508)
Finance income	317	27	0%
Finance costs	(299)	(1.334)	-78%
Result before tax	(21.415)	(36.815)
Income tax	(3)	6
Result for the period	(21.418)	(36.809)	-42%

Key Developments

• Revenue in Q1 in USD was up 69% compared to Q1'25 (up 53% in DKK)
• GM in Q1 of 69.8%, down 50 basis points compared to Q1'25 due to the mix of customers and products sold
• Staff costs and Other external costs in Q1 were down 9.1% compared to Q1'25
• Q1 EBITDA was negative of DKK 18.1M – up DKK 10.9M compared to Q1'25.

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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AGENCY OF INVESTMENT CONSULTANTS

Quarterly movements in cash and Net Working Capital

Cash & Cash equivalents, MDKK

Net Working Capital, MDKK

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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Consolidated Cash Flow Statement Q1 2026

	1st quarter
DKK'000	2026	2025
Earnings before tax (EBT)	(21.415)	(36.815)
Adjustments to reconcile profit before tax to net cash flows	5.779	10.530
Working capital adjustments	10.879	1.083
Cash flows from operating activities	(4.757)	(25.202)
Interest and tax	(36)	(472)
Net cash flows from operating activities	(4.793)	(25.674)
Net cash used in investing activities	(1.000)	(3.746)
Free cash flow	(5.793)	(29.420)
Net cash flows used in financing activities	(22.656)	535
Net change in cash and cash equivalents	(28.449)	(28.885)
Net foreign exchange difference	32	(858)
Cash and cash equivalents at the beginning of the period	127.470	64.341
Cash and cash equivalents at the end of the period	99.053	34.598
Unused credit facilities, end of period	21.500	1.000
Cash available, end of period DKK M	120.553	35.598
	31 Mar.
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	2026	2025
Net working capital	72.750	97.208

Key Developments

• Net Cash flow from operating activities in Q1 was negative DKK 4.8M – Q1'25 negative DKK 25.7M
• Net working capital end of Q1 was DKK 72.8M
• Free cash flow in Q1 was negative DKK 5.8M – up DKK 23.6M compared to Q1'25.
• Cash and cash equivalents of DKK 99.1M end of Q1 2026. Incl. unused credit facilities DKK 120.6M

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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ALCONETECONABLE COMPANY

Financial outlook for 2026 is unchanged

	Guidance
Units sold	8,700-10,700
Revenue	DKK 200 – 240M
Gross margin	60 - 70%
Staff expenses & Other external costs	DKK 170 – 180M
Staff costs transferred to capitalized development costs	DKK 5 – 8M

The company is exposed to risks that might affect our ability to reach our goals, such as currency fluctuations, general market uncertainty, and material changes in our large OEMs' needs for Napatech's products.

We have seen increasing market uncertainty, particularly related to potential trade barriers, including tariff increases in the United States. With our products manufactured in the US and most of our customers also located in the US, we do not feel overly exposed. However, the lack of predictability and uncertainty surrounding tariff increases is a concern, and we will be monitoring the development closely. Further, we have seen an elevated risk driven by a supply-constrained, high-volatile environment across several key areas. This leads to extended lead times and increased prices for certain components.

Comments

• Revenue of $32-38M
• Napatech will continue the current momentum and first orders from Al infrastructure will come in H2
• Products for Al infrastructure comes with a lower gross margin
• Staff expenses & Other external costs to increase slightly compared to 2025, whereas staff costs transferred to capitalized development costs are in line with 2025
• With performance in the middle of the guided ranges, EBITDA would be negative around DKK 25M

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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AGENCIES AND EXPERIENCE INDUSTRIES

Where to Find Us

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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napa:tech;
NAPATECH

Q&A Session

Following the presentation

DK: +45 32 74 07 10
NO: +47 57 98 92 37
US: +1 646 307 1963
UK: +44 20 3481 4247

Participant Access Code: 4566992

To ask a question, press 1 on your telephone keypad.
To withdraw your question, press 2
Texted questions can be submitted using the button on the website

Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026

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NEARTHC+OPV SOLUTIONS

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Q1 2026 INVESTOR PRESENTATION © NAPATECH 2026