NEXT Biometrics Group ASA

Investor Presentation • May 14, 2025

Q1 Presentation

M a y 1 4 , 2 0 2 5

N E X T B I O M E T R I C S G R O U P A S A

Disclaimer

This presentation includes and is based, inter alia, on 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 NEXT Biometrics Group ASA (NEXT Biometrics) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. 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 major markets for the NEXT Biometrics businesses, 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 NEXT Biometrics believes that its expectations and the information 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 set out in this presentation. NEXT Biometrics Group ASA nor any other company within the NEXT Biometrics Group ASA is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the presentation, and neither NEXT Biometrics Group ASA, any other company within the NEXT Biometrics Group ASA nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in this presentation. NEXT Biometrics Group ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in this presentation.

Today's speakers

Ulf Ritsvall

CEO, NEXT Biometrics

Eirik Underthun

CFO, NEXT Biometrics

Agenda

• 1) Q1 Highlights
• 2) Q1 Financials
• 3) Business and market updates
• 4) Outlook
• 5) Q&A

Highlights Q1 2025

Improved revenue Pipeline

New orders add to the long-term revenue outlook

Q1 Revenues at NOK 6.9 million

(down 46% compared to Q1 2024)

Adjusted Gross Margin of 52%

(down from 56% in Q1 2024)

Signed new Multi-Year MoU valued at NOK 30 million

6 new design wins

First design-win for the Touchpad segment NEXT FAP20 sensors will be used as part of a certification solution in a tablet model by one of India's largest public banks

Immediately after Q1 close: Signed agreement and PO valued NOK 55-107 million with ACPL

Q1 Financials

Q1 2025 financial summary

• 1) COGS and gross margin adjusted for inventory write-downs and non-recurring gains
• 2) OPEX and EBITDA excluding share based renumeration, options social security cost, inventory write-downs and sales & marketing incentive fee

NOK million	Q1 2025	Q1 2024
Revenue	6.9	12.8
COGS1)	(3.3)	(5.6)
Gross profit margin1)	3.6	7.2
Gross profit margin %1)	52%	56%
Adjusted OPEX2)	(17.3)	(16.3)
EBITDA	(16.1)	(14.2)
Adjusted EBITDA2)	(13.7)	(9.1)

Profit and loss Revenues

– NOK 6.9 m vs. NOK 12.8 m in Q1 2024

Gross margin

– Adjusted Gross margin1) of 52% vs. 56% in Q1 2024

Operating expenses

– Adjusted OPEX of NOK 17.3 m vs. NOK 16.3 m in Q1 2024

EBITDA

– Adjusted EBITDA2) of NOK -13.7 m relative to NOK -9.1 m in Q1 2024

Cash and cash flow

– Cash of NOK 39.9 m end of Q1 2025 versus NOK 62.9 m at end of Q4 2024 – Negative operational cash flow due to low revenues and operating losses – Q1 cash flow from collections of A/R increased; expected to increase

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• further in Q2/Q3

Slowness in the China market and the market pause in India still impacting quarterly revenues Increased traction on A/R collection

Business and market updates

Business updates

China market recovery still pending

• Limited shipments to China this quarter
• Resulting in increased priority and greater pursuit of global opportunities in banking, finance, and healthcare
• Ongoing collaboration with OEMs for international deployments
• Holding for China's upturn; expected regulatory pull and economic stimulus

Preparing for increased business volumes in India

• Aadhaar program activity resumed in March with successful recertification of NEXT's FAP20 sensor
• Anticipating increased market share in India, supported by strong demand for biometric upgrades
• India positioned as a key growth market, driven by high-volume tenders and next-generation ID initiatives
• Expansion of Aadhaar to third-party applications expected to significantly boost ecosystem volumes

Key Milestone with Major Order from ACPL

Significant Order Secured

• Received NOK 55–107 million order with shipments starting Q2 2025
• Increases confidence in 2H 2025 and 2026 revenue outlook

Strengthened Strategic Partnership

• Extends collaboration with ACPL reflecting increased demand and market share

Expanding Global Deployment

• Sensors to be used in ID and payment devices across India, Mexico, Morocco, South Africa, and more

Proven Technology & Compliance

• Includes newly developed advanced sensors; certified for Aadhaar L1, MOSIP, FBI-PIV, and NIBSS standards

FAP30 will be important revenue contributor already in 2025

NEXT FAP30 product

• Leveraging NEXT Biometrics´ patented NEXT Active Thermal® technology

• FAP30 products are more sophisticated than FAP20 and serve different markets / use cases – Not a replacement for FAP20

• Strong partner interest driven by NEXT's competitive prices, enabling high gross margins in a large addressable market

• FAP30 customers primarily based in Western markets, enhancing geographic diversification
• Market launch expected to be announced in Q2; currently in discussions on high-value contracts with key customers

Opens new market segments

• Addressing market segments with higher security requirements
• Attractive USPs for high-end markets such as the Government ID and Healthcare
• Additional geographical spread in African, US and South American market

Our progress on FAP30

Targeting substantial improvements in cash flow

• Improvement in accounts receivable collections during Q1
• Targeting significant growth in cash inflow for Q2 and Q3
• Enhanced credit terms now in place, supporting NEXT's growth strategy
• FAP30 positioned for sales to Western customers meaning standard, reliable payment terms

Summary and Outlook

Significant Revenue Growth

• Expecting revenue of NOK 130 160 million for 2025 with even higher upside for 2026
• Majority of 2025 revenue set to be realized in H2
• Expecting Q2/Q3 combined revenue of NOK 60-70 million; slow ramp up

Continue to focus on strong FAP20 sales

• Unique product offering drives competitive advantage
• Primary growth markets are India and China
• Achieve break-even quarters driven by strong FAP20 sales

FAP30 expected to drive revenue growth in 2026

• FAP30 targets security market segments with the most stringent requirements, meaning greater potential in Western markets
• First deliveries of FAP 30 in H2 2025
• Efficient scaling should lead to strong revenue growth
• Demand for the FAP30 sensor much greater than originally forecast

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